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:
Microsoft-Crowdstrike Issue Causes The Largest IT Outage In History
A bug was found in the widely used cybersecurity platform Crowdstrike, which has caused major outages in Windows operating systems. This has disrupted the airline, health, banking, and communications industries. The cryptocurrency industry, however, has remained unfazed.
All major networks, such as Bitcoin, Ethereum, and Solana, are not reporting disruptions and continue producing new blocks with 100% uptime.
Additionally, crypto websites, notorious for suffering downtimes during widespread market volatility, have continued operating without issues. DownDetector says users have not reported problems at websites like Coinbase, Crypto.com, CoinGecko, CoinMarketCap, etc.
Donald Trump Is Considering BlackRock CEO Larry Fink As Treasury Secretary
Rumors have surfaced suggesting that BlackRock CEO Larry Fink could be appointed as the next Treasury Secretary if former President Donald Trump returns to office.
However, FOX Business reporter Eleanor Terrett noted this was not the case as the Republican presidential nominee is expected to ask Jamie Dimon, JPMorgan CEO, to take the post.
This development follows a recent statement by Donald Trump, who has firmly committed to supporting the crypto industry. Recently, Trump declared his intention to “end Joe Biden’s war on crypto” and ensure that the future of cryptocurrencies, particularly Bitcoin, will thrive in America.
Donald Trump Denies Reports Claiming He Is Considering Jamie Dimon And Larry Fink For Treasury Secretary
In a Truth Social post, Former President Donald Trump disputed claims he’s considering BlackRock CEO Larry Fink or J.P. Morgan CEO Jamie Dimon to lead the Treasury Department if elected President in the November US elections.
However, Trump’s recent statements contradicted an exclusive report released on July 16th by Bloomberg Businessweek, whose team sat down with the presidential candidate in June.
For context, Bloomberg reported that Trump had said he would consider Dimon as secretary of the Department of the Treasury. On July 20th, the New York Post also reported that Trump considered Fink for the same position.
Joe Biden Drops Out Of The 2024 Presidential Race, Endorses Kamala Harris As New Nominee Against Trump
President Joe Biden has dropped out of the 2024 presidential race, ending his bid for reelection after a recent debate with Donald Trump that raised doubts about the incumbent’s fitness for office. The unprecedented announcement, delivered less than four months before the election, immediately upended a campaign both political parties viewed as the most consequential in generations.
Biden endorsed Vice President Kamala Harris to succeed him as the Democratic nominee against Trump. Harris said she was “honored” to receive Biden’s endorsement and vowed to “earn and win” the nomination.
Elon Musk Adds Laser Eyes To His X Profile Picture
Elon Musk updated his avatar on the X platform to the iconic laser eyes image, a symbol widely recognized among Bitcoin and crypto supporters. The update came after President Joe Biden announced his withdrawal from the 2024 US election campaign.
For context, The laser-eyes meme originated to express enthusiasm for Bitcoin, particularly in the past bull market cycle. Musk is a supporter of Bitcoin and crypto. High-profile figures and institutions have also embraced the laser-eyes meme, including MicroStrategy’s Michael Saylor, US Senator Cynthia Lummis, and asset management firm Franklin Templeton.
Spot Ethereum ETF Trading Volume Surpasses $1 Billion On The First Day
Spot Ethereum exchange-traded funds (ETFs) from eight issuers began trading on Tuesday, July 23rd.
According to Yahoo Finance data compiled by The Block Pro Research, Ethereum spot ETFs generated more than $1.019 billion in cumulative trading volume on their first day.
The Grayscale Ethereum Trust (ETHE) led at $456 million, accounting for nearly half the total volume. BlackRock’s iShare Ethereum Trust (ETHA) accounted for 24%, or $240 million, and Fidelity Ethereum Fund (FETH), at around 13%, or $136 million.
Kamala Harris’ Camp Reached Out To Mark Cuban With Multiple Questions About Crypto
Billionaire Mark Cuban reportedly believes Kamala Harris would be more welcoming to business, cryptocurrency, and artificial intelligence (AI) than the current US president.
In a new report from Politico, the Shark Tank star said that the current Vice President and potential Democratic nominee for US president would usher in a more favorable crypto agenda.
Cuban told Decrypt that Harris’ team has been reportedly reaching out to crypto executives to seek input on crypto policy. She has only four weeks left until the Democratic National Convention to present her agenda.
Pro-Crypto Group Fairshake Becomes The Largest Super PAC Of The Election Cycle
According to new Federal Election Commission data released on July 20th, crypto super Political Action Committee (PAC) Fairshake is now the wealthiest entity ahead of the November 2024 presidential election.
Fairshake’s substantial fundraising efforts place it at the forefront of political influence, emphasizing the crypto industry’s increasing clout in US politics.
The pro-crypto group independently supports political candidates and other regulatory endeavors to provide clearer legal frameworks for blockchain technology in the US and has received substantial donations from crypto firms in the run-up to November’s election.
Kraken Completes Mt. Gox BTC And BCH Distribution To Creditors
Kraken CEO David Ripley announced the successful redistribution of Mt. Gox Bitcoin and Bitcoin Cash to creditors, marking the end of a decade-long court process.
About 20,658 customers will receive a portion of their lost assets this month. Last week, the crypto exchange received 48,641 BTC from the Mt. Gox Rehabilitation Trustee to distribute to its creditors.
Bitstamp To Start Distributing Mt. Gox Proceeds
Crypto exchange Bitstamp is about to repay early Bitcoin investors who lost their coins during the infamous Mt. Gox hack over ten years ago.
The European exchange said it had already received 5,106 BTC from Mt. Gox representatives and will begin distributing them back to the affected users as soon as Thursday, July 25th.
Franklin Templeton Eyes Solana ETF After Ethereum Success
Crypto analysts believe that Solana is the next cryptocurrency to have its own spot exchange-traded product (ETF).
Franklin Templeton, one of the first firms to issue a spot Bitcoin ETF in the United States, is optimistic about more cryptocurrency ETFs, including a Solana product.
Notably, VanEck was the first financial services company to apply for a spot in Solana ETF a few months ago.
Ferrari To Launch Crypto Payments In Europe
Italian luxury sports car producer Ferrari said it is preparing to expand its cryptocurrency payment system to Europe at the end of this month following a successful launch in the United States last year.
The Italian company will also extend the scheme by the end of 2024 to other dealers of its international network in countries where cryptocurrencies are legally accepted.
Moreover, Ferrari partnered with BitPay to ensure the smooth implementation of the program in the US. The collaboration lets customers settle their payments in Bitcoin (BTC), Ethereum (ETH), or Circle’s USDC stablecoin.
Final Thoughts
So that’s it for this week!
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Have a fantastic week ahead!
