Impact of Mt. Gox BTC distribution and Federal Reserve decision on
Bitcoin price
Bitcoin’s price remained stable after Mt. Gox transferred $2
billion in BTC on Tuesday, nearing the completion of its $9 billion
distribution. A total of 47,229 BTC was moved, with 33,105 BTC
possibly destined for BitGo, valued at $2.19 billion. This movement
follows transfers to exchanges like Kraken and Bitstamp since July.
Analysts suggest the market may be overcoming liquidation concerns,
and a Glassnode report indicates creditors might hold their assets
long-term.
On Wednesday afternoon, Bitcoin (COIN:BTCUSD) faced volatility
due to the Federal Reserve’s interest rate decision and Chairman
Jerome Powell’s statement. The Fed maintained the rate between
5.25%-5.50%. Powell mentioned that if data confirms slowing
inflation, the Fed might consider rate cuts in the September
meeting. The FOMC was optimistic about inflation reduction
progress. Bond yields and the dollar rose, with Nasdaq and S&P
500 showing significant gains. Following the decision, Bitcoin
briefly dipped before stabilizing, trading at $66,400. After the
press conference, Bitcoin rose 0.50% to $66,497.53. With a 6.94%
monthly gain in July, BTC has technical support around $65,700.
California DMV digitizes 42 million car titles on Avalanche
blockchain
The California Department of Motor Vehicles digitized 42 million
car titles on the Avalanche blockchain (COIN:AVAXUSD), modernizing
operations. Partnering with Oxhead Alpha, Californians can manage
and transfer titles digitally via a mobile wallet app, reducing DMV
visits and increasing fraud security. This innovation reflects
Governor Gavin Newsom’s commitment to adopting advanced
technologies in the public sector.
Riot Platforms increases stake in Bitfarms after dilution plan
cancellation
Riot Platforms (NASDAQ:RIOT), a Bitcoin miner based in Texas and
Kentucky, purchased about 10 million additional shares of Bitfarms
(NASDAQ:BITF), a Toronto-based miner. The stake increased to 15.9%,
totaling $159.1 million. The acquisition followed the Ontario
Capital Markets Tribunal’s cancellation of a plan that would have
diluted Bitfarms shares for entities with over 15% stake. Riot
seeks to acquire Bitfarms and has criticized its governance, while
Bitfarms evaluates measures to protect its shareholders.
Bitcoin and Ethereum ETF flows on July 30
On July 30, Bitcoin ETFs saw a net outflow of $18.3 million,
breaking a streak of inflows since July 23. Grayscale’s ETF
(AMEX:GBTC) experienced a significant outflow of $73.6 million,
bringing its total outflow to $18.9 billion. Bitwise (AMEX:BITB),
ARK (AMEX:ARKB), and Fidelity (AMEX:FBTC) had smaller outflows,
while BlackRock’s ETF (NASDAQ:IBIT) stood out with $74.9 million in
inflows, raising its total net inflow to over $20 billion.
Ethereum ETFs had a net inflow of $33.7 million, the first since
July 23. Grayscale’s ETF (AMEX:ETHE) saw $120.3 million in
outflows, while BlackRock (NASDAQ:ETHA) had the largest inflow at
$118.0 million. Total Ethereum ETF outflows amounted to $406.4
million so far.
Grayscale launches Mini Trust for Bitcoin after SEC approval
On Wednesday, Grayscale Investment began trading the Grayscale
Bitcoin Mini Trust BTC (AMEX:BTC), a smaller version of the
Grayscale Bitcoin Trust (AMEX:GBTC), after SEC approval. The new
product, traded under the symbol “BTC,” aims to distribute shares
to GBTC shareholders as they contribute bitcoin to the trust. Zach
Pandl of Grayscale believes there will be high demand for low-cost
bitcoin exposure, especially with growing attention on
cryptocurrencies and macroeconomic trends.
Bitcoin Conference 2025 to be held in Las Vegas
Following the success of Bitcoin 2024 in Nashville, which
brought together 22,000 participants, the Bitcoin Conference 2025
will take place in Las Vegas from May 27 to 29. The change
highlights the city’s growth and innovation, becoming a hub for
technology and entrepreneurship. Nevada Governor Joe Lombardo and
BTC Inc. CEO David Bailey expressed excitement about Las Vegas,
promising an event with panels, networking, and tech exhibitions.
Tickets are now available for purchase.
During the Nashville Bitcoin Conference, Donald Trump raised $25
million, as reported by journalist Eleanor Terrett. Bitcoin
Magazine CEO David Bailey confirmed the amount. The event featured
notable figures like the Winklevoss twins and Kid Rock, reflecting
the crypto community’s support for Trump, who vowed to fire SEC
Chairman Gary Gensler. Trump’s campaign accepted cryptocurrency
donations, totaling over $4 million by July 2024.
Ripple’s XRP token reaches four-month high and best monthly
performance
Ripple’s XRP (COIN:XRPUSD) rose to an intraday high of $0.6587,
its highest in four months, aiming for over 20% appreciation in
July. The increase is attributed to growing interest from retail
investors and large holders. Trading volume surged 165%, reaching
$2.5 billion. Speculations about a possible settlement between
Ripple and the SEC could further impact the token’s value.
Aptos Foundation launches stablecoin USDY on the Aptos blockchain
The Aptos Foundation (COIN:APTUSD) launched the USDY stablecoin
by Ondo Finance on the Aptos network. USDY, backed by US Treasury
bonds, is available to non-US residents and aims to democratize
finance and support underserved communities. The asset is not yet
registered under the US Securities Act. Additionally, stablecoin
issuers like Tether have become major buyers of US debt, attracting
attention to the potential impact on the US dollar’s dominance.
Reentrancy attack temporarily suspends Terra network
Terra developers halted the network on Wednesday following a
reentrancy attack that drained over $4 million in tokens. The
freeze occurred at block 11430400 to apply an emergency fix. The
attack exploited a vulnerability disclosed in April, resulting in
losses of $3.5 million in USDC, $500,000 in USDT, 2.7 BTC, and 60
million ASTRO.
ZKX protocol ceases operations due to economic unviability
The ZKX protocol, a social derivatives trading platform on
Ethereum Layer-2 Starknet, ceased operations due to economic
unviability. Founder Eduard Jubany Tur cited low user engagement
and declining trading volumes as key factors. Despite raising $7.6
million in June, the ZKE token value plummeted, and operational
costs were unmet. All markets were delisted and funds returned to
users.
SEC accuses BitClout founder of fraud in crypto asset offering
The SEC sued Nader Al-Naji, founder of BitClout (now
Decentralized Social), for raising over $257 million through
unregistered crypto asset offerings under false pretenses. Al-Naji
is accused of diverting $7 million for personal expenses and
creating the impression of decentralization to avoid regulation.
The US Attorney’s Office also filed similar charges.
Biden adviser leaves for Kamala Harris PAC
Anita Dunn, senior adviser to Joe Biden, is leaving the White
House to join the Super PAC Future Forward, supporting Kamala
Harris for the 2024 presidency. The PAC plans to invest around $300
million in Harris’s campaign. Although Dunn recently discussed
cryptocurrency regulation, it is unclear if her new role will
involve this sector. PACs like Future Forward cannot coordinate
directly with political candidates.
BIS and BoE advance stablecoin supervision
The Bank for International Settlements (BIS) and the Bank of
England (BoE) introduced a new prototype called Pyxtrial, enabling
real-time supervision of stablecoin balance sheets. The system aims
to monitor assets and liabilities to prevent mismatches that could
undermine trust in stablecoins. This technology is a significant
step towards addressing regulatory gaps and ensuring market
stability.
Bahamas passes new crypto asset law following FTX collapse
The Bahamas passed the Digital Assets and Registered Exchanges
Act 2024 (DARE 2024), aiming for regulatory clarity in the crypto
sector and reaffirming its pro-crypto stance. The new legislation
covers derivatives, staking, and stablecoins, requiring greater
transparency and investor protection. DARE 2024 bans algorithmic
stablecoins and limits PoW token mining.
Coinbase expresses concerns over crypto regulation in Australia
Coinbase (NASDAQ:COIN) expressed concerns about Australia’s
crypto asset regulation, which they claim is unfavorable for the
sector. The company seeks to avoid restrictive regulations based on
law enforcement and awaits a new bill from the Australian Treasury
by the end of 2024. The ASIC, which has prosecuted major crypto
platforms, maintains its stringent approach, while Coinbase aims to
influence legislative development and strengthen regulator
relations.
Wisconsin launches tracker to combat crypto fraud
The Wisconsin Department of Financial Institutions launched a
public tracker to combat financial and cryptocurrency fraud.
Between January 2022 and June 2024, residents lost nearly $3.55
million to scams. The tracker uses consumer complaints to identify
threats and alert the public, aiming to hinder scammers and protect
investors. The tool is regularly updated and allows searches by
company name, scam type, or keyword.
Artists sue SEC over NFT classification as securities
Artists Jonathan Mann and Brian L. Frye sued the US SEC,
questioning if NFTs (non-fungible tokens) they sell as digital art
should be considered securities. Mann, known for creating a new
song daily for over 16 years, and Frye, a conceptual artist and law
professor, argue that the SEC is overextending securities rules to
include digital art. They fear this approach could limit creativity
and innovation in the NFT space and seek a court decision to ensure
their projects can continue without securities regulation
restrictions.
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