Riding The Wave News Summary 157

BlackRock applied to launch a bitcoin fund. Then came the conspiracy theories., Bitcoin Breaks $30K Amid TradFi Push Into Crypto, & more.

Jun 22, 2023

∙ Paid

Welcome to Riding The Wave. If you have questions or feedback, please reply to this email. If you are new to the Newsletter, please check out what we provide on our about page and consider subscribing. Within the Newsletter, I provide News Summaries, Weekly Status Updates, & Deep Dive Articles on Specific Topics (Ex: How do I pick which coins/tokens to buy?). More details here

News

Tweets

https://twitter.com/TheCryptoLark/status/1671607581746384897

https://twitter.com/kush3098/status/1671306504224526336

https://twitter.com/apes_prologue/status/1671623060149944322

https://twitter.com/IvanOnTech/status/1671288551894315009

https://twitter.com/TimmerFidelity/status/1671265612923015170

https://twitter.com/ki_young_ju/status/1671334724281810944

https://twitter.com/WhaleChart/status/1671490265469558786

https://twitter.com/WhaleChart/status/1671255731293814786

https://twitter.com/callieabost/status/1671141894275866626

https://twitter.com/WhaleChart/status/1671133970145193990

https://twitter.com/WatcherGuru/status/1671170162014437377

https://twitter.com/WatcherGuru/status/1671098836800925696

https://twitter.com/WhaleChart/status/1670796189271302146

https://twitter.com/100trillionUSD/status/1670817833280831488

https://twitter.com/WatcherGuru/status/1670831108869570576

https://twitter.com/rektcapital/status/1670789716138917889

https://twitter.com/KevinSvenson_/status/1670541141706514434

https://twitter.com/Ashcryptoreal/status/1670695990007922688

https://twitter.com/WatcherGuru/status/1670626459109531649

https://twitter.com/WhaleChart/status/1670738187633717248

https://twitter.com/WhaleChart/status/1670503205388664841

BlackRock applied to launch a bitcoin fund. Then came the conspiracy theories.

There are exceptional and very ordinary aspects of the application BlackRock filed with the US Securities and Exchange Commission last week to launch a exchange-traded fund that would track the price of bitcoin.
BlackRock is a fund manager. It creates, manages, and distributes funds. It has 1,300 ETFs! This is literally what it does! And investors knew about the partnership BlackRock struck last year with Coinbase, the crypto exchange BlackRock said it would use as a bitcoin custodian on behalf of the iShares Bitcoin Trust if regulators approve it.
The effort to launch a spot bitcoin ETF, though, is a meaningful development in cryptoland. "The future of crypto is more BlackRock and less Binance," Matt Hougan, chief investment officer of Bitwise Asset Management, tweeted, and Galaxy Digital CEO Michael Novogratz tweeted that BlackRock launching a bitcoin ETF "would be the best thing that could happen" to bitcoin.

The price of bitcoin has rallied near its highest level of 2023 in the days since BlackRock filed its application, eclipsing $30,000 on Wednesday. Potential implications for the wider digital assets ecosystem aside, it's worth examining other reactions to the application.

Full Article

Bitcoin Breaks $30K Amid TradFi Push Into Crypto

"It seems that the crypto market is going to be completely restructured in the country by the biggest investment firms in the near future," Ruslan Lienkha, chief of markets at Web3 crypto and fiat service provider YouHodler, wrote in an email to CoinDesk. "More investors will have access to crypto investments with much lower risks. Important to notice that a very small percentage of BlackRock or Fidelity clients interested in spot BTC ETFs are enough to move the price further north."
The cryptocurrency's rally comes as several TradFi giants including BlackRock, Invesco and WisdomTree filed for spot bitcoin ETF applications. Meanwhile, EDX crypto exchange, which is backed by major TradFi players, also launched on Tuesday. The exchange is backed by Fidelity Digital Assets, Charles Schwab and Citadel Securities and will offer four tokens in the U.S., including bitcoin, ether, bitcoin cash and litecoin. Bitcoin cash (BHC) has also rallied following the news, gaining 25% on the day.
Other developments include banking giant Deutsche Bank announcing Tuesday that it had applied for a digital asset custody license in Germany.
TradFi players appear not to be deterred by a regulatory crackdown from the U.S. Securities and Exchange Commission (SEC) against crypto exchanges.

Mizuhara added that "the macro backdrop is shifting away from monetary tightening to one of loosening more generally, particularly in China but also, it seems, in the United States. I don’t want to make predictions, but the momentum is incredibly positive for the longer term and it’s exciting to see.”

Full Article

Fed sees stablecoin as form of money, wants ‘robust’ role in its oversight, Powell says

Keep reading with a 7-day free trial

Subscribe to Riding The Wave to keep reading this post and get 7 days of free access to the full post archives.

Riding The Wave