When you think of crypto, you most likely mainly regard it as an asset you can invest in. While that is indeed an option you can go for, there is so much more to crypto than just monitoring its prices, buying it when it’s low, and selling when it’s high. The practical applications of this digital currency are actually bountiful, so, make sure to keep reading to learn about some of our top ways to use crypto.
Crypto Casinos
One interesting option that not enough people consider is using crypto for entertainment purposes. Some may struggle with the thought of mixing business with pleasure, but we reckon this can get you to enjoy the best of both worlds. While there are multiple options you could go for in this case, one sector that springs to mind is none other than crypto casino games.
For those who haven’t heard of this gaming subsection, even for regular online casino players, we can’t blame anyone. It can be hard to keep up with every advancement implemented by this tech-forward industry. At this stage, this is one of the most recent industry innovations following a long line of additions such as mobile gaming and live dealer games.
Often known as a crypto casino, such platforms allow users to make their deposits using various cryptocurrencies, such as Bitcoin. Once a payment goes through, regardless of the chosen currency, the moment it hits the account, it will be automatically converted to the traditional currency used by the platform.
And using crypto as a payment method won’t limit players when it comes to gaming choices. From classic blackjack to pokies and slots with lots of themes and ideas, many modern games can be played on any compatible device.
Moreover, players should check any ongoing promotions on the platform, as they’ll sometimes get something extra for using crypto. All of this, and it’s a relatively faster and cheaper option than regular methods.
When it comes to how one can actually pay with crypto, the first thing they’ll need to do is ensure they have the right currency and amount in their hot wallet. Once that is sorted, players need to click the deposit option on the casino site and copy the address. The final step is to paste the address into the digital wallet and press send.
Potentially Trying to Earn Interest
Financial freedom is a wish many of us people have, especially on those days when work is stressing us out. There aren’t many things that sound better than making one’s money work for them, rather than the other way round. When it comes to crypto, this is where staking comes in to help reach this goal.
Staking basically allows users to try to earn rewards over time in the form of additional crypto, akin to earning interest on savings. The percentage of return depends on the currency chosen, and it can vary drastically. However, it’s important to note that this is only possible with currencies that operate on a Proof of Stake system.
This can be done on any platform that allows users to purchase, store, and stake crypto. The type of site can range from an exchange like Binance, a wallet such as Coinbase Wallet, to even a bank, for instance, Revolut. Once the currency is staked, there’s nothing else left to do on the user’s end apart from monitoring crypto holdings.
Ordering Food
This may be the most surprising way you can use crypto on this list as you might have expected us to mention how you can buy tech gadgets with crypto. However, that is something most would have found obvious as tech and crypto go hand-in-hand.
Ordering your favorite Domino’s pizza using Bitcoin, on the other hand, will most likely leave you more perplexed. Currently, there are multiple restaurant chains that readily accept crypto. This is either done by offering the payment option directly on their site or by doing so through a third-party provider like BitPay, where you can purchase a gift card for the site.
And what will shock you further, is the fact that you are able to do this not just online, but also in specific physical locations. One popular example is a branch of Burger King located in Paris, which has installed Instpower power bank rental machines to help clients pay with crypto. Of course, the places where this option is available are still quite limited, but we can expect this to change in time.
Conclusion
The world, even the digital one, is your oyster, so don’t let a lack of knowledge preclude you from using crypto to its fullest. From playing online casino games to getting a well-deserved foodie treat – there’s no shortage of practical crypto applications that go beyond simply investing.
Inflows into digital asset investment products have reached a record high of over $17.8 billion year-to-date (YTD), indicating a potential recovery in the cryptocurrency market.
This milestone follows a week where cryptocurrency investment products saw inflows totaling $1.44 billion.
According to CoinShares data, the YTD inflows for 2024 have soared to $17.8 billion, eclipsing the previous record of $10.6 billion set in 2021.
The majority of these inflows are from U.S.-based investors, with Switzerland also making significant purchases of digital assets. CoinShares reported:
“Regionally, the US led with US$1.3bn for the week, although the positive sentiment was seen across all other countries, most notable being Switzerland (a record this year for inflows), Hong Kong and Canada with US$58m, US$55m and US$24m respectively.”
Bitcoin experienced its fifth-largest weekly inflow on record, totaling over $1.35 billion.
This influx helped Bitcoin climb back above the critical $60,000 mark.
Conversely, short Bitcoin-related investment products saw their largest weekly outflows since April 2024, with over $8.6 million leaving these products.
READ MORE: Nigerian Court Sets Verdict Date for Binance Tax Evasion Trial
Last week’s increase in Bitcoin buying was likely triggered by a price drop, partly due to the German government selling BTC. CoinShares commented:
“We believe price weakness due to the German Government bitcoin sales and a turnaround in sentiment due to lower than expected CPI in the US prompted investors to add to positions.”
Ethereum followed Bitcoin with the second-largest inflows, amounting to over $72.1 million last week.
The surge in Ethereum inflows is likely driven by anticipation of the first spot Ethereum exchange-traded fund (ETF) in the US, which could start trading in the coming weeks.
US spot Ether ETF issuers expect to receive final comments from the Securities and Exchange Commission (SEC) early this week, according to a source familiar with the situation.
Several issuers, including VanEck and 21Shares, have filed amended registrations this week, hoping to obtain the SEC’s final approval to list spot Ether ETFs. Currently, eight issuers are awaiting regulatory approval in the US.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
BlackRock has achieved a new milestone with over $10.6 trillion in assets under management (AUM), marking a $1.2 trillion increase from the previous year.
The world’s largest asset manager attributed this growth to significant inflows into exchange-traded funds (ETFs).
According to Larry Fink, CEO of BlackRock, the firm’s ETFs saw record inflows at the start of 2024.
In the asset manager’s quarterly earnings report, Fink stated:
“Organic growth was driven by private markets, retail active fixed income, and surging flows into our ETFs, which had their best start to a year on record.”
BlackRock is the issuer of the iShares Bitcoin Trust (IBIT), the world’s largest spot Bitcoin ETF, which holds over $19.4 billion worth of Bitcoin and commands a 35.2% market share among all US Bitcoin ETFs, as reported by Dune.
The trading behaviors of asset management giants and ETF issuers like BlackRock can significantly influence Bitcoin’s price due to their substantial purchasing power.
In the second quarter of 2024, investors purchased $83 billion worth of BlackRock ETF shares, bringing the total for the year to over $150 billion.
The asset manager reported an 8% increase in revenue and an 11% increase in operating income year-over-year.
Fink credits part of BlackRock’s success to its “longstanding relationships with corporates and governments.”
READ MORE: Germany Completes Bitcoin Sell-Off Amid Market Turbulence and Mt. Gox Reimbursement Concerns
Fink further explained:
“These relationships differentiate BlackRock as a capital partner in private markets, driving unique deal flow for clients.
“We have strong sourcing capabilities, and we are transforming our private markets platform to bring even more benefits of scale and technology to our clients.”
Additionally, spot Bitcoin ETF inflows have turned positive after three weeks of outflows, aiding Bitcoin’s price recovery above $60,000.
US spot Bitcoin ETFs recorded their second consecutive week of net positive inflows, totaling over $414 million, according to Dune data.
On July 12, BlackRock saw the largest inflows among all ETF issuers, attracting over $120 million in investments, as per Farside Investors data.
Last week, Bitcoin experienced its fifth-largest weekly inflow on record, amounting to over $1.35 billion, while short Bitcoin-related investment products saw their largest weekly outflows since April 2024, totaling over $8.6 million.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The basic economic principles of demand and supply also apply to cryptocurrency. With Bitcoin, though, there is a catch: it has a fixed supply. This supply is currently capped at 21 million Bitcoins, of which 19 million have already been mined. With a fixed supply, demand for bitcoins is the reason for the fluctuations in their value. However, there is another factor that adds to periodic fluctuations in value. This is known as Bitcoin halving.
What Is Bitcoin Halving and Why Does It Take Place?
Bitcoin halving is the process through which the Bitcoin protocol halves the block reward for new coins earned by miners every four years, which is the time period till the next halving. Perhaps the most crucial reason the Bitcoin halving takes place is to safeguard and enhance the scarcity of the currency by reducing the rate of bitcoins released into circulation. This lowers the amount of new supply, amplifying scarcity. On the other hand, it also promotes the sustainability of the currency because it ultimately leads to upward pressure on prices and promises of higher returns to investors.
The Bitcoin Halving of 2024
On April 19, 2024, the halving event took place, which was the fourth Bitcoin halving event in the lifespan of the currency. This year, the block reward for Bitcoin miners was reduced by half, from 6.25 BTC per mined block to 3.125 BTC per mined block. Historically, the aftermath of halvings has followed the same general trend. Here is what could potentially happen now:
1. Price Appreciation
Once supply is reduced, the price of bitcoin typically surges. Scarcity inflates prices due to fixed supply. On the demand side, price appreciation occurs because of increased interest by investors. The rise in the value of Bitcoin following the halving event offers the promise of an increase in investment value if the event’s effects remain the same, attracting investors. The market dynamics of increased media coverage and visibility often intrigue companies, leading to huge sums of investment in the stocks.
2. Volatility
Remember that the prospect of rewards after a halving event is subject to the market for Bitcoin and its microenvironment. Due to this, it is primarily attractive to speculators who buy Bitcoin in hopes of high returns.
However, being unable to meet these expectations can lead to sudden changes in sentiments and price swings, adding to volatility. Additionally, there are heightened emotions surrounding the event, which are likely to result in severe oscillations in investment, amplifying the prevailing turbulence.
What Now?
You can deduce the outcomes of the 2024 Bitcoin halving event from the past. However, is the past a good indicator of future performance when the macroeconomic conditions are prone to changes? Investors and analysts must remain adaptable, continuously assessing current conditions and considering various scenarios to navigate an ever-changing market.
Endnote
It has been two months since the halving event, which is not nearly enough to analyse its impact. Things may not be the same as before, causing a breakthrough in the market. Conversely, the trend may stay unchanged. While the future comes with its ambiguities, one thing is certain: halving events shall continue, tempting investors with consistency and predictability, as opposed to fiat money, making the market an ever-enticing jewel for speculators and investors.
New York, United States, July 15, 2024 – Stooges ($STOG), a memecoin running on the Solana blockchain, has taken a bold step in the cryptocurrency world by burning $1 million in liquidity. This move underscores Stooges’ dedication to fortifying its market standing and providing value to its investors. The liquidity burn is aimed at decreasing the circulating supply of $STOG tokens, thereby increasing scarcity and potentially boosting their value.
In addition to this, Stooges has announced its upcoming listing on the Bingx exchange, which is the official sponsor of Chelsea, scheduled for this Friday. This strategic decision, aims to further elevate the value of $STOG in the market. By following the footsteps of other successful cryptocurrencies that have employed similar liquidity burn strategies, Stooges seeks to solidify its position as a leader in this market.
Furthermore, Stooges has recently witnessed a notable 200% increase in its market value and has rolled out MasterCard and UnionPay debit cards. These cards empower $STOG holders to engage in everyday transactions and withdraw cash from ATMs, marking Stooges as the pioneering meme cryptocurrency on Solana to provide such functionality. With a secure mobile app managed by Fireblocks and compatibility with Google Pay and Apple Pay, these cards improve accessibility and convenience for users. Pre-sale for the cards is now available at https://stooges.io/card, with deliveries scheduled to begin in July.
Not only that, Stooges was successfully listed on the MEXC exchange on June 14, 2024, following a prosperous presale conducted on Pinksale starting May 10, 2024. This accomplishment has generated enthusiasm within the cryptocurrency community, opening up new avenues for trading and investment in $STOG.
Stooges extends a warm invitation to cryptocurrency enthusiasts and meme aficionados alike to join its community. Stay updated with Stooges on social media for the latest developments and opportunities to engage.
About Stooges ($STOG) Memecoin:
Stooges is a playful, community-driven memecoin launched on the Solana blockchain. It takes a lighthearted approach to the cryptocurrency market, emphasizing fun and satire over serious investment.
The liquidity burn is part of Stooges’ broader strategy to create a strong and engaged community while pushing the boundaries of what a memecoin can achieve. By reducing the token supply, Stooges aims to enhance value for its holders and maintain the coin’s momentum.
The price of Ether has surged past $3,300, driven by the anticipation that spot ETH exchange-traded funds (ETFs) might launch by the end of this week.
Ether is currently trading at $3,331, marking a 16% increase from $2,909 over the past week, according to TradingView data.
Nate Geraci, ETF analyst and president of The ETF Store, predicted on X that eight spot ETH ETFs would be launched by the week’s end.
He posted on July 14, “Welcome to spot ETH ETF approval week.
“Don’t know anything specific, just can’t come up [with] good reason for any further delay at this point.”
Echoing Geraci’s sentiment, an anonymous source familiar with the situation informed Cointelegraph on July 12 that the spot ETH funds were expected to launch by the week’s conclusion.
Several issuers, including VanEck and 21Shares, filed amended registrations last week, aiming to secure the SEC’s final approval to list spot Ether ETFs.
Analysts believe the launch of these ETFs will be a significant catalyst for ETH prices in the coming months.
READ MORE: CoinStats Exploiter Moves Nearly $1 Million in Ether to Tornado Cash Following Major Breach
Tom Dunleavy, a managing partner at crypto investment firm MV Global, told Cointelegraph he expects the funds to attract up to $10 billion in new inflows in the months following their launch.
This influx could drive Ether prices to new all-time highs by the end of the year.
Contrary to the popular opinion among other ETF analysts, Dunleavy argued that Ether ETFs would be easier to sell to Wall Street compared to Bitcoin ETFs.
“We believe that there will be strong buy pressure with a much more clear narrative that traditional investors can understand. ETH has cash flows.
It can be described as a tech stock, the app store of crypto, or an internet bond,” Dunleavy noted in a Q2 investor update to Cointelegraph.
“This is a much easier sell for financial advisors than ‘digital gold.’” He added that ETH’s price action, which has lagged behind Bitcoin for the last 18 months, would rebound quickly following the launch of the funds.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Wallets associated with the CoinStats exploiter have recently transferred nearly $1 million in Ether to the cryptocurrency mixing service Tornado Cash.
Blockchain security firm CertiK identified that two wallets linked to the June CoinStats exploit moved 311 ETH, valued at approximately $959,000, to Tornado Cash.
Specifically, one wallet transferred 211 ETH, and the other sent 100 ETH to the crypto mixer.
Crypto mixers help maintain transaction privacy by blending identifiable funds with a pool of other funds, effectively anonymizing transfers.
Hackers frequently use these services to launder their stolen assets.
On June 22, CoinStats, a crypto portfolio manager, halted user activity due to a breach that compromised 1,590 crypto wallets.
The company promptly shut down its application to “isolate the security incident.”
CoinStats assured that the attack had been contained and emphasized that “none of the connected wallets and CEXes were impacted.” The firm advised affected users to move their funds using exported private keys.
By June 30, CoinStats announced efforts to optimize their transaction database and migrate to a new platform to enhance efficiency and reliability.
Additionally, they planned to upgrade their systems with further audits and improvements.
On July 3, CoinStats confirmed that its platform’s functionalities had been restored and were fully operational.
In a June 26 statement, CoinStats CEO Narek Gevorgyan provided insights into the investigation.
READ MORE: Centralized Exchanges Hit Hard as Crypto Theft Nears $1.4 Billion in 2024, Cyvers Report Reveals
Gevorgyan disclosed that their AWS infrastructure was compromised, suggesting that an employee was deceived into downloading malicious software. Gevorgyan explained:
“Our AWS infrastructure was hacked, with strong evidence suggesting it was done through one of our employees who was socially engineered into downloading malicious software onto his work computer.”
The CEO expressed empathy for those who lost funds and assured that CoinStats would support the victims, having already discussed their options.
Community reports indicated substantial losses, including one wallet reportedly losing nearly $9 million in Maker (MKR).
In a July 5 update, CoinStats reiterated their ongoing investigation into the incident and outlined actions to secure their new infrastructure.
The company promised to share additional information soon, including measures to support the victims.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
US-based spot Bitcoin exchange-traded funds (ETFs) experienced a robust influx on July 12, amassing over $310 million in inflows, marking their strongest performance since June 5.
According to Farside Investors data, BlackRock’s iShares Bitcoin Trust led the pack with $120 million in inflows, closely followed by the Fidelity Wise Origin Bitcoin Fund with $115.1 million.
The Bitwise Bitcoin ETF secured the third spot with $28.4 million, while the Grayscale Bitcoin Trust saw a rare inflow day of $23 million.
The VanEck Bitcoin Trust ETF and Invesco Galaxy Bitcoin ETF also attracted $6 million and $4 million in inflows, respectively.
Conversely, ETFs issued by Hashdex, Franklin Templeton, Valkyrie, and WisdomTree failed to register any inflows on the day.
This surge represents the largest single-day inflow since June 5, when these ETFs garnered a total of $488.1 million.
From Monday, July 8, to Friday, these funds collectively accumulated $1.04 billion in new investments.
Since their launch just over six months ago, spot Bitcoin ETFs have accumulated $15.8 billion in net inflows.
This total includes outflows of over $18.6 billion from Grayscale’s flagship Bitcoin product, which transitioned to a spot form following SEC approval in January.
The Hashdex Bitcoin ETF is the only other spot Bitcoin ETF besides Grayscale’s to experience net outflows, albeit a modest $2 million.
CoinGecko data shows Bitcoin has increased by 1.1% over the last 24 hours, currently trading at $57,858.
However, the cryptocurrency has experienced a 15% decline in the last month and is down 21% from its all-time high.
Looking ahead, some spot Bitcoin ETF issuers are preparing to introduce spot Ether ETFs, potentially launching as early as July 15.
Nate Geraci, president of The ETF Store, indicated these issuers are awaiting SEC approval of their amended S-1 registration statements following initial feedback in late June.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Germany completed its exit from Bitcoin holdings on July 12, as reported by Arkham Intelligence.
The transaction involved transferring 3,846 Bitcoin to “Flow Traders and 139Po,” entities characterized by Arkham as likely institutional deposit or over-the-counter services.
This marked the conclusion of a series of transactions where the German government had steadily sold off tens of thousands of Bitcoin over recent weeks, primarily sourced from an asset seizure.
The substantial sell-off exerted pressure on the Bitcoin market, contributing to prices remaining below $60,000 and its 200-day exponential moving average.
Despite Germany depleting its Bitcoin reserves, another impending factor affecting market sentiment is the $9 billion Mt. Gox reimbursement plan.
This plan stems from the 2014 collapse of the exchange, coinciding with Bitcoin’s early days of trading at a few hundred dollars.
Tony Sycamore, an analyst from IG Markets, offered insights suggesting that the Mt. Gox repayments might not devastate the markets as feared.
Sycamore emphasized the complexity of market dynamics and anticipated that approximately half of the reimbursement funds could hit exchanges in July.
Nevertheless, he asserted that the market had already priced in this development, indicating that investors were aware of the upcoming reimbursements for a considerable time.
Amidst these developments, institutional investors capitalized on the market dip.
CoinShares data highlighted that U.S. exchange-traded funds (ETFs) received $295 million in inflows during the week of July 8, reversing a trend of subdued inflows into these investment vehicles.
Overall, Germany’s final Bitcoin transaction signifies the culmination of its recent divestment strategy, contributing to ongoing market uncertainties influenced by both institutional actions and anticipated reimbursements.
As the market navigates these complexities, analysts like Sycamore believe that despite potential short-term impacts, broader market sentiments and investor behaviors are already incorporating these foreseeable developments.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
SOL, the native token of the Solana network, has struggled to surpass the $145 mark since July 3.
This subdued performance reflects waning investor interest in cryptocurrencies, which led to a 5% drop in the sector’s total market capitalization over nine days.
During this period, SOL lagged behind competitors, experiencing a 7.8% decline, whereas BNB and Ether saw smaller decreases of 6.5%.
Concerns linger among traders about SOL’s bearish trend persisting despite potential recoveries in the broader crypto market.
Yet, promising signs from Solana’s onchain metrics and SOL derivatives suggest a possible turnaround, hinting at a bullish breakout above $160, a level not seen in over five weeks.
The underperformance of certain Solana SPL tokens has also contributed to decreased demand for SOL.
Significant losses were observed among ecosystem tokens, including a 24% drop in Dogwifhat (WIF), an 18% decline in Helium (HNT), and an 18% correction in Jito (JTO) between July 3 and July 12.
Despite recent challenges, SOL maintains its position as the fourth largest cryptocurrency by market capitalization, excluding stablecoins, with a valuation of $65 billion.
In comparison, Toncoin (TON) holds $18.4 billion, Tron at $12 billion, and Avalanche at $10.1 billion.
A noteworthy development occurred on July 5 when Solana’s total value locked (TVL) matched that of the BNB Chain for the first time.
READ MORE: Global Crypto Trading to Exceed $108 Trillion by 2024, Driven by US and Europe
This parity has continued since, marking a significant shift in capital deployment towards the Solana network, according to DefiLlama data.
Solana’s leading protocols include liquid staking Jito with $1.6 billion in deposits, followed closely by Marinade and Kamino, both nearing $1.1 billion in TVL.
Solana’s network activity has shown resilience amidst broader market declines.
While Ethereum, BNB Chain, and Polygon experienced reductions in active users and transaction volumes, Solana saw a 19% increase in users and a 12% rise in DApps volumes over the past seven days.
Raydium, Solana’s decentralized exchange, recorded a notable 39% surge in active addresses, contrasting with Move Stake on BNB Chain, which saw 198,570 active addresses over the same period.
Examining SOL’s futures markets reveals a nuanced picture, with perpetual contracts showing a near-zero funding rate recently, indicating balanced demand between buyers and sellers.
This stability suggests that despite current uncertainties, SOL’s market fundamentals remain steady, potentially laying the groundwork for renewed investor confidence and a resurgence towards the $160 threshold.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.