Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that’ll be defining points for the future of blockchain, cryptocurrency, and NFTs.
With the Crypto4Harris event predicting future crypto surge, Bitcoin dipping following the United States CPI Data Release, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening!
Crypto4Harris Event Predicts Future Crypto Surge
Senate Majority Leader Chuck Schumer stated on Wednesday that U.S. crypto legislation could be enacted this year. This announcement came during the first significant event where cryptocurrency insiders expressed their support for Vice President Kamala Harris as their preferred presidential candidate.
“We all believe in the future of crypto,” Schumer remarked at an online event organized by Crypto4Harris. “Congress has a responsibility to implement common-sense and sound regulations for crypto, and we need your support to ensure any proposal is bipartisan.”
Bitcoin Dips to $58K This Week
Bitcoin dropped over 4% in the past 24 hours, trading near the $58,000 mark during Thursday afternoon in Asia, erasing nearly all the gains it made over the past week. BTC’s decline led to a broader sell-off across major cryptocurrencies. Ether fell 3.8%, while Solana, Cardano, BNB Chain, and Ripple’s XRP saw smaller losses of around 2.5%. The CoinDesk 20, an index tracking the largest tokens by market capitalization, decreased by 3.5%.
Reports Show Reduced Profits for Bitcoin Mining
Bitcoin mining was slightly less profitable in July compared to the previous month, according to a research report by investment bank Jefferies released on Thursday. This decrease in profitability was due to a more than 6% drop in the price of the world’s largest cryptocurrency, while the network hash rate remained stable. The hash rate serves as an indicator of competition within the industry and mining difficulty.
Coinbase Reports Second Quarter Earnings
Coinbase Global reported second-quarter revenue that exceeded expectations on Thursday, though it fell short of earnings estimates. The crypto trading platform posted earnings per share of 14 cents, significantly below the 94 cents predicted by analysts, according to FactSet. Revenue came in at $1.45 billion, surpassing the average estimate of $1.37 billion. The company’s earnings were negatively impacted by mark-to-market losses on its crypto assets.