Category: News, NFT News

Crypto NFT Today: May Week 2

By Published On: May 15, 20242.5 min readViews: 740 Comments on Crypto NFT Today: May Week 2

Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that’ll be defining points for the future of blockchain, cryptocurrency, and NFTs.

With President Biden blocking a Chinese bitcoin mine, Wells Fargo announcing new investments in ETFs, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening! 

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President Biden Blocks Chinese Bitcoin Mine

On May 14, President Joe Biden issued a directive prohibiting a Chinese-backed cryptocurrency mining company from possessing land adjacent to a nuclear missile base in Wyoming, citing concerns about national security.

The directive mandates the sale of property utilized as a cryptocurrency mining facility near the Francis E. Warren Air Force Base. MineOne Partners Ltd., a company partially supported by Chinese investors, and its subsidiaries are instructed to dismantle specific equipment on the premises.

This action coincides with the United States’ plans to impose significant new tariffs on electric vehicles, semiconductors, solar equipment, and medical supplies imported from China.

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 within the financial sector.

The disclosure indicates that Wells Fargo has acquired shares of Grayscale’s GBTC Bitcoin ETF, providing the bank with approximately $141,817 worth of exposure to the digital currency. Additionally, Wells Fargo has made a smaller investment of less than $1,200 in the ProShares Bitcoin Strategy ETF (BITO). This ETF enables investors to gain exposure to Bitcoin futures contracts, allowing them to speculate on the future price movements of the cryptocurrency.

Wisconsin Buys Blackrock Spot Bitcoin ETF

According to a filing, the U.S. state of Wisconsin acquired 94,562 shares of BlackRock’s iShares Bitcoin Trust (IBIT) in the first quarter, valued at nearly $100 million.

Following this news, Bitcoin experienced a 1% increase, currently trading at $61,957. However, it saw a 1.7% decline over the past 24 hours, coinciding with the release of new inflation data exceeding expectations during U.S. morning hours.

Wisconsin, which submitted its quarterly 13F report to the Securities and Exchange Commission (SEC) on Tuesday, becomes the first state to publicly disclose its bitcoin investment. Additionally, the state’s investment board bought shares of Grayscale’s Bitcoin Trust (GBTC) valued at approximately $64 million.

OKX Australia Launches

OKX, a cryptocurrency exchange, has launched its services in Australia, offering spot and derivatives trading options for local users.

This move follows OKX’s establishment of a Sydney office in May last year and marks the latest expansion into international markets, joining previous entries in countries like Turkey and Singapore.

OKX’s expansion into Australia reflects the growing interest in cryptocurrencies among Australians. Notably, the Australian Securities Exchange (ASX) is considering the potential introduction of Spot Bitcoin ETFs by the end of 2024.

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