Bitcoin Pops as Fed Signals Interest Rate Drop

Happy Monday Bitcoiners, it's Bam here with another Bitcoin update!

Each week, our team at Bitcoin News saves you time by curating the most impactful events into a concise, easy-to-read update.

Notable events this week include:

• 60% of the world’s largest hedge funds now hold Bitcoin ETFs.

• Coinbase users can now send up to $10K instantly via Lightning.

• Malaysian police steamroll mining rigs in crackdown on electricity theft.

Let’s dive in! ⚡

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LATEST NEWS 📰

🙌 ADOPTION

• Wallet of Satoshi surpasses 18 million Lightning payments, even after withdrawing from the U.S. earlier this year.

• Coinbase users can now send up to $10,000 instantly via the Lightning Network, powered by Lightspark.

• Bitcoin faucet at Eden Mall in Curaçao distributes 10,000 sats for free every hour, from 10 a.m. to 7 p.m.

⚖️ LEGAL

• Banca Sella, an Italian bank founded in 1886, now offers Bitcoin services directly through its banking platform.

• Dubai officially approves Bitcoin & crypto for salary payments.

• Ark Labs secures a $2.5 million pre-seed round, led by Tim Draper, to develop a self-custodial Bitcoin Layer 2 solution.

📈 MARKETS

• Among Q1 filers, 44% increased their position in BTC ETFs in Q2, 22% held steady, 21% decreased their position, and 13% exited.

• Sixty percent of the largest U.S. hedge funds hold Bitcoin ETFs, and not a single one sold during Q2.

• Bitcoin Spot ETFs acquire over 8.4K bitcoin just this week, 3.7X more than the 2.25K BTC mined over the same period.

⛏️ MINING

• An entrepreneur is selling Bitcoin mining setups that also function as home heaters.

• Malaysian authorities are steamrolling Bitcoin mining rigs in a crackdown on operations illegally siphoning electricity.

• Bitcoin Miner Reserves see a reversal suggesting the sell-off might be over.

🗳️ POLITICS

• The Salvadoran government has been buying 1 BTC per day since March 16th, accumulating 160 BTC ($10.31M). They now hold 5,850 BTC ($355.83M) at an average cost of $44,835, with a profit of $93.45M.

• Bitcoin and digital asset companies become the largest corporate PAC donors in the nation, accounting for nearly 50% of all industry donations to US elections in 2024.

• Robert F. Kennedy Jr. suspends his campaign and endorses Trump, bringing together the two biggest Bitcoin proponents in the U.S. presidential election.

BAMS 2 SATS 🧢

Bitcoin volatility continues, but fortunately, this week it’s to the upside, with the price climbing back above $64,000 at the time of writing. The market may be signaling the end of high interest rates, as Jerome Powell stated at Jackson Hole, “The time has come for Fed policy to adjust.”

Even if interest rates remain unchanged, the global money supply is already surging, with over $1 trillion added in the past month. This is happening even before rates begin to decline—imagine what could happen as money becomes even cheaper to “produce.”

Bitcoin Spot ETFs appear to have caught the signal quickly. Investors swiftly purchased $251 million worth on Friday, marking the largest inflow since July and setting new highs in total accumulation.

We all know that markets can be irrational. Massive accumulation of the scarcest asset on earth doesn’t guarantee an immediate price surge, but if we observe the trend and remain patient, it appears we might be on the right side of history—and stand to benefit greatly in the future.

All it takes is staying the course.

Keep on stacking!
Bam

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