Day: August 29, 2023

One less crypto-friendly candidate — Miami mayor ends US presidential run

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Miami Mayor Francis Suarez, one of the few cryptocurrency-friendly candidates running for president of the United States in 2024, has announced he will be suspending his campaign. In an Aug. 29 announcement on X (formerly Twitter), Suarez said that while running for U.S. president had been “one of the greatest honors of [his] life,” he made the decision to end his campaign and suggested he would support “a strong nominee” from the Republican Party. The Miami mayor announced in June he intended to seek the Republican nomination for U.S. president in…

US Republicans accuse Fed of stifling stablecoin regulation

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Republican Representatives claim the Federal Reserve is undermining Congress’s efforts to regulate stablecoins, potentially deterring banks from entering the digital asset space. Three Republican lawmakers—Representatives French Hill, Bill Huizenga, and Patrick T. McHenry—have written to Federal Reserve Chair Jerome Powell, accusing the central bank of hindering Congress’s efforts to regulate stablecoins. The trio claims that the Federal Reserve’s recent supervisory letters could dissuade banks from engaging with digital assets. These letters were issued shortly after the…

Circle launches USDC stablecoin on Mercado Pago in Chile

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Fintech company Circle announced a partnership with Mercado Libre on Aug. 29 to bring the USD Coin stablecoin to Mercado Pago. 1/ The largest fintech in LATAM, @mercadopago, part of Mercado Libre, the Amazon of LATAM with 200M users, is rolling out support for USDC in key markets, starting with Chile. Momentum for USDC and digital dollars building around the world! https://t.co/3mNQxXvNUC — Jeremy Allaire (@jerallaire) August 29, 2023 Referring to Mercado Libre as “the Amazon of LATAM with 200M users,” Circle CEO Jeremy Allaire posted a thread on X…

An Open Letter to President Biden Regarding Bitcoin Mining

Mr. President, leveraging the potential of bitcoin mining to accelerate the transition to a renewable-powered, efficient, and interconnected energy grid presents a remarkable opportunity for our nation’s energy future. By providing incentives that encourage miners to use renewable energy sources and invest in sustainable practices, we can create a win-win situation for both the environment and the economy. Source

40% Supply Remains Untouched For Over 3 Years

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A recent report from Bitfinex has shed light on a trend in the Bitcoin market. The report shows despite the unpredictability of the crypto market; long-term Bitcoin holders appear to be playing the patience game, signaling a buoyant outlook on the digital currency. This resilience and sense of optimism come to the fore as Bitfinex’s Alpha report reveals roughly 40% of Bitcoin’s total supply has remained untouched for over three years, marking an all-time high. Bitcoin Dormant Supply Hits Record Highs The latest Bitfinex report illuminates that about 40% of…

Grayscale wins the court battle, but what does this mean for a spot Bitcoin ETF?

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A federal judge has overturned the United States Securities and Exchange Commission’s decision to deny an exchange-traded fund (ETF) offering from Grayscale Investments through its Bitcoin Trust, but many experts have pointed out the court ruling will not automatically lead to the first spot Bitcoin ETF in the country. In an Aug. 29 decision with the U.S. Court of Appeals for the District of Columbia Circuit, Judge Neomi Rao supported Grayscale’s position that its proposed Bitcoin (BTC) ETF was “materially similar” to Bitcoin futures exchange-traded products already approved by the Securities and…

Bitcoin miner Canaan reports 33% increase in revenue in Q2

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The manufacturer of Bitcoin mining machines, Canaan, released financial results for the quarter ending on June 30. The firm’s financial statements report total revenue of $73.9 million, a 33.7% increase compared to the previous quarter. A  surprising turn On Aug. 29, Canaan, which is listed on the Nasdaq, announced the company saw an increase in mining revenue. At the end of the quarter, the computing solutions provider shared that the mining revenue grew to $15.9 million,…

Chinese gov’t fires up the printer — How will it impact Bitcoin price?

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News headlines have recently covered how China’s struggling economy poses significant risk to global growth. Economic activity and the flow of credit in the region are weakening and analysts are not convinced that the Chinese government’s interventions are a sufficient fix for what appear to be structural problems.  For instance, industrial output in July increased by 3.7% compared to the previous year, which is slower than June’s growth rate of 4.4%. Furthermore, Chinese banks issued 89% fewer new loans in July versus June, the lowest since late 2009. Beyond its…

Bitcoin Bullish Signal: Exchange Netflow Remains Negative

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On-chain data shows the Bitcoin exchange netflow has remained at negative values recently, which could play in the favor of the asset. Exchanges Have Been Seeing Net Bitcoin Outflows Recently An analyst in a CryptoQuant Quicktake post explained that investors have been withdrawing their coins from exchanges recently. The relevant indicator here is the “exchange netflow,” which measures the net amount of Bitcoin currently moving into or out of the wallets of all centralized exchanges. The metric’s value is calculated as the outflows subtracted from the inflows. When this indicator’s…

The Real Reasons the Grayscale Bitcoin ETF Decision Matters

Crypto is salivating not only over the court’s pro-ETF ruling, but anti-SEC comments. The top U.S. securities regulator fell “short of the standard,” made “unexplained” calls and “failed to adequately explain” its argument. In particular, the SEC didn’t make a good enough case for approving some bitcoin-related exchange-traded products (namely futures-based products), and not others. Source