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:
Spot-based Bitcoin ETFs have been trading in the US for just over half a year. These can be described as a success across the board, as CVJ.CH has highlighted in various reports. Over USD 17.5 billion in net assets have flowed into the products since January. The recently launched Ethereum ETFs, on the other hand, got off to a rather disappointing start. Solana, on the other hand, did not even make it to the starting line. Instead of going through the months-long approval process for the recently filed Solana ETFs, the US Securities and Exchange Commission (SEC) rejected the products outright. Questions surrounding the securities status of the cryptocurrency were the main reason for the decision.
Instead of engaging into an approval process as with Bitcoin (BTC) and Ethereum (ETH), the SEC blocked Solana (SOL) ETFs.
Crypto in the election campaign Harris vs. Trump
Gensler would be fired on day one, mining would be brought back to the US, Bitcoin would be included as a strategic reserve, a central bank digital currency (CBDC) would be banned and the nation would be transformed into a “Bitcoin superpower”. This is what Trump promised the crypto industry at a conference in Nashville a month ago. The impact of a Harris presidency, however, looks rather bleak. The Democrat mentions the industry only sparingly and then only in the context of stricter regulation. With Gary Gensler as Treasury Secretary and a Democratic majority in the SEC, for example, a Solana ETF would not get the green light so quickly.
This November, the United States will elect a new president for the next four years.…
Tough times for Bitcoin miners
In Bitcoin mining, powerful computers solve complex mathematical problems to validate and secure transactions in the Bitcoin network. As a reward, they receive new Bitcoin. This decentralized system manages the blockchain, a public register of all transactions, and simultaneously puts new Bitcoin into circulation. Every four years, the rewards are programmatically halved. For miners, this means a significant reduction in turnover. The subsequent drop in the hash price since this spring now raises concerns about the sustainability of mining operations and potential security risks from centralization.
Bitcoin miners struggling financially due to decreased block rewards and low hash price, raising concerns about the network’s sustainability.
World’s oldest custodian bank wants to offer digital assets
State Street is one of the world’s leading providers of institutional financial services. With assets under management of USD 4.4 trillion, the bank operates in more than 100 geographic markets worldwide and employs around 53,000 people. State Street took its first steps to position itself in the crypto space back in 2022. Through a partnership with the Swiss startup Taurus, the bank aims to expand further in the sector. Specifically, the issuance and management of digital assets, including digital securities and fund management vehicles, will be automated in accordance with applicable institutional standards.
The second-oldest bank in the United States, State Street, is entering into a partnership with the Swiss crypto service provider Taurus.
Crypto.Swiss domain is looking for a new owner
Advertorial: The blockchain sector continues to gain momentum. A series of record-breaking domain sales (up to $30 million per domain) demonstrate the increasing adoption by the general public. A recent analysis shows a significant shift in the digital landscape, with blockchain and cryptocurrency-related domains reaching multi-million dollar valuations. With this in mind, the domain Crypto.Swiss is now up for sale. Interested parties looking to establish or expand their presence in the Swiss blockchain industry can contact contact@storm.partners for more information.
The domain Crypto.Swiss is available, presenting an opportunity for companies to establish their presence in the renowned Crypto Valley.
