Welcome to the Bitcoin Street Journal, Bitcoin
Market, Update Podcast, your daily source for
live updates on the Bitcoin market. Join us as
we delve into current Bitcoin technical analysis,
track Bitcoin, BTC prices, Explore market capitalization
trends and analyze market supply. Stay ahead
of the curve with our comprehensive coverage
of the ever -evolving world of Bitcoin. In today's
episode, we'll cover topics such as the Bitcoin
hash rate hitting an all -time high, central
banks launching CBDCs, scalability solutions
like the Lightning Network, recent hacking incidents,
the surge in Bitcoin funds, asset managers buying
shares of Riot Blockchain and Marathon Digital,
the increasing percentage of Ethereum staked,
conditions for Bitcoin ETF approval outlined
by a former SEC chair, price predictions including
Bitcoin reaching $120K, the impact of NFT prices
on Apecoin, the use of AI and drug discovery
and advanced visual effects, the growth of Matic
and Polygon, legal challenges and investigations
in the crypto space, the benefits of BTC's energy
usage, rebounding digital asset investments,
and the criticism faced by Grayscale from the
SEC. The Bitcoin network's computing power has
reached a new high, strengthening the security
of the world's largest cryptocurrency. Despite
the stagnant prices, this increase in hash rate
demonstrates the resilience and growth of Bitcoin.
Speaking of cryptocurrencies, a survey by the
Bank for International Settlements, BIS, highlights
concerns over the widespread use of crypto and
stablecoins. warning about potential threats
to financial stability. Additionally, over 20
central banks are expected to launch their own
digital currencies by the end of the decade.
To address Bitcoin's slow transaction speeds
and high costs, the Lightning Network has emerged
as a scaling solution. It aims to provide faster
and cheaper transactions, enhancing the usability
of Bitcoin. In the gaming world, the creator
of Stepin is developing a new social MMO called
Gas Hero. Set in a dystopian world ravaged by
nuclear war, Gas Hero brings players together
in a captivating adventure. But let's take a
step back and explore the fundamentals. What
is hashing? Hashing plays a crucial role in maintaining
the security of the Bitcoin network. It's a vital
technology, but how does it actually work? Moving
on, Bitcoin itself is seen as a currency, an
asset, and a commodity, depending on the region
and its regulations. This flexibility has contributed
to Bitcoin's global adoption. In recent news,
the Twitter account for the NFT project, Gutter
Cat Gang, was hacked, resulting in the theft
of NFTs worth around $750 ,000. Additionally,
Arkham, a blockchain intelligence firm, is introducing
an exchange where data on crypto wallet owners'
identities can be traded. This move raises discussions
around privacy and transparency within the cryptocurrency
ecosystem. Turning to the world of gaming again,
content creator and gamer Mo from 100 Thieves
believes that blockchain games will eventually
be embraced by live streamers. As the industry
evolves, it will be interesting to see how popular
creators like XQC and Pokimane respond to this
new wave of gaming experiences. Finally, let's
talk numbers. Over the past three weeks, half
a billion dollars has flowed into Bitcoin funds,
indicating continued institutional bullishness.
Additionally, The investment giant Vanguard now
holds $560 million worth of Bitcoin mining stocks,
signaling increased interest in the crypto mining
sector. That's all for now. Stay tuned for more
updates on the world of cryptocurrencies and
blockchain technology. Hey there. Guess what?
The $7 .2 trillion asset manager has now invested
a whopping half a billion dollars in Riot Blockchain
and Marathon Digital shares. Talk about a big
move. In other news, Ethereum is making some
serious waves. Did you know that staked Ethereum
now accounts for a whopping 20 % of the total
supply? That's right. Since withdrawals became
possible in April, the amount of Ethereum being
pledged to secure the network has seen a significant
increase. Now let's switch gears to the world
of cryptocurrencies. The former SEC chair recently
shared some interesting insights. They believe
that a Bitcoin ETF could potentially be approved
if the applicant can prove that it's an efficient
way for investors to buy BTC. Exciting stuff
for all the Bitcoin enthusiasts out there? Looking
ahead, Standard Chartered, the British bank,
has some predictions about Bitcoin. They believe
that Bitcoin will reach an impressive $120k before
2025. Their rationale? Well, they think that
miners will start hoarding their coins, leading
to a decrease in the available market supply.
Shifting gears once again, let's talk about NFTs.
Apecoin, the Ethereum token associated with Yuga
Lab's Bored Ape Yacht Club collection, has taken
a bit of a tumble. It has fallen nearly 93 %
from its peak price. Ouch! Now let's dive into
the world of medical breakthroughs. Scientists
have been using AI to make some incredible discoveries.
In just five minutes, they were able to uncover
new drugs that can kill senescent cells, helping
fight age -related diseases. Who knew AI could
be so powerful? And for all the gaming enthusiasts,
here's some news for you. The Machines Arena
has introduced in -game rewards that can eventually
be minted as NFTs. So, if you're a player with
a lot of XP, you'll be able to unlock character
skins that can later be minted and traded. The
future of gaming and NFTs is definitely looking
interesting. Last but not least, let's touch
on the financial side of things. The Ordinal's
ecosystem is experiencing a surge in new projects
while fees have remained low. It's always great
to see low fees and a thriving community, isn't
it? Phew. That's a lot of exciting news packed
into one conversation. But the excitement doesn't
stop there. Netflix is taking things up a notch
by tapping into AI. They're using AI to push
visual effects beyond the limitations of the
green screen. Looks like we can expect some mind
-blowing visual experiences in our favorite shows
and movies. Can't wait! Why settle for a regular
green screen when you have an AI -powered magenta
option? That's the question on everyone's mind.
And speaking of mind -blowing options, Grayscale
is not happy about the SEC's approval of a different
kind of Bitcoin ETF. They argue that the slight
differences between a leveraged Bitcoin future
ETF and a spot Bitcoin ETF should not hinder
the latter. But let's talk about something that
could make it even harder for thieves and the
government to seize your precious Bitcoin, storing
your private key as colors. Yes, you heard that
right. A new tool is making waves in the crypto
world by allowing you to back up your private
keys using colors. It's a genius way to keep
your coins safe and away from prying eyes. In
other news, Matic is soaring 9 % ahead of the
highly anticipated Polygon 2 .0 rollout. The
network has experienced a rebound in on -chain
growth, and Bankrupt Celsius recently completed
a massive $66 million sell -off, which may have
contributed to the uptick in Polygon's success.
Meanwhile, Paradigm, a crypto investment firm,
has filed an amicus brief in the SEC's lawsuit
against Bittrex. They believe that the SEC lacks
the authority to regulate secondary markets for
crypto assets. It's a bold stance, and time will
tell how the lawsuit unfolds. And in the world
of discounted cryptocurrencies, Binance US is
offering appealing discounts on Bitcoin and Ethereum.
However, Not everyone is eligible for these discounts,
so you might want to check if you're one of the
lucky ones. Moving on, Ripple's transparency
seems to have backfired as their lawyer believes
the SEC exploited it to target Brad Garlinghouse.
It's unfortunate, but it seems like transparency
can sometimes be a double -edged sword in the
crypto world. In an interesting turn of events,
FUD, fear, uncertainty and doubt, and external
pressure have united the Binance community. CZ,
the CEO of Binance, claims that these challenges
have made the community stronger. It's always
interesting to see how adversity can bring people
together. Speaking of predictions, Banking Giant
Standard Chartered is optimistic about Bitcoin's
future. They believe that it could reach $50
,000 in 2023 and $120 ,000 in 2024. It's a bold
forecast, but only time will tell if it proves
to be true. And in the realm of potential U .S.
presidential candidates, Robert F. Kennedy is
holding Bitcoin. It seems like even politicians
are recognizing the value of this digital asset.
But not everything is rosy in the crypto world.
A YouTuber turned NFT scammer is making headlines.
On -chain sleuth is investigating a $1 .5 million
crypto theft. And it's a stark reminder to stay
vigilant in this space. Unfortunately, even established
platforms can fall victim to exploits. Arcadia
Finance recently suffered a $455 ,000 exploit
on both Ethereum and Optimism networks. It's
a timely reminder that security should always
be a top priority. Speaking of challenges, bankrupt
crypto lender Voyager Digital is shrinking its
portfolio by nearly 40%. It's a tough situation,
but they are taking measures to tackle their
financial woes. Switching gears, Twitter's new
rival, Threads, has hit a significant milestone.
It amassed 100 million users in just four days,
proving that there is a hunger for alternative
social media platforms. And in regulatory news,
Dubai has taken enforcement action against BitOasis,
a prominent crypto exchange in the Middle East.
The crypto regulator has suspended their license,
which is a significant blow for the platform.
Adjusting our focus to market updates, Bitcoin
is once again challenging the $31 ,000 mark.
while Matic is experiencing a daily explosion
of 10%. It's an exciting time for traders and
investors alike. Meanwhile, everyone is eagerly
anticipating the Ripple SEC ruling. XRP's CTO
and a known attorney have speculated on a deadline,
but only time will tell when we'll finally have
some closure on this important case. Finally,
let's not forget the environmental benefits of
Bitcoin mining. Forbes recently highlighted how
Bitcoin's ability to harness stranded energy
resources and mitigate greenhouse gas emissions
positions it as a potential ally in the fight
against climate change. It's a thought provoking
perspective on the environmental impact of cryptocurrencies.
In other numbers related news, the percentage
of Bitcoin supply unmoved for at least one year
reached an all time high in June, accounting
for approximately 70 % of the circulating supply.
It's an interesting statistic that sheds light
on how holders are treating their Bitcoin assets.
Additionally, digital asset investment products
have seen significant inflows with $136 million
recorded last week. These inflows have corrected
the previous nine weeks of outflows, indicating
renewed investor interest in the market. Lastly,
Lawyers representing Grayscale have criticized
the SEC over the approval of a leveraged Bitcoin
ETF. They believe the SEC should be more cautious
and consider the potential risks associated with
these types of investment vehicles. In regulatory
news, the Dubai crypto regulator has suspended
the license of BitOasis, a popular crypto exchange
in the Middle East. This move may have significant
implications for the region's crypto market,
and it remains to be seen how this situation
will unfold. And that's a wrap for today's news
roundup in the world of cryptocurrencies. Stay
tuned for more updates on these stories and other
exciting developments in the crypto space. Today's
episode covered a wide range of topics, including
the surge in Bitcoin hash rate, the launch of
CBDCs by central banks, the scalability improvements
of Lightning Network, the rise of Bitcoin funds,
asset manager investments in Riot Blockchain
and Marathon Digital, the staking of Ethereum
reaching 20 % of total supply, former SEC chair's
conditions for Bitcoin ETF approval, the crash
of Apecoin, the use of AI in drug discovery and
advanced visual effects, and the ongoing lawsuits
and challenges in the crypto world. Thanks for
listening to today's episode. I'll see you guys
at the next one and don't forget to subscribe.