The third week of July was filled with drama for the cryptocurrency market. We observed the sentiment shifted positively as Bitcoin rose to $66,000 and hit its monthly high. Donald Trump was nearly assassinated, and the new figure emerged as a pro-crypto president. Also, the German government has disposed of all its Bitcoins, and we will see Ethereum ETFs soon.
Trump’s Attack Boosts Bitcoin to $66,000
Donald Trump had a very close call to death when an assassination attempt was made on him while he was in Pennsylvania for a campaign rally. He was hit in the right ear region above, but he sought medical attention immediately. This event affected the financial market, especially bitcoins, which rose from $60,000 to $66,000.
Will Clemente, co-founder of Reflexivity Research, said: “Based on Bitcoin’s reaction so far, it looks like markets are going to begin pricing in a full Trump victory.” This boost might have been due to Trump’s positive outlook on cryptocurrencies. Current sports betting odds show that Trump has the advantage over Joe Biden, whose chances of winning lessened due to a coronavirus infection.
Ethereum ETFs to Launch Soon
SEC finally approved the Spot Ethereum ETFs. Experts estimate that Ethereum ETFs will be listed for trading starting July 23. The SEC made the final call to the issuers to change their S-1 forms. In their simplest form, these ETFs will provide investors with new means to participate in the Ethereum market.
Some significant financial actors, such as BlackRock, VanEck, and Franklin Templeton, will likely get the green light from the SEC. The expense ratio of ETFs varies from 0.19% to 0.25%, with Grayscale Ethereum Trust having the highest expense ratio of 2.5%. This launch may greatly affect the Ethereum market and investors’ approaches.
German Government Sells Bitcoin, Treasury Leadership Shifts
The German government sold all of its Bitcoins after the earlier confiscation of 50,000. This decision resulted from legal compliance and not market fundamentals, stated crypto trader Michaël van de Poppe. The crypto community can now sigh relief, but some believe Germany will regret this move.
Recently, Trump indicated his intention to nominate Jamie Dimon, J.P. Morgan’s Chief Executive Officer, as Secretary of the Treasury. Trump said, “Jamie Dimon was, you know, very negative, and now suddenly he’s changed his tune a little bit.” This comes after a meeting with other business leaders, which may mean that Dimon has changed his stance on Bitcoin.
Christy Goldsmith Romero, the nominee for FDIC Chair, also voiced support for allowing banks to work with crypto firms. This may signal a policy change, alleviating some of the industry’s current pressures. These changes may bring significant shifts in the financial sector and how cryptocurrencies are regulated.
Hackers Steal $234.9 Million from WazirX Exchange
Hackers stole about $234.9 million from the Indian crypto exchange WazirX. After the incident, the exchange suspended withdrawals and started investigations. Web3 security firm Cyvers said the Lazarus Group could be behind the attack.
In other news, the cyber attackers of CDK Global got away with over $25 million in Bitcoin as a ransom. This event affected the operations of about 15,000 US car dealerships. A blockchain analysis was conducted on the ransom payment, showing that even though crypto transactions are believed to be anonymous, they can be tracked.
