In This Issue
- David & Sam share their thoughts on the Fidelity ETF rumours, Bitcoin dominance hitting 50%, Asian crypto news, European crypto news, Polygon’s zkEVM Validium upgrade, Binance drama, Bakkt bends knee to SEC & Celsius selling off altcoins.
- This Week On Chain.
- Rekt Capital has the latest technical analysis for you on the market.
- This week’s trending coins by Rebecca
- Erik has a report for you on Solana Firedancer.
- Defi Dad has a tutorial for you on how to use Convex Finance to earn up to 19% vAPR with crvUSD and FRAX.
- Jesse has a ton of hot new airdrops for you.
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The News Now
Fidelity ETF Rumors; Wall Street Launches Crypto Exchange
To All Plebs: HODL with everything you’ve got. Wall Street is coming for your bitcoin, and they like their sats cheap.
In less than a week after BlackRock, the world’s largest asset manager, filed a spot bitcoin ETF, several other news developments have hit the wire confirming that Wall Street is coming in hard.
First, Crypto Twitter is buzzing with rumors that Fidelity Investments is about to file their own spot bitcoin ETF. Fidelity, the world’s 3rd largest asset manager ($4.2T AUM), has long been friendly to crypto. In 2015, they mined bitcoin. In 2018, they launched Fidelity Digital Assets, a subsidiary that offers crypto custody and trade services for institutional clients.
The Fidelity ETF news is unconfirmed. It appears that @AP_Abacus first made the claim on June 18th. Bitcoin Magazine ran with it the next day. And before we depart with ETFs, breaking as of yesterday, both Invesco ($1.4T AUM) and Wisdom Tree ($87B AUM) have each re-applied for their spot bitcoin ETFs. The BlackRock filing has really reignited this ETF push.
Second, and this is confirmed, a new US based cryptocurrency exchange – EDX Markets – launched on the 20th. And would you guess who’s backing it: Citadel, Fidelity Investments, and Charles Schwab. All Wall Street big boys.
The EDX details are noteworthy:
- EDX only offers BTC, ETH, LTC, and BCH. I think we all know why.
- It’s been in the works since September 2022.
- EDX is a non-custodial trading platform. Third party banks and crypto custodians hold and settle customers’ assets. The SEC seemingly approves of this model given the agency dinged Coinbase for operating as a 3-in-1 exchange, custodian, and clearinghouse. Having said that, according to The Block, EDX plans to launch their own clearinghouse later this year. Interesting.
- For now, EDX functions as an exchange between brokers only. So the order flow is as follows: investor to broker, then broker to EDX.
Due to the timing of all this news, Crypto Twitter is awash with speculation that all of this was a coordinated plan between the US Government and Wall Street suits: i.e. sink the outsider pioneer crypto companies so that the Wall Street insiders can swoop in, buy up, and operate the industry at a discount.
Bitcoin Dominance Hits 50%. Why?
Bitcoin dominance is now breaking above 50%, and is at its highest point within the last two years.
Dominance is the percentage measure of how much a particular asset…
