{"id":17529,"date":"2024-07-21T12:58:14","date_gmt":"2024-07-21T18:58:14","guid":{"rendered":"https:\/\/money-news-online.com\/blog\/?p=17529"},"modified":"2024-07-21T12:58:14","modified_gmt":"2024-07-21T18:58:14","slug":"21-07-2024-weekly-cryptonews-digest-july-15-july-21","status":"publish","type":"post","link":"https:\/\/money-news-online.com\/blog\/2024\/07\/21\/21-07-2024-weekly-cryptonews-digest-july-15-july-21\/","title":{"rendered":"21\/07\/2024. Weekly CryptoNews Digest (July, 15 \u2013 July, 21)"},"content":{"rendered":"

Welcome back to the MNO blog<\/strong><\/a>, the leading crypto resource since 2007! Just like your trusted financial compass, MNO has been guiding readers through the ever-changing crypto landscape for over 17 years<\/strong><\/em>.<\/p>\n

Seeking out clear and actionable crypto insights this summer? Look no further! MNO serves as your cool, refreshing oasis in the desert of crypto confusion.<\/strong><\/em><\/p>\n

Before we dive into this week’s hottest crypto news, let’s make sure you’re fully equipped with MNO’s expert knowledge<\/strong><\/em>. Stay ahead of the curve with these powerful tools:<\/p>\n

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By connecting with MNO, you gain a significant advantage in the crypto market.<\/strong> <\/em>Make smarter decisions with valuable insights and unparalleled support from MNO, the industry leader.<\/p>\n

So grab your favorite summer drink, settle in, and let’s explore the most impactful crypto events from July 15th to July 21st, 2024<\/strong> in MNO’s traditional Weekly CryptoNews Digest<\/strong>!<\/p>\n

<\/a>
\nBITCOIN UNAFFECTED BY CROWDSTRIKE OUTAGE <\/span><\/strong><\/p>\n

Earlier his week a faulty software update issued by security giant<\/strong><\/em> CrowdStrike<\/strong> resulted in a massive overnight outage that affected Windows computers worldwide<\/strong><\/em>. The disruption impacted businesses, airports, train stations, banks, broadcasters, and the healthcare sector, causing widespread network failures and the infamous \u201cblue screen of death\u201d on affected systems. Additionally, airport check-in systems, supermarkets, and media companies were among those hit by the chaos caused by the CrowdStrike outage<\/strong><\/em>. Microsoft also reported difficulties with its Microsoft 365 apps and Azure cloud system during the same period, further compounding the global IT challenges.<\/p>\n

Bitcoin\u2019s Resilience:<\/strong> Amidst the chaos caused by a faulty software update from CrowdStrike, Bitcoin remains unaffected due to its decentralized nature<\/strong><\/em>. Unlike centralized systems that rely on specific providers and infrastructure, Bitcoin operates independently. Most Bitcoin miners use Linux-based frameworks, which shield them from the network failures caused by the CrowdStrike incident. As a result, Bitcoin\u2019s hash rate chart shows no significant impact during this crisis.<\/p>\n

CrowdStrike Outages and Bitcoin:<\/strong> The widespread network failures triggered by CrowdStrike\u2019s faulty update affected various services and organizations. However, Bitcoin\u2019s mining operations continued seamlessly<\/strong><\/em>. SunnySide Digital founder and CEO Taras Kulyk emphasized that Bitcoin\u2019s resilience stems from its reliance on decentralized mining nodes. These nodes collectively maintain the network, ensuring that hashing activities persist even when other systems falter.<\/p>\n

Decentralization as a Strength:<\/strong> The incident highlights the strength of decentralized systems like Bitcoin. By avoiding dependence on any single entity or software provider, Bitcoin remains robust and secure<\/strong><\/em>. Its hash rate, a measure of computational power dedicated to mining, reflects this resilience. While centralized networks face vulnerabilities during outages, Bitcoin\u2019s decentralized architecture allows it to \u201ckeep hashing\u201d even amidst widespread disruptions.<\/p>\n

<\/a>
\nWINKLEVOSS TWINS DONATE $1M TO UNSEAT SEN. ELIZABETH WARREN <\/span><\/strong><\/p>\n

The Winklevoss twins<\/strong>, founders of Gemini<\/strong> exchange, made a significant donation to support a political cause related to crypto regulation.<\/p>\n

The Donation and Motivation:<\/strong> Tyler and Cameron Winklevoss<\/strong>, co-founders of the cryptocurrency exchange Gemini<\/strong>, recently donated a total of $1 million to support efforts aimed at unseating United States Senator <\/strong><\/em>Elizabeth Warren<\/strong>. The twins contributed $500,000 each in Bitcoin to John Deaton<\/strong>, a crypto advocate running for Senate. Their goal is to put an end to what they perceive as Warren\u2019s detrimental stance on cryptocurrencies. Tyler Winklevoss publicly criticized Warren, calling her \u201cpublic enemy number one<\/em>\u201d when it comes to crypto.<\/p>\n

Warren\u2019s Stance and Impact:<\/strong> Elizabeth Warren has been a vocal critic of cryptocurrencies and their regulation. She has actively pushed for stricter oversight and has directed the Securities and Exchange Commission (SEC) to investigate crypto-related activities.<\/strong><\/em> The Winklevoss twins argue that Warren\u2019s actions harm the industry by using government agencies to attack crypto businesses through debanking and enforcement actions. They view her as a significant threat to American prosperity.<\/p>\n

The Commonwealth Unity Fund:<\/strong> The donations made by the Winklevoss twins will go to the Commonwealth Unity Fund<\/strong>, a \u201csuper\u201d political action fund created to replace Elizabeth Warren with John Deaton. Although the funds won\u2019t directly benefit Deaton\u2019s campaign, they will support campaign ads and related efforts. This move comes after the twins previously donated $2 million in Bitcoin to GOP presidential nominee Donald Trump.<\/strong><\/em> Warren, in response, has expressed confidence in facing a pro-crypto opponent, emphasizing her stance against “crypto scams.<\/p>\n

<\/a>
\nZERO-ENERGY STORAGE BREAKTHROUGH FOR ETERNAL BLOCKCHAINS <\/span><\/strong><\/p>\n

Researchers achieved a breakthrough in zero-energy data storage<\/strong><\/em>, which could have implications for blockchain technology.<\/p>\n

The Immortal Blockchains:<\/strong> Recent advancements in long-term storage have opened up the possibility of creating digital ledgers that can store data for millions of years without the need for power<\/strong><\/em>. These decentralized systems are aptly referred to as \u201cimmortal blockchains.\u201d Unlike centralized servers that rely on continuous access to electricity, these blockchains remain unaffected during local power outages or server failures as long as operational nodes exist elsewhere. The breakthrough could revolutionize data storage, ensuring the preservation of valuable information for future generations.<\/p>\n

Challenges and Threats:<\/strong> While modern computer systems use battery backups to retain data during temporary power outages, global threats like natural disasters or electromagnetic pulses pose risks to both decentralized and centralized data storage. Governments often lack contingency plans for critical systems like Bitcoin and Ethereum blockchains in such cataclysmic scenarios. If power were permanently lost across all nodes, the fate of average blockchains would become uncertain. Enter the concept of immortal blockchains, which could safeguard data even in the face of human extinction<\/strong><\/em> or the degradation of traditional storage mediums over centuries.<\/p>\n

Long-Term Storage Solutions:<\/strong> Beyond blockchain networks, advanced long-term storage solutions offer hope for preserving critical data. DNA storage involves encoding data onto artificial fossils, while Ceramic Nano Memory allows data to be stored on glass, theoretically preserving it indefinitely without degradation.<\/strong> <\/em>Although these technologies weren\u2019t specifically designed for blockchains, they demonstrate the potential of zero-energy storage. With this breakthrough, creating a snapshot of a functioning blockchain becomes conceivable, paving the way for eternal data storage.<\/p>\n

<\/a>
\nETH ETFs LAUNCH DATE ANNOUNCED BY CBOE <\/span><\/strong><\/p>\n

The Chicago Board Options Exchange (CBOE)<\/strong> has officially announced the launch date for five spot market Ethereum (ETH) exchange-traded funds (ETFs)<\/strong><\/em>. These ETFs are set to begin trading on July 23, pending regulatory approval<\/strong><\/em>. The CBOE\u2019s move comes after the United States Securities and Exchange Commission (SEC) approved rule changes allowing the listing of several spot Ether ETFs. However, before trading could commence, the regulator needed to sign off on each fund issuer\u2019s respective S-1 registration statements.<\/p>\n

The Five Spot Ether ETFs:<\/strong> The five spot Ether ETFs scheduled for trading on the CBOE are as follows: 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, Franklin Ethereum ETF<\/strong>. These ETFs aim to provide investors with exposure to Ethereum\u2019s price movements without directly holding the cryptocurrency<\/strong><\/em>. To gain an early market advantage, most of the ETF issuers have announced plans to temporarily waive or discount fees, competing for market share once the products are live.<\/p>\n

Potential Impact and Market Expectations:<\/strong>\u00a0Industry analysts anticipate that Ether ETFs could attract billions in net inflows in the months following their launch.<\/strong><\/em> Increased demand from institutions looking to include Ether in their exchange-traded funds may lead to a supply crunch. Some experts believe that Ether\u2019s price could outperform Bitcoin in percentage terms due to lower liquidity and increased price volatility. Overall, the CBOE\u2019s announcement marks a significant step in bringing Ethereum exposure to traditional financial markets.<\/p>\n

<\/a>
\nCRYPTO EXCHANGE CEO ARRESTED FOR $26M FRAUD <\/span><\/strong><\/p>\n

The mastermind behind the collapse of the digital currency platform<\/em> AAX has been apprehended after evading authorities for 20 months<\/em><\/strong>.<\/em> According to a recent report by Oriental Daily News, the 39-year-old man was arrested upon re-entering Hong Kong on July 18. He is set to appear in Eastern Law Court on July 20 to face charges related to a $26 million fraud<\/strong><\/em>. AAX, a local cryptocurrency exchange, ceased operations in November 2022, leaving over 300 customers unable to withdraw approximately $12.8 million in assets. Authorities discovered that the shutdown was orchestrated through false information and illegal methods, prompting an extensive investigation.<\/p>\n

During the investigation, law enforcement agencies froze assets totaling approximately $256,100 in the bank accounts of the involved company and suspects, as well as properties valued at $7 million<\/strong><\/em>. It was later revealed that the AAX\u2019s mastermind had already fled Hong Kong with his crypto wallet and private keys. This individual managed the digital currency platform and orchestrated its collapse through false information and illegal means. The man left Hong Kong in November 2022 and was arrested when he re-entered. As of today, law enforcement agencies have received reports from 890 victims, involving a total amount of $26 million.<\/p>\n

Recently, the Hong Kong Securities and Futures Commission (SFC)<\/strong> identified seven crypto exchanges operating without authorization and added them to its Alert List for conducting activities in the region without the necessary licenses. The public record, known as the Alert List, has been maintained since January 2020. This year alone, 28 unlicensed crypto exchanges have been flagged<\/strong><\/em>. The case of AAX highlights the importance of regulatory oversight and vigilance in the crypto industry, especially as adoption continues to grow.<\/p>\n

<\/a>
\nCRYPTO CEO ON ART, ADOPTION, AND INNOVATION <\/span><\/strong><\/p>\n

In an exclusive interview with the Cryptonews Podcast<\/strong>, Burnt Banksy<\/strong>, the founder of XION<\/strong>, delved into intriguing topics related to art, adoption, and innovation. Let\u2019s explore the key points from the conversation:<\/p>\n

The \u2018Moron\u2019 Experiment:<\/strong> Burnt Banksy made headlines in 2021 when he and two friends burned a Banksy print called \u2018Morons\u2019 during a livestream. The audacious experiment aimed to test the value of the NFT (non-fungible token) version of the artwork. Despite the initial perception that NFTs were mere JPEGs with no inherent worth, the trio purchased the piece for $95,000 and later sold it for a staggering $380,000, breaking the previous NFT sale record.<\/strong><\/em> Reflecting on the experience, Burnt Banksy candidly admitted, \u201cWe were f***ing stupid. It was dumb<\/em>.\u201d The experiment highlighted the evolving perception of NFTs and their potential value.<\/p>\n

Creating Walletless Layer 1 Blockchain:<\/strong> Before founding XION, Burnt Banksy was already deeply entrenched in the crypto world. However, he recognized a major issue: the user experience (UX) was often terrible. Many people found it challenging to navigate the complexities of blockchain technology unless they were well-versed in its intricacies. To address this, XION set out to create the first walletless Layer 1 blockchain specifically designed for consumer needs.<\/strong><\/em> By removing unnecessary technical barriers, XION aims to make Web3 accessible to everyone, everywhere. Burnt Banksy\u2019s vision centers on improving UX and ensuring that blockchain adoption becomes seamless for users.<\/p>\n

Chain Abstraction and Mass Adoption:<\/strong> XION\u2019s solution to enhancing user experiences involves chain abstraction. This concept simplifies interactions with Web3 by abstracting away the complexities of different blockchain layers. Rather than competing directly with other Layer 1 blockchains, Burnt Banksy believes that specialized Layer 4s, Layer 8s, and beyond will play a crucial role in the ecosystem.<\/strong><\/em> As these layers emerge, the industry inches closer to mass adoption. Burnt Banksy\u2019s passion lies in creating innovative solutions that bridge the gap between crypto enthusiasts and mainstream users, ultimately propelling the entire space forward.<\/p>\n

That’s all for today’s Weekly CryptoNews Digest on MNO<\/strong>. Tune in next week for more cryptocurrency news, everyone!<\/p>\n

As the embers of the week cool, let’s take a moment to celebrate! We conquered another wave of crypto news together, guys. Your unwavering engagement and enthusiasm fuel our passion to decode the digital frontier. Sharing these insights with you is pure crypto-fueled joy!<\/p>\n

Speaking of the frontier, have you blasted off in our MNO TalkBack poll<\/strong><\/a> yet? The results will be revealed next week, so make sure to fire your vote over ther<\/strong>e<\/strong><\/a>. Remember, your voice shapes the future of crypto discourse!<\/strong><\/em><\/p>\n

Weekend warriors, go forth and conquer! July is simmering with possibilities, so soak up the sunshine and recharge your crypto batteries.<\/p>\n

I’ll be back next Sunday, ready to dive into the latest crypto intel. Until then, stay informed, stay prosperous, and remember: MNO \u2013 For Money Lovers!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Welcome back to the MNO blog, the leading crypto resource since 2007! Just like your trusted financial compass, MNO has been guiding readers through the ever-changing crypto landscape for over 17 years. Seeking out clear and actionable crypto insights this summer? Look no further! MNO serves as your cool, refreshing oasis in the desert of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[22,4],"tags":[],"_links":{"self":[{"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/posts\/17529"}],"collection":[{"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/comments?post=17529"}],"version-history":[{"count":1,"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/posts\/17529\/revisions"}],"predecessor-version":[{"id":17530,"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/posts\/17529\/revisions\/17530"}],"wp:attachment":[{"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/media?parent=17529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/categories?post=17529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/money-news-online.com\/blog\/wp-json\/wp\/v2\/tags?post=17529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}