Blockchain
Crypto NFT Today: Week 2 of May
Welcome to another edition of Crypto-NFT today! The last two weeks have been full of unmissable events that will set the tone 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 China’s Bitcoin Mine
President Joe Biden on May 14 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 property used as a cryptocurrency mining facility 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 on the premises.
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) has revealed its involvement in cryptocurrencies by investing in several Bitcoin exchange-traded funds (ETFs). This move 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, giving the bank approximately $141,817 worth of 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 documentthe US state of Wisconsin acquired 94,562 shares of BlackRock’s iShares Bitcoin Trust (IBIT) in the first quarter, worth almost $100 million.
Following this news, Bitcoin saw a 1% increase, currently trading at $61,957. However, it fell 1.7% in the past 24 hours, coinciding with the release of new, higher-than-expected inflation data during the US morning hours.
Wisconsin, which filed its quarterly 13F 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 approximately $64 million worth of Grayscale’s Bitcoin Trust (GBTC) shares.
Launch of OKX Australia
OKX, a cryptocurrency exchange, launched its services in Australia, offering spot and derivatives trading options for local users.
This move follows OKX opening an office in Sydney 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. In particular, the Australian Securities Exchange (ASX) is evaluating the potential introduction of Spot Bitcoin ETFs by the end of 2024.