As a seasoned researcher who has witnessed the evolution of digital assets and their regulatory landscape over the past decade, I find myself intrigued by the latest developments in the crypto sphere. The support for Senator Lummis’ Bitcoin reserve bill is indeed noteworthy, yet the criticisms raised by Attorney Vela, a former White House executive, are equally important to consider. While I personally lean towards the view that Bitcoin and other cryptocurrencies have potential to revolutionize finance, I also acknowledge their risks and challenges.
The proposal for a Bitcoin reserve bill from Senator Cynthia Lummis (Republican) is gaining increasing approval, yet at least one detractor labels it as catastrophic. Additionally, MicroStrategy seeks authorization to raise $2 billion in order to acquire additional Bitcoins, and crypto-related ventures persistently secure funding. Continue reading for further updates.
- Following Israel’s assassination of a key Hamas leader in Tehran, reports from July 31 confirmed that Iranian authorities are considering a retaliation.
- The Federal Reserve confirmed that benchmark interest rates remain unchanged in its latest meeting, but economic conditions point to a rate cut in September.
- Attorney Moe Vela — a former White House senior executive — told crypto.news that Republicans are “blatantly pandering to a vital pool of voters.”
- “It demonstrates that the Senator and other bitcoin enthusiasts do not fully understand that Bitcoin is too risky, declining in market share, has no organizational infrastructure, and its anonymity literally means she is suggesting our nation co-invest with the possibilities of Kim Jong Un, Vladimir Putin, or other nefarious characters or organizations,” Vela said.
MicroStrategy augments BTC stash
- In an Aug. 1 post on X, MicroStrategy Chairman and Bitcoin proponent Michael Saylor confirmed that the software company purchased 169 more BTC with $11.4 million in July.
In July, MicroStrategy purchased an extra 169 Bitcoin worth approximately $11.4 million, bringing their total holdings to 226,500 BTC. We invite you to join us at 5pm ET for a discussion on our Q2 2024 financial results, the future of Bitcoin, and MicroStrategy’s Bitcoin-focused strategy. Stay tuned for updates with #MSTR.— Michael Saylor⚡️ (@saylor) August 1, 2024
- Further, in its filing with the SEC, MicroStrategy revealed plans to raise $2 billion through sales of its Class A Shares for additional Bitcoin purchases.
- However, overall, both ETF classes recorded a bearish close to last week amid the market collapse. ETH ETFs witnessed a cumulative net outflow of $169.4 million, with BTC ETFs seeing about $80.7 million in negative net flows.
- Betting resource DuelNow raised $11 million, while defi project Daylight secured $9 million in a Series A funding round led by a16z. Also, AI infrastructure provider Hyperbolic Labs raised $7 million in a seed round.
Spot Bitcoin and Ethereum ETFs achieve milestone
- Spot Bitcoin and Ethereum exchange-traded funds in the U.S. recorded joint outflows for the first time on Aug. 2.
- The 11 spot Bitcoin ETFs in the U.S. experienced a net outflow of $237.4 million at the end of the trading day on Friday, Aug. 2. This is the largest outflow from these investment products since the beginning of May when they experienced $563.8 million in outflows.
- The nine U.S. spot Ethereum (ETH) ETFs also recorded a net outflow of $54.3 million on Aug. 2, led by Grayscale’s ETHE with $61.4 million in outflows.
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2024-08-04 14:08