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Lisa Parker

An editor at FOMOdrive

  • Jun 30, 2023
  • 3 min read

US will destroy Ethereum and XRP - Max Kaiser

XRP logo and coin on dark blue background

Last week saw a record high in investments in crypto funds, the highest in almost a year.

The outcome of the 2024 US presidential election will determine the destiny of the cryptocurrency market.

If Kennedy Jr. wins the election, he has promised to support bitcoin.

Hong Kong's biggest bank has given the green light to trading in cryptocurrency exchange-traded funds (ETFs).

After legalization, the Russian Federation will be taking a serious approach to regulating cryptocurrencies.

CoinShares reported that investments in crypto funds last week rose to a record high of $199 million since July 2022. This inflow of funds has almost balanced out the outflow of the previous 9 weeks. Specifically, investments in bitcoin increased by $188 million, while investments in Ethereum rose by $8 million. On the other hand, investments in funds that allow for shorting of bitcoin decreased by $5 million.

CoinShares noted that the return of positive sentiment was caused by recent SEC applications for the introduction of spot bitcoin ETFs, but had no effect on altcoins.

Over the past week, the ProShares bitcoin futures ETF (BITO) saw an inflow of $65.3 million, the highest value since the start of 2021. BITO is the first BTC futures ETF in the US and is still the most popular of these products among institutional investors. Since the beginning of the year, those who have invested in BITO shares have seen a return of 60%.

HSBC Hong Kong, the largest bank in Hong Kong, has become the first major institution to offer its clients the opportunity to trade Bitcoin and Ethereum ETFs, which have been listed on the local stock exchange.

Brian Armstrong, the CEO of Coinbase, believes that the US presidential election of 2024 could be a pivotal moment for the crypto industry.

If Robert Kennedy Jr. is successful in his bid for the US presidency in 2024, he has pledged to back the first cryptocurrency.

Max Kaiser, El Salvador's presidential adviser on crypto assets and a bitcoin maximalist, has stated that the SEC will ruin Ethereum and XRP by classifying them as securities.

The Block reported that the capacity of Bitcoin's Lightning Network (LN) micropayment network has reached its peak in both dollar and cryptocurrency terms. Over the past year, the capacity has grown by 42% in terms of Bitcoin and 105% in terms of fiat currency.

Glassnode reports that since June 14, the total volume of stablecoins on crypto exchanges has increased by approximately 5.6%, which has been a major factor in the recent surge of BTC. This marks the end of the long period of stablecoin outflow from exchanges that had been observed since December 2022.

Anatoly Aksakov, chairman of the State Duma committee on the financial market, has stated that cryptocurrencies will be legalized in Russia, but their circulation will be strictly monitored to prevent any misuse. The State Duma is expected to pass the document in October, and four laws related to digital assets are scheduled to be approved in July.

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