Bitcoin Breaks $62,000 After Bad Weekly Start

Bitcoin Breaks $62,000 After Bad Weekly Start

Bitcoin briefly surged past $62,000, marking a strong recovery just days after "2024 Crypto Black Monday," when its price fell below $50,000 for the first time since February. Traders, such as Matthew Hyland, are optimistic, citing a bullish pattern on the weekly chart that suggests Bitcoin may have hit its floor, forming what he describes as a "massive bull hammer."

The quick rebound, which saw Bitcoin rise 12.46% from August 7, suggests that the recent drop might have been a bear trap intended to lure short-sellers. Market sentiment has shifted, with 52.48% of future traders now holding long positions. This positive momentum coincides with Morgan Stanley's decision to allow its financial advisers to recommend Bitcoin ETFs to clients.

Meanwhile, Ethereum has gained 9.71% in the past day and is trying to break past $2700, while Sui, Helium, Celestia, and Bittensor are among the largest double-digit gainers during the past 24 hours.

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Putin Signs Bill to Legalize Bitcoin Mining in Russia

Russian President Vladimir Putin has signed a law to legalize Bitcoin mining, aiming to reduce the country's reliance on the US dollar for international trade. Effective November 2024, the legislation allows approved mining companies to register with a state database, while individual miners can operate without registration if their energy use stays below a specified limit.

Oversight of the mining industry will be managed by the Bank of Russia, the Ministry of Finance, and a cabinet of ministers, who will develop specific regulations in the coming months. This law coincides with another bill, still awaiting Putin's approval, that legalizes crypto for international payments (banned since 2022), potentially bypassing international sanctions.

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Franklin Templeton's Onchain Fund Comes to Arbitrum

Franklin Templeton, a global asset management firm, has launched its OnChain US Government Money Fund (FOBXX) on the Arbitrum network in collaboration with the Arbitrum Foundation, aiming to further integrate traditional finance into DeFi. This expansion allows investors to access the FOBXX asset through Franklin Templeton's blockchain-integrated Benji Investments platform and BENJI token.

The initiative follows their application to the Arbitrum Stable Treasury Endowment Program (STEP) and represents a strategic move to enhance asset management capabilities with blockchain technology. Initially launched on the Stellar blockchain and expanded to Polygon, the fund invests in government securities to maintain a stable $1 share price.

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Crypto Executives Meet US Officials to Discuss Policy

Crypto industry leaders and top White House officials recently met to discuss future cryptocurrency policy. The virtual meeting included the US Deputy Secretary of the Treasury, the National Economic Council Director, and industry figures like Coinbase's Chief Legal Officer Paul Grewal and Mark Cuban. Discussions focused on use cases, policy outcomes, and the economic impact of crypto.

Adeyemo and Brainard's presence suggested a move toward more direct involvement from senior policymakers. Coinbase's called for the White House to support Senate legislation regulating the crypto industry, following the House's recent passage of a related bill. As crypto becomes a focus in the upcoming election, both Harris and Donald Trump are engaging with the industry more.

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Data of the Day

Last week, Jito validator tips on the Solana network reached an all-time high of 17,290 SOL, valued at approximately $3.19 million, indicating a significant increase in network activity. This surge marks a notable shift from the stable levels observed over the past six months.

Jito, a Solana-based Miner Extractable Value (MEV) tool, enables validators to capture additional value from transaction ordering. Concurrently, Solana experienced the launch of 68,000 new tokens, raising questions about the quality of projects and whether this is genuine adoption or botting.

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More Breaking News

• A US judge approved FTX, Alameda Research, and the CFTC's $12.7bn settlement. Victims will receive $8.7bn in compensation and $4bn in disgorgement.
• WazirX centralized exchange to undo all trades following the $230 million hack-related withdrawal freeze that happened on July 18.
• The odds of Kamala Harris winning the upcoming presidential election have risen to 49% on Polymarket, almost flipping Donald Trump from first spot.
• Immutable, a gaming & NFT project, announced that it’s retiring its NFT marketplace to focus on expanding its ecosystem through partnerships.
• Donald Trump Jr. said his project is a “larger type of platform” compared to meme tokens when asked about the Restore the Republic (RTR) token.

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