Last week in crypto, significant developments unfolded, including Donald Trump’s appearance at the Bitcoin 2024 conference, the commencement of spot Ethereum ETFs trading, and updates on Mt. Gox repayments. Here are the major highlights of the past week in the cryptocurrency world.

Bitcoin 2024: Remarks from Trump and Crypto Leaders

The Bitcoin 2024 conference in Nashville took place from July 25 to 27. On the final day, GOP presidential candidate Donald Trump addressed the audience, expressing his support for the crypto industry and pledging to foster its growth.

Trump emphasized his plans to replace the current SEC chair, Gary Gensler, eliminate unfriendly crypto regulations like SAB 121, transform the U.S. into the “crypto capital of the planet,” and ensure the government retains its Bitcoin (BTC) reserves.

Jan van Eck, CEO of VanEck, a leading asset manager, reaffirmed his positive outlook on Bitcoin, revealing that over 30% of his portfolio is composed of Bitcoin. On the second day, MicroStrategy Chairman Michael Saylor projected a potential price of $49 million for Bitcoin by 2045, with a bear case value of $3 million.

Pro-crypto Senator Cynthia Lummis criticized the current SEC, highlighting the Republicans’ crypto-friendly approach. Whistleblower Edward Snowden cautioned the community to be wary of politicians with hidden agendas.

Joe Biden Endorses Kamala Harris

In a surprising move, President Joe Biden withdrew from the presidential race and endorsed Vice President Kamala Harris as the Democratic presidential nominee. Harris’ stance on crypto remains unclear, but reports indicate her team is aiming to “reset relations” with the crypto industry in the U.S. Following this announcement, BTC closed the day above $68,000 for the first time in over a month, though the meme coin Jeo Boden experienced a 49% drop.

Ethereum ETFs Begin Trading

Spot Ethereum (ETH) ETFs officially began trading on July 23. On the first day, these ETF products saw over $1 billion in volume and attracted a net inflow of $106.7 million. However, after four trading days, the Ethereum ETF products experienced a combined net outflow of $341.8 million, primarily due to the Grayscale Ethereum Trust (ETHE) recording $1.513 billion in negative flows.

Mt. Gox Creditors Confirm Repayments

Last week, it was reported that Mt. Gox creditors had started confirming their balances on the Kraken crypto exchange. Additionally, Bitstamp announced on July 24 that it would begin distribution on July 25.

SBI and Franklin Templeton Partner for Crypto ETFs in Japan

SBI Group and Franklin Templeton have formed a partnership to launch a joint venture focused on introducing crypto ETFs in Japan. SBI will own 51% of the venture, while Franklin Templeton will hold 49%.

For more updates on the latest in the cryptocurrency world, stay tuned to Global Crypto News.

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