Weekly Crypto Digest for July 29-August 4, 2024
Sunday, August 04, 2024
In the latest issue of Weekly Crypto Digest, read more about how the Fed kept the key rate unchanged, Solana surpasses Ethereum, Women in crypto companies earn 15% more than men, and more news.
The Fed kept the key rate unchanged
On July 31, the U.S. Federal Reserve System (FRS) kept the key rate range at 5.25-5.5% per annum for the eighth time in a row. The decision coincided with market expectations.
On July 11, the U.S. Bureau of Labor Statistics published a report on consumer prices. The index value was lower than expected - 3% against 3.1%.
Solana surpasses Ethereum in weekly fees for the first time
The Solana network surpassed the Ethereum blockchain in terms of collected base and priority fees on a weekly timeframe for the first time, according to experts from Blockworks Research.
In seven days, Solana managed to collect $25 million. This includes both base transaction fees and a priority fee. For Ethereum, this figure is $21 million, Smith emphasized.
Data from the Artemis analytical terminal confirms the general trend. According to them, on July 28, 2024, Solana surpassed all other networks in terms of collected fees.
Bitcoin mining complexity increased by 10.5%
As a result of the next recalculation, the mining complexity of the first cryptocurrency increased by 10.5% - to 90.67 T.
The average hashrate for the period since the previous change in the value was 933.84 EH / s, the interval between blocks is less than seven minutes.
According to Glassnode, the computing power indicator smoothed by a 7-day moving average reached maximum values of about 637 EH /s.
SEC to Drop Request to Classify Solana and Other Assets as Securities
The U.S. Securities and Exchange Commission (SEC) is seeking to amend its original lawsuit against Binance. The proposal could potentially affect whether a court will need to rule on whether assets like Solana are considered securities.
The SEC filed a motion on July 29 in response to a July 9 order from the court that required the agency and the company to agree on a proposed schedule for further proceedings. The document should set out the deadline for filing a motion to amend the complaint, the order said.
In June 2023, the regulator sued the Bitcoin exchange and its CEO, Changpeng Zhao. In addition to SOL, the SEC also classified the following assets as securities: BNB, BUSD, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, and AXS.
Women in crypto companies earn 15% more than men
Women working in crypto companies earn 14.67% more than men. This follows from a report by Pantera Research. Note that the study is based on the results of a survey in which 502 respondents took part between June 4 and July 20, 2024.
Experts noted that women in the crypto industry, as a rule, often hold higher positions than men. Pantera Capital added that the average salary for women is $172,000 compared to $150,000 for men.
Experts noted that the average length of service for women in crypto companies is 5.3 years, while for men, it is 4.5 years.
Senator Cynthia Lummis introduced a bill to create a Bitcoin reserve in the United States
Senator Cynthia Lummis introduced the "BITCOIN Act of 2024" bill. It involves the creation of a federal Bitcoin reserve of 1 million BTC over five years.
The full name of the bill is "On stimulating innovation, technology, and competitiveness through optimized investment across the country" (abbreviated BITCOIN). The key point of the initiative is the creation of a federal program "Bitcoin Purchase Program".
It involves the Federal Reserve System (FRS) purchasing up to 200,000 BTC per year for a five-year period. Crypto assets can only be sold after 20 years for the sole purpose of paying off the national debt, the bill states.
After that, the FRS will be able to sell up to 10% of the reserve every two years for any needs.
It is assumed that bitcoins will be placed in a decentralized network of storage facilities across the country. The choice of custodians will be carried out "based on a comprehensive risk assessment, giving priority to geographic diversity, security, and accessibility."
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