Bitcoin Soars Past $71K With $880M Inflows Into BTC ETFs
U.S. lister spot Bitcoin ETF saw over $880 million in inflows, making the best day since March and the second highest since their debut in January. Fidelity led the pack with $378 million, followed by BlackRock with $270 million and Grayscale with $28 million. This assisted in the Bitcoin price increase over $71,000, reflecting a bullish sentiment following a tough period from mid April to early May where some days saw zero or negative net inflows. Bloomberg analyst Eric Blachunas noted that ETFs have accumulated $3.3 billion in the past month with a year to date exceeding $15 billion, influenced by the recent approval of ether spot ETFs.
New Texas Stock Exchange Gets Backing from BlackRock and Citadel For 2025 Launch
Blackrock and Citadel Securities are joining forces to launch a new national stock exchange, the Texas Stock Exchange (TXSE), set to launch in Texas. With the goal to challenge regulatory environments of the NYSE and Nasdaq, TXSE seeks to provide a more CEO friendly setting with lower compliance costs. It is supported by $120 in capital and a strong backing from major financial firms, TXSE plans to begin operations in 2024 and list its first stock in 2026. The exchange will be entirely electronic with a physical presence in Dallas to attract investors. With the crypto community bringing positive feedback with BlackRock CEO Larry Fink’s pro stance on cryptocurrencies and RWAs.
New Law Gives US President to Block Digital Asset Transactions
A new U.S. law grants the president authority to block access to digital assets, causing concerns. Scott Johnsson, a notable figure in the digital asset space, criticized the law for its broad scope, emphasizing it could allow the president to ban any protocol or smart contract linked to foreign sanctions violators. The law defines “digital assets” broadly and allows the president to block transactions between U.S. persons and foreign entities supporting terrorism. This could be seen as an effort to control digital assets under the pretext of combating terrorism. With the current cryptocurrency laws in the U.S. still undergoing changes, we can expect more challenges moving forward with crypto.
Trump's Crypto Portfolio Is Now Over $32 Million
Donald Trump, once skeptical of cryptocurrencies, is now a strong supporter with advice from Vivek Ramaswamy and Trump’s growing crypto portfolio is now worth over $32 million. His journey into crypto started with the Trump Digital Trading Cards NFT collection in 2022 with most of his portfolio value coming from 2 meme coins, MAGA Coin (TRUMP) and Trog (TROG), both contributing to over $27 million. These meme coins were gifted to Trump, boosting their value. With the price of meme coins trending, we can expect more presidents and influencers themed meme coins launching in the near future.
AI Boom Boosts Nvidia to $3 Trillion Market Cap, Overtaking Apple
Nvidia has been making headlines with their stock price surging past $1235 on Wednesday, a 14% plus increase, boosting the company’s market capitalization to $3.01 trillion. This price surge led to Nvidia surpassing Apple with their stock skyrocketing over 150% this year. Nvidia’s focus on AI and gaming chips has driven its growth, with reported revenue of $22.1 billion for the first quarter of 2024. Nvidia’s success can be highlighted for their strategy of providing B2B businesses with chips rather than consumers. With a strong growth projection, we can see artificial intelligence having a strong presence in the stock and crypto markets.
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