Harris’s Crypto Position, ETH ETF Boom, Altcoin Prospects, and Tesla’s Q2 Achievements

While you, dear readers, are sipping margaritas on pristine sandy beaches, we’ve been hard at work for you. We’ve kept our eyes glued to the screens, scouring the news to bring you the week’s most intriguing updates. So, put down your glass (or don't) and dive into the world of current events with us.

Recent Digest: CryptoPunk Docu-release, Germany Exhausts Sell-Side Pressure, Avalanche Whales Drop the Mic,Ether ETFs Have Made it Easy for SOL

Kamala Harris's Crypto View. Industry Insights

If you're not living in a bunker without any connection to the outside world (and since you're reading this, you're not), you probably know that Biden has withdrawn his candidacy and put forward Vice President Kamala Harris in his place. Biden's stance on cryptocurrencies has been clear for a while, but experts have been scratching their heads all week over Kamala's position. Let's shed some light on what the industry thinks and what we already know about Harris's stance on cryptocurrencies.

Related: Kamala Could "Reset" Democrats Mind on Crypto, Says Blockchain Association CEO

According to billionaire investor Mark Cuban, the tech industry might find an unexpected ally in Kamala Harris, who could be much more open to technological innovations and cryptocurrencies.

Policy transformations change the message and let everyone know she's in charge and literally open for business.

Aaron Levie, CEO of cloud computing company Box, says the Vice President could gain support from "a dozen+ tech company leaders" if she promotes a pro-technology approach in her policies.

Harris has just four weeks left until the Democratic National Convention, where she needs to present her agenda. If she has a credible 10-point plan to support business, technology, and entrepreneurship, she could quickly rally a significant portion of the ecosystem.

And the cherry on top – Harris's team is reportedly reaching out to cryptocurrency industry leaders for policy suggestions, which is already a promising sign for the future of the entire industry.

Debut of ETH ETF Sees Over $1 Billion in Trading Volume

The long-awaited launch of the ETH ETF has finally happened! 

The trading volumes for the Ethereum ETF exceeded $1 billion on the first day, with a net inflow of $106.78 million.

Sure, these numbers aren't as staggering as the launch of the BTC ETF, where trading volumes hit $4.5 billion on the first day and saw $600 million in net inflows, but they're still pretty impressive.

With a total trading volume hitting a high of $1.077 billion, the funds captured roughly 20% of the trading volume that spot Bitcoin ETFs experienced on their launch day back in January.

BlackRock’s iShares Ethereum Trust ETF (ETHA) had the highest inflow at $266.5 million, followed by Bitwise’s Ethereum ETF (ETHW) with $204 million.

Most of the outflow was seen in Grayscale’s Ethereum Trust (ETHE), which showed an outflow of $484 million. This was similar to what happened with Grayscale’s Bitcoin Trust.

While the total trading volume of $1.077 billion shows strong investor interest, it still represents just a portion of the volumes recorded during the launch of spot Bitcoin ETFs.

ETH ETF to Boost Altcoin Prices

Yes, you read that right — another story about the ETH ETF. But who can ever have too much good financial news, right? 

UNI

Thanks to Ethereum Uniswap (UNI), the native token of the largest decentralized exchange for trading crypto tokens through Ethereum liquidity pools is primed for a boost. Given this connection, UNI closely tracks ETH’s movements. And it’s not just our hunch — Macroaxis’s correlation data backs this up.

Currently trading at $7.57, UNI’s 21.31% drop this month could mean it’s time for a “buy the dip” opportunity.

Moreover, crypto whales have been stocking up on UNI in large quantities. With this continued accumulation, UNI’s price might well break above $8 in the short term. If the bulls keep the bears at bay, the token could even surge to $9.40 or $10.03.

Pepe

No altcoin roundup would be complete without a shoutout to Pepe (PEPE), the leading meme coin on Ethereum. The coin has been experiencing increasing accumulation, which might push its price up.

PEPE recently broke out of a downward channel, leading the token to spike to $0.000013 before settling back to $0.000012. The Accumulation/Distribution (A/D) line indicates that buying pressure is gradually improving.

Should ETH rise to $4,000, PEPE is likely to revisit $0.000015 soon.

ENS

Bitwise Invest, one of the ETF issuers, has announced it will be the first ETF to integrate Ethereum Name Service (ENS) for each address. Using ENS will ensure transparency when checking its assets and ETHW flows directly on the blockchain.

This development, along with others, positions ENS as one of the altcoins that could benefit from the Ethereum ETF launch. In an ideal scenario, ENS’s price might break through the $30.00 resistance and hit $34.32.

But don’t get too excited just yet — there’s still some skepticism about how quickly ETFs will impact altcoin prices. The full effect of ETF approval on the market may not be fully realized for six to nine months, as products get fully integrated into financial portfolios and gain widespread adoption.

Genius, Playboy, Billionaire Brags About Tesla's Q2 Success

You wouldn’t be wrong if you thought the headline was about Iron Man. The Tony Stark of our universe, and part-time Tesla’s CEO, Elon Musk, boasted about the car company's AI achievements during a second-quarter earnings call on Tuesday.

During the hour-long call, Musk claimed that Tesla’s engineers have propelled the company ahead of competitors in artificial intelligence and robotics.

His company xAI, focused on generative AI, is working on projects specific to Tesla. While others handle various parts of the AI robotics stack, xAI does it all. This approach allows better cost control, scaling, reduced time to market, and a superior product that applies not just to autonomous vehicles but also to humanoid robots.

Tesla has learned a lot from xAI, which has significantly helped in advancing full self-driving and building Tesla's new data center.

Moreover, Stark — oops, I mean Musk — gave a little spoiler about a more affordable car on the horizon. A cheaper model is expected to debut in the first half of next year. But let's not forget how unreliable these billionaires can be, and remember the Cybertruck sellout fiasco. So, don't get too excited about driving a budget Tesla next year.

That's all from us for this week. Feel free to take another vacation for a week, because we’ll be back as always with the top news. Bye-bye!

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