Today's Cryptocurrency Industry Highlights Review

U.S. cryptocurrency advocacy groups sent a letter to Vice President Kamala Harris urging him to take a more pro-blockchain policy stance. Meanwhile, Hong Kong is about to launch Asia's first Bitcoin reverse futures product, and a new report from ARK Investments reveals that Bitcoin is significantly undervalued after the German government's massive sell-off of confiscated Bitcoin.

Chamber of Digital Commerce Urges Harris to Adopt Pro-Crypto Policy

The Chamber of Digital Commerce has written a letter to Harris advising the vice president to support digital assets in the Democratic Party's policy platform and to choose a running mate who understands the space and is willing to engage with industry leaders. The letter indicates, "With your impending candidacy for the Democratic presidential nomination, we are writing to urge you to take a forward-thinking approach to digital assets and blockchain technology, an area with tremendous potential for innovation, economic growth, and financial inclusion."

Hong Kong to Launch Asia's First Bitcoin Inverse ETF

On July 23, Hong Kong will launch Asia's first bitcoin futures inverse product, the BOCI Bitcoin Futures Daily (-1x) Inverse (7376.HK). The exchange-traded fund (ETF) is designed to provide investors with a way to profit from falling bitcoin prices.

Bitcoin May Recover From Oversold Levels: ARK Investments

Bitcoin was significantly oversold in June following the German government's seizure and multi-week sell-off of 50,000 bitcoins in a 2020 police operation, signaling a possible price rebound, asset management firm ARK Investments said. The firm also said that bitcoin miners are currently in delivery mode, a sign that the downtrend is about to reverse.