The Block
Eight funds are expected to begin trading on Tuesday, July 23, enabling institutional and retail investors to purchase the second-largest cryptocurrency.Kraken’s head of strategy predicted net inflows of $750 million to $1 billion per month for the first five to six months.
Quick Take The Digital Chamber asked VP Kamala Harris specifically to pick a vice president who has “a proven track record of engaging with digital asset technology and proposing pro-innovation policies.” President Joe Biden said Sunday he will not seek reelection this year and later endorsed Harris as his potential successor.
Quick Take The bitcoin-only investment company is rolling back its mining business, downsizing and canceling plans to go public, Swan CEO Cory Klippsten said. Swan’s Managed Mining unit was launched in July 2023. The company had planned to go public by the end of the year.
Quick Take Exchange NYSE Arca confirmed it has approval to list and trade spot Ethereum exchange-traded funds from firms Grayscale and Bitwise, according to documents filed to the U.S. Securities and Exchange Commission on Monday. Issuers vying for a spot Ethereum ETF will still have to wait for the SEC to allow for registration statements to go effective, which is expected to happen on Monday.
Crypto majors are trading flat, despite a rally in U.S. equity markets, as traders react to Biden stepping out of the electoral race.After last week’s capital exodus from equities, traders will be focusing on Monday’s earnings calls from major companies such as Tesla, Google and Visa.
Quick Take People bet that North Carolina Gov. Roy Cooper and Pennsylvania Gov. Josh Shapiro could be candidate Kamala Harris’ VP, putting their odds for both at 28%. U.S. President Joe Biden announced on Sunday he would not be seeking reelection in the upcoming 2024 presidential election and endorsed Harris to replace him as the Democratic Party’s nominee.
Bitcoin is expected to benefit from “the Trump trade” over the next 105 days leading up to the November elections, analysts said.Biden dropping out of the election race and endorsing Kamala Harris has increased Trump’s chances winning, the analysts added.
Quick Take NPC Labs has raised $21 million in funding from Pantera Capital, Hashed and others. The web3 gaming infrastructure startup, co-founded by three former Coinbase employees, aims to increase the adoption of on-chain gaming via B3.fun, a scaling platform built on Base.
Quick Take Noble and Ondo launched USDY, the first native yield-bearing stablecoin, on Cosmos. USDY is a tokenized note secured by short-term US Treasuries and US bank demand deposits.
Quick Take The market has not priced in a potential positive shift in crypto regulations if Republican candidate Donald Trump wins the U.S. presidential election, according to Bernstein analysts. Bitcoins’s price reacts positively to perceived improvements in odds for a Republican win, placing faith in Trump’s pro-crypto stance, the analysts said.
