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 Coinbase's argument against
the SEC crackdown, the expansion of DeFi startup
Ondo, the compatibility of Safe's smart wallet,
the SEC's lawsuit against Celsius Network, Telegram's
enablement of payments, Tachyon X's support for
crypto founders, XRP's surge after a court ruling,
the charges against the former Celsius CEO, the
signing of a crypto punk DJ with WME, Musk's
accusation of harassment, The rise of altcoins
after the XRP ruling. Circle CEO's warning on
USD. Ethereum's reaching of $2 ,000. Ripple's
design for banks. The resumption of XRP trading
by Coinbase. The approval of a strike by actors.
The increasing embrace of NFTs by game publishers.
Lawsuits against Celsius Network. The ability
of miners to manipulate transactions with MEV.
Ripple's partial win boosting the crypto market.
The shutdown of multi -chain after the CEO's
arrest. the bail set for the former Celsius CEO,
the relisting of XRP by exchanges, the value
of CryptoPunks as NFTs, the announcement of a
new NFT for the Flash movie, Ripple's victory
against SEC, and Bitcoin's new high along with
the comparison of dollar cost averaging for Bitcoin,
SPY, and GLD. Hey there. Today we've got some
interesting news from the world of cryptocurrency.
Let's jump right in. First up, Coinbase, one
of the leading cryptocurrency exchanges, is in
a legal battle with the U .S. Securities and
Exchange Commission, SEC. Coinbase argues that
the SEC should have sought congressional support
before cracking down on the crypto industry.
They believe that the SEC's actions have been
too broad and sweeping, and that it's important
to have a clear regulatory framework. Moving
on, a decentralized finance, DeFi startup called
Ondo, is expanding its market reach. They were
the first company to tokenize US treasuries and
now they want to go beyond the Ethereum mainnet.
They're taking their yield earning stablecoin
alternative to Polygon, a popular blockchain
network. By expanding to different networks,
Ondo aims to reach a wider audience and provide
more options for their users. Now let's talk
about Safe. They have added smart wallet compatibility
as part of their push towards account abstraction.
Safe is a company focused on making crypto wallets
more secure and user friendly. The addition of
smart wallet compatibility is seen as the first
step towards implementing account abstraction,
a concept that aims to simplify the user experience
and enhance privacy. In some legal news, the
SEC has filed a lawsuit against the crypto lending
platform Celsius Network and its CEO, Alex Mashinsky.
They are being charged with fraud and offering
unregistered securities. The SEC alleges that
Celsius Network and Mashinsky engaged in illegal
activities and they are seeking legal action
to hold them accountable. In a positive development
for the crypto community, Telegram, the popular
messaging platform, now allows users to pay merchants
in Bitcoin. This is made possible through a third
-party chatbot powered by the Ton blockchain.
Users can make instant payments in Bitcoin, USDT,
and Ton directly within Telegram, providing a
convenient and seamless user experience. Next,
let's talk about TachyonX, a fund provided by
Consensus Mesh. They are offering upfront funding
of $150 ,000 to blockchain startups, along with
mentorship from industry experts. This initiative
aims to support the growth and development of
the blockchain ecosystem by cutting through unnecessary
red tape and providing valuable resources to
promising projects. In the world of cryptocurrencies,
XRP has experienced a surge in value following
a ruling in the ongoing SEC case against Ripple,
the company behind XRP. The court ruled that
sales of XRP were not securities except to institutions.
This ruling has sparked positive reactions from
traders and has raised questions about the classification
of cryptocurrencies as securities. Unfortunately,
former Celsius CEO Alex Machinsky is facing more
troubles. He has been hit with seven criminal
charges related to his involvement with the bankrupt
crypto lender. These charges are serious and
could have significant consequences for Machinsky.
It's a tough situation for him and the entire
Celsius network. On a lighter note, a crypto
punk DJ named Seed Phrase has signed with WME,
one of the biggest talent agencies in the world.
Seed Phrase is also planning to release music
and launch a new community project. It's exciting
to see artists exploring the world of NFTs and
using their creativity to engage with the crypto
community. In a legal battle related to Dogecoin,
Elon Musk, the billionaire CEO of Tesla and SpaceX,
is facing accusations of unlawful harassment.
The attorney representing Dogecoin Investors
claims that Musk's legal team is using substantial
resources to fund tactics aimed at intimidating
their clients. It's a contentious situation that
highlights the growing influence of cryptocurrencies
and the conflicts that can arise. In other news,
the recent ruling in the XRP case has had a positive
impact on the broader cryptocurrency market.
tokens that were previously deemed securities
by the SEC are now seeing significant gains.
This ruling has brought some clarity to the regulatory
landscape, providing more optimism for cryptocurrencies
as a whole. Jeremy Allaire, the CEO of Circle,
a leading digital payment company, has warned
that the dominance of the US dollar is under
threat. He believes that other nations are outpacing
the US in terms of financial innovation. posing
a challenge to the dollar's position as the global
reserve currency. Allaire's warning highlights
the need for the U .S. to stay ahead in the rapidly
evolving world of digital currencies. In Ethereum
news, the cryptocurrency has reached the $2 ,000
mark for the first time since May. This milestone
comes after the federal judges ruling on the
XRP case, which provided positive momentum for
the crypto market. Ethereum's resurgence is a
positive sign for investors and the overall market
sentiment. Let's take a moment to discuss what
Ripple is all about. Ripple's XRP is a cryptocurrency
designed to facilitate faster and cheaper money
transfers, particularly for banks. Ripple has
been a driving force behind XRP's development
and adoption. It's an interesting project that
aims to revolutionize traditional financial systems.
Coinbase, after May's ruling by Judge Analisa
Torres, is set to restart XRP trading. The judge
clarified that her ruling did not address secondary
sales of XRP. However, it's important to note
that the case is still ongoing, and there are
more legal matters to be resolved. It's a step
forward for XRP, but the final outcome is yet
to be determined. In the entertainment industry,
the Screen Actors Guild, American Federation
of Television and Radio Artists, SAG -AFTRA,
is planning to strike. This move is in solidarity
with striking writers who are demanding better
compensation and addressing concerns related
to artificial intelligence, AI. The entertainment
industry is grappling with the impact of AI and
its implications for creators' rights. Speaking
of AI, Mythical Games CEO John Linden predicts
that more game publishers will embrace non -fungible
tokens, NFTs, in the near future. With EA Sports
and Fortnite creator Epic Games already exploring
NFT platforms, Linden expects other major game
publishers to follow suit. The industry is moving
towards adopting blockchain technology, and this
shift could lead to exciting developments for
gamers and creators. Lastly, the collapsed crypto
lender Celsius Network and its former executives
are facing multiple lawsuits from various government
agencies. The Department of Justice, DOJ, SEC,
Federal Trade Commission, FTC, and the Commodity
Futures Trading Commission, CTFC, have filed
lawsuits against Celsius Network. These legal
actions highlight the importance of regulatory
compliance in the crypto industry. That's it
for today's wrap up of the latest crypto news.
Stay tuned for more updates as the industry continues
to evolve and grow. Today, let's dive into a
few interesting news stories and updates from
the cryptocurrency world. We'll be discussing
topics like maximal extractable value, MEV, the
recent ruling on the SEC versus Ripple Labs case,
the impact of Ripple's partial win on the crypto
market, and much more. MEV, or maximal extractable
value, is a concept based on the idea that miners
and other participants in the blockchain validation
process can manipulate and reorder transactions
for their personal gain. Essentially, MEV refers
to the potential profits that can be extracted
from reordering or censoring transactions on
the blockchain. It has become a topic of concern
within the crypto community as it raises questions
about fairness and decentralization. Miners and
validators being able to prioritize or manipulate
transactions can have significant implications
for the security and stability of the blockchain
network. Speaking of Ripple, there has been some
optimism at Coinbase following Judge Torres's
partial ruling on the SEC versus Ripple Labs
case. This ruling has added a new dimension to
the SEC's lawsuit against Coinbase, and it's
important to watch how this case unfolds. Ripple's
partial win against the SEC has had a ripple
effect on the entire crypto market, with positive
gains spreading across the board. This uplift
in spirits is a welcomed change, especially considering
the volatility we've seen in the past year. In
another interesting turn of events, Multichain,
a blockchain project, had to shutter its operations
after Chinese police took the CEO's sister into
custody and impounded operational funds. This
highlights the challenges and risks faced by
companies operating in the crypto space, especially
in countries with strict regulations and uncertain
legal frameworks. Moving on to the world of NFTs,
crypto punks have become one of the most desirable
and expensive crypto collectibles. These are
some of the oldest NFTs, and many collectors
are eager to get their hands on them. If you're
interested in buying your own crypto punk, there
are platforms where you can find them, but be
ready to spend a significant amount of money.
Talking about NFTs, DC Comics superhero movie
The Flash will be released as an NFT on July
18th, the same day it hits traditional digital
platforms. This is an interesting development
that showcases the growing adoption of NFTs in
the entertainment industry. In regulatory news,
there have been ongoing debates and discussions
about the SEC's actions against Ripple and other
cryptocurrencies. It's important to follow these
developments closely. as they can have a significant
impact on the overall regulatory landscape for
cryptocurrencies. We've also seen some interesting
news from prominent cryptocurrency exchanges.
Kraken and Crypto .com have joined Coinbase in
relisting XRP following the court ruling on the
SEC case. While the judge's decision didn't specifically
address secondary sales, these exchanges are
showing greater confidence in trading XRP after
the recent developments. Now let's take a step
back and talk about the recent rally in the cryptocurrency
market. With Ripple's victory and the positive
sentiment that followed, various cryptocurrencies
experienced significant gains. XRP, SOL, ADA,
and XLM have all soared by double digits, contributing
to an overall increase of $70 billion in the
crypto market. It's an exciting time for crypto
enthusiasts and investors. Wrapping up with some
noteworthy updates. former Celsius CEO Alex Machinsky
has been released on a $40 million bond after
being arrested and facing fraud accusations.
This case has attracted significant attention,
and it's important to follow the legal proceedings
and see how they unfold. Additionally, the Ethereum
network has been seeing increased activity, with
data showing that it is almost twice as busy
as the Bitcoin network. This highlights the growing
popularity and usage of Ethereum as a platform
for decentralized applications and smart contracts.
And that's it for today's news roundup. We covered
a range of topics from MEV and legal battles
to NFTs and market rallies. As always, the cryptocurrency
space is full of exciting developments, so stay
tuned for more updates. Thanks for listening
and until next time. So there's been quite a
bit of news in the world of Bitcoin and other
assets lately. Let's dive into some of the latest
updates and reactions from people in the industry.
First off, let's talk about dollar cost averaging.
Dylan Leclerc shared some interesting stats on
the performance of Bitcoin, gold, and stocks
starting from the day of the Bitcoin all -time
high. According to his tweet, Bitcoin has seen
a rise of 16%, while the SPY, which represents
the S &P 500 index, has seen a 9 % increase.
Gold, on the other hand, has only gone up by
7%. It seems like Bitcoin has been leading the
pack in terms of growth, even with its notorious
volatility. But before we get too excited about
Bitcoin, some concerning news broke recently.
The CEO of Celsius, Alex Machinsky, was arrested
and charged with fraud. This came as quite a
shock to the industry, as Celsius is a well -known
and widely used platform for earning interest
on cryptocurrency holdings. This news serves
as a reminder that even in the world of cryptocurrencies,
there are still instances of fraud and wrongdoing.
Speaking of currencies, the US dollar hit a two
-month low on Tuesday. This news might make some
people reconsider their investment strategies.
Many Bitcoin enthusiasts prefer to hold Bitcoin
both in the short term and the long term, believing
that it will continue to outperform traditional
currencies. In regulatory news, the SEC has officially
acknowledged Bitwise's Spot Bitcoin ETF application.
This is a significant step forward for the potential
approval of a Bitcoin ETF, which many believe
will bring even more institutional adoption into
the space. And in Europe, the first Bitcoin ETF
is ready to launch, offering European investors
another option for gaining exposure to Bitcoin.
Let's hear from Jack Mallers, a well -known figure
in the Bitcoin community. Mallers shared his
thoughts on Bitcoin's performance, stating that
if you take a step back and look at its performance,
all it has done is gone up and to the right.
It's hard to argue with that sentiment, considering
Bitcoin's strong track record of growth over
the years. In other news, Fidelity, a major financial
institution, filed a second amendment to their
spot Bitcoin ETF application. It seems that more
and more companies are looking to get into the
Bitcoin ETF game, which could have significant
implications for the future of the cryptocurrency
market. Turning to politics, a pro -Bitcoin U
.S. candidate, RFK Jr., beat Biden in a favorability
poll among Democrats. This indicates that there
is growing support for Bitcoin within the political
landscape, which could shape future policies
and regulations. Now let's talk about some interesting
facts and developments in the Bitcoin space.
According to a tweet from Joe Burnett, the amount
of Bitcoin held by Coinbase has decreased significantly
over time. In March 2020, Coinbase held over
1 million BTC, but that number has now dropped
to 439 ,000 BTC. This suggests that exchanges
are seeing a decrease in the amount of Bitcoin
they hold, which could indicate increased demand
and a potential scarcity of Bitcoin. In El Salvador,
we're seeing people using Bitcoin to pay for
McDonald's. This demonstrates the practical use
of Bitcoin as a means of payment, even for everyday
goods and services. And it seems like corporations
are also getting in on the action, with more
and more of them accumulating Bitcoin. This trend
further highlights the growing acceptance and
adoption of Bitcoin as a legitimate asset. Alan
B. Watts raised an interesting question in his
tweet. How many times must Bitcoiners be proven
right before the masses realize the truth? It's
a thought -provoking statement that reflects
the continuous success and growth of Bitcoin,
despite skepticism and criticism from some quarters.
But amidst all the positive news, we shouldn't
forget about the environmental impact of Bitcoin
mining. In Georgia, a Bitcoin mining farm operates
using only solar energy. This showcases the potential
for sustainable mining and addresses some of
the concerns surrounding the carbon footprint
of cryptocurrency. One thing to keep in mind
is that there might be less available Bitcoin
than most people realize. With increasing demand
and decreasing supply, the price action of Bitcoin
could reflect this scarcity in the near future.
Moving on to some notable endorsements, Larry
Fink, CEO of BlackRock, expects Bitcoin to transcend
every international currency due to worldwide
demand. This is a significant statement coming
from someone in a powerful position within the
traditional financial industry. And in Argentina,
which is experiencing a high annual inflation
rate, the country launched its first Bitcoin
futures contract. This development shows how
Bitcoin can provide an alternative for individuals
and institutions in economically unstable regions.
These recent updates and reactions from industry
insiders and enthusiasts provide a glimpse into
the exciting and ever -evolving world of Bitcoin.
It's clear that Bitcoin continues to make waves,
proving its resilience and potential as a transformative
financial asset. As always, it's essential to
stay informed and be aware of the risks and opportunities
that come with this rapidly changing landscape.
And that concludes our quick overview of the
latest news and reactions in the world of Bitcoin.
Stay tuned for more updates as the Bitcoin journey
continues. In today's episode, we covered a range
of topics including Coinbase's argument against
SEC, the expansion of DeFi startup Ando, the
surge in XRP after a court ruling, the rise of
altcoins, and the ongoing lawsuits against Celsius
Network. Not your private keys, not your Bitcoin.
Practice good OPSEC. Even crypto wallet extensions,
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