LATEST: Venezuelans Embrace Crypto for Remittances During Economic Hardship

Venezuela’s severe economic downturn has led to a mass migration exceeding those from Ukraine and Syria, with over 7.7 million fleeing in the last decade. Amid recovery, cryptocurrencies have become crucial, capturing 9% of the $5.4 billion in remittances last year, outpacing traditional methods in efficiency and cost. This shift highlights the growing reliance on digital solutions due to high transaction fees and restrictive financial regulations.

In 2023, about 30% of Venezuelan households received remittances, with many preferring cryptocurrencies like Dogecoin and Tether for their low fees and immediate processing. These digital options are increasingly favored over conventional channels, particularly in remittance-heavy communities in the US.

Cryptocurrencies offer a viable alternative, providing rapid, affordable ways to support families back home despite their inherent volatility. As traditional financial systems falter, digital currencies shine as a beacon of economic resilience and recovery for Venezuelans worldwide.

Bloomberg

LATEST: Venezuelans Embrace Crypto for Remittances During Economic Hardship

Venezuela’s severe economic downturn has led to a mass migration exceeding those from Ukraine and Syria, with over 7.7 million fleeing in the last decade. Amid recovery, cryptocurrencies have become crucial, capturing 9% of the $5.4 billion in remittances last year, outpacing traditional methods in efficiency and cost. This shift highlights the growing reliance on digital solutions due to high transaction fees and restrictive financial regulations.

In 2023, about 30% of Venezuelan households received remittances, with many preferring cryptocurrencies like Dogecoin and Tether for their low fees and immediate processing. These digital options are increasingly favored over conventional channels, particularly in remittance-heavy communities in the US.

Cryptocurrencies offer a viable alternative, providing rapid, affordable ways to support families back home despite their inherent volatility. As traditional financial systems falter, digital currencies shine as a beacon of economic resilience and recovery for Venezuelans worldwide.

Bloomberg

Lightspeed Newsletter: Worldcoin’s reputation predicament

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Hello earthlings. 

It’s finally Friday, and the weekend is our oyster. Similar to an oyster, Worldcoin may have an unsettling exterior, but once you get past the crusty gray shell, you’ve got something nice on the inside. I suppose oysters don’t look that nice on the inside either, but you get the point:

You SHOULD give a damn ‘bout your bad reputation

Last week, the Worldcoin Foundation announced that World ID would be coming to Solana, thanks to a grant awarded to the Wormhole interoperability protocol. 

While some…

Read more on Blockworks

Bitcoin Down 7% In 7 Days, Led By Second-Largest Liquidation Event: Trader Points To ‘Demand Wall’ At $47,000

Bitcoin’s BTC/USD plunge on Friday comes on the heels of Mt. Gox starting its payment distribution. However, a trader predicted a further drop to a key demand level.

What Happened: Crypto chart analyst Ali Martinez in his latest tweet noted that currently Bitcoin is lacking significant support, and the key demand wall is at around $47,000.

Glassnode in its latest post highlighted the importance of the Mayer Multiple metric in evaluating Bitcoin’s market momentum. The metric’s role is used in assessing the ratio between Bitcoin’s price and its 200-day moving average (200DMA).

The onchain data provider pointed out that the 200DMA is often used as a simple indicator for determining bullish…

Read more on Benzinga

Ethereum’s July Performance Over the Years

Ethereum has shown a diverse range of performance outcomes in the month of July over several years, characterized by significant volatility. In earlier years like 2016 and 2018, Ethereum saw modest declines of -4.5% and -4.6% respectively, indicating slight market corrections. The more substantial drops came in 2017 and 2019, with sharp declines of -30.5% and -25.3%, suggesting larger market adjustments or negative investor sentiment during those periods.

Conversely, a sharp turnaround was observed in 2020, with Ethereum surging by 53.6%. This positive momentum continued with a 12.4% increase in 2021 and an even more robust gain of 57.7% in 2022, underscoring strong bullish market conditions and increased adoption or favorable technological advancements within the Ethereum network.

However, 2023 saw a minor pullback of -3.96%, illustrating the ongoing fluctuations and the complex interplay of factors that drive the valuation of this leading cryptocurrency. Such insights into Ethereum’s July performances provide valuable indicators for investors gauging its seasonal market behaviors.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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Bitcoin bulls meet their third final boss after US and Germany: Mt. Gox

Bitcoin dipped to its lowest point since February as Mt. Gox’s trustees transferred its first repayments to crypto exchange Bitbank early Friday morning.

Mt. Gox’s transfer of 1,545 BTC ($84.87 million at the time) came after prices had already sunk more than 10% over two days, slipping from $60,330 to $53,950. 

The Mt. Gox move comes as the German government continues to direct hundreds of millions of dollars in bitcoin to multiple crypto exchanges.

Germany sent bitcoin as recently as this morning, only one hour after Mt. Gox’s transfer. BTC has since recovered slightly to $55,300 and no other Mt. Gox transfers had hit the chain at time of writing.

The bigger and redder the… Read more on Blockworks

Crypto Market Faces Pressure, Yet Options Traders Remain Optimistic

The cryptocurrency market has experienced a significant downturn.

What Happened: Bitcoin BTC/USD and other digital assets plummeted as investors shifted focus toward the impending payout to users of the defunct Mt. Gox exchange.

As of 6:00 a.m. EST, Bitcoin’s price had fallen nearly 6% in the past 24 hours to $54,500.53. This marks its first dip below the $55,000 level since Feb. 27, according to data from CoinGecko.

Meanwhile, Ethereum ETH/USD saw an even sharper decline, dropping around 9% to $2,872.10.

Overall, the entire cryptocurrency market has lost more than $170 billion in combined market capitalization within the last 24 hours.

Despite the widespread sell-off, the options market…

Read more on Benzinga

US Bitcoin ETFs Net Flow Analysis (As of July 05, 2024)

U.S. Bitcoin ETFs have shown diverse net flows, reflecting a dynamic market environment. BlackRock’s IBIT ETF leads with 307,206 BTC, maintaining stability with no net inflow or outflow. Fidelity’s FBTC ETF also held steady with 168,578 BTC, suggesting consistent investor confidence in their fund.

Grayscale’s GBTC, however, experienced a notable net outflow of 536 BTC, bringing its holdings to 274,724 BTC. This could indicate a shift in investor sentiment or strategic reallocation of assets. Conversely, ARK Invest’s ARKB and VanEck’s HODL ETFs saw positive inflows of 40 BTC and 56 BTC respectively, reflecting growing investor interest in these funds.

In total, these ETFs collectively hold 866,481 BTC, valued at approximately $47.5 billion. Despite a combined net outflow of 440 BTC, the varied performance across different ETFs underscores the evolving nature of Bitcoin investments and the differing strategies employed by investors in this burgeoning market.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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