23/06/2024. Weekly CryptoNews Digest (June, 17 – June, 23)

Welcome back everyone to the MNO blog, your one-stop shop for all things crypto since 2007! You probably know by now my popular Weekly CryptoNews Digest, bringing you the week’s hottest crypto happenings.

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Now, buckle up for a ride through the top crypto news from June 17th to 23rd, 2024! We’ll be exploring exciting breakthroughs, innovative investment ideas, and the most impactful events that caught my eye. Let’s dive into the crypto world, together!

BITCOIN RECLAIMS BLOCKCHAIN DOMINANCE POST-BTC HALVING

Bitcoin’s blockchain has reclaimed its dominance in the cryptocurrency space following the recent halving event. The blockchain’s bandwidth usage has surpassed 90%, driven by the introduction of new token standards and increased transaction volume.

The halving event, which occurred on May 11, reduced the block reward for miners from 12.5 BTC to 6.25 BTC. This reduction in block reward has led to a decrease in the number of transactions processed on the blockchain, which in turn has led to a decrease in the overall bandwidth usage.

However, the introduction of new token standards and increased transaction volume has helped to offset the decrease in bandwidth usage. The new token standards, such as the Lightning Network, have enabled faster and more efficient transactions, which has led to an increase in the number of transactions processed on the blockchain.

The increased transaction volume has also been driven by the growing adoption of Bitcoin as a store of value and a medium of exchange. As more investors and merchants begin to use Bitcoin, the demand for transactions on the blockchain has increased, leading to a surge in bandwidth usage.

The reclaiming of blockchain dominance by Bitcoin is a significant development in the cryptocurrency space. It demonstrates the resilience and adaptability of the Bitcoin network, which has been able to withstand the challenges posed by the halving event.

The increased bandwidth usage on the Bitcoin blockchain is also a sign of the growing maturity of the cryptocurrency market. As more investors and merchants begin to use Bitcoin, the demand for transactions on the blockchain will continue to increase, leading to further growth and development in the cryptocurrency space.

The reclaiming of blockchain dominance by Bitcoin is a significant milestone in the cryptocurrency space, and it is likely to have a positive impact on the overall market. It demonstrates the ability of the Bitcoin network to adapt to changing circumstances and to continue to grow and develop in the face of challenges.

SEC DROPS INVESTIGATION INTO ETHEREUM, CLEARING WAY FOR MASSIVE PRICE INCREASE

Last week the Securities and Exchange Commission (SEC) dropped its investigation into whether Ethereum, the second-largest cryptocurrency by market capitalization, is a security. This development has sent a positive signal to the cryptocurrency market, and many analysts are now predicting a bright future for Ether’s price.

The SEC’s decision to withdraw the case is seen as a major victory for the cryptocurrency community, as it clears the way for Ethereum to operate freely without the threat of regulatory action. This news has boosted investor confidence, and many are now expecting a significant increase in Ether’s price.

One of the main factors driving the positive outlook for Ether’s price is the increased adoption of decentralized finance (DeFi) applications. DeFi apps are built on the Ethereum blockchain and allow users to lend, borrow, and trade cryptocurrencies in a decentralized manner. As more users turn to DeFi apps, the demand for Ether is likely to increase, driving up its price.

Another factor that could drive up Ether’s price is the growing interest in non-fungible tokens (NFTs). NFTs are unique digital assets that can represent anything from art to collectibles. They are built on the Ethereum blockchain and are becoming increasingly popular, with many artists and collectors looking to create and trade NFTs.

The SEC’s decision to drop the investigation has also sent a positive signal to institutional investors, who have been hesitant to invest in cryptocurrencies due to regulatory uncertainty. With the SEC’s blessing, institutional investors may now be more willing to invest in Ethereum and other cryptocurrencies, which could drive up their prices.

In terms of specific price predictions, many analysts are expecting Ether’s price to increase significantly in the coming months. Some are predicting that Ether could reach $1,000 or more by the end of the year, while others are more conservative in their predictions, expecting a more gradual increase in price.

Overall, the SEC’s decision to drop the investigation into Ethereum’s status as a security has sent a positive signal to the cryptocurrency market, and many analysts are now predicting a bright future for Ether’s price. As the demand for DeFi apps and NFTs continues to grow, and institutional investors become more comfortable investing in cryptocurrencies, Ether’s price is likely to continue to rise.

MICHAEL DELL’S CRYPTIC TWEET SENDS BITCOIN COMMUNITY INTO A FRENZY

Michael Dell’s recent post on Twitter “Scarcity creates value,” a phrase often associated with Bitcoin due to its supply cap of 21 million tokens against rising demand has sent shockwaves through the cryptocurrency community, with many speculating that he may be planning to make a massive purchase of Bitcoin. This speculation was further fueled by the fact that Dell had recently cashed out $2.1 billion from his Dell Technologies Class C common stock holdings, leaving many to wonder what he plans to do with the funds.

As a result, many are now speculating that Dell may be planning to use the funds to make a significant investment in Bitcoin, potentially even buying up a large portion of the cryptocurrency. This would be a significant move, not only for Dell’s personal wealth but also for the overall market, as it would likely have a significant impact on the price of Bitcoin. While there is no concrete evidence to support these claims, the speculation has sent the price of Bitcoin surging, with many investors hoping that Dell will indeed make a major purchase.

It’s worth noting that Dell has not publicly confirmed any plans to invest in Bitcoin, and it’s possible that his post was simply a nod to the cryptocurrency rather than a signal of an impending purchase. However, the speculation has certainly generated a lot of excitement and attention in the cryptocurrency community, and it will be interesting to see if Dell does indeed make a move in the market. Regardless of what happens, the speculation has already had a significant impact on the price of Bitcoin, and it will be worth keeping an eye on the situation to see how it develops.

WINKLEVOSS TWINS PLEDGE $2 MILLION TO TRUMP CAMPAIGN

The Winklevoss twins, Cameron and Tyler, have made headlines again with their latest political donation. In a surprise move, the twins have pledged $2 million to support Donald Trump’s re-election campaign, citing their belief that Trump is the best choice for the cryptocurrency industry.

Tyler Winklevoss, in particular, has been vocal about his support for Trump, claiming that anyone who disagrees with his stance is “delusional.” He has also accused Joe Biden, Trump’s Democratic opponent, of waging a “war on crypto” and being hostile to the industry.

The Winklevoss twins have been long-time supporters of Trump, and have previously donated to his campaign. However, their latest pledge is significant, as it is one of the largest donations to Trump’s campaign from a single individual or entity.

The twins’ support for Trump is likely due to his perceived pro-business and pro-growth policies, which they believe would be beneficial for the cryptocurrency industry. They have also praised Trump’s efforts to roll back regulations on the industry, which they see as a positive step towards greater freedom and innovation.

However, not everyone is pleased with the Winklevoss twins’ decision to support Trump. Many in the cryptocurrency community have criticized their stance, arguing that Trump’s policies are not in the best interests of the industry. Others have accused the twins of being out of touch with the values of the community, which is often characterized by its progressive and socially conscious views.

Despite the controversy, the Winklevoss twins remain committed to their support for Trump. In a statement, they said: “We believe that Donald Trump is the best choice for the cryptocurrency industry and for the country. He has a proven track record of supporting business and innovation, and we believe that he will continue to do so if re-elected.”

The Winklevoss twins’ donation is likely to be seen as a significant boost to Trump’s campaign, and may help to sway undecided voters in the cryptocurrency community. However, it remains to be seen whether their support will ultimately make a difference in the outcome of the election.

CANADA’S RETAIL CRYPTO MARKET BOOMS AS WONDERFI SWALLOWS UP COMPETITORS

WonderFi, a Canadian crypto platform, has made a significant splash in the country’s retail crypto market by acquiring several of its competitors. The move is expected to drive growth and increase market share for WonderFi, as it becomes one of the largest players in the Canadian crypto space.

The acquisition spree is attributed to a combination of market factors and regulatory developments. The Canadian government has been actively promoting the adoption of cryptocurrencies, and the country’s financial regulators have been working to create a more favorable environment for crypto businesses.

The Canadian retail crypto market has seen significant growth in recent months, driven by increased adoption and investment. The country’s financial regulators have been actively engaging with crypto companies to provide guidance and support for their operations. The Bank of Canada has also been conducting research on the potential benefits and risks of central bank digital currencies (CBDCs), which could potentially be introduced in the future.

WonderFi’s acquisition spree is a sign of the growing maturity of the Canadian crypto market. Analysts expect to see more consolidation in the coming months as companies look to scale and increase their market share. The Canadian government’s efforts to promote the adoption of cryptocurrencies and the regulators’ work to create a more favorable environment for crypto businesses are driving growth and innovation in the market.

The Canadian crypto market is expected to continue growing in the coming months, driven by increased institutional investment and the introduction of new crypto products and services. As the market continues to evolve, WonderFi is well-positioned to take advantage of the opportunities and solidify its position as a major player in the Canadian crypto space.

NIGERIA SEC ISSUES NEW RULES AND COMPLIANCE PROGRAM FOR DIGITAL ASSETS

The Securities and Exchange Commission (SEC) in Nigeria has announced new rules and a compliance program for digital assets, including cryptocurrencies and other virtual assets. The new regulations aim to improve compliance and ensure that companies operating in the digital assets space are in line with regulatory requirements.

According to the circular issued by the SEC, all Virtual Asset Service Providers (VASPs) operating in Nigeria are required to apply for registration with the commission. The application process is intended to ensure that VASPs comply with relevant laws and regulations, including anti-money laundering and combating the financing of terrorism (AML/CFT) requirements.

The circular also outlines specific requirements for VASPs, including the need to maintain accurate records, conduct regular audits, and implement effective AML/CFT measures. VASPs are also required to appoint a compliance officer and to have a written compliance program in place.

The deadline for VASPs to complete the application process is 30 days from the circular date, which means that companies operating in the digital assets space have until then to comply with the new regulations. Failure to comply with the new rules may result in penalties, fines, or even the revocation of registration.

The SEC’s move is seen as a major step towards regulating the digital assets space in Nigeria, which has seen significant growth in recent years. The new regulations are expected to improve transparency and accountability in the industry, and to provide a safer and more secure environment for investors.

The circular also emphasizes the importance of cooperation between the SEC and VASPs, and encourages VASPs to provide feedback and suggestions on the new regulations. The SEC has also committed to providing guidance and support to VASPs as they navigate the new regulations.

Overall, the new regulations are seen as a positive development for the digital assets space in Nigeria, and are expected to promote a more stable and sustainable industry.

That’s it for this week, folks! A huge thank you to everyone in the MNO community for staying informed with my blog. Here’s to a fantastic weekend and a prosperous week ahead – you deserve every success!

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