Crypto Weekly Roundup: A Lot Of Things Happened

Yeah, this week was pretty non-stop wasn’t it?

Usually, I just pick one topic and harp on it throughout the article. But today, let’s do a quick overview of everything that’s happening in this crazy world of ours. The “Crypto world” specifically.

Bitcoin Is Giving Everyone The Willies

CryptoQuant noted that around 14,550.78 bitcoins (~$500 million USD) moved to exchanges for sale on July 15. In fact, a total of 4,518.409 BTC from that amount was moved to Binance within an hour, totaling $141,849,124. This is a really bearish sign, as it tells us that some of the heavy hitters are selling off their tokens in anticipation of a further drop.

However, on the other side of the spectrum, we have PayPal who wants to expand its crypto services. In fact, they said that their US customers can now buy $100,000 worth of crypto through its platform. Previously, this number was capped at $20,000 per week. They have made these changes to “enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.”

Meet The First-Ever South American Ethereum ETF

Some superb news came out of Brazil this week. The Brazilian Securities Commission (CVM) has greenlit the first-ever, fully regulated Ethereum ETF in Latin America. The ETF will be listed on B3 — the country stock exchange — under the ticker QETH11, and QR Asset Management will be administering the fund. In addition, the asset will follow the CME CF Ether Reference Rate, as used by the CME Group.

This is brilliant news for Ethereum adoption, especially by institutional investors. The reason being, these investors may not want to have direct exposure to crypto’s volatility. Canada itself has three Ethereum ETFs — Purpose Investments’ Purpose Ether ETF (ETHH), CI Global Asset Managements’ CI Galaxy Ethereum ETF (ETHX), and Evolve ETFs’ Evolve Ether ETF (ETHR).

Ripple 1 — SEC 0

So, as you already know, Ripple and SEC are engaged in a legal battle. Long story short, SEC believes that Ripple’s XRP token is a “non-registered security,” which is bad. Ripple says that SEC is unfairly targeting them, which is also bad. Recently, Ripple scored a major victory when Magistrate Judge Sarah Netburn successfully ordered the deposition of Williman Hinman, former director of the SEC’s Division of Corporation. Previously, in 2018, Himan claimed that ETH is not a security. He will probably be asked to clarify if the statement was official or not.

Cardano Goes Onwards and Upwards

At CoinSmart, we love us some Cardano and they have definitely had an absolute banger of a week themselves! Input Output Hong Kong (IOHK), the company behind Cardano, announced that they have successfully upgraded the Alonzo testnet to the Alonzo White Network. The upgrade is the second phase of the three-part Alonzo upgrade (blue, white, and purple). Following this update, Cardano will successfully integrate smart contracts into its platform.

Along with that, Cardano founder Charles Hoskinson also shared a teaser for “Djed” — a “formally verified crypto-backed pegged algorithmic stablecoin.”

In Closing

Phew…

Alright, let’s catch a breather.

There really is no “taking a break” in this crazy industry of ours now is there? Phew.

Anyway, here’s to even more “craziness” next week!

Oh, and before I go, do you like free Bitcoin? I sure do.

Why don’t you take our GetSmart Quizzes? Successfully answer the questions and win some SATs (satoshis)! After that, spread the love and send the quizzes to your friends and family. Let’s all earn some free SATs!

Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. CoinSmart and Jeremy Koven do not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses, and costs associated with investing, including total loss of principal, are your responsibility.

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Jeremy Koven

Jeremy Koven, co-founder and COO of CoinSmart, has spent the last 12 years running successful internet companies from the ground up.