Global leaders for the G20 meeting urged international collaboration on crypto regulations while PayPal introduces PYUSD stablecoin. What's next?The Rimo newsletter is created by our experts in collaboration with our partners dedicated to blockchain technology and crypto ventures; for startups and enterprises seeking to develop solutions in the Web3.Follow us on social media to stay informed on the industry.Find us on LinkedIn to share ideas with the community of professionals in Web3NEWS
Fund-spotting Around the World
You could hardly tell from Bitcoin’s price movements, but this week was marked by a significant development for the world’s leading digital asset – the introduction of a spot Bitcoin ETF on Amsterdam’s Euronext exchange. Crypto media headlines called it Europe's first spot Bitcoin ETF – words that would send hearts racing if applied to the USA, where the decision on Graysclale’s spot BTC ETF application looms.Europe, though, is no stranger to exchange-traded products (ETPs), which include ETFs – so much so that there are 155 cryptocurrency ETPs available to European investors, with the sector experiencing a true surge in 2022.So, the Old Continent is overtaking the USA in the spot Bitcoin ETF realm, yet investor interest is seemingly driven by regulatory decisions. You only have to look at the volume Amsterdam’s Jacobi ETF attracted on its first day – $2,000, a number that is worlds apart from being headline-worthy.In spite of these dynamics in Europe, market participants (and crypto Twitter) are focused on the USA and the pending ruling on the first spot Bitcoin ETF. The latter could open the door to the approval of a dozen more applications, drive fresh investor capital towards the asset, and more importantly – signal regulatory acceptance in the biggest market.
The Global Crypto Roundup
Grayscale Wins Appeal Against SEC to convert Bitcoin Trust to ETFAI and Bitcoin: The Brotherhood Needed in TechTwitter (X) Acquires Required License to Add Crypto PaymentsNFTs in the Fast Lane in the NetherlandsSam Bankan-Fried back in prisonSpaceX has sold its BTC & X (Twitter) launches it's crypto wallet1 BTC now costs an astonishing 10M Argentine pesos (ARS)China’s property giant Evergrande filed for bankruptcy protection on ThursdaySingapore has introduced a regulatory framework for stablecoins tied to SGD or G10 currenciesGlobal leaders at the G20 meeting urged international collaboration on crypto regulationsBrazil is advancing a bill to raise taxes on overseas-held cryptocurrencies PayPal introduces PYUSD stablecoin & Paypal and Ledger team up for a crypto purchase serviceCanadian authorities embrace chainalysis for tracking crypto crimesRon DeSantis promises to champion Bitcoin if elected presidentBinance Japan is set to make a grand comeback in the Japanese market
Grayscale Wins Appeal Against SEC to Convert Bitcoin Trust to ETF
Those of you keeping an eye on BTC charts were pleasantly surprised by the 5% price boost earlier this week. It’s had to do with a pivotal development around Bitcoin – here’s the low-downA U.S. court has ruled against the SEC's rejection of Grayscale's Bitcoin ETF application, meaning that the regulator will have to further review the company’s filing.The judge deemed the denial inconsistent and unlawful, after a decade of rejection of such applications by the SEC.Viewed as a stride toward mainstream adoption, a spot Bitcoin ETF could enable exchange-based exposure to the asset. This ruling could also open doors for all other ETF applications.As Antoni told TechCrunch, the ruling is “undoubtedly bullish” for the possibility of a Bitcoin spot ETF and it has expedited the potential for approval.
AI and Bitcoin: The Brotherhood Needed in Tech
All eyes were pegged to Nvidia this week as the dominant chip producer’s quarterly earnings provided a healthy dose of suspense… only for a classic feel-good story to emerge Wednesday:The company’s revenue more than doubled to a record $13.51B in Q2, surpassing Wall Street estimates of $11.19B.The chip maker’s earnings per share stood at $2.70, exceeding expectations of $2.08.The forecast is even shinier for $16B in revenue in Q3.Perspective: Nvidia is valued at $1.16T surpassing the entire crypto sector’s market cap by $0.1T.NFTs in the Fast LaneAn interesting trend is emerging as NFTs have found a surprising fit in enhancing fan experience and brand awareness. The 2023 Dutch Grand Prix is the latest adoption of the concept:The 2023 Zandvoort Grand Prix in the Netherlands offers unique 'digital collectibles' to attendees of the Formula One racing event.The collectibles showcase the distinct coordinates of the racetrack for its 75th anniversary.Adidas, Coca-Cola, Gucci, McDonald’s, Nike and the Japanese Airlines are among the numerous multinationals to have already dabbled with the famous crypto tokens.
Sam Bankan-Fried back in prison
Former FTX boss Samuel Bankman-Fried has been sent back to prison by a federal judge in New York, who ruled that he had violated the rules of his parole. Pending trial, he had been placed under house arrest after paying a record $250 million bail.
According to the prosecutor, he leaked documents to the New York Times in an attempt to influence the testimony of Caroline Ellison, a former executive of his Alameda investment company who has been indicted and has agreed to cooperate with the US authorities.
SpaceX has sold its BTC & X (Twitter) launches it's crypto wallet
Unlike Tesla, which is a listed public company, SpaceX is currently an unlisted private company. As such, SpaceX has always remained discreet about its finances and operations. Recently, however, the WallStreet Journal gained access to certain documents in private, and their report states that the value of the company's bitcoins has depreciated by $373 million, and that it has even sold some of them. Speculation or truth, it's hard to say, but the famous Elon Musk has not denied the information published.In the meanwhile, Rhode Island regulators have granted a currency transmitter license to X, formerly Twitter, marking a significant step in the company’s ambitions of becoming a major player in financial services, with a focus on cryptocurrencies. It may all sound a little tedious, but that potentially layers the ground for further cryptocurrency adoption.
China’s property giant Evergrande filed for bankruptcy
China’s property giant Evergrande filed for bankruptcy protection last month, sending shockwaves through both traditional and digital asset markets. On Friday morning, Bitcoin dropped by around 10%, which translated into a similar decline in BTC’s in-profit circulating supply. This in turn signals the top-heavy state of the market (at the right end of the chart below), which shows the percent of BTC supply in profit currently stands at 61%
Paypal and Ledger team up for a crypto purchase service
Paypal is stepping up its crypto initiatives following the launch of its PYUSD stablecoin. For example, a partnership with French giant Ledger has just been announced to offer users the opportunity to buy cryptos with Paypal directly from ledger live. For the time being, the service will only be available in the USA and limited to a few cryptos.
PayPal introduces PYUSD stablecoin
Digital payments pioneer, PayPal, has launched a dollar-pegged stablecoin called PYUSD. Rolling out initially through Venmo in the United States, PYUSD is an ERC-20 token on the Ethereum blockchain. Each PYUSD is fully backed and can be redeemed 1:1 for US Dollars.
Canadian authorities embrace chainalysis for tracking crypto crimes
Taking a proactive stance against digital asset scams, Canadian law enforcement has adopted specialized software known as Chainalysis Reactor to enhance their ability to trace cryptocurrency activities during cybercrime investigations.Recent reports from the Lethbridge Herald confirm that local police in Lethbridge are leveraging this sophisticated tool. The software's capabilities lie in tracing blockchain transactions, thereby assisting in identifying potential suspects.Binance Japan's Impressive Crypto ComebackBinance Japan is set to make a comeback in the Japanese market through the launch of a crypto assets exchange service listing 34 tokens. This extensive selection is set to surpass any other local exchange in the country.Among the tokens available, Binance Smart Chain's native token, BNB, will be accessible to Japanese users for the first time, which is exciting news for the local crypto community.
Addresses to the People
Congratulations, Bitcoiners! Bitcoin adoption now amounts to 47.9 million addresses with non-zero balances for a new all-time high, indicating active ownership and engagement with the cryptocurrency. #Wen50million, anyone?
Ron DeSantis promises to champion Bitcoin if elected president
During a campaign event in New Hampshire, DeSantis criticized the Biden Administration for what he perceives as a "war" on Bitcoin and cryptocurrencies. He vowed that if he becomes president, he will put an end to this perceived hostility towards the crypto industry.
Read more article
SEC Seeks to 'Usurp Congress's Authority' in Coinbase Lawsuit: Blockchain Association
Custodia Bank Now Accepting US Dollar Deposits, Adding Bitcoin Custody
Revolut to Shutter US Crypto Operations Due to 'Regulatory Environment'
SEC Pumps Brakes on ARK 21Shares Bitcoin ETF
Blockchain gaming sees $300M summer funding boost
Coinbase Wins Approval To Offer Crypto Futures To US Clients
