GM friends,
And we’re back! Bitcoin just had its biggest daily gain since February 2022 of almost 12%.
It’s those Bitcoin ETFs that have got stock market investors buying the dip.
Here is your weekend crypto update…
Here’s what’s in today’s issue:
- Rebecca shares her thoughts on BTC and ETH demand surging, the “Crypto for Harris” campaign, Russia’s crypto bills, Brazil approving a Solana ETF & Ripple being fined $125M.
- Altcoin alpha by David.
- This week’s airdrop by Jesse.
- Sam has an NFT report on which collections are in profit this year?
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BTC And ETH ETF Demand Surges
With Bitcoin down over 17% at the peak of Monday’s crash, skeptics were expecting crypto ETFs to dump too.
But crypto ETF holders were completely unbothered. In fact, they used the global market sell-off to buy more.
The US
Ethereum ETFs saw 40,700 ETH worth of inflows on August 6, which is more than their stock market debut which saw 31,000 ETH worth of inflows.
Then on August 7, BlackRock’s Bitcoin ETF saw $52.5 million in inflows alone. And August 8 got even better for Bitcoin…$194.6 million in ETF inflows.
This just so happens to coincide with Bitcoin’s biggest day since February 2022, thanks to some positive weekly jobs data from the US. This is so bullish.
Hong Kong
Hong Kong’s BTC and ETH ETFs had their biggest day for trading volume since launching on April 30. Of course, trading volume is different to inflows, but it seems the market sell-off has renewed interest. The Bitcoin ETFs saw $26.1 million in trades and the Ethereum ETFs saw $4.7 million in trades.
Standard Chartered’s subsidiary Vox has also become the first virtual bank to offer crypto ETFs in Hong Kong.
Spot ETF Options By Q4
After a series of application withdrawals for options on spot Bitcoin ETFs, it looked like Wall St. had given up. But it turns out, it’s only small exchanges that have withdrawn.
The big guns— Nasdaq, NYSE and Cboe all have active applications. So interest is still alive and kicking. The thing that spooked investors was seeing Cboe withdraw, but this was only so it was able to re-file a much longer application.
Bloomberg analyst James Seyfarrt said he’s expecting options to launch on spot Bitcoin ETFs in Q4. That’s when the final deadline for the SEC’s decision is—September 21.
Just like that, Bitcoin’s $100K target by the end of 2024 is back in play. What a difference a week makes!
Do you think Bitcoin’s bottom is in? Reply to this email and let us know.
Democrats Launch “Crypto For Harris” Campaign
The Democrats have finally realized they need to change their perspective on crypto to have a shot at winning the US election in November.
So, the Democrats have launched the “Crypto for Harris” campaign to compete with Donald Trump’s pro-crypto stance. It’s an initiative led by a Kamala Harris advocacy group to try to bring in support from crypto voters.
The campaign will kick off next week with a virtual town hall event that’s open to the public.
Speakers at the event will include crypto supporters Mark Cuban, Anthony Scaramucci, and Democratic leaders.
This comes off the back of Harris adding two former crypto advisors to her campaign. David Plouffe served on the Binance advisory board and Gene Sperling is a former Ripple board member.
The Republicans have also been hosting virtual events to engage with the crypto community.
Republican Ro Khanna in California hosted a Zoom meeting with Coinbase, Ripple, Mark Cuban, Anthony Scaramucci, Circle, Uniswap founder Hayden Adams and other White House members.
So it’s game on now!
Russia’s Crypto Bills Signed By Putin
In 2022, Russia proposed banning Bitcoin mining. Now, in 2024 President Putin has signed a new pro-crypto bill into law.
That’s quite the turnaround.
Just over a week ago, news broke that Russian lawmakers had passed a Bitcoin mining bill.
Now, Putin has made it official: Russia is bull market ready. Russia has now legalized Bitcoin mining and the law will come into effect from November this year.
The law allows the following:
- mining companies to operate in the country, once approved
- individual miners to operate without registering, if energy consumption is below a threshold
Will China follow next?
Brazil Approves Its First Solana ETF
Solana has been the fastest horse out of the gate during this week’s market rebound, with SOL hitting a new high against ETH of 0.062.
That’s a 7.5% gain in 24 hours!
So, it’s the perfect time to announce a Solana ETF, right?
Unfortunately, the announcement doesn’t come from the US, but this move is a step in the right direction to getting one approved. This time, it comes from Brazil.
Brazil’s Securities and Exchange Commission has approved a spot Solana ETF, a first for the country.
It’s in the preoperational stage so it now needs approval from the Brazilian stock exchange, B3. Once approved, asset manager QR Asset will offer the ETF and Vortx will be its manager.
Ripple Fined $125M
Ripple has been fined and ordered to pay $125 million by a New York judge. Sounds like a win for the SEC on the surface. But let’s not forget this is all part of a multi-year legal battle.
It goes back to 2020 when the SEC went after Ripple for raising $1.3 billion through its XRP token sale.
The SEC has been fighting for Ripple to pay almost $2 billion in fines and Ripple has been arguing to pay closer to $10 million.
Whilst it’s not exactly what Ripple wanted, a $125 million fine is significantly less than the $2 billion the SEC wanted. I’d say that’s a win for Ripple. Case closed! It’s time to move on.
Existing Projects / Tokens
- Arbitrum [ARB] was just selected by Franklin Templeton to be the next blockchain for the firm’s OnChain U.S. Government Money Fund (FOBXX). FOBXX is a U.S. registered fund issued via public blockchains. FOBXX first went live on Stellar in 2021, and then it went to Polygon in 2023.
- Ethena [ENA] just released its USDe stablecoin on Solana. Ethena is an ethereum-based DeFi protocol that offers a crypto-backed dollar stablecoin.
- Jupiter Exchange’s [JUP] Supply Reduction Proposal has officially passed. Meaning, JUP’s total supply will be reduced 30%, from 10B to 7B tokens. Jupiter Exchange is the flagship DEX for Solana.
- Kujira [KUJI] has announced a recovery plan after the Kujira Foundation got liquidated by over-leveraging its own tokens. KUJI is currently at rock bottom prices.
- Radiant Capital [RDNT] just launched on Base. Radiant Capital is an ethereum-based protocol that works to consolidate fragmented capital across the DeFi.
- Vega Protocol [VEGA] is launching its own predictions market, in an effort to compete against and capture some of Polymarket’s market share. Vega Protocol operates as a blockchain and a DEX, and is backed by Coinbase Ventures.
New Projects / Tokens
- DAWN Protocol is an upcoming decentralized internet network, that’s being built by Andrena. Andrena just received $18M in funding from multiple crypto VCs. The protocol will have a native token, which will serve as the medium of exchange for broadband access.
- Hyperlane [HYPE] just introduced HYPE, its native token. Hyperlane is an open-source interoperability framework that allows developers to build cross-chain applications.
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GRVT Testnet Launch
The next step in the GRVT Journey has arrived with the GRVT Tesnet. This open Beta is the first opportunity to see how quick we can trade using GRVT, while remaining in complete control of our assets. If you’re not familiar with GRVT, Here’s a quick refresher from Lark. Whether you’ve already signed up in the previous Mystery Box Campaign or just now getting into GRVT. You’re in the right place. That’s because the first 30,000 users to verify themselves using GRVT will get 80 ZK Tokens and 20 Mystery Boxes for FREE! While this isn’t necessary to participate in the Testnet, it’s a fantastic bonus for anyone who missed the first campaign. All participants will have to create a new Testnet account even if you previously created one during the Mystery Box Campaign.
All you need to participate in the GRVT Testnet is your Web3 Ethereum wallet and an email address. Sign up and verify your email before heading into the Testnet. Once you’re in you’ll need to follow the on-screen instructions to Register your wallet, Grab Testnet USDT, and begin exploring the GRVT Testnet.
Shortly after minting your USDT testnet tokens, you’ll want to transfer them to the GRVT Trading account you just created. Once these are added to your account, you can begin making trades.
With a dashboard similar to most centralized exchanges like Bybit, and Binance. You should feel right at home trading Perpetual Contracts on GRVT. Pick the BTC/USDT or ETH/USDT option from the drop-down menu below the GRVT logo. Then place your orders. Don’t worry about any of the specific trades because you’re just using mock USDT. So have fun and play around with the new GRVT Testnet before the next stage is the project is released.
NFTs YTD 2024: Which Collections Are in Profit?
In a year when the NFT market overall has steadily declined in total value, with many legacy projects hard hit, there have still been a few projects making price gains across the year to date.
Looking across various chains, notably profitable collections include Bitcoin Puppets, Milady Maker on Ethereum, Retardio Cousins on Solana, and Trump Digital Trading Cards on Polygon.
Additionally, several collections have brought value to holders through providing eligibility for airdrop allocations.
TO READ THE REST OF THIS ARTICLE, CLICK HERE – “NFTs YTD 2024: Which Collections Are in Profit?”
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Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
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If you really want to take advantage of fastest growing asset class EVER, then the Premium subscription is for you.
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See you next time!
Lark and the Wealth Mastery Team
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Wealth Mastery (Lark Davis, and the Wealth Mastery writing team) are not providing you individually tailored investment advice. Nor is Wealth Mastery registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. Wealth Mastery is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.
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