Web3🌗Wednesday Highlights: Ellison's Legal Battle, Bitcoin ETF Surge, Harris vs. Trump Odds, & Crypto Custody in UAE
1. Caroline Ellison’s lawyers argue she shouldn't face jail post-FTX collapse
2. US Spot Bitcoin ETFs gain $117M, Ethereum ETFs add $11M
3. Harris ties with Trump on Polymarket odds after debate
4. Standard Chartered launches Bitcoin & Ethereum custody in the UAE
Keep reading for more insights!👇
Welcome to your daily dose of Web3 news! Today’s updates bring a mix of legal battles, market movements, and groundbreaking developments in the crypto world. We delve into the latest in Caroline Ellison’s legal journey post-FTX, the impressive rebound of Bitcoin ETFs with $117M in inflows, and the shifting odds between Harris and Trump on Polymarket. Plus, we explore Standard Chartered’s new digital asset custody service in the UAE, marking a significant step in institutional crypto security. Stay tuned as we break down these key stories and what they mean for the future of digital finance.
1. Caroline Ellison’s lawyers argue she shouldn't face jail post-FTX collapse
Former Alameda Research CEO Caroline Ellison, who testified against Sam Bankman-Fried, seeks leniency in her sentencing. Her attorneys request time served and supervised release, citing her cooperation with authorities in the FTX case. The Probation Department also recommended no fine and three years of supervised release. Ellison’s assistance was deemed valuable in FTX’s bankruptcy process, and she has agreed to forfeit nearly all of her assets. She will be sentenced in September 2024.
Nikhilesh De
2. US Spot Bitcoin ETFs gain $117M, Ethereum ETFs add $11M
US spot Bitcoin ETFs saw a strong rebound on Tuesday with $117 million in inflows, following a recent period of outflows. Fidelity's Bitcoin Fund led the surge, attracting $63 million, bringing its total to $9.5 billion in net inflows. Other funds, like Grayscale's Bitcoin Mini Trust and ARK Invest's Bitcoin ETF, also performed well. Meanwhile, US spot Ethereum ETFs gained $11 million, signaling a modest recovery. Despite recent outflows in the crypto market, including $726 million last week, crypto-related ETFs remain dominant, with Bitcoin ETFs leading the 2024 market. September remains a tough month for Bitcoin performance.
Ruholamin Haqshanas
3. Harris ties with Trump on Polymarket odds after debate
In the September 10 debate, Vice President Kamala Harris and former President Donald Trump didn’t discuss cryptocurrency, which led to their betting odds tying at 49% on Polymarket. The debate focused on issues like the economy, immigration, and foreign policies. Experts speculate that if Trump wins, Bitcoin could rise to $90,000, while a Harris victory may see Bitcoin drop to $30,000. Crypto-backed political action committees are heavily funding the 2024 elections, with over $202 million raised. The outcome of the election could significantly impact both political and crypto markets in the coming months.
Ronak Kumar
4. Standard Chartered launches Bitcoin & Ethereum custody in the UAE
Standard Chartered has launched a digital asset custody service in the UAE, licensed by the Dubai Financial Services Authority. This new service, initially focusing on Bitcoin and Ethereum, offers secure storage for digital assets. Brevan Howard Digital is the first client, and the bank plans to expand its offerings to include more digital assets. The launch underscores the increasing institutional interest in secure, regulated digital asset solutions. Standard Chartered's service aims to address regulatory, risk, and security needs for institutions, marking a significant step in the bank’s digital asset strategy and the broader financial sector.
Kevin Helms
That wraps up today’s Web3 roundup! From the legal shifts surrounding Caroline Ellison to the impressive gains in Bitcoin ETFs and the latest betting odds between Harris and Trump, it's clear that the world of digital finance is buzzing with activity. Standard Chartered’s new crypto custody service in the UAE further highlights the growing institutional embrace of digital assets. As these stories unfold, they promise to shape the future landscape of both technology and finance. Be sure to stay tuned for more updates and insights as we continue to track these exciting developments. Thanks for joining us, and see you in the next update!
