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🚀 Bitcoin ETFs Have Record Debut With Over $6B Traded
The Defiant Daily
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The SEC's approval of spot Bitcoin ETFs is a landmark event, signaling Bitcoin's growing acceptance in mainstream finance and sparking high trading volumes on the first day of trading.
PayPal is taking significant strides in DeFi with its PYUSD stablecoin. Meanwhile, ICP has surged on the back of increased interest in enterprise blockchain solutions.
✍️ In today’s newsletter:
- SEC Approves Spot Bitcoin ETFs in Landmark Decision
- Bitcoin ETFs Daily Trading Volume Crosses $6B
- PayPal’s Stablecoin Grows by Over 70% in 30 Days
- DFINITY’s Dominic Williams Says Enterprises Will Be Key for ICP's Growth
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📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $46,632 | ↗ 1.14% |
| ETH | $2,589 | ↗ 10.58% |
| S&P 500 | $4,780 | ↙ -0.07% |
| GOLD | $2,038 | ↗ 0.79% |
| Arch WEB3 | 1.34pts | ↗ +2.14% |
| ↳ FINANCE | 1.31pts | ↗ 2.57% |
| ↳ INFRA | 1.44pts | ↗ 1.68% |
| ↳ CONSUMER | 1.45pts | ↗ 1.89% |
Learn more about Arch Indices here.
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Bitcoin ETF
SEC Approves Spot Bitcoin ETFs in Landmark Decision
TLDR The U.S. Securities and Exchange Commission (SEC) has approved the first exchange-traded funds (ETFs) that directly hold Bitcoin, following extensive discussions and regulatory reviews and overcoming previous rejections due to concerns over market manipulation.
SO WHAT This decision is a long-awaited milestone for the cryptocurrency sector, signaling increased acceptance and integration of digital currencies into the traditional financial system.
READ MORE: SEC Approves Spot Bitcoin ETFs in Landmark Decision
Bitcoin ETF
Bitcoin ETFs Daily Trading Volume Crosses $6B
TLDR Nine Bitcoin ETFs started trading today and racked up $2.2B in trading volume on the first day.
SO WHAT The launch of spot ETFs signifies a major step towards mainstream financial acceptance of Bitcoin. However, the cautious stance of major investment firms like Vanguard, Citi, and UBS highlights a continuing reluctance to fully embrace crypto assets within traditional investment portfolios.
DeFi
PayPal’s Stablecoin Grows by Over 70% in 30 Days
TLDR PayPal's PYUSD is now the twelfth largest stablecoin. It's gaining traction in DeFi, particularly in pools on Curve Finance, and is being considered for integration into Aave v3.
SO WHAT PayPal's move into DeFi with PYUSD could set a precedent for other traditional financial entities to explore blockchain and DeFi opportunities, potentially leading to more mainstream adoption and integration of these technologies.
Internet Computer
DFINITY’s Dominic Williams Says Enterprises Will Be Key for ICP's Growth
TLDR ICP has risen to become the 18th most valuable digital asset. This surge is attributed to its focus on enterprise solutions, utilizing smart contracts and WebAssembly for high-performance web pages.
SO WHAT This growth reflects a broader industry trend where enterprise solutions in blockchain are gaining traction. ICP's approach to mitigating cybercrime and offering decentralized full-stack solutions presents a potential shift in how businesses might address security and data management.
READ MORE: DFINITY’s Dominic Williams Says Enterprises Will Be Key for ICP's Growth
🔎 OUR REPORTERS ARE WATCHING
🌍 ELSEWHERE
- Vanguard Spurns Bitcoin ETF, Schwab Dives Right In, While Merrill Evaluates (Bloomberg)
- Stablecoin Issuer Circle Internet Files for IPO (CoinDesk)
- MicroStrategy’s bitcoin is now worth $1B more than the actual company (Blockworks)
