The biggest crypto news and ideas of the day |
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Bitcoin (BTC) outperformed the broader crypto market during the Asia trading day, adding 4.4% to test $67,000 while the CoinDesk 20 Index (CD20) rose 3.3%. Solana’s SOL jumped over 5% to lead gains among major tokens, CoinGecko data shows, with ether (ETH), BNB Chain’s BNB and Cardano’s ADA adding 3%. Dogecoin (DOGE) rose 4%, while Solana-based memecoin popcat (POPCAT) jumped more than 8% to lead gains in that category. For the third day, ether products led liquidations across crypto futures, with over $70 million in longs liquidated compared with $55 million on BTC-tracked futures. Open interest – or the number of unsettled futures bets – dropped by $1 billion over the past 24 hours, indicative of money leaving the market. |
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Bitcoin Emojis Removed From X |
Automatically generated emojis no longer accompany bitcoin and crypto hashtags on the Elon Musk-owned social application X, which houses some of the largest active cryptocurrency communities. X's social media accounts or press pages did not publicly announce the removal as of European morning hours on Friday. Crypto users on X started to comment early Friday that they could no longer see emojis when posting “#bitcoin” on the service. Some later found out that hashtags for #bnbchain and #cryptocom, which also showed emojis, no longer display the brand images. As of Friday's European hours, an emoji for #MAGA that previously featured Republican candidate Donald Trump was also removed ahead of his scheduled appearance at the ongoing Bitcoin 2024 conference in Nashville. |
Ledger Unveils New Wallet |
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Crypto wallet provider Ledger has unveiled its second new product of the year as it seeks to make self custody of cryptocurrency more accessible and convenient. "Ledger Flex", like the more expensive Stax wallet which launched in May, incorporates touchscreen technology to "redefine the experience of self-custody," CEO Pascal Gauthier said in an emailed statement on Friday. Ledger has also unveiled its new Security Key app, which offers passkey capabilities as an alternative to conventional passwords. Instead of using a password, the app uses a cryptographic passkey login system where there is essentially a private key stored in the secure element for logging into the service. These are tied to the user's seed phrase that is used to restore access to coins in the event of losing access to one's wallet. Collapses of high-profile crypto firms in 2022 highlighted the importance of users taking custody of their assets rather than entrusting them to exchanges. However, take-up of self-custodial wallets may have been hindered historically by the seemingly unforgiving nature of having to store and remember one's own seed phrase - a random string of words that are used as a failsafe for restoring access to coins. Thus, Ledger is attempting to mitigate these concerns by embedding the recovery phrase in security tools that users are accustomed to when logging into mobile devices or websites, such as passkeys. |
RFK Has Most of His Wealth in BTC |
Independent presidential candidate Robert F. Kennedy Jr. doubled down on his support for bitcoin at the BTC 2024 conference in Nashville. "I am a huge supporter of Bitcoin. I have most of my wealth in Bitcoin," he said. I am fully committed." Bitcoin has become a hot-button issue in this electoral cycle with Republican nominee Donald Trump's campaign announcing it would accept crypto donations in May. Many crypto entrepreneurs have come out to support the Trump campaign, with Kraken co-founder Jesse Powell donating $1 million in crypto to Trump and the Winklevoss Twins donating to a Trump-aligned PAC. Kennedy, a libertarian-leaning candidate, took aim at the Federal Reserve, saying the central bank had the interest of bankers, not the general public, at heart. “The relationship between Congress and the Fed is both parasitical to our country, and it’s a symbiotic relationship. The Fed is not a public institution … The decision-makers are appointed by the banking industry," he said during a conference panel hosted by TheStreet. Kennedy also argued that Covid lockdowns were vastly in favor of billionaires and not "Main Street." "Lockdowns … shut down all the small business in this country, which is what we should be nurturing, and kept open the Walmarts, and the Amazons, and Facebook, and the oil industry, and the processed food industries, and Big Ag. They all flourished during that period," he said. Earlier this year Kennedy spoke at CoinDesk's Consensus conference in Austin, Texas where he said crypto is key to "transactional freedom." "We need sovereignty over our own wallets, transactional freedom and a currency that is transparent. We need to make sure America remains the hub of blockchain technology," he said during Consensus. |
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Being Compliant is the Key: Understanding the Growth of Fastex There’s a new art gallery in Yerevan, Armenia. You’ll find a sleek space, tasteful lighting, and creative works of art. Sculptures that look like eyeballs are emblazoned with bursts of color — fiery reds, bold yellows, soothing blues. But there’s a twist. Each eyeball is linked to a corresponding NFT, meaning it’s a blend of the physical and the digital. The art galleries are “phygital.” Continue reading. |
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The Takeaway: Kamala's Crypto Agenda |
Guest post by Penn State law professor Tonya Evans: Under Biden, cryptocurrency regulation has been marked by a confusing and confounding enforcement-heavy approach, largely influenced by Senator Elizabeth Warren (D-MA). Known for her skepticism of the crypto industry, Warren has advocated for strict regulatory measures to protect consumers and maintain financial stability. Her influence is evident in the administration's "Chokepoint 2.0" strategy and in the stance of her ally SEC Chair, Gary Gensler, as well as prudential regulators who restricted the crypto industry’s access to traditional banking services, effectively “de-banking” the sector. Fueled by misinformation and a kernel of truth, Warren’s approach has focused on addressing the risks associated with cryptocurrencies, including fraud, money laundering, and terrorism financing without right-sizing the discussions to balance risks with the considerable economic justice opportunities and separate fact from fiction. Vice President Harris's prior approach to technology regulation is characterized by a more moderate tone compared to the current administration’s approach. Throughout her career, she has forged strong relationships with major technology companies such as Facebook and Google. She has been a notable presence at their headquarters and has enlisted employees and allies from these companies to advise her campaign on tech policy. Her approach emphasizes finding a balance between regulation and allowing technological advancement. A strategic policy shift to incorporate past openness to innovation coupled with her campaign’s focus on economic empowerment of the middle class may create an opportunity for a both/and approach that optimizes investor and consumer protections with the support of robust development of the Web3 economy on the rails of blockchain and powered by cryptographically secured digital assets. But what signals that she would be open to a pivot on crypto policy? For one, billionaire Mark Cuban noted on X this week that Harris’ team has been asking numerous crypto-related questions. That, added to her pro-innovation record and entertaining discussions of appearing at Bitcoin 2024 all bode well for a different approach in a Harris Administration. As the Democratic presidential nominee, Harris has the unique opportunity to chart a new course for crypto policy, one I am calling "New Economy 2025," which balances sensible and transparent regulation with robust innovation for investors, consumers and businesses alike. This approach would ensure that the U.S. remains a leader in the digital asset economy while promoting financial inclusion and protecting consumer interests. To that end, here are ten policy shifts that could redefine the Democratic party’s stance on digital assets and foster a more inclusive financial ecosystem under a Harris presidency. Read the full op-ed here. |
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