Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.
Here’s what happened in crypto this week:
German Government Sells Off All Of Its Bitcoin Holdings
According to data compiled by Arkham Intelligence, the State Criminal Police Office (LKA) of Saxony’s Bitcoin wallet finally sold all of its holdings on July 12th.
LKA Saxony’s decision to sell its Bitcoin holdings is part of a larger strategy to manage and liquidate seized assets. This practice allows the authority to convert the seized funds into liquid assets that can then be used for various government purposes.
However, it was also challenging to sell these large amounts of Bitcoin in a way that caused as little disruption to the market as possible.
Elon Musk Donates To PAC Committee To Elect Donald Trump As US President
Billionaire Elon Musk, who has been ramping up criticism of US President Joe Biden, has donated to a political group working to elect presidential candidate Donald Trump, according to a recent report from Bloomberg.
The report did not indicate how much Musk donated but added it was “a sizable amount” given to a group called America PAC.
The alleged donation comes just months after Musk said he would not spend money on Trump or President Biden as the two prepare for the November elections. However, Musk has shown more support for conservative viewpoints and politics recently.
US SEC Drops Investigation Of Bitcoin Layer-2 Stacks (STX) And Builder Hiro
The US SEC is dropping its investigation into the firm behind the popular Bitcoin Layer-2 chain Stacks (STX).
According to the SEC’s Form 1-U filing, the agency has investigated STX developer Hiro and decided not to pursue any further actions against the crypto firm. This concludes a three-year investigation into Hiro, which was formerly known as Blockstack.
In similar news, the SEC announced it was also dropping its investigation into BUSD stablecoin issuer Paxos and Consensys.
Donald Trump Shot In The Ear As Rally Shooting Investigated As Assassination Attempt
Former President Donald Trump was injured, a spectator was killed, and two others were critically injured when someone opened fire at a Trump rally in Pennsylvania on Saturday, July 13th.
Trump was said to be fine as he was being evaluated at a local hospital, the Secret Service said in a statement. The shooter was “neutralized” by Secret Service agents.
Bitcoin and other Trump-related meme coins spiked following the assassination attempt of the Republican candidate. MAGA (TRUMP) jumped by nearly 60% from $6.20 to $10.53 as soon as news broke about the shooting incident at Trump’s campaign. Meanwhile, Save America (DJT) rallied around 117% from $0.0007883 to $0.001709.
Donald Trump Takes Lead In Crypto Prediction Market Platform After Shooting Incident
Donald Trump’s chances of winning the presidency jumped 71% on Polymarket after he was injured at a rally in Pennsylvania.
Polymarket showed that the “Yes” shares in favor of the Republican candidate have jumped to 71 cents. The numbers indicate that 71% of bettors in the platform’s “Presidential Election Winner 2024” category think the former president will win the upcoming political race.
Political prediction markets and #crypto-based tokens are becoming significant indicators of public sentiment and campaign dynamics.
Donald Trump Will Still Attend The Bitcoin 2024 Conference In Nashville
Donald Trump is not letting the recent assassination attempt on him affect his campaign schedule.
In a recent tweet, the Bitcoin Conference confirmed that Trump is honoring his commitment to speak during the conference and will do so in person, as initially planned.
Conference officials said they are in active talks with their security teams and are cooperating with Trump’s Secret Service to ensure the event will be safe. The event runs from July 25th through July 27th, with Trump slated to speak on the 27th.
Donald Trump Selects Ohio Pro-Crypto Senator As His Vice President
Former US President Donald Trump announced in a post on Truth Social that he had selected crypto-friendly Senator J.D. Vance as his vice presidential candidate.
The Ohio Republican has favored the crypto industry and been critical of the US Securities and Exchange Commission (SEC). This past year, Vance, along with other Republican lawmakers, sent a letter to SEC Chair Gary Gensler to express concerns about inaccurate statements the agency made in its lawsuit against crypto startup DEBT Box.
It is also worth noting that Vance publicly disclosed that he owned $250,000 worth of Bitcoin in 2022 and introduced a bill in 2023 that would shield banks from regulatory pressure to cut off customers who own crypto.
BlackRock CEO Larry Fink Calls Bitcoin “Digital Gold”
In a recent interview with CNBC, BlackRock CEO Larry Fink said he has changed from being a “proud skeptic” of Bitcoin. Fink added that Bitcoin is a legitimate financial instrument, and there is a role for Bitcoin in every portfolio.
Fink described Bitcoin as an instrument to invest in during times of increased fear. He remarked that if people believe countries are debasing their currency through excessive deficits, Bitcoin offers an opportunity to invest in something beyond the control of any single country, thereby providing greater financial control.
Ethereum Spot ETF Approvals Could Come On July 23rd
Bloomberg ETF analyst Eric Balchunas revealed that the SEC contacted the applicants, asking them to submit final S-1 documents, including the information on fees, by July 17, 5:30 p.m. EST. He anticipates that a July 23 launch provided “no unforeseeable last-minute issues” occur.
The new financial instruments have been slowly approaching a likely launch in the US after the SEC approved regulatory filings from applicants in late May. However, before the new products can be traded on exchanges, the regulator must also approve the applicants’ S-1 filings.
Tether Hires Ex-Chainalysis Economist To Report On USDT’s Use Cases
Tether has appointed Philip Gradwell, former chief economist at Chainalysis, to enhance transparency around USDT usage. Gradwell will now lead efforts to provide detailed reports on the stablecoin’s usage to regulators and stakeholders, addressing longstanding scrutiny over Tether’s operations.
The chief economist brings extensive experience from his tenure at Chainalysis, where he analyzed blockchain data and trends. At Tether, his role will involve engaging with regulators, particularly in the US, to clarify USDT’s role in the economy and its backing.
Kraken To Begin Distributing Mt. Gox Funds Soon
Kraken has confirmed the successful receipt of Bitcoin (BTC) and Bitcoin Cash (BCH) from Mt. Gox.
In an email, Kraken stated: “We have successfully received creditor funds (BTC and BCH) from the Mt. Gox Trustee. While we will work to distribute funds as quickly as possible, please anticipate 7-14 days for funds to be credited to your account.”
This marks a significant milestone in the long-running saga of the defunct exchange’s rehabilitation process.
JPMorgan CEO Jamie Dimon Could Become The US Treasury Secretary If Trump Becomes President
Former President Donald Trump says one of Bitcoin’s most prominent critics is warming up to the crypto industry. In a newly-released transcript from Bloomberg, Trump says JPMorgan Chase CEO Jamie Dimon’s notoriously negative views on crypto are evolving.
The former President, who once also called Bitcoin a scam based on thin air, now says he will protect the industry’s presence in the US and support people’s rights to self-custody digital assets.
Vitalik Buterin Warns Of Politicians Based On Pro-Crypto Stance
Ethereum co-founder Vitalik Buterin cautioned the crypto community against supporting politicians solely based on their pro-crypto statements and expressed concern over a lack of support for “internationalism.”
In a blog post, he highlighted that it has created “pressure” to support candidates and parties based on whether they are willing to take “lenient and friendly” positions on crypto.
Buterin’s post comes as Donald Trump, who has positioned himself as the pro-crypto candidate for president, rallies members of his party at the Republican National Convention in Milwaukee. It also comes a day after venture capitalists Marc Andreessen and Ben Horowitz told employees of Andreessen Horowitz (a16z) that they plan to make significant donations to political action committees supporting Trump’s campaign.
Grayscale Launches New Decentralized AI Fund
Asset manager Grayscale has launched a new crypto fund that provides investors with exposure to decentralized artificial intelligence protocols.
The Grayscale Decentralized AI Fund kicks off with a basket of tokens that include Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), NEAR Protocol (NEAR), and Render (RNDR). However, the fund is only available for accredited investors.
Final Thoughts
So that’s it for this week!
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Have a fantastic week ahead!
