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Cryptocurrencies experience rapid changes, making it essential for investors to stay updated. What happened in the last 24 hours in crypto?
Recent Developments in Cryptocurrencies
WikiLeaks co-founder Julian Assange finally gained his freedom, thanks to Bitcoin. Ethereum‘s circulating supply has been steadily increasing for over 70 days. Is the negative inflation story ending? It seems so for now. ETF Analyst Eric believes the ETH ETF listing is approaching.
Julian Assange and Bitcoin
For 14 years, Julian Assange has been fighting against extradition to the USA. A Bitcoin investor donated approximately $500,000 to help Assange’s family cover travel and settlement expenses. After receiving this donation, Assange left the UK for Saipan in the Northern Mariana Islands, where he admitted to violating the Espionage Act in the local court.
Assange’s wife, Stella Assange, stated in an interview that “freedom has a price.” The entire process was funded by crypto investors.
Ethereum Inflation
With the PoS transition, Ether became deflationary but is now turning inflationary again. After Ethereum’s Dencun update, transaction fees significantly dropped, leading to staking rewards being distributed over the burned supply. This increase in circulating supply continues despite the network’s activity.
Since the Merge, over 345,000 ETH has been burned, preventing $1.1 billion worth of supply from entering circulation. However, the supply has been increasing for 73 days, ending the disinflation story.
Spot Ethereum ETF Listing
VanEck submitted Form 8-A to the US Securities and Exchange Commission for its spot Ether ETF. This form submission indicates that the listing process is nearing completion, similar to the BTC ETF process. Bloomberg ETF analyst Eric Balchunas mentioned that this is part of the process and that the SEC will soon issue the listing order.
If the timeline follows the BTC ETF process, the ETFs will start trading on July 2. Companies like VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise have had their spot Ethereum ETF applications approved. The approval was granted about a month ago.
