Welcome to another edition of Crypto NFT Today! The last two weeks have been packed with must-see events that will define the future of blockchain, cryptocurrency, and NFTs.
With the Crypto4Harris event predicting a future rise in cryptocurrencies, Bitcoin plummeting following the release of US CPI data, and much more, there’s a lot of essential news you should know about. So, let’s dive in and see what’s going on!
Crypto4Harris Event Predicts Future Rise of Cryptocurrencies
Senate Majority Leader Chuck Schumer said Wednesday that U.S. cryptocurrency legislation could pass this year, the announcement coming at the first major event where cryptocurrency insiders have voiced their support for Vice President Kamala Harris as their preferred presidential candidate.
“We all believe in the future of cryptocurrencies,” Schumer said during an online event hosted by Crypto4Harris. “Congress has a responsibility to implement common-sense, robust regulations for cryptocurrencies, and we need your support to ensure any proposal is bipartisan.”
Bitcoin drops to $58,000 this week
Bitcoin has fallen more than 4% in the past 24 hours, trading near the $58,000 mark Thursday afternoon in Asia, wiping out nearly all of the gains made over the past week. BTC’s decline led to a broader selloff in major cryptocurrencies. Ether fell 3.8%, while Solana, Cardano, BNB Chain and Ripple’s XRP posted smaller losses of around 2.5%. The CoinDesk 20, an index that tracks the largest coins by market cap, was down 3.5%.
Reports Show Bitcoin Mining Profits Decline
Bitcoin mining was slightly less profitable in July compared with the previous month, according to a research report from investment bank Jefferies released Thursday. The drop in profitability was driven by a more than 6% drop in the price of the world’s largest cryptocurrency, while the network’s hash rate remained flat. Hash rate serves as a gauge of industry competition and mining difficulty.
Coinbase reports second quarter results
Coinbase Global reported second-quarter revenue on Thursday that beat expectations, though it fell short of earnings estimates. The cryptocurrency trading platform posted earnings of 14 cents per share, well below the 94 cents analysts had expected, according to FactSet. Revenue came in at $1.45 billion, topping the average estimate of $1.37 billion. The company’s earnings were negatively impacted by valuation losses in its crypto assets.
