Ethereum reaches 20 million staked ETH milestone

Ethereum continues to chart new territories with over 23.5 million ETH, equivalent to over $38 billion, currently deposited for staking, a process akin to locking up funds in high-yield accounts. This not only allows token holders to generate passive income without selling or trading their assets, but also heightens the security of the Ethereum blockchain. In contrast, back in November 2021 when ETH hit an all-time high of $4,400, only 8.2 million ETH (about $15 billion) were staked, underscoring the substantial growth in the staking activity.

The significant uptake in staking began post the Ethereum Merge in September last year and gained more traction after the Shapella upgrade enabled withdrawals. Moreover, a net influx of 3.6 million staked ETH, representing approximately $6.9 billion, has been recorded post the Shanghai upgrade. Currently, staked ETH makes up approximately 19.4% of the total 120.2 million ETH in circulation, equivalent to nearly 6.4% of Bitcoin's market cap. 

Interestingly, the quantity of staked ETH on the Ethereum blockchain is about to surpass the total amount of ether held across all cryptocurrency exchanges, reflecting an ongoing shift of ETH holders from centralized platforms to more decentralized spaces.

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Spain welcomes Crypto.com

Crypto.com announced on Friday that it has successfully secured its status as a registered virtual asset service provider from the Bank of Spain. As the European Union gears up to embrace new standards and requirements under the Markets in Crypto Assets (MiCA), it seems like Spain is positioning itself to be at the forefront, creating a conducive regulatory environment for crypto-related operations. 

Following this registration, Crypto.com is now permitted to extend its range of products and services to its customers in Spain, as stated in a press release by the exchange.

The Bank of Spain, being the country's central bank, is charged with the responsibility of issuing licenses for cryptocurrency and digital token trading. This licensing process is designed to protect users and supervise crypto trading activities.

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Gemini expands institutional Ethereum staking to UK

The cryptocurrency exchange, Gemini, owned by Cameron and Tyler Winklevoss, is actively broadening its reach across the globe, introducing Ethereum staking in the United Kingdom. 

Gemini publicized the roll-out of Gemini Staking Pro in the UK on June 23. This service enables institutions and wealthy individuals to act as Ethereum validators by securing a minimum of 32 Ether (ETH), valued approximately at $60,000 at the point of announcement.

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Bitcoin miners seek revenue with AI

Several Bitcoin miners are striving to broaden their income by investigating other opportunities beyond cryptocurrency. Hut 8 is adopting this approach by branching out into services unrelated to mining. In June, the company entered into a contract with Interior Health, a Canadian health authority, to offer colocation services from its data center in Kelowna until the year 2028.

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Bitcoin profit takers lock in $537 million

On June 21, Bitcoin's price surge past $30,000 triggered the second largest profit-taking event of this year, with market participants netting a staggering $537 million, according to data from on-chain analytics firm Glassnode. The event, however, fell short compared to the peak profit taking of $4.9 billion witnessed during the 2021 bull market. Crypto exchanges reported $62.8 million in profitable inflows at this time, with short-term holders making up 83% of the total.

Several factors contributed to this price surge, including fresh applications for spot Bitcoin ETFs filed by renowned investment managers such as BlackRock, Invesco, WisdomTree, and Valkyrie. This development, along with a high concentration of long-term Bitcoin holders, could potentially fuel further demand and increase the digital asset's price. Most long-term holders, though, have opted to retain their coins, indicating their continued faith in Bitcoin's long-term value.

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Other breaking news

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• Prime Trust Halted Withdrawals
• Aura Finance on Arbitrum
• MakerDAO Buys $700M US Treasurys
• Circle Resumes U.S Treasury Purchases

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Wrapping up

This week witnessed remarkable developments in the crypto space, notably Ethereum surpassing the 20 million staked ETH milestone, Crypto.com receiving a warm welcome from Spain, and Gemini's Ethereum staking expansion to the UK. As Bitcoin miners look beyond crypto for revenue diversification, Bitcoin owners locked in substantial profits this week. These events underscore the dynamic and evolving nature of the crypto landscape. Stay informed, and we look forward to sharing more updates with you next week!