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Happy Monday!

Bitcoin is once again flirting with $70k, after an eventful speech from Trump at the weekend. Will we see new all-time highs this week?

Let’s get into it. 👇️ 

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Markets

Bitcoin Nears $70K on Back of Trump's Speech (4 minute read)
Bitcoin is back to flirting with $70,000 again, reaching this milestone for the first time since early June.

This surge follows Donald Trump's announcement that he plans to designate Bitcoin as a national strategic asset if he wins in November. In a major speech, Trump vowed to fire SEC Chair Gensler, establish a strategic Bitcoin reserve, and prevent the U.S. from selling its holdings. He envisions Bitcoin potentially rivaling gold and becoming as essential as the steel industry was a century ago.

Crypto advocates see the 2024 election as a pivotal moment to overhaul U.S. regulations, with many viewing Trump as the ideal candidate despite his earlier dismissal of Bitcoin.

NEIRO Memecoins Surge in Popularity as Doge's Owner Adopts New Pet (2 minute read)
Kindergarten teacher Atsuko Sato's new dog, Neiro caused chaos in the markets on Saturday. Following the death of Kabosu, the famous Shiba Inu behind dogecoin earlier in the year, Atsuko announced on July 27 that her family adopted Neiro, a 10-year-old rescue dog.

In her tweet, she explained that Neiro means "the color of sound". This sparked a HUGE surge in NEIRO memecoins, especially on Solana, all aiming to be the next Doge.

One coin caught most of the initial attention, with over $200m in volume, however, another coin that launched first, claims to be the original. Atsuko hasn’t endorsed any of the coins, so the markets are eagerly awaiting to see which establishes itself as the winner.

Our take: Exchanges are likely to list the coin that has experienced the lion’s share of the trading volume, as that’s how they make money. We suspect this could be a significant factor in determining which coin lasts the longest.

Cynthia Lummis' Home State of Wyoming to Launch Bitcoin Research Institute (3 minute read)
Bitcoin supporter Senator Cynthia Lummis' home state of Wyoming is set to host the UW Bitcoin Research Institute, aiming to advance studies on Bitcoin. Opening this Fall within the University of Wyoming’s College of Arts and Sciences, the institute will focus on producing "high-quality" Bitcoin research.

Bradley Rettler, an Associate Professor and Bitcoin advocate, announced the news on X and will serve as the institute’s director. Rettler has criticized existing academic research on Bitcoin, citing numerous errors due to a lack of understanding, such as a 2018 study inaccurately linking Bitcoin emissions to significant global warming.

Best of Crypto Twitter

Misc

$24 million Compound Finance proposal passed by whale over DAO objections (2 minute read)
A recent proposal passed by Compound Finance has sparked claims of a governance attack from community members. They allege that a small group strong-armed the approval process by acquiring large numbers of tokens on the open market.

Proposal 289, which allocates 5% of Compound's treasury—499,000 COMP tokens worth about $24 million—to a yield-bearing protocol designed by the "Golden Boys" for one year, narrowly passed with a vote of 682,191 to 633,636 on Sunday.

Allegations have surfaced about several accounts amassing COMP tokens on the open market, aiming to divert COMP holdings toward the goldCOMP product created by the Golden Boys.

Pudgy Penguins is getting an L2 (2 minute read)
Pudgy Penguins had faded from the headlines after their late 2023 rollout of plushy toys and an online game teaser. However, this week the collection’s parent company, Igloo Inc., raised $11 million in a round led by Founders Fund to develop a layer-2 blockchain called Abstract.

Igloo Inc. quietly launched in June, aiming to drive “the consumer crypto revolution.” The Founders Fund-led round supports Igloo's Abstract layer-2 blockchain, designed to be the “chain built for the next generation of consumer crypto.”

Our Recommendations:

💻️ MEXC - Where we find and trade new coins with low fees
📈 TradingView - Software we use to chart Crypto.
🔐 Trezor - Our favorite hardware wallet to keep our Crypto secure.
🦑 Kraken - Where we buy crypto with cash / withdraw profit to our bank.

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