🌳 US Boosts Semiconductor Production to Counter China; Major Firms Finalized S-1 Filings to Prepare for Spot ETH ETFs Launch

Macro & TradFi

The U.S. unveiled a comprehensive plan (https://www.businesstimes.com.sg/international/us-unveils-americas-wide-plan-boost-semiconductor-production) to bolster semiconductor production across the Americas, aiming to reduce global dependence on China. Secretary of State Antony Blinken announced the initiative on July 17, 2024, targeting Mexico, Panama, and Costa Rica to enhance their capacity for assembling, testing, and packaging semiconductors. This effort is part of the Americas Partnership for Economic Prosperity, launched by President Joe Biden, which also seeks to invest $3 billion in regional infrastructure to support the energy transition. The initiative underscores the US strategy to counter China’s influence by promoting private investment and reducing the debt burden on Latin American countries.

In other news, Former President Donald Trump (https://www.theguardian.com/world/article/2024/jul/17/donald-trump-taiwan-pay-us-defence-china-national-convention#:~:text=Donald%20Trump%20has%20said%20Taiwan,House%20in%20November's%20presidential%20election.) has suggested that Taiwan should pay the US for its defense, casting doubt on Washington’s support for the island if he returns to the White House. In a Bloomberg Businessweek interview, Trump likened the US to an insurance company, claiming Taiwan "doesn’t give us anything". Taiwan's Premier, Cho Jung-tai, responded by emphasizing the strong relations between Taiwan and the US and highlighting Taiwan's efforts to bolster its self-defense capabilities. Trump's comments also hinted at a potentially hawkish yet unpredictable US stance towards China if he wins the election.

US stocks saw a mixed performance with the S&P 500 dipping by 1.39%, the Nasdaq increasing slightly by 0.59%, and the Dow Jones Industrial Average dipping by 2.77%. Semiconductor stocks plunged on Wednesday after former President Donald Trump suggested Taiwan should finance its own defense and amid reports of potential stricter US trade restrictions on chips with China. The Nasdaq Composite dropped 2.8%, marking its worst decline since December 2022. Investors are also anticipating June trade balance data from Japan and Malaysia, employment figures from Australia and Hong Kong, and an update from Swift on the use of China’s renminbi in global payments. Additionally, market participants will be looking out for the GDP data release next Thursday, July 25, at 2030 SGT.

DeFi & CeFi

   •   Various asset managers finalized their ETH ETF S-1 filings with the SEC

   •   Mark Cuban speculates that BTC will become a global reserve asset

   •   OKX exits the Nigerian market

   •   Nansen partners with Aptos for dashboard

   •   Worldcoin faces ‘scam’ allegations after extending token lockup

In preparation for the launch of spot ETH ETFs in the U.S., major asset management firms such as BlackRock, Fidelity, and Grayscale have finalized their S-1 filings (https://www.coindesk.com/business/2024/07/17/all-ether-etf-applicants-have-submitted-their-final-forms/) with the SEC, disclosing varying management fees. Grayscale's decision to charge a higher fee of 2.5% for its main product contrasts with competitors opting for lower fees. Alongside these filings, the SEC has approved the 19b-4 forms for Grayscale’s mini ETH ETF and ProShares’ spot ETH ETFs, indicating a streamlined path for more products to debut simultaneously next week, marking a significant advancement in Ethereum's integration into traditional financial markets.

🌳 US Boosts Semiconductor Production to Counter China; Major Firms Finalized S-1 Filings to Prepare for Spot ETH ETFs Launch

Macro & TradFi

The U.S. unveiled a comprehensive plan (https://www.businesstimes.com.sg/international/us-unveils-americas-wide-plan-boost-semiconductor-production) to bolster semiconductor production across the Americas, aiming to reduce global dependence on China. Secretary of State Antony Blinken announced the initiative on July 17, 2024, targeting Mexico, Panama, and Costa Rica to enhance their capacity for assembling, testing, and packaging semiconductors. This effort is part of the Americas Partnership for Economic Prosperity, launched by President Joe Biden, which also seeks to invest $3 billion in regional infrastructure to support the energy transition. The initiative underscores the US strategy to counter China’s influence by promoting private investment and reducing the debt burden on Latin American countries.

In other news, Former President Donald Trump (https://www.theguardian.com/world/article/2024/jul/17/donald-trump-taiwan-pay-us-defence-china-national-convention#:~:text=Donald%20Trump%20has%20said%20Taiwan,House%20in%20November's%20presidential%20election.) has suggested that Taiwan should pay the US for its defense, casting doubt on Washington’s support for the island if he returns to the White House. In a Bloomberg Businessweek interview, Trump likened the US to an insurance company, claiming Taiwan "doesn’t give us anything". Taiwan's Premier, Cho Jung-tai, responded by emphasizing the strong relations between Taiwan and the US and highlighting Taiwan's efforts to bolster its self-defense capabilities. Trump's comments also hinted at a potentially hawkish yet unpredictable US stance towards China if he wins the election.

US stocks saw a mixed performance with the S&P 500 dipping by 1.39%, the Nasdaq increasing slightly by 0.59%, and the Dow Jones Industrial Average dipping by 2.77%. Semiconductor stocks plunged on Wednesday after former President Donald Trump suggested Taiwan should finance its own defense and amid reports of potential stricter US trade restrictions on chips with China. The Nasdaq Composite dropped 2.8%, marking its worst decline since December 2022. Investors are also anticipating June trade balance data from Japan and Malaysia, employment figures from Australia and Hong Kong, and an update from Swift on the use of China’s renminbi in global payments. Additionally, market participants will be looking out for the GDP data release next Thursday, July 25, at 2030 SGT.

DeFi & CeFi

   •   Various asset managers finalized their ETH ETF S-1 filings with the SEC

   •   Mark Cuban speculates that BTC will become a global reserve asset

   •   OKX exits the Nigerian market

   •   Nansen partners with Aptos for dashboard

   •   Worldcoin faces ‘scam’ allegations after extending token lockup

In preparation for the launch of spot ETH ETFs in the U.S., major asset management firms such as BlackRock, Fidelity, and Grayscale have finalized their S-1 filings (https://www.coindesk.com/business/2024/07/17/all-ether-etf-applicants-have-submitted-their-final-forms/) with the SEC, disclosing varying management fees. Grayscale's decision to charge a higher fee of 2.5% for its main product contrasts with competitors opting for lower fees. Alongside these filings, the SEC has approved the 19b-4 forms for Grayscale’s mini ETH ETF and ProShares’ spot ETH ETFs, indicating a streamlined path for more products to debut simultaneously next week, marking a significant advancement in Ethereum's integration into traditional financial markets.