Last Week in Crypto: Highlights in the World of Cryptocurrencies
As we kick off another exciting week on Monday, July 22nd, 2024, at 9:00:05 AM EST (3:00:20 PM CET), we delve into the latest price action of the top ten cryptocurrencies, as per Coin Market Cap. Join us as we analyze these figures and anticipate how the market will unfold throughout the week. Subsequently, we will compare these prices with the closing figures of Friday, July 26th, 2024, at 6:00:00 PM EST (12:00:00 AM CET), to gain insights into the week’s market trends and fluctuations.
| CRYPTO | INITIAL | % CHANGE | FINAL |
|---|---|---|---|
| BTC | $67,704.30 | 0.32% | $67,918.39 |
| ETH | $3,502.69 | -6.81% | $3,264.04 |
| BNB | $599.30 | -3.01% | $581.28 |
| SOL | $180.72 | 0.92% | $182.39 |
| XRP | $0.6164 | -2.08% | $0.6036 |
| TON | $7.0164 | -4.22% | $6.72 |
| DOGE | $0.1396 | -3.87% | $0.1342 |
| ADA | $0.4374 | -4.73% | $0.4167 |
| AVAX | $32.31 | -11.61% | $ 28.5 |
Bitcoin 2024 Conference Highlights: Saylor’s Bold Predictions and Trump’s Address
The Bitcoin 2024 conference in Nashville, Tennessee, is generating significant buzz with highprofile speakers like Donald Trump and Michael Saylor. Saylor kicked off the event by predicting Bitcoin could reach $13 million by 2045, highlighting its potential as digital capital. Anthony Scaramucci suggested Bitcoin’s market cap could surpass gold due to increasing institutional investments. VanEck CEO Jan Van Eck shared his personal connection to Bitcoin’s values of freedom and security while discussing the launch of Bitcoin ETFs. Bitcoin developer Jimmy Song criticized the event’s focus on traditional finance, emphasizing Bitcoin’s core principles of liberty and self-sovereignty. BlackRock’s Michael Mitchnick noted that clients are primarily interested in Bitcoin and Ethereum, with Bitcoin ETFs gaining traction. The conference continues to draw attention with insights from leading figures in the crypto world.
Federal Reserve Ends Enforcement Action Against Silvergate
The Federal Reserve Board has ended its enforcement action against Silvergate Bank and Silvergate Capital Corporation as of July 26, 2024. Silvergate, a former crypto-friendly bank, collapsed in March 2023 due to the fallout from the FTX exchange implosion. The Fed’s decision follows Silvergate’s successful winding down of operations, customer reimbursements, and cessation of banking activities. Despite this, Silvergate still faces legal challenges, including a class-action lawsuit and SEC accusations of complicity with the FTX fraud.
Ethereum ETF Launch Sparks Sell-Off, Signals Market Turmoil
The recent launch of Ethereum ETFs has led to a surprising sell-off, revealing a shift in market dynamics, according to 10x Research. Initially, optimism surrounded the launch of spot Ether ETFs, but this quickly turned into a decline in Ether’s price. Markus Thielen, founder of 10x Research, noted that traders had expected Ethereum ETFs to capture significant inflows but overlooked potential outflows from Grayscale and a ‘sell the news’ reaction. The sell-off, coinciding with BTC distributions from Mt. Gox, saw Grayscale’s Ethereum Trust losing $807 million over two days, despite inflows into other ETFs like Bitwise. The 10x report expressed a bearish outlook on Ether, citing stagnant fundamentals and Wall Street’s struggle to define ETH’s value. The report also highlighted a shift to Solana for memecoin issuance and warned of potential further declines due to seasonal market weakness and upcoming economic factors.
Toyota Embraces Ethereum, Hong Kong Approves Inverse Bitcoin ETF: Asia Express
Toyota’s blockchain research arm is exploring Ethereum’s potential in its autonomous vehicle initiative, aiming to create a connected transportation system using blockchain for automation and standardized interfaces. Meanwhile, Hong Kong has launched Asia’s first inverse Bitcoin ETF, allowing investors to bet against Bitcoin prices, and approved a new stablecoin pegged to the Hong Kong dollar by Jingdong Coinlink, a JD.com subsidiary. Additionally, South Korean police arrested a drug ring using cryptocurrencies, and India’s crypto industry remains disappointed as the government leaves high crypto taxes unchanged.
Bitcoin Mainnet Receives First-Ever Verified ZK-Proof: A New Era for Decentralized Applications
BitcoinOS (BOS) has successfully verified the first zero-knowledge (ZK) proof on the Bitcoin mainnet, marking a significant milestone. This breakthrough, achieved on July 24, 2024, enables advanced functionality and scalability for Bitcoin without altering its base layer. BOS’s BitSNARK library facilitates near-trustless bridges for Bitcoin transactions, allowing a single transaction to represent thousands. Co-founder Edan Yago sees this as transforming Bitcoin from just digital gold into a platform for decentralized applications, challenging Ethereum and Solana. This innovation paves the way for DAOs, DeFi, and more on the Bitcoin network.
Sources
https://cointelegraph.com/news/political-undertones-trump-bitcoin-2024-nashville
https://cointelegraph.com/news/federal-reserve-board-drops-enforcement-action-against-silvergate
https://cointelegraph.com/news/ethereum-etf-selloff-market-dynamics
https://cointelegraph.com/news/bitcoin-mainnet-first-verified-zk-proof
