Crypto & Blockchain Daily Brief Thursday, September 12, 2024

The article discusses the recent surge in the price of Shiba Inu, a popular meme cryptocurrency, due to a second liquidity run in less than a month. The price of Shiba Inu has experienced a significant increase, reaching new all-time highs. This surge is attributed to a surge in liquidity on the ShibaSwap decentralized exchange, which has attracted more traders and investors to the platform. The article explains that Shiba Inu's price forecast looks positive due to the increased liquidity and trading volume on ShibaSwap. The platform has seen a rise in the number of transactions and the total value locked in its liquidity pools. This surge in activity has led to a bullish sentiment among traders and investors, driving up the price of Shiba Inu. The article also highlights the potential impact of the upcoming ShibaSwap V2 release on the price of Shiba Inu. The new version of the decentralized exchange is expected to bring new features and improvements that could further attract users and boost the price of the meme cryptocurrency. Overall, the article suggests that the current liquidity run on ShibaSwap, combined with the upcoming release of ShibaSwap V2, could lead to further gains in the price of Shiba Inu. However, it also warns that investors should be cautious and aware of the risks associated with investing in meme cryptocurrencies like Shiba Inu.

In August 2024, Bitcoin mining profitability experienced a significant decline, according to analysis from Jefferies. The report highlighted that the average daily revenue for Bitcoin miners dropped by around 25% in August compared to July. This decrease in profitability was attributed to the falling Bitcoin prices, which dropped by over 10% during the same period. The report also pointed out that Bitcoin mining difficulty had increased by approximately 5% in August, further impacting mining profitability. This rise in difficulty means that miners need more computational power to mine the same amount of Bitcoin, leading to higher operational costs. Despite the decline in profitability, Jefferies noted that Bitcoin mining remains a lucrative business, especially for miners with access to cheap electricity and efficient mining equipment. The report highlighted that mining farms in regions with low electricity costs, such as China, continue to have a competitive advantage. Looking ahead, Jefferies suggested that fluctuations in Bitcoin prices and mining difficulty are likely to continue affecting mining profitability. However, the report emphasized that Bitcoin's long-term fundamentals remain strong, and the cryptocurrency is expected to continue gaining mainstream adoption. Overall, while Bitcoin mining profitability faced challenges in August, the industry remains resilient, with miners adapting to market conditions to maintain their operations.

The article discusses the potential impact of the upcoming US presidential election on the cryptocurrency industry. It highlights the key differences in the approach to crypto policy between the two major parties, as well as the individual stances of President Trump and Vice Presidential candidate Kamala Harris. President Trump, representing the Republican party, has not taken a clear stance on cryptocurrencies. However, his administration has shown interest in promoting blockchain technology for national security purposes. On the other hand, Vice Presidential candidate Kamala Harris, representing the Democratic party, has been more vocal about the need for strict regulations in the crypto space to prevent illegal activities such as money laundering and terrorism financing. The article suggests that if Trump is reelected, the crypto industry may continue to operate in a relatively unregulated environment, with a focus on utilizing blockchain for security purposes. Conversely, if Harris and the Democrats win the election, there may be a push for stricter regulations on cryptocurrencies to combat illicit activities. Overall, the outcome of the election could have significant implications for the future of the cryptocurrency industry, depending on which party takes control of the White House. The article emphasizes the importance of staying informed about the candidates' positions on crypto policy and encourages industry participants to engage with policymakers to shape the regulatory landscape in a way that benefits the industry as a whole.

Former FTX Executive Caroline Ellison is scheduled for a sentencing hearing on September 24. Ellison pleaded guilty to charges of wire fraud and securities fraud earlier this year. The charges stemmed from her involvement in a scheme to manipulate the prices of various cryptocurrencies, including Bitcoin and Ethereum, for personal gain. Ellison's sentencing hearing will take place in a federal court in New York City. The judge overseeing the case will consider various factors when determining Ellison's sentence, including the nature and severity of the crimes, her level of remorse, and any mitigating circumstances she presents. The judge will also take into account the impact of Ellison's actions on the victims of the fraud scheme. Ellison's guilty plea came after an investigation by the U.S. Department of Justice and the Securities and Exchange Commission uncovered evidence of her involvement in the fraudulent scheme. The investigation revealed that Ellison had used her position at FTX to manipulate the prices of cryptocurrencies in order to profit personally. As a result of her guilty plea, Ellison faces a potential prison sentence and fines. The outcome of Ellison's sentencing hearing will likely have significant implications for the cryptocurrency industry, as it will serve as a warning to others who may be tempted to engage in fraudulent activities. The case has also drawn attention to the need for increased regulation and oversight in the cryptocurrency market to prevent similar schemes from occurring in the future.

The article provides an update on the current state of the Bitcoin market, specifically focusing on the potential for a bottom to be forming. The price of Bitcoin has seen a significant decrease from its all-time high, dropping to around $30,000. Analysts have been closely monitoring the market and believe that this price level may signal a potential bottom for Bitcoin. Several factors are contributing to this belief, including the formation of a double bottom pattern on the price chart, which is typically seen as a bullish signal. Additionally, the fear and greed index for Bitcoin has dropped to extreme fear levels, indicating that investors may be overly pessimistic about the market. This could potentially lead to a rebound in prices as sentiment shifts. Furthermore, the article highlights that Bitcoin has historically seen significant price increases after periods of consolidation and market uncertainty. This pattern suggests that the current market conditions could be setting the stage for a new bullish cycle for Bitcoin. Overall, while the market remains uncertain and volatility is high, analysts are cautiously optimistic about the potential for Bitcoin to have found a bottom at the $30,000 price level. Investors are advised to closely monitor market developments and sentiment indicators to assess the future direction of Bitcoin's price.