Would you like to know what happened in the world of cryptocurrency today? Here are the latest news on trends and daily events affecting the price of Bitcoin, blockchain, decentralized finance, non-fungible tokens, web 3, and cryptocurrency regulation.
In the world of cryptocurrency, U.S. instant cryptocurrency exchange-traded funds (ETFs) experienced their largest daily outflow ever, totaling $465 million on Monday. Reports indicate that U.S. President Donald Trump may soon sign an order to investigate claims of banking services cancellation for cryptocurrencies, with George Osborne, a Coinbase advisor, asserting that the UK is falling behind in the crypto space.
BlackRock leads a record outflow of $465 million from instant cryptocurrency exchange-traded funds (ETFs) on Monday.
U.S. instant cryptocurrency exchange-traded funds (ETFs) recorded nearly half a billion dollars in net daily outflows on Monday, marking their highest single-day outflow since their launch, according to data from investment firm Farside Investors.
Farside Investors data shows that instant cryptocurrency exchange-traded funds (ETFs) for Ethereum valued at $3,572 recorded net outflows of $465 million on Monday, marking the second day of outflows since breaking a 20-day streak of inflows on Friday, when net outflows reached $152 million.
The sharp decline indicates a potential shift in investor sentiment following strong performance in July, during which instant Ethereum exchange-traded funds saw record net inflows of $5.43 billion.
This coincided with Ethereum dropping to $3,380 on Sunday, down 12% from its Thursday price of $3,858. On Tuesday, the token recovered, rising to $3,629, according to CoinGecko.
Total daily inflows and outflows for instant Ethereum exchange-traded funds. Source: SoSoValue
SoSoValue data shows that BlackRock's iShares Ethereum Trust (ETHA) suffered the largest hit on Monday, witnessing net outflows of around $375 million. The fund still boasts cumulative net inflows of $9.3 billion and net assets worth $10.7 billion.
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Trump's order will investigate claims of cryptocurrency banking service cancellations: The Wall Street Journal
The Wall Street Journal reported on Monday that U.S. President Donald Trump may sign an executive order this week directing banking regulators to investigate claims of banking service cancellations raised by the cryptocurrency sector and conservatives.
The draft executive order, which the newspaper reviewed, directed banking regulators to investigate whether any financial institutions violated antitrust laws, financial consumer protection, or fair lending practices, and to revoke any agency policies that might contribute to banks abandoning their clients, such as cryptocurrency companies.
The order also directed regulators to refer some potential violations to the Department of Justice for follow-up, with violators facing fines or legal action. Trump is reportedly expected to sign the order this week, but it may be delayed or amended.
Cryptocurrency executives have long claimed that the Biden administration has used regulators to sever their sector from banks after the cryptocurrency exchange FTX was proven to be a fraudulent scheme and collapsed in 2022.
An edited message sent by the Federal Deposit Insurance Corporation (FDIC) in 2022 to a company requesting it to cease its cryptocurrency-related activities. Source: Federal Deposit Insurance Corporation (FDIC).
Court documents revealed in December that the Federal Deposit Insurance Corporation requested some banks to halt cryptocurrency-related activities in 2022, which Paul Grewal, Coinbase's chief legal officer at the time, stated that the sector's claims were not a 'crypto conspiracy theory.'
Coinbase directs lobbying efforts to the UK in a scathing opinion piece.
The UK is falling behind in the digital asset market, particularly in the stablecoin sector, despite this technology's potential to help the country maintain its leading role in global financial services.
This was a pivotal message in a recent opinion piece published in the Financial Times by George Osborne, the former British Chancellor who has turned into a cryptocurrency activist and joined Coinbase as an advisor last year.
Osborne wrote, referring to his home country, the UK: 'What I see concerns me. Instead of being early adopters, we have allowed ourselves to fall behind.'
The slow progress in the stablecoin space, which are representations of fiat currencies on the blockchain, aimed at reducing friction in cross-border transactions and financial transfers, is a major concern for Osborne.
Osborne's article came after Coinbase, the company he advises, released a provocative musical announcement, criticizing the UK for its poor economic management and ongoing cost of living crisis.
Cointelegraph