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- Bitwise Introduces ETF Targeting, Targeting Corporations with Significant Bitcoin Holdings
Bitwise Introduces ETF Targeting, Targeting Corporations with Significant Bitcoin Holdings
News on the Blockchain
December 27, 2024
🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 772
Market Cap: $3.37T (+1.48%)
24h Volume: $123.49B (-2.05%)
Bitcoin Dominance: 56.7%
Ethereum Dominance: 12.2%
ETH Gas Price: 6.41 Gwei
Fear & Greed Index: 54 (Neutral)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $96,784.59 | +1.17% | $1.92T | $47.66B |
Ethereum (ETH) | $3,425.46 | +1.51% | $412.65B | $23.50B |
Tether (USDT) | $0.9988 | +0.02% | $139.28B | $102.67B |
BNB (BNB) | $705.81 | +1.24% | $101.64B | $1.22B |
Solana (SOL) | $193.59 | +2.16% | $92.83B | $2.72B |
💹 Market Highlights:
Total DeFi Volume: $9.18B (7.44% of 24h volume)
Stablecoins Volume: $114.9B (93.05% of 24h volume)
Coin with Highest % Change: GMT (+40.67%)
📈 Preview On Today’s News:
- Bitwise Introduces ETF Targeting, Targeting Corporations with Significant Bitcoin Holdings
- Russia Embraces Bitcoin to Bypass Sanctions and Promote De-Dollarization
- India Poised to Lead Global Crypto Regulation by 2025, Binance Predicts
Keep reading below for more!
Today’s News:
1)
Bitwise Introduces ETF Targeting, Targeting Corporations with Significant Bitcoin Holdings
Bitwise has filed for the Bitwise Bitcoin Standard Corporations ETF, a unique Exchange-Traded Fund that selects companies holding at least 1,000 Bitcoins in their reserves, a minimum market capitalization of $100 million, daily liquidity of $1 million, and less than 10% of their stock privately held. Unlike traditional ETFs that weigh companies by market size, this fund prioritizes the value of their Bitcoin holdings, allowing firms like MicroStrategy, which holds 444,262 BTC, to have a substantial influence despite having a smaller market cap compared to giants like Tesla. This move highlights the growing corporate appeal of Bitcoin, evidenced by companies like KULR Technology Group boosting their stock prices significantly through substantial Bitcoin investments. With Bitcoin experiencing a 117% increase this year and reaching a record high of $108,000 in December, Bitwise's ETF aims to provide investors with exposure to companies embracing the "Bitcoin standard." Additionally, competing proposals, such as Strive's Bitcoin bonds ETF, indicate a burgeoning interest in Bitcoin-focused investment vehicles, offering both potential and uncertainty for investors.
Bitwise's ETF Proposal: Targets companies holding a minimum of 1,000 Bitcoins, prioritizing Bitcoin value over market size, with major holders like MicroStrategy dominating the fund.
Growing Corporate and Market Momentum: Increased Bitcoin adoption by corporations boosts stock prices, and Bitcoin itself has surged 117% this year, reaching new all-time highs.
2)
Russia Embraces Bitcoin to Bypass Sanctions and Promote De-Dollarization
In December 2024, Russia officially began using Bitcoin to circumvent Western sanctions, as announced by Finance Minister Anton Siluanov. This initiative is supported by a newly enacted law that permits international transactions via cryptocurrency, following the Kremlin's establishment of a legal framework for crypto miners. As a key member of the BRICS alliance, Russia is leading the adoption of digital currencies, complementing its digital ruble with Bitcoin as an alternative to traditional fiat money. The legislation particularly benefits Russian energy companies by enabling them to sell to domestic Bitcoin miners, thereby fostering industry growth despite limited cryptocurrency acceptance among some trade partners. Additionally, Russia's shift to Bitcoin supports its broader de-dollarization strategy, aiming to reduce reliance on the USD and enhance financial sovereignty. This move not only positions Russia at the forefront of cryptocurrency integration within BRICS but also challenges the dominance of the US dollar, potentially reshaping global financial dynamics.
Sanctions Evasion and Legal Framework: Russia has enacted a new law allowing the use of Bitcoin for international trade, enabling the country to bypass Western sanctions and benefiting its energy sector by facilitating sales to domestic Bitcoin miners.
Advancing De-Dollarization: As part of the BRICS coalition, Russia's adoption of Bitcoin supports its de-dollarization efforts, challenging USD dominance and positioning the nation as a leader in cryptocurrency integration within the global financial landscape.
3)
India Poised to Lead Global Crypto Regulation by 2025, Binance Predicts
Binance has forecasted that India will take the forefront in global cryptocurrency regulation by 2025, driven by the country's strategic initiatives to build trust, encourage innovation, and expand blockchain usage. This optimistic outlook marks a significant shift from India's initial 2019 proposal to ban cryptocurrencies, reflecting a more regulated and supportive stance as evidenced by Bitcoin reaching an all-time high in 2024. In response to new regulations, including a 30% tax on crypto profits and a 1% TDS, Binance has registered with India's Financial Intelligence Unit and is expanding its operations to provide secure and compliant crypto services. Additionally, the broader crypto market remains vibrant with ongoing advancements in decentralized ecosystems, AI-driven technologies, and fluctuating cryptocurrency valuations, underscoring the sector's continuous evolution and resilience.
India's Regulatory Evolution: Moving from a potential crypto ban to establishing comprehensive regulations, India is set to lead global cryptocurrency governance by 2025, fostering a trusted and innovative blockchain environment.
Binance's Strategic Adaptation: In response to India's new tax policies on virtual assets, Binance is enhancing its presence and compliance in the Indian market, supporting the growth of a secure and legal crypto ecosystem.
