05-08-2024

Author

Fernando Fierro
August 05, 2024

Howdy folks,

📉📊 Robinhood has reportedly suspended its 24-hour trading amidst a significant global market selloff, driven by heightened volatility and investor risk aversion. Key triggers include the Bank of Japan's interest rate hike and geopolitical tensions in the Middle East, causing U.S. stock indices and cryptocurrencies to plummet sharply.

The crypto market alone saw over 17% wiped from its total market cap on Monday, with Bitcoin falling below $50,000 for the first time since February.

In other news:

🚀🪙 Senator Lummis's "strategic Bitcoin reserve" bill is attracting robust support, with over 2,200 letters sent to senators urging them to back the proposal. The bill, announced at the Bitcoin 2024 conference, aims to counter dollar debasement and make America debt-free by acquiring 1 million Bitcoin units, mirroring U.S. gold reserves.

Key political backing includes presidential hopeful Donald Trump, emphasizing the bipartisan nature of this initiative to reinforce financial freedoms.

🚨🇫🇷 Bybit will cease its operations in France as of August 2024 due to new, stricter EU regulations on stablecoins under the MiCA framework. French users are now limited to a "Close-Only" mode, must close open positions by August 13, and ensure all assets are withdrawn to avoid automatic liquidation.

Bybit's exit reflects broader regulatory impacts on the crypto industry in Europe and may hint at future license-driven re-entries.

🚀💰 Genesis is gearing up to repay its creditors, moving over $1.5 billion worth of crypto assets last Friday, including 16,000 Bitcoin and 166,000 Ether. The transfers, tracked by Arkham Intelligence, suggest the bankrupt crypto lender is ready to start settling its debts after filing for Chapter 11 last year.

Notably, almost $20 million in Ethereum was transferred to billionaire Mark Cuban, hinting at imminent repayments.

DailyCoin Daily Meme

ZKX Protocol Faces Crypto Industry Backlash After Sudden Discontinuation 

ZKX protocol’s investors have called out the project’s lack of transparency and accountability after a sudden shutdown.

BlackRock’s BUIDL Shines Bright with $2.1M Dividend Payout

BlackRock's BUIDL fund paid $2.12 million in July, leading the tokenized U.S. Treasury market with over $7 million distributed. Learn more at DailyCoin.

XRP, DOGE, and PEPE See Major Liquidations: Is the Worst Over?

Crypto market plunges with millions in liquidations. XRP, DOGE, and PEPE crash, and Bitcoin and Ethereum face major losses. Get the latest on DailyCoin.

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DISCLAIMER: The content provided does not constitute financial advice. This newsletter is purely educational and should not be considered as investment advice or a recommendation to buy or sell any assets or make any financial decisions. Please exercise caution and do your own research.

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