🛑 Poutine stops Bitcoin mining, 🗣️ Vitalik Buterin against pro-Trump donations
Welcome to the Daily Tribune on Friday, July 19, 2024 ☕️
Hello Cointribe! 🚀
Today is Friday, July 19, 2024, and like every day from Tuesday to Saturday, we summarize the news from the past 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Rainy 🌧️
24h crypto recap! ⏱
Poutine stops Bitcoin mining in Russia ⚡
Russian President Vladimir Putin has recently expressed concerns about the uncontrolled increase in Bitcoin mining activities in Russia. During a meeting with senior government officials, Putin warned that this energy-consuming activity could cause power outages in certain regions, particularly in the North Caucasus where Dagestan has already experienced long power outages. Due to the relatively low cost of electricity in Russia, the country has become the second-largest cryptocurrency miner after the United States. To counter this threat to energy stability, Putin has ordered the implementation of strict tax and tariff regulations to limit mining and called for the adoption of a strict federal law. 🔗 Read the full article here.
SEC approves two new Ethereum ETFs 📈
The SEC has approved two new ETFs based on Ethereum, marking a significant breakthrough for the crypto industry. The two funds, the Grayscale Ethereum Mini Trust and the ProShares Ethereum ETF, will be listed on the NYSE Arca platform. The Grayscale Ethereum Mini Trust stands out for its asset allocation strategy to ensure initial stability by transferring 10% of assets from the Grayscale Ethereum Trust (ETHE). The ProShares Ethereum ETF, although later to the market, is part of a wave of eight funds awaiting final approval. These new ETFs offer opportunities for investors while maintaining strict regulation. The upcoming ETFs from Franklin Templeton, VanEck, and Fidelity will initially offer a fee-free management period, unlike Grayscale's offerings with a 2.5% fee. 🔗 Read the full article here.
Vitalik Buterin opposes pro-Trump donors 🚫
Vitalik Buterin, co-founder of Ethereum, has expressed opposition to political donations based solely on support for crypto, particularly targeting recent support for Donald Trump. He warns against the danger of choosing political candidates solely for their pro-crypto stance, highlighting that this simplistic approach could overlook the fundamental ideals of crypto such as privacy, freedom of speech, and access to quality information. This warning comes as Trump, once skeptical, now accepts donations in Bitcoin and other cryptocurrencies, attracting support from figures like the Winklevoss brothers. Buterin advocates for a more holistic evaluation of political candidates based on a set of values and policies rather than just a pro-crypto aspect. 🔗 Read the full article here.
Bitcoin surpasses Visa and Mastercard in transaction volume 💳
Bitcoin has recently surpassed Visa and Mastercard in terms of daily transaction volume, a historic first in the world of digital payments. According to Glassnode data, Bitcoin recorded a transaction volume of $46.4 billion per day, while the filtered economic volume of the crypto is $6.5 billion. This increase is due to a market recovery and the launch of the Runes protocol, which has boosted activity on the blockchain. With a current market capitalization of $1.3 trillion, Bitcoin far exceeds Visa and Mastercard, which are valued at $556 billion and $418 billion, respectively. In parallel, stablecoins like Tether, USDC, and Dai are also gaining ground, with monthly transaction volumes surpassing those of Visa. 🔗 Read the full article here.
Crypto of the day: Mantle (MNT)
Mantle is a second-layer blockchain built on Ethereum, aiming to improve scalability and transaction speed while reducing costs. Its innovative architecture allows for optimized performance without compromising security, making it an attractive solution for decentralized applications (dApps) requiring fast and cost-effective transactions.
Mantle's native cryptocurrency, MNT, is primarily used to pay transaction fees on the Mantle network. It was initially distributed through a 1:1 migration with BitDAO (BIT), ensuring a smooth transition for existing holders. Benefits for MNT holders include reduced transaction fees and potential participation in network governance. Additionally, MNT can be used to interact with various dApps on the Mantle blockchain, offering direct and diverse utility.
Recent performance:
Current price: €0.7875
Percentage increase/decrease: +7.95% (in 1 day)
Market capitalization: €2,572,734,544
Rank on CoinMarketCap: #31
Decrease in Bitcoin addresses: Signs of a rebound or loss of confidence?
Recently, a significant decrease in the number of Bitcoin wallet addresses has been observed, despite encouraging statistics in late June. According to Santiment data, around 672,510 addresses with non-zero balances have disappeared, which could indicate a loss of confidence among investors. However, history shows that these massive sell-offs often precede a market rebound. The percentage of profitable Bitcoin supply has dropped to 89.43%, a decrease of 6.5% since mid-June when prices were around $70,000. Despite this downward trend, some indicators remain positive, suggesting a possible market rebound.
While many individual investors are selling, institutional investors continue to accumulate Bitcoin. Wallets holding more than a thousand bitcoins have seen their assets increase by 1.45 million BTC this year, reaching a total of 1.8 million BTC. According to Ki Young Ju, founder of CryptoQuant, these massive flows into institutional wallets show sustained demand from large investors. In 2021, whales received around 70,000 BTC per year, but now they receive 100,000 BTC per week. This trend of accumulation by institutions could strengthen the likelihood of a continued Bitcoin market recovery, demonstrating its resilience and lasting appeal.