Ripple’s XRP is ruled not a security, prompting relisting on exchanges and positive industry response. The SEC accepts Bitcoin ETF applications from six firms for review. Meanwhile, the Grayscale Bitcoin Trust (GBTC) rewards investors as its discount narrows. Brace yourself for an insightful market outlook on these significant developments!
Let’s delve into the significant developments shaping the crypto market landscape:
- Ripple’s XRP Ruled Not a Security in SEC Case: A US court ruling has clarified that Ripple’s XRP token is not considered a security when traded on digital asset exchanges. The crypto industry celebrates the decision, with exchanges relisting XRP and hopeful for reduced regulatory uncertainty.
- SEC Accepts Bitcoin ETF Applications from Six Firms for Review: The U.S. Securities and Exchange Commission (SEC) has taken a significant step in reviewing applications for spot bitcoin exchange-traded funds (ETFs) from six firms, including BlackRock, Bitwise, VanEck, WisdomTree, Fidelity, and Invesco. This marks the agency’s initial phase in considering the approval of these proposals, which could have significant implications for the cryptocurrency market.
- Grayscale Bitcoin Trust (GBTC) Discount Narrows, Rewarding Crypto Investors: The Grayscale Bitcoin Trust (GBTC), a prominent $14 billion market cap product in crypto investing, has seen a significant turnaround in recent weeks as its discount to the value of Bitcoin holdings has narrowed. This positive trend indicates growing investor confidence and increasing demand for GBTC shares, potentially leading to substantial returns for investors.
Ethereum Co-Founder Hails “Elegant” Modern Account Abstraction at ETHCC: Vitalik Buterin, the co-founder of Ethereum, praises the “elegant” nature of modern account abstraction during the Ethereum Community Conference (ETHCC) in Paris. This upgrade doesn’t require changes to the underlying protocol, unlike previous updates, aiming to switch from Externally Owned Wallets (EOAs) to smart contract-based wallets. If successful, managing a crypto wallet would become as simple as managing an email account.
- Total market capitalization: The total market capitalization of the crypto market is currently around $1.21 trillion. This is up about by 3 billion from last week.
- Bitcoin dominance: Bitcoin dominance, which tracks the percentage of the total market capitalization that is held by Bitcoin, is currently at around 48.4%. This is down slightly from last week.
- ETH dominance: ETH dominance, which tracks the percentage of the total market capitalization that is held by Ethereum, is currently at around 18.9%. This is down slightly from last week.
Bitcoin is maintaining its position around the $30,000 mark, supported by a prevailing positive sentiment in the market. Meanwhile, several altcoins displayed remarkable upward movements, signaling potential bullish trends within the cryptocurrency space.
- UniswapX: Uniswap’s game-changing aggregation protocol offers efficient token swapping, reduced gas fees, and secure cross-chain swaps with MEV protection.
- Pendle Earn: Yield farmers can now earn fixed-rate yields on popular token pairs stETH, $sfrxETH, and $USDT through Pendle Earn.
- ChainLink’s CCIP: ChainLink’s cross-chain interoperability protocol is now live on Avalanche, Ethereum, Optimism, and Polygon mainnets. Users can utilize the protocol for seamless communication between chains, with fee payments conducted in $LINK.
Bitcoin returns were -0.54% for this week. The Alpha Blue Chip Focused Strategy returns were 7.65% during the same period (14-20 July). The Top Cap Digital Assets Strategy and Arbitrage Opportunities & Balanced Strategy returns were 8.67% and 2.26%, respectively.