Javier. Like Robert🫀Bitcoin
Argentina's new President-candidate is pro-Bitcoin. What's with Bitcoin inactivity? Europe's BTC ETF makes debut. MDC sucks for Sam. Trump's $250K ETH stash. Zynga brings Sugartown to GameFi.
Hello, y'all. Make sure you've claimed your collectible on Asset, and don't forget to give your books a »» Muzify «« spin? 🙌
What's there in a fight, eh? Confession of a beautiful mind 🥷🏻👇
This is The Token Dispatch, you can hit us on telegram 🤟
US has Robert F. Kennedy Jr. Argentina has who?
Javier Milei, an advocate for Bitcoin, tops the primaries with his party, La Libertad Avanza.
Milei's party, La Libertad Avanza, clinches 30% of the primary votes, narrowly surpassing the centre-right coalition, Juntos Por El Cambio.
La Libertad Avanza, founded in 2021, emerged as the third major party in Buenos Aires by garnering 17% votes that year.
Previous Win: The party's success translated into two congressional seats for Milei and his running mate, Victoria Villarruel.
Beyond politics, Milei has actively promoted Bitcoin's benefits in public forums. Too much that he was even part of a controversy - association with the alleged Ponzi scheme, Coinx.
Which he denied later
This is raising some eyebrows.
Despite the Bitcoin hype, Milei's recent remarks suggest a preference towards "dollarising" the Argentine economy.
He once called the central bank "a scam."
What's brewing behind Bitcoin inactivity?
Historical low: Bitcoin volatility dives to its lowest, clocking in at a mere 15.5%.
A look back: In 2022, the digital currency's 30-day volatility averaged 61.4%. This year? It's down to 43.8%.
Trading volume drops: A mere $1.88 billion worth of Bitcoin exchanged hands on Sunday, pointing towards a declining trader activity.
Flat prices: Bitcoin's value has hovered around the $29,000 mark for over a month. Current price? $29,371.
But none of this is necessarily a bad sign.
Post the US inflation data, Bitcoin investment saw an influx of $29 million, recovering from the $144 million outflow over the previous weeks.
Even with seasonally low volumes, the sentiment for Bitcoin remains optimistic.
"A decision by the Federal Reserve to keep rates steady could cause an uptick in bitcoin prices, while a rate hike might lead to downward pressure," Michael Dunn, president of the Bitnomial exchange.
The market seeks significant triggers for change. Whales seem to be accumulating, hinting that a classic-style Bitcoin breakout phase might be on the horizon.
Over the last two weeks, approximately ten new whales, each possessing at least 1,000 BTC, have emerged on the network.
Bitcoin's present volatility levels match those seen in September 2016 and January 2023, suggesting that a significant price movement might be inevitable.
Given the unprecedented low levels of Bitcoin volatility, analysts expect a significant market move in the coming weeks. Bollinger Bands' readings corroborate this prediction, suggesting a looming price breakout.
Europe's green Bitcoin ETF makes its debut
Europe's first spot bitcoin ETF, the Jacobi FT Wilshire Bitcoin ETF, is launching on Euronext Amsterdam. The ETF is aligned with the EU's sustainable finance guidelines and focuses on positive environmental and social contributions. It is overseen by the Guernsey Financial Services Commission and custodial responsibilities are managed by Fidelity Digital Assets.
The fund has added a Renewable Energy Certificate (REC) to verify its eco-friendly claims, with proof logged on a blockchain. The ETF allows investors to tap into Bitcoin's price without directly buying or handling the cryptocurrency. US regulators have thus far rejected spot bitcoin ETF proposals.
Will SEC approve them all? Read JohnReedStark
Now, Grayscale Investments may receive a decision on its lawsuit against the US SEC regarding its Bitcoin trust's conversion into a spot Bitcoin ETF this week. According to Scott Johnsson of Van Buren Capital, judges tend to clear out their caseload before new law clerks arrive in August.
According to Bernstein, the approval of a Bitcoin spot ETF could lead to a new crypto cycle. The report states that new capital would enter the market through fresh stablecoin supply, tokenisation of traditional assets, native crypto infrastructure tokenisation, and ETFs. Read it all here.
TTD Blockquote🎙️
Martin Shkreli. Former Hedge fund manager and CEO of a Biopharmaceutical Company. Pharma Bro.
“Sucks for Sam”
Sam Bankman-Fried, the founder of FTX, has been booked into the Metropolitan Detention Center (MDC) in Brooklyn after his bail was revoked. He is facing charges of fraud and witness tampering. The MDC has previously housed high-profile inmates such as Ghislaine Maxwell and Shkreli. Bankman-Fried's attorney, Mark S. Cohen, also represented Maxwell.
The MDC has a history of scandals involving inmate mistreatment and corruption. Bankman-Fried's lawyers have filed an appeal to have his bail revocation revised. The facility currently houses over 1,500 inmates, despite being built to accommodate only 1,000. Bankman-Fried was previously on bail, living in his parents' multimillion-dollar home in California.
Martin Shkreli was also held at MDC Brooklyn before he was convicted in 2018 of a multi-million dollar fraud scheme. Shkreli said on Twitter on Saturday that MDC Brooklyn "sucks for Sam" and that the former crypto mogul might not see his home again for 15 to 30 years. Shkreli previously told Terraform Labs co-founder Do Kwon (who has since been arrested) that "jail is not that bad" during an UpOnly podcast recording.
TTD Numbers 🔢
$100 million
SBF allegedly used over $100 million in stolen customer funds to make political campaign contributions ahead of the 2022 U.S. midterm elections, according to the Department of Justice (DOJ).
The DOJ filed a new indictment, accusing Bankman-Fried of misappropriating and embezzling FTX customer deposits for various purposes, including politics. Bankman-Fried used the funds to make contributions to both Democrats and Republicans in an attempt to influence cryptocurrency regulation.
TTD GameFi 🎮
Welcome to Sugartown folks
Zynga, the creator of popular games like FarmVille and Words With Friends, has announced its first blockchain game called Sugartown.
The game will utilise Ethereum NFTs and will be playable via web browsers. Players will need to own Ora NFTs to enter the game and access its features.
Play details: Awaited to launch sometime "later this year", Sugartown will exclusively be available via web browsers.
Entry ticket: Zynga is set to roll out 10,000 Ora NFTs, which act as a gateway for players to jump into the game. Owning an Ora NFT not only grants access but also opens up a range of free mini-games within Sugartown.
In-Game currency: Players can "stake" their Ora NFTs and in return, gather Sugar, a dedicated non-crypto in-game currency.
Immutable launches zkEVM Testnet for Web3 Gaming
Announcement: Immutable, the web3 gaming platform, has begun public testing of its new layer-2 blockchain, Immutable zkEVM, aiming to diversify from depending on a single network infrastructure.
About zkEVM: The zkEVM, or zero-knowledge rollup, is designed to cut gas costs and boost transaction speeds. It is compatible with the Ethereum Virtual Machine, allowing developers of web3 games to seamlessly transfer their current Ethereum smart contracts over to the new Immutable zkEVM testnet.
Integration with Polygon's supernets: Immutable's zkEVM utilises Polygon's Supernets, a system intended to simplify the process for developers in creating new, application-tailored blockchains.
NFT Games on Ethereum's Immutable zkEVM Network
MetalCore: A sci-fi FPS and PVE mech-fighting game. Set for crypto transactions on Immutable zkEVM with a beta event on September 15.
Shardbound: A revived fantasy PVP card auto battler. Players deploy cards to position characters on a hex-tiled map.
Medieval Empires: Strategy game with a "play-and-own" approach. Players own in-game items they find. Available on MacOS and Windows.
EF Defense: Mobile strategy game on Android and iOS. Players fend off dark forces in a fantasy world.
Galaxy Commanders: PVP sci-fi space game for mobile and PC. Players own in-game battleships as NFTs.
TTD WTF 🤦♀️
Unexpected holdings: Donald Trump, known for his skepticism on crypto, has between $250,000 and $500,000 tucked away in an Ethereum wallet.
NFT venture: The Ethereum wallet is believed to be associated with a range of NFTs released by Trump's campaign for the 2024 presidential bid. These NFTs, showcasing Trump in various roles like a superhero or cowboy, were launched in December 2022 and saw initial success.
Crypto earning: He also earned close to $300,000 from the licensing of his NFTs.
Ethics Disclosure: All this came to light through a filing with the US Office of Government Ethics, also revealing Melania Trump's business interests.
Trump's crypto stance: While Bitcoin enthusiasts like Ron DeSantis and Robert F. Kennedy rally for BTC, Trump seems more protective of the US dollar's dominance, echoing SEC chair Gary Gensler's sentiments.
Read, our previous play on this: Forever Trump
TTD Surfer 🏄
MAS has finalized new rules for stablecoins, aiming to ensure a high degree of value stability for regulated stablecoins in the country.
Coinbase is expanding its services to Canada, offering a free 30-day trial of its new subscription service, Coinbase One.
Prime Trust has filed for Chapter 11 bankruptcy protection due to a shortfall in customer funds.
If you like us, if you don't like us .. either ways do tell us✌️
If you dig what we do, show us love on Twitter, Instagram & Threads🤞
So long. OKAY? ✋