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  • 📈 Mark Cuban: "Kamala Harris Will Speak with Trump at Bitcoin Conference" 🚀

📈 Mark Cuban: "Kamala Harris Will Speak with Trump at Bitcoin Conference" 🚀

PLUS: ETH ETFs $1B Inflows on Day 1, Stablecoin Integration on BTC Lightning Network

Author

Pep
July 24, 2024

State of The Market

According to Bitcoin Magazine CEO David Bailey, Kamala Harris’ campaign is currently in talks for her to speak at the Bitcoin Conference!

Billionaire crypto enthusiast Mark Cuban has also confirmed he’s recieved “multiple questions from her camp about crypto”

This is a complete 180 pivot on the previous administration’s stance on crypto. A substantial shift has occurred and both major party candidates are now pandering to the crypto community. We’ve come a long, long way folks 🥂

The debut of Ether ETFs was nothing short of spectacular, with trading volumes surpassing $1 billion on the first day. This activity likely indicates a shift from Grayscale’s Ethereum Trust to these new ETFs.

Fidelity noted that Ethereum experienced its highest inflationary period last quarter, driven by the surge in Layer-2 adoption. It’s like Ethereum had a New Year’s Eve fireworks display! 🎇🎆

Crypto Market Reaction. Crypto markets are still digesting this news, with the total market cap dipping 2.2% to $2.5 trillion. Bitcoin (BTC) is feeling the blues, down 3.7% over the past day, while Ethereum (ETH) remains relatively stable.

Most Important News of The Day

Bitcoin Mining Stocks

Marathon Digital (ticker: MARA) has seen a massive boost in its market cap thanks to favorable market conditions and expansion efforts.

Swan Bitcoin has hit a snag, delaying its IPO plans and shutting down its mining operations due to financial strains.

On the flip side, Bitdeer Technologies (ticker: BTDR) is in the spotlight as a potential takeover target, reflecting the ongoing consolidation within the crypto mining industry. It’s a rollercoaster ride of corporate highs and lows!

One Broker raised their price targets for Bitdeer (BTDR) from $13 to $16 (it’s currently trading around $10)

Mt. Gox Payouts: The Return of the Fallen Giant.

Mt. Gox creditors are finally seeing the light at the end of a very long tunnel. Bitcoin and Bitcoin Cash distributions have begun through Kraken, following a hefty 48,641 BTC transfer by the Mt. Gox Rehabilitation Trustee. It's like a crypto Christmas for those who thought their investments were lost forever! 🎅🎁

Innovations and Regulatory Discussions:

Lightning Labs announced the integration of stablecoins into Bitcoin’s Lightning Network, potentially transforming Bitcoin into a multi-asset powerhouse. This move could significantly enhance Bitcoin's utility, making it as versatile as a Swiss Army knife. 🔪✨

On the regulatory front, Senator Cynthia Lummis blasted the Biden administration’s proposed mining tax, comparing Bitcoin mining's energy use to household appliances. It's like comparing apples to oranges, but in this case, it’s washing machines to mining rigs! 🍏🍊

Chart of the day

The chart paints a striking picture of Bitcoin's relentless march upwards compared to traditional assets like gold, oil, the S&P 500 index, and real estate. Here's a breakdown of what it all means:

  • Gold: Once the king of safe havens, gold is showing a downward trend when priced in Bitcoin. It now takes fewer Bitcoins to buy an ounce of gold than ever before. Bitcoin is the new shiny thing! 🌟🪙

  • Oil: Black gold, or oil, also sees a similar fate. Bitcoin's value rise means you need fewer Bitcoins to fill up your tank. Bitcoin: the digital alternative to fossil fuels! ⛽🔋

  • S&P 500: The stock market index, representing the crème de la crème of U.S. companies, is bowing to Bitcoin's supremacy. As Bitcoin's value surges, fewer Bitcoins are needed to own a slice of America's corporate giants. Bitcoin is the new blue chip! 📊💼

Real Estate: Even the ever-solid real estate market is not immune. Properties that once seemed like an insurmountable investment now appear more affordable in Bitcoin terms. Bitcoin: buying homes without leaving your couch! 🏡🔑

Our Daily Pick: Arbitrum

Arbitrum is like Ethereum’s best buddy, a Layer 2 scaling solution that boosts Ethereum's scalability, speed, and cost-efficiency by handling transactions off-chain. Think of it as Ethereum's personal trainer, making it faster, stronger, and more efficient. 💪✨

What is it used for?

Arbitrum’s superpowers are all about making Ethereum the Usain Bolt of blockchains:

  • Boosting Transaction Throughput: Handles more transactions off-chain so Ethereum doesn't get overwhelmed. 🚀

  • Slashing Transaction Fees: More transactions mean fewer fees per transaction, like Black Friday for gas prices. 💸

  • Speeding Up Transactions: Off-chain processing means your transactions get confirmed faster than you can say “HODL!” 🏎️

Who is behind the project?

The masterminds at Offchain Labs, a New York-based company, developed Arbitrum. The founding Avengers include:

  • Ed Felten: The tech wizard with more tricks than a Hogwarts graduate. 🧙‍♂️

  • Steven Goldfeder: The blockchain guru who probably dreams in code. 🤓

  • Harry Kalodner: The whiz kid who makes tech innovation look easy. 🧑‍💻

Who is backing it up?

Arbitrum's got heavyweight backers like:

  • Lightspeed Venture Partners

  • Polychain Capital

  • Pantera Capital

  • Mark Cuban

Basically, a dream team of crypto sugar daddies. 💰👑

How much have they raised and valued?

Offchain Labs raised a whopping $120 million in Series B funding in 2021, rocketing the company’s valuation to $1.2 billion. That’s enough to buy a small island... or maybe a really big yacht. 🚤

What about its tokenomics?

  • Token: ARB, primarily used for governance. Think of it as the golden ticket to the Arbitrum chocolate factory. 🍫

  • Total Supply: 10 billion ARB, because why not aim for the moon? 🌕

  • Circulating Supply: 3,339,278,542 ARB (like having a wallet full of Monopoly money but real) 💸

  • Maximum Supply: 10 billion ARB (capped, so no infinite inflation party) 🎈

  • Market Cap: $2,583,643,557 (ranked at #35, it’s like the popular kid in high school) 🏅

Arbitrum's Superpowers 💪🦸‍♂️

  • Scalability: Handles more transactions than a Black Friday sale at Walmart. 🛍️

  • Compatibility: Works seamlessly with Ethereum apps like PB&J. 🥪

  • Security: As solid as Batman's utility belt. 🦇🔒

  • Speed: Faster transaction confirmations than a speeding bullet. 💨

What problem is solved with its implementation?

Arbitrum tackles Ethereum’s biggest headache—scalability. By offloading transactions, it allows for more users and apps to join the party without slowing things down. 🥳

Core Concepts:

  • Optimistic Rollups: Assumes off-chain transactions are valid unless proven otherwise. Kind of like guilty until proven innocent but in reverse. 🤔

  • Data Availability: Commits off-chain data to Ethereum for transparency. It’s like leaving breadcrumbs in a fairy tale. 🍞

  • Security: Leverages Ethereum’s security for transaction finality. It's like having Iron Man back you up in a bar fight. 🦾

Use Cases:

  • DeFi: Perfect for high-frequency trading and complex financial contracts. 📊💼

  • Gaming: Supports massive multiplayer games with intricate economies. 🎮

  • NFTs: Smooths out the creation and trading of non-fungible tokens. 🖼️

  • Other dApps: A fit for a wide range of decentralized applications. 🌐

Final Thoughts

Arbitrum is a shining star in solving Ethereum’s scalability woes. Its blend of compatibility, speed, and security makes it a top contender in the Layer 2 arena. But, it’s in a competitive race, and ongoing innovation will be key to its success. 🚀

Until next time,

Sgt Pep