Trump’s High BTC Request, New ETFs on the Market, and OKX adds TON - July 19, 2024
A quick and digestible recap of yesterday’s crypto news.
TL;DR: Market Insight in Seconds
- BlockFi: Will start temporary distribution via Coinbase in July.
- Bitcoin: Holding addresses continue to decline.
- OKX Wallet: Now compatible with 100 chains, adds support for TON.
- South Korea: First crypto law goes into effect.
- Winklevoss twins: Donate $1 million in Bitcoin to Senator Warren's rival.
- New ETFs: More high-risk leveraged crypto ETFs enter the market.
- Bitcoin: Reaches local price bottom, expected to rise soon.
- Kraken Custody: Expands services to institutional clients in the UK and Australia.
Price Update
Bitcoin Reaches Local Price Bottom and It’s Expected to Rise Soon
Bitcoin has reached a local price bottom, and indicators suggest that a price increase is likely in the near future. Market analysts believe that this could be a good opportunity for investors to enter the market. The positive momentum is expected to drive Bitcoin's price upward in the coming weeks.
Market Trends
Bitcoin Holding Addresses Continue to Decline
The number of addresses holding Bitcoin has been decreasing, indicating a shift in market behavior. This trend might suggest that investors are moving their assets or selling off their holdings. The decline in Bitcoin addresses is something to watch as it could impact the overall market dynamics.
More High-Risk Leveraged Crypto ETFs Enter the Market
The market has seen the introduction of more high-risk leveraged crypto ETFs by Direxion. These investment products are designed to offer bigger returns but come with increased risk. Investors need to be cautious and understand the potential volatility associated with these ETFs – REKT and LMBO – before investing.
South Korea's First Crypto Law Goes into Effect
South Korea has implemented its first comprehensive crypto law, marking a significant step in regulating the digital asset market. The new law strives to protect investors, ensure market integrity, and promote fair trading practices. This regulatory milestone is expected to bring more clarity and stability to the South Korean crypto market.
U.S. Elections and Crypto Implications
Winklevoss Twins Donate $1 Million in Bitcoin to Senator Warren's Rival
The Winklevoss twins have donated $1 million worth of Bitcoin to the political campaign of Senator Elizabeth Warren's rival. This donation is part of their ongoing efforts to support candidates who favor the growth and regulation of the crypto industry. The contribution could have a significant impact on the upcoming election and the future of crypto regulation in the U.S.
Trump Requests $844,600 for Bitcoin Conference Roundtable Participation
Former President Donald Trump has requested $844,600 from Bitcoin conference attendees to join a roundtable discussion. This high fee has raised eyebrows and sparked debates within the crypto community. The roundtable aims to address key issues and opportunities in the cryptocurrency market, potentially influencing future policies and industry trends. Attendees are expected to gain exclusive insights and network with influential figures in the crypto world.
Pressing Developments
BlockFi to Start Temporary Distribution via Coinbase in July
BlockFi has announced that it will begin a temporary distribution of funds through Coinbase starting in July. This move is part of its efforts to streamline operations and provide better service to its users. The distribution will help BlockFi manage its resources more efficiently and ensure that customers receive their funds promptly.
OKX Wallet Now Compatible with 100 Chains, Adds Support for TON
OKX Wallet has expanded its compatibility to support 100 different blockchain networks, including The Open Network (TON). This update is to improve user experience by providing access to a wider range of blockchain assets.
Kraken Custody Expands Services to Institutional Clients in the UK and Australia
Kraken Custody has announced the expansion of its services to institutional clients in the UK and Australia. This move's purpose is to cater to the growing demand for secure and reliable crypto custody solutions in these regions. The expansion is part of Kraken's strategy to strengthen its global presence and support institutional adoption of cryptocurrencies.
Today's market highlights the ongoing developments in the regulatory advancements to market dynamics and technological innovations. BlockFi's collaboration with Coinbase and OKX Wallet's expanded compatibility demonstrate the industry's commitment to improving user experience and accessibility. South Korea's new crypto law and the increasing number of leveraged crypto ETFs reflect the evolving regulatory landscape and investment opportunities. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
Take a look at our website for more insights: https://blockconsulting.cc