5-11 Ağustos haftası kripto para dünyasında önemli gelişmelere sahne oldu. Bitcoin, güçlü spot ETF girişleri, jeopolitik gerginlikler ve faiz oranı indirimi spekülasyonları tarafından yönlendirilen artan volatilite yaşadı ve bunun sonucunda %1’lik haftalık bir kazanç elde edildi. Bu ralli olmasına rağmen teknik göstergeler hala bir düşüş eğilimi olduğunu gösteriyor. Tether, uyumluluk ve finans üzerine odaklanarak 2025 ortasına kadar iş gücünü ikiye katlamayı planladığını duyurdu. Rusya da ABD Dolarına olan bağımlılığı azaltmanın bir yolu olarak kripto madenciliğini benimsemeye başladı. Charles Hoskinson, Bitcoin’in bir ABD rezerv varlığı haline gelme riskleri konusunda endişelerini dile getirdi ve Tayland, kripto benimsenmesini teşvik etmek için bir Dijital Varlık Düzenleme Sandbox başlattı. Bitcoin spot ETF’leri rekor girişler gördü ve bu da Bitcoin’in fiyatında hızlı bir toparlanmaya yol açtı ve Bitcoin 60.000$’ın üzerine çıktı. Haftanın sonunda Bitcoin 61.054$’dan kapandı ve Ether 3.000$’ın altına düştü.
Bitcoin Price Action
Bitcoin ended the week of August 5 to August 11 with increased volatility due to strong Bitcoin Spot ETF inflows, heightened geopolitical tensions, and speculation of “generous” interest rate cuts by the end of the year. Bitcoin experienced a weekly increase of 1%, while Ether plunged by more than 10%. Despite Bitcoin’s rally, technical indicators still point to a downtrend.
Tether Doubling Workforce to Boost Compliance and Profits by 2025
According to Bloomberg, Tether Holdings Ltd., the issuer of the $115 billion stablecoin USDT, plans to double its workforce to around 200 people by mid-2025, focusing on compliance and finance departments. Despite its small team, Tether has become highly profitable, generating $1.3 billion in Q2 2024. The company is cautious about overexpansion and prioritizes hiring senior staff. Tether has faced scrutiny over USDT’s potential illicit use, prompting partnerships like the one with Chainalysis to enhance transaction monitoring and compliance. Additionally, Tether has invested $2 billion in startups, overseen by a small team of 15.
Russia Embraces Crypto Mining for Dollar-Free Trade Amid Sanctions
According to Cointelegraph, Russia is looking for alternatives to the US dollar in international trade after being blocked from the SWIFT system due to sanctions. President Vladimir Putin has approved a law that will come into effect in November 2024, allowing approved firms to mine cryptocurrency. The mining operations will be overseen by the Bank of Russia and other government bodies. Small miners can operate without registration as long as they stay below a certain level of energy consumption. Additionally, the law includes a ban on mass cryptocurrency advertising within Russia.
Bitcoin as a US Reserve Asset: Price Boost or Centralization Risk?
According to Cointelegraph, Charles Hoskinson, co-founder of Cardano, cautions that while the idea of Bitcoin becoming a US reserve asset might drive up its price, it also introduces significant centralization risks. Presidential candidate Robert F. Kennedy Jr. proposed that the US Treasury buy 4 million Bitcoin, which would account for 19% of the total supply. Hoskinson warns that this concentration of Bitcoin in the hands of the US government could compromise its decentralized nature and give the US undue geopolitical power over the cryptocurrency, echoing concerns typically associated with controlling other global assets like oil.
Thailand Launches Regulatory Sandbox to Boost Crypto Adoption and Innovation
Thailand has established a Digital Asset Regulatory Sandbox to encourage the use of cryptocurrency. This provides a flexible regulatory environment for testing crypto-related services. The initiative builds on previous pro-crypto actions, such as tax exemptions on crypto earnings and the approval of Thailand’s first Bitcoin ETF. The sandbox covers six key areas of digital asset services and has strict entry requirements to ensure high standards of operation and customer safety. This development highlights Thailand’s forward-thinking approach to digital finance, positioning it as a leading figure in regional crypto regulation.
Bitcoin Spot ETFs Fuel Recovery
Bitcoin spot ETFs saw their largest inflows in over two weeks on Thursday, reaching $192.5 million after Bitcoin briefly fell below $50,000 earlier in the week. These inflows helped Bitcoin recover to over $60,000 by Friday, reversing a nearly 20% decline. The strong inflows indicate renewed interest in Bitcoin following a short-lived market selloff, with optimism building for a potential retest of all-time highs in 2024.
Conclusion
The week of August 5 to 11 was pivotal for the cryptocurrency market, marked by significant volatility and strategic developments. Despite technical indicators pointing to a downtrend, Bitcoin’s price saw a strong rebound driven by spot ETF inflows. Tether’s expansion plans, Russia’s move towards crypto mining, and Thailand’s regulatory sandbox reflect a growing global interest in digital assets. However, Charles Hoskinson’s concerns about Bitcoin as a US reserve asset highlight potential centralization risks. Overall, the week underscored both the opportunities and challenges facing the evolving crypto landscape.