Blockchain News Morning Reference for July 6 2024

CoinDesk Report:
00:00-08:30
Keywords: Financial Times: Trump’s Potential Election May Trigger “Second Half Bitcoin Rebound”, U.S. House to Vote Crucially on SAB 121 Reversal, Unisat: Supports BTC Purchase 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 Fastest-Growing Crypto Projects This Year Linked to Telegram, TornadoCash Co-founder Roman Storm’s Trial Delayed to January or February 2025, Bitwise BITB Recorded Inflows of Approximately $30 Million on July 5th
1. Unisat Android mobile wallet has released an update supporting Keystone hardware wallet and BTC purchases via Alchemy Pay and Transak.
2. Despite Mt. Gox’s efforts to repay creditors, widespread crypto market sell-offs led to daily liquidations exceeding $665 million. Nevertheless, some market makers and investors remain optimistic about Bitcoin’s medium-term prospects. GSR Co-CEO and Co-founder Rich Rosenblum believes there is ample time for BTC to reach new highs by year-end.
3. According to BITCOINLFG on X platform, Dell founder billionaire Michael Dell may acquire a significant amount of Bitcoin.
4. Following the UK Labour Party’s victory in the July 4th election, securing 412 seats in the House of Commons, Keir Starmer is set to become the new Prime Minister. The crypto industry hopes the new government will continue existing policies to foster innovation and growth. Bivu Das, Managing Director of Kraken UK, expects the crypto sector to operate “business as usual” despite political changes. CryptoUK urges the new government to prioritize clear and proactive policy-making.
5. On July 5th, Bitcoin fell below $54,000, with fear and greed index dropping to 29, the lowest since early 2023. Selling pressure stemmed from the German and U.S. governments selling seized Bitcoins and Mt. Gox beginning refunds. Rachel Lin of SynFutures notes that short-term selling pressure is unlikely to ease soon, anticipating large-scale sales by Mt. Gox users. Markus Thielen from 10x Research lowers his Bitcoin price target to $50,000, viewing August and September as challenging months, though a rate cut by the Federal Reserve in September could prompt a rebound.
6. Amid cryptocurrency market turbulence, MicroStrategy founder Michael Saylor commented calmly on Bitcoin’s recent price drop. In a tweet that garnered attention in the crypto community, Saylor reiterated his fundamental belief that “1 BTC still equals 1 BTC.”
7. Bitcoin Magazine on X platform reported Financial Times UK suggesting Trump’s potential election could trigger a “second half Bitcoin rebound.”
8. A group of top business leaders is intensifying pressure on President Biden to withdraw from reelection through a joint letter. The Leadership Now Project’s letter, signed by 168 individuals including Christy Walton, Michael Novogratz, and Paul Tagliabue, questions the extent of Democratic donors’ influence on Biden’s decision. Reports indicate he relies on a trusted inner circle, including his wife Jill and son Hunter.
9. Partior of Singapore completed a proof of concept using its blockchain network for Payment versus Payment (PvP) settlements in foreign exchange payments, involving participants like JP Morgan, DBS Bank, and Sumitomo Bank. PvP settlements mitigate settlement risks through simultaneous exchange of two currencies, offering 24/7 real-time atomic settlements, set to launch later this year.


10. Former U.S. Attorney General Donald Verrilli claims federal regulators are actively coordinating efforts to “debank” the digital asset industry. He supported Custodia Bank’s appeal in court, denied a Fed master account application due to its crypto-related business. Verrilli sees this as efforts by federal regulators to isolate the digital asset industry from the traditional economy. Several political figures and organizations, including former Senator Pat Toomey and the Digital Chamber, support Custodia’s appeal. The court has yet to announce a final decision on the case.
11. Bit Digital and Iris Energy disclosed their Bitcoin (BTC) mining data over 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 BTC production since April.
12. Grayscale Investments announced restructuring of its three major funds under digital asset management—Grayscale Large Cap Fund, Grayscale DeFi Fund, and Grayscale Smart Contract Platform Excluding Ethereum Fund—following a Q2 2024 review. The updated portfolios include maintaining significant assets like Bitcoin and Ethereum in the Large Cap Fund, increased holdings in leading decentralized finance platforms such as Uniswap and MakerDAO in the DeFi Fund, and adjustments in the Smart Contract Platform Excluding Ethereum Fund, removing Polygon (MATIC). These adjustments aim to flexibly respond to market changes based on respective index methodologies.
13. Bloomberg reported one of the fastest-growing projects in the cryptocurrency sector this year is related to Telegram, whose blockchain plans previously drew scrutiny from U.S. regulators.
14. TornadoCash co-founder Roman Storm’s lawyer has requested a trial delay from September 2024 to January or February 2025, citing the complexity of the case and extensive document evidence.
15. The South Korean government announced a delay in implementing new virtual asset tax regulations until January 2025, aiming to address issues related to personal investor tax burdens and regulatory clarity. Starting 2025, the law will cover resident individual income tax, non-resident withholding tax, and gift tax on virtual assets. Investors welcome the delay, believing it will facilitate better government and industry adjustments for smooth implementation of the new tax regime.
16. Bitwise CEO Hunter Horsley reported on X platform that their Bitcoin Spot ETF (BITB) recorded approximately $30,000,000 in inflows on July 5th, with trading volume exceeding $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 within the crypto industry amid concerns over its potential impact on banks’ custody of digital assets. Although the House passed the resolution 228-182 in May, overturning the veto still requires a two-thirds majority in both houses. Political analysts vary in their views on the vote’s likelihood of success in overturning the veto.