Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, industry news and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.
Happy Monday, Ndaxers— Here’s what happened last week:
Recent discussions among policymakers and candidates have highlighted the potential of Bitcoin as a strategic reserve asset for the United States. Donald Trump, Vivek Ramaswamy, Robert F. Kennedy Jr. and Senator Cynthia Lummis have all expressed support for incorporating Bitcoin into national financial strategies. Their proposals range from backing the dollar with a basket of commodities including Bitcoin to diversifying the Federal Reserve's foreign currency holdings with the cryptocurrency.
These ideas aim to leverage Bitcoin's deflationary nature to curb inflation and strengthen the nation's fiscal health. Proponents argue that adopting Bitcoin as a reserve asset could position the U.S. advantageously in global finance and geopolitics. They see it as a tool for economic statecraft and a way to maintain American dominance in the emerging digital asset landscape. The discussion reflects growing recognition of Bitcoin's potential impact on international finance and national economic strategies. Forbes Digital Assets
The June FOMC meeting minutes reveal key insights despite being outdated. Members noted conflicting inflation data, with less progress in early 2024 compared to late 2023, but the May CPI showed some improvement. For the first time, the FOMC acknowledged AI's potential as a deflationary force by boosting productivity. Interestingly, members recognized that job gains might be overstated in the establishment survey compared to the household survey. This rare admission suggests they may have been overly hawkish on the labor market.
Overall, the minutes present a somewhat dovish tone, especially considering recent soft economic data. The timing of the CPI release on the same day as the FOMC meeting added complexity to interpreting the committee's decision-making process. Blockworks
Ndax's new news feature provides the latest news, stories, and trends to help you keep your hand on the pulse of crypto and blockchain.
As of 07-07-2024 at 8:15 PM EST
Market Summary
Bitcoin’s market dominance rose significantly to 53.9%. Ethereum’s market share is at 17.2% of the global crypto market.
Performance
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The team at Ndax