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Analysts' Insights

Analysts' Insights

Weekly Crypto Recap - Must KNOW events

1) US judge rules Ripple XRP is not a security. Coinbase relists Ripple XRP. XRP daily volume surges 18-fold following court ruling and exchange relistings. Coinbase stock surges more than 24% following XRP court ruling

2) US inflation falls to 3%, lower than expectations.

3) Europe to launch first spot Bitcoin ETF this month. Australian Securities Exchange receives its first spot Bitcoin ETF application.

4)  BlackRock CEO says crypto will transcend international currencies due to global demand. Expect Larry Fink to be cheerleader Number 1 for Bitcoin until the Blackrock Bitcoin ETF launches.

5) SEC acknowledges BlackRock's Spot Bitcoin ETF application and Fidelity, VanEck, WidsomTree, and Invesco Spot Bitcoin ETF applications.

6) US government charges former Celsius CEO Alex Mashinsky with fraud. He was released on $40m bail.

7) Binance lays off at least 1,000 employees. Crypto trading volume down 23% in Q2 as Binance dominance declines .

8) Multichain ceases operations as CEO's sister is detained in China while holding $220 million of funds. On July 7, funds were moved abnormally from the network. The cloud server platform showed a login from an IP address in Kunming, China, according to Zhaojun's sister, the project said. Two days later, she transferred $220 million of remaining user assets — primarily stablecoins and ether — into new wallets under her control.

9) Hedge funds are showing robust confidence in crypto, PwC says. percentage of traditional hedge funds investing in crypto declined from 37% to 29% in 2023.  average allocation to crypto by traditional hedge funds increased from 4% to 7%.

10) Google will now permit apps and games that allow users to buy, sell and earn digital assets like NFTs.

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