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Crypto News

Bitcoin Reversal As ETF Net Inflows Reach Two-Week High

Bitcoin saw a sharp reversal last Friday, dropping over 11% in two days to a five-month low of $53,485. Investors seized the opportunity to buy the dip, with Exchange Traded Funds (ETFs) seeing $143.1 million in inflows, the largest in two weeks. Fidelity’s Wise Origin Bitcoin Fund (FBTC) led with a net inflow of $117.4 million, representing 81% of total investments. Other ETFs like Bitwise, Ark, and VanEck also saw inflows. In contrast, Grayscale struggled due to higher fees. Since hitting an all-time high of $73,777 on March 14th, Bitcoin has declined 22%. Factors contributing to the downturn include Mt Gox releasing 140,000 Bitcoin to its former customers affected by the 2014 hack, doubts on whether Germany is selling their Bitcoin and miners selling to manage the market downturn. These developments have significantly impacted the world's largest digital currency.

Labour Clinches UK General Election, Silent on Cryptocurrency Stance

Labour won the UK General Election decisively, with Sir Keir Starmer becoming Prime Minister. The Conservative Party faced its worst-ever result. However, Labour's manifesto largely ignored cryptocurrency and blockchain, raising uncertainty about their future in the UK.

The Conservative Party previously backed a Central Bank Digital Currency (CBDC), expected by 2025-2026. They also aimed to establish the UK as a hub for securities tokenisation, facilitating digital trading of assets like stocks and real estate.

Labour's approach to Conservative-established stablecoin regulations is unknown. The crypto community awaits whether Labour will uphold or alter these policies, hoping for support that fosters blockchain innovation and solidifies the UK's digital economy leadership.

Circle Secures License to Trade Stablecoins Across the EU

Circle has become the first global issuer of a stablecoin to comply with the European Union's new regulatory framework, MiCA (Markets in Crypto Assets). The financial technology company will deploy two stablecoins within the EU: the dollar-pegged USDC, the world's second-largest stablecoin by market capitalisation, and the Euro-pegged EURC.

Implemented on July 30th, MiCA aims to protect consumers and investors in the crypto space, promote innovation, establish a uniform legal framework, and ensure financial stability across the European Union and its member states.

In contrast, Tether, the issuer of USDT, the largest stablecoin in the world, saw their EURT stablecoin delisted from many exchanges in preparation for the new MiCA regulations. Circle, however, gained an advantage by securing a license from the Electronic Money Institution (EMI), granted by the French banking regulatory authority, Circle Mint France. This license is essential for compliance with MiCA regulations.