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Top Cryptocurrency News of the Day - 5/09/2024


Top Cryptocurrency News of the Day

Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.


US Companies Predicted to Buy $10 Billion BTC in 18 Months


River Financial, a financial institution focused on Bitcoin, has projected that 10% of U.S. companies will convert approximately $10.35 billion into Bitcoin over the next 18 months.


In a recent report, the company stated, "We estimate that business Bitcoin holdings will grow by 204 to 519 BTC per day until 2026, which amounts to between $12.2 million and $31.1 million per day, based on a Bitcoin price of $60,000."



Currently, businesses hold a total of 700,000 BTC, with an annual growth rate of 150,000 BTC. These business holdings represent 3.3% of Bitcoin's total circulating supply.


American companies account for nearly half of these holdings. According to CoinGlass, the business intelligence firm MicroStrategy, based in Virginia, leads the way with Bitcoin holdings valued at $12.82 billion.


Marathon Digital, a prominent Bitcoin mining company, ranks a distant second with holdings worth $1.41 billion, while Tesla rounds out the top three with $550 million in Bitcoin. Tesla's holdings have significantly decreased from the amount it originally acquired in early 2021.


Coinbase leads crypto lobby surge with 3,475% spending jump since 2017


Over the past few years, crypto lobbying in the United States has surged, with several major companies leading efforts to influence legislators.


Coinbase, for example, has dramatically increased its lobbying spending by 3,475% over the last seven years, according to a report by Social Capital Markets on September 5. The crypto exchange's lobbying expenditures rose from $80,000 in 2017 to $2.86 million in 2023.


Ripple Labs has also significantly ramped up its lobbying efforts, with a 1,780% increase in spending during the same period. The company's expenditures grew from $50,000 in 2017 to $940,000 in 2023.


Binance.US is another key player in the lobbying landscape. The firm spent $160,000 in 2017 and increased that figure to $1.2 million in 2023, marking a 656% rise in lobbying costs.


Stablecoin issuer Tether also invested $1.2 million in lobbying in 2023, while decentralized exchange Uniswap and fintech company Block Inc. allocated $280,000 and $1.7 million, respectively, toward lobbying efforts.


Many of these companies have been entangled in legal disputes and faced regulatory scrutiny in recent years. Ripple has been embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC) since 2020 over the sale of its XRP token.


Binance.US has encountered multiple regulatory challenges at both the federal and state levels. In 2023, the SEC filed a lawsuit against the company, alleging it operated as an unregistered exchange and broker. Coinbase, too, is facing legal issues with the SEC, which has accused the platform of offering unregistered securities.


Vitalik Buterin: Bullish on Google sign-in, bearish on duels to the death


Ethereum co-founder Vitalik Buterin recently sparked conversation on social media by expressing mild support for Google’s automatic sign-in feature. However, it was his remarks on the subject of dueling to the death that garnered significantly more attention.


Buterin appears to favor the platform Farcaster for his online interactions, where he engages with users on a range of topics. In mid-August, the renowned developer held an impromptu "Ask Me Anything" (AMA) session, during which the discussion touched on third-party authentication services like Google Sign-in.


Kamala Harris’ campaign isn’t directly accepting crypto — a Super PAC is


Coinbase’s Chief Financial Officer, Alesia Haas, recently suggested that U.S. Vice President Kamala Harris’ presidential campaign may be accepting cryptocurrency donations through Coinbase’s Commerce platform.



During her remarks at Citi’s 2024 Global TMT Conference in New York on September 4, Haas stated that Vice President Harris had a "huge opportunity" to attract voters in the 2024 election by backing legislation favourable to the crypto industry. She also mentioned that Harris, as a Democratic presidential candidate, was "using Coinbase Commerce now to accept crypto for her own campaign," leading to speculation that the campaign was accepting donations in digital assets.


However, a spokesperson for the Harris campaign clarified that, at present, crypto contributions are being accepted by the Future Forward political action committee (PAC). According to Open Secrets, this super PAC has raised more than $163 million to support Harris in her race against Republican nominee Donald Trump in the upcoming November election.


Future Forward previously spent $150 million toward the election of then-Vice President Joe Biden in 2020. After Biden announced he would not run for reelection in 2024, his senior adviser, Anita Dunn, who has also participated in events discussing crypto policy, was reportedly set to join the super PAC.


JOJO Exchange integrates Chainlink Data Streams on Base mainnet


JOJO Exchange, a decentralized exchange (DEX) for perpetual futures operating on the Base network, has integrated Chainlink Data Streams as its oracle solution, according to a press release issued on Thursday.



The exchange highlighted Chainlink’s infrastructure, sub-second price latency, and high data accuracy as key reasons for the partnership. It also emphasized the importance of liquidity-weighted bid-ask spreads, transparency, and decentralization in its decision to adopt Chainlink.


"Chainlink Data Streams provide ultra-low-latency bid and ask data to power the JOJO protocol, enabling us to offer an advanced user experience while maintaining a strong risk framework to protect the protocol,” said JOJO founder Jotaro.


William Reilly, Global Head of Strategic Partners at Chainlink Labs, added, "By leveraging industry-standard Chainlink data, JOJO ensures unmatched security for liquidations on its platform, supporting a seamless and ultra-fast DeFi user experience."


JOJO Exchange combines smart contract orders with Chainlink Data Streams to enable programmable and automated trading, allowing users to enter positions automatically at pre-set prices.


The platform offers up to 1,000x leverage, matches smart contract orders off-chain, and settles them on-chain for increased efficiency. It also supports using liquid staking tokens (LST) and liquid restaking tokens (LRT) as collateral.

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