Ndax Weekly TL;DR July 1st '24

• Would you part with your Bitcoin to pay taxes? 
• Crypto unmentioned at first 2024 U.S. presidential debate

Republican Congressman Matt Gaetz has introduced a bill to allow U.S. taxpayers to pay federal taxes in Bitcoin. He argues this would promote innovation and increase efficiency. The legislation would require Treasury Secretary Janet Yellen to develop a plan for accepting Bitcoin as payment for federal taxes. This move aligns with a growing political embrace of crypto in the U.S.

Republican presidential nominee Donald Trump has shifted his stance on digital assets, making them a key part of his campaign, as has former-Dem-turned-Independent Bobby Kennedy, President Biden has been showing more openness to the crypto industry. The Defiant

The first 2024 U.S. presidential debate between Biden and Trump didn’t mention Bitcoin or crypto once, despite industry hopes. The 90-minute debate in Atlanta focused on the economy, abortion, immigration, and foreign policy, but barely touched on technology policy. Crypto has been a significant talking point in this election cycle, especially after Trump began discussing it on the campaign trail. Biden's campaign hasn't made public statements about crypto, though his administration expressed interest in working with Congress on legislation.

The crypto industry is hoping for friendlier legislation and is investing heavily in political action committees to support candidates. They've already seen some success in primary elections. During the debate, Biden appeared soft-spoken due to a cold, while Trump was louder but faced more fact-checking challenges. Coindesk

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News Nuggets

• Supreme court rules to overturn the Chevron doctrine, curbing federal agencies’ power Coindesk
• SOL spikes 6% following VanEck's spot Solana ETF filing The Block 
• Solana launches new developer tooling to promote mainstream adoption The Defiant

As of 06-30-2024 at 8:30 AM EST

Market Summary

• The global cryptocurrency market cap regressed last week to hover over the CA$3.11 T mark. 
• Bitcoin’s 3-year high market dominance stayed relatively flat, as did Ethereum’s, at 53.5% and 18% respectively.

Performance

• Bitcoin price stayed steady in the lower-mid-80s this week, bouncing convincingly off its 200 day MA (moving average).  After failing to break through its ATH set in March, it’s spent most of June in what is now being referred to—beyond a sideways “crab market”—as “chop-solidation”. Bitcoin continues to trade in range of $83 to $84K.  (At time of writing) 

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