June — Week #4

🤑 Markets

1. Bitcoin Awaits PCE Inflation Report: Bitcoin is consolidating above $61,000, awaiting the release of the U.S. core Personal Consumption Expenditures (PCE) inflation report, which is expected to show a slower annualized inflation rate of 2.6% in May from 2.8%. The Solana-Ether ratio has rallied 12% this week, driven by VanEck's filing for a Solana Trust, which could lead to ETF approval and increased adoption of digital assets.
2. Bitcoin ETF Data Signals Correction: Bitcoin (BTC) has dropped to around $60,000, raising concerns of an impending correction due to a significant outflow from Bitcoin exchange-traded funds totaling over $1.1 billion since mid-June, attributed to investor pessimism regarding potential interest rate cuts by the Federal Reserve. Despite this, several altcoins, including Minotaurus, Solana (SOL), Toncoin (TON), TRON (TRX), and NEAR Protocol (NEAR), are poised for a rebound, driven by various market developments and technical indicators.
3. Bitcoin Over 1M Addresses Hold 1 BTC: Over 1 million Bitcoin addresses now hold at least 1 BTC, indicating a long-term trend of investors aiming to achieve whole-coiner status and expecting the price to rise. Despite recent price corrections, several on-chain metrics and market indicators suggest that Bitcoin is showing signs of recovery, with a possible bull rally on the horizon.
4. Whale Sends $61M BTC to Coinbase: A dormant Bitcoin whale wallet, inactive for six years, sent 1,000 BTC (valued at $61 million) to Coinbase Pro, following a trend of long-term holders selling coins this quarter, which has added bearish pressure to the market. This transfer, along with other recent dormant wallet movements, may indicate that long-term holders are cashing out or engaging in speculative activities in the derivatives market.
5. Satoshi-Era Wallet Awakens, Moves $3 Million: A Bitcoin wallet from 2010, containing 50 BTC worth $3 million, became active after 14 years of dormancy and transferred its holdings to Binance exchange. This rare occurrence of a Satoshi-era wallet becoming active coincides with recent miner capitulation and Bitcoin price volatility, sparking speculation about potential selling pressure.

⚙️ Technology

1. Bitcoin Season Two Proposals Struggle: Bitcoin Season Two proposals are facing early challenges due to a convergence of social, technical, and economic factors that are impacting the scaling of the Bitcoin network. These challenges include the need for better infrastructure, the impact of high fees, and the importance of innovative designs to enhance the user experience and facilitate interoperability between different layers.
2. Exploring Bitcoin Layer 2 Possibilities: Bitcoin's secondary layers, also known as layer 2 (L2) solutions, are designed to enhance the scalability and functionality of the Bitcoin blockchain by processing transactions externally and then sending them back to the blockchain for confirmation. These L2 solutions, such as the Lightning Network, Rootstock, Liquid Network, RGB, and Stacks Protocol, offer advanced features like smart contracts, improved privacy, and decentralized identity and access solutions, which can significantly expand the use cases of Bitcoin beyond currency transactions.
3. Rebar Labs Tackles Bitcoin MEV: Rebar Labs, a team of seasoned veterans from the cryptocurrency industry, has raised $2.9 million in seed funding to tackle the emerging challenges posed by on-chain Maximal Extractable Value (MEV) in Bitcoin. The company plans to enhance the Bitcoin ecosystem by focusing on infrastructure, products, and research, aiming to mitigate the impact of diminishing block rewards and ensure a more equitable and transparent ecosystem.
4. Hut 8 Secures $150 Million: Hut 8, a prominent Bitcoin mining company, has secured a $150 million investment from Coatue Management to develop AI-related infrastructure, reflecting a growing trend of AI firms seeking power and infrastructure from Bitcoin miners. The investment, made through convertible notes with an 8% annual interest rate, is expected to close by July 11, 2024, and will help Hut 8 position itself as a leader in the AI infrastructure market.
5. Strike CEO Says $1M Bitcoin Reasonable: Strike CEO Jack Mallers projected that Bitcoin could hit $1 million per coin, citing a possible bonds market bailout and central banks printing money to prop up the bond markets, which would fuel BTC. Despite this bullish outlook, Bitcoin faced short-term selling pressure due to Germany and Mt Gox planning to dump significant amounts of Bitcoin.

🧑‍⚖️ Policy & Regulation

1. U.S. Government Moves Seized Bitcoin: The U.S. government transferred 3,940 Bitcoin, worth approximately $240 million, from a convicted drug trafficker to a Coinbase Prime wallet on June 26, 2024, adding to recent selling pressure on Bitcoin. This transfer coincided with a slight drop in Bitcoin’s price, which fell below $61,000, and the U.S. government still holds approximately 213,546 Bitcoin, valued at around $13 billion.
2. President Biden is hostile to Bitcoin: Marathon Digital Holdings CEO Fred Thiel believes that President Joe Biden's administration is hostile to Bitcoin, citing efforts such as "Operation Choke Point 2.0" and regulatory hurdles imposed by the SEC, which could harm the crypto industry. In contrast, former President Donald Trump has positioned himself as a pro-bitcoin candidate, gaining support from crypto enthusiasts and influential figures like the Winklevoss twins.
3. Rep. Gaetz Proposes Bitcoin Tax Payments: Rep. Matt Gaetz has introduced a bill that would allow Americans to pay their federal income taxes using Bitcoin, aiming to promote innovation, increase efficiency, and offer more flexibility to taxpayers. The bill would require the U.S. Treasury to establish a program for Bitcoin tax payments, outlining specific requirements for accepting Bitcoin, converting it to dollars, and managing related non-tax issues.

🌈 Adoption

1. Nubank Integrates Lightning Network Today: Nubank, Brazil's largest fintech bank, has partnered with Lightspark to integrate the Bitcoin Lightning Network into its Nu app, aiming to provide faster and cheaper transactions for its 100 million users. The integration will also involve the development of Universal Money Addresses (UMA) to streamline transactions and enhance the overall user experience.
2. Palestinian Taxi Driver Saves Civilians Gaza: Yusef Mahmoud, a Palestinian taxi driver, has been using Bitcoin to collect donations for civilians trapped in Gaza, demonstrating the cryptocurrency's potential for humanitarian aid. This initiative highlights the power of Bitcoin in facilitating global transactions and supporting those in need, aligning with the original vision of the cryptocurrency.
3. Strike Launches in the UK Now: Strike, a popular Bitcoin payments app, has officially launched its services in the United Kingdom, offering features like Lightning Network transactions and global remittances, and now operates in over 100 countries and territories globally. To comply with UK regulations, users must pass an "Appropriateness Assessment" quiz about Bitcoin risks and are classified as either "Restricted investors" or "High net worth investors" based on their investment criteria.

🧠 Decentralization

1. Alex Lab Attributes $4 Million Exploit: Bitcoin DeFi protocol Alex Lab attributes a $4 million exploit to North Korea's Lazarus Group, a notorious cyber-hacking entity, after identifying substantial transaction evidence linking the attack to the group. The exploit, which occurred in May, involved compromised private keys obtained via a phishing attack, resulting in the loss of around $4.3 million in assets, with some of the stolen funds currently frozen on centralized exchanges.

📅 Bitcoin Events Coming Up

Bitcoin 2024

🗓️ When: July 25-27, 2024
📍 Where: Music City Center, South Nashville, Tennessee
This three-day event aims to accelerate hyperbitcoinization across various sectors like finance and art and culture. It is expected to have over 20,000 attendees and represent more than 2,000 companies. The event includes Industry Day and conference sessions, bringing together sponsors, businesses, enthusiasts, and open-source contributors to build and expand their network.

CryptoMondays Geneva Meetup

🗓️ When: July 1, 2024
📍 Where: Brasserie des Halles de L’île, Place de l’île 1, 1204 Genève
This meetup provides a platform for attendees to connect, learn, and grow with the vibrant crypto community. It includes discussions on blockchain and cryptocurrency, offering a great opportunity for networking.

CryptoMondays Lisbon x ICP – Exploring the Fusion of AI and Web3

🗓️ When: July 1, 2024
📍 Where: Lisbon
This event brings together industry leaders and entrepreneurs to explore the transformative potential of AI and Web3. It covers regulatory challenges and ethical implications to ensure a responsible and sustainable technological future.

CryptoMondays San Juan

🗓️ When: July 1, 2024
📍 Where: George Music Lounge, 15 Av. Luis Muñoz Marín, San Juan
This weekly meetup involves panels discussing Bitcoin, blockchain, fintech, entrepreneurship, and startup culture. It also includes networking opportunities and socializing.

CryptoMondays NYC Meetup

🗓️ When: July 1, 2024
📍 Where: New York City
This meetup offers a platform for like-minded individuals to connect, network, and have fun while discussing digital currency and blockchain technology. It includes a fireside chat and plenty of time for networking.

CryptoMondays Phoenix Meetup

🗓️ When: July 1, 2024
📍 Where: Santisi Brothers Sports Grill and Pizzeria, Phoenix, AZ
This meetup celebrates a new year and new location for the Phoenix chapter of Crypto Mondays. It provides a casual setting for networking and discussing the latest trends in Web3.

CryptoMondays Palo Alto Networking and Web3 Chat

🗓️ When: July 1, 2024
📍 Where: The Rose and Crown, Palo Alto, CA
This meetup offers a relaxed setting for individuals interested in Web3 to network, enjoy drinks, and discuss the latest trends in the field.

CryptoMondays Santa Barbara Meetup

🗓️ When: July 1, 2024
📍 Where: Santa Barbara, CA
This meetup provides a welcoming environment for crypto enthusiasts to discuss, learn, network, and explore opportunities in the field. It often includes good beer and engaging conversations.

Solana Speedrun 3 – Game Jam Hackathon Berlin

🗓️ When: June 29-July 5, 2024
📍 Where: w3.hub Berlin
This recurring Game Jam Hackathon on Solana brings developers together to create games from scratch within a limited time frame. It includes two days of in-person activation at the w3.hub Berlin.

NFTuesday at El Cid in Silverlake

🗓️ When: Every Tuesday
📍 Where: El Cid in Silverlake, Los Angeles, CA
This weekly meetup is for NFT enthusiasts and the NFT curious. It includes a different speaker each week discussing various NFT projects, providing a great opportunity for networking and learning.

BTC Sessions - Bitcoin Education

🗓️ When: Monthly sessions
📍 Where: Calgary, AB
These monthly sessions, hosted by Ben Perrin, cover various aspects of Bitcoin, including wallets, security, and privacy. They are designed for small groups of five attendees and provide a great opportunity for learning and networking.

The SAT Market - Goods/Services for Bitcoin + Cash

🗓️ When: July 1, 2024
📍 Where: Deerfoot Inn and Casino, Calgary, AB
This quarterly event is a peer-to-peer local market where local businesses and individuals can buy and sell goods and services for both Bitcoin and cash. It includes educational sessions and support for new attendees.

BitBlockBoom Bitcoin Meet-Ups

🗓️ When: Various dates
📍 Where: Dallas, TX
These meetups, hosted by Gary Leland the Bitcoin Boomer, welcome anyone interested in Bitcoin, individual sovereignty, and decentralization. They provide a platform for connecting with others who share similar interests and include a variety of socials and speaking engagements.

🤔🤔 Wanna learn more? Check out the BLOCKTALK!