Daily CRYPTO NEWS recap📈🔥- 02.07.2024
•US and German governments implement strategic crypto initiatives
The German and U.S. governments have garnered significant attention by transferring millions of dollars in cryptocurrency holdings. The German government has executed substantial Bitcoin transfers, while the U.S. government has moved Ether from seized funds. Data from on-chain analytics platform Arkham Intelligence reveals that over the past two weeks, the German government transferred 2,700 BTC to multiple exchanges. Concurrently, the U.S. government made large transactions, notably from an address holding approximately $11.75 million in $ETH seized from Estonian crypto entrepreneurs Sergei Potapenko and Ivan Turogin.
•Circle becomes first licensed stablecoin issuer in EU under MiCA
On July 1, Jeremy Allaire, co-founder and CEO of Circle, announced that the firm has become the first stablecoin issuer in the European Union to secure regulatory approval under the EU's comprehensive Markets in Crypto-Assets (MiCA) framework. Circle's $USDC and EURC are now compliant with the new regulations, effective immediately. This approval dispels concerns that investors would need to redeem their stablecoins or transfer their funds to other digital assets to maintain compliance.
•Bitcoin hashrate drops to December 2022 levels
The $BTC hashrate drawdown, which measures dips in the network's computing power, has fallen to levels not seen since December 2022, post-FTX collapse. Currently at -7.6%, this metric suggests a potential price bottom for Bitcoin. Supporting indicators like the Bitcoin Exchange Reserve, Miners Position Index (MPI), and Bitcoin Miner Reserve also point to low selling pressure, signaling possible accumulation opportunities.
Stay tuned for more updates from MarMag! New posts coming soon :))
