Strengths
- Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Notcoin, rising 48.12%.
- Donald Trump will speak at a Bitcoin conference later this month in an address that’s expected to highlight his growing embrace of the cryptocurrency industry. The presumptive Republican presidential nominee is scheduled to deliver his speech on July 27 on the main stage of the Bitcoin 2024 event in Nashville, Tennessee, according to Bloomberg.
- The U.S. spot Bitcoin exchange-traded funds (ETFs) recorded a total daily net inflow of $147.37 million on Wednesday, marking a fourth day of positive fund flows. Fidelity’s ETF led inflows with $57.79 million, followed by BlackRock’s ETF with $22.24 million, according to Bloomberg.
Weaknesses
- Of the cryptocurrencies tracked by CoinMarketCap, the worst performing for the week was dogwifhat, down 18%.
- Iris Energy’s shares fell the most since January after Culper Research questioned the Bitcoin mining company’s ability to serve the high-performance computers that make generative AI possible. Because of a steep decline in profitability of mining Bitcoin, some industry participants are looking to redirect their energy infrastructure for high performance computing writes Bloomberg.
- Suspect digital wallets have distributed close to $100 billion in illicit funds across the cryptocurrency market since 2019, flows that often touch popular stablecoins and centralized exchanges. Bad actors are making record use of stablecoins, which now account for most of the illicit transaction volume in crypto.
Opportunities
- MicroStrategy said it will conduct a 10-for-1 stock split to make the shares more accessible to investors and employees. The stock has surged around 1,000% since the enterprise software company started buying Bitcoin in 2020, outpacing Bitcoin itself, according to Bloomberg.
- The Securities and Exchange Commission (SEC) has opened a path for banks and brokerages to avoid reporting their customers’ crypto holdings on their balance sheets. But companies must offset risks those assets pose in order to bypass controversial crypto accounting guidance that has become a target of Congress.
- Germany still holds 29,286 BTC worth $2.2 billion, according to Arkahm Intelligence. The stash represents nearly 9% of BTC’s 24-hour trading volume.
Threats
- Anthony Scaramucci effectively barred clients from exiting SkyBridge Capital’s crypto-focused hedge fund even though returns have jumped. Investors who own about 70% of the fund’s shares asked for their money back in the latest redemption period that ended in March, writes Bloomberg.
- Lithuania fined crypto company Payeer a record $10.1 million for sanctions and money laundering violation involving Russian clients. Payeer allowed Russian customers “to carry out transactions in Russian rubles by transferring them from European Union-sanctioned Russian banks,” writes Bloomberg.
- American singer and rapper Amala Zandile Dlamini, known professionally as Doja Cat, warned that her X account appeared to have been hacked to promote a Solana-based token with the ticker DOJA. One tweet stated to “keep buying DOJA,” according to Bloomberg.
