Cynthia Lummis Introduces Bill to Make BTC a Reserve Asset for the Fed

🇺🇸 US senator Cynthia Lummis has officially introduced a bill in the U.S. Senate proposing Bitcoin as a reserve asset for the Federal Reserve. The bill, titled "The Bitcoin Innovation, Technology, and Competitiveness Act," aims to bolster innovation and competitiveness through strategic investments nationwide.

📜 Key Points:

▪️The U.S. government would need to purchase 5% of Bitcoin's total supply.

▪️A "Bitcoin Purchase Program" is introduced, allowing for up to 200,000 BTC to be acquired annually over 5 years.

▪️Establish a reserve fund with strict cybersecurity parameters.

▪️ U.S. states can voluntarily become custodians of BTC reserves.

📈 This bill, if passed, could significantly impact the crypto market and reinforce Bitcoin's position as a major financial asset in the long term.

Nothing unusual, just Vitalik Buterin in a horse costume at a conference in Tokyo, sharing his vision of Ethereum in 10 years. 🐴✨

👀 According to him, the most successful categories of Ethereum applications so far are decentralized financial platforms (DeFi), domain name services for wallets (ENS), decentralized autonomous organizations (DAO), and non-fungible tokens (NFT).

Imagine the scene: Vitalik, as a majestic horse, neighing wisdom about the future of blockchain! He's probably thinking, "Why be a unicorn when you can be a horse and gallop into the future?" 🐎 😁

💎 Telegram Launches Browser with TON Blockchain Support

📅 With the August 1st update, Telegram has introduced an integrated browser that can open websites hosted on the TON blockchain, known as TON Sites, using links like tonsite://getting-started.ton.

🚀 According to Pavel Durov, this feature will "open the blockchain-built internet (Web 3.0) to a billion users."

🔍 Other updates include a mini-app catalog in the search section and the ability to transfer the internal currency, Stars.

Donald Trump has released a limited edition of sneakers dedicated to the Bitcoin conference. 👟

💰 They can be purchased with Bitcoin.

The price ranges from $299 to $499, depending on the color. 🧐

The probability of a rate cut at the FOMC meeting on September 18 is estimated by the market at 95.5%. 👀

In that case, we might see a significant upward movement, but in August, a relatively boring sideways movement of Bitcoin between $60,000 and $70,000 is more likely expected. 🥱

For the first time, Telegram founder Pavel Durov has been listed in the Bloomberg Billionaires Index (BBI). 💰

He holds the 279th position with a net worth of $9.15 billion. 🧐

Telegram truly is a goldmine! 😉

Bybit to Cease Services in France

👀 Starting from August 2 at 8:00 UTC, local users will no longer be able to open or add new positions.

📝 All Bybit products are subject to the restrictions, according to the company's release.

⌛️ All remaining positions will be liquidated after August 13 at 8:00 UTC. After that, the platform will only allow withdrawals of assets and funds.

The decision follows the tightening of regulatory requirements in the country in preparation for the MiCA regulations coming into effect later this year.

"In light of recent regulatory developments from the French regulator, Bybit will stop offering our products and services to French nationals and residents."

- the statement reads.

📈 In July, major Bitcoin holders bought over 84,000 BTC, valued at around $5.4 billion, marking the biggest single-month increase since October 2014!

These large holders, controlling at least 0.1% of Bitcoin’s supply, took advantage of the price volatility. They accumulated BTC when prices fell below $55,000 and paused as they neared $69,000.

Analysts believe that this strong accumulation indicates confidence that the current consolidation phase will lead to a bullish breakout, extending the rally from $16,000. 🚀💰

BTC will be worth $350k

The CEO of VanEck says that Bitcoin will reach half of the total market capitalization of gold and hit $350,000. 🚀

Yes, we are eager to believe that this will happen, but the question is when? 🤔 The folks at VanEck previously predicted Bitcoin would reach $2,9 M by 2050.

💼🔥 Kamala Harris Enters the Crypto Game!

J.P. Thieriot, former head of Uphold, has endorsed U.S. Vice President Kamala Harris in her bid to become president. Thieriot plans to raise funds and industry support for her candidacy. This move counters recent positive comments about crypto from Harris's Democratic rival, Donald Trump. 🧐

Thieriot claims Trump makes empty promises, while Harris shows "a new openness." Together with lawyers, he has crafted a strategy for Harris and sent it to her representatives.

"Trump has already moved to try to capture this space, and raised significant capital, essentially offering vague platitudes and no meaningful policy commitments,"

- Thieriot comments.

👀 He believes Harris can start with a clean slate and will work with the industry, supporting clear regulations.

Galaxy Digital CEO Mike Novogratz stated that Harris might soon express support for the crypto industry. 🚀🌟

💰 Purchasing Bitcoin today is frequently likened to the chance of buying real estate in Manhattan in the early 1900s.

👀 To better understand this analogy, consider viewing a photo of New York from 1931, before the skyscraper boom. 🏙

Stock market crash drags cryptocurrencies down 😱

📊 S&P 500 drops 2.39%. Amazon and Intel fall 9.49% and 27.45%. The Japanese stock market also saw its biggest drop since 1987 today! Crypto market also in the red. Bitcoin dips to $60,500, Ethereum below $3000.

📉 US unemployment data rise to 4.3% in July, sparking fears of an emergency Fed rate cut. CME shows a 68% chance of a 0.5% cut on September 18 😮

😰 Investors worry about a recession, recalling crises from 2000, 2008, and 2020. Powell’s high rates may have gone on too long

Social media reports the worst stock market sell-off since March 2020, wiping out $2.9 trillion 🦠
______________________________________________________________________

👍 Like if you believe Bitcoin will rebound and head towards $70,000!

👎 We're doomed, and the market will keep falling.

❤️ Who cares about the stock market, Bitcoin will be worth a million anyway.

Bloomberg reports that Genesis Global, a lending platform, has concluded its bankruptcy process and begun distributing approximately $4 billion in cryptocurrency and cash to its clients.

💰 Creditors in BTC will get back 51.28%, Ethereum creditors will receive 65.87%, and SOL creditors will obtain 29.58%. The distributions will be made in kind.

This development adds further pressure to the declining crypto market. 🧐

In the wake of the crypto market crash, the Fear and Greed Index plummeted by 20 points, landing in the Fear zone at 37.

This is a sharp contrast to the previous week's sentiment when the index showed "Greed." 🧐

The other day, Donald Trump said, "Maybe we'll pay off our $35 trillion national debt by issuing a crypto-check? We'll give them $BTC and get rid of the debt."

👀 The Crypto President seems to have forgotten that the total market cap of the ENTIRE crypto market was at most $3 trillion, while the US debt is $35 trillion. 😁

💰 The market cap of Bitcoin currently stands at $1.2 trillion. To pay off the US national debt with Bitcoin, Trump would have to buy up all the existing Bitcoin, and it would need to increase in value thirtyfold!

Looks like it's time for Trump to retire along with Biden! 🤣

🔐 Token Unlocks monitoring has launched a dashboard with a countdown for Changpeng Zhao (CZ Binance) getting out of prison 😂😂😂

Bloodbath in the Cryptocurrency Market

📉 Bitcoin's price fell below $50,000, and Ethereum's price dropped to $2,100.

The total volume of liquidations on exchanges in a day exceeded $1 billion, with the majority being long positions in ETH and BTC.🪓

There has been a rebound now; Bitcoin is at $53,000 and Ethereum is at $2,360.

Bitcoin's Recovery May Be Temporary

Notorious crypto critic Peter Schiff believes that Bitcoin could experience a further crash when the American stock market opens—investors might start selling off Bitcoin ETF stocks.📉

American exchanges, such as the NYSE or NASDAQ, where Bitcoin ETFs are traded, open at 14:30 UTC. 👀

Trader Plan B reminds us that HODLing isn't easy, and if you panic at a 20% drop, then maybe Bitcoin isn't for you.

How do you handle the psychological pressure during significant Bitcoin market fluctuations?

1. I'll go on a drinking binge just to avoid this madness until tomorrow - 👍

2. I practice yoga and light aromatic candles, so I'm stress-resistant. - ❤️

3. I can't handle it at all, so I'm going to work at McDonald's. - 😁

4. I was waiting for this dip to buy even more crypto for cheap. -🔥

Bitcoin's 30-day MVRV has fallen to the level it was at during the FTX exchange crash (November 2022).

💹 MVRV is obtained by dividing market capitalization by realized capitalization. This indicator shows how much the current price differs from the average acquisition price.

The lower the MVRV, the better the buying opportunity. 🧐

When you've been in crypto for 8 years 🍷