ProBit Bits — ProBit Global’s Weekly Blockchain Bits Vol. 108

Published date:

 $1.13 Billion Outflows Hit Spot Bitcoin ETFs In 7 Days

In the past 7 days, spot Bitcoin ETFs have seen significant outflows of $1.13 billion, raising alarms about Bitcoin’s stability. Contributors to these outflows include Grayscale Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund. The market sentiment reflects the bullish buying in early 2024, as institutions now exit the market, affecting confidence in trading patterns. Some hedge funds are unloading their Bitcoin positions due to declining open interest in Bitcoin CME futures and lower annualized funding rates. Even with these challenges, institutional investors are still optimistic with MicroStrategy and Metaplanet increasing their holdings when the market is trending down.

 Crypto Whale Pours $4.65 Million Into Dogwifhat

Bitcoin went as low as $58,500 this week, causing memecoins like Dogwifhat to drop below $1.5. This caused critics to cycle the meme coin meta over with some whales selling off their holdings. However, Dogwifhat surprisingly surged over 30% after a major investor spent $4.65 million to buy 2.3 million tokens, boosting their total holding worth nearly $50 million. This shows the improvement of memecoins as a value hold for investors.

 Solana Altcoin Frenzy Sees 106,000 New Altcoins Launched This Week

Solana has become the go to chain for launching new projects with over 106,000 new tokens launched on its blockchain this week. Developers are adamant on launching on Solana because it has high speed with low cost transaction fees, enabling efficient token creation and trading. Despite rumors of an investigation, Solana continues to thrive, with notable figures dismissing fud and negative opinions.

 Bitcoin Donation Supports $500K Debt For Julian Assange

After a 14 year battle against the U.S., Julian Assange the co-founder of WikiLeaks is now a free man. An anonymous Bitcoiner donated over 8 Bitcoin around $500,000 to pay off  Assanage’s debt. He was released from Belmarsh prison in the UK after reaching a plea deal and flew to Saipan to avoid setting foot on U.S. soil, Assange pleaded guilty to breaching the U.S. Espionage Act and was sentenced to 5 years and 2 months, but since he had served time in the UK, he walked away free. Assange also had an additional donation totaling over $380,000, arriving in Australia debt free.

 Proposed Bill For Federal Tax Payments In Bitcoin

U.S. Representative Matt Gaetz has introduced a bill that would allow Americans to pay their federal income taxes using Bitcoin. The proposed bill seeks to change the internal revenue code to allow this new payment method, requiring the Treasury Secretary to create a system for accepting Bitcoin and converting it to dollars upon receipt. The proposed bill includes provisions for IRS contracts related to Bitcoin payments and applies to existing rules on liability and confidentiality. This move illustrates the U.S. taking a step to adopt cryptocurrency into their financial system, following suit like El Salvador and now Argentina.

. . .

Are there any crypto trends and issues that seem unclear to you?

A suggestion or comment?

Or do you just need an ELI5 (explain like I am 5) on a particular crypto term or topic?

Feel free to drop us a line below and we’ll do our best to shed more light. We are always here to answer your questions.

Follow us on Twitter and Telegram for more info including notes on new crypto gems set to break out onto the big stage.

Don’t miss out!

Related articles