February 22, 2024 4:37 PM
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newsletter@mail.coinbase.com
ETH’s highest price since 2022
Coinbase Bytes newsletter discussing Ethereum's recent surge above $3,000, potential of spot ETH ETFs, international cryptocurrency updates, and upcoming Ethereum upgrade.
ETH just hit $3,000. Where will it head next? View in browser 2/22/24 Japan’s national legislature is weighing a new economic reform bill that includes a crypto provision. [Toshiro Shimada via Getty Images] What’s up? It’s Coinbase Bytes Ther
February 22, 2024 4:37 PM
-
newsletter@mail.coinbase.com
ETH’s highest price since 2022
Coinbase Bytes newsletter discussing Ethereum's recent surge above $3,000, potential of spot ETH ETFs, international cryptocurrency updates, and upcoming Ethereum upgrade.
ETH just hit $3,000. Where will it head next? View in browser 2/22/24 Japan’s national legislature is weighing a new economic reform bill that includes a crypto provision. [Toshiro Shimada via Getty Images] What’s up? It’s Coinbase Bytes Ther
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</style></head><body style="margin:0; padding:0; background-color:#FFFFFF; font-family:Helvetica Neue,Helvetica,Arial,sans-serif; font-size:16px; color:#0A0B0D"><span style="color:transparent; visibility:hidden; display:none; opacity:0; height:0; width:0; font-size:0">ETH just hit $3,000. Where will it head next?</span><img src="https://links.coinbase.com/e/eo?_t=3aca56371967418192255878e9689713&_m=75861633ce2b44caa606dd4a4bcf66e5&_e=OscK82sahHetDpj-lVc1CQeACdczkcL8LoLDONgB8FwnCbFOQ1Sgu_qdZ26DUWcpSzc0Hkj-mKLu8-FHbahRMWwYnefuRETBlfmikXwoeLcwIqq_9Ew1Aa55oCq7Fw8kjLiaxoEkM5Svr6EK5vCdwLr3J683UCDpQKEYDGeb_fk%3D" width="1" height="1" style="border:0; width:1px; height:1px; border-width:0px!important; display:none!important; line-height:0!important"><div id="root" style="min-width:320px; background-color:#FFFFFF; width:100%"><div class="block-grid" style="min-width:320px; max-width:570px; word-break:break-word; margin:0px auto"><div style="padding:0px 10px 10px"><div style="text-align:right; margin-bottom:24px"><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(91,97,110); text-decoration:none; line-height:1.5; font-size:12px">View in browser</a></div><div style="margin-bottom:20px"><table style="width:100%"><tbody><tr><td style="text-align:left; vertical-align:middle"><a href="#" title="Coinbase Bytes" target="_blank" rel="noopener noreferrer"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/cbytes-4x.png" height="36" style="display:block; height:36px"></a></td><td style="text-align:right"><p style="font-size:20px; color:rgb(10,11,1); margin:10px 0px 0px">2/22/24</p></td></tr></tbody></table></div><a href="#" target="_blank" rel="noopener noreferrer"><img src="https://images.ctfassets.net/q5ulk4bp65r7/4ACj2qIeVKy0tJzoNU5zDj/9f86c1c499b5682b647837a8ce20dc45/image1.jpg" width="100%" style="display:block; width:100%"></a><p style="margin:16px 0px 0px; line-height:1.5; word-break:break-word; font-size:12px; color:rgb(91,97,110)">Japan’s national legislature is weighing a new economic reform bill that includes a crypto provision. [Toshiro Shimada via Getty Images]</p><p style="margin:48px 0px 16px; font-size:32px; line-height:1.26; word-break:break-word"><strong>What’s up? It’s Coinbase Bytes </strong></p><p style="margin:0px; line-height:1.6; word-break:break-word">There’s never a dull moment on the blockchain. Here’s what you need to know this week:</p><ul style="margin:10px 0px; padding-left:24px; line-height:1.6"><li style="margin:0px; padding:6px 0px"><strong>ETH hit $3,000 for the first time since 2022. </strong>Optimism over spot ETFs and blockchain upgrades could be driving the rally.</li><li style="margin:0px; padding:6px 0px"><strong>International crypto headlines in focus. </strong>The latest updates from Australia, South Korea, Japan, and the U.K.</li><li style="margin:0px; padding:6px 0px"><strong>This week in numbers. </strong>The percentage of Californians who own digital assets, the amount of venture capital pouring into crypto, and more stats to know. </li></ul><p style="margin:0px; padding:0px"></p><div class="desktop_hide" style="display:none; max-height:0; overflow:hidden"><table style="width:100%; table-layout:fixed; margin:0"><tbody><tr><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Bitcoin</strong></p><p style="margin:8px 0px">$51,298.47 </p><p style="margin:0; font-size:12px">-1.10% </p></div></td></tr></tbody></table></a></td><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Ethereum</strong></p><p style="margin:8px 0px">$2,976.05 </p><p style="margin:0; font-size:12px">+5.33% </p></div></td></tr></tbody></table></a></td></tr><tr><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Solana</strong></p><p style="margin:8px 0px">$102.59 </p><p style="margin:0; font-size:12px">-9.34% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>XRP</strong></p><p style="margin:8px 0px">$0.54 </p><p style="margin:0; font-size:12px">-3.99% </p></div></td></tr></tbody></table></a></td></tr><tr><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Cardano</strong></p><p style="margin:8px 0px">$0.59 </p><p style="margin:0; font-size:12px">-2.32% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Avalanche</strong></p><p style="margin:8px 0px">$36.94 </p><p style="margin:0; font-size:12px">-11.31% </p></div></td></tr></tbody></table></a></td></tr></tbody></table></div><div class="mobile_hide"><table style="width:100%; table-layout:fixed; margin:0"><tbody><tr><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Bitcoin</strong></p><p style="margin:8px 0px">$51,298.47 </p><p style="margin:0; font-size:12px">-1.10% </p></div></td></tr></tbody></table></a></td><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Ethereum</strong></p><p style="margin:8px 0px">$2,976.05 </p><p style="margin:0; font-size:12px">+5.33% </p></div></td></tr></tbody></table></a></td><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Solana</strong></p><p style="margin:8px 0px">$102.59 </p><p style="margin:0; font-size:12px">-9.34% </p></div></td></tr></tbody></table></a></td></tr><tr><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>XRP</strong></p><p style="margin:8px 0px">$0.54 </p><p style="margin:0; font-size:12px">-3.99% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Cardano</strong></p><p style="margin:8px 0px">$0.59 </p><p style="margin:0; font-size:12px">-2.32% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Avalanche</strong></p><p style="margin:8px 0px">$36.94 </p><p style="margin:0; font-size:12px">-11.31% </p></div></td></tr></tbody></table></a></td></tr></tbody></table></div><p style="margin:20px 0px 0px; line-height:1.5; word-break:break-word; color:rgb(91,97,110); font-size:12px">Price changes are for the past week, ending on Feb 22, 2024 at 11:10 PM UTC</p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:50%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>See the latest prices</strong></a></div><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>ETH UPDATE </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>ETH rallies above $3,000 as hopes for ETF grow</strong></p></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">For the first time since April 2022, Ethereum <a href="#" target="_blank" rel="noopener noreferrer">crossed the $3,000 mark</a> on Tuesday. The second-largest cryptocurrency by market cap is up roughly 12% in the last week and 30% in the past month as traders have become increasingly bullish about two major catalysts that are on the horizon: the potential arrival of spot ETH exchange-traded funds (ETFs) and an upcoming network upgrade. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Let’s dig in.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Spot ETH ETF hopes are rising.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Finance heavyweights including BlackRock, Franklin Templeton, Ark Invest, and Invesco are seeking SEC approval for spot ETH ETFs.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Like the spot BTC ETFs that began trading to huge success in January, the new products would buy ETH and sell shares via conventional brokerages, allowing a wide range of investors access to Ethereum, from massive hedge funds to individual IRA holders.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The SEC is obligated to make a decision on some of those applications by May 23. Bloomberg ETF analyst Eric Balchunas, who covered the run-up to the approval of BTC ETFs, <a href="#" target="_blank" rel="noopener noreferrer">estimates a 70% chance</a> of approval. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">As the SEC deadline approaches, British banking giant Standard Chartered <a href="#" target="_blank" rel="noopener noreferrer">anticipates</a> that ETH’s price could rally, mirroring the monthslong rally bitcoin saw prior to the approval of spot BTC ETFs in the U.S.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>ETH ETFs may be especially appealing to Wall Street.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Some analysts believe that ETH has potential to become a favorite <a href="#" target="_blank" rel="noopener noreferrer">among institutional investors</a>, reports CoinDesk.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">According to Bernstein analysts (who believe there’s a “near-certain probability” of approval in the next 12 months), ETH’s flexibility could make it a hit with Wall Street traders: “Ethereum with its staking yield dynamics, environmentally friendly design, and institutional utility to build new financial markets, is well positioned for mainstream institutional adoption.”</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">ETH’s staking mechanism, for example, could pave the way for new types of ETFs where yield is paid out to shareholders. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>ETH’s user activity is heating up.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">As ETH’s price surges, so are transactions on its blockchain — a sign that users are actively engaging with applications across the Ethereum ecosystem. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Since the start of February, the <a href="#" target="_blank" rel="noopener noreferrer">seven-day moving average</a> for ETH’s blockchain transaction volume is up roughly 27 percent, from $3.08 billion to $3.92 billion, as of February 21.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">In that same span, the total value locked across the many DeFi apps that run on ETH has risen from $32 billion to more than $45 billion. Uniswap, the decentralized exchange, is currently <a href="#" target="_blank" rel="noopener noreferrer">the most popular app</a> on Ethereum, with around 3 million transactions in the past month (a 16% boost from the prior month). </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>A major Ethereum upgrade could slash fees.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Traders are also awaiting ETH’s forthcoming Dencun upgrade, which is currently planned for <a href="#" target="_blank" rel="noopener noreferrer">mid-March</a>. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Dencun, which is the next step of ETH’s yearslong product roadmap, includes an innovation called “proto-danksharding,” which aims to help solve Ethereum’s scaling issues by making it more efficient for the network to move and store data. Importantly, the move should also slash transaction costs. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Analysts <a href="#" target="_blank" rel="noopener noreferrer">estimate the upgrade</a> could help make transactions cheaper by around 50 to 90 percent. And as Ethereum continues to build out its roadmap, co-founder Vitalik Buterin says its developers <a href="#" target="_blank" rel="noopener noreferrer">could soon</a> begin to rely on artificial intelligence, particularly to verify code and identify potential bugs.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>The bottom line…</strong> </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">As the broader crypto market continues to grow, Ethereum’s time to shine could be approaching. Historically, after underperforming BTC in the earlier part of bull trends, ETH often flips to a period of overperformance.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Some analysts think <a href="#" target="_blank" rel="noopener noreferrer">that time is now</a>, with ETH’s seven-day performance more than doubling BTC’s 6% gain in that same span. </p><a href="#" target="_blank" rel="noopener noreferrer"><div class="desktop_hide" style="display:none; max-height:0px; overflow:hidden"><img src="https://images.ctfassets.net/q5ulk4bp65r7/19arROepXkjw5bEz4evjgq/17d2d2674506fb4e249a5cb49b55bba6/2024_copy.jpg" width="100%" style="display:block; width:100%; margin:64px 0px"></div><div class="mobile_hide"><img src="https://images.ctfassets.net/q5ulk4bp65r7/7KdvqPUTsgAlbTSKE1cq7b/3c6d58f7ba10ae3177dd5c9d282cb298/desk.jpg" width="100%" style="display:block; width:100%; margin:64px 0px"></div></a><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>GLOBAL SCENE </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>ETF buzz grows in Australia and South Korea, while Japan and U.K. seek regulatory clarity</strong></p></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The arrival of spot BTC ETFs in the U.S. hasn’t just been big news here — it’s influencing regulators and consumers in other regions to consider approving similar products. This week, we’re looking at ETF buzz in South Korea and Australia, and digging into some crypto policy updates in Japan and the U.K. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Here’s what you need to know. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>BTC optimism rises in Australia ahead of likely ETF debut.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The Independent Reserve Cryptocurrency Index, an annual survey of Australians’ opinions about crypto, shows that “25% of Australians view bitcoin more favorably after the [U.S.] spot bitcoin ETF approval in January,” <a href="#" target="_blank" rel="noopener noreferrer">reports</a> Coindesk. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Australia has actually had a spot BTC ETF since 2022, but the product (the Global X <a href="#" target="_blank" rel="noopener noreferrer">21Shares Bitcoin ETF</a>) has less than $55 million (AUD) under management — potentially because it trades on CBOE Australia, an alternative to the nation’s primary ASX exchange.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">This year, <a href="#" target="_blank" rel="noopener noreferrer">analysts are expecting</a> the approval of one or more spot ETFs that will trade on ASX, which could bring far more liquidity into the products.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>South Korea’s ruling party may campaign on spot BTC ETF approval.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">According to new reports in Korean media, the ruling People Power Party plans to campaign on loosening crypto restrictions as part of an effort to appeal to younger voters. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Per the Block, <a href="#" target="_blank" rel="noopener noreferrer">the party’s potential plans</a> include a “pledge to eliminate the ban on spot bitcoin ETFs, institutional investment in crypto, and initial exchange offerings” and <a href="#" target="_blank" rel="noopener noreferrer">another two-year deferral</a> on certain crypto capital-gains taxes. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>The U.K. government is on the path to providing clarity on crypto regulation.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">This week, speaking at an event hosted by Coinbase, Economic Secretary to the Treasury Bim Afolami <a href="#" target="_blank" rel="noopener noreferrer">said</a> that the government was “pushing very hard” to pass rules around stablecoins and staking in the next six months.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Staking is likely to be classified in a new way that “avoids [it] being considered a collective investment scheme,” Coinbase’s vice president for international policy, Tom Duff Gordon, told Bloomberg.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Asked about a timeline on broader crypto regulation beyond stablecoins and staking, Afolami said “there’s just a huge amount going on, so I don’t want to commit to that now.”</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Japan proposes crypto-friendly legislation.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">As Blockworks reports, a pro-crypto policy that would “allow investment firms to directly hold crypto assets” is part of a <a href="#" target="_blank" rel="noopener noreferrer">new economic reform bill</a> from Japan’s Ministry of Economy, Trade, and Industry that is now under consideration in the country’s national legislature.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">“The inclusion of crypto assets in the legal framework not only legitimizes their use in institutional investment strategies but also positions Japan as a forward-thinking player in the global digital assets space,” <a href="#" target="_blank" rel="noopener noreferrer">said</a> Sota Watanabe, the founder of Astar Network. “This is a crucial step for enriching and nurturing the national industry.” </p><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>NUMBERS TO KNOW </strong></p></td></tr></tbody></table></div><h1><strong>$2.5 billion </strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The inflows into digital asset investment products last week, setting a new record for weekly inflows, <a href="#" target="_blank" rel="noopener noreferrer">according to CoinShares</a>. Following these record inflows, “several U.S. spot bitcoin ETFs saw all-time high volumes on Tuesday,” reports Blockworks. </p><h1><strong>$1.9 billion</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Amount of <a href="#" target="_blank" rel="noopener noreferrer">venture capital funding</a> raised by crypto companies in the final quarter of 2023, a 2.5% increase over the prior quarter. It was the first time that VC funding for crypto startups has risen in consecutive quarters since March 2022.</p><h1><strong>$40.8 million</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Value of the native OP tokens the layer-2 network Optimism <a href="#" target="_blank" rel="noopener noreferrer">distributed</a> via an airdrop to users this week. Nearly 23,000 users qualified for the airdrop, which was aimed at rewarding NFT creators and had a maximum allocation worth around $23,640.</p><h1><strong>8.2 million</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Number of California adults (27% of Californians) that report owning digital assets, according to <a href="#" target="_blank" rel="noopener noreferrer">new research</a> from Morning Consult. An overwhelming 86% of all crypto owners in the state agree that the global financial system needs to change.</p><h1><strong>3,100</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The number of <a href="#" target="_blank" rel="noopener noreferrer">Walmart stores</a> that will sell toys from the Pudgy Penguins NFT collection. The 30 different toys, which range from $2.99 to $11.97, are licensed from holders of the NFTs. Pudgy Penguins is the third most-valuable NFT collection on the market. </p><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>TOKEN TRIVIA </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>When was the first time bitcoin crossed $50,000?</strong></p></div><div style="margin-top:16px"><table style="line-height:1.6; word-break:break-word"><tbody><tr><td style="padding-right:12px"><strong>A</strong></td><td>2023</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>B</strong></td><td style="padding-top:12px">2022</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>C</strong></td><td style="padding-top:12px">2021</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>D</strong></td><td style="padding-top:12px">2020</td></tr></tbody></table></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Find the answer at the end of the email.</p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:50%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>Read BTC insights </strong></a></div><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>NOW TRADING ON COINBASE </strong></p></td></tr></tbody></table></div><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(10,11,13); text-decoration:none"><table style="margin:16px 0px 0px; width:100%"><tbody><tr><td style="font-size:32px; line-height:1.26; word-break:break-word; vertical-align:middle; white-space:nowrap"><strong>RENDER</strong></td><td style="vertical-align:middle; padding-left:12px"><img src="https://asset-metadata-service-production.s3.amazonaws.com/asset_icons/232d219562c169f1d1023d248261e34febf28259b450ac3c5331d50348a466b2.png" width="26" height="26" style="display:block; width:26px; height:26px; vertical-align:middle"></td><td style="vertical-align:middle; text-align:right; width:100%"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Newsletter%20Assets/newlistings_light.png" width="21" height="18" style="width:21px; height:18px; vertical-align:middle"></td></tr></tbody></table><p style="margin:0px; line-height:1.6">The Render Network is a decentralized GPU rendering platform that enables distributed graphics processing. </p></a><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(10,11,13); text-decoration:none"><table style="margin:16px 0px 0px; width:100%"><tbody><tr><td style="font-size:32px; line-height:1.26; word-break:break-word; vertical-align:middle; white-space:nowrap"><strong>STRK</strong></td><td style="vertical-align:middle; padding-left:12px"><img src="https://asset-metadata-service-production.s3.amazonaws.com/asset_icons/d4f8694e03eaa36b863aa1833881cbc5821f8762bb9a51f5d3c80f8bcc6b8491.png" width="26" height="26" style="display:block; width:26px; height:26px; vertical-align:middle"></td><td style="vertical-align:middle; text-align:right; width:100%"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Newsletter%20Assets/newlistings_light.png" width="21" height="18" style="width:21px; height:18px; vertical-align:middle"></td></tr></tbody></table><p style="margin:0px; line-height:1.6">Starknet is a zk-rollup Ethereum scaling solution. </p></a><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(10,11,13); text-decoration:none"><table style="margin:16px 0px 0px; width:100%"><tbody><tr><td style="font-size:32px; line-height:1.26; word-break:break-word; vertical-align:middle; white-space:nowrap"><strong>ZETA</strong></td><td style="vertical-align:middle; padding-left:12px"><img src="https://asset-metadata-service-production.s3.amazonaws.com/asset_icons/ef9e387c9bf4354c6163feeb01183f15f362d500e6cb7b0d9a2ed3346e0256a8.png" width="26" height="26" style="display:block; width:26px; height:26px; vertical-align:middle"></td><td style="vertical-align:middle; text-align:right; width:100%"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Newsletter%20Assets/newlistings_light.png" width="21" height="18" style="width:21px; height:18px; vertical-align:middle"></td></tr></tbody></table><p style="margin:0px; line-height:1.6">ZetaChain is a blockchain built on the Cosmos SDK focused on enabling interoperability among all blockchains. </p></a><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(10,11,13); text-decoration:none"><table style="margin:16px 0px 0px; width:100%"><tbody><tr><td style="font-size:32px; line-height:1.26; word-break:break-word; vertical-align:middle; white-space:nowrap"><strong>VELO</strong></td><td style="vertical-align:middle; padding-left:12px"><img src="https://asset-metadata-service-production.s3.amazonaws.com/asset_icons/f61c887898ac0902737bba0f4d5d460bd1b64247c34e6bf7b506052d39b1adf9.png" width="26" height="26" style="display:block; width:26px; height:26px; vertical-align:middle"></td><td style="vertical-align:middle; text-align:right; width:100%"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Newsletter%20Assets/newlistings_light.png" width="21" height="18" style="width:21px; height:18px; vertical-align:middle"></td></tr></tbody></table><p style="margin:0px; line-height:1.6">Velodrome Finance is an automated market maker on Optimism. </p></a><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><p style="margin:0px; line-height:1.6; word-break:break-word"><strong>Trivia answer</strong></p><table style="margin:12px 0px 0px; line-height:1.6; word-break:break-word"><tbody><tr><td style="padding-right:12px"><strong>C</strong></td><td>2021</td></tr></tbody></table><table style="margin:48px 0px 0px"><tbody><tr><td style="text-align:left"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Rebrand%20Assets/coinbase_footer_wordmark.png" alt="Coinbase" height="26" style="display:block; height:26px; margin-bottom:24px"></td></tr><tr><td><a href="#" title="coinbase ios app" target="_blank" rel="noopener noreferrer"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Icons/app_apple.png" alt="Download on iOS App store" height="46" style="display:block; height:46px; margin-right:8px"></a></td><td><a href="#" title="coinbase android app" target="_blank" rel="noopener noreferrer"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Icons/app_google.png" alt="Download on Google Play" height="46" style="display:block; height:46px"></a></td></tr></tbody></table><div style="margin-top:24px"><p style="font-size:12px; line-height:1.8; word-break:break-word; color:rgb(91,97,110)">Disclaimer: This material is the property of Coinbase, Inc., its parent and affiliates ("Coinbase"). The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Coinbase or its employees and summarizes information and articles with respect to cryptocurrencies or related topics that the author believes may be of interest. This material is for informational purposes only, and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations or (iii) an official statement of Coinbase. No representation or warranty is made, expressed or implied, with respect to the accuracy or completeness of the information or to the future performance of any digital asset, financial instrument or other market or economic measure. The information is believed to be current as of the date indicated on the materials. Recipients should consult their advisors before making any investment decision. Coinbase may have financial interests in, or relationships with, some of the entities and/or publications discussed or otherwise referenced in the materials. Certain links that may be provided in the materials are provided for convenience and do not imply Coinbase's endorsement, or approval of any third-party websites or their content. <br><br>Coinbase is licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. <br><br>© Coinbase 2024 | Coinbase Inc. <br>248 3rd St #434 <br>Oakland | CA 94607 | US <br><a href="#">www.coinbase.com</a> <br><a href="#">Get in touch</a> <br><br><br><a href="#" style="text-decoration:none">Unsubscribe</a> from future editions of Coinbase Bytes.</p></div></div></div></div><img alt="" src="http://comm.coinbase.com/CI0/0100018dd32de6bc-54dfe075-c09a-4260-ac14-1c8f90fcd200-000000/vy2ZrnLFQ3fjfl4Bk-UrxpRd-d1L4jNvuQly6Ne9_MA=341" style="display:none; width:1px; height:1px"> </body></html>
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