The Halving event in April 2024 reduced the block reward by 50%, putting further pressure on miners. As a result, smaller mining operators are being forced to either shut down or consolidate their operations. This consolidation is likely to lead to a decrease in network decentralization, which could have long-term implications for Bitcoin price. Also, as the crypto market declined today, FUD grew around Binance’s suspicious transfer of 75,117 BTC worth $4.69 billion. Out of this, the crypto exchange shifted 45,000 BTC to an unknown wallet, sparking speculations. However, it was then clarified that it was an internal transfer. In addition, long liquidations in the market currently stand at $112.25 million, according to Coinglass. While this figure may not seem overly significant, it reflects the heightened market uncertainty that is contributing to the overall bearish sentiment.
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London-based cryptocurrency custodian Copper is expanding institutional access to the Hedera blockchain via a partnership announced on Tuesday. In particular, Copper will provide custody and staking services for Hedera’s HBAR -4.27% token and operate an on-ramp into the Hedera DeFi ecosystem. Hedera, a public, decentralized network that uses a bespoke algorithm known as a “hashgraph,” is particularly focused on the emerging world of asset tokenization. Earlier this year blockchain firms Archax and Ownera issued a BlackRock Treasury fund on Hedera — though without BlackRock’s direct involvement. "Institutional investors now have a streamlined and secure path into the Hedera ecosystem thanks to Copper's integration,” Shayne Higdon, co-founder and CEO of the HBAR Foundation, told The Block in an email.
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Wyoming Senator Cynthia Lummis plans to announce a bill to use bitcoin as a strategic reserve in the United States at the Bitcoin 2024 conference, Fox Business reported, citing its own sources. People who spoke with Lummis' staff said that the senator plans to announce the law just before US presidential candidate Donald Trump's scheduled speech. They also suggested that Lummis will announce the new law during an interview on July 26, which will be conducted by former Democratic representative Tulsi Gabbard. The message notes that she currently supports Trump. Note that on July 22, Cynthia Lummis published a post on her X (formerly Twitter) in which she announced "big events this week." The message says that the bill will require the US Federal Reserve System (FRS) to store a certain amount of bitcoins as a strategic reserve asset.
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