Gemini co-founder Tyler Winklevoss has urged the U.S. government to clarify the leadership of the securities watchdog before the upcoming election.
In a post on X (formerly Twitter) on July 26, Winklevoss expressed that voters should know who the next chair of the Securities and Exchange Commission (SEC) will be.
He revealed that he and his brother Cameron Winklevoss, also a co-founder of Gemini, were recently disinvited from a White House event after endorsing Donald Trump.
Winklevoss criticized the Biden administration’s approach to the cryptocurrency sector, claiming it missed an opportunity to rebuild the relationship with the industry.
He emphasized the need for clarity and predictability in the regulatory environment, stating, “No more guessing.
“No more hoping. No more surprises. Our industry should not tolerate any possibility of a repeat of the last 4 years.”
He argued that demanding action from the administration before November is a non-partisan stance that the entire crypto industry should support.
Gary Gensler, the current SEC chair since February 2021, has been a contentious figure in the crypto world due to his perceived anti-crypto positions.
His term is set to end in June 2026.
In addition, Winklevoss expressed his wish that politicians would refrain from attending Bitcoin and crypto conferences.
He argued that the mainstream adoption of crypto should reach a point where its legality or acceptance is no longer debated, likening it to discussions about the legality of email or the Internet.
This statement was made during the Bitcoin 2024 conference in Nashville, Tennessee, which saw political figures like independent presidential candidate Robert F. Kennedy Jr., and Senators Cynthia Lummis and Tim Scott, in attendance.
Kennedy spoke about Bitcoin’s potential to enhance the U.S. economy and pledged to issue executive orders to support cryptocurrency on his first day in office.
Former President Donald Trump was scheduled to headline the event on July 27.
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BlackRock’s spot Bitcoin exchange-traded fund (ETF) has continued to attract millions from investors since last Monday, despite a notable decrease in positive Bitcoin commentary.
The iShares Bitcoin Trust (IBIT), issued by BlackRock, recorded an additional $107 million in inflows on July 18, marking the ninth consecutive day of inflows, according to Thomas Fahrer, co-founder of crypto data platform Apollo.
Seven of those nine days saw inflows exceeding $100 million, an achievement rarely seen in the ETF industry.
However, crypto traders are displaying less optimism.
Positive Bitcoin commentary on social media has declined compared to four months ago, and traders are increasingly taking short positions on the asset, as reported by blockchain market intelligence firm Santiment.
“Positive commentary toward Bitcoin has plummeted despite the mid-sized crypto market bounce this week.
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“Many traders, particularly on @binance, are opening shorts with the expectation of BTC dropping again.”
Santiment’s chart indicates that positive Bitcoin comments on social media are about a third of what they were four months ago.
Santiment typically measures social sentiment from platforms such as Reddit, X, 4chan, and BitcoinTalk.
Interestingly, Santiment noted a surge in “buy the dip” mentions for Bitcoin on these platforms at the start of the month when Bitcoin began approaching its near-five-month low of $53,600 on July 5.
Despite the decline in positive Bitcoin mentions, the Crypto Fear & Greed Index currently estimates market sentiment to be in the “Greed” zone, with a score of 60 out of 100.
This score represents a strong recovery from the “Extreme Fear” zone, which was reached on July 12 with a score of 25 out of 100, the lowest since January 2023.
Bitcoin is currently priced at $63,540, down 1.5% over the last 24 hours but up 11.5% over the past two weeks.
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Bitcoin is poised for a “significant” rise amid upcoming intense volatility, according to new analysis.
Julien Bittel, head of macro research at Global Macro Investor, predicted a BTC price of up to $190,000 in a post on X on July 19.
Bittel highlighted the “compressed” Bollinger Bands, a key crypto volatility indicator, suggesting a potential surge in Bitcoin prices.
“Bollinger Bands are crazy tight by historical standards,” Bittel noted.
“Only two other months in history have we seen the weekly Bollinger Bands so compressed: April 2016 and July 2023.”
Bollinger Bands are crucial for assessing crypto volatility and price trend strength. Currently, the gap between the upper and lower bands is exceptionally narrow.
Historically, such compression has led to significant price increases.
“During both of the previous episodes, Bitcoin prices rose significantly over the following twelve months,” Bittel explained.
“A similar move this time around would target Bitcoin within a range of $140,000 to $190,000.”
This is not the first time Bollinger Bands have indicated major BTC price increases.
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In late 2023, their constriction preceded a rise to local highs just before the launch of U.S. spot Bitcoin exchange-traded funds (ETFs).
Bittel has made similar forecasts recently, emphasizing the need for “patience” amid the bull market’s deepest price drawdown.
As of July 19, BTC/USD is trading around $64,000, up 11% over the past week, according to Cointelegraph Markets Pro and TradingView.
While trader confidence is increasing and price metrics suggest the bull market should continue, not everyone is convinced the timing is right.
A lack of mainstream retail investor interest contrasts with the accumulation behavior of institutions and whales.
Popular trader Rekt Capital pointed out that September could be a critical moment for Bitcoin’s recovery.
“If history repeats, a Bitcoin breakout from the Re-Accumulation Range would occur in September 2024,” he told X followers this week.
Overall, while the indicators suggest a potential for significant price gains, the absence of retail investor enthusiasm remains a notable concern.
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At the start of July, Bitcoin‘s hashrate drawdown, which measures changes in the network’s computing power, dropped to levels not seen since the December 2022 bear market, indicating some miners may be capitulating.
In April, Bitcoin underwent its fourth halving at block height 840,000, cutting the block reward in half to 3.125 BTC.
This reduction in rewards, along with transaction fees accounting for less than 10% of revenues, has squeezed miners’ earnings.
Additionally, Bitcoin’s price recently fell below $60,000 due to selling pressure from German authorities and the Mt. Gox rehabilitation trustee repaying creditors in Bitcoin and Bitcoin Cash.
The price has since recovered to around $65,000.
Oleksandr Lutskevych, founder and CEO of CEX.IO, noted the cooling of trends like Runes and Ordinals and declining onchain activity.
He suggested this could mean greater centralization of hash power among larger mining operations, potentially leading to network instability during uncertain conditions.
He also mentioned that the decline in unique active addresses might indicate retail participants ceding ground to corporate entities, which are entering the space thanks to the Bitcoin ETFs launched earlier in 2024.
Despite these bearish signals, Marathon Digital Holdings, the world’s largest BTC mining firm, did not sell any Bitcoin in June, keeping its 18,536 coins untouched.
Bitcoin’s hashrate drop, while significant, wasn’t as drastic as during the December 2022 bear market, according to a spokesperson from ViaBTC.
The network’s hashrate has remained around 600 exahashes per second (EH/s), far above the 250 EH/s seen previously, indicating a notable improvement over time.
Brian Rudick, senior strategist at GSR, said the drop in hashrate resulted from reduced mining profitability post-halving, with hash price at an all-time low.
He added that public miners, who generally have lower costs, continued to hold onto their BTC despite the declining profitability, unlike less efficient non-public miners.
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Experts dismissed fears of a “miner death spiral,” where declining rewards and high energy costs cause network collapse.
Lutskevych emphasized that Bitcoin’s built-in difficulty adjustment mechanism helps stabilize the network by lowering difficulty as hashrate drops, making mining more attractive.
ViaBTC added that this mechanism could lead to a dynamic balance, attracting new miners and increasing hashrate.
Concerns about miner centralization were highlighted, with the appetites of dominant players potentially causing short-term fluctuations.
However, miners can manage liquidity needs without selling their BTC, using services like crypto-backed loans.
Historically, Bitcoin’s price and hashrate have been correlated. Lutskevych noted a slight lag between the two, but recent price drops have not been as severe as past events.
Rudick added that Bitcoin’s price leads its hashrate, so he doesn’t foresee the hashrate drop affecting the cryptocurrency’s price or security, as the network remains robust with sufficient hashrate.
Despite potential turmoil in the mining industry, Bitcoin’s security is assured. Controlling the network’s hashrate for a 51% attack would be prohibitively expensive.
Solutions to Bitcoin’s long-term security budget, such as increasing block space demand via layer 2s, are being considered.
While the hashrate drop is notable, it may signal a market bottom, supported by metrics indicating low selling pressure from exchanges and miners.
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BitGo, a digital asset service provider, has introduced support for the Stacks blockchain, enhancing Bitcoin’s functionality and marking a significant step in institutional adoption of Bitcoin-native decentralized finance (DeFi).
With the integration of the Bitcoin layer-2 (L2) network, Stacks, BitGo users can now earn Bitcoin rewards through “stacking.”
This process allows STX holders to generate native BTC yield directly in their wallets without lending or exposing the assets to additional risks.
Kyle Ellicott, the ecosystem investor lead at Stacks, commented on the partnership: “Allowing institutions to earn native Bitcoin yield with their STX is a huge step for Bitcoin as part of Bitgo’s goal to put institutional capital to work with DeFi and staking.
Making Bitcoin a productive asset is crucial for Bitcoin to succeed long term as rails for a decentralized economy.”
This collaboration offers Bitcoin holders a new way to engage with DeFi protocols, especially those wary of the risks associated with smart contracts and proof-of-stake protocols.
Stacks is known as Bitcoin’s smart contract layer and is the fifth-largest Bitcoin layer-2 solution, with over $95 million in total value locked, representing a 7.9% market share among Bitcoin layer-2 solutions, according to DefiLlama.
As part of this partnership, BitGo will support the new Stacks token standard, sBTC, and become a “Signer” on the network.
This role involves contributing to block production and consensus after the full release of sBTC.
This non-custodial, 1:1 Bitcoin-backed asset aims to enhance the programmability of Bitcoin.
BitGo will facilitate deposits and withdrawals for sBTC and the conversion of BTC to sBTC across layers.
Other sBTC signers include Figment, Blockdaemon, Near Foundation, Luganodes, and Chorus One. The sBTC standard is designed to simplify the development of DeFi applications on the Bitcoin network.
Stacks is preparing to activate its Nakamoto Release, which will pave the way for sBTC and 100% Bitcoin finality. Initiated on April 22, the activation is expected on August 28, according to Stacks’ roadmap.
Ellicott emphasized the significance of this release: “Stacks will inherit 100% of Bitcoin’s security budget, making transactions as irreversible as Bitcoin and enabling sBTC to facilitate decentralized BTC movement into the L2.
This release will begin another renaissance of new Bitcoin builders, technical upgrades, and growth in user interest, providing a promising spotlight for the future of Bitcoin DeFi.”
Bitcoin DeFi is expanding the crypto space with innovative products like Hermetica’s Bitcoin-based synthetic dollar, USDh, which debuted in June with a 25% annual percentage yield, derived from futures funding rates.
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On July 18, Bitcoin continued its efforts to reclaim the $65,000 mark, a critical level for analysts.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price action showed consolidation during the Asian trading session and Wall Street open.
After reaching $66,000 the previous day, BTC/USD tested the resilience of its recent gains, as the short-term holder (STH) realized price came into focus.
Cointelegraph noted that this bull market trendline, just above $64,000 as of July 18, had previously been lost as support for the first time in nearly a year.
Popular trader and analyst Rekt Capital highlighted the significance of the current zone for BTC/USD, emphasizing the need for firm support confirmation.
“Bitcoin is not quite ready just yet for a successful retest of the ~$65,000 level as new support,” he noted on X, sharing an explanatory chart.
He added that Bitcoin would require a retest similar to a previous instance (blue circle) to confirm a break back into the $65,000-$71,500 region.
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He warned that BTC/USD “risks rejection” if the $65,000 area remains unconquered on daily timeframes.
Trader and analyst Scott Melker, known as the “Wolf Of All Streets,” pointed to positive low-timeframe relative strength index (RSI) signals for clues on the market’s next direction.
“Bearish divergence cancelled. Nice,” he commented on X. “We now have confirmed hidden bullish divergence (blue), which is a continuation signal.”
Crypto trader and educator XForceGlobal employed Elliott Wave analysis and expressed confidence in an upward continuation following consolidation.
“Overall, we are looking for the continuation of a bullish trend if the buy pressure continues to at least finish the first wave 1 of the intermediate degree in orange to gain more confidence that we are finally going to break ATH, going into the conclusion of a primary wave 5 of the highest degree,” they stated in updated chart commentary.
Adding to the bullish sentiment, a proprietary trading indicator from DecenTrader, Predator, produced its first green “bullish” signal on three-day timeframes since early February.
This indicator uses various inputs to generate “green” and “red” signals across multiple timeframes. “Predator has spoken,” DecenTrader remarked on X.
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On July 23, Hong Kong will launch Asia’s first Bitcoin futures inverse product, the CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK).
This new exchange-traded fund (ETF) by CSOP Asset Management, one of China’s largest asset managers, aims to provide investors a way to profit from declines in Bitcoin’s price.
The introduction of this inverse ETF follows the successful launch of the CSOP Bitcoin Futures ETF (3066.HK) in December 2022, marking another step in the firm’s expansion in the Asia-Pacific region.
The CSOP Bitcoin Futures Daily (-1x) Inverse Product is crafted to offer investment results that closely mirror the inverse daily performance of the S&P Bitcoin Futures Index.
This is achieved through a futures-based replication strategy, which involves direct investment in spot-month Chicago Mercantile Exchange Bitcoin Futures.
As per a CSOP announcement on July 22, the product will be listed on the Hong Kong Stock Exchange (HKEX) at approximately 7.8 Hong Kong dollars per unit.
Tristan Frizza, Founder of Zeta Markets, told Cointelegraph that the launch of the inverse Bitcoin ETF underscores the “increasing sophistication of crypto financial products” globally.
“By enabling bets against the market, financial instruments like this have the potential to balance speculative activities and contribute to long-term market stability, which is crucial for the maturation of the crypto sector and the acceptance of crypto as established investment assets.”
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Since late 2022, HKEX has been trading spot crypto ETFs, starting with CSOP’s Bitcoin Futures ETF and Ether Futures ETF.
Both products track BTC futures and Ether futures cash-settled contracts traded on the CME, and were followed by Samsung Asset Management Hong Kong’s Bitcoin future ETF in January 2023.
Together, these three futures products have garnered HK$1.3 billion ($170 million) in assets under management as of April 29.
On July 5, the Hong Kong Securities and Futures Commission (SFC) issued warnings about seven crypto exchanges operating illegally in the region.
These exchanges were flagged for providing services without operational licenses and listed under “Suspicious virtual asset trading platforms” on the SFC’s alert list.
The SFC’s goal is to mitigate fraud and scams by maintaining public records of registered, unregistered, and illegal crypto trading entities.
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Bitcoin aimed for $68,000 at the July 22 Wall Street open as a Chinese interest rate cut bolstered bullish sentiment in the crypto market.
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin (BTC) targeting range highs after dipping below $67,000 earlier in the day.
This upward shift coincided with mixed performances in Asian stocks as China announced unexpected interest rate cuts.
The People’s Bank of China (PBoC) confirmed it would cut the seven-day reverse repo rate by 0.1% to 1.7%, alongside reductions in the one-year and five-year loan prime rates (LPR), as reported by sources including Reuters.
“The cut today is an unexpected move, likely due to the sharp slowdown in growth momentum in the second quarter as well as the call for ‘achieving this year’s growth target’ by the third plenum,” Larry Hu, chief China economist at Macquarie Group, told the publication.
Commenting on the market’s reaction, Holger Zschaepitz noted the rarity of such a cut. “Chinese stock market not really enthusiastic,” he wrote on X.
Global interest rate reductions are crucial for the performance of risk assets, including crypto. Despite China and Europe’s rate cuts, the United States has not yet initiated a similar cycle, with expectations set for September.
TMXC Trades offered a more cautious perspective, suggesting that China’s rate cuts might not yield the anticipated results.
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“Coming into 2024, traders were betting on a massive coordinated global easing cycle… Here today in mid-July, virtually none of that has come to pass,” it stated.
Bitcoin, meanwhile, faced its final resistance cluster before reaching all-time highs, with $69,000 being a key level since late 2021.
“Bitcoin has cancelled out almost the entirety of the -25.6% retrace,” popular trader and analyst Rekt Capital noted in his latest X analysis.
“It took two weeks to almost fully cancel out a five-week retrace.”
“Accompanying charts compared recent BTC price behavior to other bull market retracements, identifying the latest as the deepest of the uptrend.
“Any dips to retest $65,000 would not be out of the ordinary,” Rekt Capital added, anticipating potential upside to $71,500.
Rekt Capital reiterated the case for new all-time highs by September “at the latest.”
“Bitcoin is back in the range and provides a lot of strength,” Michaël van de Poppe, founder and CEO of trading firm MNTrading, commented.
He emphasized $65,000 as a crucial support level, with $61,000 as the next line of defense.
“If that’s going to happen this week, then we should be good for continuation toward the ATH,” he predicted.
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Real Bedford Football Club, known for its strong support of cryptocurrency, has recently boosted its Bitcoin holdings significantly.
As per a post on X by club chairman Peter McCormack, the club acquired 66.9 Bitcoin at an average price of $67,220 per coin, totaling $4,500,420.69.
With this new acquisition, Real Bedford’s total Bitcoin holdings have reached 82.7 BTC, bought at a cumulative cost of around $5.37 million.
The club’s average purchase price now stands at approximately $64,925 per coin.
McCormack shared that out of the total Bitcoin holdings, 15.8 BTC is allocated for football-related operational purposes.
The remaining balance is securely stored in the club’s treasury, emphasizing Real Bedford’s strategy of integrating Bitcoin into both its financial and operational frameworks.
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Real Bedford FC is a non-league football club based in Bedford, UK. McCormack took over the team in 2021 and aimed to propel it into the football league.
This recent Bitcoin acquisition is in line with the club’s broader vision of leveraging cryptocurrency for stability and growth.
The proactive approach of Real Bedford FC towards cryptocurrency mirrors a broader trend among various organizations looking to diversify their assets and explore innovative financial strategies.
The club’s adoption of Bitcoin sets an example for other clubs and businesses contemplating similar financial avenues.
In the broader crypto landscape, businesses are also “stacking” Bitcoin in recent purchases, and sellers are increasingly hesitant to part with their holdings.
For instance, the Bitcoin investment firm Metaplanet recently bought 21.88 BTC on July 16.
According to analysts, Bitcoin’s price is currently only 8% below its all-time high, buoyed by the news of United States President Joe Biden stepping down as the Democratic party nominee for the 2024 election.
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Mt. Gox is gearing up to repay creditors through the Bitstamp cryptocurrency exchange, as indicated by recent onchain fund movements.
The Mt. Gox address has initiated test transactions to Bitstamp’s cold wallets.
Blockchain intelligence firm Arkham Intelligence identified these transactions in a July 22 X post.
“Mt. Gox addresses deposited $1 to 4 separate Bitstamp deposit addresses. Bitstamp is 1 of 5 exchanges working with the Mt. Gox Trustee to facilitate creditor repayments […] These transfers are likely to represent test transactions.”
More than $9.4 billion worth of Bitcoin is owed to approximately 127,000 Mt. Gox creditors who have been waiting for over 10 years to recover their funds.
Some crypto investors worry about the sell pressure that Mt. Gox repayments might introduce, potentially driving Bitcoin’s price down.
Many Mt. Gox creditors may sell their Bitcoin, which has appreciated by over 8,500% in the decade since the exchange collapsed.
Finance analyst Jacob King suggested on July 4 that up to 99% of creditors might sell their BTC. He stated in an X post:
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“99% of those on Mt. Gox are going to sell their coins the moment they get it.
“Imagine billions worth of Bitcoin all being dumped gradually over the next several weeks.
“There is no way to spin this to be bullish, or news that could offset this.”
Contrary to this, a Reddit poll indicates that 56% of Mt. Gox creditors plan to hold their Bitcoin, while about 20% intend to sell.
As of July 17, over 36% of the Bitcoin owed to Mt. Gox creditors had been distributed. Despite concerns about sell pressure, large Bitcoin holders — called whales — continued buying. On July 17, a whale purchased 245 BTC, worth nearly $16 million.
This address has traded Bitcoin only twice this year, profiting over $30 million from these trades.
According to Arkham Intelligence, the Mt. Gox-labelled wallet currently holds over 90,300 BTC worth $6.12 billion.
While the exact timing of the repayments is unclear, today’s test transactions suggest final preparations before repaying creditors on Bitstamp.
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