On the Margin Newsletter: If you’re watching the Fed, look at unemployment

Today, enjoy the On the Margin newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the On the Margin newsletter.

Welcome to the On the Margin Newsletter, brought to you by Ben Strack, Casey Wagner and Felix Jauvin. Here’s what we unpack in today’s edition: 

Why inflation is the wrong figure to watch when trying to predict Fed policy. 
An update on the bitcoin miners wading deeper into AI.
BTC has rebounded a bit. Meanwhile, its correlation to equities continues to slide.

Unemployment is the issue, not inflation

To understand the Fed’s policy path moving forward, you need to be looking at the unemployment side of the mandate,…

Read more on Blockworks

LATEST: Latin America’s Nubank Adopts Bitcoin Lightning Payments with Lightspark Integration

Latin America’s fintech leader, Nubank, has teamed up with Lightspark to adopt the Bitcoin Lightning Network and Universal Money Addresses (UMA) to enhance transaction efficiency. This strategic partnership promises to revolutionize financial interactions for Nubank’s 100 million customers by providing fast, cost-effective Bitcoin and fiat exchanges.

David Marcus, CEO of Lightspark, expressed enthusiasm about integrating advanced crypto solutions at Nubank, highlighting the effort to simplify and enhance financial services. The incorporation of Lightspark’s cutting-edge SDKs, APIs, and AI tools is expected to optimize and streamline Nubank’s transaction processes.

Thomaz Fortes of Nubank highlighted the move as pivotal in continuing to deliver top-tier, economical solutions via blockchain technology. This collaboration marks a significant milestone for the Lightning Network’s growth, potentially increasing its use across Brazil, Mexico, and Colombia.

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Lightspeed Newsletter: Solana transactions can now happen directly within X

Today, enjoy the Lightspeed newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the Lightspeed newsletter.

Howdy!

To briefly continue this newsletter’s sandwich discourse: I was down in Florida for a wedding this weekend, and I went to Publix for the first time to try a Pub Sub — a regional delicacy, I’m told.

I got a chicken bacon ranch sub and saw the light. New York’s culinary scene reins supreme generally, but Florida has us beat on grocery store sandwiches, I’ll grant. Anyways: 

Blinks, actions, and buying Solana tokens within X

This morning, I bought BONK directly within my X feed, which was something I couldn’t do…

Read more on Blockworks

LATEST: U.S. Congressman Matt Gaetz Proposes Bill to Accept Bitcoin for Federal Taxes

US Congressman Matt Gaetz has taken a significant step towards integrating cryptocurrency into the U.S. financial system by proposing legislation that would allow Bitcoin to be used for federal income tax payments. This initiative, aimed at amending the Internal Revenue Code of 1986, reflects a growing trend in government to embrace digital innovations that can enhance financial operations.

In his discussions with The Daily Wire, Gaetz highlighted the efficiency, flexibility, and innovation that Bitcoin payments could bring to tax processes. This move is seen as a forward-thinking attempt to keep the U.S. at the forefront of technological advancements in finance. The proposed bill mandates the Treasury Secretary to craft regulations for Bitcoin transactions, ensuring they are promptly converted to U.S. dollars, maintaining financial stability.

This development aligns with increasing support for Bitcoin among U.S. politicians, indicating a broader acceptance of cryptocurrency’s potential role in modernizing government transactions and policies.

Source

Play Games, Win Bitcoin With THNDR Games CEO Desiree Dickerson

Company Name: THNDR Games

Founder: Desiree Dickerson, Jack Everitt, Greg Flor and Rafal Gawel

Date Founded: Originally founded in 2019 | Re-launched in 2021

Location of Headquarters: London, UK with remote team members

Amount of Bitcoin Held in Treasury: “Not enough” (said Dickerson jokingly)

Number of Employees: 6

Website: https://www.thndr.games/

Public or Private? Private

Desiree Dickerson believes that games are a powerful way to onboard people to Bitcoin.

She posits that, in recent history, games have been used to get people accustomed to using new technologies.

“They put games on the original PCs to get users familiar with a mouse,” Dickerson told Bitcoin Magazine.

“This is similar…

Read more on BitcoinMagazine

Bitcoin's Trump Card: Dividing Is The Wrong Move

Courtesy of Bitcoin magazine, Trump (left) with Bitcoin Magazine CEO David Bailey (right)

Ever since Donald Trump became more vocal in support of Bitcoin heading into this year’s Presidential campaign, I’ve been sitting with a wide range of emotions and concerns.

Outside of Bitcoin, as a left-leaning voter and vocal critic of Donald Trump, I have deep concerns with such an ego-centric, narcissistic character assuming power in the oval office again, not to mention the damage this could do to issues I deeply care about in the U.S. including a woman’s right to choose,…

Read more on BitcoinMagazine

Ethereum hits longest inflationary period since Merge

Ethereum is in the midst of its longest inflationary period so far. And “blobs” could be to blame.

The circulating supply of ether has now risen steadily for almost 72 days in a row, having added nearly 50,000 ETH ($168.7 million) since the middle of April.

ETH holders benefit from any net supply burns due to increased scarcity. However, the opposite is currently happening — ETH is becoming less scarce — now that Ethereum’s base fee is sitting at some of its lowest points in the past two years.

All while the number of Ethereum mainnet transactions has gone up and layer-2 activity has exploded.

Read more: Blob base fee surges, Ethereum misses slots as ‘BlobScriptions’ go…

Read more on Blockworks

LATEST: VanEck Officially Files Form 8A for Ethereum ETF

VanEck has taken a significant step toward launching its spot Ethereum ETF by filing the necessary Form 8-A, indicating imminent trading potential. Bloomberg’s Eric Balchunas highlighted that this filing mirrors the procedures followed just a week before VanEck’s Bitcoin ETF went live, suggesting a potential early July debut for the Ethereum product.

The progress in Ethereum ETF filings follows the SEC’s May approval of eight such products, sparking widespread anticipation within the cryptocurrency community. This development contrasts the drawn-out approvals and market uncertainties that plagued Bitcoin’s ETF launch, underscoring a possibly smoother path for Ethereum.

Analysts are cautiously optimistic, with Balchunas sticking to a July 2 projection for the Ethereum ETF’s launch despite the SEC’s lack of clear guidance. This move could mark a significant milestone in mainstream acceptance of cryptocurrencies.

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‘Shiba Inu Killer’ Dogwifhat Rallies 15% And ‘Conditions For A Violent Move Up Are There,’ Claims Trader

Dogwifhat WIF/USD followed the market-wide rally on Tuesday, rebounding over 10% after weeks of poor price performance.

What Happened: Lookonchain data shows a whale losing $4.6 million after having already lost $1.92 million on WIF.

The whale trader initially bought 2.05 million WIF for $7.96 million at $3.88 each on April 8. He then sold them at $2.95 each on May 7 and 8, incurring a loss of $1.92 million. Undeterred, he bought 2.34 million WIF for $6.48 million at $2.77 each from May 16 to May 20. He sold these at $1.61 each, losing another $2.71 million.

Another trade of a Dogwifhat whale reveals an early buyer purchasing 938,434 WIF, worth $1.6 million, a few hours before Tuesday’s…

Read more on Benzinga

Latin America's Largest Fintech Bank Integrates Bitcoin Lightning Payments

Nu Holdings, known as Nubank, Latin America’s largest fintech bank, has partnered with Lightspark to integrate the Bitcoin Lightning Network and UMA (Universal Money Addresses) into its platform. This collaboration aims to enhance Nubank’s services by enabling near real-time, low-cost Bitcoin and fiat transactions, according to a press release sent to Bitcoin Magazine.

I’m thrilled that @nubank has selected @Lightspark to bring the Bitcoin Lightning Network and UMA (Universal Money Addresses) via the @umastandard to its platform and customers. Now working with the Nubank team on the integration. Vamos! ⚡ pic.twitter.com/HYuuImG08u

— David Marcus (@davidmarcus)… Read more on BitcoinMagazine