Weekly Crypto Roundup: Ethereum ETFs Unveiled, Bitcoin 2024 Conference Preview, and BANANA Airdrop Details
Weekly Crypto Roundup– The crypto market saw significant developments this week with the launch of spot Ethereum exchange-traded funds (ETFs) in the US and the highly anticipated Bitcoin 2024 Conference. These events have drawn considerable attention from investors and enthusiasts alike.
ETH’s Price Dips Despite New ETF Launch
On July 23, spot Ethereum ETFs began trading in the US. These financial products offer investors direct exposure to Ethereum (ETH) through a regulated platform, which could potentially enhance investment and liquidity in the market.
Despite the excitement surrounding the launch, Ethereum’s market reaction was relatively subdued. The price of Ethereum fell to a low of $3,422 shortly after the launch before stabilizing around $3,475. This ‘sell-the-news’ effect is a common market response where significant announcements lead to short-term price drops.
On the first day of trading, the total volume for these ETFs surpassed $1 billion. BlackRock’s ETHA led with $266.5 million in inflows, while Bitwise’s ETHW followed with $204 million.
However, despite the positive inflows for the new ETFs, the Grayscale Ethereum Trust (ETHE) saw significant outflows totaling $484.1 million. As of July 25, these ETFs had a negative cumulative net flow of $178.68 million, largely due to the outflows from ETHE.
Binance Airdrops and the Rise of BANANA Token
Binance recently introduced its first project on the Binance Airdrops Portal: the Banana Gun (BANANA) token. This token supports the Banana Gun bot, which offers advanced trading tools for on-chain tokens, providing Binance users—particularly BNB token holders—with more trading opportunities.
From June 23 to July 5, Binance customers who staked their BNB tokens in Simple Earn products were eligible for the BANANA token airdrop. After its listing on July 20, BANANA became available in various trading pairs, including BANANA/BTC and BANANA/USDT.
Despite its classification as a seed token due to its volatility, BANANA experienced a significant price surge, rising from $55.31 to an all-time high of $78.62 before stabilizing at $63.74. Year-to-date, BANANA has seen nearly a 500% increase.
Bitcoin 2024 Conference: Politics and Proposals
The Bitcoin 2024 Conference, held in Nashville from July 25 to 27, has attracted substantial attention, particularly due to former President Donald Trump’s participation as a key speaker.
Trump’s campaign team has organized a high-profile fundraising event during the conference, with exclusive access priced at $844,600 per seat. High-profile donors can also pay $60,000 per person or $100,000 per couple for the opportunity to have photos taken with Trump.
In addition to Trump’s appearance, Wyoming Senator Cynthia Lummis is expected to introduce legislation proposing that Bitcoin be designated as a strategic reserve asset for the US. This bill would require the Federal Reserve to hold Bitcoin in a manner similar to its holdings of gold and foreign currencies, potentially integrating Bitcoin into the US monetary system.
Other notable attendees include presidential candidate Robert F. Kennedy Jr. and various key industry figures. However, Vice President Kamala Harris, who was initially rumored to speak at the event, will not be participating.
Joey Garcia, Director at Xapo Bank, shared insights from the first day of the event with BeInCrypto, highlighting a positive atmosphere and strong support for advancing Bitcoin adoption and regulatory frameworks.
TON and Telegram Announce Major Updates
This week brought significant news from the TON Foundation and Telegram. On July 18, the TON Foundation introduced TON Teleport BTC, a new bridge designed to facilitate seamless Bitcoin transfers to the TON Blockchain.
This development aims to enhance Bitcoin’s functionality by connecting it with TON’s secure and scalable network. The system ensures transaction security through automation with network validators and smart contracts, effectively reducing human error and preventing fraud.
In addition, Telegram announced that by the end of July, it will launch a Mini Apps store and an in-app browser with Web3 support. This follows growing interest in Telegram Mini Apps—lightweight, JavaScript-based services integrated within the platform. Telegram’s user base has also grown to 950 million, boosted in part by popular applications like Catizen, a tap-to-earn game that supports the blockchain community and contributes to charitable causes.
For the latest in crypto updates, keep tabs on Crypto Data Space.
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