This week in crypto: Bitcoin Conference and spot Ether ETFs

This week’s crypto news roundup showcases the latest developments and trends in the cryptocurrency market.

The Bitcoin Conference 2024 was held from July 25-27 in Nashville, Tennessee. The event anticipated drawing over 20,000 attendees and featured more than 400 sponsors and 2,000 companies, along with some prominent speakers.

One notable speaker was former President Donald Trump, who addressed the conference on the final day. He reaffirmed his support for the crypto industry and pledged to make America a leader in bitcoin and other digital currencies if re-elected.

Additionally, spot Ether exchange-traded funds (ETFs) began trading in the U.S. on Tuesday. These new funds are offered by traditional fund issuers such as BlackRock and Fidelity, as well as crypto-specific companies like Grayscale.

Bitcoin 2024 Conference in Nashville

The Bitcoin Conference 2024 has emerged as a significant event in the crypto community, attracting attention from both major U.S. political parties.

In addition to Trump, Kamala Harris' campaign initially considered participating in the event. However, she later announced her decision not to speak at the conference.

Spot Ether ETFs begin trading

On July 23, spot Ether ETFs started trading, with strong volumes on the first day and notable interest from institutional investors. Despite the enthusiasm, Ether's price experienced a slight drop during the trading session.

Ether ETFs debut in the U.S., featuring funds from BlackRock, Grayscale, and others (CNBC)

Revolut secures UK banking license

Revolut, the London-based fintech company known for its crypto-friendly services, has been granted a banking license in the UK. This new license allows Revolut to offer comprehensive banking services to its UK customers, expanding beyond its previous role as an electronic money institution.

Revolut receives UK banking license after a three-year wait (The Guardian)

Revolut to sell $500M in shares

Revolut plans to sell $500 million worth of employee shares, valuing the company at $4.5 billion. This move, part of discussions with investment firm Greenoaks, aims to enable early employees and shareholders to liquidate some of their holdings.

With $45 billion valuation on the horizon, Revolut secures UK banking license (Wall Street Journal) 

India maintains controversial crypto tax rules

India has decided to retain its controversial crypto tax policies in the 2024-2025 budget. Despite extensive lobbying efforts advocating for a reduction in the 1% TDS on crypto transactions to 0.01%, the government has chosen to keep the current tax structure, including the 30% tax on crypto investment profits, unchanged.

India keeps controversial crypto tax policies in new budget (99Bitcoins)

Sygnum reports surge in crypto trading volumes

Digital asset bank Sygnum has reported a substantial increase in its trading volumes for the first half of 2024. The bank's spot crypto trading volume has doubled, and its derivatives trading has grown by 500%, leading Sygnum to achieve profitability for the first time.

Crypto bank sygnum sees profit after doubling trading volumes (Cointelegraph)

Ferrari expands cryptocurrency payment options to Europe

Following a successful rollout in the United States, Ferrari is now extending its cryptocurrency payment options to Europe. The Italian luxury car manufacturer stated that this decision is in response to increasing demand from its affluent customers who wish to use digital currencies for high-end purchases.

Ferrari to introduce crypto payment option in European Dealerships After US Success (Cryptonews)

X removes crypto emojis

Elon Musk's social media platform X, formerly known as Twitter, has quietly removed cryptocurrency emojis from its hashtag feature. The Bitcoin emoji, which used to appear with the #Bitcoin hashtag, has been taken down, causing a stir in the crypto community. Similarly, the emoji for the MAGA hashtag has also been removed.

Elon Musk’s X removes Bitcoin and MAGA emojis from hashtags (CoinDesk)

Jersey City to invest in Bitcoin ETFs

Jersey City has announced its plan to invest a portion of its pension fund in Bitcoin ETFs. Mayor Steven Fulop disclosed this initiative on July 25, aligning the city with the Wisconsin Pension Fund, which recently allocated 2% of its $156 billion assets to Bitcoin ETFs.

Jersey City to allocate pension fund investments to Bitcoin ETFs (The Block)

VanEck Predicts Bitcoin Could Reach $2.9M by 2050

VanEck has projected that Bitcoin could reach an astonishing $2.9 million by 2050, contingent on several significant developments. The firm outlined a scenario in which widespread adoption, regulatory clarity, and technological advancements converge to elevate Bitcoin's value to this level.

VanEck forecasts Bitcoin could Hit $2.9M by 2050 (VanEck)

Citigroup upgrades coinbase rating

Citigroup has upgraded Coinbase’s stock rating from "neutral" to "buy," citing a reduction in regulatory risks as a primary reason. Citi analysts have also increased the price target for Coinbase shares from $260 to $345, reflecting strong confidence in the company's future.

Citigroup upgrades coinbase to buy amid reduced regulatory risks (Bloomberg Law)

Gate.io exits Japanese market

Cryptocurrency exchange Gate.io has announced its departure from the Japanese market due to stringent regulatory requirements. The exchange stopped accepting new account registrations from Japanese residents on July 22, 2024, and will soon cease all services in the country.

Gate.io exits Japanese market, redirects customers to compliant exchanges (Decrypt)