Market Update
Last week, the cryptocurrency market experienced notable volatility with significant fluctuations in Bitcoin and Ethereum prices. Bitcoin started strong, testing upper resistance at $62,769 but faced hurdles as it approached $64K, eventually dipping below $60K to close a CME gap. Despite a brief surge, Bitcoin fell to $56,952 influenced by the Mt. Gox distribution and the German government’s BTC movements, marking its lowest since February. Ethereum surged northbound ahead of anticipated ETF listings, maintaining bullish momentum at $3,457. The market rebounded mid-week, with Mog coin and ENS seeing impressive double-digit gains. However, the overall sentiment remained cautious amid high-profile predictions and mixed technical signals, reflecting a market in flux.
Top Stories of the Week
The U.S. Supreme Court has overturned Chevron deference, which previously allowed federal agencies to interpret ambiguous statutes with considerable freedom. This landmark decision is expected to bring more regulatory clarity and judicial oversight, significantly affecting the cryptocurrency industry. Industry players, like The Digital Chamber, view this as a crucial step towards transparent and fair regulation in the digital assets space.
Mauricio Di Bartolomeo, Ledn co-founder, predicts that the adoption of bitcoin and currency competition will be key issues in the upcoming Latin American elections, as citizens prefer governments that support such economic initiatives. Di Bartolomeo cites the examples of El Salvador’s President Nayib Bukele and Argentina’s Milei, whose positive experiences with bitcoin have influenced voters to support candidates with similar monetary policies. He also suggests that if Venezuela undergoes a government change, it could become a significant player in bitcoin mining and crypto, pointing to a wider regional shift towards cryptocurrency.
Dell CEO Michael Dell initiated a social media poll to determine what users deem most important among AI, Bitcoin, and love and relationships, with Bitcoin winning with 43.1% of over 64,000 votes. Love and relationships were second at 39.2%, AI got 9.3%, and ‘none of the above’ received 8.3%, with notable commentary from Elon Musk and other industry figures. The results reflect the current high interest in Bitcoin among the social media platform’s users, often referred to as ‘Crypto Twitter’.
Bloomberg’s senior ETF analyst, Eric Balchunas, suggests the chances of a Solana exchange-traded fund (ETF) being approved by the SEC in the next year are increased due to a potential change in the U.S. presidency. The anticipation for the approval heightened after recent spot ether ETF approvals and Vaneck’s filing for a Solana spot ETF. Balchunas indicated that presidential changes impacting SEC leadership could make the approval of such an ETF more possible, hinting at the influence of pro-crypto commissioners like Hester Peirce.
Charles Adkins, President of the Hedera Council, believes that the industry’s focus on demonstrating blockchain’s tangible benefits and building diverse alliances will be more sustainable than relying on lobbying for crypto advocacy. The anticipated approval of a spot Ether ETF by the U.S. SEC is seen as a significant milestone, signaling greater regulatory acceptance and enhancing Ethereum’s legitimacy and utility in the financial ecosystem. Adkins also highlights the need for clear regulations, promoting consumer protection and innovation, as well as addressing security challenges in DeFi, to achieve the crypto industry’s long-term objectives.
Several inactive Bitcoin wallets have been reactivated after years of dormancy, with significant transactions, such as one wallet from 2013 transferring 126.65 BTC, valued at $7.63 million. A notable transaction includes a Bitcoin whale moving 1,000 BTC acquired in 2018, valued at $60.31 million, to Coinbase for the first time in six years. While it is uncertain whether these reactivated wallets are selling their assets, transactions involving transfers to exchanges are suggestive of potential sales.
Despite a slight decline in June 2024, the global count of cryptocurrency ATMs has increased by 2,564 new installations since January. The United States dominates the market with 82.7% of these ATMs, followed by Canada with 7.7%, primarily operated by Bitcoin Depot, Coinflip, and Athena Bitcoin. The overall increase in crypto ATMs indicates sustained market demand and growth in localized financial services related to cryptocurrency.
The North Carolina General Assembly has approved a bill that bars the state from engaging in Federal Reserve’s CBDC tests. The legislation saw overwhelming support, passing 109–4 in the House and 39–5 in the Senate. The bill, which now awaits the governor’s signature, aims to discourage the federal government from furthering a Central Bank Digital Currency.
The Digital Chamber has called for the U.S. SEC to stop its enforcement actions against the crypto industry, deeming them harmful to innovation and financial inclusivity. Highlighting the recent SEC lawsuit against Consensys, The Digital Chamber considers it an example of the SEC’s regulatory overreach. They argue that decentralized finance platforms enable financial democracy and access, and the SEC’s actions create market uncertainty, hindering progress in digital finance.
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