Top Crypto News Of The Day: Singapore Allocates $74.3M, HK Launches Inverse Bitcoin ETF, and More

Here are the top crypto news of the day curated by CoinChapter.com

Singapore commits $74.3M for quantum and AI in finance

The Monetary Authority of Singapore (MAS) has allocated 100 million Singapore dollars ($74.36 million) to enhance the finance sector’s quantum computing and artificial intelligence capabilities.

This latest funding injection aims to help local financial institutions establish quantum computing infrastructure and accelerate AI development and adoption. It adds to the initial 150 million Singapore dollars ($111.5 million) committed over three years when MAS introduced the Financial Sector Technology and Innovation Scheme (FSTI 3.0) in 2022.

The FSTI scheme is set to run until March 2026, with the possibility of extension based on its impact on Singapore’s fintech landscape.

Crypto News: Hong Kong to launch inverse Bitcoin ETF

On July 23, Hong Kong will introduce Asia’s first Bitcoin futures inverse product, the CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK).

Developed by CSOP Asset Management, this exchange-traded fund (ETF) allows investors to profit from Bitcoin price declines. It follows the company’s successful launch of the CSOP Bitcoin Futures ETF (3066.HK) in December 2022.

The new ETF uses a futures-based replication strategy to mirror the inverse daily performance of the S&P Bitcoin Futures Index. It will be listed on the Hong Kong Stock Exchange (HKEX) at approximately HK$7.8 per unit.

US leads $1.35B weekly surge in digital asset inflows

CoinShares reported a $1.35 billion inflow into digital asset investment products last week. This figure brought the three-week total to $3.2 billion. The US led with $1.3 billion in inflows, while short-Bitcoin ETPs saw outflows, indicating a shift toward bullish market sentiment.

Ethereum and Solana also showed strong performance, attracting significant inflows. The report also shows regional differences in investment strategies and growing investor confidence.

Crypto News: OKX Launches Bitcoin Price Guessing Game

Cryptocurrency exchange OKX has launched OKX Racer, a free-to-play Telegram mini-app game where players guess Bitcoin’s price movements in five-second intervals. Players earn points for correct guesses, with multipliers for consecutive wins.

OKX is the first major centralized crypto exchange to release a Telegram mini-app, capitalizing on the platform’s popularity for tap-to-earn games. While no specific incentive model was mentioned, similar games often offer potential airdrops of game-related tokens.

Ethereum’s Burn Rate Slumped 67% in Q2

Ethereum’s deflationary trend weakened significantly in Q2 2024, with its quarterly burn rate dropping by 66.7%. Due to very low gas prices, the network was deflationary for only seven days in Q2, down from 66 days in Q1.

This trend began shortly after the Dencun upgrade in March, which significantly reduced costs for Layer 2 transactions. While challenging Ethereum’s post-merge deflationary narrative, the lower fees may promote greater network adoption.

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