The Breakdown The Five Most Important Stories in Crypto This Week
Aug 10, 2024
Scott Melker, a well-known crypto commentator, dives deep into the recent turbulence in the cryptocurrency market. He discusses Bitcoin's alarming price drop and its ties to broader political events like the US elections. The potential for Bitcoin to hit $100,000 by year-end is also on the table, along with insights into institutional investments' misconceptions. Additionally, Melker examines the political climate within the Democratic Party regarding crypto, while also covering Ripple's recent legal settlement with the SEC and its significance for the industry's future.
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Bitcoin's Resilience
- Bitcoin's price drop and quick recovery showed its resilience and lack of inherent issues.
- The incident highlighted Bitcoin's increasing correlation with risk assets and its role as a leading indicator.
Bitcoin ETFs and Demand
- Morgan Stanley allowing wealth advisors to pitch Bitcoin ETFs is a significant step.
- However, its short-term impact on demand might be limited, real change will come from passive inclusion in portfolios.
Democrats and Crypto
- The Democratic party's internal struggle with crypto policy is not about converting Trump supporters.
- The goal is to assure progressive, crypto-friendly Democrats that their concerns will be addressed in the future.