Notoko Bytes : Trump's Bitcoin Fundraiser and ETH ETF Launch
Notoko's back, fam! This week, I took a little detour from the Internet Computer to explore the wilds of the cryptoverse. Let me tell you, things are heating up! So grab a cup of coffee (or a canister of cycles ) and let's dive into the juiciest news Bytes of the week!
Chain Chatter : Top 5
- Donald Trump is hosting a private fundraiser in Nashville on July 27 during the Bitcoin Conference 2024 ๐ธ . Seats at his exclusive round table are priced at $844,600 โ the max campaign contribution allowed. ๐. Want a photo with Trump? Itโs $60,000 per person or $100,000 per couple โ almost the price of one Bitcoin!
- ๐ข Bitcoin's supply and demand are on a rollercoaster ride . The launch of Bitcoin ETFs fueled initial hype about demand outstripping supply ๐, but now government sales of confiscated Bitcoin are sparking fears of oversupply ๐ฌ. It's ironic that governments now own a significant chunk of Bitcoin ๐คฏ, but daily trading volumes and the "HODL" mentality within the Bitcoin community might soften the blow ๐ช. As Bitwise's Chief Investment Officer put it, "This too shall pass" โณ.
- ๐คCrypto trading giant Wintermute is in talks to raise up to $300 million from investors, including Chinese tech giant Tencent ๐ค. The deal could value the company at a cool $2 billion, making it one of the biggest crypto deals of the year ๐. Wintermute is riding the wave of a recovering crypto market and the buzz around former President Trump's pro-crypto stance ๐. This move by Tencent isn't their first foray into the blockchain world, showcasing their continued interest in the growing sector ๐ค.
- Democratic donors, including billionaire Mike Novogratz, are pushing for an open selection process to find an alternative to President Joe Biden. They believe a fair process could re-energize the Democratic donor base and attract significant financial support if a centrist candidate is chosen. ๐ฐ
- ๐ต๏ธโโ๏ธ Indian crypto exchange WazirX has been hit by a major hack ๐จ, potentially losing $234.9 million in assets ๐ฑ. Analysts suspect North Korean hackers are behind the attack . This breach follows another recent crypto heist, raising concerns about the security of the sector ๐. WazirX has paused withdrawals and is investigating the incident ๐. The exchange had previously been caught in a dispute with Binance over ownership ๐ค.
Chat to Look At Today
Bitcoin's Wealth Distribution: Where the Big Stacks Live
Changes from July 16th :
- Wallets that have > 1000 BTChaves reduced holdings from 40.2% to 40.1% (Maybe Mt. Gox effect ? )
- Wallets that have BTC holdings 10-100 have reduced their holdings from 22.1 % to 22 %
What's Brewing in Notoko's Canister this Week โ
Let's start it with ETH ETF. I'm freaking stoked about the new Spot ETFs launching on July 23rd! ๐๏ธ This is HUGE news and a significant milestone in the crypto !
So, What Are Spot ETFs Anyway? ๐ค
Imagine a basket of crypto goodies ๐งบ you can buy and sell on the stock market. ๐ค That's what Spot ETFs are! They track the price of different cryptos, making it super easy to invest in the whole market without buying individual coins. And they actually hold the real crypto NOT futures , the real crypto !
Who's Launching on July 23rd? ๐
BlackRock, Fidelity, Invesco, and Bitwise? Oh, they're not just throwing their hats in the ring; they're revealing their secret weapons: ETF fees! โ๏ธ๐ And guess what? They're not afraid to undercut each other to woo you in.
BlackRock and Fidelity are leading the charge with a 0.25% fee, but wait, there's a catch! ๐ฃ They're slashing those fees for the first year, hoping to reel you in with their sweet deals. 21Shares and Bitwise are joining the fray with their own discounts and incentives. It's like a crypto clearance sale, but with more suits and spreadsheets. ๐๐งฎ
But wait, there's a dark horse in the race: Grayscale. This crypto veteran is pulling out all the stops with a jaw-dropping 0.15% fee for its mini Ether ETF. ๐คฏ Talk about a bargain basement price!
So, dear crypto enthusiasts, this Ether ETF showdown might just get wilder than a Bitcoin bull run. ๐๐จ Or maybe there wonโt be a big inflow since it doesnโt earn interest like staking ETH. What do you think?
That's a wrap! See you next week for more byte-sized blockchain fun (and a sprinkle of ICP love).
Disclaimer
*The information and analysis provided in this article are intended for educational and informational purposes only and should not be considered as financial, investment, or professional advice. While our team strives to ensure the accuracy and reliability of the content, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the information presented.
The content within this article may include opinions and forward-looking statements that involve risks and uncertainties. The blockchain and cryptocurrency markets are highly volatile, and past performance is not indicative of future results. Any reliance you place on the information presented is strictly at your own risk. Before making any investment decisions, we highly recommend consulting with a qualified financial advisor or conducting your own thorough research.
By accessing and using the information provided in this article, you acknowledge and agree that neither the authors, publishers, nor any other party involved in the creation or delivery of the content shall be held liable for any direct, indirect, incidental, consequential, or punitive damages, including but not limited to loss of profits, goodwill, or data, arising out of your use or inability to use the information provided or any actions you take based on the information contained within this section.*