📉 Double-digit Drop: Sunday's Market Crash 🤯
In today’s edition: 💥 ETH falls 20% following Jump Crypto's moves, 📊 Record levels of ETH staking reached, and more!
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Is It a Good Idea for the US Government to Stockpile Bitcoin?
Presidential candidates Donald Trump and RFK, Jr., as well as Senator Cynthia Lummis have proposed the US establish a strategic Bitcoin reserve. George Selgin of the Cato Institute unpacks their various proposals.
In this episode, George Selgin, senior fellow at the Cato Institute, discusses the recent proposals by Donald Trump, Robert F. Kennedy Jr., and Senator Cynthia Lummis for the U.S. government to establish a strategic bitcoin reserve. George provides his insights into the differences between these proposals, their potential implications, and why he believes the government should not be investing in Bitcoin or other assets.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
What’s Poppin’?
by Sage D. Young and Sam Sriram
Ethereum Drops Below $2,300 Amid Rumors of Jump Crypto Unwinding Positions
The price of ether fell 20% as Jump Crypto appeared to offload millions worth of crypto on Sunday.
Staked Ether Increased by Almost $1.3 Billion Since ETH ETFs Launched
The number of staked ETH has crossed a record level of 34 million amidst outflows from ETH ETFs stemming from Grayscale’s large fee rate as well as investor’s opportunity cost of not staking, per Nansen and a Dune dashboard by Hildobby.
Daily Bits… ✍️✍️✍️
🗣️ Democratic leaders, White House officials, and crypto executives will participate in a virtual roundtable on digital asset policy organized by Rep. Ro Khanna. Campaign officials for US Vice President Kamala Harris have also been invited to attend.
🗳️ David Plouffe, former Obama campaign manager and crypto advocate, is joining VP Harris's campaign team as a senior adviser, bringing his experience from Binance and Alchemy Pay.
🏦 Genesis completed its bankruptcy restructuring and started distributing $4 billion in crypto and cash to creditors, aiming for an average 64% recovery rate in cryptocurrency repayments.
🔐 Investors and market makers of ZKX were blindsided by the sudden shutdown of the decentralized exchange, sparking rug pull allegations, though the founder cited economic infeasibility as the reason.
⚖️ The CFTC issued a subpoena to Hit Network, formerly associated with Ben “BitBoy” Armstrong, as part of a fraud investigation involving 15 tokens, including memecoin BEN.
Today in Crypto Adoption...
🇫🇷 France has begun accepting applications for crypto asset services provider licenses under MiCA, becoming the first major EU economy to do so.
What Do You Meme?
📈 Your Market Update 📉
BTC is down 15.4%, trading at $51,369
ETH is down 22%, trading at $2,272
BTC dominance: 53.6%
Crypto market cap: $1.89T
*All data as of today, 06:58 am ET. Source: CoinGecko
Recommended Reads
Forbes Crypto: How The U.S. Could Establish A Strategic Bitcoin Reserve
The Defiant: Bitcoin Memecoins Runes Make Up 35% of All the Chain's Transactions
DL News: Why these libertarian economists oppose Trump’s Bitcoin ‘stockpile’ idea
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The only real reason for federal ownership of Bitcoin is to maintain dollar dominance. But the US government could do this for a fraction of the cost by standing up a data center large enough for a 51% attack. Who knows, maybe they already have.