This week’s top stories in the crypto world include Ether ETF filings by VanEck and 21Shares, Lionel Messi promoting a Solana memecoin on Instagram, and Bitcoin transfer costs dropping to 2020 lows. Additionally, Goldman Sachs plans to launch three new tokenization products this year.
Points
- VanEck and 21Shares submitted amended Ether ETF filings to the SEC.
- Lionel Messi promoted a Solana memecoin on Instagram.
- Bitcoin transfer costs have fallen to 2020 lows.
- Goldman Sachs is set to launch three new tokenization products.
- FDIC nominee Goldsmith Romero supports banks in digital asset custody.
In the latest edition of Hodler’s Digest, we bring you the top stories from the crypto world for the week of July 7-13. These updates cover major developments in Ethereum ETFs, celebrity endorsements, Bitcoin transaction costs, and institutional advancements.
VanEck and 21Shares Send Amended Ether ETF Filings to SEC
Two prominent financial firms, VanEck and 21Shares, have submitted amended filings for Ether ETFs to the U.S. Securities and Exchange Commission （SEC）. These filings indicate a growing interest in offering regulated investment products for Ethereum, reflecting the increasing institutional adoption of cryptocurrency assets.
Lionel Messi Promotes Solana Memecoin on Instagram
Soccer superstar Lionel Messi has entered the crypto scene by promoting a Solana-based memecoin on his Instagram account. This endorsement has generated significant buzz and highlights the growing trend of celebrities leveraging their influence to promote digital assets.
Bitcoin Transfer Costs Fall to 2020 Lows
Bitcoin transfer costs have plummeted to levels not seen since 2020. This decline in transaction fees is a positive development for the Bitcoin network, making it more accessible and cost-effective for users to transfer funds. The reduced costs are attributed to lower network congestion and increased efficiency in transaction processing.
Goldman Sachs to Launch 3 New Tokenization Products This Year
Goldman Sachs is set to expand its crypto offerings by launching three new tokenization products by the end of the year. These products aim to provide clients with innovative ways to invest in digital assets and enhance the firm’s presence in the growing cryptocurrency market.
FDIC Nominee Goldsmith Romero Supports Banks in Digital Asset Custody
Goldsmith Romero, a nominee for the Federal Deposit Insurance Corporation （FDIC）, has expressed support for banks to custody digital assets. This stance aligns with the broader trend of financial institutions integrating cryptocurrency services into their offerings, further legitimizing digital assets in the traditional financial system.
Winners and Losers
Among the top 100 cryptocurrencies, Notcoin （NOT）, Mantra （OM）, and Celestia （TIA） emerged as the biggest gainers of the week, with impressive percentage increases. On the flip side, Dogwifhat （WIF）, Brett （Based）, and Flare （FLR） were the week’s biggest losers, experiencing notable declines.
Most Memorable Quotations
“Ethereum has unique strengths as a robust base layer, including some that are not even held by Bitcoin.”
“If the Commission moves forward with its proposed amendments, a reviewing court […] is certain to conclude that the Commission’s interpretation of the Exchange Act stretches the statutory text too far.”
“Although [Trump] has recently had a change of heart on cryptocurrency, you [President Biden] still have an opportunity to provide the regulatory clarity that voters are calling for.”
“Things that many of us who have been in the industry have become used to, paying for gas, having a native token, […] that’s not a normal sort of set of logic when you’re trying to pay for a cup of coffee.”
“Nothing gets the SEC to act faster than shilling a memecoin.”
“AI and memecoins captured the spotlight [in 2024], pushing GameFi down the pecking order.”
Prediction of the Week
Bitcoin Price Faces Major Summer of 2021 Style Correction Despite BTC Whale Buying
Despite ongoing whale accumulation, Bitcoin faces a potential downside similar to the summer of 2021. Selling pressure from the German government and the Mt. Gox reimbursement plan could drive prices lower. CryptoQuant’s Bull-Bear indicator shows signs of breaking below the neutral line, suggesting bears are gaining control. Additionally, Bitcoin continues to trade under or around the 200-day simple moving average, indicating current price weakness.
FUD of the Week
Paxful Co-Founder Schaback Faces 5 Years Jail, Admits AML Failure
Paxful co-founder Artur Schaback faces up to five years in jail after admitting to anti-money laundering （AML） failures. This development raises concerns about the compliance practices within the cryptocurrency exchange sector.
German Govt $354M BTC Sell-Off: Yet More Volatility Incoming?
The German government’s sale of $354 million worth of Bitcoin could introduce additional volatility to the market. This move is part of a broader effort to liquidate seized assets, impacting Bitcoin’s price stability.
Compound Finance Site Potentially Breached: ZachXBT
Security concerns have surfaced as crypto sleuth ZachXBT reports a potential breach on Compound Finance’s site. The incident underscores the importance of robust security measures in DeFi platforms.
Top Magazine Pieces of the Week
Meet the Hackers Who Can Help Get Your Crypto Life Savings Back
An in-depth look at ethical hackers who specialize in recovering stolen or lost cryptocurrency assets. These experts navigate the complexities of blockchain technology to retrieve funds and provide peace of mind to victims of cybercrime.
Earn Bitcoin for Eating Tickets, Immutable Says Big Studios Are Showing Up Web3 Gamer
Immutable, a leading blockchain gaming company, discusses how big studios are entering the Web3 gaming space. This piece explores the growing intersection between traditional gaming and blockchain technology.
Decade After Ethereum ICO: Blockchain Forensics End Double-Spending Debate
Ten years after Ethereum’s initial coin offering （ICO）, blockchain forensics have put an end to the double-spending debate. This article examines how advanced forensic techniques have enhanced the security and integrity of blockchain networks.
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