🚀 Bitcoin ETFs on the rise, Binance France changes direction!
Welcome to the Daily Tribune, Thursday May 30, 2024 ☕️
Hello Cointribe! 🚀
Today is Thursday, May 30, 2024, and like every day from Tuesday to Saturday, we summarize the news of the past 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Rainy 🌧️
24h crypto recap! ⏱
💼 Bitcoin ETFs hold over one million BTC
Bitcoin ETFs have reached a historic milestone with over one million BTC in their portfolios, representing a value of approximately 68 billion dollars. Since the launch of the first Bitcoin cash-settled ETFs in the United States in January, these financial products have accumulated over 855,619 BTC, an average of 6,200 BTC per day. Overall, 21 other ETFs worldwide increase this total to 1,002,343 BTC, representing 5.08% of the total circulating supply. The GBTC and the IBIT from BlackRock are the main stakeholders, with 289,040 and 287,168 BTC respectively. This massive accumulation testifies to the growing interest from investors in these products, facilitating access to Bitcoin and accelerating its institutionalization. Read the full article.
🔄 Binance France changes hands to survive against the AMF
Binance France has recently changed ownership following a warning from the Financial Markets Authority (AMF), forcing former CEO Changpeng Zhao to step down in order to maintain the company's French license. The new owners, identified as Lihua He and Yulong Yan, now hold 100% of the shares of the French subsidiary. This change comes in a difficult regulatory context for Binance in Europe, where the company has encountered obstacles, including refusals of licenses and accusations of non-compliance. Read the full article.
🔒 The EU's radical solution to secure the crypto ecosystem
The European Union (EU) has recently classified Maximum Extractable Value (MEV) as an illegal market abuse under the MiCA (Markets in Crypto Assets) regulation. MEV allows block producers to rearrange, include, or exclude transactions to maximize their profits, creating inequalities in the market. Crypto companies in the EU will now have to detect and report cases of MEV as suspicious transactions. This regulation aims to ensure transparency and fairness in the crypto market, and similar measures are being considered in the United States. Read the full article.
🔮 The latest prediction from financial giant Bernstein on Bitcoin
Investment fund Alliance Bernstein predicts that Bitcoin will reach $90,000 before the end of the year and $150,000 in 2025. This projection is based on increased institutional and individual demand, facilitated by increased regulatory clarity and broader acceptance of Bitcoin by traditional finance. Bernstein analysts estimate that Bitcoin and Ethereum ETFs could reach a market capitalization of $450 billion, resulting in investment flows exceeding $100 billion in the next 18 to 24 months. Read the full article.
Crypto of the day: Brett (BRETT)
The Brett blockchain stands out for its innovation focused on decentralization and security, offering a robust platform for financial transactions and decentralized applications (dApps).
The native crypto, BRETT, is mainly used to facilitate transactions on this blockchain, incentivizing users with rewards and reduced transaction fees. Distributed through an initial coin offering and staking programs, BRETT offers benefits to holders such as reduced fees and staking rewards. It can be used to pay for services on the Brett platform and participate in governance votes.
Recent Performance
Current price: €0.0905
Percentage increase/decrease: +13.05% (1-day increase)
Market capitalization: €883,755,108
Rank on CoinMarketCap: #223
🚨 How Grayscale's ETF could destroy Ethereum
The introduction of the Ethereum Spot ETF by Grayscale could have significant and potentially negative repercussions on the price of Ethereum (ETH). A report from research firm Kaiko warns of significant outflows, estimated at around $110 million per day, if Grayscale's Ethereum Trust (ETHE) follows the same pattern as the Bitcoin Trust (GBTC) during its conversion to an ETF. The GBTC transition resulted in net outflows exceeding $6 billion, putting downward pressure on the price of Bitcoin. If a similar scenario occurs with ETHE, the price of Ethereum could face considerable selling pressure, negatively affecting its value in the market.
Grayscale's decision to convert its Ethereum Trust into a Spot ETF aims to offer greater transparency and regulation to crypto investors. However, this conversion carries potential risks for ETH investors as it could cause increased volatility and unfavorable price fluctuations. Investors will need to closely monitor these developments to fully understand the impact of these ETFs on the Ethereum market and adjust their strategies accordingly. The ongoing evolution of the crypto industry and the introduction of products like Grayscale's Ethereum Spot ETFs will play a crucial role in the long-term stability and viability of these digital assets.