Bitpush's Weekly Web3 News Highlights:
[The US Republican Party officially nominated Trump as the party's presidential candidate, and the latter selected Ohio Senator JD Vance as his vice presidential candidate]
On July 15 local time, the Republicans in the United States formally nominated former President Trump as the party’s presidential candidate for the 2024 general election at the Republican National Convention in Milwaukee, Wisconsin. Trump then announced the appointment of Ohio Senator JD Vance as his vice presidential candidate.
[Bloomberg analyst: Spot Ethereum ETF may be listed next Tuesday]
Eric Balchunas, Bloomberg ETF analyst, wrote on the X platform: I heard that the SEC finally responded to the issuer today, asking them to return the final spot Ethereum S-1 application documents on Wednesday and request it to take effect after the close of next Monday so that it can be issued on Tuesday, July 23. Of course, the premise is that there will be no unforeseen "last minute problems" before then.
[BlackRock and nine other issuers have announced their spot Ethereum ETF rates, with Franklin currently the lowest]
Bloomberg ETF analyst James Seyffart wrote that among the spot Ethereum ETFs expected to be launched next week, only the Proshares ETF’s fee information is currently missing, and 9 out of 10 ETFs have already announced their fees. The specific data is as follows:
The BlackRock Spot Ethereum ETF has a fee of 0.25% (0.12% for the first $2.5 billion or the first 12 months), and the ticker is ETHA;
The Fidelity Spot Ethereum ETF has a fee of 0.25% (no management fee for the entire year of 2024), and the ticker is FETH;
The Bitwise spot Ethereum ETF has a fee of 0.20% (0% for the first $500 million or first 6 months), and the ticker is ETHW;
The 21Shares Spot Ethereum ETF has a fee of 0.21% (0% for the first $500 million or the first 12 months) and the ticker is GETH;
The VanEck spot Ethereum ETF has a fee of 0.20% (0% for the first $1.5 billion or the first 12 months), and the ticker is ETHV;
The Invesco Galaxy Spot Ethereum ETF has a fee of 0.25% and the ticker is QETH;
The Franklin spot Ethereum ETF has a fee of 0.19% (0% before January 31, 2025 or the first $10 billion), and the ticker is EZET;
Grayscale Spot Ethereum ETF has a fee of 2.50% and the ticker is ETHE;
The Grayscale Spot Ethereum Mini ETF has a fee of 0.25% (0.12% for the first $2 billion or first 12 months) and the ticker is ETH.
[Mark Cuban: BTC will rise to "much higher than imagined" and become a global "safe haven"]
Billionaire and well-known investor Mark Cuban posted on the X platform that Trump's support for cryptocurrency is good news, but it has not really affected the price of cryptocurrency. What drives the price of BTC is lower tax rates and tariffs. If history is a guide, the fundamental reason is inflation. Add to that the global uncertainty about the geopolitical role of the United States and the impact on the dollar as a reserve currency.
Mark Cuban says Bitcoin's price could go "a lot higher than you think."
He wrote: The BTC market is global. The supply is ultimately limited to 21 million BTC and is infinitely divisible. Keeping this in mind, BTC has become a global "safe haven" due to geopolitical uncertainty and the decline of the US dollar as a reserve currency. This means that BTC could become the currency that countries and all of us buy to protect our savings. This is already happening in countries facing hyperinflation. If things do go further than we imagine today (I'm not saying they will definitely happen, just that the probability is greater than zero), then BTC becomes what Maxis envisions, a global currency.
[The market value of the seven largest U.S. stock companies evaporated by 4.2 trillion yuan overnight, and Goldman Sachs warned of the risk of a correction]
Market data showed that the Nasdaq 100 index closed down 2.9% on Wednesday, the largest single-day drop since December 2022. All of the "Big Seven" heavyweight stocks fell, with Nvidia (NVDA.O) leading the decline, down more than 6.6%, and Apple (AAPL.O) down 2.5%. The market value of the "Big Seven" evaporated by a total of about US$580 billion in a single day.
Goldman Sachs Group strategist Scott Rubner said the S&P 500 has nowhere to go but down at its current level. "I'm not buying the dip," he warned. That's because Wednesday, July 17, is historically a turning point in stock returns, and then August, which follows, is usually the month with the heaviest outflows from passive stocks and mutual funds, the managing director of Goldman's global markets division said, citing data dating back to 1928. Unfavorable seasonal factors, over-positioning and all the good news already priced in by the market have put the S&P 500 on the verge of a summer correction.
[White House official: Biden is ready to re-enter the campaign next week]
As Biden faces growing calls from prominent Democrats to drop out of the race, a member of his inner circle flatly denied reports that the president is now more open to ending his campaign and said Biden is ready to re-enter the campaign next week, ABC News reported.
A senior White House official reportedly said: "Anyone who has spoken to Biden in the past 24 hours can tell you that this is not true." The official said there has been no change in Biden's candidacy and campaign, except that the new crown infection confirmed yesterday kept him at home. The senior official expressed anger and frustration at the criticism Biden has received from his Democratic colleagues. He acknowledged that calls for Biden to withdraw have already caused damage and may cause the polls to fall further.
[Antivirus platform Crowdstrike failure caused Microsoft Windows system to crash, causing large-scale downtime around the world]
A malfunction in the antivirus platform Crowdstrike caused the Microsoft Windows system to crash, resulting in large-scale outages around the world. Many companies and multiple financial markets were affected. Employees of Wall Street institutions such as JPMorgan Chase were unable to log into the system, and flights in many places were delayed and suspended on a large scale.
CrowdStrike shares closed down 11%, its worst one-day performance since 2022.
[Binance US entity obtains approval from a US judge to invest customer assets in US Treasury bonds]
According to The Block, in the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Binance Holdings Limited, a motion from the District Court for the District of Columbia approved BAM Trading Services Inc. and BAM Management US Holdings Inc. to invest part of customer fiat currency funds in U.S. Treasuries. BAM Trading and BAM Management are U.S. entities operating Binance.US, which means that currently only Binance.US is approved to invest part of customer assets in U.S. Treasuries.
Specifically, according to the court order, BAM may invest certain customer fiat funds held in custody at BitGo in U.S. Treasury securities that “will roll over to maturity on a four-week basis,” as long as no Binance entity participates in the investment and there are sufficient U.S. dollars on the BAM platform to satisfy customer withdrawal requests, among other requirements.
Author: BitpushNews burnking
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