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BlackRock’s ether ETF, HSBC’s custody plans, and is Circle going public?

The Hash Insider

ETF rumors continue to drive crypto markets upward as the Nasdaq Crypto Index ended the week up 6.9%. The breakout market story of the week was once again ether (ETH), which increased 8.4% while bitcoin (BTC) was up 5.9%.



BlackRock’s spot Ethereum ETF plan is confirmed

 BlackRock is in the process of establishing an Ethereum ETF. The news led to a surge in ETH's price, mirroring the broader crypto market trend. Despite the absence of SEC approval for a spot bitcoin ETF, BlackRock’s move prompted market participants to speculate on a rising likelihood of regulatory consent for crypto ETFs.


Stablecoin issuer Circle weighing 2024 IPO

Circle, the second-largest issuer of dollar stablecoins, is exploring the possibility of an IPO in early 2024, leveraging improved market conditions within the crypto space. This strategic move follows Coinbase's recent acquisition of a stake in Circle and aligns with ongoing discussions regarding the necessity of stablecoin regulation in the US. The market cap of Circle's USDC is $24 billion, while Tether—the leading stablecoin issuer—has a market cap of $87 billion.


HSBC to launch digital asset custody

HSBC’s plans to launch a custody service would cater to institutional clients, allowing the storage of tokens representing traditional financial assets. With growing demand for digital asset custody, HSBC aims to facilitate efficient and transparent trading in the evolving market. This move by the largest Europe-based bank is important for investors seeking secure and regulated means to store and manage digital assets.



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