August — Week #2

🤑 Markets

1. BitGo moves $2 billion in Bitcoin for Mt. Gox repayments: Mt. Gox recently moved $2 billion worth of Bitcoin to a wallet believed to belong to BitGo, which is the final exchange approved for distributing funds to creditors. This transfer is part of the ongoing repayment process, which has raised concerns about the potential impact on Bitcoin's price due to the significant amount of BTC still held by Mt. Gox, currently valued at $2.81 billion.
2. Bitcoin drops to $58,000: Bitcoin's price dropped to $58,000 following the release of the US Consumer Price Index (CPI) data. Meanwhile, Bitcoin ETFs recorded an outflow of $81 million, marking a significant withdrawal of funds from these investment vehicles.
3. Nearly $600M Silk Road Bitcoin on Coinbase Prime: Nearly $600 million worth of Bitcoin linked to the Silk Road darknet marketplace has been transferred to Coinbase Prime, sparking speculation about a potential sale. However, it is unclear whether the funds will be sold or remain in the wallet, as the transfer could be for various reasons such as security or management purposes.
4. Goldman Sachs reveals $500M Bitcoin stake: Goldman Sachs has revealed a $500 million stake in Bitcoin, diversifying its holdings across major ETFs. This significant investment underscores the growing interest in Bitcoin among major financial institutions, with Goldman Sachs and Morgan Stanley collectively holding over $600 million in spot Bitcoin ETFs.
5. Bitcoin Miners Sell 19,000 BTC in Single Day: Bitcoin miners have been selling large amounts of BTC to cover costs due to reduced rewards, lower prices, and record-high mining difficulty, with outflows peaking at 19,000 BTC per day earlier this month. This financial pressure has led many mining operations to sell more of their Bitcoin holdings to cover rising operational costs, with some analysts seeing potential signs of recovery in the market.

⚙️ Technology

1. Ethereum-based Swell imports Wrapped Bitcoin: Swell, an Ethereum-based protocol, has integrated Wrapped Bitcoin (WBTC) to serve as a liquid restaking token, allowing users to earn yield on their Bitcoin holdings. This integration enables users to stake their WBTC and earn rewards, providing a new use case for Bitcoin within the Ethereum ecosystem.
2. Bitcoin hashrate climbs as earnings drop: Bitcoin's hashrate has reached a record high, but miners are facing significant challenges due to decreasing earnings and increased competition, which could lead to a profitability crisis. The hashprice has dropped to a record low, and daily miner revenue has declined by 50%, further exacerbating the difficulties faced by miners.

🌈 Adoption

1. Marathon Digital Buys $249 Million Worth of Bitcoin: Marathon Digital Holdings has purchased 4,144 Bitcoin worth $249 million, expanding its Bitcoin holdings. This purchase is part of the company's strategy to increase its Bitcoin holdings, following a recent announcement to raise $250 million through a private offering of convertible notes.
2. Over 1 million Bitcoin addresses hold 1 BTC or more: Over 1 million Bitcoin addresses now hold at least 1 BTC, indicating strong adoption and a significant portion of the limited supply being held by strong hands. This trend reflects growing long-term confidence in Bitcoin, with both retail and institutional investors actively accumulating and holding substantial amounts of BTC.
3. El Salvador receives $1.6 billion investment: El Salvador, the first country to adopt Bitcoin as legal tender, has received a $1.6 billion investment to upgrade its seaports, further solidifying its position as a hub for Bitcoin-related development and infrastructure. This investment aims to enhance the country's infrastructure, supporting its ambitious plans to create a "Bitcoin City" and fostering a thriving ecosystem for the cryptocurrency.
4. Goldman Sachs holds $418 million in Bitcoin ETFs: Goldman Sachs has disclosed significant investments in Bitcoin exchange-traded funds (ETFs), holding $418 million in shares across seven different ETFs as of June 30, 2024, with the largest position being $238.6 million in BlackRock’s iShares Bitcoin Trust. This marks a significant shift in the firm’s stance on Bitcoin, as it previously expressed skepticism about the asset class.

📅 Bitcoin Events Coming Up

Money Expo India

🗓️ When: August 17-18, 2024
📍 Where: Mumbai, India
This event focuses on the broader financial landscape, including cryptocurrencies like Bitcoin. It provides a platform for networking, learning, and discussing the latest trends and innovations in the financial sector.

Coinfest Asia

🗓️ When: August 22-23, 2024
📍 Where: Bali
Coinfest Asia is a significant event in the cryptocurrency space, covering various aspects of Bitcoin and other digital currencies. It includes keynotes, panels, workshops, and networking opportunities for attendees.

Web3 Summit

🗓️ When: August 19-21, 2024
📍 Where: Berlin, Germany
The Web3 Summit explores the intersection of blockchain technology and the web. While not exclusively focused on Bitcoin, it covers broader topics relevant to the Bitcoin ecosystem, such as decentralized finance and web3 applications.

Baltic HoneyBadger

🗓️ When: August 24-25, 2024
📍 Where: Riga, Latvia
The Baltic HoneyBadger conference is a prominent event in the European Bitcoin community. It will feature talks from renowned speakers, panel discussions, and networking opportunities, focusing on the development and adoption of Bitcoin and its ecosystem.

WebX2024

🗓️ When: August 28-29, 2024
📍 Where: Tokyo, Japan
WebX2024 is a comprehensive conference that covers various aspects of blockchain technology, including Bitcoin. The event will feature industry leaders, panel discussions, and networking opportunities, providing insights into the latest developments and trends in the Bitcoin space.

Korea Blockchain Week

🗓️ When: September 1-7, 2024
📍 Where: Seoul, South Korea
Korea Blockchain Week is a week-long event that includes multiple conferences, workshops, and meetups focused on blockchain technology and cryptocurrencies, including Bitcoin. The event will feature industry experts, panel discussions, and networking opportunities, highlighting the growth and adoption of Bitcoin in South Korea.

🤔🤔 Wanna learn more? Check out the BLOCKTALK!