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It's been yet another exciting week in US politics and as always, the crypto industry is feeling the collateral damage. Indeed, the Paris Olympics might be the pinnacle of global competitiveness but the US presidential race is equally as gripping, and at times, even more entertaining.
In the latest episode of America's Next Top President, newbie contestant Kamala Harris is proving more favourable than her predecessor, Joe Biden. Not only has this made Donald Trump, Republicans, and racists quiver in their cowboy boots, but the crypto industry, which found comfort in Trump's pro-crypto rhetoric, is sharing in the discomfort.
Fortunately for politically concerned crypto enthusiasts, Harris is yet to declare her industry stance. Even more encouragingly, Democrats are even pushing the President-to-be to adopt a more crypto-friendly approach. Nonetheless, this uncertainty and mixed emotions towards Harris have unnerved the crypto market.
Speaking of mixed emotions, this week began the blossoming of earnings season. Coinbase, Microstrategy, Marathon Digital, Riot Platforms, Meta, and even Tether exposed their intimate figures to the public and hung their balance sheets out to dry.
Both Coinbase and Tether reported phenomenal numbers while Microstrategy, Marathon Digital, and Riot Platforms disappointed their investors. Meta impressed shareholders but its metaverse arm, Reality Labs, is still a very painful thorn in its side.
Also, pay in crypto also seems to be mixed (very tenuous link, we know). Women are earning more than men in crypto but the data might not be as comprehensive or accurate as reality might suggest - that's not us saying it, it's what women in the industry told us!
With such a mixed week, the crypto markets have predictably behaved erratically. Bitcoin has slipped around 6% over the week while Ethereum is down close to 4%.
Risk appetites on the Fear & Greed Index have slipped from 68, "Greed," to 57, still "Greed."
The Fear & Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1-100 – 1 is extreme fear and 100 is extreme greed.
But as always, fret not about the future, as BRN has your back. BRN analyst, Valentin Fournier, suggests keeping calm and reducing exposure.
"We believe that the market is currently in an accumulation phase with a potential retest of the $62,500 support incoming. With no major movement expected in a specific direction, we recommend maintaining the reduced exposure advised yesterday," he said.
Crypto Market Shudders as Kamala Harris Overtakes Trump for the First Time
Like its stock market counterpart, the crypto market is a sensitive soul. One sliver of uncertainty can send the entire market into quivering anxiety and Kamala Harris, the successor of anti-crypto Joe Biden, is giving the crypto market a reason to do so.
According to betting site PredictIt, Harris overtook Republican rival Donald Trump for the first time in favourable odds, largely repairing much of the damage Biden inflicted upon the Democrats.
Blockhead
Telegram Launches in App Browser With Mini App Store - What Can Web3 Users Expect?
Telegram is diving deeper down the rabbit hole by offering new features aimed at boosting Web3 integration.
In their latest update, Telegram introduced a comprehensive Mini-App store and an in-app browser to further engage users, encouraging them to spend more time on the app
Perion Lim
Tether Nets $5B Profits in 2024 While USDC Monthly Trading Volume Surges 48%
Stablecoin season is in bloom as USDT and USDC experience an uptick in usage from users.
USDT issuer Tether reported $5.2 billion of net profits for the first half of the year, marking a new record for the stablecoin company. Q2 drew in a net operating profit of $1.3 billion, which is Tether's "best result ever" according to the firm.
Blockhead
Yep, Meta's Metaverse Arm Still Losing Money Despite Earnings Beat
Loyal Blockhead readers are probably too familiar with this headline by now but once again, Meta has smashed its earnings but failed to turn its metaverse arm, Reality Labs, into real-world profitability.
Reality Labs reported an operating loss of $4.48 billion in Meta's Q2 2024 earnings report, which although less than analysts' expectations of $4.55 billion, isn't exactly the most impressive improvement from previous quarters.
Blockhead
Coinbase Reveals Crypto Trading Doubled, Microstrategy Reports Loss Due to BTC Hoard
Earnings season has been kind to Coinbase but the same can't be said for Microstrategy.
In its recent Q2 2024 earnings report, Coinbase reported a huge surge in second-quarter transactional revenue to $780.9 million from $327.1 million in the same quarter last year.
Blockhead
Bitcoin Miners Marathon, Riot Facing Headwinds, Post Disappointing Earnings
Bitcoin mining giants Marathon Digital (Nasdaq: MARA) and Riot Platforms (Nasdaq: RIOT) have reported disappointing results in their latest earnings reports, underscoring the challenging operating environment for the industry.
Both companies grappled with declining revenues and widening losses as they navigate the complexities of the post-halving landscape.
Blockhead
Tokenize Xchange Hires Carney Mak as Chief Strategy Officer Amid Growth
Tokenize Xchange has hired a new chief strategy officer in the form of crypto and fintech veteran Carney Mak.
The move comes as part of Tokenize's expansion fuelled by a fundraising round of $11.5 million in March.
Blockhead
Sorry Crypto Bros, Women in Crypto Earn 15% More Than Men... But is There a Catch?
We live in a time when gender and equality are at the forefront of conversation and political discourse. It doesn't take a feminist to understand the importance of creating a safe and fair environment for women to work in. But turning this message into reality has been a societal challenge, especially in breaking away from deeply rooted constructs that only serve as advantages for men. Damn that patriarchy.
Just look at the US, which is currently weighing up whether to elect its first female president to lead the free world down an unfamiliar and radical liberal path (if you read Fox), or to re-elect an uncomfortably familiar traditionalist to lead America down four more years of antiquated boys' school misogyny (if you read CNN, which also happens to love Bitcoin).
Blockhead
Mt. Gox Shifts Another $2B to New Address
Mt. Gox has moved another $2 billion to a new address as it embarks on its much-awaited repayment plan.
Data from Arkham Intelligence shows that 33,105 BTC ($2.19 billion) was sent to an address beginning with “bc1q26” - an unknown address.
Blockhead
Bitcoin ETF Leader BlackRock Opts Out of Solana ETF Race
BlackRock, which achieved unprecedented success with its Bitcoin ETF, has no interest in offering a Solana ETF. At least for now.
With over $17.2 billion in AUM, BlackRock's IBIT Bitcoin ETF is second only to the Grayscale Bitcoin Trust. Shortly after its launch earlier this year, IBIT even broke records by reaching $10 billion faster than any US ETF in history
Blockhead
Solana Overtakes Ethereum in Transaction Fees After Beating BNB in Market Cap
Solana has outperformed Ethereum in total transaction fees and Maximum Extractable Value (MEV) tips for the first time on a weekly basis.
The Layer 1 blockchain's fee revenue of $25 million eclipsed Ethereum's $21 million, signaling a significant shift in network activity, according to Blockworks Research analyst Dan Smith. The network's daily fee revenue also peaked at $5.5 million on July 28th, marking a three-month high, with Smith noting that 58% of this revenue came from MEV tips, with priority transaction fees accounting for 37%.
Blockhead
Moomoo Secures MPI License, Introduces Crypto Trading in Singapore
Moomoo has obtained a Major Payment Institution license (MPI) from the Monetary Authority of Singapore (MAS).
The approval makes Moomoo the first digital brokerage in Singapore to obtain a license for digital payment token services, operating as a regulated crypto business.
Blockhead
Everything Trump Pledged in His Bitcoin 2024 Speech
Donald Trump took to the stage at Bitcoin 2024 in Nashville on Saturday, delivering his highly anticipated keynote speech... and it did not disappoint.
Although not quite on the same oratory tier as the likes of Martin Luther King Jr, Winston Churchill, or even Barack Obama, Trump nonetheless has perfected the skill of galvanizing audiences with his short and simplistic rhetoric.
Blockhead
Hong Kong to Discuss the Feasibility of Bitcoin Reserves
Hong Kong is looking to add Bitcoin to its federal reserves, according to a local legislator.
Following Donald Trump's keynote speech at Bitcoin 2024 over the weekend, in which he discussed a potential plan for a US Bitcoin reserve, Hong Kong politician Johnny Ng tweeted that the region might do the same.
Blockhead
WazirX Socializes $230M Hack Loss Among Users
Indian crypto exchange WazirX is implementing a socialized loss distribution strategy following its $230 million hack.
Last week, WazirX suffered a breach that allowed hackers to extract users' funds. According to the team, the digital wallet used by the WazirX team had six signatories—five from WazirX and one from Liminal, with transactions requiring three WazirX signatories (using Ledger hardware wallets) and one Liminal signatory for approval.
Blockhead
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