August — Week #3

🤑 Markets

1. Bitcoin Metrics Signal Weak Demand: Bitcoin metrics indicate weak demand as the hype surrounding the Bitcoin ETF slows down. The CryptoQuant data suggests that the number of active addresses and the amount of Bitcoin held by long-term holders are decreasing, indicating a lack of strong buying interest.
2. Mt. Gox Transfers $784 Million in Bitcoin: Mt. Gox transferred 13,265 Bitcoin worth $784 million, with 12,000 BTC going to a new wallet and 1,265 BTC to an internal wallet, but the market remained stable despite this significant movement. The transfer is seen as a step towards distributing funds to creditors, but analysts believe the impact on the market will be limited, and the majority of the transferred Bitcoin is likely going to cold storage.
3. Bitcoin dominance hits 56%: Here's what it means: Bitcoin's dominance has reached 56%, indicating a potential shift in market dynamics where altcoins may gain traction and outperform Bitcoin. This increase in dominance could lead to a surge in altcoin performance, but it may not occur in the short term, as Bitcoin's price consolidation and resistance at the $70,000 level have led to a decline in its market share.
4. 94% of Bitcoin's supply has now been issued: 94% of Bitcoin's total supply of 21 million has been mined, with over 19.74 million BTC issued through mining, leaving only around 1.26 million BTC to be mined. This controlled supply schedule, combined with decreasing inflation rates and increasing scarcity, is expected to contribute to Bitcoin's value proposition and appeal to investors seeking a hedge against fiat currency inflation.
5. Tim Draper invests in ARK Labs: Tim Draper has invested in Ark Labs to enhance the usability of Bitcoin payments, leveraging Ark's innovative technology to make transactions more accessible and user-friendly. This investment aims to simplify the process of making Bitcoin payments, potentially increasing adoption and driving further growth in the cryptocurrency ecosystem.

🧠 Decentralization

1. Satoshi Nakamoto's Legacy Celebrated Today: Satoshi Nakamoto's registration of bitcoin.org 16 years ago marked the beginning of decentralized finance, with the site hosting his groundbreaking whitepaper and free code, which has been a beacon of financial freedom for millions globally. Bitcoin has since grown into a transformative financial asset with widespread adoption, despite Nakamoto's true identity remaining a mystery, and its retail ownership continues to rise, solidifying its role as a store of value and medium of exchange.

⚙️ Technology

1. Everyone is wrapping Bitcoin now: Various protocols are creating wrappers around Bitcoin, allowing users to interact with the cryptocurrency in new ways, such as decentralized finance (DeFi) applications and decentralized exchanges (DEXs). This trend is seen as a sign of Bitcoin's growing adoption and versatility, as it becomes a foundation for a broader ecosystem of financial services and applications.
2. Bitcoin Transactions Not Fully Private: The concept of final settlement in Bitcoin transactions is not absolute, as it relies on both technical and sociolegal factors, and can be undermined by powerful entities like governments if they can identify and coerce parties involved in a transaction. To achieve true final settlement, the Bitcoin community must prioritize privacy, introducing robust privacy features like Silent Payments, which can enhance coin fungibility and resist transaction reversal attempts.

🌈 Adoption

1. Bitcoin as Collateral in Real Estate Financing: Bitcoin is increasingly being used as collateral in real estate development financing, offering a new avenue for investors to leverage their digital assets and access traditional financial markets. This trend highlights the growing recognition of Bitcoin as a valuable asset, which can be used to secure loans and facilitate large-scale financial transactions, further solidifying its position in the global financial landscape.
2. Metaplanet's Bitcoin Holdings Now Worth $23 Million: Metaplanet, a Japanese public company, has increased its Bitcoin holdings to over 360 BTC, valued at approximately $23 million, following the purchase of an additional 57 BTC worth ¥500 million (around $3.4 million). This acquisition is part of the company's strategy to expand its Bitcoin reserves, which it believes will help hedge against inflationary risks and diversify its asset base.
3. Norway Increases Crypto Exposure: Norway's sovereign wealth fund has increased its indirect Bitcoin exposure by investing in crypto-exposed tech firms, now holding the equivalent of 2,446 BTC valued at $143 million. This move highlights a broader trend of growing institutional interest in cryptocurrency, with governments worldwide holding approximately 2.2% of the total Bitcoin supply, or around 471,000 BTC.

📅 Bitcoin Events Coming Up

Baltic Honey Badger

🗓️ When: August 24-25, 2024
📍 Where: Riga, Latvia
The Baltic Honey Badger is a prominent Bitcoin event in Europe, focusing on the technical and community aspects of Bitcoin. The conference will include presentations, discussions, and networking opportunities, covering topics such as Bitcoin protocol development, mining, and the broader ecosystem.

Kinza Kazahstan

🗓️ When: August 25-26, 2024
📍 Where: Almaty, Kazakhstan
KINZA KAZAKHSTAN is a Bitcoin-focused event that aims to bring together local and international experts to discuss the future of Bitcoin in Kazakhstan. The event will cover topics such as adoption, regulation, and innovation in the Bitcoin space.

WebX2024

🗓️ When: August 28-29, 2024
📍 Where: Tokyo, Japan
WebX2024 is a conference that explores the intersection of Bitcoin and Web3 technologies. The event will feature presentations, panels, and workshops on topics such as decentralized finance, non-fungible tokens, and the future of the internet.

Korea Blockchain Week

🗓️ When: September 1-7, 2024
📍 Where: Seoul, South Korea
Korea Blockchain Week is a comprehensive event that covers various aspects of blockchain technology, including Bitcoin. The event will feature keynotes, panels, workshops, and networking opportunities, focusing on the latest developments and trends in the blockchain and cryptocurrency space.

Chain Conference Istanbul 2024

🗓️ When: September 14-15, 2024
📍 Where: Istanbul, Turkey
Chain Conference Istanbul 2024 is a comprehensive event that covers various aspects of blockchain technology, including Bitcoin. The event will feature keynotes, panels, workshops, and networking opportunities, focusing on the latest developments and trends in the blockchain and cryptocurrency space.

TOKEN2049

🗓️ When: September 18-19, 2024
📍 Where: Singapore
TOKEN2049 is a prominent Bitcoin event in Asia, focusing on the technical, economic, and social aspects of Bitcoin. The conference will include presentations, discussions, and networking opportunities, covering topics such as Bitcoin protocol development, mining, and the broader ecosystem.

European Blockchain Convention

🗓️ When: September 25-26, 2024
📍 Where: Barcelona, Spain
The European Blockchain Convention is a comprehensive event that covers various aspects of blockchain technology, including Bitcoin. The event will feature keynotes, panels, workshops, and networking opportunities, focusing on the latest developments and trends in the blockchain and cryptocurrency space.

Messari Mainnet

🗓️ When: September 30 to October 2, 2024
📍 Where: New York, USA
Mainnet is a prominent Bitcoin event in the United States, focusing on the technical, economic, and social aspects of Bitcoin. The conference will include presentations, discussions, and networking opportunities, covering topics such as Bitcoin protocol development, mining, and the broader ecosystem.

🤔🤔 Wanna learn more? Check out the BLOCKTALK!