WEBVTT 00:00:13.560 --> 00:00:16.760 Welcome to the Bitcoin Street Journal, Bitcoin 00:00:16.760 --> 00:00:20.039 Market, Update Podcast, your daily source for 00:00:20.039 --> 00:00:22.879 live updates on the Bitcoin market. Join us as 00:00:22.879 --> 00:00:25.280 we delve into current Bitcoin technical analysis, 00:00:25.839 --> 00:00:29.800 track Bitcoin, BTC prices, Explore market capitalization 00:00:29.800 --> 00:00:32.439 trends and analyze market supply. Stay ahead 00:00:32.439 --> 00:00:34.200 of the curve with our comprehensive coverage 00:00:34.200 --> 00:00:37.259 of the ever -evolving world of Bitcoin. In today's 00:00:37.259 --> 00:00:39.600 episode, we'll cover topics such as the Bitcoin 00:00:39.600 --> 00:00:42.039 hash rate hitting an all -time high, central 00:00:42.039 --> 00:00:45.299 banks launching CBDCs, scalability solutions 00:00:45.299 --> 00:00:48.100 like the Lightning Network, recent hacking incidents, 00:00:48.659 --> 00:00:51.679 the surge in Bitcoin funds, asset managers buying 00:00:51.679 --> 00:00:53.920 shares of Riot Blockchain and Marathon Digital, 00:00:54.329 --> 00:00:56.789 the increasing percentage of Ethereum staked, 00:00:57.030 --> 00:00:59.990 conditions for Bitcoin ETF approval outlined 00:00:59.990 --> 00:01:02.929 by a former SEC chair, price predictions including 00:01:02.929 --> 00:01:07.129 Bitcoin reaching $120K, the impact of NFT prices 00:01:07.129 --> 00:01:10.209 on Apecoin, the use of AI and drug discovery 00:01:10.209 --> 00:01:12.629 and advanced visual effects, the growth of Matic 00:01:12.629 --> 00:01:15.489 and Polygon, legal challenges and investigations 00:01:15.489 --> 00:01:18.549 in the crypto space, the benefits of BTC's energy 00:01:18.549 --> 00:01:21.340 usage, rebounding digital asset investments, 00:01:21.739 --> 00:01:23.859 and the criticism faced by Grayscale from the 00:01:23.859 --> 00:01:27.659 SEC. The Bitcoin network's computing power has 00:01:27.659 --> 00:01:30.359 reached a new high, strengthening the security 00:01:30.359 --> 00:01:33.159 of the world's largest cryptocurrency. Despite 00:01:33.159 --> 00:01:36.079 the stagnant prices, this increase in hash rate 00:01:36.079 --> 00:01:38.579 demonstrates the resilience and growth of Bitcoin. 00:01:39.400 --> 00:01:41.719 Speaking of cryptocurrencies, a survey by the 00:01:41.719 --> 00:01:44.859 Bank for International Settlements, BIS, highlights 00:01:44.859 --> 00:01:47.319 concerns over the widespread use of crypto and 00:01:47.319 --> 00:01:49.900 stablecoins. warning about potential threats 00:01:49.900 --> 00:01:53.079 to financial stability. Additionally, over 20 00:01:53.079 --> 00:01:55.400 central banks are expected to launch their own 00:01:55.400 --> 00:01:57.540 digital currencies by the end of the decade. 00:01:58.540 --> 00:02:01.159 To address Bitcoin's slow transaction speeds 00:02:01.159 --> 00:02:04.120 and high costs, the Lightning Network has emerged 00:02:04.120 --> 00:02:07.599 as a scaling solution. It aims to provide faster 00:02:07.599 --> 00:02:09.939 and cheaper transactions, enhancing the usability 00:02:09.939 --> 00:02:12.780 of Bitcoin. In the gaming world, the creator 00:02:12.780 --> 00:02:15.680 of Stepin is developing a new social MMO called 00:02:15.680 --> 00:02:19.590 Gas Hero. Set in a dystopian world ravaged by 00:02:19.590 --> 00:02:22.430 nuclear war, Gas Hero brings players together 00:02:22.430 --> 00:02:25.090 in a captivating adventure. But let's take a 00:02:25.090 --> 00:02:27.870 step back and explore the fundamentals. What 00:02:27.870 --> 00:02:31.370 is hashing? Hashing plays a crucial role in maintaining 00:02:31.370 --> 00:02:33.969 the security of the Bitcoin network. It's a vital 00:02:33.969 --> 00:02:36.909 technology, but how does it actually work? Moving 00:02:36.909 --> 00:02:40.150 on, Bitcoin itself is seen as a currency, an 00:02:40.150 --> 00:02:43.050 asset, and a commodity, depending on the region 00:02:43.050 --> 00:02:46.620 and its regulations. This flexibility has contributed 00:02:46.620 --> 00:02:49.400 to Bitcoin's global adoption. In recent news, 00:02:49.460 --> 00:02:51.879 the Twitter account for the NFT project, Gutter 00:02:51.879 --> 00:02:54.639 Cat Gang, was hacked, resulting in the theft 00:02:54.639 --> 00:02:59.060 of NFTs worth around $750 ,000. Additionally, 00:02:59.280 --> 00:03:02.199 Arkham, a blockchain intelligence firm, is introducing 00:03:02.199 --> 00:03:04.560 an exchange where data on crypto wallet owners' 00:03:04.639 --> 00:03:08.060 identities can be traded. This move raises discussions 00:03:08.060 --> 00:03:11.479 around privacy and transparency within the cryptocurrency 00:03:11.479 --> 00:03:15.240 ecosystem. Turning to the world of gaming again, 00:03:15.719 --> 00:03:18.520 content creator and gamer Mo from 100 Thieves 00:03:18.520 --> 00:03:20.800 believes that blockchain games will eventually 00:03:20.800 --> 00:03:23.719 be embraced by live streamers. As the industry 00:03:23.719 --> 00:03:26.080 evolves, it will be interesting to see how popular 00:03:26.080 --> 00:03:29.500 creators like XQC and Pokimane respond to this 00:03:29.500 --> 00:03:32.759 new wave of gaming experiences. Finally, let's 00:03:32.759 --> 00:03:36.139 talk numbers. Over the past three weeks, half 00:03:36.139 --> 00:03:38.520 a billion dollars has flowed into Bitcoin funds, 00:03:38.840 --> 00:03:41.300 indicating continued institutional bullishness. 00:03:41.840 --> 00:03:44.199 Additionally, The investment giant Vanguard now 00:03:44.199 --> 00:03:47.620 holds $560 million worth of Bitcoin mining stocks, 00:03:48.020 --> 00:03:49.919 signaling increased interest in the crypto mining 00:03:49.919 --> 00:03:53.240 sector. That's all for now. Stay tuned for more 00:03:53.240 --> 00:03:55.139 updates on the world of cryptocurrencies and 00:03:55.139 --> 00:03:59.379 blockchain technology. Hey there. Guess what? 00:03:59.759 --> 00:04:02.960 The $7 .2 trillion asset manager has now invested 00:04:02.960 --> 00:04:05.659 a whopping half a billion dollars in Riot Blockchain 00:04:05.659 --> 00:04:08.740 and Marathon Digital shares. Talk about a big 00:04:08.740 --> 00:04:12.300 move. In other news, Ethereum is making some 00:04:12.300 --> 00:04:15.139 serious waves. Did you know that staked Ethereum 00:04:15.139 --> 00:04:17.680 now accounts for a whopping 20 % of the total 00:04:17.680 --> 00:04:20.680 supply? That's right. Since withdrawals became 00:04:20.680 --> 00:04:23.500 possible in April, the amount of Ethereum being 00:04:23.500 --> 00:04:26.300 pledged to secure the network has seen a significant 00:04:26.300 --> 00:04:29.120 increase. Now let's switch gears to the world 00:04:29.120 --> 00:04:33.139 of cryptocurrencies. The former SEC chair recently 00:04:33.139 --> 00:04:35.500 shared some interesting insights. They believe 00:04:35.500 --> 00:04:38.100 that a Bitcoin ETF could potentially be approved 00:04:38.389 --> 00:04:40.470 if the applicant can prove that it's an efficient 00:04:40.470 --> 00:04:43.529 way for investors to buy BTC. Exciting stuff 00:04:43.529 --> 00:04:46.829 for all the Bitcoin enthusiasts out there? Looking 00:04:46.829 --> 00:04:48.810 ahead, Standard Chartered, the British bank, 00:04:49.310 --> 00:04:52.069 has some predictions about Bitcoin. They believe 00:04:52.069 --> 00:04:55.430 that Bitcoin will reach an impressive $120k before 00:04:55.430 --> 00:04:59.589 2025. Their rationale? Well, they think that 00:04:59.589 --> 00:05:02.069 miners will start hoarding their coins, leading 00:05:02.069 --> 00:05:04.490 to a decrease in the available market supply. 00:05:05.009 --> 00:05:07.610 Shifting gears once again, let's talk about NFTs. 00:05:08.180 --> 00:05:10.920 Apecoin, the Ethereum token associated with Yuga 00:05:10.920 --> 00:05:13.480 Lab's Bored Ape Yacht Club collection, has taken 00:05:13.480 --> 00:05:16.639 a bit of a tumble. It has fallen nearly 93 % 00:05:16.639 --> 00:05:19.980 from its peak price. Ouch! Now let's dive into 00:05:19.980 --> 00:05:22.319 the world of medical breakthroughs. Scientists 00:05:22.319 --> 00:05:24.779 have been using AI to make some incredible discoveries. 00:05:25.240 --> 00:05:27.319 In just five minutes, they were able to uncover 00:05:27.319 --> 00:05:30.040 new drugs that can kill senescent cells, helping 00:05:30.040 --> 00:05:33.139 fight age -related diseases. Who knew AI could 00:05:33.139 --> 00:05:35.879 be so powerful? And for all the gaming enthusiasts, 00:05:36.240 --> 00:05:38.639 here's some news for you. The Machines Arena 00:05:38.639 --> 00:05:40.980 has introduced in -game rewards that can eventually 00:05:40.980 --> 00:05:43.939 be minted as NFTs. So, if you're a player with 00:05:43.939 --> 00:05:46.899 a lot of XP, you'll be able to unlock character 00:05:46.899 --> 00:05:49.720 skins that can later be minted and traded. The 00:05:49.720 --> 00:05:52.480 future of gaming and NFTs is definitely looking 00:05:52.480 --> 00:05:55.519 interesting. Last but not least, let's touch 00:05:55.519 --> 00:05:58.240 on the financial side of things. The Ordinal's 00:05:58.240 --> 00:06:01.680 ecosystem is experiencing a surge in new projects 00:06:01.680 --> 00:06:04.339 while fees have remained low. It's always great 00:06:04.339 --> 00:06:06.720 to see low fees and a thriving community, isn't 00:06:06.720 --> 00:06:10.050 it? Phew. That's a lot of exciting news packed 00:06:10.050 --> 00:06:12.970 into one conversation. But the excitement doesn't 00:06:12.970 --> 00:06:16.069 stop there. Netflix is taking things up a notch 00:06:16.069 --> 00:06:19.449 by tapping into AI. They're using AI to push 00:06:19.449 --> 00:06:21.769 visual effects beyond the limitations of the 00:06:21.769 --> 00:06:24.769 green screen. Looks like we can expect some mind 00:06:24.769 --> 00:06:27.029 -blowing visual experiences in our favorite shows 00:06:27.029 --> 00:06:31.310 and movies. Can't wait! Why settle for a regular 00:06:31.310 --> 00:06:33.810 green screen when you have an AI -powered magenta 00:06:33.810 --> 00:06:36.389 option? That's the question on everyone's mind. 00:06:36.589 --> 00:06:39.410 And speaking of mind -blowing options, Grayscale 00:06:39.410 --> 00:06:42.250 is not happy about the SEC's approval of a different 00:06:42.250 --> 00:06:45.290 kind of Bitcoin ETF. They argue that the slight 00:06:45.290 --> 00:06:47.790 differences between a leveraged Bitcoin future 00:06:47.790 --> 00:06:51.290 ETF and a spot Bitcoin ETF should not hinder 00:06:51.290 --> 00:06:53.670 the latter. But let's talk about something that 00:06:53.670 --> 00:06:56.269 could make it even harder for thieves and the 00:06:56.269 --> 00:06:59.089 government to seize your precious Bitcoin, storing 00:06:59.089 --> 00:07:02.290 your private key as colors. Yes, you heard that 00:07:02.290 --> 00:07:04.970 right. A new tool is making waves in the crypto 00:07:04.970 --> 00:07:07.149 world by allowing you to back up your private 00:07:07.149 --> 00:07:10.110 keys using colors. It's a genius way to keep 00:07:10.110 --> 00:07:13.370 your coins safe and away from prying eyes. In 00:07:13.370 --> 00:07:16.550 other news, Matic is soaring 9 % ahead of the 00:07:16.550 --> 00:07:20.529 highly anticipated Polygon 2 .0 rollout. The 00:07:20.529 --> 00:07:22.790 network has experienced a rebound in on -chain 00:07:22.790 --> 00:07:25.589 growth, and Bankrupt Celsius recently completed 00:07:25.589 --> 00:07:28.970 a massive $66 million sell -off, which may have 00:07:28.970 --> 00:07:31.370 contributed to the uptick in Polygon's success. 00:07:31.689 --> 00:07:34.569 Meanwhile, Paradigm, a crypto investment firm, 00:07:35.089 --> 00:07:37.930 has filed an amicus brief in the SEC's lawsuit 00:07:37.930 --> 00:07:41.050 against Bittrex. They believe that the SEC lacks 00:07:41.050 --> 00:07:43.449 the authority to regulate secondary markets for 00:07:43.449 --> 00:07:46.870 crypto assets. It's a bold stance, and time will 00:07:46.870 --> 00:07:49.649 tell how the lawsuit unfolds. And in the world 00:07:49.649 --> 00:07:53.370 of discounted cryptocurrencies, Binance US is 00:07:53.370 --> 00:07:55.910 offering appealing discounts on Bitcoin and Ethereum. 00:07:56.370 --> 00:07:59.310 However, Not everyone is eligible for these discounts, 00:07:59.629 --> 00:08:01.329 so you might want to check if you're one of the 00:08:01.329 --> 00:08:04.689 lucky ones. Moving on, Ripple's transparency 00:08:04.689 --> 00:08:06.949 seems to have backfired as their lawyer believes 00:08:06.949 --> 00:08:09.790 the SEC exploited it to target Brad Garlinghouse. 00:08:10.389 --> 00:08:12.990 It's unfortunate, but it seems like transparency 00:08:12.990 --> 00:08:15.209 can sometimes be a double -edged sword in the 00:08:15.209 --> 00:08:18.149 crypto world. In an interesting turn of events, 00:08:18.410 --> 00:08:20.810 FUD, fear, uncertainty and doubt, and external 00:08:20.810 --> 00:08:24.220 pressure have united the Binance community. CZ, 00:08:24.360 --> 00:08:26.620 the CEO of Binance, claims that these challenges 00:08:26.620 --> 00:08:28.879 have made the community stronger. It's always 00:08:28.879 --> 00:08:30.920 interesting to see how adversity can bring people 00:08:30.920 --> 00:08:33.820 together. Speaking of predictions, Banking Giant 00:08:33.820 --> 00:08:36.639 Standard Chartered is optimistic about Bitcoin's 00:08:36.639 --> 00:08:39.159 future. They believe that it could reach $50 00:08:39.159 --> 00:08:45.200 ,000 in 2023 and $120 ,000 in 2024. It's a bold 00:08:45.200 --> 00:08:47.440 forecast, but only time will tell if it proves 00:08:47.440 --> 00:08:50.230 to be true. And in the realm of potential U .S. 00:08:50.470 --> 00:08:52.490 presidential candidates, Robert F. Kennedy is 00:08:52.490 --> 00:08:55.429 holding Bitcoin. It seems like even politicians 00:08:55.429 --> 00:08:57.809 are recognizing the value of this digital asset. 00:08:58.350 --> 00:09:00.789 But not everything is rosy in the crypto world. 00:09:01.250 --> 00:09:04.090 A YouTuber turned NFT scammer is making headlines. 00:09:04.870 --> 00:09:08.230 On -chain sleuth is investigating a $1 .5 million 00:09:08.230 --> 00:09:10.990 crypto theft. And it's a stark reminder to stay 00:09:10.990 --> 00:09:14.450 vigilant in this space. Unfortunately, even established 00:09:14.450 --> 00:09:17.330 platforms can fall victim to exploits. Arcadia 00:09:17.330 --> 00:09:21.269 Finance recently suffered a $455 ,000 exploit 00:09:21.269 --> 00:09:24.629 on both Ethereum and Optimism networks. It's 00:09:24.629 --> 00:09:26.649 a timely reminder that security should always 00:09:26.649 --> 00:09:29.990 be a top priority. Speaking of challenges, bankrupt 00:09:29.990 --> 00:09:32.549 crypto lender Voyager Digital is shrinking its 00:09:32.549 --> 00:09:36.129 portfolio by nearly 40%. It's a tough situation, 00:09:36.149 --> 00:09:38.129 but they are taking measures to tackle their 00:09:38.129 --> 00:09:41.529 financial woes. Switching gears, Twitter's new 00:09:41.529 --> 00:09:44.509 rival, Threads, has hit a significant milestone. 00:09:44.960 --> 00:09:47.919 It amassed 100 million users in just four days, 00:09:48.200 --> 00:09:50.120 proving that there is a hunger for alternative 00:09:50.120 --> 00:09:53.399 social media platforms. And in regulatory news, 00:09:53.759 --> 00:09:56.559 Dubai has taken enforcement action against BitOasis, 00:09:57.080 --> 00:09:59.460 a prominent crypto exchange in the Middle East. 00:09:59.980 --> 00:10:02.480 The crypto regulator has suspended their license, 00:10:02.940 --> 00:10:05.059 which is a significant blow for the platform. 00:10:05.700 --> 00:10:08.419 Adjusting our focus to market updates, Bitcoin 00:10:08.419 --> 00:10:11.480 is once again challenging the $31 ,000 mark. 00:10:11.840 --> 00:10:14.259 while Matic is experiencing a daily explosion 00:10:14.259 --> 00:10:17.419 of 10%. It's an exciting time for traders and 00:10:17.419 --> 00:10:20.340 investors alike. Meanwhile, everyone is eagerly 00:10:20.340 --> 00:10:24.000 anticipating the Ripple SEC ruling. XRP's CTO 00:10:24.000 --> 00:10:26.240 and a known attorney have speculated on a deadline, 00:10:26.899 --> 00:10:29.000 but only time will tell when we'll finally have 00:10:29.000 --> 00:10:31.840 some closure on this important case. Finally, 00:10:32.039 --> 00:10:34.019 let's not forget the environmental benefits of 00:10:34.019 --> 00:10:36.830 Bitcoin mining. Forbes recently highlighted how 00:10:36.830 --> 00:10:39.250 Bitcoin's ability to harness stranded energy 00:10:39.250 --> 00:10:42.090 resources and mitigate greenhouse gas emissions 00:10:42.090 --> 00:10:44.769 positions it as a potential ally in the fight 00:10:44.769 --> 00:10:47.409 against climate change. It's a thought provoking 00:10:47.409 --> 00:10:50.110 perspective on the environmental impact of cryptocurrencies. 00:10:51.190 --> 00:10:53.870 In other numbers related news, the percentage 00:10:53.870 --> 00:10:56.629 of Bitcoin supply unmoved for at least one year 00:10:56.629 --> 00:10:59.370 reached an all time high in June, accounting 00:10:59.370 --> 00:11:03.110 for approximately 70 % of the circulating supply. 00:11:03.440 --> 00:11:06.460 It's an interesting statistic that sheds light 00:11:06.460 --> 00:11:09.580 on how holders are treating their Bitcoin assets. 00:11:10.460 --> 00:11:13.360 Additionally, digital asset investment products 00:11:13.360 --> 00:11:17.340 have seen significant inflows with $136 million 00:11:17.340 --> 00:11:20.720 recorded last week. These inflows have corrected 00:11:20.720 --> 00:11:23.740 the previous nine weeks of outflows, indicating 00:11:23.740 --> 00:11:27.259 renewed investor interest in the market. Lastly, 00:11:27.519 --> 00:11:30.340 Lawyers representing Grayscale have criticized 00:11:30.340 --> 00:11:33.279 the SEC over the approval of a leveraged Bitcoin 00:11:33.279 --> 00:11:36.379 ETF. They believe the SEC should be more cautious 00:11:36.379 --> 00:11:38.840 and consider the potential risks associated with 00:11:38.840 --> 00:11:41.639 these types of investment vehicles. In regulatory 00:11:41.639 --> 00:11:44.500 news, the Dubai crypto regulator has suspended 00:11:44.500 --> 00:11:47.840 the license of BitOasis, a popular crypto exchange 00:11:47.840 --> 00:11:50.659 in the Middle East. This move may have significant 00:11:50.659 --> 00:11:52.840 implications for the region's crypto market, 00:11:52.840 --> 00:11:55.279 and it remains to be seen how this situation 00:11:55.279 --> 00:11:58.090 will unfold. And that's a wrap for today's news 00:11:58.090 --> 00:12:01.450 roundup in the world of cryptocurrencies. Stay 00:12:01.450 --> 00:12:03.490 tuned for more updates on these stories and other 00:12:03.490 --> 00:12:20.250 exciting developments in the crypto space. Today's 00:12:20.250 --> 00:12:23.370 episode covered a wide range of topics, including 00:12:23.370 --> 00:12:26.090 the surge in Bitcoin hash rate, the launch of 00:12:26.090 --> 00:12:29.509 CBDCs by central banks, the scalability improvements 00:12:29.509 --> 00:12:32.450 of Lightning Network, the rise of Bitcoin funds, 00:12:33.169 --> 00:12:35.269 asset manager investments in Riot Blockchain 00:12:35.269 --> 00:12:38.149 and Marathon Digital, the staking of Ethereum 00:12:38.149 --> 00:12:41.970 reaching 20 % of total supply, former SEC chair's 00:12:41.970 --> 00:12:44.909 conditions for Bitcoin ETF approval, the crash 00:12:44.909 --> 00:12:48.429 of Apecoin, the use of AI in drug discovery and 00:12:48.429 --> 00:12:51.370 advanced visual effects, and the ongoing lawsuits 00:12:51.370 --> 00:12:54.450 and challenges in the crypto world. Thanks for 00:12:54.450 --> 00:12:56.730 listening to today's episode. I'll see you guys 00:12:56.730 --> 00:12:58.889 at the next one and don't forget to subscribe.