Bitpush weekend news review:
Democratic elites, crypto industry leaders to hold virtual roundtable on Monday
According to Politico Pro, White House officials and Democratic elites will participate in a virtual roundtable with crypto industry executives on Monday to discuss digital asset policy. Vice President Harris' campaign officials have reportedly been invited to the meeting, which was organized by California Democratic Rep. Ro Khanna. Outgoing White House senior adviser Anita Dunn, who will soon advise Harris' $300 million super PAC, plans to attend and also participated in the July roundtable.
US spot Bitcoin ETF records largest daily outflow in 90 days
On Friday, U.S. spot Bitcoin ETFs saw a net outflow of $237 million in a single day, the highest single-day outflow since May 1 and the fourth-highest single-day outflow since the ETF launched in January. Spot Ethereum ETFs also saw outflows, though the total outflows were generally smaller than in recent days.
The largest outflow was from Fidelity’s FBTC, which exceeded $100 million. While the outflow was large for a single day, the total volume was hardly anything special, and the combined net asset value of all ETFs remained near all-time highs, even as the price of Bitcoin continued to slide toward the $60,000 mark.
Investors and market makers caught off guard by ZKX’s sudden closure
Investors and market makers on the ZKX decentralized exchange said they did not receive any advance warning that the protocol would shut down, and were therefore caught off guard by the announcement. ZKX founder Eduard Jubany Tur defended himself against investors’ allegations of bad faith, saying that advance notice could have crippled the protocol.
“When ZKX collapsed, as investors, we had no news at all. The team claimed they were out of money, refused to provide any financial or spending details, and would not communicate with us,” Ye Su, founding partner of ArkStream Capital, said in a post on X.
Amber Group, which describes itself as an investor and market maker in ZKX, said it holds 3 million ZKX tokens. Since listing, the price of ZKX tokens has fallen 93.6%, according to Coingecko.
In the past 24 hours, the entire network has liquidated 269 million US dollars, mainly long orders
According to data from Coinglass, the total liquidation of the entire network in the past 24 hours was about 269 million US dollars, of which long orders were about 230 million US dollars. A total of 78,776 traders were liquidated.
The U.S. July jobs report released overnight was far weaker than expected, raising concerns about a recession, leading to sharp declines in U.S. stocks and prices of cryptocurrencies such as Bitcoin.
HashKey Group's OTC division receives Singapore payments license
According to The Block, HashKey Group’s over-the-counter trading unit is the latest cryptocurrency company to receive a payment license from the Monetary Authority of Singapore. The license was introduced under the Payment Services Act 2019 and allows companies to provide “digital payment token” services in Singapore.
HashKey received in-principle approval for a major payment institution license in February this year. Previously, the company operated under a regulatory exemption, providing spot trading, fiat deposits and withdrawals, and settlement services.
Founded in 2018 and headquartered in Hong Kong, HashKey Group is a financial services company that provides crypto services across Asia through its exchange, asset management, node operation, tokenization and NFT divisions. The company also has offices in Singapore, Japan and Bermuda.
Instagram and Facebook veteran joins crypto VC firm Paradigm as CMO
Crypto venture capital firm Paradigm has hired David Swain as chief marketing officer. According to Swain’s LinkedIn profile, he previously served as global communications director at Instagram and senior director of technical communications at Facebook. Swain most recently served as vice president of global partnerships at Strava, a social fitness app and community with more than 120 million members.
Paradigm was founded in 2018 by Matt Huang and Coinbase co-founder Fred Ehrsam and remains a major player in the cryptocurrency investment space. Ehrsam stepped down from his leadership role last October.
