Competition is heating up among major US banks as they vie to be the first to offer Bitcoin exchange-traded funds (ETFs) to their clients. The recent halving event of Bitcoin Cash, a cryptocurrency alternative to Bitcoin, has passed without much impact, while Meta, formerly Facebook, has faced a significant loss of $40 billion in its metaverse division since 2021. Here's a rundown of the latest developments in the cryptocurrency market over the past day.

The debate over the introduction of Bitcoin ETFs in the United States continues to intensify, with investment banks like Morgan Stanley and UBS competing fiercely to be the first to offer these investment products. According to expert Andrew, Morgan Stanley is aiming to outpace UBS in gaining full approval for a Bitcoin ETF. There have been reports suggesting that Morgan Stanley might announce its plans to transition to Bitcoin ETF funds in the near future, indicating a race among global banks to embrace this emerging asset class.

Bitcoin Cash recently underwent its second halving event, which saw mining rewards on its blockchain network cut in half. Despite experiencing a brief decline in value following a three-month rally, Bitcoin Cash quickly recovered after the halving event. Bitcoin Cash, designed to be faster and cheaper than Bitcoin, saw its price rise by approximately 5.5% to $604 following the event, despite a 9.94% drop to $572.21 the day before.

Meta, formerly Facebook, has faced significant challenges in its metaverse division, resulting in a staggering $40 billion loss since its rebranding in 2021. While Meta achieved impressive revenue in 2023, its Reality Labs division, responsible for products like the Quest VR headset, has experienced consecutive declines in financial performance since 2021. Despite selling approximately 20 million Quest headsets since 2019, Meta has acknowledged the challenges facing the metaverse sector and has shifted its focus towards artificial intelligence as the next frontier of technological innovation.

In conclusion, the competition among US banks to offer Bitcoin ETFs reflects the growing interest in cryptocurrencies among traditional financial institutions. Meanwhile, the recent developments in Bitcoin Cash and Meta highlight the volatility and challenges facing the cryptocurrency and metaverse industries.