Crypto in Congress, Inflation Updates, and Bitcoin News

Overview

• Discussion on the current state of crypto in Congress
• Updates on inflation numbers
• Analysis of Bitcoin and major SEC news
• Insights into altcoins and their performance

Bitcoin Sell-off by Germany

• Germany has nearly exhausted its Bitcoin reserves
• Initial stash: 50,000 BTC; currently under 5,000 BTC
• Recent sale: $500 million worth of Bitcoin
• Remaining BTC: ~$285 million
• Prediction: Germany's sell-off to conclude soon
• Impact: Contributing to Bitcoin price fluctuation
• Analogy: Comparable to a country selling all its gold reserves quickly

SEC News: Paxos and BUSD

• SEC drops the case against Paxos regarding the Binance USD (BUSD) stablecoin
• Background: February 2023, Paxos received SEC Wells notice on BUSD
• NYDFS involvement: Oversight issues between Paxos and Binance
• Outcome: Paxos assured BUSD tokens backed 1:1 with US dollar reserves
• Resulting problem: BUSD's significant business loss
• Industry's reaction: Concerns over SEC's approach

Crypto Win in Congress: Ethereum as a Commodity

• Recent update: House fails to override SAB 121 veto
• Context: SAB 121 - SEC rule impacting crypto custody by financial firms
• Criticism: Despite a majority vote, the two-thirds majority was not achieved
• Analysis: SAB 121 prevents major custodians from entering crypto
• Expert opinion: Entry of major custodians would de-risk crypto

Inflation Numbers

• CPI for June: Decreased by 0.1%
• Deflation indicator: First negative sign since April 2020
• US inflation for June: 3%, Core inflation: 3.3%
• Implication: Possible Fed rate cuts in September
• Economist perspective: Encouraging trend towards lower inflation rates
• Current inflation reality: Prices for essentials like food and gas still high
• Economic prognosis: Potential to avoid recession with Fed's measured steps

Altcoin News

• Solana surpasses Ethereum in DEX (Decentralized Exchange) volume
• Source: DeFi Llama data
• Hierarchy: Solana > Ethereum > Binance Smart Chain > others
• Insight: Possible growth areas and trading patterns in the altcoin market

Conclusion

• Highlight on the Bitcoin conference: Guest speakers including Donald Trust
• Promotion of conference tickets: Discount with code ALTCOINDAILY