Trump at Bitcoin 2024, Biden withdraws, ETH ETFs launch, Mt. Gox repayments | Weekly Recap

Last week in crypto, Republican presidential candidate Donald Trump spoke at the Bitcoin 2024 conference; spot Ethereum ETFs began trading, but ended the week with net outflows; exchanges and creditors confirmed Mt. Gox repayments.

In case you missed them, here are the biggest stories of the past week in crypto.

Bitcoin 2024: Remarks from Trump, crypto leaders

• The Bitcoin 2024 conference in Nashville ran from July 25 to 27. Yesterday, on the final day of the event, GOP presidential nominee Donald Trump delivered a speech, commending the crypto industry and reassuring his commitment to helping it grow. 

• Trump stressed that he would sack the current SEC chair Gary Gensler, do away with unfriendly crypto rules like SAB 121, transform the U.S. into the “crypto capital of the planet,” and ensure the government retains all its Bitcoin (BTC) in reserve. 

• Speaking at Bitcoin 2024 on Friday, Jan van Eck, CEO of leading asset manager VanEck, confirmed he remains bullish on Bitcoin. According to him, over 30% of his portfolio contains Bitcoin.

• On day 2, Bitcoin bull and MicroStrategy Chairman Michael Saylor predicted a bull case price of $49 million for Bitcoin by 2045, and a bear case value of $3 million. 

• Pro-crypto senator Cynthia Lummis criticized the current SEC, stressing the Republicans’ crypto-friendly approach. Whistleblower Edward Snowden advised the community to be cautious of politicians who might be after their own agenda.

Joe Biden backs down, endorses Harris

• Meanwhile, President Joe Biden backed down from the presidential race. Biden instead endorsed Vice President Kamala Harris as the Democratic presidential nominee.

• Harris’ crypto stance remains unclear, but reports revealed yesterday that her team is looking to “reset relations” with the crypto industry in the U.S. Following Biden’s announcement, BTC closed the day above $68,000 for the first time in over a month. However, meme coin Jeo Boden saw a 49% drop. 

Ethereum ETFs begin trading

• Spot Ethereum (ETH) ETFs officially began trading on July 23, as crypto.news reported last week. On the first day of trading, the ETF products saw over $1 billion in volume and attracted a net inflow of $106.7 million.

• After four trading days last week, the Ethereum ETF products witnessed a combined net outflow of $341.8 million due to the Grayscale Ethereum Trust (ETHE) recording $1.513 billion in negative flows.

Mt. Gox creditors confirm repayments

• Last week, reports revealed that Mt. Gox creditors had begun confirming their balances on the Kraken crypto exchange. Meanwhile, Bitstamp announced on July 24 that it will begin distribution on July 25. 

SBI and Franklin Templeton partner for crypto ETFs in Japan

• Meanwhile, SBI Group and Franklin Templeton forged a partnership to launch a joint venture focused on introducing crypto ETFs in Japan. SBI will own 51% of the venture, while Franklin Templeton will hold 49%.