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US senate hopefuls look for crypto bump at Bitcoin 2024

Coin Telegraph
US senate hopefuls look for crypto bump at Bitcoin 2024
Coin Telegraph

The panel was a referendum on Elizabeth Warren and what happens if we don’t elect the right senators

A trio of US senate hopefuls took to the stage at Bitcoin 2024 on Saturday, July 27, with the aim of touting their crypto-friendly policies in front of potential voters in Nashville.

The discussion was hosted by former US Representative David McIntosh, co-founder of conservative political groups the Federalist Society and Club for Growth.

Among the hopefuls were Bernie Moreno, the GOP nominee US senate in the Ohio race where incumbent Sherrod Brown has been installed since 2007, Sam Brown, running for US senate in Nevada against incumbent Jacky Rosen, and Detroit-born John Deaton who’s taking on Elizabeth Warren in the Massachusetts’ race.

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Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

SEC approves Grayscale Bitcoin Mini Trust for Trading on NYSE Arca

Coin Telegraph
SEC approves Grayscale Bitcoin Mini Trust for Trading on NYSE Arca
bitcoin etf

Grayscale must await final regulatory signoff on its registration filing before listing the fund

The United States Securities and Exchange Commission (SEC) approved Grayscale’s newest spot Bitcoin (BTC) exchange-traded fund (ETF) — Grayscale Bitcoin Mini Trust (BTC) — for listing on the New York Stock Exchange’s (NYSE) Arca electronic trading platform, according to a July 26 filing. 

The approval is an important milestone for Grayscale, which announced plans on July 19 to spin off a portion of its flagship Bitcoin fund, Grayscale Bitcoin Trust (GBTC), into the new Mini Trust.

“Grayscale is excited to share that the [SEC] has approved NYES Arca's Form 19b-4 application to list and trade shares of Grayscale Bitcoin Mini Trust (proposed ticker: BTC),” a spokesperson told Cointelegraph in an email.

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Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

No BTC strategic reserve announcement from Sen. Lummis—Bitcoin 2024

Coin Telegraph
No BTC strategic reserve announcement from Sen. Lummis—Bitcoin 2024
Bitcoin mining

Senator Lummis recently authored a report highlighting the benefit of the Bitcoin mining industry and denouncing Biden's proposed 30% tax.

Senator Cynthia Lummis delivered her highly anticipated address at the Bitcoin 2024 conference in Nashville alongside Senator Tim Scott. However, the presentation did not feature the rumored introduction of legislation establishing Bitcoin as a strategic reserve asset of the United States.

The Wyoming Senator criticized the Securities and Exchange Commission (SEC) for regulating the industry through enforcement action rather than the rule of law, before shifting her focus back to the government control of money and touting the Republican Party's revised platform protecting digital asset ownership and custody.

Lummis, a longtime ally of the crypto industry, and Scott also touched on the role the Bitcoin mining industry plays in seeking out novel forms of energy and strengthening the United States' critical energy infrastructure, a recurring theme at this year's conference.

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Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

Blackrock foresees “very little interest” in crypto ETFs beyond Bitcoin, Ethereum — Bitcoin2024

Coin Telegraph
Blackrock foresees “very little interest” in crypto ETFs beyond Bitcoin, Ethereum — Bitcoin2024
Analysis

Clients see Bitcoin and Ethereum as complements, not substitutes, in crypto portfolios, according to Blackrock's head of digital assets.

Asset manager Blackrock sees “very little interest” among clients in crypto beyond Bitcoin (BTC) and Ethereum (ETH) and doesn’t foresee many crypto exchange-traded funds (ETFs) outside of those two core digital assets, according to Robert Mitchnick, BlackRock’s head of digital assets, speaking at the Bitcoin2024 conference on July 25 in Nashville, Tennessee. 

“I would say that our client base today, their interest overwhelmingly is in Bitcoin first, and then somewhat in ETH… and there’s very little interest today beyond those two,” Mitchnick said at a panel entitled From Strategy to Innovation: BlackRock's Bitcoin Journey.

“I don't think we're gonna see a long list of crypto ETFs,” Mitchnick said. Blackrock launched its first crypto exchange-traded funds — iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust ETF (ETHA) — in January and July, respectively.

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Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

VanEck says Bitcoin could hit $2.9 million per coin by 2050

Coin Telegraph
VanEck says Bitcoin could hit .9 million per coin by 2050
Analysis

Bitcoin Layer-2s could be collectively worth around $7.6 trillion, the report added.

Investment manager VanEck foresees Bitcoin (BTC) potentially hitting $61 trillion in total market capitalization — or some $2.9 million per coin — in 2050 as a result of massive demand for the decentralized currency as collateral for trade settlement and a reserve for central banks, according to a July 24 report. 

“It is conceivable that by 2050 Bitcoin could be used to settle 10% of the globe’s international trade and 5% of the world’s domestic trade,” VanEck said in the report. “This scenario would result in central banks holding 2.5% of their assets in BTC.”

VanEck adds that scaling solutions for Bitcoin’s blockchain network — Bitcoin Layer-2s — could collectively be worth approximately $7.6 trillion, or around 12% of BTC’s total value.

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Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

Trump reelection campaign raised $3M in crypto for Q2 2024

Coin Telegraph
Trump reelection campaign raised M in crypto for Q2 2024
Coin Telegraph

The most significant contributions came from Gemini co-founders Cameron and Tyler Winklevoss, who announced their support for the Republican candidate on X.

Donors to Donald Trump’s campaign to be reelected as US President have contributed roughly $3 million in cryptocurrency since the candidate announced he would accept digital assets.

According to a Federal Election Commission (FEC) filing for the second quarter of 2024, the Trump 47 Committee received millions in crypto donations from roughly 20 individuals starting in May. The Republican nominee has publicly shifted from calling Bitcoin (BTC) a “scam” in 2021 to having his campaign defend miners and accept crypto donations in 2024. The filing did not include contributions from July.

The most significant contributions to the Trump campaign in Q2 2024 came from Gemini co-founders Cameron and Tyler Winklevoss, who pledged a combined $2 million in Bitcoin (BTC) on June 20. Kraken co-founder Jesse Powell said he would donate $1 million in Ether (ETH) on June 28. FEC filings show Powell contributed more than $844,000 while the Trump campaign was obligated to partially refund the Winklevoss’ BTC donation — guidelines impose a maximum of $844,600 per individual.

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Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

Fireblocks launches Web3 startup toolkit amid a surge in new ventures

Coin Telegraph
Fireblocks launches Web3 startup toolkit amid a surge in new ventures
Coin Telegraph

The number of startups using the Web3 platform has already increased by some 50%, according to Fireblocks.

Fireblocks, the Web3 infrastructure platform, launched a suite of tools specifically designed for startups amid a proliferation of early-stage blockchain ventures, according to a July 25 press release. 

The toolkit — Fireblocks for Startups — is designed to help startups quickly build and launch Web3 products and includes solutions for treasury management, self-custody, private key storage, and secure digital asset transfers, the company said.

“The short history of crypto shows that successful projects — whether crypto exchanges, DeFi bridges, or NFT platforms — go through periods of hypergrowth during market upswings, with development teams focused solely on maintaining front-end stability while neglecting security in the process,” Idan Ofrat, Co-founder & Chief Product Officer of Fireblocks, said in a statement.

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Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

Crypto think tank launches voting project to support ‘right candidates’

Coin Telegraph
Crypto think tank launches voting project to support ‘right candidates’
Business

The Digital Future project did not endorse specific candidates or political parties, but its CEO ran as a Republican in a 2022 congressional campaign associated with FTX.

Michelle Bond, the CEO behind a crypto-focused think tank in Washington, DC and the partner of former FTX Digital Markets co-CEO Ryan Salame, announced the launch of an initiative “to boost voter registration and crypto education” in the United States.

In a July 24 notice, crypto think tank Digital Future said it would initially target US voters in Arizona, Nevada, Wisconsin, Minnesota, Georgia, Michigan, Pennsylvania, and North Carolina as part of Project Swing. According to Digital Future, the voter project aims to “activate support for pro-crypto candidates” ahead of the 2024 election season, which is already in full swing nationwide.

Bond said in an X post that the project would help “ensure the right candidates are elected” related to policies on financial freedom. Cointelegraph reached out to Digital Future for comment but did not receive a response at the time of publication.

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Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

Senator Cynthia Lummis releases report attacking Biden’s mining tax

Coin Telegraph
Senator Cynthia Lummis releases report attacking Biden’s mining tax
Bitcoin mining

The pro-crypto senator claimed that Bitcoin mining consumes as much energy as household appliances such as tumble dryers.

On July 23, Senator Cynthia Lummis released a report arguing against the Biden administration’s proposed 30% excise tax on the energy consumed by Bitcoin miners.

The report, titled Powering Down Progress: Why A Bitcoin Mining Tax Hurts America, put the Bitcoin (BTC) mining industry into sharper focus, highlighting the benefits of the critical mining infrastructure to the United States' energy grid.

Lummis cited the Bitcoin Energy and Emissions Sustainability Tracker as evidence that Bitcoin mining is cleaner than is commonly imagined, noting that up to 52.6% of BTC mining might be emissions-free.

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Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

Kamala Harris could be ‘far more open’ to crypto business, Mark Cuban says

Coin Telegraph
Kamala Harris could be ‘far more open’ to crypto business, Mark Cuban says
Coin Telegraph

Kamala Harris’ campaign team is reportedly seeking input on crypto policy ahead of the Democratic National Convention.

United States presidential candidate Kamala Harris could be much more open to technological innovation and cryptocurrencies than President Joe Biden, billionaire investor Mark Cuban told Politico on July 23. 

According to Cuban, the tech industry could have an unexpected ally in the US vice president, who previously served as a senator and attorney general of California.

“The feedback I’m getting, but certainly not confirmed by the VP, is that she will be far more open to business, [artificial intelligence], crypto and government as a service,” Cuban told Politico in an email interview, adding that:

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Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month

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