- Bitcoin sees $1.9B in inflows in the last week, reflecting renewed investor interest and potential market growth.
- SEC approves multiple spot Ethereum ETFs, set to trade from July 23rd, enhancing Ethereum’s market presence.
- Pro-crypto political developments continue as Trump picks crypto-supportive J.D. Vance as running mate for the 2024 election.
The crypto market is on the verge of big growth, driven by a series of key events. Over the past week, Bitcoin has seen an influx of $1.9 billion, suggesting renewed investor interest. Additionally, altcoins have surged by 11%, and memecoins have increased by 22% in the same period.
Ethereum ETF Approval
The U.S. Securities and Exchange Commission (SEC) has approved spot Ethereum (ETH) exchange-traded funds (ETFs). Trading will commence on Tuesday, July 23rd. This approval includes multiple issuers such as Grayscale, Fidelity, BlackRock, 21Shares, VanEck, Bitwise, Franklin Templeton, and Invesco.
These issuers must submit updated S-1 registration statements before trading begins. Bloomberg analyst Eric Balchunas noted that the SEC has required issuers to finalize their S-1s with necessary fee details by Wednesday. This move is expected to enhance Ethereum’s market presence and boost its adoption.
Bitcoin 2024 Conference
The Bitcoin 2024 conference is set to take place in Nashville, Tennessee, from July 25-27. President Donald Trump will be a featured speaker at this event, which is considered the largest Bitcoin conference worldwide.
Previous conferences have been platforms for big announcements, including El Salvador’s declaration of Bitcoin as legal tender and Robert F. Kennedy Jr.’s endorsement of Bitcoin.
Pro-Crypto Political Developments
Donald Trump has announced Ohio Senator J.D. Vance as his running mate for the 2024 presidential election. Vance, known for his pro-crypto stance, has consistently supported cryptocurrency legislation.
According to Coinbase’s Stand With Crypto initiative, Vance has been rated highly for his positive remarks about crypto and his voting record. In a 2022 financial disclosure, Vance reported owning between $100,001 and $250,000 in Bitcoin through Coinbase.
Economic Outlook and Rate Cuts
Market expectations indicate an 84% chance of rate cuts by September, according to Polymarket. These anticipated rate cuts could further stimulate the crypto market.
Additionally, $16 billion in cash will be redistributed to FTX creditors in Q4, with most likely being reinvested in crypto assets. With these factors aligning, the next 6-12 months are poised to be transformative for the cryptocurrency market.
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