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Hyland reiterated that since the beginning of August, Bitcoin has “seen higher lows and higher highs, higher lows, higher highs, noting that the beginning of both July and August saw “major pullbacks.” Overall, Hyland believes that Bitcoin will continue to “see some chop” ahead of the United States presidential election on November 4. He also sees September having “mostly sideways action, which is historically the worst performing month for Bitcoin.” However, Cointelegraph recently noted that Bitcoin's price action in September might not mirror the "boring" trends of previous years, as Bitcoin miner selling pressure has stabilized and the stablecoin supply ratio is showing bullish signs.
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The wheels of Air Force Two touched down in Georgia, and the latest Kamala Harris era began. The vice president drew a bigger crowd than President Joe Biden had gotten all year—a show of strength in the South, in a state Harris thrust back into play. This was her moment. Harris, wearing a baby blue suit and her customary American flag pin, took the stage in Atlanta, with Megan Thee Stallion on hand. Fresh off a record, jaw-dropping fundraising week, she taunted former President Donald Trump to electric cheers, before pausing for a warning. “Let’s level-set, friends,” she said. “We are the underdogs in this race. We are.”
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AI, with its generative capabilities, promises to automate tasks, enhance productivity, and spur economic growth. However, the road to achieving these lofty goals is fraught with obstacles. According to Goldman Sachs, the tech industry’s projected $1 trillion investment in AI over the next few years has yet to yield large returns beyond modest efficiency gains. Even NVIDIA, a major player in the AI hardware sector, has seen its stock price corrected sharply. The skepticism surrounding AI’s potential is echoed by experts. Take Daron Acemoglu from MIT, for instance. He’s quite skeptical about AI’s grand promises. According to him, only a small fraction of work tasks will be automated by AI in the next decade, impacting less than 5% of all tasks. He argues that AI won’t advance fast enough to make a large economic impact, predicting only a slight bump in productivity and GDP growth. It’s a far cry from the revolution many envision.
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European politicians and diplomats had already prepared for changes to their relationship with the US in the event of a second Donald Trump presidency. Now that the Republican candidate has chosen Ohio Senator JD Vance as his running mate, those differences appear even more stark on prospects for the war in Ukraine, security and trade. A vocal critic of US aid to Ukraine, Mr Vance told this year’s Munich Security Conference that Europe should wake up to the US having to “pivot” its focus to East Asia. "The American security blanket has allowed European security to atrophy," he said. Nils Schmid, a senior MP in German Chancellor Olaf Scholz’s party, told the BBC that he was confident a Republican presidency would continue to stay within Nato, even if JD Vance came across as "more isolationist" and Donald Trump remained "unpredictable".
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On Thursday, July 4, two bitcoin transactions were made from three wallets associated with the bankrupt exchange Mt.Gox. The recipients of the funds include one of five exchanges designated to make payments to affected users. Operating from 2010 to 2014, Mt.Gox was the largest crypto exchange in the world at that time, accounting for more than 70% of all Bitcoin trading volume. However, a series of hacker attacks resulted in the exchange losing 850,000 BTC, which would be worth more than $50 billion at today's exchange rate. The bankruptcy resulted in a seven-and-a-half year trial before a plan was developed in 2021 to reimburse affected users.
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Market analyst Christian Cifoa believes a possible Fed rate cut will likely push Bitcoin to an all-time high above $150,000. His analysis is based on parallels between the current market scenario and past Fed rate cuts. Reflecting on the Fed's actions in July 2019, the expert noted the rapid growth of Bitcoin after the first rate cut - in a few weeks the asset grew from $7,400 to $14,000. However, the downward trend continued until the onset of the pandemic, which resulted in a global economic collapse similar to the 2008 global financial crisis.
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In the USA, Congressman Matt Gaetz introduced the bill allowing Federal Income Tax to be paid with Bitcoin. Florida's representative introduced a bill that would amend the Internal Revenue Code of 1986 to allow taxpayers to use Bitcoin to pay taxes. The proposed amendment authorizes the Treasury to “develop and implement a method that will allow any tax imposed on an individual to be paid in Bitcoin” under the stated title. This move could be a game-changer in increasing the adoption of cryptocurrencies in the United States. This innovative legislation is not just a minor adjustment to the existing Treasury law. It represents a significant shift in the government's approach to digital assets. *This is not investment advice.
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Manufacturers have struggled to make services for smart devices profitable, leading to problems for consumers. But these machines could be corralled to create blockchain-linked decentralized cloud infrastructure, says E&Y’s Paul Brody. Over a decade ago, I got into the blockchain business because I wanted to fix the Internet of Things. A decade later, both businesses are thriving and both still have big problems with their business models. It may well be that, like the original internet, we can never really escape bad business models once they take root. I am, for one, skeptical that we’ll ever be free from the our-service-is-free-because-you-are-the-product model of social media, for example.
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