14/07/2024. Weekly CryptoNews Digest (July, 08 – July, 14)

Welcome back to the MNO blog, your go-to crypto resource since 2007. As the summer sun beats down I’m excited to bring you another week’s worth of crypto insights. Just like a refreshing oasis in the desert, I aim to provide clarity and guidance in the dynamic crypto landscape.

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By staying connected with MNO, you’ll gain valuable insights and make informed decisions. So, grab your favorite summer drink and let’s explore the most significant crypto events from July 8th to July 14th, 2024.

BITCOIN TRADERS ON HIGH ALERT AS PRICE SURGES TO 10-DAY HIGH

Bitcoin traders are growing increasingly cautious as the cryptocurrency’s price has surged to a 10-day high of $60,400. This sudden uptick has led many to speculate that a bear trap may be forming, where a brief rally is used to lure in unsuspecting buyers before a sharp decline. The concept of a bear trap is based on the idea that bears (sellers) are waiting for a specific price level to be reached before initiating a sell-off, and that bulls (buyers) are being lured in by the temporary price increase.

As the price of Bitcoin approaches the $60,400 mark, traders are becoming increasingly wary of getting caught in a bear trap. Some are choosing to take profits and lock in gains, while others are opting to reduce their exposure to the market. This cautious approach is likely due to the fact that the cryptocurrency’s price has been trending downward over the past few weeks, and many are hesitant to get caught off guard by a sudden reversal.

Despite the growing caution, some traders remain optimistic about the prospects for Bitcoin. They point to the fact that the cryptocurrency’s price has been able to break through several key resistance levels in recent days, and that the momentum behind the rally is still building. However, for now, many are choosing to err on the side of caution and wait for further confirmation before making any significant moves in the market.

TRUMP MEMECOIN SOARS 52% AFTER ASSASSINATION ATTEMPT

The memecoin inspired by Donald Trump has seen a significant surge in value, rising by 52% following an assassination attempt on the former US President. The coin, which is not officially affiliated with Trump, has been gaining traction in recent weeks as a symbol of the former President’s enduring popularity. The last night’s ssassination attempt has only added to the coin’s appeal, with many investors seeing it as a way to capitalize on the increased attention and publicity surrounding Trump’s name.

The coin’s value has been steadily increasing over the past few weeks, but the assassination attempt has given it a significant boost. The incident has sparked widespread outrage and concern for Trump’s safety, and the memecoin has become a way for investors to express their support for the former President. The coin’s creators have been quick to capitalize on the increased attention, releasing a statement condemning the assassination attempt and pledging to donate a portion of the coin’s proceeds to a charity supporting Trump’s favorite causes.

As the coin’s value continues to rise, many are left wondering if the assassination attempt was a deliberate attempt to manipulate the market. While there is no concrete evidence to support this claim, the sudden and significant increase in the coin’s value has raised eyebrows among investors and market analysts. Regardless of the motivations behind the assassination attempt, it is clear that the memecoin has become a hot topic in the world of cryptocurrency, with many investors eager to get in on the action.

SEC ASKED TO INVESTIGATE OPENAI OVER ALLEGED ILLEGAL NDAS

A group of whistleblowers has asked the Securities and Exchange Commission (SEC) to investigate OpenAI, a leading artificial intelligence research organization, over allegations that it has been using non-disclosure agreements (NDAs) that are illegal and potentially violate federal securities laws. The whistleblowers claim that OpenAI has been using NDAs to silence employees and contractors who have attempted to speak out about the company’s business practices, including its handling of sensitive data and its relationships with investors.

The whistleblowers, who are reportedly former employees and contractors of OpenAI, claim that the company has been using NDAs to prevent employees from sharing information about the company’s financial performance, its relationships with investors, and its handling of sensitive data. They also claim that the company has been using NDAs to silence employees who have attempted to speak out about the company’s business practices, including its handling of sensitive data and its relationships with investors. The whistleblowers are seeking an investigation by the SEC to determine whether OpenAI has violated federal securities laws by using NDAs that are illegal and potentially violate federal securities laws.

The allegations against OpenAI are serious and could have significant implications for the company and its investors. If the SEC finds that OpenAI has violated federal securities laws by using illegal NDAs, the company could face fines and penalties, and its investors could potentially lose their investments. The allegations also raise questions about the company’s business practices and its handling of sensitive data, and could potentially damage the company’s reputation and credibility.

GERMANY’S BITCOIN RESERVES PLUMMET BY 9,000 BTC IN JUST 3 WEEKS

Germany’s Bitcoin reserves have taken a significant hit just three weeks after it started selling the cryptocurrency. According to reports, Germany had around 9,000 Bitcoin left in its reserves, a significant drop from the initial amount it had. The country’s Bitcoin stack briefly dipped below 5,000 BTC after a large amount of funds was sent to popular cryptocurrency exchanges Coinbase, Bitstamp, and Kraken.

The sudden sell-off has raised concerns among cryptocurrency enthusiasts and experts, who are wondering why Germany is selling its Bitcoin reserves so quickly. Some have speculated that the country may be looking to diversify its assets or use the funds to invest in other cryptocurrencies. Others have suggested that the sell-off may be a result of Germany’s efforts to reduce its exposure to the volatile cryptocurrency market.

Despite the significant drop in its Bitcoin reserves, Germany has since moved some of the funds back to its reserves. The exact amount is not clear, but it’s believed to be a significant portion of the initial amount. The country’s Bitcoin reserves are still a fraction of what they were initially, but the move suggests that Germany may be looking to maintain a presence in the cryptocurrency market. The exact reasons behind Germany’s Bitcoin sell-off remain unclear, but it’s likely to be a topic of discussion among cryptocurrency enthusiasts and experts in the coming weeks.

SUPREME COURT RULING “CHANGES THE GAME” FOR US CRYPTO FIRMS

The Supreme Court‘s recent decision to overturn the Chevron doctrine, which gave federal agencies deference in interpreting ambiguous laws, has significantly impacted the crypto industry. This ruling could lead to increased scrutiny of the SEC’s actions and potentially limit its power to regulate cryptocurrencies as securities. While it might pave the way for clearer regulations, it also increases uncertainty and potential legal battles. Many experts now believe Congress needs to step in with comprehensive crypto legislation. The Chevron doctrine was a legal principle that granted federal courts deference to a federal agency’s interpretation of a statute it was tasked with administering, unless the law was clear or the agency’s interpretation was unreasonable.

The recent Supreme Court ruling has sent shockwaves through the US crypto industry, with many experts hailing it as a major victory for digital asset firms. The ruling, which further solidifies the argument that Congress should regulate Web3, has significant implications for the future of cryptocurrency in the United States. According to industry insiders, the decision effectively “changes the game” for US crypto firms, giving them a clearer path forward in terms of regulatory compliance.

The Supreme Court’s decision is seen as a major blow to the US Securities and Exchange Commission (SEC), which has been aggressively pursuing enforcement actions against crypto firms in recent years. The ruling suggests that the SEC’s authority to regulate digital assets is limited, and that Congress should take the lead in shaping the regulatory landscape for Web3. This development is likely to have far-reaching implications for the crypto industry, as it could lead to a more favorable regulatory environment for US-based firms.

The ruling is also seen as a major victory for the crypto industry’s advocates, who have long argued that Congress should take the lead in regulating digital assets. According to industry experts, the decision is a significant step towards creating a more stable and predictable regulatory environment for Web3, which could help to drive growth and innovation in the sector. As the crypto industry continues to evolve and mature, the Supreme Court’s ruling is likely to play a key role in shaping its future trajectory.

LABOUR VICTORY RENEWS OPTIMISM FOR UK CRYPTO INDUSTRY

The recent Labour Party victory in the UK elections has sent a wave of optimism through the crypto industry, with many experts hailing it as a major boost for the sector. The Labour Party’s election manifesto included a number of pro-crypto measures, including a promise to make the UK “a global leader in tokenization.” This has been seen as a major win for the crypto industry, which has long been seeking greater recognition and support from governments around the world.

The Labour Party’s plans for tokenization, which involves the creation of digital tokens that represent ownership or rights to assets, are seen as a major opportunity for the UK to establish itself as a hub for crypto innovation. The party has promised to create a new regulatory framework for tokenization, which would provide greater clarity and certainty for businesses operating in the sector. This could help to attract more investment and talent to the UK, and could also help to drive growth and innovation in the crypto industry.

The Labour Party’s victory has also been seen as a major blow to the UK’s Conservative Party, which has been criticized for its lack of support for the crypto industry. The Conservative Party has been accused of being too slow to recognize the potential of crypto, and has been criticized for its handling of the sector. In contrast, the Labour Party has been seen as a more pro-crypto force, and its victory is likely to be welcomed by many in the industry. As the UK government begins to implement its new plans for tokenization, the crypto industry will be watching closely to see how things develop.

That’s all for this week’s Weekly CryptoNews Digest! As the July sunshine hots up, let me take a moment to appreciate the past week’s events and express my heartfelt gratitude to each and every one of you, dear MNO community, for your ongoing engagement and enthusiasm. It’s been a pleasure to share the latest crypto updates and insights with you, and I’m thrilled to have you along for the journey.

Before I sign off, don’t forget to cast your vote in the current poll on the MNO TalkBack page. I’ll be sharing the results in a couple of weeks, so be sure to check back in.

As we head into the weekend, take some time to unwind, recharge, and soak up the sunshine. July is a wonderful month, and I’m grateful to be able to share it with all of you.

I’ll return next Sunday with more crypto news, analysis, and insights. Until then, thank you again for being part of the MNO family. Remember to stay informed, stay prosperous, and always keep in mind: MNO – For Money Lovers!