Bitcoin ETFs attract investments despite price drop
In June, spot bitcoin ETFs recorded net inflows of $790 million
despite a 7% drop in BTC price. BlackRock’s iShares Bitcoin Trust
(NASDAQ:IBIT) led with over $1 billion in inflows, offsetting
outflows from Grayscale Bitcoin Trust (AMEX:GBTC). The anticipation
for a spot Ether ETF also boosted inflows. It is expected that an
Ether ETF, though less impactful, will increase the popularity of
Ether among these investors.
Bitcoin ends quarter with a drop but optimistic forecasts for the
future
Bitcoin’s price closed the quarter with a decline of
approximately 13%. Despite not surpassing resistance levels above
$64,000, there was renewed optimism among traders at the beginning
of the month.
Geoffrey Kendrick of Standard Chartered (LSE:STAN) recently
predicted that Bitcoin’s price could reach new all-time highs in
August, possibly hitting $100,000 during the US presidential
elections in November. The forecast assumes Joe Biden remains in
the race, a scenario considered favorable for Donald Trump, seen as
positive for Bitcoin due to more favorable regulation and mining
policies. If Biden exits the race, prices could drop to between
$50,000 and $55,000.
On July 2, Bitcoin’s price (COIN:BTCUSD) registered a 1.1%
decline, trading at $62,160, with a focus on changes in
macroeconomic liquidity. Bitcoin reserves decreased, indicating an
accumulation phase, which reinforces investor confidence.
Meanwhile, selling pressures, including significant movements from
a German government wallet, could still impact the market.
Fernando Pereira of Bitget notes that the “seller exhaustion
constant” analysis still shows significant potential for the price
to continue falling before reaching a point where selling pressure
diminishes and possibly stabilizes or reverses, indicating a market
bottom formation. “The seller exhaustion constant shows regions
where selling pressure is exhausting. At the moment, we are far
from it, indicating plenty of room to fall before hitting a
bottom,” said Pereira.
German government transferred 832.7 bitcoins today
The German government, through a wallet labeled “German
Government (BKA),” transferred 832.7 Bitcoins in four distinct
transactions, raising suspicions of selling its BTC holdings. The
transactions included significant transfers to known exchanges like
Coinbase, Bitstamp, and Kraken, along with a large amount to an
unknown wallet, intensifying speculations about potential market
impacts due to selling pressure.
US hedge funds increase investments in Bitcoin ETFs
More than half of the major US hedge funds have added Bitcoin
ETFs to their portfolios, with 13 of the top 25 funds recording
such investments by the end of Q1 2024. Millennium Management stood
out with 27,263 BTC, about 2.5% of its total assets. This growing
interest in Bitcoin occurs as the cryptocurrency significantly
outperforms major indices and stocks, including Apple and Tesla,
during the same period.
Worldcoin strengthens team with privacy and security experts
Tools for Humanity, the developer of the Worldcoin project
(COIN:WLDUSD), has hired four experienced leaders to enhance
critical aspects like privacy, security, and identity management.
Among the new hires are Damien Kieran, former privacy director at
Twitter and now privacy director at TFH, and Adrian Ludwig, former
Android security director, now leading information security. Ajay
Patel and Rich Heley also join, taking key roles in identity and
device development, respectively.
Cardano anticipates MiCA regulation with sustainability report
The Cardano Foundation (COIN:ADAUSD), in collaboration with the
Crypto Carbon Ratings Institute, released a sustainability report
detailing Cardano blockchain’s energy consumption and carbon
footprint. This initiative aims to align with Europe’s Markets in
Crypto-Assets (MiCA) regulation, which requires sustainability
disclosures by crypto asset issuers. The report highlights
Cardano’s energy efficiency, with the network consuming only 704.91
MWh in May 2024, or 0.192 W per transaction per second.
Polkadot stakeholders refute concerns about treasury depletion
Polkadot (COIN:DOTUSD) ecosystem stakeholders disputed a recent
report warning of possible treasury resource depletion within two
years. They explain that the treasury is continuously replenished
by network inflation and managed by a DAO, where DOT holders vote
on fund usage proposals. Expenses include marketing, DeFi
infrastructure development, and security, with ongoing discussions
to diversify treasury investments into stablecoins.
Astar Network burns 350 million ASTR tokens following governance
vote
Astar Network (COIN:ASTRUSD), a multi-chain smart contract
network, burned 350 million ASTR tokens, equivalent to 5% of its
total supply, following a governance decision. These tokens,
initially intended for Polkadot parachain auctions, will now be
removed from circulation. Token burning is seen as a positive
action for token value, as demonstrated by similar increases in the
past with other cryptocurrencies like Floki. The 350 million tokens
yielded 70 million ASTR in rewards, which will now be transferred
to the community treasury.
Kraken explores nuclear power for data centers due to growing
crypto and AI demand
Kraken, a cryptocurrency exchange, is considering using nuclear
power to fuel its data centers in light of expected growth in
decentralized finance (DeFi) and increased demand for its services,
revealed Vishnu Patankar, the company’s CTO. Instead of building
its own reactors, Kraken is considering partnerships with suppliers
offering small modular reactors (SMRs), which can be integrated
into data centers. This measure aims to ensure a stable and
continuous power source, essential for the uninterrupted operation
of the exchange and to support the growth of the crypto sector,
especially with the expansion of AI and high-performance computing
adoption.
Robinhood expands services to new markets
Robinhood announced the expansion of its services to Hawaii,
Puerto Rico, and the US Virgin Islands following a regulatory
change that waives money transmission licenses for cryptocurrency
services in Hawaii. The platform is considering using Bitstamp
licenses, acquired for $200 million, to offer crypto futures in the
US and Europe.
DeSci: The revolution of decentralized science in Web3
Web3, often criticized for seeming like a solution in search of
a problem, is poised to have a significant impact through DeSci, or
Decentralized Science. DeSci uses blockchain technology to reshape
scientific research, creating a more equitable and efficient
system. This movement aims to improve all aspects of research, from
funding to publication and data storage, using tools like tokens
and NFTs. Emphasizing collaboration and transparency, DeSci could
transform funding, intellectual property, and data reproducibility,
making science more accessible and innovative.
Cartesi and Avail announce partnership to drive Web3 innovations
Cartesi and Avail, two innovative platforms in the Web3 space,
announced a collaboration to advance the development of
decentralized applications. This partnership aims to integrate
Cartesi’s Linux RISC-V based execution technology with Avail’s
robust data availability solutions, creating a more intuitive and
accessible development environment. This modular integration
promises to simplify dApp development, reduce costs, and accelerate
deployment, particularly benefiting the gaming and DeFi
sectors.
Singapore raises risk level of digital payment token services
The Monetary Authority of Singapore (MAS) increased the risk
level of Digital Payment Token (DPT) service providers to
medium-high, reflecting concerns about terrorism financing. The
review also highlighted cross-border online payments as potential
risk channels. Singapore’s largest bank, DBS, will custodian Paxos’
stablecoins, reinforcing the country’s pro-crypto stance.
Paxos receives regulatory approval in Singapore for stablecoin
services
Paxos International, specializing in blockchain and
tokenization, received regulatory approval from the Monetary
Authority of Singapore to operate as a payment institution,
allowing it to launch stablecoin services in the country. This
approval, including the issuance of the Pax Gold stablecoin
(COIN:PAXGUSD), marks Paxos’ expansion into its third international
market, following the US and UAE. The company also partnered with
DBS, Southeast Asia’s largest bank, for cash management and
custody.
Aave launches GHO stablecoin on Arbitrum blockchain
Aave DAO (COIN:AAVEUSD) is expanding its GHO stablecoin
(COIN:GHOUST) to the Arbitrum blockchain, marking the start of a
cross-chain expansion strategy. Using the Chainlink Cross-Chain
Interoperability Protocol, GHO will be implemented across multiple
networks, starting with Arbitrum. This expansion aims to reduce
transaction costs, speed up processing, and increase liquidity,
paving the way for new uses like digital payments.
Tether EDU and BTguru partner for digital asset education in Turkey
Tether EDU and BTguru signed a Memorandum of Understanding to
promote digital asset education in Turkey. The partnership aims to
explore the use of blockchain and peer-to-peer technologies, as
well as study the tokenization of real assets for banks and payment
networks. This agreement is part of Tether’s strategy to expand its
educational and technological impact globally, responding to
Turkey’s growing interest in crypto transactions.
Celsius sues account holders for preferential withdrawals
Celsius Network’s litigation administrator is suing account
holders who did not settle preferential transfers made 90 days
before bankruptcy, focusing on amounts above $100,000. The action
aims to recover funds for creditors, following successful
agreements that returned $100 million. The reorganization plan
intends to return up to 85% of holdings to creditors.
Silvergate Bank settles $63 million fines to resolve federal
investigation
Silvergate Bank, formerly a key institution in the
cryptocurrency sector, agreed to pay $63 million to settle federal
and state investigations. The settlement includes fines imposed by
the Federal Reserve, the Securities and Exchange Commission (SEC),
and the California Department of Financial Protection and
Innovation, due to compliance program failures and misleading
statements about the bank’s financial stability. The resolution is
part of the bank’s efforts to wind down operations following the
collapse of FTX.
Binance money laundering trial in Nigeria postponed
The trial in Nigeria against Binance and two executives was
postponed to July 5. During the proceedings, concerns emerged about
the health of Tigran Gambaryan, detained since February and facing
poor conditions in prison. Judge Emeka Nwite ordered the submission
of Gambaryan’s medical records by Friday. Meanwhile, another
executive, Nadeem Anjarwalla, has fled the charges. The case raises
questions about Binance’s operations and the fairness in the
treatment of its detained executives.
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