Is it more expensive to attack a Proof-of-Stake (PoS) network compared to a Proof-of-Work (PoW) one? BitMEX’s latest report digs into this debate, challenging the idea that PoS systems are harder to compromise. 

The key here is comparing the cost of renting versus buying the necessary resources for an attack.

Renting vs. buying: The cost dynamics

Let’s start with the basics. To attack a PoW network like Bitcoin, you’d need to control 51% of its mining power. 

Miners make about $10 billion a year, so renting enough hash power to attack the network would be a huge expense. But what if you only need to offer a little more to entice miners? 

A 20% premium on their annual income means you’d need around $12 billion. After subtracting potential earnings from mining, BitMEX said the net cost could be about $2 billion per year.

On the other hand, PoS networks like Ethereum require attackers to control a large portion of the staked coins. Stakers earn around $3 billion annually.

Applying the same 20% premium, the cost to rent enough staked Ethereum would be roughly $3.6 billion per year.

However, only a third of the total stake is needed to disrupt the network, bringing the annual cost down to about $1.2 billion.

According to BitMEX, this comparison isn’t perfect but highlights that PoS might not be as expensive to attack as some think. They argue that 

“When normalizing for market capitalizations, the cost to attack is about the same, with Bitcoin around three times larger.”

A more permanent threat

If an attacker wanted to go all in, they’d need to buy and build—acquiring mining hardware for PoW or purchasing staked assets for PoS. 

For PoW networks, this means buying up to 51% of the mining hardware, which could be a long and costly process, possibly taking years and billions of dollars.

For PoS, if someone like Elizabeth Warren’s fictional anti-crypto department tried to buy up a third of the staked Ethereum, it could cost up to $100 billion. This could trigger a surge in markets.

BitMEX points out that this attack could be counterproductive: 

“The impact of such an attack on the ecosystem would be tremendous, and a huge rally would occur in the price of alternative coins.”

Attacking PoW networks requires ongoing expenses to maintain control over the network, while PoS systems might only need a one-time investment. BitMEX notes: 

“One critical factor of PoW systems here is that the attacker may need to continue spending funds in the long term to maintain and sustain the attack, while for PoS systems, it’s mostly a one-off cost.”

Confiscation risk and real-world anchors

Another consideration is the risk of confiscation. Mining hardware is physical and can be seized, whereas cryptocurrency stakes can be moved across borders with relative ease. 

This makes staking potentially more secure against physical attacks. BitMEX says that: 

“Transporting the stake is as easy as moving a private key, and it’s very easy to move it across borders undetected.”

However, both PoW and PoS systems have their vulnerabilities. In PoS, if an attacker controls a huge portion of the stake, they could theoretically destroy the network. 

In PoW, the network might recover over time as mining hardware degrades and is replaced. BitMEX said:

“You at least have the chance to wait it out and return, hopefully unburdened by what has been.”

The lack of a real-world anchor in PoS systems could be a weakness, making them potentially more susceptible to certain types of attacks. 

Amidst significant backlash for opting not to speak at the Bitcoin Conference, Vice President Kamala Harris has found an ally in SkyBridge founder Anthony Scaramucci.

Voicing his support for the presumptive Democratic presidential nominee, Scaramucci criticized the ongoing narrative suggesting Harris’s administration’s hostility towards crypto. He contrasted this with former President and Republican nominee Donald Trump’s history of calling Bitcoin a “scam” as recently as 2022.

Scaramucci Urges Patience with Harris’s Crypto Strategy

Crypto advocates have long criticized the Biden-Harris administration’s approach to the industry. Although Vice President Harris recently gained the majority of Democratic delegates’ support to become the party’s presidential nominee, her crypto policies remain unclear.

Her team had reportedly reached out to experts with questions about crypto – a move seen as a positive shift – but Bitcoin Magazine’s CEO David Bailey’s tweet suggesting Harris’s decision not to speak at the upcoming Bitcoin Conference from July 25 to 27 has stirred controversy.

At the same time, Trump’s aggressive courting of the crypto asset class is threatening Harris’s presidential campaign.

Addressing this issue, Scaramucci criticized Trump by calling him a “transactional person” in his latest tweet, while adding that his current pro-crypto stance is likely a strategic move for fundraising and support. He noted that Harris has shown openness to the industry, and emphasized that she did not drive crypto policy in the Biden administration.

Gensler to Be Fired, Warren Sidelined Under Harris?

The Wall Street financier also urged Harris’s critics to give her the opportunity to develop her own strategy for the industry. He argued that Harris’s potential presidency should not be viewed as an extension of Warren’s unfriendly stance towards crypto.

In fact, he believes that Harris’s approach to crypto policy might differ significantly from Warren’s, stressing the need to keep an open mind and avoid premature judgments. By advocating for a bipartisan approach, he believes the crypto ecosystem will benefit more in the long run.

Scaramucci pointed out the lack of camaraderie between Harris and Senator Elizabeth Warren and predicted that if the former becomes president, SEC Chair Gary Gensler could potentially be fired and Warren sidelined.

” Let’s keep crypto bipartisan, it will be healthier for the ecosystem in the long run.”

Interestingly, Scaramucci had previously served as White House communications chief during Trump’s presidency. His stint, however, was brief, as he was ousted ten days later.

The post Scaramucci Slams Claims of Harris’s Anti-Crypto Bias, Critiques Trump’s Transactional Approach appeared first on CryptoPotato.

The Bitcoin 2024 conference kicked off on July 25 in Nashville, Tennessee with high profile speakers like Donald Trump, Michael Saylor, Cathie Wood, Robert F. Kennedy Jr, Russell Brand and Edward Snowden set to draw record crowds.

The Trump factor

11:26 UTC: Cointelegraph's US news editor Sam Bourgi and journalist Ana-Paula Pereira are on the ground covering the event with the latest insights, pictures and video from panels and interviews.

Cointelegraph US news editor Sam Bourgi, journalist Ana-Paula Pereira and Cointelegraph Accelerator's Kyle White at Bitcoin 2024 in Nashville.

The conference has garnered significant attention in the preceding weeks as prominent politicians joined the lineup of speakers set to feature at the event in Nashville. 

Donald Trump is the headline speaker brandishing adverts around Nashville. 

Presidential candidates Donald Trump and Robert Kennedy Jr are two major drawcards along other notable speakers like Michael Saylor, Cathie Wood, senators Marsha Blackburn, Cynthia Lummis 

Related: Trump reelection campaign raised $3M in crypto for Q2 2024

Bitcoin and Lightning still hold promise for retail banking

15:26 UTC: Lightspark chief strategy officer Christian Catalini and Xapo Bank director of public affairs, policy and regulation Joey Garcia unpack the promise that Bitcoin and the Lightning Network will still significantly impact retail banking.

Lightspark's Chris Catalini, Xapo Bank's Joey Garcia and Nolan Bauerle discuss Bitcoin's potential in the retail banking sector.

Catalini emphasized the ability of Bitcoin from its inception to seamlessly allow its users to transfer value globally across "more than 200 countries, every day, 24/7 with deep liquidity':

"There's only one asset and that asset is Bitcoin. It has regulatory clarity. It has on and off ramps in pretty much every country around the globe."

Related: VanEck says Bitcoin could hit $2.9 million per coin by 2050

BlackRock' clients are mainly interested in BTC, ETH

17:38 UTC: BlackRock head of digital assets Michael Mitchnick unpacked the global asset manager's move into cryptocurrencies through Bitcoin and Ethereum exchange traded-fund products in 2024 in conversation with Bloomberg's James Seyffart.

Bloomberg's James Seyffart alongside BlackRock's Michael Mitchnick on the Nakamoto main stage. 

"I would say that our client phase today, their interest overwhelmingly is in Bitcoin first. There's definitely interest in Ethereum too but there's very little interest today beyond those two."

Disclaimer: This article is being actively updated on 25 July. 

Magazine: Godzilla vs. Kong: SEC faces fierce battle against crypto’s legal firepower

Cardano has reached a significant milestone with the release of a major node update. This milestone comes as the Cardano network gears up for the highly anticipated Chang upgrade.

Cardano Node 9.1.0 has been released, representing a significant step toward the Chang hard fork.

New Release: cardano-node 9.1.0Check it out here: https://t.co/5wg3pgXSCSReleased by github-actions[bot] - input-output-hk#Cardano $ADA #Koios

— Cardano Updates (@cardano_updates) July 25, 2024

As stated in a Github release, Cardano Node 9.1.0 is the mainnet candidate for Chang Upgrade #1, which will deliver governance features to Cardano and begin the technical bootstrapping phase, as outlined in CIP-1694 Bootstrapping Phase. Node 9.1.0 brings a configuration file update to an earlier released Node 9.0.0.

card

Earlier in July, Node v 9.0.0 was released as the first node that can support crossing the Chang hard fork boundary on mainnet and long-running testnets, such as PreProd.

What's new?

Cardano node 9.1.0 includes all the features required to cross the upcoming Chang hard fork. The main change from node 9.0.0 is that node 9.1.0 requires a Conway genesis file at start-up, whereas the genesis file was optional in node 9.0.0. This file is needed to cross the Chang hard fork.

The Cardano node 9.1.0 release also incorporates some bug fixes and enhancements to the CLI and API, including a "query treasury" command, and changes to ensure compatibility with CIP69 and CIP119.

In the wake of the upgrade, Cardano SPOs and other critical node users (exchanges, explorers, wallets) have been urged to upgrade to this version of the node. An update proposal to trigger the Chang hard fork will be submitted when sufficient SPOs and exchanges have upgraded to this version.

card

Chang hard fork

The Chang upgrade will stagger the release of governance functionality, making it easier to adopt and onboard for those with new or additional roles in governance. Chang Upgrade #2 will deploy governance features to Cardano and begin the technical bootstrapping phase, as described in the CIP-1694 Bootstrapping Phase.

Chang Upgrade #2 takes CIP-1694 out of the technical bootstrapping phase and unlocks the final features of on-chain governance, including DRep participation and all governance actions.

A day after the successful launch of the spot Ethereum ETF, Ethereum’s price experienced a significant drop, triggering substantial liquidations of long ETH positions within the last 24 hours. According to data from Coinglass, Ethereum liquidations have surpassed those of Bitcoin, reaching $100.85 million compared to Bitcoin’s $83.35 million.

The approval of the spot Ethereum ETF seems to have become a “sell-the-news” event, similar to what occurred with Bitcoin earlier this year. After Ethereum’s price climbed to $3,500 in July, investors appear to be cashing in on the ETF-related excitement.

Whale Activity and Market Impact

On-chain data indicates that a significant Ethereum whale has been offloading its holdings. According to Spot on Chain, this whale made $173 million in profit by depositing 10,000 ETH, worth $34.2 million, on Kraken just before the price drop. This whale had previously withdrawn 96,639 ETH from Coinbase at $1,580 per ETH in September 2022. Since March, the whale has moved nearly 40,000 ETH to Kraken and still holds 56,639 ETH, valued at $188 million at the current price.

External Market Pressures

10xResearch has highlighted that current distributions from Mt. Gox are putting pressure on the broader cryptocurrency market. They noted that if this trend continues, the crypto market will need more support to rally, with Ethereum possibly being the most vulnerable due to stagnant or declining fundamentals like new users and revenue.

Analyst Predictions

Popular crypto analyst Michael van de Poppe suggests that Ethereum’s price might see a reversal amid significant outflows from the Grayscale Ethereum Trust. He predicts that Ethereum could experience a two-week downward trend before potentially rallying to new all-time highs. According to his analysis, Ethereum might find support around $3,150 before resuming its upward trajectory.

At the time of writing, Ethereum is trading at $3,180 after a 7.4% decline in the past 24 hours, with a $20.95 billion trading volume. The market remains watchful of further developments and potential rebounds in Ethereum’s price.

A Bitcoin mining device with a hashrate of only 500 gigahashes per second (Gh/s) managed to mine a block on July 24, according to an X post from Bitcoin mining device retailer Altair Technology. The block is worth approximately $206,000 based on the current Bitcoin price.

“Congratulations to the miner who likely mined the first solo BTC block with a Bitaxe on @ckpooldev with ~500 Gh hashrate!” the post stated.

Source: Altair Technology.

The device, called a “Bitaxe,” and produced by D-Central Technologies, is approximately the size of a human hand, as shown by YouTube channel “How Much?”

The device was reportedly connected to node infrastructure service Solo CKPool when it successfully mined the block. On CKPool’s website, it describes itself as “a service to allow miners to mine solo as you cannot mine directly to a bitcoin core node[.]” The service claims that it is “NOT a pool despite its name.”

Blockchain data shows that Bitcoin block number 853742, mined at 11:43 am UTC on July 24, produced by this “pool.” According to Altair, it was this block that was mined by the 500 Gh/s Bitaxe device.

Bitcoin block reportedly mined by Bitaxe device. Source: Blockchain.com.

The current total hash power of the Bitcoin network is 552.49 Exahashes per second (Eh/s), according to Bitcoin analytics platform CoinWarz. This is equivalent to 552,490,000,000 Gh/s or approximately 1.1 billion times the power of the Bitaxe device that mined this block. This implies that roughly every ten minutes, the device has a 1 out of 1.1 billion chance of mining a block.

Bitcoin miners consume electricity even if they do not successfully mine a block, which operators must pay for out of their own funds. For this reason, solo Bitcoin mining is often compared to a lottery. But for this particular solo miner, the decision to participate appears to have paid off.

A solo Bitcoin miner also mined a block in April. However, that operator used a device with a power of 120 petahashes per second (Ph/s) or 120,000,000 Gh/s, which is 240 times the processing power of the Bitaxe.

Most Bitcoin mining operators pool their hash power with other operators and equally distribute the rewards from the pool based on the amount of hash power contributed by each operator. But some Bitcoin enthusiasts worry that this practice is leading to the centralization of the Bitcoin network and champion solo mining as a possible alternative.

Magazine: THORChain founder and his plan to ‘vampire attack’ all of DeFi

In this interview, Tara Harris, Head of Nifty Gateway Studio, shares her unique perspective on the evolving landscape of digital art and NFTs. With a background in traditional art markets, Harris offers a nuanced view of the challenges and opportunities presented by this innovative technology, discussing everything from ownership concepts to pricing models and the future of creativity in the digital art sector.

Can you please explain how the concept of ownership evolved in digital art with the advent of NFTs?

We’ve always played around with ownership in the digital realm when it came to gaming, skins online, or other icons that we use to represent ourselves digitally. But NFTs and blockchain technology really shifted that fundamentally. 

Instead of just the illusion of ownership, we were finally able to define ownership that could not be touched or changed once programmed. This unlocked a whole new era of financial freedom and accessibility globally, both in NFTs and, obviously, with crypto.

How does the NFT market address issues of authenticity compared to the traditional art market?

Coming from the art market, you typically rely on stories, documentation, stickers, and photographs. You attempt to use anything you can get your hands on to piece together a story about the origins and validity of art. Of course, the fact that tangible documents can be falsified makes it extremely difficult. 

NFTs totally eliminate all of it. The story is still essential, so all of it is valuable in the traditional art market. However, NFTs make things quite simple.

What do you think are the challenges for traditional artists in the NFT space?

There are a couple of challenges. First, being able to access the technology and figuring out how everything works and how you market yourself. But I think the even bigger challenge, which Nifty Gateway Studio is trying to tackle, is how you translate your ideas from physical goods to digital ones. 

Physical things have a lot of entry points for a viewer: texture, rich color, lighting, and three-dimensionality. In a digital space, there’s a whole new suite of tools and forms of expression. 

Crossing that bridge of how to get your ideas to leverage these digital tools and come to life through a digital idea and how to use these digital tools to expand the possibilities of your creative idea. I think bridging that gap is the most challenging thing for traditional artists. 

How do you think the recent crypto market volatility impacted the NFT industry? 

I think volatility is a natural part of any emerging market. The trends we see in the Web3 ecosystem at large are not different from those of other emerging technologies like the Internet or mobile phones. 

There’s always this extreme speculation and boom, and then it normalizes and rebalances. I think we’re just now getting into that rebalancing phase. Yes, people have been impacted by that, of course. 

But for us, we try to really focus on the product, business, value, and how it can continue to be sustainable and grow over a long period of time. We make an effort not to get too caught up in the frenzy.

How does the pricing model for NFTs differ from traditional art, especially when talking about limited editions and one-of-one pieces?

It is so different from traditional art. First, you have a lot more accessibility to the assets, and that really influences how we think about pricing strategies. In the traditional model, you need to get to a gallery or buy art online, but it’s really about identifying a third party that you trust and can buy from. 

Just getting access to the price is sometimes a huge barrier. Prices are not always listed, and sometimes you have to get into the actual gallery. It’s quite challenging just to get the price and information you need to make that decision. All of that pricing is normally tied up by one party, whether that’s the gallery or the estate of the artist who’s setting a piece. 

The reasoning behind the pricing and the value it offers you outside of the art are not usually well explained. On the other hand, artists may be a little more inventive with the way they price and edition items on NFTs because it’s such an accessible tool.

How do you see the relationship between digital and physical goods in the future?

We are in a place where we started off with NFTs versus the art market, and that was the big narrative. Then, it became about how we bridge NFTs into the physical realm. Yes, that’s very important – a lot of people need that physical touchpoint. 

In fact, I believe that there will be even more opportunities in the future. I don’t think we can continue to live in this dual state of one against the other, separating digital and physical art or separating conventional and NFT art. Ultimately, it’s just an act of creativity.

The future is something that we don’t fully know what it looks like. It will emerge and evolve as smart, creative artists and collectors come into this space and participate. I think we should be really focused on creating new forms of entertainment and art out of this, not necessarily so consumed with bridging and competition between them.

What lessons can the traditional art world learn from the NFT space and vice versa? What can the NFT market get from the traditional one?

When I consider what the conventional world can learn from the NFT world, I believe that the first and most important lesson is that there is a ton of unrealized creative potential here. We inhibit that creativity when we put too many restrictions on it. This inventiveness, in the case of NFTs, has had a really global effect.

Art can bring people together, regardless of their backgrounds or places of living. That can have really amazing and transformational results. That’s something the traditional art world might learn from. The conventional art world has functioned through barriers, gates, and a self-contained approach. Of course, that has commercial benefits, but occasionally, I wonder if it limits innovation.

Vice versa, the traditional art world is pretty amazing if you really think about it. It has existed in its current state for centuries and has done very well. It has figured out a playbook and how to assign value to subjective objects in an amazing way. 

I think the NFT art space could really take cues from that, just in how we think about value broadly and assign it, and get out of this trap of art as a commodity. In the traditional world, they have removed all the language around art being a commodity and elevated it to be something of value, which has a much greater personal, emotional, and ego impact than just purely a line item on an investment sheet.

What technological advancements in the NFT space are you most excited about for the future of digital art?

This is a totally personal opinion, but in the last couple of years, the NFT space, though it’s a very young industry, got really consumed with trading. It was all about trading and volume. 

How can you create a dynamic art piece that is digitally native but can live and breathe and have a life of its own in the physical realm? I think there’s a lot of innovation to be done there. I also think there’s a huge amount of innovation that needs to continue in smart contract development. 

That is an incredibly powerful tool, and we’ve only scratched the surface on unique royalty models, transfer of ownership, the dynamism of the NFTs, how they evolve over time, and what they react to—there’s just a lot to play with there. That’s really exciting.

How do you think we can attract more people, both creators and ordinary people, to the NFT space?

I think it starts by just finding maturity in the market. It’s a young market, and that comes with a lot of, we’ll call it, frayed edges. I think the more that we can find that maturity as businesses, the better. Looking introspectively at Nifty Gateway Studios, we’ve always tried really hard to toe the line and operate in what we kind of refer to as a Web 2.5 mode. 

That was a dirty word for a long time, but really, it’s an ethos of how we provide that stepping stone for people to safely enter this space and feel secure in the decisions that they’re making, and then go and explore the wild world of Web3. Web3 is wild, and that’s what makes it so tempting. 

Your normal consumer is not just going to dive into the deep end; they need a ladder or some stepping stones to get in safely and securely and build that confidence to explore it. So I think more partners and colleagues of ours in the space can help provide that by giving that stability and clarity of what we do, why you should feel good about it, and what you get out of it – just kind of breaking it down so it’s more accessible.

How do you foresee the state of the NFT market till the end of this year and the beginning of the next year?

I am really optimistic about the growth of the NFT market. I think it will look and feel unlike it ever has in its past. I don’t think we’ll see those crazy peaks and troughs that we saw in the early days of wild speculation that drove huge sales and huge volumes. But I think what we’ll see is healthy, steady growth of projects and participants, and that will just continue to pick up and grow over time.

The post From Canvas to Code: How NFTs Are Redefining Art Ownership and Empowering Global Creativity appeared first on Metaverse Post.

The ETFs recorded total inflows of over $107 million and $1 billion in trading volume.

BlackRock’s ETHA had the recorded highest inflows worth $266.5 million.

The keywords associated with ‘Ethereum’, ‘Spot’, or ‘ETF’ went off the charts.

Newly launched spot Ethereum exchange-traded funds (ETFs) in the United States experienced a surge in trading activity on its first day, exceeding $1 billion in volume and attracting over $107 million in inflows. This robust debut signals strong investor interest in gaining exposure to Ethereum through regulated financial products.

After the SEC’s approval of S-1 filings, Bitwise CEO Matt Hougan noted in an X post that pre-market trading of ETH ETPs was significantly lighter than pre-market trading of BTC ETPs on their launch day.

Pre-market trading of ETH ETPs is significantly lighter than pre-market trading of BTC ETPs on launch day. Still, good to see trading activity in the biggest expected players pre-market.

— Matt Hougan (@Matt_Hougan) July 23, 2024

As Bloomberg ETF analyst James Seyffart pointed out on X (formerly Twitter), the iShares Ethereum Trust ETF (ETHA) recorded the highest inflows, totaling $266.5 million, followed by the Bitwise Ethereum Strategy ETF (AETH) with $204 million.

Conversely, the Grayscale Ethereum Trust (ETHE) saw outflows totaling $484.1 million. The outflows from ETHE were expected, as significant outflows were also seen in the case of GBTC. As per data from SoSoValue, Grayscale’s GBTC has seen $18.72 billion in outflows since its January debut.

Notably, BlackRock recorded just 25% of the total inflows it had witnessed with the iShares Bitcoin Trust (IBIT), as highlighted by Senior Bloomberg analyst Eric Balchunas. Further, ETH ETFs did $1 billion in volume, which is 23% of the volume that Bitcoin ETFs did. Balchunas added:

“The gap between $ETHE and The Newborn Eight is a healthy +$625m (a sizable chunk of which *should* convert to inflow.”

Following the success of Ethereum ETFs, the social volume toward any keywords related to ‘Ethereum’, ‘Spot’, or ‘ETF’ skyrocketed, according to data from Santiment. Additionally, ETH/BTC has risen 3.4%, and traders believe that the bullish sentiment surrounding Ether (ETH) is just in its early stages.

The post Ethereum ETFs Launch with Record-Breaking $1 Billion Trading Volume appeared first on Coin Edition.

Elon Musk is at it again. This time, he took to Twitter, or X, to drop a bombshell about the U.S. economy. In response to a tweet by Billy Markus, the co-founder of Dogecoin, Elon declared that:

“America is going bankrupt.”

Billy had sarcastically commented about his tax dollars funding government mishaps. The growth of the U.S. economy has taken a hit. We all know that. Right?

By the way, Elon’s company Tesla didn’t sell a cent of their $640,866,000 in Bitcoin in the second quarter.

In the first quarter of 2024, GDP growth was just 1.4%, a big drop from 3.4% in the last quarter of 2023. Predictions for the third quarter aren’t too bright either, with growth expected to slow to around 1%.

Elon Musk predicting the collapse of USD. Source: X.com

High prices and high interest rates are making people spend less, which is dragging things down. But some analysts are hopeful that things might pick up later in the year, potentially hitting a 2% growth rate if inflation eases up and interest rates go down.

But Jay Powell doesn’t seem all that eager to cut rates, so…

See consumer spending is a huge part of the U.S. economy—around 70%. But lately, it’s cooling off. People burned through their pandemic savings and are now looking for cheaper options. 

This is hitting businesses that rely on discretionary spending. However, not all the news is bad; retail sales have shown some surprising strength, so not everyone is cutting back just yet.

The job market is still holding up, even though the unemployment rate has inched up to 4.1% as of June 2024. Job openings have decreased, but it’s not all doom and gloom. 

Powell described the labor market as stabilizing. He thinks the Federal Reserve’s efforts to manage inflation are paying off, and hasn’t completely ruled out the possibility of a September rate cut.

I think.

There’s a lot of talk about a recession, but many top economists, including those at Vanguard and the Conference Board, don’t think it will happen. Not in 2024 at least.

Joe Biden. Credits: Reuters

The Sahm rule, which predicts recessions based on rising unemployment, isn’t showing a clear signal right now due to mixed data from the labor market.

The 2024 elections are adding to the uncertainty. Changes in economic policies could affect the growth if Donald Trump wins. 

The IMF is concerned about how the U.S. will manage its high debt levels and potential trade tensions amid funding Ukraine and Israel. These things affect the economy both domestically and globally.

The post Ethereum ETFs Debut with Record $1 Billion Trading Volume appeared first on Coinpedia Fintech News

Ethereum ETFs made a remarkable debut today, marking a significant milestone for digital assets in traditional financial markets. The launch saw nine different spot Ethereum exchange-traded funds (ETFs) from eight issuers begin trading on U.S. exchanges. This event turned the usually calm ETF trading landscape into a bustling marketplace.

Impressive Start for Ethereum ETFs

The excitement began right from the opening bell. Within the first 15 minutes, Ethereum ETFs amassed $112 million in trading volume. By the 90-minute mark, this figure had surged to $361 million. Bloomberg senior ETF analyst Eric Balchunas shared these figures, noting that this initial volume placed the new Ethereum ETFs among the top 1% of all ETFs, on par with well-established funds like TLT and EEM.

Source : X.com(Formerly Twitter)

Leading the pack, Grayscale’s ETHE reported the highest volume at $458 million, followed by BlackRock’s ETHA with $248.7 million, and Fidelity’s FETH’s at $137.3 million. Bitwise’s ETHW also saw significant activity, recording $94.3 million in volume. Other contributors included Grayscale’s ETH with $63.8 million, VanEck’s ETHV with $44.3 million, Franklin Templeton’s EZET with $15.9 million, Invesco’s QETH with $12 million, and 21Shares’ CETH with $5.6 million. All of them combined to generate a total of $1083.4 M.

Midday Momentum Builds

By midday, the trading volume continued to climb. At 12:30 p.m. ET, the cumulative volume had reached nearly $600 million. Grayscale’s ETHE remained in the lead with $250 million in shares traded, followed by BlackRock’s ETHA at $130 million. Fidelity’s Advantage Ether ETF recorded $77 million, and Bitwise’s Ethereum ETF had seen $66 million in volume.

Bloomberg Intelligence senior ETF analyst Eric Balchunas pointed out that much of Grayscale’s volume was likely due to outflows. Despite this, the pace of trading suggested that the newly launched ETFs were on track to reach approximately $940 million by the end of the day. Analysts had predicted that the demand for Ethereum ETFs would be about 20% of that seen for Bitcoin ETFs, due to factors such as lower name recognition and the inability to stake Ethereum when buying shares of the funds.

Record-Breaking End to the Day

As the trading day progressed, the momentum continued to build. By 3 p.m. EST, the total trading volume had surged to over $1.019 billion. Grayscale’s ETHE led the way with $456 million, accounting for nearly half of the total volume. BlackRock’s ETHA followed with 24% ($240 million), and Fidelity’s FETH captured 13% ($136 million).

James Seyffart from Bloomberg Intelligence highlighted that the volume correlated with $655 million in inflows by that time. This impressive performance reflects the growing interest in Ethereum-based investment vehicles and their potential to attract significant capital.

Industry Reactions

Nate Geraci, president of The ETF Store, expressed optimism about the future of Ethereum ETFs, stating, “I’m not expecting the same frenzy as with Bitcoin ETFs, but if Ethereum ETFs pull in 20-25% of Bitcoin ETFs’ assets, that would be a highly successful result.” His sentiment was echoed by Markus Thielen, founder of 10x Research, who noted that Ethereum’s lower funding rate might impact institutional interest. However, the strong initial volumes indicate a robust demand for these new financial products.

Source : X.com(Formerly Twitter) Conclusion

The debut of Ethereum ETFs has set a new benchmark in the crypto market, demonstrating significant investor interest and strong trading volumes. This launch not only boosts Ethereum’s visibility but also signals a growing acceptance of digital assets in mainstream finance. As the market continues to evolve, Ethereum ETFs are poised to play a crucial role in the broader adoption of cryptocurrencies.

Analysts believe Ether (ETH) price could rally to all-time highs over the next couple of months following the launch of the first-ever spot Ethereum exchange-traded funds (ETFs) in the United States. Traders believe these funds are “heavily undervalued.”

The spot ETH ETFs started trading on July 23, a day after the US Securities and Exchange Commission (SEC) gave the final approval to issuers, including BlackRock, Fidelity, 21Shares, Bitwise, Franklin Templeton, VanEck and Invesco Galaxy.

Within just 15 minutes of trading, the ETFs recorded an impressive volume of $120 million.

ETH/USD 1-hour chart. Source: TradingView

“The $ETH ETF has insane numbers. First 15 minutes already 50% of Bitcoin's first day in terms of volume: $112 million,” Michaël van de Poppe, founder and CEO of trading firm MNTrading, wrote in his own X response.

“The Ethereum ETF launch is heavily undervalued, and I expect it to trade towards an ATH in the coming 1-2 months.”

Meanwhile, fellow trader Daan Crypto Trades described the initial flows as “decent,’ predicting heightened crypto market volatility.

“Going to be a volatile day ahead with lots of movement, I'm assuming!”

In an earlier post, Daan Crypto Trades shared the following chart showing the key levels ETH price needed to clear in its recovery path.

According to their analysis, Ether bulls needed to overcome resistance from a stubborn supply zone stretching from $2,672 to $3,730 to secure the uptrend. This was also dependent on holding firmly above $3,350.

“ETH needs to hold $3,350, and it would look strong. Expecting a lot of movement these days surrounding the ETF launch.”

ETH/USD four-hour chart. Source: Daan Crypto Trades

“ETH’s price hits $3,450 as investors buckle up for a wild ride,” declared crypto investor Alessa Mutto in a July 23 post on X, adding, “I am very bullish about crypto and ETFs and believe they will go parabolic in the next few years.”

However, Mutto admitted that, with time, spot Ethereum inflows will tell where Ether’s price will go moving forward.

Related: Bitcoin gains $1.2K in 1 hour as BTC price rebounds on Ether ETF launch

Spot ETH ETFs see $360 million in trading volume in the first 90 minutes of trading

Spot Ethereum ETFs have accumulated $361 million in combined trading volume one and a half hours into trading, according to data compiled by Bloomberg Senior ETF analyst Eric Balchunas.

Source: Eric Balchunas

In an earlier post, Balchunas provided insight into the volumes by comparing them to when spot Bitcoin ETFs began trading in the United States on Jan. 11.

“Here’s volume after the first 15 minutes of trading. Total of $112m traded for the group (which is only about half of what Bitcoin ETFs’ volume pace was on DAY ONE, although 50% would exceed expectations IMO).”

US-based spot Bitcoin ETFs have been heralded by market participants as the most successful ETF launch ever. The funds have seen $300 billion of cumulative trading volume in the first six months, bringing the total assets under management to $62.12 billion as of July 22.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Many Trump coins are surging after incumbent President Joe Biden’s decision to step out of the running for the 2024 US presidential elections.

As previously reported, the announcement had a negative impact on the price of Jeo Boden ($BODEN), the largest Biden parody coin.

As of this writing, $BODEN lost a staggering 58% of its price in the last 24 hours.

Unsurprisingly, several Trump coins are reaping the rewards. Super Trump ($STRUMP) added 6.6% overnight to trade at $0.01351, while Pepe Trump ($PTRUMP) bags swelled 19% as the token climbed to $0.001137.

However, the biggest Trump coin, the $313 million market cap MAGA ($TRUMP) is trading against the grain with overnight losses of 3.8% as it changes hands at $6.79.

The biggest winner from the news cycle though is undoubtedly Kamala Horris ($KAMA).

The meme coin parody of Democrat Vice President Kamala Harris had slowly been gaining traction over the last few weeks, especially after one savvy trader managed to turn a $960 purchase into $77,829, generating returns of ~8,100%.

Now, as Biden stepped out of the running, he nominated his VP Harris to be the new Democrat Presidential candidate. This in turn has had a positive effect on $KAMA, ballooning the token 48% overnight to $0.01602.

From Trump Fever To Olympics Meme Coins

Beyond election fever, another seminal event is likely to shape the meme coin landscape this year.

The 2024 Paris Olympics meets Meme Coin mania in a new token called The Meme Games ($MGMES).

Those who buy $MGMES tokens now are prompted to select their favorite meme coin avatar, between Dogecoin, Pepe, DogWifHat, Brett and Turbo and watch them race for a chance to claim a 25% bonus on their initial purchase.

$MGMES is currently selling via the presale website at a fixed presale price of $0.00905.

This means investors can purchase 10,000 $MGMES at just $90.50. This is the lowest price the token will be for the rest of the presale season, which will run concurrently with this year’s Paris Olympics and Paralympics.

So, if investors make an initial purchase of 10,000 $MGMES tokens, and then select an avatar out of the five meme competitors, they’ll have a 20% chance of automatically receiving an additional 2,500 $MGMES just moments after they buy.

Participants can purchase $MGMES an unlimited number of times with no minimum purchase requirement to increase their chances of securing multiple 25% token bonuses.

The official project website and whitepaper encourage investors to stake tokens during the presale to take advantage of the frankly eye-watering 1218% APY on offer right now. 

This figure is variable and decreases with the number of stakers, so to maximize gains, participants will want to stake early and stake big to maximize yield.

The presale widget over on the website facilitates purchases with ETH or the Ethereum-based stablecoin Tether (USDT). Staking is only on Ethereum. Other purchase options include BNB or debit or credit card.

The ETH ETF just launched and it could potentially change everything!
Despite this, some people are expecting a dump first.
Here are my honest thoughts and what to expect
We all know Ethereum is the king of alts and largely moves in sync with the rest of altcoins.
When we look at the history of the entire market 99% of the time it's:
ETH up = alts up
ETH down = alts down
We saw what the ETF did to Bitcoin (trading 50% higher today than its launch) so obviously this is an important event to say the least.
Despite this, many people fear an initial dump before going up first.
Why? It's because of the Grayscale Ethereum Trust.
Similar like they had with Bitcoin, they also hold a large stack of ETH.
The problem? They have a huge 2.5% fee on it.
Significantly higher than other issuers. This is major contributor to significant outflows.
HOWEVER there are some key differences this time that many people overlook and don't know:
1️⃣ Grayscale also launched an Ethereum mini trust
The difficult explanation:
ETHE (Grayscale ethereum) would seed Grayscale Ethereum Mini Trust through a spin-off of a certain amount of ETHE’s Ether to ETH, with shares of ETH to be distributed pro rata to ETHE’s shareholders.
The simple explanation:
The Grayscale Ethereum Mini Trust would be a net positive for existing ETHE shareholders, as they would maintain the same exposure to Ethereum with the added benefit of a lower fee averaged across both products.
Bitcoin didn't have this at the launch which does make quite a difference.
2️⃣ Bitcoin rallied for months and months on an ETF speculation
I personally believe Grayscale wasn't the only factor in the initial (minor) dump we had after the BTC ETF went live.
A lot of people "sold the news" as with any high influential event.
They thought it was already priced in (they were wrong but they thought it was).
Ethereum didn't have that! We saw an approval out of nowhere and quicker than anyone thought.
Basically not creating the huge rally to the upside that needs to cooldown right now and correct before we can continue further.
3️⃣ Let's say theoretically that there will be an initial sell-off.
Like we saw with Bitcoin, any existing supply or outflows into the market has been COMPLETELY absorbed and dominated by higher demand and inflows.
Bitcoin didn't sell-off for long. It's still 50% higher.
Which is remarkable looking at the fact it rallied for months already before that additional 50% increase at the local highs.
It basically barely lasted days or a few weeks tops.
The introduction of the ETH ETF will always be a NET POSITIVE mid-long term.
But you still scared for a potential few % of dip first?
~
My conclusion short and mid term:
Long term it'll be a massive win and net positive.
Short term I'm expecting neutral price action.
Not hugely up, not hugely down either in the first few days.
I expect any outflow to be completely absorbed by inflow.
The criteria are different like we had with Bitcoin.
I'm not expected a large initial sell-off before we resume the uptrend myself.
Basically: neutral sideways first - positive uptrend after.
You want to know the ultimate scenario for the entire market?
When ethereum starts moving into positive uptrend wave and Bitcoin is above $70k again.
That's the next altcoin wave you are looking for.
Also very likely to happen imo.
𝘿𝙤𝙣'𝙩 𝙛𝙤𝙧𝙜𝙚𝙩 𝙩𝙤 𝙛𝙤𝙡𝙡𝙤𝙬 𝙛𝙤𝙧 𝙢𝙤𝙧𝙚! 🤗

#BitEagleNews #etf #Eth

Date- Tuesday, 23 July 2024, 05:46 AM GMT
The Render Network Foundation has announced an important token upgrade, shifting from the Ethereum-based $RNDR to the Solana-based $RENDER. This transition follows a community vote on proposal RNP-002, which favored Solana due to its faster transaction speeds, cost-efficiency, and capability to support the Render Network's ambitious goals.
As major exchanges begin the upgrade process, $RNDR holders might notice their token balances temporarily showing zero. To address this and clear up any confusion, the Render Network shared essential information on X (formerly Twitter) today.

In a tweet, the Render team explained:

"If you hold $RNDR on a Centralized Exchange like @binance or @MEXC_Official, you may notice your account being upgraded from $RNDR to $RENDER in the next few days. No action is needed from users to complete the upgrade."
The tweet further clarified that during the upgrade, users' $RNDR balances might show as zero. Once the upgrade is complete, their balances will update 1:1 with $RENDER. For example, if a user had 50 $RNDR, they will see 50 $RENDER after the process is finalized.
As always, the Render team urged caution against scammers and advised users to check for official updates from their centralized exchange about the upgrade's completion timeline.
To get more updates, visit us here: https://coinsprobe.com/
#RenderUpgrade #RENDER #CryptoNews

Ethereum prices dropped more than 3% from an intraday high of $3,540 on July 22 to a low of $3,425 during the Tuesday morning Asian trading session.

They have recovered slightly since but analyst ‘Kaleo’ predicted that there is a “high likelihood we see some type of pullback after the spot ETF launches.”

He predicted that the asset would drop below $2,800 in a range low before the inevitable price discovery.

#Ethereum / $ETH

Still see there being a high likelihood we see some type of pullback after the spot ETF launches.

We’re still early enough into this bull market that shorting is a greedy play if you’re giga-bullish on a higher time frame (ETH hasn’t even touched a new ATH… pic.twitter.com/iitD2l7QCe

— K A L E O (@CryptoKaleo) July 22, 2024

Ethereum ETF Launch

On July 22, the Securities and Exchange Commission officially approved the listing of multiple spot Ethereum ETFs. ETF issuers are making final adjustments before their products are launched for trading in the United States on July 23.

CEO and founder of Intuition, an Ethereum-based data authentication protocol, Billy Luedtke, commented: “The approval of the ETH ETF marks a significant milestone, legitimizing Ethereum and providing a gateway for institutional investors to participate.”

Meanwhile, Coinbase stated that by increasing usage of Ethereum, “spot ETH ETF investors will help advance Ether’s utility and contribute to the development of the overall crypto ecosystem.”

Bloomberg’s senior ETF analyst Eric Balchunas observed that the Ethereum ETF race has already begun with a transfer from the Grayscale ETHE fund to its mini-fund ‘ETH’ on July 23.

The Grayscale Ethereum Mini Trust will start with $1 billion in assets and a category-low 15 basis point fee. “That’s a new variable in this race that we didn’t have in the BTC [ETF] race,” he added.

Existing ETHE shareholders will receive a proportional distribution of shares in its new Mini Trust on July 31.

Eth ETF race has already begun w/ a transfer from $ETHE to its mini-me = $ETH gonna begin its life w/ $1b and a category-low 15bp fee. That’s a new variable in this race that we didn’t have in btc race. https://t.co/7v6kh8Kw5Q

— Eric Balchunas (@EricBalchunas) July 22, 2024

On July 22, the world’s largest asset manager, BlackRock, issued a statement on Ethereum and its new iShares Ethereum Trust ETF (ETHA), which was a big endorsement of the asset that read:

“Ethereum’s appeal lies in its decentralized nature and its potential to drive digital transformation in finance and other industries.”

Here’s BlackRock’s Ether pitch to normies via @JayJacobsCFA: “While many see bitcoin’s key appeal in its scarcity many find ethereum’s appeal in its utility.. you could think of ethereum as a global platform for applications that run without decentralized intermediaries” $ETHA pic.twitter.com/ffyglfSTiB

— Eric Balchunas (@EricBalchunas) July 22, 2024

Moreover, rival asset managers are already rolling out their ETH ETF advertisements. On July 23, Bitwise posted an ad for its prospectus stating that it will donate 10% of the Bitwise Ethereum ETF (ETHW) profits to Ethereum open-source protocol development.

ETH Price Outlook

Ethereum was trading down 1.5% on the day at $3,484 at the time of writing. The asset has only managed to return to resistance at around $3,500 during last week’s rally and couldn’t get near its 2024 high of just over $4,000 back in March.

However, if price action mirrors that of BTC, there could be a new all-time high for ETH a few months after the ETFs have been trading.

The post Analysts Forecast ETH Pullback Despite SEC’s Official Listing Approval of Ethereum ETFs appeared first on CryptoPotato.

Crypto scammers are up to no good again, and their latest weapon appears to be malicious links to a webpage that looks and feels almost exactly like the video conferencing platform Zoom, which prompts users to install malware when clicked.

On July 22, non-fungible token collector and cybersecurity engineer “NFT_Dreww” alerted X users to a new “extremely sophisticated” crypto scam involving fake links for Zoom.

Malicious Zoom link. Source: NFT_Dreww

Drew said the scammers have already stolen $300,000 worth of crypto from the method.

How the scam works

Like many social engineering scams, Drew explained that scammers typically target non-fungible token (NFT holders or crypto whales, asking if they would be interested in licensing their intellectual property, inviting them to Twitter Spaces, or asking them to join a team for a new project.

The scammers will insist on using Zoom and hurry the target to join a meeting in progress using a hard-to-notice malicious link.

Comparing the malicious domain with the genuine one. Source: NFT_Dreww

“It's extremely easy to fall for this... I doubt 80% of people verify each character in a link that's sent, especially a Zoom link.”

Once the link is clicked, the user will be met with a “stuck” page showing an infinite loading screen. The page will then prompt the user to download and install ZoomInstallerFull.exe, which is actually malware.

Screenshot of malware being installed. Source: any.run

Once installed, the page will redirect back to the official Zoom platform, making the user believe it worked, but by then, the malware has already infiltrated the target computer and stolen the data and loot, explained Drew.

According to technologist “Cipher0091,” whom Drew also credits for his X thread, when the malware is first executed, it adds itself to the Windows Defender exclusion list to prevent antivirus systems from blocking it.

“Then it begins executing and extracting all your information while the software is distracting you with the “spinning loading page” and going through the process of accepting T&Cs, etc,” explained Drew.

He added that the scammers will keep changing domain names to prevent them from being flagged, and this was their fifth domain so far for this scam.

Related: Coinbase-posing scammers steal $1.7M from a user amid a string of attacks

Social engineering crypto scams are not new, but they do keep evolving. Several crypto community members have reported receiving malicious emails this week from scammers impersonating other crypto influencers and executives.

The email contains a malicious attachment that will likely install crypto-stealing malware if executed.

Related: Lazarus Group laundered over $200M in hacked crypto since 2020

Elon Musk, the ever-influential tech magnate, has sent a jolt through the cryptocurrency world with a recent update to his social media profile picture. The new image features Musk with glowing red eyes, a well-known symbol within the Bitcoin community. This seemingly innocuous change has sparked a frenzy of speculation, particularly regarding his potential involvement in the upcoming Bitcoin 2024 Conference in Nashville.
The "laser eyes" meme gained immense popularity during the 2021 Bitcoin bull run, with enthusiasts adopting the glowing red eyes as a badge of their support for the digital currency. Musk himself has a history of tweeting about Bitcoin, and his past endorsements have been known to significantly impact the market. The timing of his profile picture update, coinciding with the Nashville conference, has fueled rumors that he might attend the event.
This potential appearance holds significant weight. Musk's presence at the conference could be a major catalyst for the Bitcoin price, drawing renewed interest and potentially triggering another surge. Additionally, the recent withdrawal of Joe Biden from the 2024 presidential race has created a more crypto-friendly political landscape, with some speculating that Donald Trump's potential win could further bolster Bitcoin's position.
However, amidst the excitement, there remains a tinge of caution. While Musk's profile change is undoubtedly a talking point, it's important to remember that it doesn't guarantee his attendance at the conference or any specific actions regarding Bitcoin. It could simply be a playful nod to the cryptocurrency community.
Regardless of Musk's intentions, one thing is certain: his actions continue to hold immense sway over the cryptocurrency market. Whether his latest move signals a rekindled love affair with Bitcoin or is merely a playful wink, only time will tell. But one thing is for sure, the world of crypto is watching with bated breath.

Traders should wait until after former President Donald Trump's speech at the Bitcoin Conference on Saturday to cash out on their bitcoin profits.

Some expect Trump to announce plans to make bitcoin a strategic reserve asset if he gets elected in November, which could result in a "parabolic move" for bitcoin.

Traders could be forgiven for wanting to cash in after bitcoin's {{BTC}} quick rise of more than 20% to the current $67,000 from its early July lows, but another possibly major positive catalyst might be just days away, said 10x Research founder Markus Thielen.

“Taking profit, or even shorting bitcoin ahead of Trump’s Nashville speech, could turn out to be an expensive exercise,” wrote Thielen in his Monday newsletter.

Former President and current Republican nominee for this year’s presidential election Donald Trump is scheduled to speak at the Bitcoin Conference in Nashville on Saturday and speculations are mounting that he will announce a plan to make bitcoin a strategic reserve asset.

Thielen further noted that bitcoin is trading close to the previous bull market's all time high ($69,000), often touted by technicians as a "line in the sand" over which a possible "parabolic move" might occur if prices could successfully hold above that level.

Thielen is of the opinion that Joe Biden's exit from the presidential race has essentially sealed the deal for a Trump victory in November. Per Thielen, this likely means an early exit for U.S. Securities and Exchange Commission Chair Gary Gensler, who has earned a reputation as a foe of the crypto industry. While Gensler's term doesn't officially end until June 2026, Thielen expects him to resign around the time of a Trump inauguration in early 2025.

The former president is scheduled to speak in Nashville on Saturday at 3pm Eastern Time.

If Bitcoin surges past $70,000, over $900 million in BTC shorts will be liquidated.

If BTC dips below $66,000, over $1.15 billion in BTC longs will be liquidated.

$315 million in BTC shorts will be liquidated on Binance if BTC breaks above $70,000.

Bitcoin’s recent price surge has traders on edge, with data from Coinglass revealing a significant amount of money at stake depending on whether the cryptocurrency breaches the $70,000 mark or falls below $66,000. Over $900 million in short positions could be liquidated if Bitcoin surpasses $70,000, while a dip below $66,000 could wipe out over $1.15 billion in long positions.

It is clear that the bulls are currently favoring a long-term bullish outlook for the digital gold and are higher in number since the amount for longs is greater. 

For Binance, the world’s largest crypto exchange, if the price of Bitcoin dips below $66,000, investors might see $381 million worth of BTC longs being liquidated. On the other hand, if BTC breaks above $70,000, more than $315 million in BTC shorts will be liquidated from the crypto space, potentially pushing prices higher.

At the time of writing, the price of Bitcoin is trading at $67,787, up by more than 1% in the past 24 hours and 8% in the last seven days, as per data from CoinMarketCap. There was a 60.46% surge in the trading volume of the digital asset, which currently stands at $28.56 billion with a market capitalization of $1.34 trillion.

The chart provided by TradingView below confirms that the accumulation of Bitcoin has been steadily rising after a recent dip. Last week, BTC printed five consecutive daily bullish candles, suggesting an increase in buying volumes.

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Meanwhile, the Relative Strength Index (RSI) for the Bitcoin price action is 66, indicating that buyers are currently in control of BTC and suggesting the possibility of higher prices in the near future.

With US President Joe Biden, known for his anti-crypto policies, not seeking reelection and presumptive Republican candidate Donald Trump slated to appear at the 2024 Bitcoin Conference, investor confidence in BTC may surge.

The post Will Bitcoin Break $70K? Traders Brace for $900 Million Liquidation Event appeared first on Coin Edition.

After weeks of anticipation by his party, President Joe Biden finally agreed to pull out of the race with Donald Trump. He endorsed Kamala Harris to take his place.

Now what? Because this either increases the chances of Donald Trump, or is about to shoot it dead.

Not just Joe, Hilary Clinton also endorsed Kamala. But this is just because she is the auto nominee. The Dems could, and probably would, endorse someone else entirely. Perhaps the Governor of California.

BitMEX founder and crypto OG Arthur Hayes said that if the Democrats do decide to go with someone else for this, then Trump will likely lose. And then all the best the crypto industry has made on Trump will disappear.

All that lobbying would be for nothing.

Trump’s odds against Kamala will probably stay the same with the ones with Joe. Depending on who they pick, the Democrats’ chances might seriously increase.

Kamala Harris has not made any public comments regarding cryptocurrency, so her official opinion on the matter is virtually unknown.

Despite her strong ties to the tech industry and a background that includes employing Ryan Montoya, who was involved in the Sacramento Kings’ acceptance of Bitcoin, she has not shared a specific position on crypto. Or crypto policy.

Currently, the Biden administration, which Harris is part of, has generally taken a critical and somewhat toxic approach toward the crypto industry, especially crypto companies.

Financial disclosures show us that neither Harris nor her husband has investments in cryptocurrencies, preferring traditional investments like Treasury bonds.

On Polymarkets, Kamala’s chances against Trump are always way higher than Biden’s ever were, causing Trump’s to go from 70% to 64%

Kamala surpassed Trump on the Presidential Election Popular Vote Winner bets with 1%. Meanwhile, there are talks of Trump considering Larry Fink for Treasury Secretary if he wins. Larry spoke highly of Bitcoin just a few days ago, as Cryptopolitan reported.

Two hours after Biden announced his dropping out, Bitcoin has gone from under $67,000 to over $68,000.