Some analysts believe that, despite the recent market decline, inclusion of digital assets into US 401 (k) retirement plans could result in billions of new dollars of inflows. This would potentially drive Bitcoin to new record levels.
You can also find out more about this by clicking here. “bullish” development may push Bitcoin (BTC) above $200,000 before the end of the year, signaling another $122 billion worth of new capital while assuming a modest 1% portfolio allocation, André Dragosch, head of European research at crypto asset manager Bitwise, told Cointelegraph.
KindlyMD is a Nasdaq listed healthcare provider that has made its first corporate Bitcoin treasury purchase. Bitcoin investment of $679 million On Tuesday
Ether has become the preferred cryptocurrency for other big investors.ETH) price appreciation. A price appreciation is expected to take place on Thursday. Bitcoin whale The Hyperliquid exchange decentralized exchange received $189 million in BTC and transformed the majority of that into a perpetual long future position of $295 million and a subsequent $240 million spot ETH Position
Bitcoin may reach $200,000 by 2025 if crypto is included in US retirement plans.
The inclusion of cryptocurrency in US retirement plans could mark a milestone for Bitcoin adoption and unlock billions of dollars in new capital, potentially pushing the asset above $200,000 by the end of 2025, according to André Dragosch, head of European research at crypto asset manager Bitwise.
Donald Trump cleared the path for cryptocurrency inclusion in US 401 (k) retirement plans By signing an executive directive on August 7, the United States will be able to access digital assets via their retirement plan.
Bitcoin’s inclusion in the 401(k), or retirement plan, may have a greater impact on its price.BTCThe price is lower than that of US approved spot Bitcoin exchange-traded funds Dragosch, a financial analyst at Dragosch.com, said that the ETFs would be implemented in January of 2024.
You can also find out more about this by clicking here. “bullish” development may be “bigger than the US Bitcoin ETF approval itself,” Dragosch, who spoke on the Chain Reaction daily show X spaces Monday during which he made a prediction about the price, said that he was indicating another $122 billion in new capital, while also assuming a modest portfolio allocation of 1%.
“The official prediction remains $200,000 by the end of the year.”
“If you look at 401(K) and defined-contribution retirement plans in the US, they are huge,” Dragosch said that 1% of the population was not a lot. “relatively conservative” The industry’s $12,2 trillion allocation is estimated.
Digital assets will allow 401(k), portfolio managers, to make investments in digital assets. Bitcoin ETFsBitwise’s goal of $200,000 Bitcoin for 2025 is another encouraging sign.
The YZY sniper Wallet of Kanye West is linked to a $21 million LIBRA extract scheme, according to analysts
Onchain research by Dethective, a pseudonymous researcher, linked wallets that contained the Kanye themed token YZY and wallets holding the LIBRA to suggest that the operator made tens millions using their insider knowledge.
A series of X posts Dethective announced on Thursday that a YZY sniper Wallet managed to purchase $250,000 in tokens for just $0.20. This was a price far lower than most traders. The wallet made over $1,000,000 in just minutes. This profit was then transferred to a Treasury wallet.
The same Treasury wallet received large sums of money tied to wallets. LIBRA’s launch six months ago. Two “Libra sniper” A total of $21 million was extracted from wallets. Nearly $23 million has been pulled from wallets across both the YZY & LIBRA launch, and funds were later transferred to Binance or Kamino.
“We can be sure this is someone with clear inside info,” Dethective writes. “The proof is that he did not snipe any coin besides $YZY and $LIBRA and he was prepared with huge size,” They added.
Bitcoin bull, billionaire files $250 million SPAC against DeFi and AI
Chamath Palihapitiya is a Bitcoin billionaire who has filed to raise $250 Million in Blank-Check Company. “American Exceptionalism Acquisition Corp A,” Targeting decentralized finance, AI and the energy, defense, and defence sectors.
Palihapitiya would serve as the chairman and Social Capital’s managing partner Steven Trieu, as the CEO of this special-purpose acquisition company. according According to the filing made by the US Securities and Exchange Commission, on Monday.
In order to raise $250 million, 25 million shares will be offered at $10 per share on the New York Stock Exchange under the ticker AEXA.
Palihapitiya & Trieu bet on decentralized financial technology, and not Bitcoin to drive the next wave in financial innovation. They are focusing solutions that connect traditional markets with Blockchain Technology.
“While Mr. Palihapitiya has long been a proponent of Bitcoin as an inflation hedge and alternative to fiat currencies, we believe that the next stage of development is the increased integration between traditional finance and decentralized finance.”
Bo Hines is now a Tether advisor, and he was previously the White House Crypto Director.
Tether, the stablecoin company that is now owned by Tether Group, has appointed former White House Crypto Council executive director Bo Hines to be its new adviser on digital assets and US Strategy. It signals a move towards expansion in the biggest economy of our time.
Tether is the USDt issuer (USDTThe announcement was shared by Cointelegraph. It stated that Hines will be responsible for coordinating and directing the US strategy, expansion, and engagement of stablecoin. This is part of their core focus.
Hines was previously in the administration of Donald Trump, where he developed initiatives for digital asset innovations, established guardrails to issuers of stablecoins, and worked towards collaboration between the government and blockchain industry.
Hines, in his new role at Tether, will be working closely with the leadership team of Tether to develop and execute Tether’s US market entry. “constructive relationships” With policymakers and stakeholders in the industry.
Hines’ “deep understanding of the legislative process, combined with his passion for practical blockchain adoption, makes him an invaluable asset as Tether enters the biggest market in the world,” Paolo Ardoino CEO of Tether said:
“Bo’s appointment demonstrates our commitment to building a strong U.S.-based presence that spans across multiple sectors, starting with digital assets and expanding to new opportunities, including a deep focus on potential further investments in domestic infrastructure.”
Tether Investments is already reinvesting almost $5 billion into the US economy. Hines’s addition is aimed at “reinforce” The announcement stated that this alignment and commitment to the US Market was a result of the company’s engagement.
Ethena crosses the $500 million mark in revenue cumulatively as synthetic stablecoins grow
Ethena Labs announced on Thursday that its Ethena Protocol has generated over $500 million cumulative revenue. Since July, the growth in revenue as well as the supply of Ethena USDe has increased.
Ethena Labs posted the good news on X. They said in the week that passed, USDe revenue reached an all-time record of $11.7billion and protocol revenue was $13.4m.
“Ethena’s revenue has been driven by strong inflows into USDe and favorable market conditions that have amplified returns from its delta-neutral hedging reserve model,” Ethena Labs’ spokesperson spoke to Cointelegraph. “The protocol’s momentum reflects growing demand for and confidence in USDe as a store of value.”
According Ethena USDe, the decentralized finance analysis platform DefiLlama had the third largest market capitalization among all stablecoins as of the date of this article. DefiLlama, a decentralized finance analytics platform, ranked EthenaUSDe as the third-largest stablecoin market capitalization at time of writing. Ethena USDe market cap has grown by 86.6% over the past one month.
Other synthetic stablecoins, such as Ethena USDe are also gaining market share. Sky Dollar (USDS) is the currency that powers Sky and an improved version of DAI.DAIMarket cap has risen by 14 percent. Falcon USD, a synthesized dollar created by Falcon Finance has seen its value jump by 89.4%.
The risks and benefits of synthetic stablecoins are both present. As they do not have physical collateral, their transaction costs may be lower. Depegging and instability can cause significant losses to investors.
Overview of the DeFi Market
Data from Cointelegraph Markets Pro TradingView shows that most of the largest 100 cryptos by market cap ended the last week in the negative.
Memecoin Launch Platform Pump.fun’s The SPX6900 token (PUMP), which is the second most popular, fell by over 22 percent this week.SPXThe token is down by over 18% in the last week.
We thank you for taking the time to read our weekly summary on DeFi. We’ll see you next Friday with even more news, insight and information about this rapidly advancing field.
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Source: cointelegraph.com
