Crypto News: Biden Vetoes Bill, BTC, Solana ETF, JASMY & MORE!
Welcome to the Coin Bureau Weekly News Roundup! Here are the top stories in crypto this week:
– President Biden vetoed a pro-crypto resolution passed by US politicians, hinting at the administration’s stance on crypto.
– Uniswap postponed a governance proposal that would benefit uni holders after stakeholder concerns.
– Mt. Gox transferred 140,000 BTC worth $9 billion, preparing to repay creditors.
– JP Morgan poured cold water on the prospect of a Solana ETF following Ethereum ETF approvals.
– Salma Scientific saw a stock spike after announcing the purchase of BTC for reserves.
– Inflation remains steady, predicting high interest rates and possible rate hikes.
– A look at last week’s top performing cryptos and their potential paths forward.
Late last week, President Joe Biden vetoed a pro-crypto resolution passed by US politicians, indicating the administration’s stance on crypto. While this resolution focused on a specific SEC rule, another pro-crypto bill, FIT 21, is still in progress through the political pipeline. The veto suggests that the current administration’s stance on crypto remains uncertain.
Uniswap Postpones Proposal
Uniswap faced challenges after a stakeholder influenced the postponement of a governance proposal that would benefit uni holders. The delay could be a strategic move by Uniswap Labs to avoid potential SEC scrutiny. The proposal’s passing would likely elevate the uni token to resemble a security, affecting Uniswap Labs’ legal standing.
Mt. Gox BTC Transfers
Mount Gox’s movement of 140,000 BTC to repay creditors caused market turbulence, with fears of a mass sell-off. However, former CEO Mark Karpeles clarified that the BTC was being moved for creditor repayments, easing concerns. Institutions like Kraken and individuals have substantial BTC claims, leading to speculation about the impact of potential sell-offs.
JP Morgan’s View on Solana ETFs
JP Morgan’s skepticism on a potential Solana ETF due to regulatory concerns adds complexity to the ETF landscape. Ethereum ETF approvals have demonstrated institutional interest, contrasting with Solana’s uncertain ETF future. The prolonged ETF approval process could delay Solana’s entry into the ETF market.
Selma Scientific’s BTC Move
The healthcare company’s decision to invest in BTC as a reserve asset led to a stock surge, showcasing the growing trend of companies embracing crypto. Selma Scientific’s stock increase indicates investor confidence in BTC investments as a hedge against inflation. This move could potentially influence other companies to follow suit.
Inflation and Interest Rates
Stable inflation projections hint at persistent high interest rates and potential rate hikes. The Federal Reserve’s upcoming meetings may reveal insights into future rate adjustments. The market anticipates the Fed’s stance on interest rates amidst ongoing inflation concerns and economic uncertainty.
Hot Take: Crypto Insights and Analysis
In summary, recent crypto developments highlight the evolving regulatory landscape and institutional trends affecting the market. From Biden’s veto to Mt. Gox’s BTC transfers and corporate BTC investments, the crypto sector faces dynamic challenges and opportunities. Stay informed on industry updates and market trends to navigate the crypto landscape effectively. Remember to conduct thorough research and consult with financial advisors for personalized investment strategies.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
