This week saw several significant events in the cryptocurrency world, including the signing of a new tax bill, the rising popularity of ETFs, and unusual Bitcoin wallet movements.
Tax Bill Signed
This week, a Tax Bill was signed that includes tax breaks and increased spending on defense and border security. This is expected to boost investment appeal and interest in cryptocurrencies, although it also increases the budget deficit by $3.3 trillion.
BlackRock Bitcoin ETF Growth
BlackRock’s Bitcoin ETF, IBIT, reached $76 billion in assets and became the company’s third-largest fund. With 696,874 BTC in custody and minimal fees, it’s attracting significant institutional interest, just $9 billion behind the company’s leading ETF.
Bitcoin Wallet Movements and Other News
The U.S. House has declared the week of July 14–20 as Crypto Week while a dormant Bitcoin wallet moved 10,000 BTC, raising speculation about its link to Satoshi Nakamoto. Other key events include Ripple’s pursuit for a national banking charter and news about previously inactive Bitcoin wallets activating unexpectedly.
This week brought many intriguing developments in the cryptocurrency realm, from new legislation to unusual Bitcoin wallet movements, underscoring the dynamic nature of the crypto market.
