Invesco and WisdomTree Join BlackRock in Application for BTC ETF

Invesco and WisdomTree join BlackRock in Application for BTC ETF

Following their initial rejections, investment firms Invesco and WisdomTree have been making strenuous attempts to secure approval for the launch of spot bitcoin exchange-traded funds (ETFs). Not long after the world’s largest asset manager BlackRock put in its own bid for such a fund, the two firms have once again stepped up their efforts. 

According to Invesco's Tuesday filing, the lack of a spot bitcoin ETF puts US investors at serious risk, as they may have to resort to risky digital asset accounts like FTX, Celsius, BlockFi and Voyager. The availability of a spot bitcoin ETP could have ensured that billions of dollars stay invested in a regulated and easy-to-understand structure, instead of being locked up in dubious proceedings. With $1.4 trillion of assets under management as of April, Invesco is one of the leading ETF issuers in the world.

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France DeFi Paper

Whilst the U.S. regulators take a firm stance on the crypto industry, foreign countries are choosing a different route. France, for example, is embracing the sector, with the Autorité des Marchés Financiers (AMF) providing an insight into the DeFi sector, trends and risks. Businesses are being driven away from the U.S. to foreign nations who have more lenient – or at least clearer – regulations in place, offering a more attractive environment for growth and fundraising. Europe and Asia are already welcoming the industry, seizing the opportunity to reap the rewards of the U.S.'s crackdown.

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Binance.US briefly displays Bitcoin price at $138,000

At the stroke of midnight on June 20, traders on Binance.US observed a peculiar wick as Bitcoin's price seemingly skyrocketed to $138,000. Then, in October 2021, a shocking incident occurred as Bitcoin's cost on Binance.US abruptly crashed by 87%, a much bigger plunge than the market value on other exchanges. A representative from Binance.US revealed to CoinDesk that the dramatic crash from $65,760 to $8,200 was due to a defect in an institutional customer’s trading algorithm.

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Core Scientific files its Chapter 11 plan

Bankrupt Bitcoin miner Core Scientific has submitted its Chapter 11 bankruptcy plan to the United States Bankruptcy Court for the Southern District of Texas Houston Division. The proposed plan was negotiated with key stakeholders, and the company is working hard to gain as much support as possible to ensure a successful restructuring of its business model. Since the filing, the firm has experienced a surge in liquidity, making it even more hopeful of a successful rebound.

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Maverick raises $9 million led by Peter Thiel's Founders Fund

Maverick Protocol, a provider of Decentralized Finance (DeFi) infrastructure, has landed a whopping $9 million in funding from a who's who of crypto giants, including Founders Fund (founded by Peter Thiel), Pantera Capital, Binance Labs, Coinbase Ventures, and Apollo Crypto. The money will be used to develop more efficient liquid staking token infrastructure and tackle cross-chain liquidity efficiencies, according to an email statement released Wednesday.

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Other breaking news

• Magpie Bridge Live
• Polygon 2.0: Upgrades Polygon PoS to ZK L2
• BNB Chain launches Testnet for Layer 2 Network
• Bitcoin crosses $29K for first time in over a month
• Tether issues USDT on Kava blockchain

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Bottom Line

There it is folks, today’s edition of the Datawallet newsletter. It has been a busy day in crypto, as BTC crosses $29K for the first time in over a month, Invesco and WisdomTree file for BTC ETFs, and Maverick raises $9 million. Meanwhile, Binance.US gives BTC holders a small heart attack displaying BTC at over $138K, and France releases its DeFi paper. Stay informed and ahead of the game with our daily crypto scoop. See you tomorrow!