NFTs
Crypto NFT Today: Week 2 May
Welcome to another edition of NFT Crypto Today! The last two weeks have been full of unmissable events that will define points for the future of blockchain, cryptocurrency and NFTs.
With President Biden blocking a Chinese bitcoin mine, Wells Fargo announcing new ETF investments, and more, there’s a lot of essential news you should know. So let’s dive in and see what’s going on!
President Biden Blocks Chinese Bitcoin Mine
On May 14, President Joe Biden issued a directive prohibiting a Chinese-backed cryptocurrency mining company from owning land adjacent to a nuclear missile base in Wyoming, citing national security concerns.
The directive mandates the sale of properties used as cryptocurrency mining facilities near Francis E. Warren Air Force Base. MineOne Partners Ltd., a company partially backed by Chinese investors, and its subsidiaries are instructed to dismantle specific equipment at the facility.
This action coincides with US plans to impose significant new tariffs on electric vehicles, semiconductorssolar equipment and medical supplies imported from China.
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Wells Fargo announces investments in ETFs
According to a regulatory disclosure, Wells Fargo & Company (WFC) revealed its involvement in cryptocurrencies by investing in several Bitcoin exchange-traded funds (ETFs). This shift reflects a growing interest in digital assets in the financial sector.
The disclosure indicates that Wells Fargo acquired shares of Grayscale’s GBTC Bitcoin ETF, providing the bank with approximately $141,817 in exposure to the digital currency. Additionally, Wells Fargo made a smaller investment of less than $1,200 in the ProShares Bitcoin Strategy ETF (BITO). This ETF allows investors to gain exposure to Bitcoin futures contracts, allowing them to speculate on the cryptocurrency’s future price movements.
Wisconsin buys Blackrock Spot Bitcoin ETF
According to a filethe US state of Wisconsin acquired 94,562 shares of BlackRock’s iShares Bitcoin Trust (IBIT) in the first quarter, valued at nearly $100 million.
After this news, Bitcoin experienced an increase of 1%, currently trading at US$61,957. However, it registered a drop of 1.7% in the last 24 hours, coinciding with the release of new inflation data that exceeded expectations during the morning hours in the US.
Wisconsin, which filed its 13F quarterly report with the Securities and Exchange Commission (SEC) on Tuesday, becomes the first state to publicly disclose its investment in bitcoin. Additionally, the state investment board purchased shares of Grayscale’s Bitcoin Trust (GBTC) valued at approximately $64 million.
OKX Australia launches
OKX, a cryptocurrency exchange, launched its services in Australia, offering spot and derivatives trading options to local users.
This move follows OKX’s establishment of a Sydney office in May last year and marks the latest expansion into international markets, joining previous entries into countries such as Turkey and Singapore.
OKX’s expansion into Australia reflects growing interest in cryptocurrencies among Australians. Notably, the Australian Securities Exchange (ASX) is considering the possible introduction of Spot Bitcoin ETFs by the end of 2024.