Bitcoin 2024: What We Know So Far

A look at what's happened so far at Bitcoin 2024, and Senator Warren's crypto bill suffers a drop

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OVERVIEW

Bitcoin 2024: What We Know So Far 

Bitcoin and the broader crypto market are well on their way to wiping out all of this week’s downside moves. At the same time, the technicals are showing the whole market positioning for one big breakout. 😱 

In today’s Litepaper, what’s happened in Nashville at Bitcoin 2024 so far.

Also on deck: one of Elizabeth Warren’s co-sponsors of her anti-crypto bill just removed himself as a sponsor. 📰

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

NEWS
Senator Marshall Drops Support for Warren’s Anti-Crypto Bill 🤣 

Republican Senator Roger Marshall has bailed on the Digital Asset Anti-Money Laundering Act, a bill he co-authored with Democrat Senator Elizabeth Warren. 👋 

As of July 24, Marshall officially withdrew his support, leaving Warren and 18 other senators to push the controversial bill forward.

Marshall's exit from the bill he helped create in December 2022 comes after mounting criticism from the crypto community. The bill wants to drag crypto under existing anti-money laundering and counter-terrorism financing laws, but many argue it wildly exaggerates crypto’s role in illicit activities. 🤦 

Crypto Industry Pushback

The Chamber of Digital Commerce (CDC) warned the Senate Banking Committee that the bill could wipe out hundreds of billions in value for US startups and crush the savings of countless Americans.

Additionally, 80 former military and national security officials penned a letter warning that the bill could push the crypto industry overseas, increasing national security risks. 🪖 

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NEWS
Bitcoin 2024 Day One & Two 🪙

A lot has happened and a lot i still going on. Let’s dive into the highlights. 📆 

BlackRock's Big Bitcoin Bet

Robert Mitchnick, head of digital assets at BlackRock, laid it out plain and simple: the driving force behind Bitcoin exchange-traded funds (ETFs) is client demand.

Speaking at the conference, Mitchnick explained that these funds are just starting to gain traction. $BTC ETFs have been a cash cow for BlackRock, with the iShares Bitcoin Trust ($IBIT) contributing to 20-25% of the firm's revenue this year, making it the second most successful offering after the S&P 500 ETF. 🏃

Mitchnick noted that while direct investors are on board, wealth advisory platforms like Morgan Stanley ($MS), $UBS, and Merrill Lynch are still playing catch-up. 

Despite the hype, Mitchnick revealed that interest beyond Bitcoin (BTC) and Ethereum ($ETH) is minimal. BlackRock clients aren't clamoring for a slew of new crypto ETFs. The sentiment echoed throughout the conference: Bitcoin and Ethereum are the main events, and everything else is just noise. 🔈️ 

VanEck CEO: Bitcoin's in My Blood

Source: Cointelegraph

Jan van Eck, CEO of VanEck, brought a personal touch to the stage. His firm was among the first to list spot Bitcoin ETFs in January 2024. Drawing parallels to his firm's history with gold mutual funds during the 1970s inflationary run.

Van Eck emphasized his deep-rooted belief in Bitcoin. “Bitcoin is in my blood,” he proclaimed, recounting his family's history of fleeing communist persecution, which instilled in him a profound appreciation for the values Bitcoin represents. 🇺🇸 

Michael Saylor: 2024 Is Year One for Bitcoin Adoption

Michael Saylor, the Bitcoin evangelist and founder of MicroStrategy ($MSTR), closed out the day with bold predictions. He declared 2024 as "year one of mainstream institutional adoption of Bitcoin," noting that his firm, which owns over 200,000 BTC, continues to attract interest from public company CEOs and institutions.

Saylor argued that future governments will inevitably embrace Bitcoin, not just out of favor, but out of necessity. With heavyweights like Larry Fink endorsing Bitcoin, Saylor sees a bright future where Bitcoin becomes a staple in every portfolio. 👍️ 

Jimmy Song’s Critique: Focus on Freedom, Not ETFs

Bitcoin developer Jimmy Song didn't hold back in his critique of the conference's focus on traditional finance and ETFs. In a panel discussion, Song lambasted the emphasis on banking and BlackRock, arguing that true Bitcoin values lie in liberty, freedom, and self-sovereignty.

According to Song, the current narrative panders to the interests of the rent-seeking class and deviates from the revolutionary ideals Bitcoin was founded upon. 🤯 

RFK Jr.: Bitcoin Advocate

Independent presidential candidate Robert F. Kennedy Jr. made a strong statement, declaring his substantial Bitcoin holdings and unwavering support for the cryptocurrency.

He criticized the Federal Reserve for prioritizing bankers over the public and condemned Covid lockdowns for benefiting large corporations at the expense of small businesses. 🫡 

The Trump Factor

Rumors that VP Kalama Harris would attend were unfounded. Analysts anticipate her campaign releasing her stance on cryptocurrencies - which is expected to be more fair that Biden’s. Harris’s husband is a known crypto fan.

All eyes, however, are on former President Trump and his speech later today. 🚀

NEWS
Crypto News In Three Sentences 📰

📉 Avalanche Active Addresses Surge Despite Price Drop 

Avalanche ($AVAX) saw a price drop to $26.93, but active addresses on its network are rising. On-chain analysis shows increasing user engagement, though it hasn't yet boosted AVAX's price. Social media buzz about Avalanche has halved, which could impact its recovery. From BeInCrypto.

💰 Michigan Pension Fund Buys $6.6M in Bitcoin 

The State of Michigan Retirement System invested $6.6 million in Bitcoin via ARK 21Shares' $ARKB ETF. This move makes Michigan the latest pension fund to add Bitcoin, joining Wisconsin and potentially Jersey City. Despite official warnings about crypto, institutional interest continues to grow. More at CryptoBriefing.

🚨 UK Hacker Jailed Over $900K Coinbase Scam 

Elliott Gunton, a UK hacker, was jailed for 3.5 years for a $COIN login scam that stole over $900,000. Gunton used fake websites and telecom scams to access private account details. Previously, he was involved in other high-profile hacks and has now started a furniture business. Read more from Protos.

🪙 Ledger Launches New Flex Wallet 

Ledger launched the Flex wallet, priced at $249, with features like a 2.8-inch E Ink touchscreen and long battery life. The Flex model supports USB C, Bluetooth 5.2, NFC, and offers two-factor authentication. It's available in black, silver, and a special orange BTC edition. Full story at Crypto-Economy.

 Federal Reserve Ends Enforcement with Silvergate Bank 

The Federal Reserve Board terminated its enforcement action with Silvergate Bank and its holding company, Silvergate Capital Corporation. Silvergate has completed its liquidation and wind-down plan, paying back all deposits. Earlier this year, the Board fined Silvergate $43 million for AML noncompliance. Presser from the Fed. Reserve.

📊 Gemini Survey: Crypto Influences Voters 

A Gemini survey found that one in five Americans own crypto, and 73% of them will consider candidates' crypto positions in the 2024 presidential election. Concerns about regulation deter 38% of non-crypto owners. Gemini's co-founders have donated $2 million in Bitcoin to Trump, highlighting crypto's growing political impact. More from The Block.

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