The Bitcoin Briefing, 1 August 2024
Regular Bitcoin Briefing readers will know Donald Trump’s habit of stealing the Bitcoin limelight. This edition is no exception, but we promise to try to rein him in in the future.
Bitcoin Market News
Bitcoin Price Hits Six-Week High After Trump Backs Cryptocurrency
Bitcoin hit its highest level in more than six weeks after Donald Trump said he would end the “persecution” of the crypto industry if he wins the US presidential election. The cryptocurrency’s price rose by more than 3% on Monday to peak at about $69,745, the highest since 12 June, when the currency changed hands at more than $69,800. The increase comes after supportive comments from Trump at the Bitcoin 2024 convention in Nashville, Tennessee, where he said he would make the US the world’s cryptocurrency leader and embrace a more pro-bitcoin stance than his rival, Kamala Harris (Guardian).
Russia Legalises Bitcoin For International Trade To Bypass Sanctions
In a significant legislative move, Russian lawmakers have passed a bill permitting businesses to use Bitcoin and other cryptocurrencies in international trade. The development is part of Russia's strategy to circumvent Western sanctions imposed following the invasion of Ukraine. The new law, expected to take effect in September, addresses delays in international payments, particularly with key trading partners like China, India, and the UAE (ZeroHedge).
July FOMC Decision and its Impact on Bitcoin
Bitcoin could be impacted if the Federal Open Market Committee leaves interest rates unchanged when it delivers its July decision. Investors who packed trillions in low-risk assets will be less attractive when interest rates start moving downwards. As a result, there is a chance of rotation to riskier assets like stocks, crypto, and Bitcoin ETFs (Crypto News).
VP Kamala Harris' 'Crypto Reset' May Be Too Little Too Late: Bernstein
Analysts at Bernstein suggest that Vice President Kamala Harris‘ recent outreach to the crypto industry may be insufficient to sway voters in the upcoming U.S. presidential election. The report indicates that Harris’ campaign is seeking a “reset” with crypto companies, having reached out to prominent firms in the sector. Despite the significant shift in the political landscape concerning digital assets, the firm is doubtful that Harris’s late-stage pivot will effectively counter the robust support former President Donald Trump has already established within the crypto community (Benzinga).
Bitcoin Trends
Bright Horizons Ahead: Bitcoin And Mining Industry Poised For Success — Study
As Bitcoin carves out a position in the world’s financial landscape, recent events in the US have given it a bright future. At least, this is what an H.C. Wainwright & Co. analyst sees. Mike Colonnesse offered a weekly study outlining several positive elements driving the Bitcoin and BTC mining sector, including institutional momentum, expected legislative reforms, and political endorsement (Bitcoinist).
Mt.Gox Distribution Arrives
After over a decade of legal process, the long-awaited creditor distribution of Bitcoin recovered from the Mt.Gox exchange collapse is underway. It marks a historical event for the Bitcoin industry, especially for creditors fighting for reimbursements in Bitcoin rather than fiat currency (Glassnode).
Lummis to Propose Fed Adopts Bitcoin as Reserve Asset
Wyoming Senator Cynthia Lummis will propose that the Federal Reserve hold Bitcoin as a strategic reserve asset akin to gold and foreign currencies. Lummis hopes former President Donald Trump will endorse the bill, lending significant weight to her proposal. Trump has voiced strong support for Bitcoin and crypto in recent weeks, which has led to endorsements from industry leaders across crypto and tech sectors (CryptoSlate).
Bitcoin Dips as US Government Moves $2B in $BTC to Unknown Wallet
Only two days after presidential hopeful Donald Trump said at the Bitcoin 2024 conference that he would not move the US Silk Road Bitcoin, the government did just that, transferring $2 billion worth to a previously unknown wallet. Bitcoin lost 4% in value on the news (Crypto Daily).
Protecting Against Cryptocurrency Scams
Self-promotion alert! Safeguarding customers is a top priority for LondonLink. You, too, can play your part by remaining vigilant and reporting incidents at the earliest opportunity. In this new blog, we outline how to recognise common cryptocurrency scams so you can protect yourself (LondonLink).
Bit of Bitcoin fun
'Definition of a Sh*tcoin': Shark Tank's Kevin O'Leary Shuns Celebrity Meme Coins
When it comes to celebrity meme coins, don’t expect to see Kevin O'Leary’s name come up anytime soon—either as an issuer or an investor. “That is the definition of a sh*tcoin,” the Canadian entrepreneur and “Shark Tank” star said. O'Leary said that nearly 20% of his investments are in crypto, split between assets like Bitcoin and companies like stablecoin issuer Circle. Still, the influential investor described celebrity meme coins as an emerging crypto trend that doesn’t fit into his framework (Decrypto).
