Crypto headlines this week: Trump’s Bitcoin-themed sneakers and Morgan Stanley’s new bitcoin ETFs

This week’s crypto news roundup covers the latest market developments and trends.

Donald Trump has introduced a limited-edition line of Bitcoin-themed sneakers through his company, CIC Ventures LLC. This launch follows his recent Bitcoin conference speech, where he proposed creating a national Bitcoin reserve and transforming the US into a global crypto leader.

This move marks a notable shift in Trump’s view on cryptocurrencies; he has transitioned from a critic to an advocate of Bitcoin and the crypto space.

In other positive news, Morgan Stanley is exploring the possibility of offering spot Bitcoin ETFs to its affluent clients. The bank is currently reviewing these products to potentially incorporate them into its major brokerage platform, which could significantly increase investment in Bitcoin ETFs.

Trump unveils Bitcoin-themed sneakers

Ex-President Donald Trump has debuted a new line of Bitcoin-themed sneakers. Named the “Crypto President” collection, it features two distinct versions: 1,000 pairs of “Bitcoin orange” high-tops priced at $500 each and 4,000 pairs in “luxurious black” available for $299. The release of these sneakers marks a unique intersection of fashion and cryptocurrency, reflecting Trump’s evolving stance on Bitcoin. 

In addition to his recent Bitcoin conference speech, where he advocated for a national Bitcoin reserve, this move showcases Trump’s commitment to embracing the cryptocurrency world. The sneakers are expected to attract both fashion enthusiasts and crypto supporters, creating a buzz in both the fashion and digital asset communities.

Morgan stanley to launch spot Bitcoin ETFs

Morgan Stanley is preparing to offer spot Bitcoin ETFs to its affluent clients, joining other financial institutions in expanding cryptocurrency investment options. The bank will allow its financial advisors to offer shares of BlackRock’s IBIT and Fidelity’s FBTC. To access these ETFs, clients must have a minimum net worth of $1.5 million. This move represents a significant step for Morgan Stanley in providing high-net-worth individuals with direct exposure to Bitcoin through these new investment vehicles.

France begins MiCA applications

France has taken a pioneering step by becoming the first major EU economy to open applications under the Markets in Crypto Assets (MiCA) regulation. This new framework aims to provide a comprehensive and standardized approach to regulating crypto assets across the European Union. MiCA addresses various facets of the crypto sector, including the issuance and management of crypto assets and has specific provisions for stablecoins. This initiative signals France's commitment to leading the regulatory landscape for digital assets in Europe.

Crypto hackers steal $266 million in July

In July 2024, cybercriminals made off with $266 million in cryptocurrency across 16 separate hacks, according to PeckShield. The largest breach was a $230 million hack of the Indian exchange WazirX, attributed to North Korean hackers. Other notable incidents included a $24 million theft from Compound Finance and a $10 million loss at Li.Fi. These attacks underscore the growing risks in the crypto space and highlight the need for enhanced security measures.

Montenegro to extradite do kwon to South Korea

Montenegro has agreed to extradite Do Kwon, co-founder of Terraform Labs, to South Korea to face charges related to the collapse of Terra. This decision comes after a Montenegrin high court dismissed Kwon’s appeal against the extradition order. South Korea had requested Kwon’s extradition, and the U.S. had also expressed interest in his transfer. This development marks a significant legal turn in the ongoing fallout from Terra’s downfall.

Coinbase reports decline in revenue

In Q2 2024, Coinbase reported total revenue of $1.45 billion, an 11% decrease from the previous quarter. Consumer transaction revenues fell to $665 million, down 29% from Q1. Despite these declines, the exchange saw a rise in stablecoin revenue, which reached $240.4 million, up from $197.3 million in the earlier quarter. The mixed financial performance reflects the fluctuating dynamics in the cryptocurrency market.

Bybit exits french market

Bybit has announced its withdrawal from the French market, citing the country's stringent new regulatory requirements as a key factor. This move is part of Bybit’s broader strategy to exit markets with complex regulatory environments, following similar exits from Canada and the UK. The decision highlights the growing impact of regulatory changes on cryptocurrency exchanges and their operational decisions.