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 CZ admitting to involuntary
terminations at Binance, a father and son facing
jail time for a crypto scam, BitMEX introducing
social trading, the launch of Aave stablecoin
GHO, the surge of 1 -inch while Bitcoin stagnates,
Kim .com teasing a Bitcoin Cash app, Coinbase
restricting staking, Aave Dow voting for GHO
stablecoin launch, The release of NFT enhanced
sneakers by Roc Nation and Puma. Binance reducing
staff. Meta's focus on AI. Thyssen Museum minting
Van Gogh NFTs. The Space Mermaids game on XRP.
XRP leading altcoin week. AI causing a Hollywood
strike. Le Clou 3 introducing NFT loyalty perks.
Bitcoin miners facing a stress test. The SEC
accepting BlackRock's Bitcoin ETF application.
The struggle for tokens launched too soon to
find a user base. Louis Vuitton embracing NFTs.
De -dollarization. Bitcoin's market cap, regulations,
and the potential for a new international currency.
Hey there. Today we've got some interesting news
in the world of cryptocurrency and technology.
Let's dive right in. First up, CZ, the CEO of
Binance, has admitted to involuntary terminations
within the company, but disagrees with the reported
numbers. It seems there's always something happening
at Binance. In a shocking case, a father and
son are facing up to 20 years in jail for orchestrating
a $10 million crypto scam. It's unfortunate to
see people taking advantage of others in the
cryptocurrency space, but it's good to see that
they're being held accountable for their actions.
BitMEX, a popular platform for professional traders,
has introduced social trading called guilds.
This feature allows traders to collaborate, share
trading strategies, and learn from each other.
It's a great way to foster a sense of community
among professional traders. Aave, a decentralized
lending platform, has launched its stablecoin
called GHO on the Ethereum mainnet. GHO has been
in development for the last year and aims to
make markets more accessible and efficient for
its users. Stablecoins play a crucial role in
the crypto ecosystem, providing stability in
an otherwise volatile market. In other news,
the price of one inch has skyrocketed by 45 %
in a single day. while Bitcoin seems to be stagnating
above the $30 ,000 mark. The crypto market is
always full of surprises, with some coins experiencing
massive gains while others struggle to keep up.
Unstoppable Domains, a Web3 domain provider,
has expanded its support to ETH domains. This
means that users can now register and use ETH
domains for their decentralized websites and
applications. It's exciting to see the continued
growth of the decentralized web. Moving on, Kim
Dotcom, the creator of Mega Upload, has teased
a Bitcoin Cash killer app called Fileshop. He
expressed his support for Bitcoin Cash on Twitter
and his desire to see Fileshop become a game
changer in the crypto space. It'll be interesting
to see how this project unfolds. Coinbase, one
of the largest cryptocurrency exchanges, has
restricted Ethereum and Solana staking in four
US states. This move comes after allegations
that Coinbase was violating securities laws in
11 states. Compliance with regulations is crucial
for the long -term success of cryptocurrency
businesses. In a significant vote, Aave's Decentralized
Autonomous Organization, DAO, has decided to
launch GHO Stablecoin on the Ethereum mainnet.
This move will further enhance Aave's position
in the DeFi space and provide users with more
options for stablecoins. In the world of music
and NFTs, Jay -Z's Roc Nation and Puma have dropped
NFT enhanced sneakers. These sneakers are tied
to exclusive digital content, including new music,
and celebrate the 50th anniversary of hip hop.
It's interesting to see how NFTs are being integrated
into different industries. Addressing recent
rumors, Binance has announced staff reductions,
but it says reports of thousands of employees
being cut are way off. Rumors about Binance's
workforce have been circulating for a while,
and it's good to have some clarity on the situation.
Meta, formerly known as Facebook, is going all
in on AI. With its CM3 Leon model and a reported
commercial version of El Lama, Meta aims to compete
with the likes of Google Chat GPT and Mid Journey
in the generative AI industry. It'll be exciting
to see how these AI technologies develop and
what they bring to the table. In the world of
art and NFTs, the Spanish National Museum Thyssen
and Olivers have partnered to mint an exclusive
collection of Van Gogh NFTs. This collaboration
brings Van Gogh's art to the metaverse, offering
art lovers a new and immersive experience. If
you're a fan of retro -style games and XRP, then
Space Mermaids might be right up your alley.
It's an addictive arcade -style game where players
control a pixelated mermaid, dodging asteroids
and collecting stars. Plus, you can earn NFT
rewards while having fun. Looking at the cryptocurrency
market, XRP has led the altcoin week, outperforming
Bitcoin and Ethereum. Ripple's recent courtroom
victory against the SEC has had positive effects
on several leading altcoins. It's fascinating
to see how legal developments can impact the
crypto market. Artificial intelligence seems
to have become a common enemy for actors and
writers in Hollywood. The industry is facing
a joint strike over AI and compensation. marking
the first such strike in 63 years. It highlights
the increasing role that AI plays in various
sectors and the need to address its impact on
workers. Credit Agricole's Indosuez Wealth Management
arm has launched Le Clou 3, a loyalty program
based on NFTs aimed at high -end clientele. It's
an innovative approach to attracting and retaining
customers in the private banking sector. Finally,
JP Morgan predicts that Bitcoin miners will face
a stress test in the next halving event. The
lower block reward means that the price of Bitcoin
and transaction fees will need to rise significantly
to offset the reduced rewards for miners. It's
a reminder of the economic dynamics and challenges
within the Bitcoin ecosystem. That's all for
today's news roundup. Stay tuned for more updates
on the ever evolving world of cryptocurrency
and technology. So some interesting news in the
cryptocurrency world. The Security and Exchange
Commission, SEC, has formally accepted BlackRock's
application for a Bitcoin Exchange Traded Fund,
ETF. This means that the agency will give the
application a serious look and consider approving
it. This is a big deal because if the ETF gets
approved, it could open up the floodgates for
institutional investors to enter the Bitcoin
market. Moving on to another topic, the launch
of tokens in the cryptocurrency space has become
quite common. However, Many projects fail to
find product market fit, meaning they struggle
to find a user base for their token. It's important
for projects to consider the timing of their
token launch and make sure they have a solid
product that people actually want before jumping
into the token game. In the world of fashion,
luxury brand Louis Vuitton is making waves by
embracing a non -traditional creative director
and non -fungible tokens, NFTs. Despite critics,
this move could pave the way for other fashion
brands to explore the world of NFTs and unlock
new opportunities for creativity and revenue.
Now let's dive into the exciting happenings on
crypto Twitter. This week, the XRP community
had reason to celebrate as the cryptocurrency
scored a courtroom victory against the SEC. This
news sent shockwaves throughout the cryptoverse,
leaving enthusiasts buzzing with excitement.
It's always interesting to see how legal battles
play out in the crypto space. In Brazil, a blockchain
developer named Pedro Magalhaes discovered a
function in the country's central bank digital
currency, CBDC, that allows the government to
freeze funds. Concerned about the implications
of this discovery, Magalhaes took to social media
to demand answers from the central bank. This
raises important questions about privacy and
control in the world of digital currencies. On
the investment front, a recent report suggests
that crypto investment continues to slide and
has not yet found a clear bottom. Despite more
deals happening, venture funding for crypto and
blockchain initiatives has declined for the fifth
straight quarter. This indicates that the market
is still searching for stability and a sustainable
growth trajectory. In another interesting development,
A judge overseeing a Coinbase case expressed
skepticism over the SEC's prior approval of Coinbase's
S1 filing. The judge seemed to align herself
with Coinbase, suggesting that the company's
S1 may have some legal weight. This legal battle
highlights the ongoing tension between the crypto
industry and regulatory authorities. Now, onto
something that affects Ethereum users directly.
Over 200 users of a protocol called ETHscriptions
fell victim to a smart contract exploit. The
protocol's creator surprisingly praised these
victims, referring to them as the earliest adopters.
It's a reminder that even in the world of cryptocurrencies,
where security is a top priority, vulnerabilities
can still emerge. Speaking of Ethereum, there
is some exciting news for its scaling solution
called ZKSync. The solution has unveiled its
latest technology called Boojum, which significantly
reduces transaction time and the need for expensive
hardware. This is great news for everyday users
who want to help secure the network without breaking
the bank. Now let's talk about Lens Protocol,
a crypto -powered alternative to Twitter. The
platform has launched its latest version, V2
Lens, which introduces a new functionality called
blocking. This allows users to control who can
see their content and interact with them, providing
more control over their social media experience.
It's an interesting approach to addressing some
of the challenges faced by mainstream social
media platforms. Moving on to cryptocurrency
exchanges, Binance has finalized its integration
of Bitcoin's Lightning Network, a Layer 2 scaling
solution. This means that Binance customers can
now withdraw and deposit funds using the Lightning
Network, which offers faster and cheaper transactions
compared to the main Bitcoin network. In the
realm of crypto wallets, Gnosis has launched
a self -custodial debit card called the Gnosis
Card. This card allows users to make payments
anywhere that Visa is accepted, giving people
greater flexibility in using their crypto assets
in the real world. Gnosis is even open to other
wallets using their design, showing a collaborative
and inclusive approach. Let's focus on the trading
volume of the native token powering the one -inch
network. It has experienced a surge in trading
volume on South Korean exchange Upbit. This indicates
growing interest and adoption of the token in
the South Korean market. It will be interesting
to see how this momentum continues. Now let's
talk about Aave, a decentralized lending protocol
on Ethereum. They have launched a new dollar
-pegged stablecoin called GHO, which has quickly
reached a market cap of $2 .5 million within
just two days. GHO is backed by overcollateralized
loans, similar to Maker's DAI stablecoin. This
demonstrates the demand for stablecoins in the
crypto ecosystem, providing stability and a familiar
value proposition to users. Shifting our attention
to stablecoins in general, the cumulative trade
volume of stablecoins in 2023 has exceeded $3
trillion, with Tether leading the way. Stablecoins
have become a crucial component of the crypto
market, offering a bridge between the volatile
world of cryptocurrencies and more stable traditional
financial systems. In other news, Alex Maszynski,
the CEO of Multichain, has had his bail set at
$40 million and his travel has been restricted.
Multi -Chain, a cryptocurrency platform, has
ceased operations possibly due to the detention
of Ma Xingsi's sister in China, who was holding
$220 million of funds. This situation raises
concerns about the regulatory challenges and
risks associated with operating in the global
crypto space. Finally, let's touch on Bitcoin's
trading volume during weekends. In the first
half of 2023, The BTC USD trading volume in native
units hit the lowest levels since 2012. This
indicates lower market activity during weekends,
highlighting the potential impact of market dynamics
and investor behavior on trading volume. And
that's a wrap for this week's crypto roundup.
As always, the world of cryptocurrencies is full
of excitement, surprises, and challenges. Stay
tuned for more updates and developments in the
ever -evolving crypto space. Hey there! Let's
dive into some interesting news in the world
of cryptocurrency. Binance recently announced
that they have completed the integration of the
Bitcoin Lightning Network. This is a big deal
because it opens up new possibilities for faster
and more scalable Bitcoin transactions. With
the Lightning Network, Bitcoin can be sent and
received almost instantaneously, making it even
more convenient for users. Speaking of digital
assets, last week saw a significant inflow of
$137 million. And here's an interesting tidbit.
Over the past four weeks, inflows have reached
a whopping $742 million. That's the largest run
of inflows we've seen since the final quarter
of 2021. It's exciting to see such strong interest
in digital asset investment products. In other
news, Athena, an Ethereum -based stablecoin developer,
recently raised $6 million. This funding will
support their ongoing efforts to create a stable
and reliable digital currency that is backed
by Ethereum. It's always great to see startups
in the crypto space securing funding to further
their development and innovative ideas. Now let's
switch gears for a moment and talk about Opensats.
They are a 501C3 organization that awards grants
for Bitcoin development. They are doing some
pretty cool stuff, so it's worth checking out
the projects they are funding. One particularly
interesting project they support is the concept
of auctions where you can bid on anything using
lightning invoices. Just imagine the possibilities
this opens up in terms of decentralized commerce.
Let's shift our focus to the strength of cryptography
in Bitcoin. Some people argue that Bitcoin's
cryptographic security is stronger than that
of gold. Why? Well, gold relies on the social
technology of order and property rights, which
is currently under threat. And while electricity
and the Internet might not be going away anytime
soon, other social factors can influence the
value of gold. On the other hand, Bitcoin's value
is derived from your ability to keep its cryptographic
key a secret, which doesn't rely on the stability
of social order. Now let's draw some historical
parallels. When the Roman Empire fell in the
West, people stopped using silver and gold as
a form of currency. Similarly, during the fall
of the Bronze Age civilization, the use of bronze,
silver, and gold declined. When money came back
into the picture after those falls, it took the
form of promises to deliver valuable assets like
sheep, goats, cows, and even virgins. This highlights
the fact that gold is just a symbol, much like
Bitcoin is just a symbol. The key difference
though is that a cryptocurrency like Bitcoin
depends on the ability to keep a secret rather
than relying on social order. Gold, on the other
hand, is only useful as money because it's lightweight,
durable, and transportable over long distances.
Unlike apples, yes, we're comparing gold to apples.
Gold is more suitable for making purchases from
people who are not next door. But if you can't
physically move gold over a long distance, just
like the man next door, then he might prefer
apples instead. This shift from gold to other
forms of value exchange has been observed throughout
history. Let's explore the concept of a store
of value. It's interesting to note that while
gold can be hidden and stored, it has to be moved
to be useful. In comparison, sheep, for example,
are a better store of value because they can
reproduce and create more value over time. Gold,
unfortunately, cannot produce more gold. This
brings us back to the importance of mobility.
Gold is more valuable than sheep or virgins when
it comes to long distance transfers. However,
Secrets like cryptographic keys can be moved
over distances with greater safety and speed
than gold. So if you can't physically move gold
over a long distance, you might find that someone
who has eggs and is in the same position won't
be interested in gold either. Now let's talk
about the potential market cap of Bitcoin. When
we consider the average allocation of funds into
gold, it typically sits around 5 % or less. Now
imagine if just 1 % of those funds found their
way directly or indirectly into Bitcoin. That
would add a whopping $400 billion of new money
into the Bitcoin market. But here's the catch.
Most Bitcoin is not readily available for sale
at any price. So if $400 billion of new money
were to flow into BTC, it would undoubtedly raise
the market cap by far more than $1 trillion.
And that's a wrap. Today, we discussed Binance's
completion of the Bitcoin Lightning Network integration,
the recent inflows in digital asset investments,
Athena's successful funding round, and the intriguing
work being done by Opensats. We also delved into
the differences between gold and Bitcoin as symbols
and explored the role of secrets and mobility
in cryptocurrency and gold's value. Lastly, we
touched upon the potential impact of Bitcoin
on the market cap with its increasing popularity.
Until next time, stay curious and keep exploring
the exciting world of cryptocurrency. So let's
talk about the biggie in the world of Bitcoin,
de -dollarization. This is a process that could
result in a massive influx of money into Bitcoin,
approximately a trillion dollars to be exact.
To put things into perspective, the market cap
of gold is currently around 10 trillion dollars.
But here's the thing. Bitcoin is actually more
useful than gold in many ways. Right now? Today,
you can spend Bitcoin more easily than you can
spend gold. And that's why its market cap is
expected to rise well above $10 trillion once
it replaces the dollar for international transactions.
Let's say around $20 trillion. That's a jaw -dropping
30 -fold increase in the price of Bitcoin. However,
de -dollarization has hit a roadblock. Efforts
to create a fiat replacement for the U .S. dollar
keep getting mired in bureaucracy and regulation.
The sovereign nations agree on the need for a
new international currency. but then their bureaucrats
and bankers get involved and things start to
slow down. It's like trying to run through mud.
In the meantime, people are turning to Bitcoin
for international transactions. It's a spontaneous
movement that's gaining momentum. Even though
it's illegal in Russia, the Russian Ministry
of Finance has recognized that everyone is breaking
that law. They've basically thrown up their hands
and said, what's the point of making a fuss?
Enforcing American sanctions won't do any good.
So, they're considering creating a new and more
practical law which will likely attempt to ban
Russians from buying stuff from other Russians
using Bitcoin. But here's the thing, with lightning
wallet and Noster, most Bitcoin transactions
are going to be international anyway. So, this
law will probably only be effective for physical
goods moving within Russia. Now, some are murmuring
about a gold -based replacement for international
transactions. However, in an increasingly violent
and untrustworthy world, this idea seems unlikely
to work. Just look at Turkey. They recently broke
a crucial deal with Russia. Can Russia really
trust India or vice versa to deliver gold without
any issues? Moreover, there's always a risk of
someone snatching the gold en route and justifying
it with sanctions. On top of that, a gold -based
system still doesn't solve the problem of a multinational
bureaucracy trying to regulate it to the point
of suffocation. This is exactly what has happened
to previous attempts to create a new international
fiat currency. But let's not forget one of the
problems with gold itself. You see, miners are
continuously dumping new supply onto the market.
This constant influx of new gold can affect its
value. On the other hand, Bitcoin supply is set
to be cut in half next year. This means that
there will be fewer new bitcoins entering the
market, which could potentially contribute to
an increase in its value. Now let's talk about
your money and its expiration date. With traditional
currencies, the government has control over what
you can spend your money on. It's almost like
a scene straight out of 1984. But with Bitcoin,
it's a different story. You have more control
over your own money. So it's important to remember
the mantra, not your private keys, not your Bitcoin.
In other words, If you don't control the private
keys to your Bitcoin wallet, you don't really
own the Bitcoin. Oh, and here's a little secret
for all you Bitcoin enthusiasts out there. The
Bitcoin Street Journal is running a Nostr -only
livestream for the next 24 hours. It's all about
Nostr the latest and greatest in the world of
Bitcoin. So help spread the word Nostriches.
You can catch the live stream on Twitch TV, the
Bitcoin Street Journal, as well as on other video
streaming platforms like DLive and Rumble. And
finally, we would greatly appreciate your support.
You can find us on fountain .com, Nostrich Build,
Spotify, Amazon Music, RSS .com, Pandora, Samsung
Podcasts, Stitcher, Apple iTunes, iHeart Radio,
and many more. Just give us a like, share, or
subscribe to the Bitcoin Street Journal. Thank
you for listening and for your continued support.
exciting NFT releases, and the impact of AI on
Hollywood. We also explored the acceptance of
BlackRock's Bitcoin ETF application by the SEC,
the challenges faced by tokens launched too soon,
and the entry of Louis Vuitton into the NFT space.
Additionally, we discussed Binance's integration
of the Bitcoin Lightning Network, the significant
investment inflows into digital assets, and Athena's
successful fundraising for Ethereum stablecoin
development. Finally, we delved into the concept
of de -dollarization, Bitcoin's market cap, regulations,
gold, and the potential for a new international
currency. Thanks for listening to today's episode.
I'll see you guys at the next one, and don't
forget to subscribe!