Crypto News Catchup: Trump Boosts Crypto, Ether ETFs Launch, and UW Establishes Bitcoin Research Institute

Bitcoin experienced significant price fluctuations due to macroeconomic factors and market sentiment, ending the week with a modest gain. The launch of US spot Ether ETFs saw strong trading volumes, indicating growing market acceptance. Former President Trump expressed strong support for Bitcoin at the National Bitcoin Conference, suggesting potential policy changes. Additionally, the University of Wyoming established the UW Bitcoin Research Institute, marking a significant academic commitment to Bitcoin research.

Bitcoin encountered significant price fluctuations between July 22-28, 2024, as macroeconomic conditions and market sentiment influenced its movements. Before the release of important economic data, the price surged, mirroring a larger pattern in US stock futures. However, the market also felt downward pressure due to Mt. Gox’s ongoing repayments to creditors, which caused worries about potential selloffs and contributed to a drop in price. Bitcoin concluded the week at 68106.45, up 0.5%, while Ethereum retreated by 6.5%.

The introduction of spot Bitcoin ETFs in January succeeded by the debut of the first US spot Ether ETFs, with some exhibiting relatively high trading volumes during their initial trading sessions.

The nine exchange-traded funds collectively traded over $1 billion in shares on their first day. While this is less than the $4.6 billion traded during the launch of spot Bitcoin ETFs in January, it still marks a strong start for these new ETFs.

On July 27, former US President Donald Trump delivered a keynote speech at the Bitcoin Conference in Nashville. Trump expressed strong support for Bitcoin and the crypto industry, stating, “I want it to be mined, minted, and made in the US.” He pledged to establish a “strategic national bitcoin reserve” and vowed to “never sell” the government’s seized bitcoin. Additionally, he outlined plans to remove the chair of the Securities and Exchange Commission.

Several Democrats are pushing for their party to adopt a more crypto-friendly position similar to the Republicans. They want to revise the party platform to reflect a “forward-looking approach” to digital assets. Specifically, they are advocating for the removal of Gary Gensler, the current Securities and Exchange Commission Chair, and the appointment of a more “pro-innovation” leader in his place.

The University of Wyoming established the first academic institute dedicated to Bitcoin studies, the UW Bitcoin Research Institute. The institute aims to enhance Bitcoin research, recognize scholarly work, inspire young academics, and offer relevant seminars. The institute is commited to improving the quality of academic Bitcoin research by conducting more precise and thorough studies.

During the week of July 22-28, 2024, Bitcoin experienced notable price volatility influenced by macroeconomic conditions and market sentiment. Anticipation of key economic data led to price surges, while concerns over Mt. Gox’s repayments exerted downward pressure. The week concluded with Bitcoin at $68,106 and Ethereum at $3,262.

The launch of the first US spot Ether ETFs saw impressive trading volumes, marking a strong market entry. Former President Trump advocated for Bitcoin at the National Bitcoin Conference, while Democratic crypto supporters pushed for a more forward-looking regulatory approach. The University of Wyoming established the UW Bitcoin Research Institute, highlighting academic commitment to Bitcoin research.