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Bitcoin ($BTC) diverges from its usual correlation with the S&P 500, experiencing a 19.4% decline over 5 weeks, while the S&P 500 grew by 5.4%. Despite a minor 2.97% recovery for BTC, its bearish trend continues. This shift could signal a potential bullish period for BTC. #Update
ESMA clarifies that under MiCA, crypto staking is not banned but must be authorized as it is considered ancillary to custody services. CASPs must provide specific disclosures and obtain user consent before staking assets. This move aims to address concerns over asset loss and user access. #CryptoRegulation
US Senator Cynthia Lummis advocates for Bitcoin reserves to bolster the US dollar’s dominance. She supports self-custody Bitcoin wallets and opposes CBDCs, warning against government surveillance. Lummis’ pro-Bitcoin stance aims to secure economic strength and individual financial freedom. #Bitcoin #Update
Stacks ($STX) surged 9% after the SEC concluded a three-year investigation into Hiro Systems, formerly Blockstack, without recommending enforcement action. This decision, following a similar outcome for Paxos, boosted market sentiment. $STX reached $1.71, marking a significant regulatory win for the crypto sector. #CryptoNews
U.S. PPI inflation surged to 2.6%, exceeding expectations. This marks the fifth consecutive rise, contrasting with falling CPI. Major indices remained flat, while $BTC saw a slight selloff. Treasury yields inched up, and the US Dollar Index showed volatility. #Inflation #Update
Genesis Trading has moved 12,000 BTC to Coinbase amid its bankruptcy liquidation, following reorganization approval in May 2023. With 33,000 BTC remaining, valued at $1.9B, the $760M transaction raises concerns about Bitcoin price volatility, especially with other market pressures like Mt. Gox’s anticipated liquidations. #Bitcoin
Mt. Gox will repay 138,000 $BTC, raising fears of a market crash. German Bitcoin liquidations have already spurred a downturn. Cycle Capital warns a swift release could lead to panic selling. However, $16B from FTX repayments might stabilize prices. #CryptoUpdate
The German government sold 2,700 BTC as part of liquidating assets seized from a piracy site. Transactions involved $BTC being distributed to Coinbase, Kraken, Bitstamp, and linked addresses. Germany’s Bitcoin reserves now stand at 6,394 BTC, valued at $394.9M. #Bitcoin #Update
VanEck CEO Jan Van Eck remains bullish on $BTC despite recent market volatility. He cites Bitcoin’s long-term fundamentals, such as the upcoming halving event and potential Fed easing, as key bullish factors. Van Eck views a 20% correction as normal. The global crypto market cap now stands at $2.11T. #Update
OM, the native token of the DeFi platform Mantra, surged 19% to $1.13, topping the crypto market. Its trading volume soared 900% to $311M, with an 8% gain in 24 hours. OM’s market cap is now $849M, ranking 82nd among cryptocurrencies. #Crypto
Kristen Smith, CEO of the Blockchain Association, and Sheila Warren, CEO of the Crypto Council for Innovation, discuss bipartisan support for crypto post-election. Both highlighted FIT21 Act backing and the need for the U.S. to stay competitive globally. One in five swing state voters find crypto crucial for the election. #CryptoRegulation
Germany sold 82% of its Bitcoin reserves in July, liquidating nearly 41,000 BTC. Despite this, Bitcoin’s price remained stable around $57,000, driven by strong ETF inflows. The market is focusing on broader economic indicators like lower-than-expected US CPI data. #Crypto #Update
The U.S. SEC has eased crypto reporting rules for banks and brokerages, allowing them to exclude customers’ crypto holdings from balance sheets if they manage associated risks. This move aims to lower entry barriers and enhance market stability. #CryptoRegulation
The Digital Chamber of Commerce supports LEJILEX and the Crypto Freedom Alliance of Texas in a lawsuit against the SEC. They argue the SEC is overstepping by regulating digital assets without clear rules, risking industry harm. Calls for clear legislative guidelines to foster innovation. #CryptoRegulation #Update
