Major Developments for the Week
- Trump on Bitcoin: “Bitcoin is going to the moon”
- Ethereum ETFs see $107M inflows on debut
- Traders bet on election using new Bitcoin and Ethereum derivatives
- Bitcoin price hits $69,000 after China’s rate cut
- Analyst: Ethereum may face sell pressure after ETF debut
- HNT token surges 40% as Helium’s subscribers top 100K
- Grayscale launches “Decentralized AI Fund”
- RNDR migrates to Solana as RENDER
Bitcoin
Bitcoin in Nashville – Notes from the Floor
The pivotal Bitcoin Conference, held last week in Nashville, featured significant pro-Bitcoin speeches from key figures in the American political landscape.
Former President and current presidential candidate Donald Trump’s speech drew considerable attention, with seats selling for as much as $844,600. He emphasized the importance of creating a strategic national Bitcoin stockpile and vowed that the U.S. government would keep 100% of the Bitcoin it currently owns. He proclaimed, “Bitcoin is going to the moon,” and advised never to sell Bitcoin, predicting it would probably surpass the market cap of gold.
Trump’s vision portrayed the United States as the future crypto capital and Bitcoin superpower of the world. His speech included bold promises that seemed to resonate with the audience, including firing Gary Gensler and appointing a new SEC chairman on his first day in office.
Presidential candidate Robert F. Kennedy Jr. expressed his full commitment to Bitcoin, proposing that the U.S. purchase 4 million Bitcoin as a strategic reserve. Despite challenges due to Bitcoin’s increasing illiquidity, Kennedy’s proposal underscored his belief in Bitcoin’s strategic value. Michael Saylor, CEO of MicroStrategy, also highlighted Bitcoin’s potential, projecting annual returns between 21% and 37% over the next two decades.
Senator Cynthia Lummis, whose home state of Wyoming just announced that it is to launch a Bitcoin Research Institute, spoke of a legislative proposal for the U.S. government to purchase 1 million Bitcoin, valued at around $68 billion, to be held for a minimum of 20 years. She compared this investment to the historic Louisiana Purchase, suggesting it could be transformative for the country’s financial future. Saylor’s bullish outlook, coupled with the strong endorsements from Trump, Kennedy, and Lummis, reinforced Bitcoin’s long-term viability and its role in the evolving financial landscape.
Just in case you missed it – check out the recording of our webinar: What Is Going On Right Now In Crypto with Anthony Pompliano & Will Clemente
Other Bitcoin news
Bitcoin whales went on an ‘unprecedented’ $23B July buying spree, as MARA purchased $100 million worth of bitcoin, growing its holdings to more than 20,000 BTC.
Option traders are “betting on a potential bitcoin upswing ahead of US elections,” as traders rushed to bet on election via new Bitcoin and Ethereum derivatives.
Bitcoin surpassed $69,000 this week as U.S. inflation eased, potentially leading to a Fed interest rate cut in September. Analysts predict that Bitcoin could reach $100,000 this year.
eToro’s @BitcoinWorldWide Smart Portfolio offers investors exposure to a diversified range of assets within the Bitcoin ecosystem, aligning with the increased institutional trust and growth trajectory of Bitcoin’s market integration.
Smart Contract Platforms
Ethereum ETFs: A Mixed Start
Ethereum ETFs made a strong debut, attracting $107 million in inflows on the first day, with US spot Ethereum ETFs contributing $106.7 million. However, the enthusiasm waned quickly, with prices remaining flat the next day and net outflows of $152 million by the third day. Analysts suggest that launching ETH ETFs in a weak market could add pressure to Bitcoin.
eToro’s @Scalable-Crypto Smart Portfolio provides an opportunity to invest in leading smart contract platforms, including those like Flare Network that are at the forefront of blockchain interoperability and scalability solutions.
DeFi and TradFi
Starknet Expands to Bitcoin
Starknet, renowned for its zk-STARK technology on Ethereum, is making strides to become a Layer-2 solution on Bitcoin. This move aims to tackle industry challenges related to scalability and high transaction fees, potentially offering a more efficient and cost-effective solution for Bitcoin transactions.
The @DeFiPortfolio Smart Portfolio by eToro capitalizes on these trends, offering investors exposure to a mix of assets in both DeFi and traditional financial sectors, reflecting the convergence of these two worlds and the growing investment in blockchain-based financial solutions.
Web3
Polygon’s Big Move: POL Token Migration
Polygon is set to replace its MATIC token with the new POL token starting September 4. This upgrade, part of the “Polygon 2.0” roadmap, aims to make POL the main token across all Polygon networks. MATIC holders on the Polygon PoS chain won’t need to take any action as their tokens will automatically convert to POL. However, users with MATIC on other platforms will need to follow specific steps outlined by Polygon. The transition is designed to enhance the network’s efficiency and scalability.
The @Web3Applications Smart Portfolio by eToro is ideally positioned to benefit from this surge in Web3 user engagement. It offers investors a tailored investment strategy that aligns with the burgeoning growth and adoption rates of DApps and related technologies.
More crypto updates
eToro Supports RNDR to RENDER Migration
We are pleased to announce that eToro will support the migration from RNDR to RENDER tokens. This change follows the Render Foundation’s decision to transition to Solana as their Layer 1 infrastructure. As a result, trading of the RNDR token has been temporarily closed on eToro since 12:30 UTC on July 29, 2024. Trading will resume with the new RENDER token once market conditions allow.