New president Colombia is fan of bitcoin, huge outflow biggest bitcoin ETF and Citi launches custody service

Colombia’s new president seems to be a fan of bitcoin

Gustavo Petro, who recently won the 2022 Colombian presidential election, has previously made statements in favor of cryptocurrencies.

Petro will replace Iván Duque Márquez as the president of Colombia on August 7 for four years after winning the second round of a run-off election on Sunday.

The president-elect took to social media in December 2017 shortly after a major bull run to speak on the “strength” of bitcoin (BTC). Petro hinted at the time that cryptocurrencies like BTC could remove power from government and traditional banks and give it back to the people.

Source: Cointelegraph

‘Enormous outflows’ from largest bitcoin ETF may have triggered BTC crash

The world’s largest bitcoin (BTC) spot exchange-traded fund lost half of its assets under management last Friday, which might have exacerbated bitcoin’s crash on Saturday.

The Purpose Bitcoin ETF saw an outflow of 24,510 bitcoins on Friday, the most severe redemption in a single day since the fund made its debut on the Canadian Stock Exchange in April 2021, according to the Norway-based Arcane Research.

The outflows mean that the fund had to sell about $500 million in BTC at Friday’s price, adding to the selling pressure in an already shaky crypto market.

Citi to launch Bitcoin custody services for institutional investors

Citi made an announcement that it has chosen METACO as the partner to develop and trial digital asset custody capabilities.

Through this agreement, METACO’s technology and digital solutions will be combined with Citi’s extensive custody network in order to establish a platform that will allow customers to hold and settle digital assets such as bitcoin in a safe and straightforward manner, according to a Business Wire report.

In order to develop and trial digital asset custody capabilities, Citi plans to completely integrate METACO’s bank-grade digital asset custody and orchestration platform, Harmonize, into its current infrastructure.

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