7/8/24: Germany Is Dumping 🇩🇪😡🇺🇸

Author

Valko
July 08, 2024

Top News

  1. German government selling up to $155M Bitcoin

  2. Celsius is suing users who withdrew funds before bankruptcy

  3. US House to vote this week on overriding Biden’s veto of SAB 121

Specs’ Breakdown

1. German government selling up to $155M Bitcoin

⌐◪-◪ → The German government just sent 2,738.7 BTC ($155M) to various exchanges and market makers including Kraken, Cumberland, and another presumed institutional/OTC service wallet.

For context, their wallet still holds 35,488 BTC ($2.03B) according to this Arkham intelligence dashboard.

Meanwhile, Golem, one of the earliest Ethereum ICOs, just sent over $100M of ETH to exchanges, adding more sell-side pressure to the market.

Fortunately, the market absorbed it with no problem, with Bitcoin up 2% over the last 24 hours.

The funniest thing is that Germany will likely have to buy Bitcoin back at higher prices once the global Bitcoin race begins.

Do you think the rest of their bag is big enough to send Bitcoin lower? Let me know in Specs.Chat!

2. Celsius is suing users who withdrew funds before bankruptcy

Celsius Sues Users Who Withdrew $100,000 Before Crypto Lender Filed for Bankruptcy - Unchained

The lawsuit comes after Celsius already reached settlements with 1,500 account holders to recover $100 million worth of funds.

⌐◪-◪ → Celsius is suing 5,000 former users who withdrew their money from the platform 90 days before Celsius declared bankruptcy.

For some, these funds represent all of their net worth.

To make matters worse, they’re attempting to claw back funds at June 14, 2024 market rates instead of 2022 rates — disgusting.

This controversial move has sparked outrage among crypto users because it sets a dangerous precedent for all exchanges.

How many blowups like this need to happen (Mt. Gox, FTX, Terra Luna, etc.) before people realize the importance of self-custody?

Remember fam — not your keys, not your crypto.

If you need up with your self-custody setup, head over to Specs.Chat!

3. US House to vote this week on overriding Biden’s veto of SAB 121

US House scheduled to reconsider bill to overturn SAB 121, Biden veto

A two-thirds majority is required to override a presidential veto.

⌐◪-◪ → This week, the U.S. House could vote to override Biden’s veto to overturn Staff Accounting Bulletin (SAB) 121.

If they don’t, the bulletin could prevent banks from safeguarding digital assets. Dumb.

Let’s see if the House can muster a 2/3 vote to overturn the veto—it’s a stretch but not impossible.

If the House Dems don’t show up, they’ll certainly lose the crypto vote (if they haven’t already) in what’s already a challenging election year.

The irony is that last week the DOJ selected Coinbase as their custodian while the SEC is suing them for being an unregistered securities exchange. What a clown show.

Do you think the House will succeed in overriding the veto? Let me know in Specs.Chat!

Everything Else

⛓️ Crypto & DeFi

  • Bitcoin climbs to $57K, Mt. Gox sales reportedly priced in

  • Binance releases 20th proof of reserves statement

  • SOL surpasses ETH & ARB in 24h DEX volume combined

  • Justin Sun’s TRON team develops gas-free stablecoin transfers

  • Celo launches Dango L2 testnet, first steps to join ETH ecosystem

  • Golem, early Ethereum ICO, transfers $115M ETH to exchanges

  • Bitcoin mining profitability rose in June, market adjusts for halving

🏦 Wallstreet & VC

🏛️ Legal & Regulatory

🌎 Rest of the World

🖼️ NFTs & Metaverse

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