Weak US Dollar Under Kamala Harris Could Boost Bitcoin

Weak US Dollar Under Kamala Harris Could Boost Bitcoin

VanEck analysts suggest Kamala Harris could be more beneficial for Bitcoin than Donald Trump due to her economic policies. The analysts argue that Harris would likely continue policies weakening the US dollar, which could accelerate Bitcoin adoption. In other words, they believe that under Harris, fiat currencies would continue to decline, creating a strong case and promotion for BTC and crypto.

Trump's recent $998 burger purchase at PubKey Bar using Bitcoin has further intensified his pro-crypto image. Harris's stance on cryptocurrency remains largely unknown, despite rumors of her campaign showing interest. In fact, in her recent fundraising event in New York, she declared support for AI and "digital assets" and her pro-crypto supporters saw that as a "big win".

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SEC Approves BlackRock Bitcoin ETF Options

The SEC has approved BlackRock’s proposal to trade options for its spot Bitcoin ETF, marking a major step for the product. This approval was granted on an "accelerated basis" by the SEC, paving the way for the listing and trading of these options on Nasdaq ISE. BlackRock's iShares Bitcoin Trust now joins other firms like Grayscale and Fidelity in seeking to offer options tied to spot Bitcoin ETFs.

Analysts, including Nate Geraci and Eric Balchunas, believe this will enhance liquidity and attract larger investors to the Bitcoin market. The SEC's decision aligns with the growing demand for exchange-traded Bitcoin products, although concerns remain about regulatory protections. BlackRock did not provide immediate comments on this development yet.

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Hamster Kombat Players Face Unexpected Token Vesting

Hamster Kombat players preparing for the HMSTR token launch discovered an unexpected 11.25% vesting period, frustrating many. While players can claim 88.75% of their airdrop on day one, the remainder will be locked until July 2025. This news follows complaints about the airdrop allocation process, particularly the emphasis on referrals and late-game additions like earning keys.

Despite the criticism, the game’s popularity remains strong, with over 129 million players eligible for the drop, although 2.3 million were banned for cheating. The crypto gaming project has set aside 60 billion tokens for this airdrop, with another 15 billion reserved for Season 2. The initial token value remains unknown until trading begins on September 26.

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Coinbase to Launch Wrapped Bitcoin (cbBTC) on Solana

Coinbase plans to expand its cbBTC token to the Solana blockchain, marking a strategic move after launching it on Ethereum and Base networks. The announcement was made at Solana Breakpoint 2024 by Coinbase's Singapore director, Hassan Ahmed, though no specific timeline was provided for the Solana launch.

The cbBTC token is a wrapped Bitcoin backed 1:1 by Bitcoin held by Coinbase, aimed at providing liquidity to DeFi protocols. It currently holds a market cap of around $173 million, according to CoinGecko. The token was introduced to compete with other wrapped Bitcoin products like WBTC, especially after changes in WBTC’s ownership.

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Data of the Day

Ethereum transaction fees have spiked, tripling from $0.85 on September 1 to $3.52 by September 21, after hitting lows not seen since 2020. This surge has significantly increased the amount of Ether burned, jumping from 80.27 ETH to 1,360 ETH over three weeks.

Uniswap, crypto trading bots, and stablecoins have been the top gas consumers driving this fee increase. Despite this, Ethereum’s active addresses fell to a year-to-date low, with an 11% decline in September. The network’s current 7-day average of 385,000 active accounts is its lowest since December 2023.

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More Breaking News

• A Satoshi-era Bitcoin miner moved his BTC coins for the first time in 15 years, with analysts pointing out it's not Satoshi himself.
• An Ethereum investor turned a $151.42 million investment into $214.34 million over two years by holding through a bear market.
• Crypto venture capital firms have raised over $2.2 billion in 2024, signaling optimism for early-stage blockchain startups despite market challenges.
• Jupiter acquired SolanaFM and Coinhall to enhance data and infrastructure capabilities on Solana and Cosmos blockchains.
• Rapper Iggy Azalea mocked Ethereum co-founder Vitalik Buterin’s TOKEN2049 singing performance, calling it "a losers action" in a social media post.

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