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šļøWhy Ferrariās Crypto Expansion in Europe Sets a Trend for Luxury Brandsšļø
FerrariĀ saidĀ it willĀ extend its scheme toĀ accept crypto payments for its luxury sports carsĀ to its European dealer network from the end of this month. It follows an initial launch in the US last year.š²
By the end of 2024, theĀ Italian automaker plans to expand this schemeĀ further. This will include other dealerships in its international network, in countries where crypto is legally allowed.š
šļøUsing Crypto to Attract Image-Conscious Consumersšļø
Consumers often select products that mirror their identity, values, and goals ā a concept central to advertising theory.šÆ
According to Vijay Pravin Maharajan, CEO at bitsCrunch, Ferrari can leverage crypto adoption to connect with a demographic of wealthy, technologically adept individuals who embrace cutting-edge financial solutions.š
āØLuxury Brands Expected to Embrace Crypto to Woo Younger CustomersāØ
Erik LaPaglia, Propyās chief strategy officer, believes that prestigious global brands should capitalize on the potential of digital currencies by incorporating them into their business operations.šØāš¼
āNot only will it raise its stature with a younger and more diverse customer base than it currently might engender otherwise, it also allows for optionality down the road,ā he said.š½
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š°š·South Korea FSC chairman: "Difficult for crypto to replace legal tender"š°š·
Kim Byung-hwan, the nominee for the chairmanship of the Financial Services Commission (FSC), expressed caution about allowing corporations to invest in cryptocurrencies. Kimās comments were made during a confirmation hearing at the National Assemblyās Political Affairs Committee on the 22nd of July.š£
Why is Kim cautious about BTC ETFs?
Kim Byung-hwan, who is set to succeed FSC Chairman Lee Bok-hyun later this summer, addressed this issue by responding to a Democratic Party lawmakerās inquiry, where he said, āI am cautious about the issue of approving the launch of [crypto] accounts for corporations and institutions. Considering the confusion we have seen in the crypto market in the past, current policies should focus on investor protection.ā
How will this benefit South Korea?
Strangely, this news comes amid recent actions by South Koreaās financial security regulator, which introduced long-awaited measures on the 19th of July to protect users interacting with virtual asset service providers (VASPs). š³
Notably, this move by South Koreaās financial authorities differs from the aggressive moves made by international regulators. This is because they do not consider virtual assets suitable as underlying assets for ETFs, leading to a ban on new listings and brokerage services. Thereby, they believe that the decisions about spot ETFs will prioritize financial market stability and the potential impact on financial institutions. Needless to say, they stress the need for further discussions on regulations, especially regarding the entry and operations of virtual asset providers.šø
That being said, Kim summed it all best when he said
āI think we need to prioritize user protection and maintaining market order, and first review regulations on entry and business practices of virtual asset operators.ā
š„·How Does the Trump Trade Affect Bitcoin Markets? š„·
Key takeawaysš:
~Donald Trumpās potential victory in the upcoming U.S. elections could be good for Bitcoin and the cryptocurrency industry.
~The 2024 election cycle has seen the rise of a cryptocurrency lobby, with crypto-backed political action committees raising over $102 million.
~Trumpās selection of J.D. Vance as his vice-presidential candidate signals a strong alignment with cryptocurrency interests.
~Not everyone agrees that Trump is sold on cryptocurrency.
Donald Trump is the runaway favorite to win the U.S. elections in November after he survived an assassination attempt on July 13, according to Ethereum-based pollster Polymarket. This is a big deal for the millions of people in the United States who own Bitcoin (BTC) and other cryptocurrencies.
An Ethereum ETF is a type of ETF that tracks the price of ether (ETH). It allows investors to gain exposure to ETHās price movements without having to deal with the difficulties of managing crypto wallets and exchange accounts. Investors can purchase shares of the Ethereum ETF allowing them to trade ETH through a familiar investment environment, such as a brokerage account.š
How Does an Ethereum ETF Work?
An Ethereum ETF can either hold ETH directly or invest in futures contracts that are tied to the price of ETH. š
Letās take a closer look at how an Ethereum ETF works:
1. Fund creationš°: Large financial institutions create shares of the ETF by purchasing ETH and contributing it to the ETF. They may also invest in futures contracts instead of holding ETH.
2. Tracking ETHās priceš·ļø: The Ethereum ETF closely tracks the price of ether. If its price rises, the value of the ETF shares should also increase, and vice versa.
3. Trading on exchangesš¹: The shares of the Ethereum ETF can then be listed and traded on various stock exchanges, such as Nasdaq. Investors can buy and sell these shares throughout the trading day, just like they would with stocks.
Japanese public company Metaplanet, often referred as āAsiaās MicroStrategy,ā has amassed fresh round ofĀ BitcoinsĀ (BTC) on Tuesday.
The company has purchased additional 21.88 Bitcoins, worth Ā„200 million ($1.4 million) ā an average price of Ā„9.14 million ($57,600) per coin.
šŖMetaplanet Mimics MicroStrategyšŖ
The āAsia MicroStrategyāsā Bitcoin accumulation has been similar to that of MicroStrategy, the largest corporate holder of Bitcoin.
Metaplanet issued a statement on May 13, revealing its intentions to employ a range of capital market instruments. The company intended to boost its BTC reserves, mirroring MicroStrategyās approach.
XRP is experiencing a significant price surge due to several key developmentsš:
1. Legal Victory Against the SEC: A recent court ruling determined that XRP sales are not investment contracts, a major win for Ripple in its ongoing legal battle with the SEC. This decision has substantially boosted investor confidence.š
2. Potential XRP ETFs: There is increasing speculation and hope that XRP could be included in future exchange-traded funds (ETFs), particularly following the approval of Ether (ETH) ETFs in the U.S. This potential development is driving excitement and investment in XRP.š¹
3. Coinbase Relisting: Coinbase has recently relisted XRP for trading in New York, which has also contributed to the positive momentum. This move follows the passing of the FIT21 bill aimed at providing clearer regulatory guidelines for cryptocurrencies.š
4. Whale Accumulation: Large investors, known as "whales," have been accumulating substantial amounts of XRP. This accumulation indicates strong confidence in XRP's future prospects and has helped drive up the price.š³
These factors, combined with the overall bullish sentiment in the crypto market, are contributing to the recent pump in XRP's price.
š¹"Hamster Kombat" Players Drive Boom in Massage Gun Purchases š¹
Players of the viral Telegram crypto game Hamster Kombat have been driving a surge in sales of massage guns, which are used to enhance their gameplay by amplifying their screen-tapping abilities.
According toĀ reports from Vedomosti, a leading Russian news outlet, online retailer Wildberries experienced a staggering 179% increase in sales of percussion massagers in June alone.
š¤Hamster Kombat Players Seek to Maximize Earnings š¤
The surge in demand for massage guns among Hamster Kombat players is attributed to their desire to maximize their in-game coin earnings.
By utilizing the rapid pulsations of the massage guns, players can achieve faster screen taps than they would be capable of achieving manually.
š„Hamster Kombat Faces Criticism for Social Pressure Tacticsš„
Hamster Kombat hasĀ faced scrutinyĀ due to its excessive use of social pressure tactics.
While the gameās viral success has propelled it to unimaginable heights, the mechanics that drive user engagement seem to have reached a saturation point, some analysts have said.
š·Bitcoin Miner Greenidge Generation Deploys 2,400 Miners at New Mississippi Site š·
Greenidge Generation Holdings Inc., once one of the largest public Bitcoin miners in the US, hasĀ launched a new site in Mississippi, with 2,400 BTC mining capabilities.āļø
The massive mining establishment, which spans across 12-ache, currently utilizes 8.5 MW (megawatt) power, according to the companyās official release. Besides, Greenidge is also looking to obtain at least 25 MW of additional power in the next 12 months.š
āWith potential future expansion of at least 25 MW in Mississippi, other drivers for growth are on the horizon.ā
TheĀ BitcoinĀ mining site was inaugurated on July 1, the announcement read. The company is also planning to deploy its first shipment of Antminer S21 Pro Bitcoin miner in the coming weeks.š
āIn addition, Greenidge expects to finalize the planned lease of the on-site warehouse by September 1, 2024,ā it added.
š§¬Greenidge Minerās Long-Running Dispute With Environmentalists š§¬
Greenidge Generationās crypto mining pollution operations have impacted the greenhouse gas emissions limits of New Yorkās Climate Law (the CLCPA), aĀ new ruling in September 2023, noted.ā½
The crypto miner faced a lawsuit after thousands of community members submitted comments in opposition to companyās the air permit.āļø
However, currently, Greenidge miner has 122 MW of total power capacity across 8,000 miners in operation. Apart from the Mississippi site, it acquired low-cost power capacity establishments in South Carolina and North Dakota.
š„Andrew Tate Burns $10M Of New Meme Coin Top G ($TOPG) ā Best Crypto To Buy Now? š„
On-again, off-again crypto enthusiast Andrew āTop Gā Tate has been having a normal one on Twitter today.
His Friday afternoon kicked off with Tweets that he will ācrash the Solana ( SOL) networkā and moved on to inviting his followers to send him coins that he would ādiamond handsā and ānever sellā.
š¦āš„Top G Crypto Burnš¦āš„
While Tate kept his promise to not sell tokens, the day took an interesting turn.
At one point Andrew Tateās public wallet was gifted approximately $1 ā $1.5 million worth of a new meme coin āTop Gā, by Twitter handle $TOPG (@topgsolanacto). That amounted to 58% of the supply.
The brand new account (prompting some suspicion Andrew Tate is behind Top G token) issued a challenge ā to burn his holdings and ābecome the true Top Gā.
š§āāļøNew Meme Coins ā Best Cryptos To Buy Now? š§āāļø
The best performing crypto assets of 2024 have been meme coins and real-world asset (RWA) tokens, according to a report byĀ #CoinGecko .
Newer meme coins have been far and away the best cryptocurrencies to buy for exponential gains ā outperforming the incumbents like Dogecoin ( DOGE) and Shiba Inu ( SHIB) , particularly new meme tokens in the Solana ecosystem like Top G token.
ā”US Energy Dept. Seeks Industry Inputs to Survey Crypto Mining Energy Usage ā”
~The US Department of Energy (DOE) is once again attempting to survey crypto mining firms, after the first attempt was slapped by a lawsuit.
~The Energy Information Administration (EIA), the statistics arm of the DOE, on Wednesday, held a public webinar in the context. The meeting sought comments from the public, including crypto miners and industry players.
~The department, in February, forced anĀ emergency collectionĀ of data request from crypto mining companies. The EIA noted Bitcoinās 50% price increase over the last few months as reason for the emergency justification.
šKey Challenges in Tracking Crypto Mining Energy Usage š
~Firstly, the EIA wants to address what important factors do industry players consider regarding energy use on PoW crypto mining. Secondly, the agency wants to know what data should it focus on to collect from miners. Finally, the EIA is looking if there are any existing information already available to replace the survey and cut costs.
~During the first survey, the EIA was aware of the ākey challengesā in tracking crypto mining energy use, Harvey said. This includes difficulty of actually identifying market participants and the ādynamic natureā of the mining industry.
~The survey, once designed, would require approval from the DOE.
šŖ½Crypto Market Recovers as Germany Gets Back $200M Worth of $BTC from Exchanges šŖ½
~The crypto market saw a boost in sentiment on Tuesday as a German government entity received over $200 million worth of the asset back from various exchanges.š
~During Asian morning hours, Bitcoin was trading just above $57,300, reflecting a 3.5% increase over the past 24 hours.š»
~Other major tokens also experienced gains, with Solanaās ( $SOL )surging by as much as 6% and Ether ( ETH ) climbing back above $3,000. Even dogecoin ( DOGE ) saw a rise of nearly 7%.šŖ
š°German Governmentās Bitcoin Stash š°
~In January, German police seized 50,000 BTC from the site, marking it as the largest Bitcoin confiscation by law enforcement authorities in Germany to date.š®
~Starting in mid-June, the government had beenĀ gradually liquidatingĀ over 10,000 BTC, which put downward pressure on the cryptocurrencyās market rate. šļø
šøGerman Sell-Off Impacts Bitcoin šø
~In a recent note, Matteo Greco, a research analyst at Fineqia International, highlighted the impact of Mt. Gox and minersā selling pressure on Bitcoinās price decline.š·
~He noted that Bitcoin closed the week at around $55,850, representing an 11% decrease from the previous weekās closing price.š
~Throughout the week, strong selling pressure was evident, with BTC briefly trading as low as $53,500 before rebounding.ā¬ļø
~Miner capitulation occurs when miners reduce their operations or sell a portion of their mined Bitcoin and reserves to sustain their operations, earn yield, or hedge their Bitcoin exposure. š²
What do you think will happen with Bitcoin( BTC ) in the next couple of months?
š¦Top AI Cryptocurrencies to Watch in 2024-2025 š¦
As artificial intelligence (AI) continues to revolutionize various industries, integrating AI with blockchain technology has become an exciting field! Here are five promising AI-focused cryptocurrencies to keep an eye on in 2024-2025:
1. Fetch.AI ( $FET )
Current price: $1.19 Potential price: $4.90
Fetch.AI aims to create a decentralized digital economy through autonomous agents that facilitate data sharing, decentralized finance (DeFi), and logistics optimization.
2. SingularityNET ( AGIX )
Current price: $0.496 Potential price: $1.85
SingularityNET is a decentralized marketplace for AI services. It allows developers to share and monetize their AI tools and applications. The AGIX token is used for transactions within this ecosystem and supports integration with Ethereum and Cardano blockchains, providing flexibility for AI development and deploymentā.
3. Render Network ( $RNDR )
Current price: $6.57 Potential price: $17.52
Render Network offers decentralized GPU rendering solutions, enabling users to monetize their idle GPU power. This platform is particularly valuable for industries that require high-performance rendering, such as gaming, virtual reality, and AI model training.
4. Akash Network ( AKT )
Current price: $3.59 Potential price: $12.35
Akash Network is an open-source cloud computing platform that provides a decentralized and cost-effective alternative to traditional cloud services. It uses a marketplace model for computing resources, which is ideal for AI developers needing scalable and secure infrastructure.
5. OriginTrail ( TRAC )
Current price: $0.64 Potential price: $1.50
OriginTrail integrates AI and blockchain to create a decentralized knowledge graph, enabling trusted data sharing across various industries, including supply chain management, healthcare, and academia.