Market Summary

Market Summary 29 July 2024

Bitcoin Price: US$ 68,254.47 (+0.62%) 
Ethereum Price: US$ 3,270.16 (+0.65%) 

The University of Wyoming is set to launch the Bitcoin Research Institute, a new initiative aimed at providing high-quality, peer-reviewed studies about Bitcoin. The institute, under the direction of Bitcoin activist and Associate Professor Bradley Rettler, will run annual summer workshops, offer academic prizes, and host weekly seminars, all funded by Bitcoin donations. Meanwhile, Compound Finance is currently grappling with a community disagreement over governance. This conflict has been sparked by allegations of a governance attack by a voting bloc known as the “Golden Boys”, following the passage of proposal 289, which requested a substantial funding of 499,000 COMP for the goldCOMP treasury and passed by a narrow margin. On another front, former President Donald Trump, while addressing the Bitcoin 2024 conference, made a promise that the US would retain its current Bitcoin stockpile if he were to be re-elected. However, this pledge has raised legal questions, particularly concerning the Bitfinex assets and the funds seized from Silk Road founder Ross Ulbricht. 

Hong Kong police have arrested four individuals, including a 14-year-old, for their involvement in a syndicate that used counterfeit banknotes to defraud cryptocurrency owners, leading to losses of up to HK$11 million (US$1.4 million). This operation, part of an ongoing effort to combat the rise in crypto-related scams in the region, has resulted in a total of 14 arrests since October of last year. In a related development, the Casper Network, a blockchain platform known for its approach to decentralised applications, experienced a security breach, prompting a temporary halt of all operations. The team swiftly discovered the breach and collaborated with validators to suspend the network, ensuring no transactions could be processed until the vulnerability was addressed. Amid these developments, Hong Kong Legislative Council Member Johnny Ng announced plans to work with various stakeholders to explore the potential benefits of incorporating Bitcoin, often referred to as “digital gold”, into the region’s financial reserves. Recognising the increasing global acceptance of Bitcoin and its potential as a hedge against inflation, Ng believes that Hong Kong is at a pivotal stage in regulatory compliance and industry development, which could pave the way for a more open and innovative market environment. 

The recent rebound in Bitcoin’s price to $67,708, marking a 6.22% increase since July 25, has led to a 16-month high in positive sentiment among traders. This surge coincides with the anticipation for former U.S. President Donald Trump’s speech at the Bitcoin 2024 conference, where he ambitiously declared his goal to transform the U.S. into the “crypto capital of the world”. In the midst of this positive sentiment, U.S. Senator Cynthia Lummis proposed a “strategic Bitcoin reserve” bill, suggesting that the U.S. government should acquire 5% of the world’s Bitcoin supply and hold it for at least 20 years. This proposal emerged shortly after Lummis contested President Joe Biden’s administration’s proposed 30% excise tax on the energy consumed by Bitcoin miners. Amid these developments, AAVE founder Stani Kulechov, who recently underwent surgery to remove one of his organs, issued a warning to other crypto founders about the dangers of overworking. Despite the relentless demands of the crypto industry, Kulechov underscores the paramount importance of health for achieving success and longevity. 

ZachXBT, a pseudonymous onchain investigator, has expressed scepticism towards Irene Zhao, the founder of the SO-COL platform. Despite Zhao’s attempts to address allegations about her involvement in failed projects and her detailed statement highlighting her new project “ASIANMOM,” ZachXBT remains unconvinced, particularly questioning her decision to launch a new memecoin amid SO-COL’s failure. Meanwhile, the Indian crypto exchange WazirX is grappling with the aftermath of a recent cyberattack that resulted in the theft of approximately $230 million. In response, WazirX has announced a user fund recovery strategy, which includes a 55/45 approach, allowing users immediate access to 55% of their assets while locking the remaining 45% in Tether-equivalent tokens, and offering two different options for managing their remaining assets. In another news, the Grayscale Ethereum Trust ETF (ETHE) has experienced significant outflows, reaching over $1.5 billion, with net outflows of $356 million in a single day on July 26. However, Grayscale’s Ethereum Mini Trust ETF (ETH) displayed a contrasting trend, recording a net inflow of $44.9 million on the same day, and bringing the total net inflows to $164 million since its launch. 

Source: https://cointelegraph.com 

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