Bitcoin Price: US$ 57,583.82 (-1.99%)
Ethereum Price: US$ 2,569.89 (-3.44%)
Riot Platforms has increased its stake in Bitfarms to 18.9% by acquiring an additional one million shares, part of a strategy to influence changes within the Canadian Bitcoin mining firm, including pushing for more independent board members. In the U.S., Senator Ted Cruz disclosed buying up to $100,000 worth of Bitcoin as part of his personal holdings, following a recent endorsement by the Texas Blockchain Council, amidst growing political focus on crypto. Meanwhile, venture capital funding in the crypto sector saw a significant rise in July, despite increased caution among investors, with notable investments in startups like Parfin and Andrena, the latter securing $18 million for a decentralised wireless internet network. Additionally, Blockscout raised $3 million for its open-source EVM block explorer, while game developer Cartridge closed a $7.5 million Series A round led by BITKRAFT Ventures to support blockchain-based gaming development.
Germany’s Federal Office for Information Security (BSI) has emphasised that hardware wallets are the most secure method for storing private keys, advising against the use of exchange-linked and self-custodial wallets due to their susceptibility to hacking. Meanwhile, a 2024 Chainalysis report reveals a rise in crypto hacks, with a significant increase in the total value stolen, while July saw high-profile attacks including the $235 million hack of the WazirX exchange and disruptions to the Casper Network. In Argentina, Bybit has received registration as a virtual asset service provider, marking a compliance milestone amid the country’s growing crypto adoption and regulatory developments. Additionally, major asset managers such as Goldman Sachs and Capula Management were prominent buyers of Bitcoin ETFs in Q2 2024, reflecting the significant and ongoing institutional interest in cryptocurrency investments.
NYSE American and Nasdaq ISE have withdrawn several requests for rule changes intended to facilitate the listing of options on Bitcoin and Ether ETFs, highlighting ongoing regulatory hurdles and reflecting broader caution from regulators, particularly following the SEC’s request for additional review time. Concurrently, Bitcoin funding rates on Binance have plummeted to year-to-date lows, indicating a bearish market sentiment with a rising demand for short positions. Despite this negative trend, spot Bitcoin ETFs have experienced positive inflows, and institutional adoption surged by 27% in Q2 2024. However, Bitcoin’s price remains below $60,000, and ETF inflows have shown signs of stagnation.
The Dubai Court of First Instance has recently affirmed the validity of salary payments in cryptocurrency, reflecting a progressive stance on integrating digital currencies into the UAE’s legal framework. This decision marks a shift from a previous denial in 2023 due to valuation issues, indicating broader acceptance of crypto in employment contracts and setting a positive precedent for digital currency integration. Meanwhile, South Korea’s National Pension Service, the world’s third-largest public pension fund, has purchased nearly $34 million in MicroStrategy shares, further underscoring its significant investments in cryptocurrency-related assets. Additionally, the creators of Bitcoin Virtual Machine (BitVM) have introduced BitVM2, a new sidechain that enhances the system with permissionless transaction challenges and improved efficiency, aiming to scale Bitcoin without altering its core consensus rules.
Source: https://cointelegraph.com
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