Hello Dear Hustlers!
We're back with some exciting crypto updates for you today, so let's dive right in.
The Quest for ETH ETFs Begins! 🚀
Ladies & gentlemen mark this moment in the crypto history books—the first U.S. spot ETH ETFs have officially been filed.
Leading the Expedition:
In a joint effort, ARK Invest and 21Shares have taken the lead, embarking on a quest to launch a spot ETH ETF aptly named Ark 21Shares. This fund represents a significant milestone in the ongoing saga of Ethereum's integration into mainstream finance.
Not to be left behind, VanEck has also charted its course by filing for a spot ETH ETF.
Coinbase, a respected figure in the cryptocurrency realm, is a key player in this narrative, serving as the surveillance-sharing partner in both filings. This isn't Coinbase's first time into such a role; the exchange giant played a similar part in previous Bitcoin ETF filings.
Coinbase plays another vital role, serving as the custodian for the ETH held in the Ark 21Shares fund. VanEck, on the other hand, has yet to reveal its chosen custodian.
And So the Expedition Begins! 🌟
Picture this as the beginning of a grand expedition, with uncharted waters and hidden treasures waiting to be discovered—the journey to establish the first U.S. spot ETH ETF is now officially underway.
So, what's on the horizon? The SEC holds the map and the compass and is tasked with making the final decision within a 240-day timeframe.
Of course, temporary "waypoints" may be along the route that could encourage the SEC to expedite its decision-making. However, the SEC has a reputation for proceeding at its own pace, akin to a meticulous explorer who thoroughly examines each detail of the terrain.
Thus, it's a time of eager anticipation for the crypto community.
P.S. - Stay tuned, because we fully expect other ETH ETFs to join this grand expedition soon. This is just the beginning of an exciting adventure! 🌏🚢
Visa Teams Up with Solana for Faster, Cheaper Settlements 🚀
Big news alert: Visa, the global payment powerhouse, is partnering with Solana and Circle to supercharge its stablecoin settlement capabilities.
🌐 A Trio of Titans: Visa, Solana, and Circle
Visa joins forces with Solana, known for lightning-fast transactions, and Circle, a stablecoin player.
💸 Efficient Settlements: Select merchants can now settle payments using USDC on Solana, speeding up transactions and cutting costs.
💰 Cost-Efficiency: Expect lower fees for all parties involved.
🌍 Global Reach: Visa's crypto involvement signals broader adoption in cross-border payments.
✈️ Visa Takes Flight: Successful pilots have already moved millions of USDC tokens over Solana.
📈 Crypto Revolution Marches On: This partnership proves blockchain and stablecoins are transforming finance.
Expect more giants to join the crypto party soon! 🎉
Bitcoin: A Lifeline Amid Economic Turmoil in Turkey
Turkey, home to over 85 million people, is grappling with dire economic challenges:
Soaring Inflation: Witnessing one of the world's highest inflation rates, hitting 59% in August.
Currency Depreciation: The Turkish lira has lost over 50% of its value.
In the midst of this turmoil, Bitcoin is emerging as a savior for Turkish citizens:
Crypto Surge: Approximately 52% of respondents in a KuCoin survey have invested in cryptocurrencies, a 12% rise in 18 months.
Bitcoin Reigns: BTC, ETH, and stablecoins like USDT top the list of preferred cryptos.
Inflation Hedge: Many are turning to Bitcoin to safeguard their wealth against soaring inflation.
This isn't an isolated case; similar trends have emerged in places like Lebanon and Cyprus. When economies falter, Bitcoin shines as a beacon of financial hope. 🚀💰
And now, it's time for me,
Zain from Team Inspired Analyst,
to sign off!
Until next time, keep hustling and stay inspired. 🌟🚀
Disclaimer: This is not financial advice or recommendation for any investment. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.