Crypto Prices Tick Upward as Meme Coin Season Receives Fresh Impetus

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Bitcoin started the week by reclaiming $69,000 as crypto assets soared on the European morning. At the time of this writing, BTC is priced around $69,200, up about 2.5% in the last 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index (CD20), rose 1.4%. Dogecoin led the gains, trading just under 3% after influential retail investor Keith Gill announced a $180 million position in Gamestop, pushing GME up nearly 80% in pre-market trading. Fluctuations in meme stocks are often seen as a bullish indicator for meme coins like DOGE. According to data from CoinMarketCap, a GME meme coin based in Solana has increased by over 200% in the last 24 hours.

Australia’s first bitcoin ETF will begin trading on the Cboe Australia exchange on Tuesday. The company told CoinDesk that Monochrome Asset Management’s product (IBTC) will be the only ETF that holds Bitcoin directly in the country. Australia currently has two exchange-traded products that provide access to spot crypto assets on Cboe Australia, but they do not hold Bitcoin directly. Monochrome said: “Prior to IBTC, Australian investors could only invest in ETFs that held bitcoin indirectly or through offshore bitcoin products; “Neither of these directly held crypto assets did not benefit from investor protection rules under the Australian Financial Services Licensing licensing regime.” Monochrome is in question.

The crypto industry has raised nearly $161 million so far after Coinbase became the latest company to donate $25 million to political action committees for the upcoming US presidential election, potentially making it one of the most formidable campaign finance operations in the country. The money bolsters the coffers of the industry’s Fairshake political action committee (PAC), which scours primaries to find candidates who leave their political platforms open to pro-crypto positions. US regulations are a major hurdle for the industry to gain greater global acceptance, which could trickle down to many more mainstream investors. U.S. lawmakers are showing signs of shifting toward broader acceptance of cryptocurrency, which could culminate in legislation establishing special rules of the road for digital assets.

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