Ether ETFs Attract Record Inflows, Surpassing Bitcoin
Ether (ETH) has outpaced Bitcoin (BTC) in exchange-traded fund (ETF) inflows, with CoinShares reporting a record $634 million in inflows in the final week of November. This has brought Ether’s total ETF inflows for 2024 to $2.2 billion. With the increased regulatory clarity in the U.S., Ether’s popularity continues to rise among institutional investors. Analysts predict that Ether ETFs may soon incorporate staking yields, making them even more attractive to those seeking steady returns. Ether’s price has also surged, reflecting its growing appeal.
Meta’s Stablecoin Project Ends Due to Political Interference
Meta’s stablecoin project, Diem, has been shut down, with David Marcus attributing its failure to political pressures from regulators. Despite the promise of Diem to revolutionize digital payments, Meta’s exit from the blockchain space highlights the regulatory challenges that tech companies face when dealing with digital currencies. The closure of Diem raises questions about the viability of corporate-backed stablecoins, particularly as governments and regulators continue to exert control over the crypto space.
BitGo Expands Into India’s Growing Crypto Market
BitGo is making its move into India’s rapidly growing cryptocurrency market, which is expected to generate $6.6 billion in revenue by 2024. The company is working to provide institutional-grade services, including custody solutions and trading platforms, to meet the demand for digital assets in the country. As India’s crypto market continues to expand, BitGo’s entry represents a significant opportunity, though the company will need to navigate the country’s evolving regulatory environment to achieve success.
