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On July 26, Bitcoin hit three-day highs driven by anticipation for the Bitcoin Conference 2024. In June, the US Personal Consumption Expenditures (PCE) price index rose 0.2% from May and 2.6% year-over-year. Strong consumer spending suggests progress in curbing inflation without harming the economy, potentially influencing future Fed interest rate decisions.
Bitcoin’s price (COIN:BTCUSD) surged to an intraday high of $67,999.99 on Friday, up 2.45% in the past 24 hours to $67,400. Weekend volatility may increase with Donald Trump’s speech at the conference in Nashville. Traders are optimistic, predicting prices between $68,900 and $85,000. The expiration of $3.9 billion in futures options on Deribit sets a “maximum pain point” that could heighten selling pressure, but volatility doesn’t guarantee Bitcoin will hit this level, with current support around $65,000.
Ether’s (COIN:ETHUSD) price fluctuated about 2.61% in the last 24 hours, currently at $3,256.
The Bitcoin 2024 conference in Nashville continues with a packed agenda of talks on Bitcoin’s future. With over 35,000 attendees, the event explores Bitcoin’s financial, political, and social impact.
At the conference, Jan van Eck, CEO of VanEck, announced that over 30% of his portfolio is in Bitcoin (COIN:BTCUSD), likening it to “digital gold” and highlighting its potential as a store of value. Van Eck predicts Bitcoin could reach $2.9 million by 2050. He also praised blockchain solutions with more predictable transaction fees and emphasized considering Bitcoin ecosystem support when choosing ETFs.
Independent presidential candidate Robert F. Kennedy Jr. declared himself a strong Bitcoin supporter, revealing that most of his wealth is invested in BTC during his speech.
Other notable speakers today include Michael Saylor, Cathie Wood, and Edward Snowden. Republican candidate Donald Trump is set to speak on Saturday.
On July 25, 2024, Bitcoin ETFs saw inflows totaling $31.1 million, driven by $70.7 million into BlackRock’s ETF (NASDAQ:IBIT), offsetting $39.6 million outflows from Grayscale’s ETF (AMEX:GBTC), according to Farside Investors data.
In contrast, Ethereum ETFs faced net outflows totaling $152.4 million. Grayscale’s ETF (AMEX:ETHE) lost $346.2 million despite some inflows into other funds. BlackRock’s ETF (NASDAQ:ETHA) recorded the highest inflows at $70.9 million.
At the New York Stock Exchange, Bitwise Asset Management (AMEX:ETHW) showcased a banner for its new Ethereum ETF, ETHW. The ETF saw net inflows of $16.3 million on Thursday, with total investments of $249.9 million since its launch on Tuesday.
The X app (formerly Twitter), now under Elon Musk’s management, automatically removed emojis from cryptocurrency-related hashtags like #bitcoin and #bnbchain. The change was not publicly announced and was noticed by users on Friday. Emojis associated with hashtags like #bitcoin were introduced in 2020 to popularize cryptocurrency symbols but have now disappeared. Previously, X charged companies up to $1 million to add emojis or brand symbols to their hashtags.
In the US, a municipal pension plan in Jersey City, New Jersey, will invest in Bitcoin through ETFs, as announced by Mayor Steven Fulop. Although the exact amount was not specified, the investment will be similar to the 2% made by the Wisconsin pension fund. The investment, pending SEC approval, represents a significant step for cryptocurrency acceptance in pension funds.
Coinbase Global (NASDAQ:COIN) expanded its board of directors with Chris Lehane, former political strategist and vice president at OpenAI; Christa Davies, former CFO at Aon; and Paul Clement, former US Solicitor General. Lehane, known for legalizing Airbnb, will offer strategic advice, while Davies and Clement will focus on audit, compliance, and litigation, especially in its SEC battle. All share a vision of promoting financial inclusion through cryptocurrencies.
In other news, Coinbase added support for the BLOCKLORDS (LRDS) token, a native asset of a blockchain strategy game, with an Experimental label. The LRDS is new to the platform and has low trading volume. BLOCKLORDS is a free-to-play medieval-themed MMO available on Epic Games and set for future release on Steam. The LRDS token, recently launched, currently trades at $1.75.
Ledger, a company specializing in cryptocurrency and digital asset security, launched the “Ledger Flex,” a crypto wallet with a touchscreen to facilitate self-custody. Alongside the Stax wallet, released in May, the Flex aims to redefine user experience. Additionally, Ledger introduced the Security Key app, which uses cryptographic login instead of traditional passwords, simplifying access recovery with seed phrases, highlighting the importance of self-custody after exchange collapses in 2022.
On July 26, 2024, the Federal Reserve dropped all enforcement actions against Silvergate Bank and Silvergate Capital Corporation after the bank closed its operations and reimbursed clients. The bank, once a major player in providing services to the cryptocurrency and blockchain industry, collapsed in March 2023 due to financial troubles and the FTX crisis, and still faces litigation and investigations, including SEC actions.
Franklin Templeton is considering expanding its tokenized securities, such as the Franklin OnChain U.S. Government Money Fund (FOBXX), to new blockchains, including Ethereum. Launched in 2021 on the Stellar blockchain, FOBXX has surpassed $400 million in assets and now seeks to enhance scalability and transparency while exploring the potential of user-managed wallets and multichain environments.
Yu Xian of SlowMist warned about a new scam using fake video conferencing software to conduct address poisoning attacks and steal cryptocurrencies. Xian recommended caution with unknown software. In one case, a scammer posed as from xLabs and used fake meeting software to deceive a victim. After installing the malicious app, the victim managed to transfer assets and avoid theft. The same method was used in an attack on MonoSwap.
The Arbitrum DAO is reviewing a proposal to expand the Orbit Chain, originally based on Ethereum, to other blockchains like Bitcoin, Binance Smart Chain, and Cosmos. In January, the Arbitrum Foundation (COIN:ARBUSD) launched the Arbitrum Expansion program, allowing its codebase to adapt to other chains. With 99.8% community approval, the expansion could increase revenue and the dominance of Arbitrum technologies.
StarkWare, developer of Ethereum Layer 2 Starknet, is collaborating with Informal Systems to integrate the Inter-Blockchain Communication (IBC) protocol from the Cosmos ecosystem (COIN:ATOMUSD). This integration will enable Starknet to connect with IBC-compatible chains, promoting greater interoperability and decentralization. The IBC uses light clients to validate transactions between blockchains, facilitating efficient communication between distinct networks.
BitfFlyer Holdings acquired FTX Japan, making it a wholly-owned subsidiary. The new unit will focus on crypto custody for institutional investors and launching cryptocurrency ETFs in Japan. Yuzo Kano, CEO of BitfFlyer, predicts that Japanese crypto ETFs are imminent, driven by the growing adoption of Bitcoin ETFs and institutional demand.
The Singapore Department of Homeland Security’s 2024 report revealed that terrorist organizations continue to use cash transfers predominantly for fundraising, with cryptocurrency adoption remaining low. While crypto use is growing, groups like ISIS still prefer traditional methods such as cash couriers and informal value transfer systems.
FINMA warned that stablecoin issuers in Switzerland might create risks for partner banks, as they can bypass the need for a banking license by using registered bank default guarantees. This could expose banks to reputational and legal damage if the issuer encounters problems. The guidance updates requirements to ensure adequate customer protection and full deposit coverage.
US Senator Elizabeth Warren continued her criticism of cryptocurrencies, claiming that foreign crypto mining operations pose risks to national security and the environment. In a Senate hearing, she argued that these operations could compromise the power grid and facilitate money laundering. Warren also highlighted the need for stricter regulations. Her anti-crypto stance faces growing opposition, with some bill supporters withdrawing support.
The PAC Protect Progress focuses on supporting candidates favoring favorable cryptocurrency regulation or adoption. Less than two weeks before the Democratic primaries in Washington, candidate Emily Randall received a financial boost from Protect Progress, which invested $1.5 million in media to promote her. The PAC also supported a candidate in Michigan, raising concerns about the influence of large donations in the electoral process.
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