Dear PointPay Family,
The week has come to an end, which means it's time to summarize its results and highlight the top news! Meet our Top 5 News, where you will learn about the most interesting and important happenings of the past week.
Ethereum ETFs Approved
The U.S. Securities and Exchange Commission (SEC) has given the green light to two spot Ethereum ETFs from Bitwise and Grayscale as well as the 7+ other ETFs. This landmark approval will see these ETFs listed on the New York Stock Exchange, providing investors with a straightforward method to gain exposure to Ethereum. Trading is anticipated to commence soon, following final regulatory procedures. This development is expected to significantly enhance market liquidity and accessibility for Ethereum, marking a major milestone in the integration of cryptocurrencies into traditional financial markets.
Ethereum ETFs Debut with $1B Trading Volume
Ethereum spot ETFs made a robust entry into the market, amassing over $1 billion in trading volume on their first day. Despite this impressive activity, the price of Ethereum remained steady, showing minimal movement (and even dropping along Bitcoin price decrease). The launch follows SEC approval, bringing nine funds into trading, with Grayscale and BlackRock leading in volume. This significant milestone in the integration of cryptocurrencies into traditional finance has garnered attention, although the immediate impact on Ethereum's price remains limited.
Ferrari Expands Crypto Payment Options in Europe
Ferrari is set to introduce cryptocurrency payments across Europe by the end of July 2024. Following the successful rollout in the US last October, the luxury carmaker will now accept Bitcoin, Ether, and USD Coin. This initiative aims to cater to the growing demand for digital currency transactions among its clientele. Ferrari plans to further extend these options to additional markets by the end of the year, marking a significant step in the adoption of cryptocurrencies in the luxury sector.
Hong Kong Firm Launches Asia's First Inverse Bitcoin ETF
CSOP Asset Management is set to introduce the Asia-Pacific region's first inverse Bitcoin ETF on Tuesday, July 23. This new financial product aims to capitalize on the volatile nature of cryptocurrency trading, offering investors a way to profit from Bitcoin's price declines. Utilizing leverage through tools like index futures and swap contracts, the ETF seeks to deliver daily returns opposite to Bitcoin's performance. Bitcoin, the world's most volatile major asset, experienced a 38.3% volatility rate in 2023.
Unbound Fund Offers Bitcoin-Based Golden Visas in Portugal
Unbound Fund has unveiled a novel investment pathway for major Bitcoin holders to obtain Portuguese and EU citizenship. By investing approximately €500,000 ($542,000) in Bitcoin through BlackRock's spot ETFs, investors can qualify for Portugal's Golden Visa program. This initiative positions Unbound as the first financial entity in the EU to facilitate Golden Visas via cryptocurrency holdings, providing a unique opportunity for crypto investors to leverage their digital assets for enhanced personal freedom and global mobility.
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