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Yahoo
39 minutes ago
- Yahoo
Bitcoin, Ether ETFs Soar as Crypto Week Starts With a Bang
Spot Bitcoin and Ethereum exchange-traded funds rose amid strong gains in their underlying cryptocurrencies—with Bitcoin hitting a new all-time high—as 'Crypto Week' kicks off with expectations that legislation being weighed by U.S. lawmakers will push the asset class further into the mainstream. The world's biggest spot Bitcoin ETF, the $80.1 billion iShares Bitcoin Trust (IBIT), and its runner-up, the $22.7 billion Fidelity Wise Origin Bitcoin Fund (FBTC), both jumped about 2.5% before noon on Monday as Bitcoin briefly topped $123,000. The biggest Ethereum ETFs, the $5.6 billion iShares Ethereum Trust (ETHA) and the $3.2 billion Grayscale Ethereum Trust ETF (ETHE), moved 0.6% higher. The underlying Ether token topped $3,000, and the price has now more than doubled over the past three months, according to CoinMarketCap. The House of Representatives has declared Monday the start of Crypto Week, as lawmakers consider a trio rules this week favored by the Trump Administration that would further legitimize cryptocurrencies. One is the GENIUS Act, whichi would regulate dollar-backed 'stablecoins,' many of which use Ethereum. The other, the CLARITY Act, would give the Commodities Futures Trading Commission (CFTC), a central role in regulating digital commodities. The third, the Anti-CBDC Surveillance State Act, permanently blocks the creation of a central bank digital currency (CBDC). The new rules and pro-crypto stance mark a reversal from that of the Biden Administration, during which crypto and crypto exchanges were tarred by fraud accusations and doubts as to their safety by regulators. Top 5 Spot Bitcoin ETFs—Source: FactSet The rules face a variety of final votes, debates and revisions this week, according to an X post from Nate Geraci, president of NovaDius Wealth Management, formerly the ETF Store. The GENIUS Act, if passed by the House, would go to President Donald Trump to be signed into law. Investors are pouring money into digital asset ETFs, pushing their total AUM to a record $211 billion, according to CoinShares. Last week, crypto ETFs pulled in $3.7 billion, their second-best week ever. Bitcoin ETFs pulled in $2.7 billion, while Ethereum ETFs grabbed $990 | © Copyright 2025 All rights reserved Sign in to access your portfolio
Yahoo
39 minutes ago
- Yahoo
Grayscale Files IPO Registration as Bitcoin Tops $120,000
Grayscale Investments filed a confidential draft registration statement with the Securities and Exchange Commission for an initial public offering, the crypto asset manager announced Monday. The filing comes during what lawmakers have dubbed "Crypto Week" in the House of Representatives, where three key bills aimed at reshaping U.S. crypto policy are advancing through votes this week. The IPO filing puts Grayscale in position to benefit from clearer crypto rules as Congress weighs new legislation, building on the firm's history of fighting regulators that helped create spot Bitcoin ETFs, which have pulled in $52.3 billion in net inflows since their January 2024 launch, according to Farside Investors. Grayscale Investments did not disclose the number of shares or price range for the proposed registration in its announcement Monday morning. The registration is expected to take place after the SEC completes its review process, subject to market and other conditions, according to the filing. The timing coincides with renewed crypto market momentum, with Bitcoin trading over $120,000 and Ethereum near $3,020 as of midday Monday, according to CoinMarketCap. Bitcoin surged early Monday morning and briefly touched an all-time high above $123,000. The asset manager faces ongoing regulatory challenges. Last week, Grayscale's lawyers publicly contested the SEC's decision to pause approval of its Digital Large Cap Fund ETF, citing a missed statutory deadline, according to a letter sent by the firm. Amid these regulatory challenges, Grayscale updated its "Assets Under Consideration" list on July 10, exploring new crypto products including Aptos, Arbitrum, Mantle and Toncoin, according to the company. The firm's 2022 lawsuit that compelled a court to overturn an SEC denial was pivotal in establishing spot Bitcoin ETFs. This legal victory strengthened Grayscale's position, with lawmakers now advancing the GENIUS Act, CLARITY Act and Anti-CBDC Surveillance State Act through House votes this week. The three bills advancing through House votes this week would reshape crypto regulation. The GENIUS Act establishes a federal framework for stablecoins with reserve requirements and issuer licensing. The CLARITY Act clarifies whether the SEC or Commodities Futures Trading Commission (CFTC) oversees different digital assets, while the Anti-CBDC Surveillance State Act would prohibit the Federal Reserve from issuing a central bank digital | © Copyright 2025 All rights reserved Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
an hour ago
Why is the price of bitcoin hitting a record high? Experts explain.
Bitcoin vaulted to a record high on Monday, climbing more than 1% in early trading and hurtling past $120,000 for the first time. The surge comes as the U.S. House of Representatives stands poised for 'crypto week,' a series of debates over the coming days on legislation that could ease regulatory complexity long viewed as an impediment for the industry. The price of bitcoin clocked in at $120,290, amounting to a nearly 15% surge over the past month as crypto-friendly legislation made its way through Congress and investors displayed growing adoption of a new tool for investment in bitcoin. Ether, the second-largest cryptocurrency, also climbed 1% on Monday. Solana, another popular cryptocurrency, climbed 2%. Analysts who spoke with ABC News attributed the surge to signals of a continued government posture friendly toward crypto as well as the growing adoption of a new tool for investment in bitcoin. The rise in price also owes to a steadily approaching limit in the supply of bitcoin, which means heightened demand has outpaced the release of new bitcoins, some analysts previously told ABC News. Some observers question the role of bitcoin's limited supply, since they believe the long-known feature of bitcoin's architecture has already been factored into the asset's price. The House is set to take up the GENIUS Act, an industry-backed measure establishing rules targeting stablecoins, which are a type of cryptocurrency pegged to the value of another asset, often the U.S. dollar. Supporters of the GENIUS Act applaud the measure as a first-of-its-kind effort to formalize a key segment of the cryptocurrency industry, offering safeguards for consumers, allowing entry for conventional financial firms and growing the digital currency market. Critics of the measure, however, say it amounts to an industry-friendly set of weak regulations that fail to adequately protect consumers and police illicit trading of stablecoins. Members of the House will also debate a measure that could clarify the federal government's regulatory posture toward crypto, as well as another bill that would prohibit the Federal Reserve from issuing its own digital asset. Bryan Armour, the director of passive strategies research at financial firm Morningstar, said the policy blitz in the House marks the latest in a string of positive developments for crypto in Washington, D.C., since President Donald Trump's election victory in November. Since the presidential election, the price of bitcoin has soared nearly 80%. 'Crypto week,' Armour said, foretells the 'continuation of broader crypto policy' under the Trump administration. Trump's business dealings in cryptocurrency have raised concerns among some observers about a potential conflict of interest. In March, Trump-backed crypto firm World Liberty Financial issued a stablecoin USD1. An Abu Dahbi-based investment firm last month used the stablecoin to make a $2 billion investment in crypto exchange Binance, putting Trump's company in a position to profit from the deal. Trump has denied any wrongdoing. Trump has yet to release his financial disclosures as president, so it's unclear what arrangements he has made to ensure a firewall between his personal businesses and his presidency. A White House spokesperson told Reuters in April that "President Trump's assets are in a trust managed by his children. There are no conflicts of interest." Crypto gains over recent months have also been propelled in part by U.S. approval last year of Bitcoin ETFs, or Exchange-Traded Funds. Bitcoin ETFs allow investors to buy into an asset that tracks the price movement of bitcoin, while avoiding the inconvenience and risk of purchasing the crypto coin itself. Top investment firms like Fidelity and Franklin Templeton offer bitcoin ETFs, making it easier for investors to pour funds into the world's largest cryptocurrency. As demand has grown, analysts said, the price of bitcoin has climbed. A rush of investment into Bitcoin ETFs in recent days sent the combined asset value of such investment vehicles to a record high of more than $158 billion, according to The Block, an outlet that covers digital assets. Investors placed more than a billion dollars into Bitcoin ETFs on consecutive days last week, The Block found. 'Since the U.S. approval of bitcoin ETFs, we've seen institutional adoption of bitcoin,' Nikhil Bhatia, a professor of finance and business economics at the University of Southern California who studies cryptocurrency, told ABC News. The run-up to bitcoin ETF approval in fall 2023, Bhatia added, was when bitcoin 'got back into bull market mode.' While policy conditions and new investment tools bode well for bitcoin, the precise reasons for the recent surge remain difficult to pin down, some analysts told ABC News. Digital currencies lack an underlying value beyond the price set by the ebb and flow of investor demand, contrasting the assets with stock prices determined in part by expectations of future profits, Bryan Routledge, a professor of finance at Carnegie Mellon University's Tepper School of Business, told ABC News. 'Bitcoin prices have always been puzzling in a sense,' Routledge added. 'It begs the question: 'Why now?' I don't know what the new information is.'
