Bitcoin is currently the 12th most valuable asset on planet Earth, and this is after only 14 years of life and a 74% bear market decline.
Source: Oliver L. Velez
Bitcoin Lightning Network is now supported by Binance
Crypto exchange Binance enabled deposits and withdrawals on Bitcoin’s Lightning Network on Monday. Lightning is now alongside other options including Bitcoin mainnet, BNB Smart Chain and Ethereum. Lightning serves as a layer-2 scaling solution for Bitcoin. The network is intended to speed up transactions and reduce fees, reminiscent of Ethereum layer-2 protocols like Optimism.
Source: Blocworks
Bitcoin continues to fly off exchanges into self-custody at an unprecedented rate
see below chart by Glassnode with orange line being the BTC balance on Exchanges. With 70% of all BTC having NOT moved in a year, despite the longest bear market on record and nearly 60% having not moved in 2 years or more, a supply crisis could be in the making (at the time the largest asset managers in the world are making progress towards the launch of Bitcoin spot etfs...). What did Economics 101 teach us about rising demand and lack of supply??? Source: Oliver L. Velez, Glassnode
SEC Formally Accepts BlackRock Spot Bitcoin ETF Application for Review
SEC Formally Accepts BlackRock Spot Bitcoin ETF Application for Review. The procedural move suggests that the federal agency will give the closely-watched application a serious look. BlackRock's application to offer a spot Bitcoin exchange-traded fund (ETF) has been added to the official docket of the Securities and Exchange Commission as part of its proposed rule change process. The move, recorded late Thursday, advances the most closely-watched Bitcoin-related proposal to the SEC to date. Source: Decrypt
Sentiment on bitcoin can dramatically change in a matter of months or weeks.
Source: Benjamin Cowen
Kraken, Crypto.com Join Coinbase in Relisting XRP After Court Ruling
More major exchanges have reintroduced XRP to their platforms, following a U.S. court ruling on Thursday morning. The rush to make XRP available again to U.S. users comes in the wake of a partial ruling in the Securities and Exchange Commission's case against Ripple Lab. Federal district judge Analisa Torres ruled that the XRP token “is not necessarily a security on its face,” except when sold to raise funds from institutions. Although the case did not concern secondary sales of XRP, the decision to proclaim that it is not a security has boosted the confidence of crypto exchanges to offer the token.
Source: Decrypt
U.S. federal judge’s ruling that XRP—the token powering the Ripple network—is not a security in certain contexts
Following a U.S. federal judge’s ruling that #XRP—the #token powering the #Ripple network—is not a security in certain contexts, a sea of green has emerged across popular #altcoins, with top coins up double-digit percentages over the past 24 hours. XRP itself is up a colossal 62% as of writing upon the news–which has seen an uproar from the self-proclaimed “XRP army” all throughout Twitter—trading above $0.76, according to data from CoinGecko. Select other altcoins, some of which were previously deemed securities by the U.S. Securities and Exchange Commission (SEC), have also benefited from the rising tide. Solana (SOL) has roared upwards with a 17% gain on the day, marking a sizable 32% increase on the week, changing hands at around $26, according to CoinGecko. Source: Decrypt
Ethereum activity on the rise as on-chain metrics print fresh highs
The total value of staked ether (ETH) continues apace, reflecting positive signs of growth and stability for the world’s second-largest digital asset. Following Ethereum’s critical PoS upgrade in April, the amount of ETH that has been deposited to the ETH 2.0 contract now stands above 25.6 million. Yield on staked ether is currently around 4.5%, paid in ETH. Participants continue to bank on the value of the Ethereum network, with those holding the underlying becoming more hesitant to relinquish their assets as they anticipate future demand.
Source: Blockworks
