Today's Newsletter content 📃
No. | Index |
|---|---|
1. | MARKET WATCH ⌚👀 |
2. | Takeaway from Donald Trump's Speech at Bitcoin Conference in Nashville |
3. | SEC Approves Grayscale's Bitcoin Mini Trust ETF for NYSE Arca Listing |
4. | India Keeps Crypto Tax Rules Unchanged |
5. | WazirX Introduces 55/45 Recovery Plan Post-Hack |
6. | Robert F. Kennedy Jr. Proposes Bold Bitcoin Integration Plan for U.S. Economy |
7. | Pudgy Penguins Raises $11 Million |
8. | Meme of the week 🤣 |
👀⌚ Market Watch 👀⌚
The crypto market fended off further losses on Thursday, with large-cap coins Bitcoin and Ethereum regaining price milestones seen during the beginning of the week.
Eth EFT, Key signals to watch include a significant influx of ETH onto exchanges, with $1 billion worth of ETH moved since early July, indicating potential sell-offs or high trading activity. Meanwhile, bullish sentiment prevails in the derivatives market, with $1.2 billion in long positions. Additionally, the Ethereum 2.0 beacon chain saw 22,000 ETH staked recently, suggesting strong community support and potential price stabilization. With ETH currently trading above key support at $3,090, the ETF launch could usher in a volatile but potentially bullish phase for the cryptocurrency.
🔷 The key takeaway from former President Donald Trump's Speech at the Bitcoin Conference in Nashville 🗣
Speaking at the Bitcoin 2024 conference in Nashville, Donald Trump just told a crowd of crypto enthusiasts that he would fire SEC Chair Gary Gensler on his first day in office.
If Trump wins the election, Ross Ulbricht will be a free man after 11 years in federal prison. FREE ROSS
"NEVER SELL YOUR BITCOIN" Trump announces the government will hold 100% of their Bitcoin and create the core strategic national $BTC stockpile.
Trump pledges to support the expansion of stablecoins. "Bitcoin is not threatening the dollar. The behavior of the current US government is threatening the dollar."
"There will never be a CBDC while I am president of the United States."
President Trump promises to immediately shut down Operation Chokepoint 2.0. "No longer will your government watch as Bitcoin jobs & businesses flee to other countries." Seriously impressive whoever prepped him on this.
Joe Biden & Kamala Harris anti-crypto crusade will be over. The weaponization against your industry ends.
"The United States will be the crypto capital of the planet, and the Bitcoin superpower of the world."
🔷 SEC Approves Grayscale's Bitcoin Mini Trust ETF for NYSE Arca Listing
The U.S. Securities and Exchange Commission (SEC) has approved Grayscale's Bitcoin Mini Trust ETF for listing on NYSE Arca. This green light follows a detailed review to ensure compliance with the Securities Exchange Act, focusing on fraud prevention, market integrity, and investor protection.
A key factor in the approval was a surveillance-sharing agreement between NYSE Arca and a regulated Bitcoin market to detect fraudulent activities. The ETF will provide transparent portfolio holdings, real-time pricing via the Consolidated Tape Association, and will be treated as an equity security, adhering to standard equity trading rules.
This approval marks a significant step for Bitcoin ETFs in mainstream finance, promising greater market transparency and investor safeguards.
🔷 India Keeps Crypto Tax Rules Unchanged: What It Means for Investors
In the latest Union Budget speech, Indian Finance Minister Nirmala Sitharaman did not address any changes to cryptocurrency tax rules, leaving the existing framework in place. This means the crypto community will continue to operate under the current tax regime, which includes a flat 30% tax on profits from crypto transactions, a 1% tax deducted at source (TDS) on transfers, and no allowance for offsetting losses.
🔷 WazirX Introduces 55/45 Recovery Plan Post-Hack
Indian crypto exchange WazirX, recently affected by a hack, has announced a 55/45 recovery strategy aimed at providing a faster resolution for affected users. This plan offers two options: users can immediately access 55% of their crypto assets for trading or withdrawal, while the remaining 45% will be converted into USDT and locked.
The exchange ensures a balanced portfolio for the unlocked portion, replacing affected tokens with unaffected ones if necessary. The asset values will be calculated based on July 21, 2024, market prices.
🔷 Robert F. Kennedy Jr. Proposes Bold Bitcoin Integration Plan for U.S. Economy
At Bitcoin 2024, presidential candidate Robert F. Kennedy Jr. unveiled an ambitious plan to integrate Bitcoin into the U.S. financial system. He proposes daily purchases of 550 Bitcoin to build a national reserve, ultimately aiming for a stash of 4 million BTC. Kennedy envisions Bitcoin as a "strategic asset" that could significantly enhance U.S. global financial dominance.
Additionally, Kennedy's plan includes making Bitcoin-to-dollar transactions nonreportable and nontaxable, offering citizens "transactional freedom." He also suggests incorporating Bitcoin into the 1031 Exchange program to stimulate economic growth.
🔷 Pudgy Penguins Parent Company Igloo, Inc. Raises $11 Million for Ethereum Layer-2 Network
Igloo, Inc., the parent company behind the popular NFT brand Pudgy Penguins, has raised $11 million to develop Abstract, a new Ethereum layer-2 scaling network. The funding round was led by Founders Fund, with contributions from Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital.
The new venture, Cube Labs, will oversee Abstract's development, aiming to make building decentralized apps (dApps) easier, cheaper, and more secure using zero-knowledge cryptography. This initiative follows Igloo's acquisition of Frame, another NFT-centric layer-2 network, whose team will contribute to Abstract.
🔷 Ledger Unveils E Ink Touchscreen Flex Wallet!!
Introducing Ledger Flex.
Ledger Flex marks the new standard for Ledger devices, featuring a secure E Ink touchscreen, NFC, and our new Security Key app that will allow you to go from painful logins to passwordless ease, all from your secure Ledger device.
Shipping NOW at:…
Ledger Flex marks the new standard for Ledger devices, featuring a secure E Ink touchscreen, NFC, and our new Security Key app that will allow you to go from painful logins to passwordless ease, all from your secure Ledger device.
Shipping NOW at:…
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Ledger, the hardware wallet manufacturer, has launched the Ledger Flex, a new E Ink touchscreen wallet priced at $249. Positioned below the $399 Ledger Stax, the Flex features a 2.8" capacitive touchscreen with 600 x 480 pixel resolution, available in standard black and silver or a special orange BTC Edition.
🤣 MEME OF THE WEEK 🤣
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