Weekly Round-Up #101 | Get caught up on the latest developments in Web3!

This Week in Web3: Top Headlines

Senator Cynthia Lummis Advocates for Bitcoin Integration into US Financial System

Senator Cynthia Lummis (R-WY) believes that integrating Bitcoin into the US financial system can bolster the US dollar and help it remain a global leader. In a recent Fox Business interview, she shared her vision for a financially independent America, advocating for Bitcoin as a reserve asset to strengthen the dollar. Lummis is pushing a pro-Bitcoin agenda, which includes rejecting retail Central Bank Digital Currencies (CBDCs), protecting self-custody Bitcoin wallets, and restoring the dollar's dominance. She praised the Federal Reserve for deciding against pursuing a CBDC, citing concerns about government surveillance, and highlighted the importance of financial freedom through self-custody.

Her views are supported by MicroStrategy chair Michael Saylor, who also favours a Bitcoin-backed dollar to uphold American values of privacy and property rights. This reflects a broader movement among crypto enthusiasts to integrate digital assets into the US financial system as a hedge against inflation and a means to enhance financial privacy. Former President Donald Trump has also shown strong support for the crypto sector, discussing making Bitcoin a reserve asset and planning to headline the 2024 Bitcoin Conference, while opposing CBDCs due to privacy concerns. Bitcoin ETFs Set New Inflow Record: Recovery Potential Amid Price Drop

After six days of positive net inflows starting July 5, U.S. spot bitcoin ETFs have hit a record with $15.81 billion in total inflows, according to SoSoValue. They added over $1 billion in assets, with Friday being particularly strong, pulling in $310 million. BlackRock's IBIT led with $120 million, followed by Fidelity’s FBTC at $115 million, and contributions from Grayscale, Bitwise, and Ark Invest. Although bitcoin's price has dropped about 17.5% from $71,500 to $58,900, the high net inflows suggest a potential for recovery. Meanwhile, the crypto community is excited about the possible launch of spot Ethereum ETFs this month, pending SEC approval.

German Government Completes Bitcoin Sell-off

The German government has sold off all its Bitcoin holdings over the past 23 days, wrapping up a process that started in late June. They transferred the last batch of Bitcoin, worth around $223.81 million, to Flow Traders and 139Po. This Bitcoin was originally seized from the operators of a piracy website. The sales, carried out by Germany's federal criminal police, led to fluctuations in Bitcoin prices, which were around $57,656 at the time. Interestingly, this sell-off happened just as US Bitcoin ETFs saw huge inflows (as described in the preceding headline), and whales buying up Bitcoin rapidly. The German government's Bitcoin balance is now at zero, and we're waiting to see how this impacts the market in the long term.

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Catch up on our published articles for the week!

NEWS

• Dough Finance Hit by $1.96 Million Exploit Due to Smart Contract Vulnerability >>> Learn more
• $JUICE Partners with GotBit Hedge Fund to Launch the World’s First Healthcare Memecoin >>> Learn more
• U.S. Senators Introduce New Bipartisan Bill to Combat AI Deepfake Misuse with Mandatory Watermarking >>> Learn more
• U.S. SEC’s Shift on Crypto Accounting Requirements for Banks Sparks Debate on Easing SAB 121 Rules >>> Learn more
• Experts Advise Caution as Squarespace Domain Vulnerability Threatens DeFi >>> Learn more
• Compound Finance Confirms Website Breach Amid Ongoing Cyber Attack, Urges Users to Avoid Site >>> Learn more
• Crypto Voters Seek Pro-Crypto Candidates Across Party Lines, New Study Shows >>> Learn more
• Former U.S. President Donald Trump to Headline Bitcoin 2024 Conference >>> Learn more
• BitMEX Dismisses the US DOJ’s Recent Accusation, Calls it ‘Old News,’ Cites Past Settlements by Founders >>> Learn more
• Italy’s Central Bank Set to Roll Out Guidelines for Implementing EU Crypto Regulations (MiCA) >>> Learn more

ARTICLES

• Summer.fi Unveiled: Upgrading DeFi with Innovation and Integration >>> Learn more
• Where on Earth Can You Trade Spot Bitcoin ETFs Legally? >>> Learn more

Spotlight on interesting projects?

Tezoro

Tezoro is a non-custodial service that allows you to reduce the risk of losing your crypto by ~100 times by creating a backup: a smart contract that can withdraw crypto from your wallet and transfer it to a backup address even if you've already lost access to your wallet or died. Tezoro is a non-custodial service. It helps you to prepare your backup, and you confirm it via your MetaMask and deploy it directly to the blockchain.

Nobody, including Tezoro, can change the amount or replace the backup address. The only thing you allow it to do is initiate the transfer at the moment you need it.

For more information, visit https://tezoro.io/

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