Top-5 news of the week (15-21 July)

Dear PointPay Family,

This week has been full of events and changes in the crypto world! With so much news, it was easy to miss the most important updates. But don't worry, we've already prepared the top 5 news stories for you!

SEC Set to Approve Ethereum ETFs from Major Firms

The U.S. Securities and Exchange Commission is expected to approve Ethereum exchange-traded fund (ETF) applications from BlackRock, VanEck, and Franklin Templeton. According to industry sources, these ETFs are likely to be greenlit on Monday and commence trading on Tuesday. This approval follows the SEC's previous nod to Bitcoin spot market ETFs in January, indicating a growing acceptance of cryptocurrency assets in mainstream financial markets. This development could lead to significant inflows and heightened interest in Ethereum.

Argentina's Crypto Surge Amid Skyrocketing Inflation

Argentina is witnessing an unprecedented shift towards cryptocurrency as citizens grapple with severe Peso inflation, which surged by 276% in the past year. According to Forbes, 2.5 million of the 130 million users on top crypto exchanges are Argentinians, highlighting the nation's leading position in crypto adoption within the Western Hemisphere.

The primary drivers behind this trend include the ever-weakening Peso and limited access to stable currencies like the US dollar. Argentinians are increasingly turning to stablecoins such as USDT, seeking a hedge against the volatile local economy. Notably, Argentina leads Latin America in raw transaction volume, reaching approximately $85.4 billion by mid-2023. This surge in crypto usage underscores a significant shift in the financial habits of Argentinians, as they seek stability amid economic turmoil.

Bitcoin Surges Above $66,000, Ethereum Holds Strong at $3,500

This week Bitcoin's price briefly surpassed the $66,000 mark before experiencing a slight pullback. As of now, Bitcoin is trading at $65,000, marking a weekly gain of over 13%. This upward momentum has been evident since July 14, 2024.

Ethereum has also shown significant strength, currently holding steady at $3,500 with a weekly increase exceeding 14%. This comes ahead of the anticipated start of spot ETF trading for the asset on July 23. The broader market reflects similar positive trends, with almost all top 10 cryptocurrencies by market capitalization seeing gains.

BlackRock Reaches New Heights with $10.6 Trillion AUM, Shares Trail S&P 500

BlackRock, the world's largest asset manager, has announced a significant milestone, with assets under management (AUM) surpassing $10.6 trillion, a 13% increase from last year's $9.43 trillion. Despite this growth, the company's shares have only risen by 3.4% year-to-date, lagging behind the S&P 500's 18% increase.

In the second quarter, BlackRock's earnings per share climbed to $9.99 from $9.06, and revenue grew by 7.7% to $4.8 billion. The firm also reported record quarterly net inflows of $82 billion for its ETFs and saw an 8.6% rise in investment advisory fees. Notably, BlackRock's technology services revenue, driven by demand for its Aladdin platform, increased by 10%. The company continues to expand its reach with the acquisition of Preqin and the pending purchase of Global Infrastructure Partners, enhancing its capabilities in the private market sector.

WazirX Faces Major Security Breach with $230M Withdrawn

In a significant security incident, Indian crypto exchange WazirX has reported over $230 million in unauthorized withdrawals, with $100 million in SHIB tokens among the stolen assets. The breach, affecting one of the exchange's multisig wallets, prompted WazirX to temporarily pause withdrawals to safeguard user assets. The stolen funds represent nearly half of WazirX's $500 million holdings. The hacker is actively selling the assets on Uniswap, with large amounts of ETH and other tokens still held.

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