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What You Missed During This Fiery Weekend 🔥
In today’s edition: 🗣 Trump targets Gensler and spikes Bitcoin price, 🇺🇸 Republican Sen. Tim Scott backs Bitcoin, while Sen. Lummis reveals new bill, 🚨 Compound faces governance crisis, and more!
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What’s Poppin’?
by Jason Brett, Frederick Munawa, Sam Sriram and Sage Young
The former President wooed the pro-Bitcoin crowd with a long list of crypto-friendly promises.
Right after Presidential Republican nominee Donald Trump’s speech, Senator Cynthia Lummis (R-Wyo.) laid out the much-anticipated idea of a strategic bitcoin reserve in the US to wild applause.
Compound stakeholders are concerned that a DAO delegate managed to execute a “governance attack” in plain sight.
The price of bitcoin edged towards $70,000 after the former US president and current Republican nominee Donald Trump took the stage at Bitcoin 2024.
The price of bitcoin and ether have both reacted similarly in the days after their respective spot ETFs went live. But experts say it’s unlikely that ether will soon rally to an all-time high, as bitcoin did.
The rumored plan would involve new legislation that would make bitcoin a strategic reserve asset for the U.S. central bank.
At the Bitcoin Conference, Republican Senator Tim Scott, the likely Senate Banking Committee Chair next year in a potential GOP-led Senate, revealed for the first time his pro-crypto position.
As crypto policy has become a campaign issue in a Presidential election for the first time, how likely is it that any of the promises from Trump come true?
Daily Bits… ✍️✍️✍️
🐶 Former FTX executive Ryan Salame's lawyers requested a New York court to delay his prison sentence to October 13 for urgent surgery, after he was mauled by a dog while visiting a friend's home.
📈 The U.S. Securities and Exchange Commission approved the 19b-4 form for the Grayscale Bitcoin Mini Trust, but it still needs its S-1 registration statement to become effective before it can start trading.
🚓 Hong Kong police arrested four individuals, including a 14-year-old, involved in a HK$11 million ($1.4 million) crypto fraud using counterfeit banknotes, bringing the total arrests connected with these scams to 14 since October last year.
🔒 Casper Network temporarily halted all operations following a security breach, collaborating with validators to address and contain the issue, ensuring transactions are suspended until the vulnerability is resolved.
📊 Johnny Ng, a member of Hong Kong's Legislative Council, announced plans to discuss including bitcoin in the region's financial reserves, inspired by former U.S. President Donald Trump's promise to create a "strategic bitcoin reserve" if re-elected.
🇨🇳 Justin Sun, founder of Tron, urged China to re-evaluate its strict crypto policies and compete with the US in the cryptocurrency sector following Trump's pro-Bitcoin speech, arguing that such competition would benefit the entire industry.
Today in Crypto Adoption...
📊 The State of Michigan Retirement System disclosed it owns 110,000 shares of the ARK 21Shares Bitcoin ETF, valued at approximately $6.6 million, joining other state pension funds in investing in spot bitcoin ETFs.
The $$$ Corner…
💵 Cantor Fitzgerald CEO Howard Lutnick announced a new bitcoin financing business with $2 billion in initial financing to bitcoin investors. Lutnick emphasized the firm's commitment to making bitcoin trade as freely and globally as gold and has plans to increase the financing in $2 billion increments.
What Do You Meme?
📈 Your Market Update 📉
BTC is up 3%, trading at $69,650
ETH is up 4.3%, trading at $3,389
BTC dominance: 52.9%
Crypto market cap: $2.59T
*All data as of today, 06:43 am ET. Source: CoinGecko
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