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Solana ETF approved
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Brazilian Securities Regulator approves groundbreaking Solana ETF
Key points:
Brazil positions itself as a leader in regulated crypto investments.
Solana ETF adds to Brazil's growing ETF market.
News - Brazil has taken a significant step forward in the cryptocurrency investment landscape with the approval of a Solana-based exchange-traded fund (ETF) by the country's securities regulator, CVM.
This groundbreaking development marks a first for Brazil and places the South American nation among the global pioneers in Solana-based exchange-traded products.
The approval process - While the ETF has received a regulatory green light, it still requires approval from the Brazilian stock exchange, B3, before it can begin trading. The product is set to track the CME CF Solana Dollar Reference Rate, ensuring its value is tied to the Solana cryptocurrency.
QR Asset, a prominent Brazilian asset manager, will be responsible for offering the ETF, with the support of local fintech Vortx as the manager.
The country has already established itself as a hub for ETF trading, with Bitcoin and Ethereum ETFs already available. The introduction of a Solana-based ETF further expands investment options for Brazilian investors and highlights the nation's progressive stance towards digital assets.
Bitcoin notes four-month high in whale transactions amid market correction
Key points:
Bitcoin whales increased buying activity during a recent market crash.
Large-scale Bitcoin transactions surged in early August.
News - Whales aggressively accumulated BTC during a recent market downturn, according to on-chain data. As Bitcoin's price plummeted below $50,000 in early August, large investors snapped up substantial amounts of the king coin.
Santiment, a crypto analytics platform, reported a surge in Bitcoin transactions exceeding $100,000 and $1 million during the price crash, indicating heavy involvement from whales. These large-scale investors appear to have capitalized on the market volatility to increase their holdings.
Prior to the price drop, there were already signs of whale accumulation. Bitcoin whales had been steadily moving their assets off exchanges in the weeks leading up to the crash, suggesting a bullish outlook. This trend intensified during the market downturn.
Interestingly, the increased accumulation by whales suggests that these experienced investors anticipate a price recovery in the future. However, the overall market sentiment remains cautious as investors grapple with the ongoing macroeconomic uncertainties.
UK court freezes missing cryptoqueen Ruja Ignatova's funds
Key points:
Ignatova remains at large, with a $5 million reward for her capture.
Several other individuals involved in the scheme have faced convictions.
News - In a significant development for victims of the OneCoin scam, a UK court has issued a worldwide freezing order against Ruja Ignatova, the infamous "Cryptoqueen," and her alleged associates.
The order, secured by over 400 victims, seeks to prevent the dissipation of assets linked to the fraudulent cryptocurrency scheme.
Ignatova, who orchestrated a $4 billion Ponzi scheme, vanished mysteriously in 2017 and has since been the subject of an international manhunt. The FBI has placed her on its Ten Most Wanted list, and the U.S. State Department has offered a $5 million reward for information leading to her capture.
What’s more? The court order also targets several individuals and entities allegedly involved in laundering OneCoin funds. These include Ignatova's brother, Konstantin, who pleaded guilty to money laundering and fraud in 2019 but later received a lenient sentence after cooperating with authorities.
The freezing order represents a crucial step in recovering assets for the victims of the OneCoin scam. While it does not guarantee the return of lost funds, it prevents further dissipation of the ill-gotten gains and brings hope to those who have suffered financial ruin due to the fraudulent scheme.
Immutable shuts down NFT marketplace amidst market downturn
Key points:
Immutable to close its NFT marketplace on 13 August.
The focus shifts to supporting third-party marketplaces.
News - Immutable, a prominent player in the NFT and blockchain gaming space, has announced the closure of its NFT marketplace. The platform, which initially served as a showcase for its technology, will cease operations on 13 August, with a complete shutdown scheduled for 27 September.
The decision comes as Immutable shifts its focus to supporting the growing ecosystem of third-party marketplaces that have emerged around its platform.
While the marketplace is closing, users can rest assured that their NFTs and digital assets remain secure on the blockchain and can be accessed through various other platforms.
This move follows a similar decision by GameStop earlier this year, underscoring the challenges faced by NFT marketplaces in the current market climate.
The NFT market has experienced a significant downturn since early 2024, with sales volumes plummeting and prices for popular collections like Bored Ape Yacht Club declining sharply.
More stories from the crypto ecosystem
Did you know?
On 3 January 2009, the first blockchain was launched with the first "block" called the genesis block.
In 2013, Forbes crowned Bitcoin as the best investment of the year, while Bloomberg took an opposing stance in 2014, dubbing it the worst investment of that year.
In the Ethereum network, transactions require gas fees to incentivize miners and secure the network. However, what many may not know is that users have the option to get their transactions prioritized by paying higher gas fees.
Top 3 coins of the day
XRP
Key points:
XRP increased 18% as Ripple execs hailed the recent $125M penalty as a ‘victory.’
The price surge erased 40% of short positions in just four hours.
What you should know - XRP's price recently tested a strong support level at around $0.45. This support held strongly, leading to a significant bounce. The near-term resistance was identified at $0.7077. The price will need to break above this level to confirm a bullish trend. XRP has experienced a 31.72% increase from the recent support level, which is a positive sign of recovery. The price is currently at $0.5987. The Relative Strength Index (RSI) is at 56.70, indicating that the price is in the neutral zone. There is room for further upward movement before reaching overbought conditions. The volume has picked up during the bounce, which suggests that the buying interest is strong at the support level.
Stellar (XLM)
Key points:
XLM was trading at $0.1014, at press time.
It was up by 2.85% over the last seven days.
What you should know - XLM is currently testing the resistance at $0.11. The price is attempting to break through this level, which has previously acted as a significant resistance. The support level can be identified at around $0.09, which has held the price from falling further. There was a brief period of sideways trading before the recent upward move, indicating consolidation in the price. The volume seems to be increasing as the price approaches the resistance level. The AO indicator is slightly negative, which may suggest a lack of strong bullish momentum at the moment. The price is moving within the Bollinger Bands, and it is currently near the upper band, indicating a potential overbought condition or a breakout.
Binance Coin (BNB)
Key points:
BNB was forming lower lows on its daily chart.
It was down 15% in the last seven days.
What you should know - BNB lost its 5-month-long support at $495 on 2 July. This level is now acting as resistance. The $495 level, previously acting as support, is now a key resistance level. The price needs to break above this level to confirm any bullish sentiment. BNB is currently trading around $485.7, just below the resistance level. The price is showing signs of consolidation near this level. There was a significant spike in volume when the price dropped below the $495 support, indicating strong selling pressure. The current volume levels are lower, suggesting decreased trading activity. The CMF is slightly positive at 0.07, indicating that there is some buying pressure, but it is not strong.
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