18/08/2024. Weekly CryptoNews Digest (August, 12 – August, 18)

Welcome back to the MNO blog everyone, your crypto companion since 2007! With summer winding down, you might be wondering what’s next for the HYIP industry. Here at MNO, I always believe autumn could bring a surge of exciting new programs. Stay tuned, because I’m always keeping a close eye on developments and bringing you the latest additions as soon as they launch.

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Partnering with MNO gives you a serious edge in the crypto game. I like to share the knowledge and support you need to make smart choices and achieve your financial goals. So, recharge those batteries, and let’s dive into the biggest crypto happenings from August 12th to August 18th, 2024 in our Weekly CryptoNews Digest!

DUBAI COURT RULES IN FAVOR OF SALARIES PAYMENT IN CRYPTO

The Dubai International Financial Centre (DIFC) Court has made a landmark ruling, allowing employees to receive their salaries in cryptocurrency. This decision marks a significant shift in the way salaries are paid in the region, and it is expected to have a positive impact on the growth of the cryptocurrency industry in Dubai. The ruling came in response to a case filed by a company that had agreed to pay its employee’s salary in cryptocurrency, but the employee’s bank refused to process the payment.

The court’s decision is seen as a major victory for the employee, who will now be able to receive his salary in the form of cryptocurrency. This ruling is also expected to pave the way for more companies to adopt cryptocurrency as a form of payment for their employees. The use of cryptocurrency as a form of payment is becoming increasingly popular, and this ruling is expected to encourage more businesses to adopt this trend. The court’s decision is also seen as a major boost for the cryptocurrency industry in Dubai, which is already a major hub for fintech and blockchain companies.

The implications of this ruling are far-reaching, and it is expected to have a significant impact on the way salaries are paid in the region. It is also expected to attract more foreign investment and talent to Dubai, as the city becomes a more attractive destination for those interested in the cryptocurrency industry. The ruling is also seen as a major step forward for the development of a more digital and cashless economy in Dubai, and it is expected to pave the way for more innovative payment solutions in the future.

BITCOIN ETF ADOPTION SURGES 21% IN Q2 2024

According to a recent report, institutional investors have increased their adoption of Bitcoin exchange-traded funds (ETFs) by 21% in the second quarter of 2024, marking a significant milestone for the cryptocurrency market. This surge in adoption is attributed to the growing recognition of Bitcoin as a store of value and a hedge against inflation, as well as the increasing mainstream acceptance of cryptocurrencies. The report highlights that the total assets under management (AUM) of institutional Bitcoin ETFs have reached a new high, with many investors seeking to diversify their portfolios by allocating a small percentage of their assets to Bitcoin.

The growth in institutional adoption is also driven by the development of more sophisticated investment products, such as leveraged and inverse ETFs, which allow investors to gain exposure to Bitcoin’s price movements without having to hold the underlying asset. Additionally, the increasing availability of Bitcoin ETFs on major stock exchanges, such as the New York Stock Exchange (NYSE) and the Chicago Mercantile Exchange (CME), has made it easier for institutional investors to access the cryptocurrency market. The report notes that many institutional investors, including pension funds, endowments, and family offices, are now actively exploring the possibility of investing in Bitcoin and other cryptocurrencies as a way to diversify their portfolios and potentially generate higher returns.

The surge in institutional adoption is expected to have a significant impact on the cryptocurrency market, as it is likely to drive increased demand for Bitcoin and other cryptocurrencies. This, in turn, could lead to higher prices and increased liquidity, making it easier for individual investors to buy and sell cryptocurrencies. The report also notes that the growing institutional adoption of Bitcoin ETFs is likely to lead to increased regulatory scrutiny and oversight, which could ultimately lead to greater clarity and stability for the cryptocurrency market. As the adoption of Bitcoin ETFs continues to grow, it is likely that we will see even more institutional investo

WINKLEVOSS BLASTS HARRIS CRYPTO TOWN HALL AS “CLOWN SHOW”

Tyler Winklevoss, a prominent figure in the crypto industry and co-founder of Gemini, has publicly criticized a recent town hall event aimed at garnering crypto support for Kamala Harris’ presidential campaign. Winklevoss took to social media to label the event a “clown show,” expressing his disappointment and skepticism about the crypto industry’s involvement in the political arena. His strong words highlight the ongoing tension between the crypto community and traditional politics, as well as the industry’s search for a clear and supportive regulatory framework.

The “Crypto For Harris” town hall was intended to showcase the Democratic party’s openness to the crypto industry and to secure support from influential figures within the sector. However, the event fell short of expectations, with many attendees and industry leaders expressing frustration over the lack of concrete policy proposals and the absence of Vice President Harris herself. Winklevoss’ criticism further underscores the challenges faced by politicians in bridging the gap between the rapidly evolving crypto world and traditional political discourse.

Winklevoss’ comments have ignited a broader conversation about the future of crypto regulation and its relationship with the government. As the 2024 U.S. presidential election approaches, the crypto industry is closely watching the campaigns of both major parties for signs of a clear regulatory stance. The outcome of the election could have significant implications for the future of digital assets in the United States.

BERNSTEIN UPGRADES FOUR BITCOIN MINERS TO ‘OUTPERFORM’

Investment research firm Bernstein has issued a bullish outlook on the Bitcoin mining industry, upgrading four key players to an “Outperform” rating. Riot Platforms, CleanSpark, IREN (formerly known as Iris Energy), and Core Scientific are the companies favored by Bernstein analysts, who believe these firms are well-positioned to outperform the broader market. This positive assessment comes amidst a backdrop of increased regulatory scrutiny and market volatility in the cryptocurrency sector.

The upgrade reflects Bernstein’s confidence in the long-term viability of Bitcoin mining and the potential for significant returns for investors in the sector. The four companies highlighted in the report are seen as having strong fundamentals, including efficient operations, access to low-cost energy, and robust financial positions. Bernstein’s bullish stance could have a positive impact on the stock prices of these companies and potentially boost investor sentiment towards the Bitcoin mining industry as a whole.

However, it’s important to note that the Bitcoin mining industry is subject to various risks, including fluctuations in Bitcoin’s price, increasing energy costs, and the potential for stricter regulations. While Bernstein’s upgrade is a positive development, investors should conduct thorough due diligence before making investment decisions and be aware of the inherent risks associated with the cryptocurrency market.

AI BOOSTS LAYER-2 NETWORK EFFICIENCY

Layer-2 networks, which are designed to enhance the scalability and efficiency of blockchain platforms, are increasingly turning to artificial intelligence (AI) to optimize their operations. By integrating AI, these networks can process transactions faster, reduce costs, and improve overall performance. This strategic move comes as the demand for blockchain applications continues to grow, placing immense pressure on existing infrastructure.

AI can be applied to various aspects of layer-2 networks, including transaction validation, network congestion management, and fraud detection. For instance, AI algorithms can analyze transaction patterns to identify potential fraudulent activities, protecting users and maintaining the integrity of the network. Additionally, AI can help optimize resource allocation, ensuring that network capacity is utilized efficiently and effectively.

The integration of AI into layer-2 networks represents a significant step forward in the evolution of blockchain technology. By leveraging the power of AI, these networks can overcome the scalability challenges that have hindered the widespread adoption of blockchain applications. This development has the potential to unlock new opportunities for businesses and individuals alike, as it enables the creation of more complex and sophisticated decentralized applications.

BYBIT EXPANDS INTO ARGENTINA AS VIRTUAL ASSET PROVIDER

Cryptocurrency exchange Bybit has made a significant move by securing registration as a Virtual Asset Service Provider (VASP) in Argentina. This official recognition allows the platform to operate legally within the country’s regulatory framework. The move comes as Argentina has been taking steps to regulate the cryptocurrency industry, aiming to balance innovation with consumer protection and financial stability.

Argentina’s economic climate, characterized by high inflation, has made cryptocurrencies an attractive alternative for many residents. Bybit’s decision to establish a presence in the country highlights the growing importance of the Latin American market for cryptocurrency exchanges. The platform’s registration is expected to boost its user base and trading volume in the region.

Bybit’s VASP registration in Argentina signifies its commitment to adhering to local anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. This regulatory compliance is crucial for building trust among users and fostering a secure trading environment. As the cryptocurrency industry continues to mature, obtaining licenses and complying with regulatory standards is becoming increasingly important for exchanges seeking to operate in a sustainable manner.

That’s a wrap for another wild week in crypto! I couldn’t have done it without my amazing community. Your passion fuels the mission! Don’t forget to share your thoughts in our MNO TalkBack poll. Your input shapes our content.

Take a break and recharge this weekend. August is intense, but we know you can handle it.

See you next Sunday for another round of crypto news in the next Weekly CryptoNews Digest on MNO. Until then, keep hustling and growing your portfolio! MNO – For Money Lovers!

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