Blockchain Updates Early Reference of July 6 2024

CoinDesk Report:
00:00-08:30
Keywords: Financial Times: Trump’s Potential Election Could Trigger “Second-Half Bitcoin Rebound”, Key Vote in U.S. House on SAB 121 Reversal, Unisat: Supports Purchasing BTC via Alchemy Pay and Transak, GSR Executive: BTC Has Sufficient Time to Hit New Highs by Year End, Bit Digital and Iris Energy Bitcoin Production Declines Over Past Three Months, Bloomberg: One of the Fastest-Growing Projects in Crypto This Year Tied to Telegram, TornadoCash Co-Founder Roman Storm Trial Delayed to January or February 2025, Bitwise BITB Reports Inflow of Approximately $30 Million on July 5th
1. Unisat Android Mobile Wallet Update Released, Supports Keystone Hardware Wallet, Allows Purchase of BTC via Alchemy Pay and Transak.
2. Despite Mt.Gox’s efforts to repay creditors leading to widespread selling, resulting in daily liquidations exceeding $665 million, some market makers and investors remain optimistic about Bitcoin’s medium-term prospects. GSR Co-CEO and Co-Founder Rich Rosenblum suggests there’s still ample time for BTC to reach new highs by year-end.
3. According to BITCOINLFG on Platform X, Dell founder and billionaire Michael Dell may acquire substantial amounts of Bitcoin.
4. On July 4th, UK Labour Party won the general election, securing 412 seats in the House of Commons, with Keir Starmer set to become the new Prime Minister. The crypto industry hopes the new government will continue current policies to foster innovation and growth. Bivu Das, Managing Director of Kraken UK, expects the crypto sector to operate “as usual” despite political changes. CryptoUK urges the new government to prioritize clear and proactive policy-making.
5. On July 5th, Bitcoin dropped below $54,000, with fear and greed index hitting 29, the lowest since early 2023. Market sell-offs stem from German and U.S. governments selling seized BTC and Mt. Gox commencing refunds. Rachel Lin from SynFutures notes persistent short-term selling pressure, predicting significant sell-offs from Mt. Gox users. Markus Thielen from 10x Research revises Bitcoin price target down to $50,000, anticipating challenging months in August and September, though a Federal Reserve rate cut in September could prompt a Bitcoin rebound.
6. Amid cryptocurrency market volatility, MicroStrategy founder Michael Saylor comments calmly on Bitcoin’s recent price decline. In a tweet garnering attention in the crypto community, Saylor reaffirms his fundamental belief that “1 BTC remains 1 BTC.”
7. Bitcoin Magazine on Platform X reports Financial Times UK’s suggestion that a Trump election could trigger a “second-half Bitcoin rebound.”
8. A coalition of top business leaders intensifies pressure on President Biden to abandon his re-election bid via a joint letter. The Leadership Now Project’s letter, signed by 168 individuals including Christy Walton, Michael Novogratz, and Paul Tagliabue, aims to influence Democratic donors’ impact on Biden’s decision, which reportedly relies on a small circle of trusted advisors including his wife Jill and son Hunter.
9. Partior in Singapore completes proof of concept for Payment versus Payment (PvP) settlement using its blockchain network, involving JP Morgan, DBS Bank, and Mizuho Bank. PvP settlement, which eliminates settlement risks by simultaneously exchanging two currencies, supports 24/7 real-time atomic settlement and plans for a later launch this year.


10. Former U.S. Attorney General Donald Verrilli asserts federal regulators are actively coordinating efforts to “de-bank” the digital asset industry. He supports Custodia Bank’s appeal in court after being denied a Federal Reserve master account application due to its involvement in crypto activities, reflecting efforts to isolate the digital asset industry from the traditional economy. Several political figures and organizations, including former Senator Pat Toomey and the Digital Chamber, also support Custodia’s appeal. A final decision from the court on this matter is pending.
11. Bit Digital and Iris Energy disclose their Bitcoin (BTC) mining data for the past three months. Bit Digital mined 119.3 BTC in April, 63.3 BTC in May, and 61.7 BTC in June, while Iris Energy mined 358 BTC in April, 230 BTC in May, and 233 BTC in June. Despite increased hash rates, both companies have seen declining Bitcoin production since April.
12. Grayscale Investments announces completion of fund restructuring for its three major funds—Grayscale Large Cap Fund, Grayscale DeFi Fund, and Grayscale Smart Contract Platform Exclusion of Ethereum Fund—following a second-quarter 2024 review. Updated fund portfolios include maintaining significant holdings in major assets like Bitcoin and Ethereum for the Large Cap Fund, increased exposure to leading decentralized finance platforms like Uniswap and MakerDAO for the DeFi Fund, and adjustments for the Smart Contract Platform Exclusion of Ethereum Fund by removing Polygon (MATIC). These adjustments aim to flexibly respond to changes in the cryptocurrency market according to respective index methodologies.
13. Bloomberg reports, “One of the fastest-growing projects in the cryptocurrency space this year is related to Telegram, whose blockchain plans previously drew ire from U.S. regulators.”
14. TornadoCash co-founder Roman Storm’s lawyer requests trial postponement from September 2024 to January or February 2025, citing complexity and volume of evidentiary documents in the criminal case.
15. The South Korean government announces postponement of new virtual asset tax regulations implementation to January 2025, addressing issues with individual investor tax burdens and regulatory clarification. Effective from 2025, the law will cover resident personal income tax, non-resident withholding tax, and gift tax on virtual assets. Investors welcome the delay, believing it will aid smoother adjustment by the government and industry for implementing the new tax regime.
16. Bitwise CEO Hunter Horsley reports on Platform X that their Bitcoin spot ETF (BITB) saw approximately $30,000,000 inflows on July 5th, with trading volumes surpassing $100 million.
17. The U.S. House plans a crucial vote next week on overturning President Biden’s veto of Staff Accounting Bulletin 121 (SAB 121). This announcement has sparked controversy in the crypto industry amid concerns it could affect banks’ custody of digital assets. Despite the House passing the resolution 228-182 in May, overturning the veto requires two-thirds majority support from both chambers. Political analysts have varied opinions on the vote, noting significant challenges to successfully overturning the veto.