Crypto Scoop: From Doubters to Believers - How Institutional Investors Are Making a U-Turn on Bitcoin

This week, amid the crypto prices being unchanged, some countries announced their adoption and regulatory frameworks for cryptocurrencies. In this edition of the crypto scoop, we review the following:

• How Top Cryptocurrencies are faring 
• From Doubters to Believers: BlackRock Files for Bitcoin ETF 
• Namibia joins the big league: passes bill to regulate digital assets
• Regulatory Environment Remains Uncertain
• Are NFTs Truly Dead?
• More Turbulence for Binance FUD as Top Executives Resign

How Top Cryptocurrencies are faring 

Despite hitting a 1-year high last week at $31400, bitcoin has had a slight slump as it currently trades around the $30000 mark. Ethereum has fairly remained unchanged at the upper $1800 mark and so are most top altcoins such as ADA, SOL etc.

While the market seems to be on a sideway movement as no major activity is driving the market movement. Knowing how unpredictable the market can be, most traders are looking forward to a weekend movement to cash in on.

From Doubters to Believers: BlackRock Files for Bitcoin ETF 

BlackRock, the world's largest asset manager, has filed for a Bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). The proposed ETF will allow investors to gain exposure to Bitcoin without having to hold the cryptocurrency directly.

The filing of BlackRock's Bitcoin ETF is seen as a significant development for the crypto industry, as it marks the entry of a major asset manager into the Bitcoin market. The move is expected to increase the demand for Bitcoin and could lead to greater institutional adoption of the cryptocurrency.

During the announcement interview, BlackRock CEO Larry Fink said that bitcoin is “digital gold and could revolutionize finance”.

Overall, the filing of BlackRock's Bitcoin ETF is a significant development for the crypto industry, as it marks the entry of a major asset manager into the Bitcoin market. While the ETF is still subject to approval by the SEC, its potential approval is expected to increase the demand for Bitcoin and could lead to greater institutional adoption of the cryptocurrency.

Namibia joins the Big League: Passes bill to regulate digital assets.

By passing a bill in the National Assembly, Namibia joined other African countries in adopting cryptocurrencies and digital assets. The measure, which was approved by Namibia's lower house of parliament on June 22, proposes to control virtual asset service providers (VASPs), digital assets, and cryptocurrencies in the nation.

The law intends to create a framework for approving and overseeing VASPs. Additionally, it proposes to form a regulatory body tasked with monitoring these providers and their operations.

The major goals are to safeguard consumers, stop market misuse, and reduce the risks of money laundering, terrorism financing, and proliferation activities related to digital asset markets.

Regulatory Environment Still Remains Uncertain

Despite the growing adoption of cryptocurrencies, the regulatory environment remains uncertain in many countries. In the United States, the SEC is still pursuing compliance litigations with other crypto players like Binance and Coinbase.

Despite regulatory uncertainty and periodic price volatility, the crypto sector shows tremendous growth and adoption overall. This is a likely pointer that cryptocurrencies will continue to play a significant role in the global financial scene for years to come due to expanding institutional investment and growing interest from retail investors.

Are NFTs Truly Dead?

If you consider that the NFT collection BAYC which many celebrities, including Justin Bieber, bought for millions of dollars in 2022, is now worth about $53000, you won’t have any doubts about this position. 

The Bored Ape Yacht Club (BAYC) was an outstanding symbol of appeal in the world of non-fungible tokens (NFTs) until the beginning of 2022. Celebrities, as well as ordinary enthusiasts, were drawn in by its unstoppable financial potential, and they readily spent thousands of dollars to purchase these rare ape-faced tokens.

In recent times, it has come crashing down. BAYC "is now down over 90% from its $600k high," tweeted Will Clemente, co-founder of the digital asset research company Reflexivity Research, on July 3, making many doubt if there is still a resurrection for these innovations.

More Turbulence for Binance FUD as Top Executives Resign?

A major headline of the Fortune article suggested that Binance was in crisis as a result of the resignations of Hon Ng, the chief strategy officer, Patrick Hillmann, and the SVP for compliance, Steven Christie.

Binance's Chief Compliance Officer, Noah Perlman, however, clarified on Twitter that he would stay with the company to assist in navigating the industry's growing pains in an effort to dispel any confusion.

Additionally, Patrick Hillmann tweeted that he was departing Binance "on good terms" and that he was doing so in part due to his wife's impending pregnancy.

While these should be enough to calm the public, some crypto enthusiasts are calling it a cover-up to manage the crises that is coming.