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This week’s crypto news roundup highlights the newest developments and trends in the cryptocurrency market.
The Australian Securities Exchange (ASX) has approved its second spot Bitcoin exchange-traded fund (ETF). Launched by DigitalX, the fund is set to start trading on the Australian Securities Exchange (ASX) under the ticker BTXX.
The country’s first spot Bitcoin ETF, launched by VanEck, began trading on June 20 on the ASX. The ETF, known as the VanEck Bitcoin ETF (VBTC), functions as a feeder fund for the VanEck Bitcoin Trust in the U.S.
Meanwhile, JPMorgan analysts expect a rebound in the cryptocurrency market by August, following the completion of liquidations by the end of July. The prediction comes after the bank reduced its year-to-date net flow estimate for the crypto market to $8 billion, attributed to the recent decline in Bitcoin prices.
Australia’s Second Bitcoin ETF
Blockchain-focused asset manager DigitalX has become the second company to offer a Bitcoin ETF on the ASX, following VanEck’s recent approval. The DigitalX Bitcoin ETF, listed under the ticker BTXX, has debuted on July 12 at 10 am local time.
DigitalX Becomes Second to Secure Regulatory Approval for Spot Bitcoin ETF in Australia (Cryptonews.com)
Crypto Market to Rebound in August
JPMorgan analysts said in a recent report that the crypto market is expected to rebound from August onward. They claimed the liquidation process, which has been ongoing due to various market pressures, is expected to conclude soon, setting the stage for a market recovery as the selling pressure eases.
Why JPMorgan sees a Bitcoin rebound in August (DL News)
VanEck and 21Shares have confirmed plans to launch a Solana-based ETF following a filing with the Chicago Board Options Exchange (Cboe). The exchange submitted 19b-4 filings with the Securities and Exchanges Commission (SEC) on Monday, asking to list VanEck’s and 21Shares’ potential spot Solana ETFs.
Cboe files for SEC approval to list Solana ETFs, starts clock for required decision (Reuters)
MakerDAO Plans to Invest $1B in Tokenized Treasury
MakerDAO‘s plan to invest $1 billion in tokenized treasury assets has garnered significant interest from major financial players, including BlackRock, BUIDL, Ondo Finance, and Superstate. Ondo Finance and Superstate, known for their pioneering efforts in the DeFi space, are also exploring opportunities to leverage this initiative to offer their clients new, blockchain-based investment products.
MakerDAO’s $1B Tokenized Treasury Investment Plan Draws Interest from BlackRock’s BUIDL, Ondo, Superstate (CoinDesk)
Partior Raises $60M in Series B Funding Round
Partior, a blockchain-based payment network backed by JPMorgan and DBS Bank, has successfully raised $60 million in a Series B funding round. Peak XV Partners led the investment round, which also included Valor Capital Group and Jump Trading Group. JPMorgan, Standard Chartered, and existing investor Temasek joined the round.
Temasek-backed fintech Partior raises more than US$60 million in Series B funding (The Bussiness Times)
Morgan Creek to Raise $500M for New Web3 Fund
Morgan Creek Digital is set to raise $500 million for a new venture capital fund focused on Web3 investments. The fund aims to support startups and projects within the Web3 ecosystem, which includes decentralized technologies, blockchain innovations, and new digital financial infrastructures.
Morgan Creek Digital to Raise up to $500M for New Web3 Venture Capital Fund (Bussiness Insider)
Hypersphere Launches $130M Crypto-Focused Fund
Hypersphere, a crypto investment firm, has launched a $130 million market fund aimed at capitalizing on opportunities within the blockchain and cryptocurrency sectors. The fund, named Atlas, intends to employ strategies reminiscent of those used in traditional Wall Street trading to generate returns from crypto investments.
Crypto VC Hypersphere opens $130 million liquid fund, seeks $75 million for new VC fund (The Block)
Coinbase Instructed to Revise Efforts to Subpoena SEC Chair
A federal judge has instructed Coinbase to revise its efforts to subpoena SEC Chairman Gary Gensler. The decision comes after Coinbase sought to question Gensler regarding the SEC’s oversight and regulatory actions toward the cryptocurrency industry.
Coinbase is embroiled in a legal battle with the SEC, which accuses the exchange of operating as an unregistered securities broker. Coinbase argues that the SEC has not provided clear regulatory guidelines for digital assets and is acting beyond its jurisdiction.
Judge ‘Surprised’ by Coinbase Subpoena Request Targeting SEC Chair Gensler—But ‘Not in a Good Way’ (Decrypt)
US House Fails to Override Biden’s Veto
The US House of Representatives recently failed to override President Joe Biden’s veto of a bill to overturn the SEC’s controversial Staff Accounting Bulletin 121 (SAB 121). The bulletin requires banks and financial institutions to account for customers’ crypto assets as liabilities on their balance sheets, which critics argue imposes excessive compliance costs and deters banks from providing crypto custody services.
House fails to override Biden’s veto on nullifying SEC crypto rule (Cointelegraph)
Germany Nearing Completion of Bitcoin Sell-Off
Germany is nearing the completion of its Bitcoin sell-off, now holding less than 5,000 tokens. The German government had accumulated a substantial Bitcoin reserve from seizures related to criminal activities and began selling off these assets in phases over the past few months.
Germany Appears to Finish Bitcoin Sales, Data Tracker Arkham Says (Bloomberg)
Traditional Money Launderers Turn to Crypto
Traditional money launderers are increasingly turning to cryptocurrencies to mask their illicit activities, according to a recent report by Chainalysis. The blockchain analytics firm highlighted that sophisticated criminal organizations are using various crypto-related strategies to launder money, such as mining pools and mixers.
Traditional Money Launderers Appear to Be Using Crypto, Chainalysis Says (Yahoo Finance)
Messi Promotes Obscure Meme Coin
Lionel Messi has promoted the obscure meme coin “WATER” in a recent Instagram post, leading to a significant price surge. After Messi shared an image of the token’s mascot in his story, the value of WATER skyrocketed by 350%, jumping from $0.00032 to $0.00146 within two hours.
Lionel Messi Drives WATER Meme Coin Up 350% (Finance Feeds)
