Six Capital Insider: Your Monthly Review
Welcome to our July newsletter! This month has again seen a lot happening in the area of Web3 and blockchain-technology. In this edition, we are excited to share some important updates and successes with you and show how we continue to seize new opportunities to make our Core Fundperform.
- Altcoins Steal the show after big win Ripple in lawsuit
- Ethereum Paris Community Conference
- Coinbase Plays Crucial Role in Renewed BlackRock Bitcoin ETF Application
Altcoins Steal the show after big win Ripple in lawsuit
The long-awaited moment for the Ripple (XRP) community has finally arrived: federal judge Analisa Torres has ruled that the sale of XRP tokens on exchanges cannot be considered securities. The XRP stock price exploded, shooting more than 70% into the plus. The positive Ripple news sent the entire crypto market into the green and altcoins are currently stealing the show.
While Bitcoin (BTC) managed to take the crypto market by storm recently, the baton has now been passed to the altcoins. Indeed, Bitcoin dominance has dropped tremendously since the news of Ripple came out.
Altcoins are currently performing a lot better than Bitcoin, and this has everything to do with the previous allegations by the U.S. Securities and Exchange Commission (SEC).
You’ll most likely remember it: the SEC dragged Binance and Coinbase into court a while back for allegedly violating federal securities laws. In the indictments, huge numbers of altcoins were labeled as such as securities, or security.
Major coins such as cardano (ADA), solana (SOL) and polygon (MATIC), among others, were named by the financial watchdog and also removed from popular platforms such as Robinhood, eToro and most recently Revolut.
Of course, the ruling within Ripple’s case is not binding on the lawsuits against Binance and Coinbase, but it certainly carries a lot of value. In that respect, then, this event is a great victory for the entire crypto industry.
Ethereum Paris Community Conference: Where Innovation and Thought come together
The Ethereum Community Conference (EthCC), the largest annual European Ethereum event, took place from July 17-20, 2023, in Paris. The conference, powered by Ethereum France, was an intense four-day event focused on technology and community, creating an event of knowledge, networking and improvement. This year there were more than 5,000 attendees, 350 speakers and more than 250 side events.
Our team attended the conference, engaging in insightful discussions during the day and networking with like-minded people in the evening. This varied from entrepreneurs to developers, as well as financial and political leaders. Vitalik Buterin was also there, this is the owner and creator of Ethereum. Buterin spoke about the history of account abstraction, a topic that resonated with many people given its relevance to improving the user experience in the crypto/web3 market.
The conference exemplified the shared intelligence and dedication of those building on Ethereum. Two key insights from the event were the urgent need to improve the user experience and the importance of scalability, layer 2 solutions and zero-knowledge proofs. These are some of the technical aspects of the Web3 market.
The current state of the crypto/web3 space is a major challenge for many users, with the complexity often making it difficult to enter. Many projects at the conference emphasized the need to improve the user experience, a goal that aligns with the concept of account abstraction. This improvement would make the technology more accessible and open the doors to a wider audience beyond those with in-depth knowledge of the technology.
In conclusion, the Ethereum Paris Conference was another mind-boggling experience, bringing together some of the smartest people in the Ethereum community. It proved the potential of Ethereum once again through the dedication of the community. As we move forward, the insights gained from this conference will undoubtedly shape the future of Ethereum and the broader crypto/web3 market.
Coinbase Plays Crucial Role in Renewed BlackRock Bitcoin ETF Application
BlackRock recently filed an application with the SEC to establish a Bitcoin exchange-traded fund (ETF). This filing is now part of the proposed rule change process and was officially registered July 13. It is an important step for the Bitcoin-related proposal currently under review by the SEC.
Originally filed in June by BlackRock, it recently caught the attention of the SEC, leading to an update. The revised application includes a provision for “surveillance sharing,” specifically in partnership with Coinbase. BlackRock is known for obtaining approvals for ETFs and has a positive track record and experience, which made the company optimistic about the approval of their proposal.
As the world’s largest asset manager, with more than $9.4 trillion in assets, BlackRock filed on June 15 its first application for a Bitcoin ETF, inspiring other firms to do the same. Approval of this application would allow customers to invest in Bitcoin without owning the token itself. Instead, they can trade Bitcoin-related assets in traditional stock markets.
This recent development marks a positive step for the BlackRock Bitcoin ETF application and moves it closer to possible SEC approval. Indeed, it is now a matter of waiting for the SEC to decide on the proposal. For Coinbase and all the coins traded there, this also means good news, as it further promotes interest in and acceptance of cryptocurrencies in traditional financial markets!