Cryptocurrency manager CoinShares noted that SOL, the native cryptocurrency of the Solana network, is the most loved by investors today. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Solana, the most beloved altcoin
📍Solana recorded entries for the 9th consecutive week. In her weekly report No. 147In a report on digital asset fund flows, cryptocurrency manager CoinShares suggested that while some of the more notable altcoins, such as Polygon and Ethereum, are seeing outflows of $8,6 million and $3,2 million respectively, Solana is seeing inflows for the 9th consecutive week.
According to CoinShares, the cryptocurrency developed by Anatoly Yakovenko saw inflows totaling $0,7 million this week, bringing the total inflow to $26 million so far this year.
Based on this data, CoinShares analysts suggest that Solana is the most popular altcoin among investors today.
Source: CoinShares
Just this week, MakerDAO co-founder Rune Christensen proposed building the DeFi protocol’s next native chain on Solana, noting that it was, among other things, the most promising option for building efficiently.
JPMorgan and Bernstein weigh in on Bitcoin ETFs
📍In separate reports, both financial services companies expressed optimism about the potential arrival of a Bitcoin ETF in the United States. JPMorgan, the largest bank in the United States and one of the most important in the world, agrees with Bloomberg analysts on the high probability that the SEC will end up approving a Bitcoin ETF, especially after Grayscale's victory last month.
JPMorgan analysts emphasized the verdict of Judge Neomi Rao of the United States Court of Appeals, who determined that the SEC's refusal to approve the conversion of the Grayscale Bitcoin Trust (GBTC) into a Bitcoin spot ETF was “arbitrary and capricious.”
So far, the SEC has given its approval to several Bitcoin futures ETFs, but is refusing to authorize the launch of a spot ETF, which is ironic.
JPMorgan pointed out that the SEC does not have much room to maneuver and that defending its position on the rejection of a Bitcoin spot ETF for Grayscale would entail withdrawing the approved Bitcoin futures ETFs, so it will probably end up accepting the application of Grayscale and the rest of the companies that also seek to launch a Bitcoin spot ETF in the country.
On the other hand, analysts at Bernstein, one of the most important firms on Wall Street, believe that the eventual approval of a Bitcoin spot ETF by the SEC would trigger new opportunities for other cryptocurrencies. Specifically, the analysts pointed out that the interest in an Ethereum spot ETF will immediately explode when the SEC approves the creation of a Bitcoin spot exchange-traded fund.
The London Stock Exchange is betting on blockchain
📍The London Stock Exchange (LSE) will use blockchain technology to trade assets. Murray Roos, group head of capital markets and member of the LSE executive committee, said blockchain technology will enable the exchange to streamline the management of traditional financial asset transactions.
According to the Financial Times, LSE has been exploring the potential and benefits of implementing blockchain technology over the past year, to streamline traditional asset trading processes and offer a more secure, optimal and efficient end-to-end ecosystem for investors.
Although the exchange's focus is not on cryptocurrencies, it is betting on the tokenization of traditional assets on the blockchain to improve the efficiency of management, trading and negotiation.
The Financial Times, meanwhile, noted that Julia Hoggett, CEO of the London Stock Exchange, is leading the exchange's initiative to implement blockchain technology.
The value of assets on the LSE currently exceeds $4.600 billion.
Likewise, the National Payments Corporation of India is another of the institutions that have recently shown interest in blockchain to speed up transactions. On LinkedIn, this organization shared a job offer for a blockchain expert director in Mumbai.
dYdX governance decides on its token
📍The proposal to implement DYDX as the main token of dYdX Chain has been approved by the project governance. Antonio Juliano, founder of the decentralized exchange, commented on the X platform that, officially, the DYDX token will become the main asset of the new PoS network that the protocol builds, called dYdX Chain, to expand in the blockchain ecosystem and guarantee its true decentralization.
The governance vote on the Snapshot platform closed with 36,37 million votes in favor of the proposal, coming from 392 DYDX addresses, and only 42,67 votes against, coming from 4 DYDX addresses.
Tether continues to invest in Bitcoin
📍In addition to buying bitcoins to diversify its reserves, the USDT company is also investing in Bitcoin technology. Tether CTO Paolo Ardoino revealed that his company is currently the 11th largest holder of Bitcoin in the world.
Ardoino also said that, in his opinion, platforms that offer services with Bitcoin and other cryptocurrencies and have benefited from this, should implement a policy to reinvest a portion of their profits in BTC.
Continue reading: Cathie Wood: The convergence between Bitcoin and AI can transform the corporate sector
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