Week 26 Newsletter: Coinbase, Bitcoin, Kpop IP onchain and more

TL;DR

• Dormant Bitcoin Wallet Awakens After 14 Years

• Coinbase Sues SEC and FDIC for Regulatory Overreach

• PancakeSwap Launches AI Prediction Market on Arbitrum

• Vitalik Buterin Backs MegaETH in $20M round

• VanEck Files for Solana ETF in the US

• Zeta Markets Launches $ZEX Token on Solana

• Binance Supports Token Merge into ASI Alliance

• Andromeda & Stargaze Forge NFT Innovation

• Chainlink Data Streams Now Live on Avalanche

• Ava Labs Empowers K-Pop IP Management with Blockchain

• Bitcoin Brings Aid to Gaza Through Taxi Driver's Efforts

• Crypto Ignored in Biden-Trump Debate

And much more!

Bitcoin Highlights of the Week

Dormant Bitcoin Wallet Awakens After 14 Years

A Bitcoin wallet from the Satoshi era, inactive since 2010, recently transferred 50 BTC to Binance. This wallet, belonging to a miner who earned the BTC as a reward in July 2010 when Bitcoin was valued at $0.05, signifies early mining activity when the reward per block was 50 BTC. The miner’s initial $25 in BTC is now worth approximately $3 million, reflecting Bitcoin's dramatic price increase over the years.

The transaction underscores the rarity of mining a single block in 2010, given today's high network hashrates and increased mining difficulty. The transfer of Bitcoin to centralized exchanges like Binance is often seen as a bearish signal, as it usually implies selling. Recently, several dormant wallets from the early Bitcoin days have become active, transferring or selling their holdings.

German Government Sells Bitcoin, Pressure on Prices

The German government has sold 900 Bitcoin, worth over $54 million, through transactions to Coinbase and Kraken, among others. This move, part of ongoing interactions with various wallets, including an unknown entity "139Po," has raised concerns about increased selling pressure on Bitcoin.

Despite these sales, the government still holds a substantial 46,359 BTC, potentially influencing market dynamics, particularly amid Bitcoin's current downtrend nearing the $60,000 mark. Analysts suggest these actions could further impact Bitcoin's price, which has already seen an 11% decline this month.

Coinbase Sues SEC and FDIC for Regulatory Overreach

Coinbase has sued the SEC and FDIC, accusing them of denying information requests and coordinating efforts to restrict the crypto industry's access to banking services. Filed on June 27th in Washington D.C., the lawsuits claim that the agencies failed to comply with Coinbase's Freedom of Information Act (FOIA) requests, which sought to reveal regulatory attempts to limit banking for crypto firms.

Coinbase asserts that regulators are deliberately trying to sever Bitcoin and crypto companies from vital financial lifelines, comparing this to the Obama-era "Operation Choke Point." The exchange contends that the SEC and FDIC are exceeding their mandates and violating transparency laws, aiming to expose this alleged regulatory overreach.

US Government Transfers Seized Bitcoin to Coinbase

The U.S. government transferred 3,940 Bitcoin to Coinbase Prime on June 26, according to Arkham Intelligence. These Bitcoin were seized from convicted drug dealer Banmeet Singh during his January 2024 trial. Singh, arrested in London in 2019 and extradited to the U.S. in 2023, ran a narcotics network from 2012 to 2017, leading to the surrender of over 8,100 Bitcoin, valued at $150 million.

The transfer has sparked fears of market sell-offs, compounded by similar actions from other governments and the Mt. Gox bankruptcy estate. The U.S. currently holds around 214,000 Bitcoin, worth about $13 billion.

Mt. Gox to Begin Repayments in July

Mt. Gox, the defunct cryptocurrency exchange that lost 850,000 Bitcoin in 2014, will start repaying users in Bitcoin and Bitcoin Cash in July 2024. The exchange’s rehabilitation trustee announced that repayments will be processed in collaboration with cryptocurrency exchanges, asking users for patience as the order of payments will depend on each exchange.

Approximately 127,000 creditors are owed over $9.4 billion in Bitcoin. This long-awaited restitution follows the transfer of 141,686 BTC worth $9.62 billion in May as part of the repayment process. Creditors have been waiting over a decade to recover their funds following Mt. Gox’s collapse.

DID YOU KNOW?

You can up your crypto game and gain an upper hand RIGHT NOW by grabbing a 7-day FREE trial to Coin Club!

What do you get access to when subscribing?

• Weekly Market Updates

• Weekly Airdrop Updates

• Weekly Premium Newsletter