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News In Brief

Ethereum Spot Final Forms Flood In from Applicants

Several top investment companies, including BlackRock, Fidelity, and Grayscale, are poised to launch an Ethereum Spot Exchange Traded Fund (ETF) as early as next week. This follows news that the majority of these firms have submitted final forms and documents to the Securities and Exchange Commission (SEC). These documents detail the proposed investor fees, which are expected to facilitate SEC approval by Tuesday.

Grayscale stands out with the highest fee of 2.5%, while BlackRock and Fidelity propose fees of 0.25%, reflecting varying cost structures among the companies. This disparity is in line with Grayscale's historical fee differences observed since the launch of the Bitcoin Spot ETF in January.

Ethereum has shown upward movement over the past week, currently trading at $3,432, marking a 1.33% increase at the time of writing.

Trump Taps Crypto Advocate Vance as 2024 Running Mate

Donald Trump has chosen JD Vance as his running mate for the November 2024 Presidential Election, a decision applauded by the cryptocurrency community. An Ohio senator, Vance disclosed owning between $100,000 and $250,000 worth of Bitcoin via Coinbase in 2022.

As a leading contender for the presidency, Trump aims to solidify the Republican Party's support of cryptocurrencies. Vance, known for his advocacy in the crypto sphere, has actively supported legislative efforts that benefit the industry. This includes voting against an SEC ruling that categorized cryptocurrencies as liabilities for banks.

Trump's selection of Vance is widely interpreted as a strategic move to strengthen his appeal to crypto enthusiasts and secure their support in the upcoming election.

Mt Gox Redemption: Former Crypto Giant Returns 36% of Bitcoin Debt to Investors

Mt. Gox, formerly the world's largest cryptocurrency exchange, has dispersed 36% of owed Bitcoin to creditors post-bankruptcy. It previously dominated Bitcoin transactions, pre-dating Binance. The company aims to repay 141,686 Bitcoins, raising concerns about the market impact of potential liquidations.

Despite worries, Bitcoin remains resilient due to institutional investments. The market focus now shifts to whether Mt. Gox creditors will sell holdings, potentially affecting Bitcoin's value if done concurrently. Analysts believe market dynamics have already factored in this scenario, with expectations that only a fraction of nervous investors ('paper hands') will liquidate early.

This nuanced sentiment suggests the situation may not be as dire as initially feared.