US Spot Bitcoin ETFs See Record $533.57M Inflows Ahead of Ether ETF Launch
Ahead of the spot ether exchange-traded funds (ETFs) launch, U.S. spot bitcoin ETFs experienced their 12th consecutive day of inflows, accumulating $533.57 million on Monday. This influx marked the highest gains for the 11 funds since June 4.
Blackrock’s IBIT Dominates Bitcoin ETF Inflows
On Monday, U.S. spot bitcoin ETFs attracted $533.57 million, the highest single-day gain in 49 days, according to sosovalue.xyz and coinglass.com stats. Leading the pack, Blackrock‘s IBIT saw the most significant inflow, recording $526.7 million. Blackrock now holds approximately 334,943.27 BTC, valued at $22.3 billion based on current BTC rates on July 23.
To read more Crypto Recaps
~~~~~~~~~
Bitcoin price today: slips to $66k; Ether flat ahead of spot ETF launch
Bitcoin price slipped on Tuesday as a weekend rebound ran dry amid growing uncertainty over the U.S. presidential race, with traders now awaiting an upcoming address by Republican presidential nominee Donald Trump.
World no.2 token Ether also retreated, seeing few positive trades even as the Securities and Exchange Commission approved six spot Ether ETFs to begin trading later in the day.
Bitcoin fell 1.8% in the past 24 hours to $66,425.7 by 09:12 ET (13:12 GMT). The token had risen as far as $69,000 over the weekend, but stalled on Monday.
Ether dropped 0.2% to $3,495.58, with the token expected to see some selling as major ETF issuers prepare for the launch of their spot offerings.
Bitcoin rebound stalls, Trump address awaited
The world’s largest cryptocurrency extended losses into a second session as a weekend rebound stalled. The weekend rebound was driven largely by lower trading volumes.
To read more Crypto Recaps
~~~~~~~~~
What’s the ability of a White House to influence the Federal Reserve?
The ability of the White House to influence the Federal Reserve is a topic of significant interest and constitutional debate. According to UBS analysts, the Federal Reserve’s structure and its interaction with the executive branch have evolved considerably over time.
The investment bank explained in a note this week that initially, from 1913 to 1935, the Treasury Secretary and Comptroller of the Currency were members of the Federal Reserve Board.
To read more Crypto Recaps
~~~~~~~~~
WHAT IS A CURRENCY RE-DENOMINATION?
“Redenomination is the recalibration of a country’s currency, typically due to hyperinflation and currency devaluation, whereby an old currency is exchanged for a new one at a fixed rate. ”
“While significant inflation is the main reason for a country to redenominate its currency, other reasons include decimalization or joining a currency union. When redenomination occurs, old banknotes and coins are typically taken out of circulation and a new currency is issued. Sometimes, the old currency continues to circulate at a fixed value against the new notes. ”
“When redenomination occurs, a new value is established for the new banknotes and coins. For example, in 2006, Zimbabwe redenominated its currency at a rate of 1,000 old Zimbabwe dollars to one new Zimbabwe dollar.”
“When hyperinflation is involved, redenomination becomes necessary because it requires too many old notes to facilitate commerce. Small bills essentially become useless if you need a wheel barrel of them to buy a loaf of bread. ”
” Probably the most famous redenomination has been the Zimbabwean dollar, which circulated in Z$100 trillion bills—the largest denomination of currency ever issued—thanks to an annual inflation rate of more than 231 million percent.
The Zimbabwe government redenominated its currency several times starting in 2006. In that year, the country’s first currency reform was launched in an effort to contain inflation. The Zimbabwean dollar was redenominated at a rate of 1,000 to one.”
” In August 2008, the government launched another redenomination. Old notes could be exchanged for new ones at a rate of 10 billion to one. Inflation continued unabated, and new issues of currency with staggering face amounts continued to appear. In January 2009, Z$10 trillion, Z$20 trillion, Z$50 trillion, and Z$100 trillion notes were issued.
In February 2009, the government redenominated a third time. Old currency could be exchanged for new currency at a rate of one trillion to one. By then, most people had quit the Zimbabwe dollar in favor of the U.S. dollar and South African rand.”
@ Newshounds News™
Read more: Investopedia
~~~~~~~~~
CFTC Chairman Behnam Urges Congress For Increased Crypto Regulation: We Are ‘On The Front Lines’ | Youtube
