Ndax Weekly TL;DR July 8th

Happy Monday, Ndaxers— Here’s what happened last week:

• Should digital gold be considered a “strategic reserve asset”
• What are the recent FOMC ‘tea-leaves’ indicating vis-a-vis Fed policy?

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The June FOMC meeting minutes reveal key insights despite being outdated.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

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  News Nuggets
  Ethereum earns $2.7 Billion in fees each year Unchained
• Bitcoin mining difficulty hits lowest level since March Cointelegraph
• Ethereum developers have introduced a new Ethereum improvement proposal Cointelegraph

As of 07-07-2024 at 8:15 PM EST

Market Summary

• The total cryptocurrency market cap shed several hundred more CA$B over the first week of July: Market Cap currently stands around at CA$2.79 trillion. 

• Bitcoin’s market dominance rose significantly to 53.9%. Ethereum’s market share is at 17.2% of the global crypto market.

   

Performance

• Bitcoin price last week broke briefly through the 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 seems to be settling between CA$76,100 and CA$76,400. (At time of writing) 
   

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Happy trading, 
The team at Ndax