Crypto News This Week: Bitcoin Conference, Spot Ether ETFs

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Key Takeaways

  • The upcoming Bitcoin Conference in Nashville is gaining significant political attention.
  • Spot Ether ETFs have officially begun trading, attracting strong interest from institutional investors.
  • Revolut has secured a UK banking license, enabling it to offer comprehensive banking services.

This week’s crypto news roundup highlights the newest developments and trends in the cryptocurrency market.

The Bitcoin Conference 2024 took place from July 25-27 in Nashville, Tennessee. The event was expected to attract over 20,000 attendees and feature more than 400 sponsors and 2,000 companies, as well as some notable speakers.

For one, former President Donald Trump spoke on the last day of the conference. He doubled down on his support of the crypto industry and promised to make America the world leader in bitcoin and other digital currencies if elected.

Meanwhile, spot Ether exchange-traded funds (ETFs) officially began trading in the U.S. on Tuesday. The new funds come from traditional fund issuers such as BlackRock and Fidelity and crypto-specific companies such as Grayscale.

Bitcoin 2024 Conference Nashville

The Bitcoin Conference 2024 has become one of the most impactful events in the crypto community, even drawing the attention of both major political parties in the U.S.

Aside from Trump, Kamala Harris’ campaign also considered participating in the upcoming Bitcoin Conference. However, she later announced her decision not to speak at the conference.

Spot Ether ETFs Launch Trading

On July 23, spot Ether ETFs officially started trading. The first day of trading saw robust volumes, with significant interest from institutional investors. However, the price of Ether experienced a slight decline during the day’s trading session.

Ether ETFs officially begin trading in U.S., with funds from BlackRock, Grayscale and more (CNBC)

Revolut Earns UK Banking License

Revolut, the London-based fintech company known for its crypto-friendly services, has finally secured a banking license in the United Kingdom. The license allows Revolut to offer a full suite of banking services to its UK customers, a significant expansion from its previous status as an electronic money institution.

Revolut finally receives UK banking licence after three-year wait (The Guardian)

Revolut Plans to Sell $500M Worth of Shares

Revolut is planning to sell $500 million worth of employee shares at a valuation of $4.5 billion. The move is part of discussions with investment firm Greenoaks and aims to allow early employees and shareholders to liquidate some of their holdings.

With $45 Billion Valuation in Sight, Revolut Finally Wins U.K. License (Wall Street Journal)

India Maintains Controversial Tax Rules

India has decided to maintain its controversial crypto tax policies in the new budget for 2024-2025. Despite significant lobbying, which argued for a reduction in the 1% tax TDS on crypto transactions to 0.01%, the government has opted to keep the existing tax structure unchanged. The decision also retains the 30% tax on profits from crypto investments.

India Maintains Controversial Crypto Tax Rules In New Budget Announcement (99Bitcoins)

Crypto Bank Sygnum Sees Surge in Trading Volumes

Digital asset bank Sygnum has reported a significant surge in its trading volumes for the first half of 2024. The bank’s spot crypto trading volume doubled, while its derivatives trading saw an impressive increase of 500%. The growth has propelled Sygnum to achieve profitability for the first time in its history.

Crypto bank Sygnum posts profit after doubling crypto trading volumes (Cointelegraph)

Ferrari to Extend Cryptocurrency Payments to Europe

Ferrari is expanding its acceptance of cryptocurrency payments to Europe, following a successful rollout in the United States. The Italian automaker said the decision comes as a response to growing requests from its affluent customer base, who are increasingly interested in using digital currencies for high-end purchases.

Ferrari to Expand Crypto Payment Option to European Dealerships, Following US Launch (Cryptonews)

X Removes Crypto Emojis

Elon Musk’s social media platform X, formerly known as Twitter, has removed emojis for cryptocurrencies from its hashtag feature. The Bitcoin emoji, which previously appeared when users tweeted with the #Bitcoin hashtag, was quietly taken down, causing some stir within the crypto community. Similarly, the MAGA hashtag no longer displays the emoji that was associated with it.

Elon Musk’s X Quietly Removes Bitcoin, MAGA Emojis From Hashtags (CoinDesk)

Jersey City to Invest in Bitcoin ETFs

Jersey City has announced plans to invest a portion of its pension fund in Bitcoin ETFs. Mayor Steven Fulop revealed this initiative on July 25. The move aligns Jersey City with the Wisconsin Pension Fund, which recently allocated 2% of its $156 billion assets to Bitcoin ETFs.

Jersey City’s pension fund will invest in bitcoin ETFs (The Block)

VanEck Projects Bitcoin to Reach $2.9M by 2050

VanEck has projected that Bitcoin could reach a staggering $2.9 million by 2050, but acknowledges that several significant developments need to occur for this forecast to materialize. The firm outlined a scenario where widespread adoption, regulatory clarity, and technological advancements converge to drive Bitcoin’s value to such heights.

Bitcoin 2050 Valuation Scenarios: Global Medium of Exchange and Reserve Asset (VanEck)

Citigroup Upgrades Coinbase’s Rating

Citigroup has upgraded Coinbase‘s stock rating from “neutral” to “buy,” citing a reduction in regulatory risks as a key factor behind the decision. Citi analysts have also raised the price target for Coinbase shares from $260 to $345, indicating strong confidence in the company’s future performance.

Coinbase Wins Citi Upgrade on Crypto Regulatory Optimism (Bloomberg Law)

Gate.io Exits Japanese Market

Cryptocurrency exchange Gate.io has announced its exit from the Japanese market due to stringent regulatory requirements. The exchange ceased new account registrations for Japanese residents on July 22, 2024, and will soon halt all its services in the country.

Gate.io to Shift Japanese Customers to Compliant Crypto Exchanges as it Exits Market (Decrypt)