Bitcoin Price: US$ 60,809.78 (+2.69%)
Ethereum Price: US$ 3,245.08 (+2.18%)
During the recent market downturn, Bitcoin whales aggressively accumulated 71,000 Bitcoin, valued at $4.3 billion, marking the fastest stacking rate since April 2023, according to CryptoQuant and IntoTheBlock data. While smaller traders were selling off assets, a notable increase in wallets holding at least 10 Bitcoin suggests optimism for long-term bullish trends. In a surprising move, a dormant whale transferred 1,000 Bitcoin after 12 years. Bitcoin itself has experienced fluctuations influenced by Mt. Gox creditor sell-offs and German government divestment, despite recent signs of recovery partly fuelled by Donald Trump’s upcoming appearance at a Nashville Bitcoin conference following an assassination attempt. Meanwhile, in Nigeria, the DecaHack event at the University of Ibadan, led by Adedayo Adebajo of the Internet Computer Protocol (ICP) Hub Sahara, emphasised blockchain engagement among youth. The event underscored blockchain’s potential to enhance global competitiveness and foster innovation across Africa. Ucheena Agams, Web3 ambassador for Arbitrum, addressed blockchain interoperability, emphasising the crucial role of front-end development in making blockchain more accessible and user-friendly. This initiative aims to empower Nigerian youths through education, mentorship, and equity-free grants, preparing them for success in the dynamic digital economy.
In Nigeria, Binance’s tax evasion trial verdict is scheduled for October 11, following pleas of not guilty entered by its lawyer to charges of failure to register with Nigerian tax authorities. The case’s adjournment allows for further preparation by both defence and prosecution, amidst ongoing legal manoeuvres and regulatory scrutiny over cryptocurrency trading’s impact on Nigeria’s economy and security. Meanwhile, in the United States, spot Bitcoin exchange-traded funds (ETFs) saw a significant influx of over $310 million on July 12, marking the highest since early June, with major funds like BlackRock’s iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund leading the inflows, indicating strong investor interest despite recent market volatility. Concurrently, Soccerverse, a blockchain-based football MMO, secured a $3.1 million funding round led by Square-Enix, positioning itself to integrate Web3 functionality and expand its global player base amidst competition from mainstream football management sims.
In Germany, the government finalised the sale of its remaining Bitcoin holdings on July 12, transferring 3,846 Bitcoin to institutional services after weeks of gradual divestment that pushed Bitcoin’s price below the $60,000 mark. Concurrently, institutional investors in the United States bucked recent trends by injecting $295 million into Bitcoin exchange-traded funds (ETFs) during the week of July 8, signalling renewed confidence amid market volatility. Additionally, trading platform Abra’s acquisition of Valkyrie’s private crypto trusts in May 2024 positions it for potential public listing, navigating ongoing regulatory scrutiny following a settlement with U.S. state financial regulators. In regulatory developments, the U.S. Securities and Exchange Commission concluded a three-year investigation into Hiro Systems, the developer of Bitcoin’s Stacks layer-2 blockchain, opting against enforcement action. This decision reflects Hiro’s adherence to U.S. securities laws since its token sales from 2017 to 2019, occurring against a backdrop of judicial constraints on regulatory actions affecting crypto firms like Ripple, Binance, Kraken, and Coinbase.
Source: https://cointelegraph.com
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