Token Chronicle - July week 2

Top cryptos:

Meme of the week:

Quick bites:

• Japanese company Metaplanet bought an additional $2.8M of BTC.

• According to CryptoQuant, BTC whales are accumulating BTC at an unprecedented rate since April 2023 (buying BTC sold by Germany, etc.).

• CFTC Chairman says 70-80% of cryptos aren't securities; BTC and ETH are commodities, as per Illinois court.

• TON and Polygon Labs are teaming up to bring Ethereum's features to TON, introducing the TON Application Chain (TAC) and planning to raise $5M more.

• US inflation rate is lower than expected (3.3%), lowest since April 2021. Jerome Powell (FED) announced the US economy is no longer "overheating," hinting at a rate cut (83% estimated in September).

• VanEck Europe's BTC ETN was selected for the first BTC exposure in a French retirement savings plan (PER).

• The SEC ended its investigation into Paxos, declaring BUSD not a security.

• As of July 12, Germany has less than $300M of BTC left in its portfolio, the sale ended on July 14th ; no BTC remaining on their end.

Market update: The bloodbath is over, with a gradual recovery throughout the week and a strong rally this morning as BTC hits $62.5K after Germany finished selling its BTC. ETH is up 5% this morning as well. Let's see how the week unfolds with potential ETH ETFs arriving in the US. Potential bear events in 2024: MtGox repayments and possible US government BTC sales. Otherwise, it’s bullish ahead with favorable US figures hinting a rate cut. Even XRP is moving with talks of potential ETFs.

Main topics:

• Very bullish comments from Twitter founder Jack Dorsey about BTC: an asset that could "replace the $" (whose hegemony is being challenged globally by China and BRICS), could reach $1M, and is a vector of individual freedoms.

• MtGox creditors may have to wait an additional 3 months for their BTC, complicating the process.

• Major banking scandal in Denmark with Nordea laundering $3.5B of Russian money and rural bank crisis in China. Small regional banks face serious difficulties due to toxic debts linked to the real estate crisis. The government is pushing large banks to buy them to consolidate.

• Solana ETFs might not arrive until March 2025.

• Microsoft and Apple leave OpenAI's board amid competition concerns (in the US and EU) and ties between companies. Microsoft cites OpenAI's current good governance.

• Launch of a second spot ETF in Australia on the Cboe Australia exchange.

• French group Vivendi joins the Coalition for Content Provenance and Authenticity (C2PA) to authenticate its digital content via blockchain, while its subsidiary Havas joins the Content Authenticity Initiative. By partnering with giants like Adobe and Google, Vivendi aims to combat misinformation and piracy.

• The EU Council warned France about managing its public deficit, noting the debt should not exceed 60% of GDP and the deficit 3%. Eurostat data shows France exceeds these limits, with a 5.5% deficit and 110% debt of GDP in 2023.

• According to Goldman Sachs' global head of digital assets, the bank could launch three tokenized funds in 2024. Unlike BlackRock, which targets retail investors with its Ethereum-based BUILD fund, Goldman Sachs focuses on institutional clients.

• Victory for Paxos against the SEC, facing another defeat + the CFTC reaffirms that BTC and ETH (at least) are commodities and should be regulated by the CFTC.

• Arrival of BTC in a retirement savings product (PER) in France by VanEck Europe.

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Disclaimer: The information disclosed here does not constitute an investment advice ; it is for informational purposes only and does not constitute investment advice. You should do your own research while investing in crypto and only invest money you are ready to lose.