What happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events, along with engaging background reports, concisely summarized in the weekly review.
Selected articles of the week:
At the world’s largest bitcoin conference in Nashville, USA, Donald Trump expressed strong support for the cryptocurrency industry. Presidential candidate Trump criticized the current administration’s stance on crypto and promised to make the U.S. a global leader in bitcoin if elected. He vowed to replace SEC Chairman Gary Gensler and announced plans to create a strategic bitcoin reserve using the government’s confiscated bitcoin holdings. This move, he said, will strengthen America’s position in the global crypto market and attract industry support.
To crown his nearly hour-long speech in Nashville, Trump announced a strategic Bitcoin reserve for the United States.
New FINMA regulation: The end of the Swiss stablecoin industry?
The Swiss Financial Market Supervisory Authority (FINMA) has issued new, strict guidelines for stablecoin issuers operating in Switzerland. Issuers will now be required to obtain a banking license and implement stringent Know Your Customer (KYC) procedures. These regulations, outlined in FINMA’s latest announcement, target the growing significance of stablecoin projects. FINMA classifies stablecoins as bank deposits or collective investment schemes; additionally, due to their widespread use as a means of payment, they fall under the Swiss Anti-Money Laundering Act (GwG). Critics argue that these requirements could stifle innovation and advocate for the introduction of new, appropriate legislation.
In a regulatory notice, the Swiss Financial Market Supervisory Authority (FINMA) presents strict regulations for stablecoins in Switzerland.
Ethereum suffers disappointing ETF launch
Six months after the overwhelming launch of spot bitcoin ETFs, similar products for Ethereum (ETH)…
First of August: Bitcoin Hard Fork Independence Day
On August 1, Switzerland celebrates its national day, but the day holds additional significance for the bitcoin community. It was on this day in 2017 that the most notable bitcoin hard fork occurred, resulting in the creation of bitcoin cash. The fork stemmed from a debate over bitcoin’s scalability and transaction speed. This led to the introduction of Bitcoin Cash with a block size of 8MB compared to Bitcoin’s 1MB. Despite its technical advantages aimed at reducing transaction fees and improving usability as an everyday digital payment method, Bitcoin Cash has struggled to achieve the same level of adoption and market capitalization as Bitcoin.
Switzerland is celebrating its birthday today, and August 1st is also an important date in…
Ethereum price fall despite ETF debut
In addition: Despite a strong start for spot ETFs, Ethereum ended the week in the red. Bitcoin saw gains after U.S. presidential candidate Donald Trump promised to establish a Bitcoin reserve if elected. In 2024, sentiment for Bitcoin improved, leading to increased liquidity on U.S. exchanges, rising BTC trading volume, and growing interest from institutional investors. In contrast, the market share of ETH shifted to offshore exchanges. Additionally, BTC and ETH remain weakly correlated with U.S. tech stocks, enhancing their appeal as portfolio diversifiers.
A summarizing review of what has been happening at the crypto markets of the past week. A weekly report in cooperation with Kaiko.
