“Record-Breaking Inflows to Bitcoin ETFs Show Growing Crypto Acceptance Despite Governance Concerns”


So does that mean Tron and Binance are “winning”? Not so fast. The data also shows that daily active users on Tron are down about 90% from their all-time highs, and on BNB Chain, it’s down about 85%.

But on Polygon, the number of daily active users has risen about 100% from all-time lows, a sign perhaps that the Ethereum sidechain is attracting more users thanks to Ethereum’s own high fees. In the past seven days, daily active users on Polygon have exceeded those on Tron and BNB Chain, according to Token Terminal’s data.

Seven-day average of daily active users. (Token Terminal)

Even with all of the regulatory scrutiny on the crypto world, and the U.S. Securities and Exchange Commission’s (SEC) hardball stance on blocking Bitcoin futures exchange-traded funds, the agency is willing to let a couple of rigs through. The SEC gave the green light to two new leveraged bitcoin ETFs, one from the crypto investment firm Valkyrie and the other from the Direxion Asset Management. The SEC has yet to approve a spot bitcoin ETF, but the launches of the new funds are a bit of a workaround for investors who want to get leveraged exposure to the asset, but can’t through a spot ETF. (See the story by my colleague Tanzeel Akhtar, below.)

The SEC is also still going after individuals for violations in the crypto space. This week, it charged the founder of Bitcoiin2Gen with fraud. So what is Bitcoiin2Gen, you might ask? It’s a now-defunct cryptocurrency project that was promoted by the likes of Steven Seagal, the actor perhaps best known for his role as a martial artist in the 1990s film, Under Siege. The SEC said Seagal was a paid celebrity endorser of the project. The SEC also charged Kristijan Krstic, the project’s founder, with fraud. (See the story by my colleague Nikhilesh De, below.)

Further reads:

The wild world of NFTs and social media influencers, explained by my colleague Will Gottsegen in a story about a young woman, Gaby, who sold a video of herself for $65,000.

The digital yuan’s next stop, explained by my colleague Michael Casey in a story about the Chinese government’s plans to extend the use of its digital currency to the Winter Olympics in Beijing next year.

What is the future of surveillance and privacy, explained by my colleague Ben Powers in a story about the risks that new technologies pose to our privacy, and how we can protect ourselves.

How The Balance of Power Is Shifting in Crypto, explained by my colleague Christopher Brown in a story about how regulatory scrutiny and market forces are shaping the power dynamics within the crypto industry.

How Bitcoin’s Taproot upgrade could change the game, explained by my colleague Tanzeel Akhtar in a story about the coming changes to the Bitcoin network and its potential impact on users and investors.

What happens to your crypto after you die, explained by Tanzeel Akhtar in a story about how to ensure your digital assets are passed on to your heirs correctly and securely.

The Crypto Industry’s Role in Reducing GHG Emissions, explained by my colleague Kollen Post in a story about how the crypto industry can help mitigate the effects of climate change by switching to more sustainable energy sources.

The NFT market is still hot, according to my colleague Tanzeel Akhtar in a story about how sales of non-fungible tokens are still going strong despite the recent market turbulence.

Crypto mining is no longer just for China, explained by my colleague Andrew Thurman in a story about how the global crypto mining industry is evolving and shifting away from China.

Bitcoin spot ETFs have been successful, attracting billions of dollars in inflows and pushing the BTC price to a new all-time high. This proves that if mainstream investors have an easy way to invest in crypto, they will do so. However, it is important to consider whether these new investors truly understand the complexities of decentralized governance and the fact that the technology is still in its early stages. Despite this, more and more people are getting involved in the crypto industry.

In this week’s issue of The Protocol, we cover a variety of topics related to the technology behind crypto.

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Last week, the ETHDenver conference, originally focused on the Ethereum blockchain ecosystem, attracted a diverse group of attendees from various blockchain communities. This could be a testament to Ethereum’s influence on other ecosystems, but it could also be a sign of competition from other blockchain systems. Even Bitcoin and Polkadot, often seen as rivals to Ethereum, had a strong presence at the conference. This shows the growing interest and development in creating new applications on blockchains.

In other news, the SEC has approved two new leveraged Bitcoin ETFs, allowing investors to get exposure to the asset without a spot ETF. However, the SEC is also cracking down on fraudulent projects, with the recent charges against the founder of Bitcoiin2Gen, a project endorsed by actor Steven Seagal.

The digital yuan, China’s central bank digital currency, will be used at the 2022 Winter Olympics in Beijing. This raises questions about the future of surveillance and privacy, as well as the potential impact of the digital currency on the global financial system.

The upcoming Ethereum upgrade, known as Dencun, is expected to significantly reduce transaction costs for layer-2 blockchains. However, it is still unclear how much fees will actually decrease and how it will affect users.

In other news, we cover the wild world of NFTs and social media influencers, the future of surveillance and privacy, the shifting power dynamics in the crypto industry, Bitcoin’s upcoming Taproot upgrade, and the importance of considering the environmental impact of crypto mining.

Stay informed on all the latest developments in the crypto industry by reading our top picks from the past week.

Despite the recent market turbulence, the NFT market is still going strong and the global crypto mining industry is evolving and shifting away from China. It’s important to consider what happens to your crypto assets after you pass away and the role of the crypto industry in reducing greenhouse gas emissions. As always, stay informed and make educated decisions when it comes to investing in the crypto space.

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