NewsBriefs - Joana Cotar criticizes German government's Bitcoin strategy, advocates for reserve holding

Jul 5, 9:31 AM The Block

Joana Cotar criticizes German government's Bitcoin strategy, advocates for reserve holding

German Bundestag member Joana Cotar has criticized the government's approach to handling its Bitcoin assets, arguing against its large-scale selling strategy. She advocates for retaining Bitcoin as a strategic reserve to hedge against inflation and support economic sovereignty, urging for a comprehensive Bitcoin strategy that includes legal frameworks and potential issuance of Bitcoin bonds.

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• Jul 8, 5:58 AM Coindesk

  Germany still controls $2.2 billion in Bitcoin amid market fluctuations

  Germany possesses 29,286 Bitcoin (BTC) valued at $2.2 billion, continuing its liquidation strategy initiated in mid-June which has added selling pressure equivalent to 9% of Bitcoin's 24-hour trading volume. This ongoing disposal and the associated market movements have impacted Bitcoin's spot price notably, causing a near 20% drop in four weeks. The sales, seen as a strategic mistake by some industry voices, highlight concerns over the loss of potentially valuable assets in exchange for fiat currency.

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• Jul 8, 5:14 AM Hand-Picked

  BNB Chain launches MindPress, a new data marketplace

  BNB Chain has launched MindPress, a data marketplace leveraging the capabilities of Greenfield and BNB Smart Chain to facilitate easy trading and development of crypto digital assets. This platform offers comprehensive functionalities for developers, including simplified development processes, and robust management of storage, trading, and content permissions.

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• Jul 7, 8:59 PM The Block

  Celo initiates Dango Layer 2 testnet to integrate with Ethereum ecosystem

  Celo has launched the Dango Layer 2 testnet, utilizing Optimism’s OP Stack, marking its initial move to transform from a standalone Layer 1 network to an integral part of the Ethereum ecosystem. This development aims for enhanced transaction efficiency and simpler token bridging between Ethereum and Celo, with plans for a mainnet release in early winter 2024.

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• Jul 7, 8:00 PM Cryptoslate

  Bitcoin OTC desk balances surpass 300,000 BTC amid price surge

  Recent data from CryptoQuant shows that the cumulative balance of Bitcoin at Over-The-Counter (OTC) desks has exceeded 300,000 BTC, coinciding with a significant Bitcoin price increase to around $55,000. Historical trends indicate that OTC desk balances typically rise alongside Bitcoin's price peaks, suggesting increased large-scale transactions by institutional investors which may not affect the market price directly. The recent escalation in balances might indicate an anticipation of future price adjustments by these investors, reflecting broader market sentiment.

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• Jul 7, 6:44 PM Cryptoslate

  Tron unveils gas-free stablecoin solution for Ethereum and Tron chains

  Justin Sun, founder of Tron, has announced plans to launch a gasless stablecoin transfer feature by the fourth quarter of 2024. This initiative, set to first roll out on the Tron network before expanding to Ethereum and other EVM-compatible networks, aims to eliminate gas fees charged on stablecoin transactions. By covering fees within the stablecoins themselves, Trali stands a testing point in defining peer-to-peer stablecoin operations. The feature targets enhancing the usability of stablecoins and fostering broader adoption across large companies. Tron's recent rise in stablecoin metrics positions it as a significant player against competitors like PayPal’s PYUSD and Circle's USDC.

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• Jul 7, 11:17 AM DeFi Llama News

  North Carolina Governor vetoes bill against federal CBDCs

  North Carolina Governor Roy Cooper vetoed a legislative bill that sought to prevent the implementation of any central bank digital currency (CBDC) by the US Federal Reserve in the state. The bill had previously garnered significant support in North Carolina's General Assembly. Governor Cooper criticized the bill as premature and unclear, suggesting the state should await federal guidelines on CBDCs. Additionally, national discussions continue with the US House recently voting to restrict the creation of a CBDC without explicit Congressional approval.

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• Jul 7, 7:40 AM DeFi Llama News

  Tangem and Visa introduce a crypto payment card with built-in hardware wallet

  Tangem has collaborated with Visa to launch a Visa payment card that integrates a self-custodial hardware wallet, enabling users to directly utilize their crypto and stablecoin balances at merchants accepting Visa. This initiative offers a dual benefit: conventional payment card ease and full control of one's digital assets through a self-contained crypto wallet. This technology, available across Europe, allows users to manage private keys via a secure, user-held card, enhancing security and merging the features of traditional banking with digital asset convenience.

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• Jul 6, 5:27 AM Cointelegraph

  Bitfinex to issue refunds for failed El Salvador Hilton hotel project

  Bitfinex Securities will refund investors after failing to meet the $500,000 minimum funding goal for its Hilton hotel project at El Salvador’s international airport. The project, El Salvador's first public offering of digital debt assets, only raised $342,000, falling short of the intended $6.25 million target. The funds were to finance a 4,500 square foot Hampton by Hilton hotel. Investors had been offered a 10% coupon over a five-year term for their investment in the "HILSV" token on the Bitcoin Liquid Network.

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• Jul 5, 10:00 PM Cryptoslate

  Bitcoin could surge with potential Trump presidential win: FT

  The possibility of Donald Trump's re-election is creating optimism among crypto traders, expecting a surge in Bitcoin's value due to Trump's favorable stance on crypto. Recent market volatility has been linked to regulatory actions and miner sales, but predictions suggest that Bitcoin could reach $100,000 should Trump secure a victory. This anticipation is compounded by the broader market implications of Trump's economic policies, which might lead to increased inflation and higher Treasury yields, presenting Bitcoin as a viable hedge against potential fiscal instability.

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• Jul 5, 8:52 PM The Block

  US House set for vote on overturning President Biden's veto of SAB 121 next week

  Next week, the US House will conduct a vote to potentially overturn President Joe Biden's veto of Staff Accounting Bulletin 121 (SAB 121), which mandates that firms holding cryptocurrencies for customers list these assets as liabilities. The previous House vote passed the measure, and a two-thirds majority in both houses is required to override the veto. Though challenging, supporters of the override believe success is possible given the bipartisan support observed in related crypto legislation.

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• Jul 5, 8:15 PM Crypto Briefing

  Mt. Gox Bitcoin movements trigger record liquidation levels

  The recent transfer of Bitcoin and Bitcoin Cash by Mt. Gox to a new wallet led to a drastic 6% drop in Bitcoin's price, causing over $1 billion in market liquidations, the highest since the FTX debacle. Despite a partial price recovery, ongoing investor fears and external pressures from US inflation concerns continue to influence market volatility. This incident underscores the market's sensitivity to major creditor payouts and regulatory remarks.

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• Jul 5, 6:30 PM Cointelegraph

  UK High Court freezes Craig Wright's assets after libel lawsuit loss

  The UK High Court issued a World Freezing Order on Craig Wright's assets to aid Peter McCormack in recovering approximately £1.5 million in legal fees after a lawsuit. Wright, who claimed to be Satoshi Nakamoto, the elusive founder of Bitcoin, lost the intellectual property case where evidence by the Crypto Open Patent-Disease Research Alliance (COPA) played a crucial role in disproving his claims. This decision not only impacts Wright's claims but also the broader Bitcoin ecosystem.

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• Jul 5, 4:09 PM CoinDesk

  Crypto fear & Greed index hits new low as Bitcoin drops below $54,000

  The Crypto Fear & Greed Index fell to 29, indicating extreme market fear, as Bitcoin's price slipped below $54,000. This sentiment reflects the most negative investor outlook since early January 2023, during the aftermath of the 2022 crypto winter, when Bitcoin was valued around $17,000. Key factors driving this downturn include significant selling by governments holding seized Bitcoin and preemptive market actions related to the Mt. Gox estate's payouts. With substantial assets still held by these bodies, continued pressure on crypto prices is expected.

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• Jul 5, 1:50 PM Crypto Briefing

  SlowMist reports a 50% increase in crypto security incidents in H1 2024

  In the first half of 2024, the crypto industry experienced a significant rise in security incidents, with a 50% increase from the previous year, resulting in losses worth $1.43 billion. SlowMist's report indicates that DeFi protocols were predominantly targeted, involving sophisticated attacks and substantial financial implications, particularly with Ethereum recording the highest losses. The landscape faced evolving threats, including new money laundering techniques and regulatory measures across various regions, further complicating the ecosystem's security challenges.

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• Jul 5, 6:45 AM Crypto Briefing

  Mt. Gox starts repayments in Bitcoin and Bitcoin Cash

  Mt. Gox, once the leading crypto exchange, has begun repaying its creditors with Bitcoin and Bitcoin Cash after almost a decade. The Tokyo-based exchange, known for handling over 70% of global Bitcoin transactions at its peak, faced significant security issues leading to its collapse in 2014 with a loss of nearly 744,408 Bitcoins. This repayment initiative follows the recent closure of a lengthy bankruptcy process.

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