Judge reduces Ethereum dev’s prison sentence by 7 months

July 17, 2024 Coin Telegraph

Virgil Griffith could be eligible for release as early as January 2025 after pleading guilty to violating US sanctions on North Korea.

A federal judge has granted a motion to reduce the sentence for former Ethereum developer Virgil Griffith, who pleaded guilty to violating sanctions on North Korea.

In a July 16 filing in the United States District Court for the Southern District of New York, Judge Kevin Castel signed off on an order reducing Griffith’s previously imposed sentence of 63 months in prison to 56 months. Judge Castel said the sentence would be effective as of Aug. 2, suggesting he would be eligible for release in January 2025.

Griffith spoke at a cryptocurrency and blockchain conference in the North Korean capital city of Pyongyang in 2019, giving more than one presentation about how the country could use crypto to evade sanctions and for money laundering. He pleaded guilty in 2021 before his criminal trial was expected to begin, and in April 2022, he was sentenced to 63 months in prison and ordered to pay a $100,000 fine.

Economist Alex Krüger Says Bitcoin and Crypto in a ‘Supercycle’ – Here’s What He Means

Mark Cuban speculates Bitcoin may become a global reserve asset

July 17, 2024 Coin Telegraph

bitcoin adoption

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.

Economist Alex Krüger Says Bitcoin and Crypto in a ‘Supercycle’ – Here’s What He Means

King Charles lays out Labour gov’t plan for UK, with crypto unmentioned

July 17, 2024 Coin Telegraph

Coin Telegraph

During the State Opening of Parliament in May 2022, the UK government, led by Conservatives, introduced two bills concerning cryptocurrencies.

The King’s Speech at the State Opening of Parliament said the new Labour government of the United Kingdom would focus on economic stability and growth but did not explicitly mention digital asset-related policies.

Addressing the members of the UK Parliament on July 17, King Charles III read a speech written by the incoming Labour government as they prepared to introduce laws and policy objectives. The UK government’s priorities included “securing economic growth,” “wealth creation,” and improving the nation’s infrastructure and housing.

The roughly 15-minute speech did not specifically address the regulation of crypto and blockchain but mentioned lawmakers would “encourag[e] investment in industry, skills and new technologies” and introduce legislation to regulate artificial intelligence. Other policy priorities included plans to address border security and the climate crisis and establish an “independent football regulator.”

Economist Alex Krüger Says Bitcoin and Crypto in a ‘Supercycle’ – Here’s What He Means

Trump weighing Bitcoin hater Jamie Dimon for US Treasury

July 17, 2024 Coin Telegraph

Coin Telegraph

The former president could reveal more details at the Bitcoin Conference in Nashville from July 25 through 27.

Former United States President and current Republican ticket nominee Donald Trump said recently that, if elected, he would consider JPMorgan CEO Jamie Dimon for his cabinet as secretary of the Treasury. He also intends to leave Federal Reserve Chair Jerome Powell in place.

Trump’s comments stem from an interview with Bloomberg reportedly conducted in late June and published on July 16. It’s unclear if the former president’s thinking remains the same in the wake of the July 13 assassination attempt.

This appears to be the first time Dimon has been publicly linked to a potential Trump administration. The two have had a somewhat cantankerous relationship in the past, with Trump recently calling Dimon a “highly overrated globalist” in a November 2023 post on Truth Social. For his part, Dimon previously urged people to support Trump opponent Nikki Haley for the Republican nomination.

Economist Alex Krüger Says Bitcoin and Crypto in a ‘Supercycle’ – Here’s What He Means

Grayscale launches new decentralized AI fund

July 17, 2024 Coin Telegraph

Coin Telegraph

The fund is available only for accredited investors. Its basket includes native tokens from Bittensor, Filecoin, Livepeer, Near and Render.

Asset manager Grayscale has launched a new crypto fund that provides investors with exposure to decentralized artificial intelligence protocols.

According to a July 17 announcement, the Grayscale Decentralized AI Fund kicks off with a basket of tokens that include Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR) and Render (RNDR).

The fund is only available for accredited investors, which means it isn’t available to the general public.

Economist Alex Krüger Says Bitcoin and Crypto in a ‘Supercycle’ – Here’s What He Means

Valour launches first ETP for Near Protocol’s native token

July 17, 2024 Coin Telegraph

Coin Telegraph

The exchange-traded product will be available on Sweden’s Spotlight Stock Market.

Crypto fund issuer Valour has launched an exchange-traded product (ETP) for Near Protocol’s native token, NEAR, according to a July 17 announcement from Valour’s parent company, DeFi Technologies (CBOE CA: DEFI).

The ETP will trade on Sweden’s Spotlight Stock Market, enabling retail and institutional investors to gain exposure to the decentralized application development platform, the announcement said.

Valour’s head of product, Elaine Buehler, said the new fund offering will allow investors to access an asset known for its “transformative impact on DeFi and NFTs,” referring to decentralized finance and non-fungible tokens.

Economist Alex Krüger Says Bitcoin and Crypto in a ‘Supercycle’ – Here’s What He Means

Saudi Arabia’s Riyadh may be crypto’s sleeping giant: Crypto City Guide

July 17, 2024 Coin Telegraph

Coin Telegraph

While crypto may still operate in a gray space in Saudi Arabia, the country’s talent pool and burgeoning gaming sector hold promise for Web3.

City: Riyadh
Country: Saudi Arabia
Population: 7.82 million (metro)
Established: 1737
Language: Arabic

In the center of the an-Nafud desert rises Riyadh, Arabic for the meadows, the third most populous city in the Middle East. But its likely not the first place that comes to mind when you think about crypto and gaming.

Cryptocurrency is a gray area, neither banned outright nor endorsed, and it can be tricky to access.

Economist Alex Krüger Says Bitcoin and Crypto in a ‘Supercycle’ – Here’s What He Means

Worldcoin faces ‘scam’ allegations after extending token lockup by 2 years

July 17, 2024 Coin Telegraph

Blockchain

Worldcoin faces allegations of price manipulation after delaying unlocking 80% of its native tokens.

The eyeball-scanning human identification project Worldcoin faces allegations of price manipulation and scam a day after the project delayed unlocking 80% of its native token.

On July 16, Worldcoin developer Tools for Humanity (TFH) announced changes to its native token unlock schedule. The organization extended the unlock schedule for 80% of Worldcoin (WLD) tokens held by its investors and team members.

The tokens were initially set to be unlocked over three years. However, the new update pushes the unlock to over five years, beginning on July 24. With this, WLD tokens will be unlocked progressively in the next four years, concluding in July 2028.

Economist Alex Krüger Says Bitcoin and Crypto in a ‘Supercycle’ – Here’s What He Means

Bitcoin L2s help crypto miners in Asia supplement income with staking

July 17, 2024 Coin Telegraph

Asia

Bitcoin L2s remain crucial to the Asian crypto ecosystem, offering miners new revenue streams after the most recent halving.

One crypto narrative that has garnered significant traction across the Asian technological landscape is the rise of Bitcoin layer-2 (L2) solutions.

Chinese miners are still an important part of the Bitcoin (BTC) mining ecosystem — reportedly accounting for over 50% of the network’s hashrate — the rise of these solutions seems to be bolstered by miners seeking to create alternative revenue streams for themselves, especially in the wake of the recent Bitcoin halving.

The Bitcoin halving, a programmed event that reduces BTC mining rewards by half, has traditionally been challenging for miners. The most recent halving, which concluded on April 19, reduced the digital asset’s reward ratio from 6.25 BTC to 3.125 BTC, making it tougher for miners to stay profitable.

Economist Alex Krüger Says Bitcoin and Crypto in a ‘Supercycle’ – Here’s What He Means

Traders eye $71.5K Bitcoin price as open interest jumps 13%

July 17, 2024 Coin Telegraph

Traders eye .5K Bitcoin price as open interest jumps 13%

Bitcoin $71.5K

Bitcoin may be gearing up to move above $70,000 now it has reclaimed a critical level that traders have been closely watching for the past two months.

Bitcoin could be headed toward the $71,500 mark after breaching the $65,000 price point on Tuesday, based on historical patterns as observed by crypto traders.

The price rebound has also increased interest among future traders betting on Bitcoin’s near-term price movements.

“Breaking $65,000 would mean price would be ready to move inside the $65,000-$71,500 region,” pseudonymous crypto trader Rekt Capital wrote in a July 16 X post, when Bitcoin (BTC) was hovering just shy of $65,000.

Coin Telegraph

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