Weekly Crypto Digest for August 12-18, 2024
Monday, August 19, 2024
In the latest issue of Weekly Crypto Digest, read more about how 73% of US investors will continue to buy crypto in 2025, the US inflation continues to slow, and Trump made over $7.1 million from NFTs.
73% of US investors will continue to buy cryptocurrency in 2025
The analytical department of the Kraken crypto exchange conducted a survey among 1,000 investors from the United States to identify the main market trends and make a forecast for the coming year. The study showed that 73% of respondents will continue to buy cryptocurrency in 2025.
At the same time, 36% of survey participants believe that digital assets have much greater growth potential compared to traditional investments in stocks (34%), real estate (17%) and bonds (13%).
Meanwhile, when it comes to buying cryptocurrencies, 70% of US users prefer to invest in Bitcoin and other fundamental assets. Another 17% chose new and developing projects, and 12% chose meme coins.
The data obtained indicate that investors tend to buy assets with a longer history and a large market capitalization. Such coins, according to users, are more resilient during periods of negative market sentiment.
Inflation in the US continues to slow
According to the results of July, annual inflation in the US amounted to 2.9% against 3% a month ago. The indicator turned out to be better than market expectations, which assumed the same growth rates would be maintained.
On a monthly basis, the consumer price index increased by 0.2% after decreasing by 0.1% in June. The result coincided with the consensus forecast.
The indicator excluding food and energy prices increased by 0.2% compared to the previous month and by 3.2% compared to July last year. In the previous report, the values were 0.1% and 3.3%, respectively.
Analysts expected a decrease in the annual rate to 3.2% and an increase in the monthly rate to 0.2%.
Service prices, excluding housing and energy, increased by 0.21% after decreasing by 0.05% and 0.04% in the previous two months. The Federal Reserve noted the importance of the metric when analyzing the trajectory of inflation. The rate did not exceed the average values typical for 2022 and 2023.
Also, an important indicator for monetary authorities, rents increased by 0.36% against 0.27% in June - below the average for the last two years.
El Salvador received $ 1.62 billion for the construction of Bitcoin City
El Salvador attracted private investment in the amount of $ 1.62 billion from the Turkish holding company Yilport. This was announced by the country's President Nayib Bukele.
According to Bukele, this is the largest private investment in the history of El Salvador. The allocated funds will be used to build two seaports. The ownership will be mixed - Yilport and El Salvador will manage the facilities for the next 50 years, the government said.
One of the ports of Acajutla is actively used for the export of coffee, sugar, and balsamic salt from Peru, according to Decrypt. Another La Union site is abandoned. It is here, according to the source, that Bitcoin City is planned to be built.
Trump's profit from NFTs amounted to more than $7.1 million
The Republican presidential candidate for the United States of America, Donald Trump, earned $7.15 million from the sale of non-fungible tokens (NFTs). This follows from a report by the organization Citizens for Ethics.
The document also says that Trump owns cryptocurrencies worth between $1 million and $5 million. According to the report, the politician has not received any profit from crypto assets, or it is less than $201.
The FTC will fine crypto influencers for fake followers and fake likes
On August 14, 2024, the US Federal Trade Commission (FTC) approved a ban on fake reviews and recommendations. In particular, the decision provides for the introduction of financial and administrative restrictions on individuals who "sell or buy fake social media influence indicators." According to available information, the FTC leadership unanimously supported the introduction of the new rules. They will come into force 60 days after publication in the Federal Register (FR).
The rules, among other things, will directly affect the so-called crypto influencers. Now, the use of unfair methods of "promoting" a channel or page on a social network will lead to a fine and sanctions from the authorities. At the same time, the regulator also prohibits the use of tools that use artificial intelligence technologies for such purposes.
On the other hand, the ban applies only to those cases where the account owner specifically ordered such a service or somehow facilitated it. The rules adopted by the FTC also mention that a fine will be imposed if the aforementioned methods were used to gain profit for commercial purposes.
Along with "promoting" an account, the agency prohibited the publication of recommendations from insiders and anonymous reviews. The decision applies to both positive and negative reviews.
Fines for violating the FTC's updated rules could reach $50,000.
Circle to Launch Contactless Payments on iPhone with USDC Payments
Circle, the issuer of the USDC stablecoin, plans to introduce contactless payments (Tap to Pay) on iPhone. This was announced by the company's CEO, Jeremy Allaire. Circle CEO made the statement after Apple announced that third parties will gain access to the iPhone's payment chip to process transactions outside the Apple Pay and Apple Wallet ecosystem. According to available data, Apple will open access to the iPhone's NFC chip to third-party developers in the new version of iOS 18.1. Contactless payments will work in several countries, including Canada, Australia, Japan, the UK, and the US. The company noted that the list of countries will be expanded in the future.
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