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Australian crypto investors ‘sitting on the sidelines’ for clearer laws: Swyftx CEO

Crypto exchange Swyftx estimates anywhere from two to six million Australians could enter the market if regulated.

Millions of potenial Australian crypto investors are “sitting on the sidelines” until regulations around the market are clearer, says the head of a local crypto exchange.

Jason Titman, the CEO of Swyftx, told Cointelegraph that his firm predicts between two to six million Australians will enter crypto when “the dust has settled on regulation.”

A Swyftx survey found nearly a third of respondents would be more likely to buy crypto if it were regulated, while 41% said they didn’t trust crypto without regulation.

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Stablecoin Sector Shatters Records: $234B Milestone as USDC Cracks $60B for First Time

El Salvador marks 3 years of Bitcoin adoption with $31M profit

Despite widespread initial criticism, El Salvador is sitting on over $31 million worth of Bitcoin profit.

Update Sept. 7, 12.48 pm UTC: This article has been updated to include quotes from Harshit Gangwar.

El Salvador is celebrating its Bitcoin anniversary, marking three years since the country adopted Bitcoin as legal tender.

El Salvador became the world’s first country to adopt Bitcoin (BTC) as legal tender three years ago, on Sept. 7, 2021, to promote financial inclusion, facilitate more efficient remittance payments and attract financial innovation.

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Stablecoin Sector Shatters Records: $234B Milestone as USDC Cracks $60B for First Time

Binance-backed Bitcoin DeFi protocol Zest launches yield-bearing BTCz token

The Bitcoin halving has catalyzed a wave of interest in creating DeFi capabilities for Bitcoin, the world’s first blockchain network.

Binance Labs and Tim Draper-backed Zest Protocol have launched their new BTCz token in the latest development for Bitcoin-native decentralized finance (DeFi).

The new BTCz token will allow Bitcoin (BTC) holders to earn a staking yield on their Bitcoin through the Babylon Protocol.

The new Zest Protocol Bitcoin (BTCz) token could bring a significant increase in capital efficiency for the world’s first cryptocurrency, according to Tycho Onnasch, co-founder of the Zest Protocol.

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Stablecoin Sector Shatters Records: $234B Milestone as USDC Cracks $60B for First Time

NYSE, Nasdaq withdraw 3 more requests for crypto ETF options rule changes

Activity keeps heating up around Bitcoin and Ethereum ETF options.

New York Stock Exchange (NYSE) American and Nasdaq International Securities Exchange (ISE) withdrew three more requests for rule changes related to listing options on Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs), according to regulatory filings submitted after market close on Aug. 14 and Aug. 15. 

The withdrawals are the latest in a flurry of activity surrounding spot BTC and ETH ETF options in the United States. On Aug. 13, NYSE Arca withdrew another requested rule change intended to chart a path toward listing crypto ETF options.

Related: Expect Bitcoin ETF options to launch before 2025

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Stablecoin Sector Shatters Records: $234B Milestone as USDC Cracks $60B for First Time

Wen Lambo? Lamborghini answers with new Animoca Web3 partnership

Increasingly more industries are adopting blockchain technology to grow their brand awareness, including luxury car makers.

Animoca Brands has partnered with luxury car maker Lamborghini to explore new Web3-based brand engagement initiatives, highlighting the expanding potential applications of blockchain technology.

The partnership will look to deliver unique Web-3-based digital experiences to Lamborghini’s fans and customers.

The partnership aims to position Lamborghini at the forefront of digital-asset-based customer experiences, according to an Aug. 8 announcement by Animoca brands.

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Stablecoin Sector Shatters Records: $234B Milestone as USDC Cracks $60B for First Time

Vaneck Predicts Bitcoin Could Reach $2.9 Million by 2050

Vaneck Predicts Bitcoin Could Reach .9 Million by 2050Asset management firm Vaneck released a report projecting bitcoin could reach $2.9 million per coin by 2050, becoming a global medium of exchange and reserve currency. The report suggests bitcoin could settle 10% of global international trade and 5% of domestic trade, with central banks holding 2.5% of their assets in BTC. Scalability challenges are […]

Stablecoin Sector Shatters Records: $234B Milestone as USDC Cracks $60B for First Time

Bitcoin Beach co-founder claims Bitcoiners want to move families to El Salvador

The Bitcoin-friendly area of El Salvador has attracted many visitors using crypto, but are people considering moving themselves and their children abroad?

Roman Martinez, one of the co-founders of the Bitcoin Beach zone in El Salvador, claimed that “a lot of Bitcoiners” are considering the country as a place to resettle in response to international regulatory crackdowns on crypto.

Speaking to Cointelegraph at the Bitcoin 2024 conference in Nashville on July 27, Martinez said some people who have felt excluded from traditional financial systems may be looking at El Salvador due in part to the country’s policies on Bitcoin (BTC). According to the Bitcoin Beach co-founder, El Salvador President Nayib Bukele may have opened the floodgates to other countries by supporting legislation adopting BTC as legal tender in 2021.

“A lot of families, individuals are seeing El Salvador as a Plan B,” said Martinez. “They’re buying properties, a lot of Bitcoiners, they’re moving to El Salvador to live there and they wanna raise their kids there.”

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Stablecoin Sector Shatters Records: $234B Milestone as USDC Cracks $60B for First Time

Jimmy Song criticizes BTC 2024 speakers—’Not what makes Bitcoin great’

The author and Bitcoin advocate's panel was sobering, harkening back to the Bitcoin community's, anti-establishment ethos.

Author and Bitcoin expert Jimmy Song recently took the stage at the 2024 Bitcoin event in Nashville to denounce the topics presented on the first day of the event, including the encroaching banking sector, institutional investment, and the advent of exchange-traded funds in the United States as efforts by multinational corporations and the administrative state to co-opt the Bitcoin movement.

During the panel, Song appealed to the rugged individualism and pioneering spirit inherent in traditional American values and Bitcoin (BTC), sharply rebuking previous panels from deviating from those values to entertain speakers from financial institutions like BlackRock, the largest asset manager in the world.

Fellow panelist and independent media personality Luke Rudkowski echoed Song's comments, explaining that Bitcoin "Really does provide an amazing opportunity for a lot of people to really see the problems that government created," before explaining that the scarce decentralized asset empowers people to help themselves and each other independent of state structures.

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Stablecoin Sector Shatters Records: $234B Milestone as USDC Cracks $60B for First Time

Mark Cuban speculates Bitcoin may become a global reserve asset

The entrepreneur and investor has a net worth of $5.4 billion as of 2024 and is no stranger to the world of digital assets.

Entrepreneur and investor Mark Cuban recently speculated that geopolitical instability and inflationary pressures may propel Bitocin to become a global reserve asset.

According to the billionaire, increased support in Silicon Valley for former President Trump could signify a “Bitcoin play” from the Big Tech sector. Cuban explained that the United States’ geopolitical role has come under question and inflationary pressures may worsen with the introduction of future tax cuts already promised by the former president.

Taken together, these developments act as the perfect catalysts to drive the price of Bitcoin (BTC) higher, Cuban said, before clarifying that he wasn't saying these things will happen, but they are not out of the realm of possibility.

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Stablecoin Sector Shatters Records: $234B Milestone as USDC Cracks $60B for First Time

Over 50% of US hedge funds have exposure to Bitcoin as BTC crushes stocks in 2024

Millennium Management, holding 27,263 BTC worth $1.69 billion, has allocated about 2.5% of its $67.7 billion in total assets under management to Bitcoin.

Over half of the top American hedge funds have disclosed exposure to newly launched spot Bitcoin (BTC) exchange-traded funds (ETFs) in a year, as BTC/USD has significantly outperformed major stocks and indexes.

Data from investment firm River reveals that 13 out of the top 25 United States hedge funds had owned Bitcoin ETFs by the end of Q1 2024. Notable among these is Millennium Management, which had 27,263 BTC worth $1.69 billion, making up about 2.5% of its total assets under management worth $67.7 billion.

Other significant players include Schonfeld Strategic Advisors, with 6,734 BTC, and Point72 Asset Management, with 1,089 BTC. In contrast, some top hedge funds, such as Bridgewater Associates, AQR Capital Management and Balyasny Asset Management, have yet to invest in Bitcoin ETFs.

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Stablecoin Sector Shatters Records: $234B Milestone as USDC Cracks $60B for First Time