Grayscale Makes Another Attempt to Create a Bitcoin ETF

Demand for Bitcoin still falling. The markets are nervously approaching the second half of the year. The cryptocurrency started the week just above $26 on eToro, rising to just over $500 at launch before dropping below $27. The current price is around $250, but this highlights the wait-and-see attitude of the markets.

Ethereum finished the week at around $1, slightly above its initial position of $790, but fluctuated between highs above $1 and lows below $770.

Uncertainty in the markets continues to come from waiting and watching the moves of central banks. US Fed Chairman Jerome Powell signaled on Friday that interest rate hikes could now be put on hold. In recent months, however, the central bank has gained a reputation among the markets as an unreliable partner, leaving asset movements uncertain.

Strike moves to El Salvador and enters the global market

Payments company Strike has announced that it is moving its headquarters to bitcoin-friendly El Salvador while expanding its payment network to 65 markets.

The company is seen as a key player in the growth of bitcoin adoption, especially as it uses the network to build its payment infrastructure. Expansion to such a large base could have a seismic effect on cryptocurrency demand, especially when opening up to regions like Argentina where the local currency is heavily devalued by inflation.

It is also interesting to move the headquarters to bitcoin-friendly El Salvador – the US is having some pretty serious discussions about how to regulate cryptocurrencies. For innovative forms like Strike, this creates an unbearably precarious environment in which they can operate as they try to evolve. Until this is resolved, more moves like this are to be expected.

Grayscale Makes Another Attempt to Create a Bitcoin ETF

Cryptocurrency management company Grayscale is making another attempt to launch a bitcoin ETF, as reported by the Financial Times - something that US regulators have so far not allowed. It looks like the plan is not to submit a 100% Bitcoin ETF. on the spot price, but rather as part of a broader portfolio focused on bitcoin.

So far in the United States bitcoin ETFs could only invest through Chicago Mercantile Exchange futures, not cryptocurrency spot prices. While spot ETFs are available globally, the lack of one in the US has shut down a key market from cryptocurrencies.

The appeal of a bitcoin spot ETF is that investors will be able to hold the cryptocurrency without actually owning it and transacting it over the network, instead buying traditional financial instruments (Tradfi) through the TradFi institution. If allowed, it could have a transformative impact on demand.

Store your bitcoins on an old gameboy

Cryptocurrency startup Keyp is developing a way for bitcoin owners to store their tokens on an old gameboy. The process involves playing something like a gameboy game to unlock the so-called. seed phrase (used to recover each wallet we generate) in random tasks and interactions.

Tricks aside, cryptocurrency wallets are now becoming an increasingly important part of the ecosystem. Users struggled for some time with a difficult UX that was a barrier to crypto adoption. Storing bitcoins on a gameboy is undoubtedly a novelty, and at the same time well highlights the important changes in the storage of cryptoassets.

Ultimately, storing a personal digital wallet is an integral aspect of the cryptocurrency ecosystem. While this gives you more confidence, it is necessary to store seed phrases and security information carefully to avoid completely losing control of these crypto assets.