The Bitcoin Briefing, 18 July 2024
As Bitcoin begins to bounce back, we look at the factors driving the uptick.
Bitcoin Market News
US Treasury Raises Alarm About Possible Debt Crisis
U.S. Treasury Secretary Janet Yellen has warned that countries worldwide are moving away from the U.S. dollar - as the spiralling $34 trillion U.S. debt pile fuels fears of collapse - with Bitcoin and crypto slowly chipping away at dollar dominance (Forbes).
Bitcoin Mining Profitability Hits Historic Lows
Bitcoin’s mining profitability has plunged as operations become more challenging. Industry expert Kurt Wuckert has expressed his concerns regarding the Bitcoin market and warned against investing in mining, citing uncertainties in the industry. The mining industry is experiencing a change in the dynamics of mining operations, which is becoming more challenging. The high levels of network hash rate have led to changes in mining profitability even though crypto has record trading values (Cryptopolitan).
Metaplanet buys another $1.2M of Bitcoin as price rebounds toward $65K
Stacking investment firm Metaplanet has purchased another 21.88 Bitcoin, bringing the Japan-based firm’s holdings to 225.6 Bitcoin, valued at $14.6 million. The recent purchase, combined with Bitcoin’s 4.4% price rise over the last 24 hours, has fueled a surge in Metaplanet share prices—up 25.8% to $0.74 (117 yen) in the opening two and a half hours on the Tokyo Stock Exchange on July 16 (Coin Telegraph).
Bitcoin Trends
Bitcoin Whale Made $30M In Two Trades
Lookonchain data shows a whale investor who made $30 million with two Bitcoin purchases in a year. From 9 August to 18 December 2023, the investor bought 718 BTC at $29,385 each and sold at $41,953, netting a profit of $9 million. In the second trade, the investor bought 1,181 BTC between 7 February and 20 June at $48,822 each, selling at $66,792 for a profit of $21.2 million. The same investor purchased 245 BTC worth approximately $15.98 million on 17 July 2024 (Benzinga).
Read more on Benzinga
Trump’s VP Pick J.D. Vance Owns Over $100,000 in Bitcoin
J.D. Vance, the venture capitalist turned politician tapped as running mate by former President Donald Trump, owns between $100,001 and $250,000 in Bitcoin, according to his latest federal financial disclosure. The Ohio Senator disclosed holding Bitcoin on Coinbase in his mandated Annual Report for 2022, filed in October 2023 (The Block).
Bitcoin Bulls Eye $70K Amid Trump's Rising Chances
Bitcoin traders expect prices to touch as much as $70,000 in the near term as sentiment around the broader crypto sector bumps ahead of the US elections and selling pressure from key wallets subsides. “The rebound in Bitcoin price shows the market has a more optimistic outlook in the near-term macro environment,” shared Lucy Hu, senior analyst at Metalpha (Coindesk).
Menendez Convicted for Bribery After Claiming Bitcoin Was for Criminals
Senator Bob Menendez, who previously called Bitcoin “an ideal choice for criminals”, has been found guilty on all 16 counts in his corruption trial. Federal prosecutors accused Menendez of accepting bribes, acting as a foreign agent for Egypt, obstructing justice, and extortion. The jury’s decision came after a two-month trial that exposed Menendez’s involvement in receiving cash, gold bars, and a luxury car in exchange for political favours (Bitbo).
Bit of Bitcoin fun
German Government Bitcoin Selling Akin To UK Selling Gold
The German government’s sale of its significant Bitcoin position could be held up in years to come as one of the worst financial decisions by a sovereign country since the UK started to sell gold reserves at the bottom of a 20-year bear market. UK Chancellor Gordon Brown’s decision 25 years ago is still talked over incredulously by analysts, partly because Brown told the market precisely when he would begin to sell the gold (CryptoDaily).
