Crypto Scoop: Bitcoin Soars to $64,000 and ETH to $3,400 Amid Positive Crypto Sentiment

After last week's volatile price fluctuations, the crypto market saw a rebound in the prices of its leading cryptocurrencies, driven by improved market sentiment. In this edition of the Crypto Scoop, we review the following:

• Price moves of top cryptocurrencies
• Ethereum’s spot ETF launch
• Global crypto initiatives and regulation and more.

Price Moves Of Top Cryptocurrencies

Bitcoin has rebounded to $64,000, with Ethereum trading at $3,400. The Fear and Greed Index also soared to 60, indicating a significant shift in greed from last week’s drop to 27. Bitcoin ETFs recorded a daily net inflow of $422 million, with BlackRock's IBIT leading the eight-day positive streak with $260.23 million. This marks the highest inflow since June 5th, positively impacting BTC's price, which had dropped to as low as $56,700 last week.
Meanwhile, entrepreneur and multi-billionaire Mark Cuban speculated that Bitcoin might become a global reserve asset. He attributes this potential shift to geopolitical instability and inflationary pressures and believes these factors could drive Bitcoin's price higher.

Ethereum Spot ETFs Set to Start Trading Next Week

Ethereum surged past $3,400 amid anticipation of the imminent launch of spot Ether ETFs. The US SEC has approved Grayscale Ethereum Mini Trust and ProShares Ethereum ETF for listing on NYSE's Arca platform. Bloomberg analyst Eric Balchunas reported that the SEC has requested final S-1 submissions by July 16, aiming for the new Ether funds to commence trading by July 23. 
As excitement builds, a fee war has erupted among ETF issuers. Franklin Ethereum ETF (EZET) leads with a full waiver of management fees for one year or until it reaches $10 billion in assets under management (AUM), offering the lowest baseline fee of 0.19%. Similarly, 21Shares announced plans to waive fees for up to six months or until its 21Shares Core Ethereum ETF (CETH) gathers $500 million in AUM. The competition among Ethereum ETFissuers is evident as they offer aggressive fee discounts, ranging from full waivers to significant reductions, to attract investors ahead of the anticipated listings next week.

Recent Developments in Global Cryptocurrency Regulation and Adoption

In 2023, Seychelles and South Africa emerged as the dominant hubs for blockchain innovation and investment in Africa, accounting for 95% of the continent's venture funding in the blockchain sector. According to the CV VC Africa Blockchain report, Seychelles secured $100 million from six deals, while South Africa raised $29 million from four deals, continuing Seychelles' six-year lead in blockchain funding. Both countries benefit from regulatory clarity, which is crucial for attracting investment.

Despite the dominance of Seychelles and South Africa, other markets are gaining traction. Nigerian startups raised $13 million in the first half of 2024 from five deals, accounting for 38% of the total funding by African blockchain startups. However, In Nigeria, cryptocurrency exchange OKX announced its exit due to recent regulatory changes. This decision underscores the ongoing regulatory challenges facing the crypto industry in Nigeria.

Meanwhile, Nigeria is actively reviewing and updating its blockchain technology policy. The steering committee, led by Chimesie Chuta and supported by NITDA's Director-General Kashifu Inuwa, aims to incorporate advanced technologies and adapt to the evolving economic landscape. The reassessment seeks to expand the policy's application to sectors like land registration, healthcare, and education, positioning Nigeria as a leader in African blockchain development.

Across the continent, South Korea's ruling party proposed delaying the implementation of the crypto gains tax to 2028, citing the current negative sentiment toward crypto assets and the potential for investors to exit the market if the tax were imposed too soon. Hong Kong has also introduced a new stablecoin licensing regime. Following broad public support, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) announced plans to create a regulatory framework for fiat-referenced stablecoin issuers to ensure monetary and financial stability.