Spot trading for Ethereum ETFs has commenced, Russia has lifted its ban on cryptocurrency circulation, Trump has pledged to dismiss the SEC chairman and establish the US as the “crypto capital of the world,” among other key events from the past week.
Bitcoin Price Struggles to Maintain Above $69,000
The leading cryptocurrency opened the week at $68,000. On Monday, July 22, Bitcoin’s price dipped below $67,000, and the following day, it fell below $66,000.
On Thursday, July 25, Bitcoin reached a low of $64,000 but soon began to recover. By Saturday, July 27, it spiked above $69,000 before experiencing another decline.
As of this writing, Bitcoin is trading at $67,700.
Binance BTC/USDT Hourly Chart. Data: TradingView.
Binance BTC/USDT Hourly Chart. Data: Most of the top 10 digital currencies by market capitalization closed the week in negative territory. Toncoin (-9.3%) and Ethereum (-6.9%) experienced the largest losses.
Data: CoinGecko.
Data: The total cryptocurrency market capitalization stands at $2.52 trillion, with Bitcoin holding a dominance index of 56.5%.
Spot Ethereum ETF Trading Initiated
Spot Ethereum ETFs started trading on July 23, concluding their first day with a trading volume of approximately $1.08 billion, representing 23% of the Bitcoin ETFs’ trading volume during the same timeframe.
The Grayscale Ethereum Trust (ETHE) and BlackRock iShares Ethereum Trust (ETHA) recorded the highest trading volumes at $458 million and $248.7 million, respectively. The Fidelity Ethereum Fund (FETH) and Bitwise Ethereum ETF (ETHW) followed with $137.2 million and $94.3 million, while the 21Shares product (CETH) did not surpass the $10 million mark.
In light of the Ethereum spot fund launch, instruments based on Bitcoin saw an outflow of $77.8 million for the first time in the last 12 trading days.
The launch had minimal impact on Ethereum’s price. Currently, Ethereum is trading at $3,270, down 6.9% for the week, according to CoinGecko.
Russia Lifts Cryptocurrency Circulation Ban
On July 25, the State Duma Committee on Financial Markets presented amendments for the second reading of the mining law draft, effectively lifting the ban on organizing cryptocurrency circulation. This was reported by Deputy Anton Gorelkin.
This amendment removes the restriction on establishing exchanges and exchange services outside the jurisdiction of experimental legal regimes (ELR). Gorelkin noted that this version of the legislation raised significant concerns among industry stakeholders.
Another contentious point — the prohibition on advertising digital currencies — remains; however, it will be integrated into corresponding amendments to the Federal Law “On Advertising.”
The State Duma Committee on Energy expressed worries about “black” mining and the inadequacy of battling it through the electricity consumption limitations stipulated in the draft. Nonetheless, the proposal to impose a complete ban on individual cryptocurrency mining was not adopted.
Moreover, the meeting recommended the adoption of the ancillary bill concerning the EPR, which legalizes cryptocurrency use for cross-border payments in its second reading.
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Trump Pledges to Dismiss SEC Chairman and Establish the US as the ‘Crypto Capital of the World’
During his address at the annual Bitcoin 2024 conference in Nashville, US presidential hopeful Donald Trump vowed to dismiss SEC Chairman Gary Gensler and to create a strategic Bitcoin reserve.
He also emphasized that he would not permit the sale of any of the 213,239 BTC valued at $14.8 billion that have been seized by authorities and are stored in US government wallets, according to Arkham.
“It will be the policy of my administration to retain 100% of all Bitcoin that the U.S. government currently holds or acquires in the future. […] This will serve as the foundation for the Strategic National Reserve,” Trump declared.
The Republican candidate promised to cease the war against digital assets if elected, asserting that the US will return to being the crypto capital of the world.
Trump expressed respect for the Bitcoin community, likening the cryptocurrency industry to the steel industry a century ago. He also voiced support for mining and stablecoin sectors.
“If we don’t embrace cryptocurrency and Bitcoin technology, China and other countries will. They will dominate, and we cannot allow China to prevail,” Trump stated.
Additionally, he reiterated his past promises to commute the sentence of Silk Road creator Ross Ulbricht and to release him, as well as to prevent the inception of a CBDC.
U.S. Senator Cynthia Lummis, who spoke at the same conference, introduced legislation calling for the establishment of a strategic Bitcoin reserve, which she plans to present next week.
This proposal entails the US Treasury Department acquiring 1 million BTC over the next five years. Lummis stated that the country would hold the Bitcoin for no less than 20 years.
“Bitcoin is an excellent store of value. It has appreciated by approximately 55% annually over the last four years. During the same period, the US dollar has depreciated, and we are witnessing inflation rise,” Senator Lummis explained.
Lummis emphasized that Bitcoin will enable the US to free itself from debt.
Michael Saylor Forecasts Bitcoin Price at $13 Million by 2045
MicroStrategy founder Michael Saylor projected that Bitcoin prices could reach $13 million by 2045 during his speech at the Bitcoin 2024 conference.
He noted that at its current price near $65,000, Bitcoin’s market capitalization is $1.3 trillion, merely 0.1% of global wealth. With an estimated annual return of around 29%, Saylor believes Bitcoin’s market cap could reach $280 trillion and 7% of global wealth by 2045.
He also mentioned average projections, stating that optimistic estimations could see Bitcoin valued at $49 million (22% of global wealth), while pessimistic predictions might place it at $3 million (2% of global wealth), respectively.
Saylor urged the conference attendees to become Bitcoin maximalists by investing all their assets into Bitcoin and relocating to jurisdictions with lower taxes to invest their savings in digital gold.
Edward Snowden Raises Awareness About Bitcoin Privacy Concerns
In a speech at the Bitcoin 2024 conference, former NSA and CIA employee Edward Snowden urged American voters to stay critical and skeptical of politicians.
He pointed out that politicians and parties have their own interests and stressed the importance of “casting your vote, but not joining a cult.”
Snowden expressed grave concerns regarding the privacy of Bitcoin, reminding attendees that Bitcoin transactions are not completely anonymous, contrary to popular belief, as they can be traced to specific individuals.
“They know what you read, what you buy, who you send Bitcoin to, your political affiliations, and where your donations go – all of this information is accessible to them. They can draw conclusions about your thoughts and beliefs,” Snowden stated.
He believes many legislators are attempting to win the favor of the Bitcoin community.
“They are not our allies. They do not represent you. They pursue their own interests and values. Attempt to extract what you need from them, but do not surrender yourself to them, even if you must vote for them,” Snowden added.
Also on ForkLog:
Robert Kiyosaki Predicts Bitcoin Surge Following Trump’s Potential Victory
Robert Kiyosaki, bestselling author of Rich Dad Poor Dad, believes that gold, silver, and Bitcoin will experience growth in the aftermath of a possible Trump victory in the US presidential election.
“Trump aims for a weaker dollar to encourage America to export more than it imports. A weakened national currency will lead to job creation and asset appreciation,” the entrepreneur asserted.
He opined that the re-elected ex-president intends to prioritize oil drilling. Consequently, fuel prices will drop, leading to a further decline in the dollar’s value.
Kiyosaki criticized current President Joe Biden for doing the “absolute opposite” during his time in office by limiting production and supply of oil, causing prices to rise from $30 to $130 per barrel.
“High oil prices have led to significant inflation, negatively impacting the poor and middle class. Consequently, Biden had to tap into America’s oil reserves due to insufficient oil supply. Biden is an idiot,” the businessman remarked.
Additional Reading:
This week, ForkLog detailed the changes in the Ethereum economy following the Dencun hard fork and provided insights on how Monad operates.
The traditional digest highlighted essential weekly events in the cybersecurity sector.
The cryptocurrency sector is drawing an increasing number of institutional investors. This trend is demonstrated by new investments in infrastructure and the growing interest from companies in Bitcoin as an asset class. Significant events from recent weeks are summarized in ForkLog’s review.
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ForkLog newsletters: keep your finger on the pulse of the bitcoin industry!
Spot Ethereum ETF trading has started, Russia has abandoned its ban on organizing cryptocurrency turnover, Trump has promised to fire the head of the SEC and make the US the “crypto capital of the world,” and other events of the past week.
Bitcoin Price Fails to Hold Above $69,000
The first cryptocurrency started the week at $68,000. On Monday, July 22, digital gold quotes fell below $67,000, and the next day they fell below $66,000.
On Thursday, July 25, Bitcoin fell to $64,000 but soon began to recover. On Saturday, July 27, the first cryptocurrency soared above $69,000 before collapsing.
At the time of writing, digital gold is trading at $67,700.
Binance BTC/USDT Hourly Chart. Data: TradingView.
Most of the top 10 digital assets by capitalization ended the week in the “red zone.” Toncoin (-9.3%) and Ethereum (-6.9%) lost the most.
Data: CoinGecko.
The total capitalization of the cryptocurrency market is $2.52 trillion. The Bitcoin dominance index is 56.5%.
Spot Ethereum ETF Trading Launched
Spot Ethereum ETFs began trading on July 23. The products closed the first day after listing with a trading volume of about $1.08 billion, 23% of the Bitcoin ETFs’ volume over the same period.
The highest values were recorded by Grayscale Ethereum Trust (ETHE) and BlackRock iShares Ethereum Trust (ETHA) — $458 million and $248.7 million. Fidelity Ethereum Fund (FETH) and Bitwise Ethereum ETF (ETHW) rounded out the top four with $137.2 million and $94.3 million, while the product from 21Shares (CETH) did not exceed the $10 million mark.
Amid the launch of Ethereum spot funds, instruments based on the first cryptocurrency recorded an outflow of $77.8 million for the first time in the last 12 days of trading.
The launch of the tools had little impact on Ethereum quotes. At the time of writing, the asset is trading at $3,270, down 6.9% over the week, according to CoinGecko.
Russia Has Abandoned the Ban on the Organization of Cryptocurrency Circulation
On July 25, the State Duma Committee on Financial Markets introduced amendments to the second reading of the draft law on mining, lifting the ban on organizing the circulation of cryptocurrencies. This was reported by deputy Anton Gorelkin.
This provision excluded the possibility of creating exchanges and exchangers outside the zone of action of experimental legal regimes (ELR). According to Gorelkin, in its current version, it caused quite serious concerns among industry representatives.
Another controversial point – the ban on advertising digital currencies – was left, but it will be included in the corresponding amendments to the Federal Law “On Advertising”.
The State Duma Committee on Energy expressed concerns about “black” mining and the ineffectiveness of combating it through electricity consumption limits prescribed in the bill. However, the proposal to completely ban individuals from mining cryptocurrencies did not pass.
At the same time, the meeting recommended adopting in the second reading the companion bill on the EPR, which legalizes the use of cryptocurrencies for cross-border payments.
Trump Vows to Fire SEC Chief and Make US ‘Crypto Capital of the World’
During a speech at the annual Bitcoin 2024 conference in Nashville, US presidential candidate Donald Trump promised to fire the head of SEC Gary Gensler and create a strategic Bitcoin reserve.
The politician also stated he would not allow the sale of any of the 213,239 BTC worth $14.8 billion confiscated by authorities, which are stored in US government wallets, according to Arkham.
“It will be the policy of my administration to retain 100% of all Bitcoin that the U.S. government currently holds or acquires in the future. […] This will serve as the core of the Strategic National Reserve,” Trump emphasized.
The Republican candidate has promised to end the war on digital assets if elected, saying the US will become the crypto capital of the world. Trump expressed respect for the Bitcoin community and compared the crypto industry to the steel industry 100 years ago.
“If we don’t embrace cryptocurrency and Bitcoin technology, China and other countries will. They will dominate, and we cannot allow China to dominate,” the politician said.
Among other things, he reiterated his previous promises to commute the sentence of founder of the darknet market Silk Road, Ross Ulbricht, and to release him, as well as prevent the creation of a CBDC.
U.S. Senator Cynthia Lummis, speaking at the same conference, announced legislation calling for the creation of a strategic Bitcoin reserve. She plans to introduce it next week.
The document envisions the purchase of 1 million BTC by the US Treasury Department over five years. According to Lummis, the country will hold Bitcoin for at least 20 years.
“Bitcoin is a great store of value. It has grown at about 55% per year over the last four years or so. Over the same period, the US dollar has lost value, and we are seeing inflation rise,” the senator explained.
Lummis stressed that the US could be freed from debt with the help of Bitcoin.
Michael Saylor Predicts Bitcoin to Be Worth $13 Million by 2045
The quotes of the first cryptocurrency will reach $13 million by 2045, according to MicroStrategy founder Michael Saylor during his speech at the Bitcoin 2024 conference.
Currently, with Bitcoin priced around $65,000, its market capitalization stands at $1.3 trillion — just 0.1% of the world’s wealth. Saylor predicts that with an annual return of about 29%, Bitcoin’s market capitalization could reach $280 trillion and represent 7% of global wealth by 2045.
He presented a bullish forecast of Bitcoin hitting $49 million and 22% of the world’s wealth while the bearish estimate sits at $3 million and 2% respectively.
Saylor urged the conference audience to become Bitcoin maximalists: buy the first cryptocurrency, transfer all their assets into it, and consider relocating to a low-tax jurisdiction to invest the savings in digital gold.
Edward Snowden Reminds About Bitcoin Privacy Issues
During a speech at the Bitcoin 2024 conference, former NSA and CIA employee Edward Snowden urged American voters to remain critical and distrustful of politicians.
He warned about Bitcoin’s privacy issues, reminding attendees that Bitcoin transactions are not entirely anonymous, as they can often be traced back to specific individuals.
“They know what you read, what you buy, who you send Bitcoin to, who you support politically, and where your donations went – all of this is available to them. They can draw conclusions about your thinking and beliefs,” Snowden said.
He cautioned that many legislators are trying to win the favor of the Bitcoin community, but their interests may not align with individual holders.
“They are not our clan. They do not share our values. They pursue their interests. Try to extract value from them, but do not pledge your allegiance, even if you have to vote for them,” Snowden added.
Robert Kiyosaki Predicts Bitcoin Growth After Trump’s Victory
Bestselling author Robert Kiyosaki has stated that gold, silver, and Bitcoin will all rise after a possible Trump victory in the upcoming U.S. presidential election.
“Trump wants a weaker dollar to boost exports. With a weaker currency, jobs will return and asset values will increase,” Kiyosaki claimed.
According to Kiyosaki, re-elected Trump will likely push to “drill, drill, and drill oil”, leading to lower fuel prices and, consequently, a decrease in the dollar’s value.
He criticized current President Joe Biden, stating that Biden’s policies have led to inflated prices and unnecessary oil shortages during his term.
“High oil prices have resulted in increased inflation, greatly affecting the poor and middle class. Biden’s actions have led to a dire situation,” Argued Kiyosaki.
What to Read Next?
This week, ForkLog elaborated on the changes brought by the Dencun hard fork in the Ethereum economy and demystified how Monad operates.
The traditional digest contains key events from the field of cybersecurity.
The cryptocurrency industry is seeing a rising influx of institutional players, evidenced by new investments in infrastructure and increasing corporate interest in Bitcoin as an asset class. The most significant developments from recent weeks are detailed in the ForkLog review.
Found a mistake in the text? Select it and press CTRL+ENTER
ForkLog newsletters: keep your finger on the pulse of the Bitcoin industry!
