American cryptocurrency investment firm Grayscale has introduced a new investment product, the Grayscale Bitcoin Mini Trust, as a “spin-off” of its existing Grayscale Bitcoin Trust ETF (GBTC).
This new product started trading on the NYSE Arca electronic securities exchange at 8 am UTC on July 31.
The Grayscale Bitcoin Mini Trust is an extension of the spot Bitcoin ETF that Grayscale launched in January 2024, following approval from the United States Securities and Exchange Commission.
The new trust is listed under the ticker “BTC” and is designed to offer investors exposure to Bitcoin.
Grayscale explained that the Mini Trust was created by reallocating 10% of the Bitcoin held by GBTC to the new trust, a process described as involving innovative mechanics of initial seeding.
This spot Bitcoin ETP begins trading with a net asset value per share of $5.84 and $1.7 billion in assets under management as of July 30.
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Notably, the Grayscale Bitcoin Mini Trust is not registered under the Investment Company Act of 1940, differentiating it from most mutual funds.
The firm clarified: “BTC’s distribution event is colloquially known as a ‘spin-off,’ and is a corporate action that is not expected to be a taxable event for GBTC nor any beneficial owner of GBTC shares as of the previously announced record date of July 30, 2024.
Investors are encouraged to consult a tax advisor for related tax guidance.”
David LaValle, Grayscale’s head of ETFs, stated that the Grayscale Bitcoin Mini Trust aims to lower the barrier to accessing Bitcoin within an SEC-regulated investment framework.
John Hoffman, Grayscale’s head of strategic partnerships, noted that this is the first “mini” Bitcoin ETP launched in the US, emphasizing its liquidity, diverse shareholder base, and accessible share price.
He said, “BTC is one of the most efficient tools for investors and financial professionals seeking to add low-cost, long-term exposure to Bitcoin to their investment accounts.”
The Grayscale Bitcoin Mini Trust has a management fee of 0.15%, with additional brokerage fees and other expenses potentially applying.
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In a significant crackdown on financial fraud, Hong Kong police have arrested four individuals, including a 14-year-old, for their involvement in a syndicate using counterfeit banknotes to defraud cryptocurrency owners.
The arrests are part of ongoing efforts by law enforcement to combat the rise in crypto-related scams in the region.
The operation, reported by local media, resulted in losses of up to HK$11 million (US$1.4 million).
Chief Inspector Lo Yuen-shan of the Commercial Crime Bureau revealed that these arrests bring the total number of individuals apprehended in connection with these scams to 14 since October of last year.
The suspects, aged between 14 and 39, were detained on July 26, on charges of conspiracy to defraud and possessing and using 5,000 counterfeit banknotes.
The police outlined the structured nature of the syndicate, with each member assigned specific roles.
Two of the suspects, identified as the masterminds, were responsible for procuring fake banknotes from a mini storage facility in Mong Kok.
They disguised a nearby location as a legitimate business, impersonating a well-known cryptocurrency investor to lure victims with offers above the current market price for digital currencies.
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The scheme involved inviting victims to the fake store, where they were shown stacks of counterfeit HK$1,000 ($128) banknotes.
The top and bottom notes were real, deceiving victims into believing the entire stack was genuine.
The suspects prohibited the victims from untying the stacks, insisting on online transactions to finalize the deal.
Once the cryptocurrency was transferred, the scammers swiftly moved the assets out of the account and refused to pay, leaving the victims with nothing.
Chief Inspector Lo noted that these tactics have become common in recent cases, with the group and others defrauding 12 victims of HK$11 million (US$1.4 million) from October 2023 until the arrest.
The arrests underscore the ongoing battle against financial fraud in Hong Kong, particularly involving digital currencies.
Meanwhile, a global manhunt is underway for two well-known Hong Kong crypto influencers, previously linked to the JPEX exchange in Dubai, who are facing allegations of theft, fraud, and money laundering, prompting Interpol to take action.
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Former U.S. President and current Republican presidential candidate Donald Trump has announced his intention to make the United States the “crypto capital of the world” if he wins the upcoming presidential election.
Speaking at the Bitcoin 2024 conference in Nashville, Tennessee, Trump praised the Bitcoin community, likening its current state to the early days of the steel industry.
He expressed confidence in Bitcoin’s future, predicting it would eventually surpass gold. “Bitcoin is not just a marvel of technology, as you know, it’s a miracle of cooperation and human achievement,” he stated.
During his speech, Trump also criticized his political rivals, specifically referring to Vice President Kamala Harris.
He touched on the energy usage associated with Bitcoin and artificial intelligence, promising to utilize fossil fuels to generate ample electricity. He pledged to roll back federal incentives for electric vehicles and charging stations.
Trump emphasized his potential as a strong candidate for the cryptocurrency community, suggesting that under his leadership, the U.S. would be at the forefront of the crypto industry.
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“If crypto is going to define the future, it’s going to be mined, minted, and made in America. If Bitcoin is going to the Moon, as they say, I want it to be America that sends it there.”
At the same conference, independent presidential candidate Robert F. Kennedy Jr. outlined a Bitcoin-friendly policy plan, promising to establish a strategic reserve by directing the U.S. Justice Department to transfer the 204,000 BTC allegedly held by the Federal Reserve.
He proposed that the Treasury Department purchase 500 BTC daily until the reserve reached 4 million BTC, aiming for a dominant position in global cryptocurrency holdings.
In contrast, Edward Snowden, speaking the previous day, warned against the politicization of Bitcoin.
He cautioned the cryptocurrency community to be wary of politicians using crypto as a tool to gain votes, urging them to remain independent: “
“Try to get what you need from them, but don’t give yourself to them, even if you have to vote for them.”
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Bitcoin faced a crucial weekly close on July 28, as the market reacted to recent statements by U.S. presidential candidates regarding cryptocurrency.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price stabilized after experiencing volatility linked to the Bitcoin 2024 conference.
The market had been anticipating a possible price surge due to the event.
Notably, presidential candidates Donald Trump and Robert F. Kennedy Jr. both announced plans to establish a strategic Bitcoin reserve of at least 200,000 BTC.
However, the market response was subdued. Charles Edwards, founder of Capriole Investments, remarked on X, “There’s a 65% chance of a US strategic reserve for Bitcoin and you can still buy it for under $70K,” referencing Trump’s election odds.
Trader Daan Crypto Trades suggested that the muted market reaction might be temporary, saying, “Think people are a bit surprised and confused by this timeline.”
He noted that while the market received the news it wanted, there was significant liquidation of long positions before Trump’s announcement, which might have influenced price stability.
Daan Crypto Trades also highlighted the underestimation of the strategic reserve commitments, pointing out that not selling seized coins could eliminate a significant supply overhang.
He stated, “Even if they won’t buy any new coins, just holding their seized coins will rule out a ~$15B supply overhang,” comparing it to the supply pressures from entities like the German government and Mt. Gox.
As the excitement from the conference subsided, traders focused on the upcoming weekly and monthly Bitcoin close. The previous weekly close was near $68,200, leaving uncertainty about the week’s outcome.
Trader MegaWhale Crypto was optimistic, noting, “BTC weekly RSI has broken upward!
“This is a great sign,” but emphasized the need for sustained RSI levels above a downward trend line to confirm the breakout.
Meanwhile, Keith Alan, co-founder of Material Indicators, expressed caution, noting Bitcoin’s ongoing resistance challenges.
Monitoring resource CoinGlass reported that BTC/USD had increased by 7.8% in July, recovering losses from June.
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In a notable effort to repair the relationship with the cryptocurrency sector, advisers to U.S. Vice President Kamala Harris have reached out to major crypto companies, aiming to reset the strained ties between the Democratic Party and the industry.
According to the Financial Times, Harris’s team has initiated contact with key figures at leading crypto firms, including the cryptocurrency exchange Coinbase, stablecoin issuer Circle, and blockchain payment firm Ripple Labs.
The outreach seeks to promote a more constructive dialogue and develop a regulatory framework supportive of the industry’s growth.
This initiative comes at a time when the crypto sector has shown increased support for Harris’s opponent, former President Donald Trump, the Republican Party nominee. It also responds to criticism of the Biden administration’s stance on digital assets.
The effort follows a letter signed by Democratic members of the U.S. House of Representatives and 2024 candidates, urging the party to rethink its approach to the digital asset industry. The letter emphasizes the need to move away from perceived hostility toward the sector.
Harris’s advisers have emphasized that the outreach to the crypto industry is not primarily about securing electoral contributions.
Instead, it is focused on building a positive relationship that could lead to a sensible regulatory framework.
This initiative is also part of a broader strategy to reshape the Democratic Party’s image among business leaders.
The Harris campaign aims to counter the perception that Democrats are anti-business, a sentiment reinforced by the Biden administration’s antitrust actions against tech companies.
Harris is keen on promoting a message of being “pro-business, responsible business,” to reassure the industry of the party’s commitment to fostering a supportive business environment.
Meanwhile, Trump, who previously expressed skepticism toward cryptocurrencies, has emerged as a strong advocate for the sector.
His keynote speech at the Bitcoin 2024 conference in Nashville, Tennessee, underscored his support, attracting significant backing from the crypto community.
Pro-crypto super PAC Fairshake has raised over $200 million from notable supporters, including Coinbase and Ripple, while Trump’s campaign has received roughly $3 million in cryptocurrency donations since announcing it would accept digital assets.
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The Swiss Financial Market Supervisory Authority (FINMA) has introduced new guidelines for stablecoin issuers, aiming to strengthen regulatory oversight and reduce financial risks.
This initiative responds to rising concerns about the impact of stablecoins on regulated financial institutions and the broader financial system.
FINMA’s recent guidance proposes that stablecoin issuers be classified as financial intermediaries.
This classification underscores the heightened risks of money laundering, terrorism financing, and sanctions evasion associated with these digital assets.
Stablecoins, digital assets tied to traditional currencies or other assets, have seen a surge in adoption.
However, their rapid growth has raised global regulatory alarms due to potential illicit activities and misuse.
In its July 26 guidance, FINMA stressed that stablecoin issuers must adhere to the same Anti-Money Laundering (AML) standards as traditional financial entities.
This includes verifying the identities of stablecoin holders and establishing the beneficial owners’ identities.
“The stablecoin issuer is therefore considered a financial intermediary for Anti-Money Laundering legislation and must, among other things, verify the identity of the stablecoin holder as the customer following the applicable obligations (Art. 3 AMLA) and establish the identity of the beneficial owner (Art. 4 AMLA),” FINMA stated.
FINMA also outlined how stablecoin issuers can operate without a banking license under certain conditions, ensuring depositors are protected.
Issuers are required to maintain a bank guarantee in case of default, providing a safety net for customers.
The framework specifies minimum requirements for these guarantees, mandating that issuers inform customers, adhere to guarantee limits, and allow immediate claims in the event of insolvency without waiting for a certificate of loss.
Although FINMA believes these measures enhance depositor protection, they do not provide the same security level as a banking license.
Nonetheless, the regulator is committed to mitigating default risks and ensuring that stablecoin issuers meet stringent standards to protect customers.
The stablecoin market has expanded significantly, reaching record market capitalization in 2023.
In response, regulators worldwide are rapidly establishing guidelines for this swiftly evolving sector.
According to the “PwC Global Crypto Regulation Report 2023,” at least 25 countries, including Switzerland, had implemented stablecoin regulations or legislation by the year’s end.
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Bitcoin‘s recent price surge has significantly improved trader sentiment, reaching levels not seen in 16 months.
According to data tracking social media mentions, there’s been a notable shift towards more positive comments about Bitcoin.
“Bitcoin’s +20% 3-week price rally has left traders feeling a whole lot more bullish than they were at the beginning of the month,” stated Santiment in a July 27 X post.
At that time, Bitcoin was trading at $67,708, up 6.22% since July 25, according to CoinMarketCap.
Santiment highlighted that its weighted sentiment index, which measures Bitcoin mentions on X and the ratio of positive to negative comments, has reached a “16-month high positive sentiment.”
They noted, “The ratio of positive vs. negative comments toward BTC has launched to its highest level since March 2023 as an all-time high is back on radars.”
This surge in positive sentiment coincides with rising anticipation for former U.S. President Donald Trump’s speech at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27.
Trump emphasized his vision of making the U.S. the “crypto capital of the world.” He also predicted that Bitcoin could one day surpass gold, saying,
“Bitcoin is not just a marvel of technology, as you know, it’s a miracle of cooperation and human achievement.”
Following Trump’s speech, pro-crypto Senator Cynthia Lummis introduced a bill proposing the establishment of a “strategic Bitcoin reserve.”
This proposal suggests that the U.S. government purchase 5% of the world’s Bitcoin supply and hold it for at least 20 years.
The Crypto Fear & Greed Index reflected this optimism, showing a “Greed” score of 71, an increase of 24 points since June 28.
Just a month ago, in June, the sentiment was starkly different.
The weighted sentiment index had indicated a surge in negative comments as Bitcoin’s price hovered around $65,000, down 4% on June 21. Santiment noted, “This extended level of FUD [fear, uncertainty, and doubt] is rare, as traders continue to capitulate,” highlighting the crowd’s fear or disinterest as prices ranged between $65K and $66K.
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Republican presidential nominee and former President Donald Trump pledged swift policy changes if he wins the upcoming election against Vice President Kamala Harris, the likely Democratic nominee.
\Speaking at the Bitcoin 2024 conference in Nashville, Tennessee, Trump outlined his plans for the cryptocurrency sector, promising to remove US Securities and Exchange Commission (SEC) Chair Gary Gensler “on day one” and establish a “Bitcoin and crypto presidential advisory council.”
Trump addressed a crowd of Bitcoin enthusiasts who waited over an hour for his speech, delayed reportedly due to additional security measures.
He emphasized ending what he called the “persecution” and “weaponization” against the crypto industry, promising to appoint a new SEC chairman supportive of innovation.
Many attendees welcomed Trump’s remarks, as the crypto community has often criticized Gensler for his regulatory actions against firms like Ripple, Coinbase, and Binance.
While Gensler’s term ends in June 2026, a change in administration could expedite his departure.
Tyler Winklevoss, co-founder of Gemini and a Trump supporter, also called for a new SEC chair before the election.
Trump proposed that the crypto advisory council would develop a comprehensive regulatory framework within his first 100 days in office.
He also pledged to halt the development of a US central bank digital currency (CBDC), stating, “There will never be a CBDC while I’m president of the United States, and I will always defend the right of self-custody.”
The conference, concluding on July 27, featured appearances from various US lawmakers, congressional candidates, and industry leaders discussing crypto and blockchain technology.
Edward Snowden, former National Security Agency contractor, spoke virtually, advising Bitcoin enthusiasts to be wary of politicians seeking their votes, noting that these individuals often have their own agendas.
The event was marked by speculation of a surprise guest appearing with Trump, but none materialized. Trump hinted that his appearance was influenced by advisers, including Vivek Ramaswamy, urging him to engage with the crypto community, at least until after the election.
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Lawyers for former FTX Digital Markets co-CEO Ryan Salame have requested a 45-day postponement of his prison reporting date due to medical complications from a dog bite.
On July 26, Salame’s legal team filed a request in the United States District Court for the Southern District of New York, asking to delay his self-surrender from August 29 to October 13.
The request stated this extension was necessary for Salame to undergo “urgent and necessary medical treatment and surgery.” Salame is set to serve a 7.5-year sentence after pleading guilty to conspiracy to operate an unlicensed money-transmitting business and engaging in campaign finance fraud.
The incident occurred on June 29 when Salame was reportedly “mauled” by a German Shepherd at a friend’s home.
The filing, which included some redacted portions, noted a physician’s visit on July 3 and treatment recommendations made on July 24, following the injury.
On the day of the attack, Salame posted on X, suggesting that a surgeon might intentionally harm him during treatment due to differing political views.
Despite his injuries, he indicated he was still monitoring the Bitcoin 2024 conference and preparing for future “big interviews.”
Salame is among the first associates of former FTX CEO Sam Bankman-Fried to receive a prison sentence and was notably absent from testifying at Bankman-Fried’s trial.
In March, Bankman-Fried was sentenced to 25 years in prison after being convicted on seven felony charges. He has since filed a notice of appeal.
FTX co-founder Gary Wang and former FTX engineering director Nishad Singh have also pleaded guilty to related charges and are expected to be sentenced in October and November, respectively.
A sentencing date for former Alameda Research CEO Caroline Ellison was not available at the time of this report.
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Bitcoin’s price is showing signs of forming a bullish wedge pattern, remaining close to its 2021 all-time highs. Traders are eyeing a potential price target of $85,000.
“Bitcoin has formed a massive descending broadening wedge, right around the previous cycle highs,” noted pseudonymous crypto trader Jelle in a July 26 post on X.
This pattern, characterized by a series of lower highs and lower lows that broaden over time, typically signals a potential upward trend reversal.
“Price looks eager for a breakout — and once it does, I expect the move to be sharp. First target, $85,000,” Jelle added.
This target is approximately 15% above Bitcoin’s current all-time high of $73,679, achieved in March.
As of now, Bitcoin is trading at $67,908, reflecting a 2.61% increase since July 26, according to data from CoinMarketCap.
A move to $85,000 would represent a roughly 25% increase, reminiscent of the price spike on July 21 when Bitcoin rebounded from $55,854 to $68,181.
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The next critical milestone for Bitcoin is $69,000, its all-time high from November 2021. Reaching this level would liquidate approximately $929.65 million in short positions, as per CoinGlass data.
“We are still in a larger range, and it is best to assume we can find resistance the closer we get to the $72,000 level,” stated pseudonymous crypto trader Emperor.
The recent market speculation follows reports that Bitcoin has recovered most of its losses since July 25, with traders closely monitoring former U.S. President Donald Trump’s anticipated appearance at the Bitcoin 2024 conference in Nashville, Tennessee.
“Nobody wants to short Bitcoin into the weekend,” wrote Markus Thielen, CEO of 10x Research, in a July 25 analyst note.
Thielen highlighted that there is speculation Trump might announce plans for a strategic Bitcoin reserve at the conference if elected president in November.
“Because if Trump announced a strategic reserve, Bitcoin would gap higher,” Thielen explained, indicating why many traders are hesitant to take short positions.
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