The Michigan State Pension Fund has made a significant move into the cryptocurrency market by acquiring $10 million worth of Ethereum through Grayscale's Ethereum Trust.

This investment follows its earlier purchase of Bitcoin ETFs, demonstrating a growing appetite for digital assets within traditional financial institutions.

Despite the regulatory approval of Bitcoin ETFs preceding Ethereum, the fund's preference for Ethereum suggests a belief in its long-term potential and its role in the evolving digital economy. The fund's investment in Ethereum ETFs highlights the increasing institutional adoption of cryptocurrencies and the broader acceptance of digital assets as viable investment options.

However, the fund's choice of Grayscale's Ethereum Trust over newer, lower-fee ETFs raises questions about its investment strategy. As the competition in the ETF market intensifies, with numerous firms offering lower-cost Ethereum ETFs, the fund may need to reassess its approach to maximize returns for its beneficiaries.

#ETH🔥🔥🔥🔥 #etherreum #BTC☀ #USElections2024Countdown

A drop in Bitcoin prices sent Donald Trump's election odds plummeting, which led to more than $315 million in liquidation in the cryptocurrency market. Bitcoin had recently performed strongly near its all-time high, but fell to $67,569 on Sunday, dropping below $68,000.

The drop comes as concerns grow about whether Trump can secure a second presidential term ahead of the Nov. 5 election. Recent polls have shown Trump could lose Kamala Harris in Iowa, which has cast doubt on his election prospects. Trump's chances of winning once stood at 67 percent but are now down to 54 percent, while Harris' chances have risen to 46 percent.

The sentiment shift has also affected Bitcoin's momentum. Bitcoin topped $73,000 earlier in the week thanks to a large investment in BlackRock's iShares Bitcoin Trust (IBIT). However, as expectations for the election results adjusted, liquidations surged in the cryptocurrency market, and Bitcoin positions alone generated more than $76 million in liquidations.

Overall, bitcoin's fluctuations in value reflect the interconnectedness between crypto markets and political developments, indicating traders are closely watching the changing election environment.

#bitcoin☀️ #Bitcoin❗ #BTC☀

Recent Bitcoin price volatility, including a drop below $50,000, has raised doubts about the viability of a proposed federal Bitcoin strategic reserve, advocated by politicians like Donald Trump and Robert F. Kennedy Jr. Experts, including Cerus Markets CEO Michael Brescia, argue that Bitcoin's high-risk nature makes it unsuitable for national reserves, which aim to ensure economic stability.

While supporters claim Bitcoin's scarcity offers a better hedge against inflation than traditional assets like gold and silver, critics emphasize that these traditional assets provide greater stability and have historically strengthened the U.S. economy. Currently, Bitcoin's price has fallen 27% from its March 2024 peak of $74,000, contrasting with 20% and 22% increases in gold and silver futures, respectively.

Although interest in a Bitcoin reserve is growing, including a bill from Senator Cynthia Lummis, the proposal faces significant opposition and is unlikely to succeed. Brescia concludes that Bitcoin's current volatility and size—only about one-fifteenth that of gold—render it impractical for national reserves at this time.

#MarketDownturn #BinanceTurns7 #BTC☀

FalconX reports a clear trend of institutional investors buying the dip in cryptocurrency following a market downturn that wiped out approximately $230 billion. Interest in Bitcoin remains high, with institutions purchasing nearly three times more Bitcoin than Ethereum.

David Lawant, head of research at FalconX, noted that various investor types—including proprietary trading desks (57% of buy-side flows), hedge funds (63%), venture funds (61%), and retail aggregators (72%)—have acted as net buyers during this correction. The sell-off, triggered by broader market declines due to disappointing U.S. jobs data, led many crypto investors to liquidate positions.

Despite this, Bitcoin has rebounded about 13% from its lows to approximately $56,400. Lawant emphasized that institutional investors see the current dip as an opportunity to strengthen their positions, maintaining a positive long-term outlook for the cryptocurrency market.

The trend of institutions buying the dip indicates renewed confidence in cryptocurrencies, particularly Bitcoin, as they leverage lower prices to enhance their market presence.

#BTCMarketPanic #BTC☀ #bitcoin☀️

Bitcoin has fallen below $55,000, reaching a three-week low due to rising macroeconomic uncertainties and geopolitical tensions. Key factors include the upcoming U.S. election, interest rate fluctuations, and escalating conflicts in the Middle East.

Over the weekend, Bitcoin dropped approximately 10%, falling under $60,000 for the first time since July 13. Total liquidations reached $620 million, with long positions accounting for 90% of this total, according to CoinGlass data.

Rich Rosenblum, co-founder of GSR, noted that while signs suggest a potential second phase of the bull market, a macro or geopolitical collapse—similar to March 2020—could heavily impact crypto assets. He indicated that such a downturn might present a strong buying opportunity as increased monetary stimulus typically follows economic distress, making assets like Bitcoin more attractive.

Political dynamics are shifting, with Vice President Kamala Harris gaining ground against former President Donald Trump, following President Biden’s exit from the race. This uncertainty, combined with tensions in the Middle East, where Israel is preparing for potential attacks from Iran and Hezbollah, adds to market volatility.

Ryan McMillin, chief investment officer at Merkle Tree Capital, pointed out that cryptocurrencies often sell off during weekends. However, he believes the worst may be over, positioning Bitcoin at the lower end of its five-month range as a potential buying opportunity.

In summary, while the crypto market faces significant challenges, the interaction of macroeconomic conditions and geopolitical developments may create future investment opportunities.

#BTC_MarketPanic_Dip #US_Job_Market_Slowdown #BTC☀ #Bitcoin❗ #bitcoin☀️

Bybit has announced its withdrawal from the French market effective August 13, limiting user transactions to fund withdrawals only. This decision follows increasing regulatory pressures as the European Union implements its Markets in Crypto-Assets (MiCA) regulation, which aims to establish a comprehensive framework for cryptocurrency providers.

The French financial commission, AMF, previously warned that Bybit was operating without proper registration as a digital asset service provider (DASP), labeling the exchange as illegal under French law. Bybit's compliance issues in France have been ongoing, and the platform has faced scrutiny since being blacklisted in 2022 for non-compliance.

Bybit’s exit from France is part of a broader trend, as the exchange has also withdrawn from markets in Canada and the U.K. due to tightening regulations. Currently, Bybit is not planning to serve several major markets, including the U.S., U.K., and China, while simultaneously expanding its operations in more compliant jurisdictions like the Netherlands.

The introduction of MiCA in the EU, which includes stringent regulations for stablecoins and oversight measures for cryptocurrency service providers, reflects an evolving regulatory landscape. While these changes are aimed at enhancing consumer protections and combating financial crime, they present challenges for exchanges like Bybit that seek to operate across multiple jurisdictions.

Despite these setbacks, Bybit remains a significant player in the crypto exchange market, ranking as the second-largest by trading volume, with over $5.5 billion traded recently. This position underscores the exchange's adaptability and continued relevance in the global crypto landscape, even as it navigates regulatory hurdles in key markets.

#Bybit #Market_Update #Bitcoin❗ #BTC☀

The Bank of International Settlements (BIS) and the Bank of England have unveiled a new initiative called Pyxtrial, designed to enhance the monitoring of stablecoins by providing near real-time data on their liabilities and the assets backing them. This project aims to address significant regulatory challenges faced by financial authorities in verifying the reserves claimed by stablecoin issuers.

Pyxtrial incorporates features that enable regulators to directly access data from issuers' systems, facilitating the verification of on-chain liabilities. This capability is essential in the wake of past controversies surrounding stablecoin reserves, particularly following the collapse of the FTX exchange in 2022. Many issuers have resorted to self-regulation, publishing "proof of reserves" to mitigate concerns about their backing.
Tether Ltd., the issuer of the largest stablecoin, regularly provides attestations regarding its reserves, although it acknowledges potential discrepancies in real-time data related to circulating tokens.

The modular and customizable design of Pyxtrial allows for adaptation to various regulatory environments worldwide, suggesting its potential applicability beyond stablecoins to other tokenized products backed by real-world assets. As a proof of concept, Pyxtrial has demonstrated its ability to support regulators in tracking liabilities and assets effectively, overcoming the limitations of traditional data collection methods.

While the initiative has shown promise, further testing and refinement are necessary before full deployment. Successful implementation will require skilled personnel to support system users and ensure effective interaction with both on-chain and off-chain data.

#Ftx❓ #usdoller #stableBTC #BTC☀

In a recent New York Times article, economist Paul Krugman expressed strong opposition to the growing Republican support for Bitcoin, specifically targeting Donald Trump and his VP pick, JD Vance. Krugman characterized the enthusiasm for cryptocurrencies as indicative of a misguided alignment with “paranoid” Silicon Valley figures, arguing that Bitcoin remains “economically useless” despite being introduced 15 years ago.
Krugman highlighted that the primary utility of Bitcoin appears to be in facilitating illicit activities such as money laundering and extortion. He criticized Vance for his pro-crypto stance, noting that Vance disclosed ownership of Bitcoin valued between $100,000 and $250,000, which may have appreciated significantly. Vance is also reportedly drafting legislation aimed at creating a more favorable regulatory environment for the crypto industry.😡

Trump's recent comments at the Bitcoin 2024 conference, where he suggested that Bitcoin could surpass gold in value and proposed a "strategic Bitcoin stockpile," further fueled Krugman's skepticism. The economist views these statements as a potential government bailout for an industry he describes as “value-destroying” and environmentally harmful.

Krugman, rooted in Keynesian economics, advocates for active government spending and monetary policy management to stimulate economic growth. He dismissed the notion that cryptocurrencies serve as a hedge against inflation, instead labeling them as a “Ponzi scheme” that largely evades regulation.

In addition, Krugman ridiculed the Republican Party's claims to end what they describe as an "unlawful and un-American crypto crackdown," suggesting that such rhetoric resonates with only a minimal segment of the electorate. Meanwhile, Democrats are increasingly aware of their need to engage with the crypto community, recognizing its potential as a significant voting bloc in upcoming elections.

#BTC☀ #MtGoxJulyRepayments

From an analyst's perspective, the launch of Unbound's Bitcoin-based "Golden Visa" investment avenue is poised to have significant implications for the cryptocurrency market, particularly Bitcoin.

Firstly, the introduction of this investment vehicle provides a legitimate and regulated pathway for foreign investors to acquire Portuguese and EU citizenship through Bitcoin investments. This could enhance Bitcoin's status as a viable asset class, attracting a new demographic of investors who may have previously been hesitant to engage with cryptocurrencies due to regulatory uncertainties.

As the fund requires a minimum investment of €500,000, it is likely to drive demand for Bitcoin as investors seek to satisfy the fund’s criteria. The structured nature of the investment—where the fund will purchase Bitcoin ETFs rather than holding Bitcoin directly—may also contribute to increased institutional interest in Bitcoin, as it aligns with traditional investment frameworks that many institutional investors are accustomed to.

Moreover, the endorsement of a regulated fund structure, which includes independent audits and strict compliance with regulatory standards, adds a layer of credibility to Bitcoin investments. This could potentially mitigate some of the concerns surrounding security and volatility that have historically plagued the cryptocurrency market.

However, it is essential to consider the broader implications of regulatory scrutiny. The involvement of the Portuguese Securities Market Commission (CMVM) and the need for compliance with the Golden Visa program's eligibility requirements could set a precedent for how cryptocurrency investments are treated in similar programs across Europe. If successful, this could lead to the proliferation of similar investment structures, further embedding cryptocurrencies into the fabric of traditional finance.

#bitcoin☀️ #Bitcoin❗ #Bitcoin_Coneference_2024

Celebrity Meme Coins Hit By Reality Check

The initial hype surrounding celebrity meme coins launched on the Solana blockchain in June has fizzled out, leading to a dramatic decline in their value. This analysis dives into the factors contributing to this collapse.

Short-Lived Hype: The initial surge in these coins was primarily driven by community excitement and celebrity endorsements. However, the lack of underlying utility or long-term vision quickly led to waning interest.

Celebrity Involvement Raises Questions: The significant drop in value coincides with some celebrities distancing themselves from promoting their associated coins on social media. This raises concerns about the genuineness of their endorsements and the potential for exploitation.

Data Paints a Bleak Picture: Analysis by Slorg, a Web3 strategist, reveals an average decline of 94% across a sample of 30 celebrity meme coins. Individual examples highlight the severity.

The dramatic downfall of celebrity meme coins serves as a cautionary tale for investors. Hype-driven, short-term speculation often leads to significant losses. Long-term sustainability requires genuine utility and robust fundamentals. The future of celebrity involvement in the crypto space remains uncertain, but stricter regulations and a focus on real-world applications are likely to become increasingly important.

ason Derulo's $JASON: Down 80% since its peak, despite the singer's attempt to rally support.Iggy Azalea's $MOTHER: Lost 72% of its value.Andrew Tate's $DADDY: Price dropped by 60%.

#meme_coin #mememcoin #Solana_Blockchain