Kamala Harris has made her first public comments on cryptocurrency during her US presidential election campaign. Speaking at a Wall Street fundraiser on 22 September, Harris pledged to encourage investment in AI and digital assets while ensuring consumer protection. She also emphasised the need for consistent regulations to create a safe business environment. This marks a shift in Harris’ campaign, with many speculating on how her approach to crypto would differ from President Joe Biden’s.
Harris’ remarks have drawn attention from the crypto industry, with some viewing her comments as a positive step. However, critics, such as crypto legal experts, are wary of her focus on consumer protection, noting that it could be used to stifle the sector. Coinbase’s policy chief acknowledged Harris’ statement as significant but suggested it was less forward-thinking than Donald Trump’s pro-crypto stance. Trump, who has embraced the industry by releasing NFTs and backing his family’s crypto platform, has vowed to overhaul the current regulatory framework if elected.
Crypto has become a key issue in the upcoming election, with both Harris and Trump vying for the support of the industry. National polls show the two candidates running neck-and-neck, with Harris leading Trump by a slim margin of 2.9 percentage points.
Early Bitcoin miners from 2009 have recently begun moving their long-dormant holdings, sparking intrigue within the cryptocurrency community. On 20 September, five miner wallets, each receiving 50 BTC as block rewards shortly after the launch of the Bitcoin blockchain, saw their funds being transferred. These wallets, dating back to January and February 2009, are believed to belong to individuals present during Bitcoin’s inception, just weeks after its pseudonymous creator, Satoshi Nakamoto, introduced the protocol.
When mining, the 250 BTC in these wallets had little value. However, today, the total value has skyrocketed to £13 million. Bitcoin first hit $1 in 2011 on the now-defunct Mt. Gox exchange, a pivotal moment in its rise. The sudden movement of these ancient wallets has prompted speculation, with some suggesting the owners rediscovered their old hard drives, while others ponder whether they belong to Satoshi Nakamoto or early adopters like Hal Finney.
The first recorded Bitcoin transaction took place on 12 January 2009, when Nakamoto sent 10 BTC to Finney, who played a key role in Bitcoin’s early development. Now, with these recent wallet movements, many are left wondering about the identity of those behind them, adding another layer of mystery to Bitcoin’s origin story.
Gold has soared to a record high of $2,629 per ounce following the US Federal Reserve’s recent interest rate cut. This surge, which took place on 23rd September, was fuelled by a combination of reduced bond attractiveness and growing geopolitical tensions. With inflation concerns and ongoing conflicts in Ukraine, Israel, and other regions, many investors are turning to gold as a safer asset. Goldman Sachs analysts expect the precious metal to rise further, predicting it could hit $2,700 by early 2025.
Meanwhile, Bitcoin, often dubbed ‘digital gold’, is also experiencing a rise. Following the Fed’s 0.5% rate cut on 18th September, Bitcoin climbed by 8.5%, reaching a four-week high of $64,660. Crypto analysts predict that the cryptocurrency could break new all-time highs by the end of 2024, following its typical seasonal patterns.
While gold’s rise is grabbing attention, some argue that Bitcoin is now dominating investor interest. Peter Schiff, a known advocate for gold, remarked that many are overlooking the significance of gold’s performance, opting instead to focus on digital assets like Bitcoin.
Former US President and Republican candidate Donald Trump has announced the release of the ‘President Trump First Edition Silver Medallion,’ aimed at raising funds for his upcoming electoral campaign. The silver coin, priced at $100 and available on the RealTrumpCoins.com website, is minted from 99.9% fine silver. One side of the medallion features Trump’s face, while the reverse shows the White House and the phrase ‘In God We Trust.’
With the US presidential election approaching, Trump is exploring various ways to gather financial support. The silver medallion is his latest initiative to boost campaign donations. Trump has clarified that this is the “ONLY OFFICIAL coin” he has personally designed, distancing himself from numerous unofficial Trump-themed meme coins that have emerged in recent months.
Despite speculation that Trump might launch a cryptocurrency, this medallion is a traditional silver coin rather than a digital asset. Many of his supporters had anticipated a crypto launch following the introduction of the World Liberty Financial project, which included a governance token but lacked the typical features of a cryptocurrency.
In a bid for mainstream adoption and global visibility, cryptocurrency startups have signed approximately 87 sports sponsorship deals over the past three years. Research from data provider CoinGecko reveals that many of these partnerships were forged with European football clubs, with 33 agreements established since 2021. Renowned clubs such as Manchester United and Chelsea have offered valuable exposure to crypto sponsors, especially during high-profile events like the UEFA Champions League and the FIFA World Cup.
The motorsports sector has also seen substantial involvement from cryptocurrency firms. Before its collapse, FTX secured a multi-year deal with the Mercedes Formula 1 team, while Bybit and Red Bull Racing announced a $150 million partnership in 2022. Furthermore, F1 designated Crypto.com as its official digital asset partner in a separate $100 million agreement, highlighting the growing intersection of crypto and sports.
Esports has emerged as another area of focus, with FTX investing $210 million in Team SoloMid in 2021. Other major players, such as Coinbase, have also made similar commitments. Additionally, sports like basketball, competitive combat, baseball, American football, and cricket have engaged with crypto service providers, aiming to reach larger audiences. Notably, most of these marketing collaborations occurred in 2024, spurred by rising crypto prices and increasing Bitcoin adoption.
While it remains challenging to assess the effectiveness of these sponsorships on the cryptocurrency market, recent trends indicate that web3 firms are likely to allocate more resources towards sports marketing in the future.
MyTonWallet, the wallet application native to The Open Network (TON) blockchain, has recently added support for the Tron network. In a post on X dated 23 September, the wallet announced its multi-chain capabilities, allowing users to access TronDAO assets through its interface. Users can now manage Tron (TRX) and Tether (USDT) on the MyTonWallet platform.
This multi-chain wallet lets users track their balances, view transaction history, and transfer assets across TON and Tron networks. The integration comes as both ecosystems witness significant development and growing adoption, particularly with the rise of tap-to-earn models and meme coin projects, enhancing interoperability between the two chains.
Toncoin, the native cryptocurrency of the TON ecosystem, facilitates network operations and serves as a transaction currency, supporting decentralised finance (DeFi), gaming, and non-fungible tokens. Additionally, USDT on TON is being leveraged to drive growth within its DeFi ecosystem. The TON team recently launched a $5 million incentive programme to bolster this expansion further and increase USDT usage on TON-based decentralised exchanges.
21Shares has announced the integration of Chainlink’s Proof-of-Reserve (PoR) service to improve the transparency of its wrapped Bitcoin, known as 21BTC. According to a press release on 23 September, the company will utilise Chainlink’s technology on the Solana and Ethereum mainnets. The integration aims to provide users with increased visibility of the reserves backing 21BTC, which launched on Solana in May 2024 and on Ethereum in early September 2024.
The 21BTC token is fully backed 1:1 by Bitcoin reserves held in cold storage and institutional custody. With Chainlink’s service, users can verify these reserves on-chain in real-time. The Proof-of-Reserve feature will also enhance security during minting, ensuring users can trust the system.
Johann Eid, Chief Business Officer at Chainlink Labs, noted that secure minting represents a significant step towards further growth in the tokenisation space. The partnership boosts transparency and contributes to the overall decentralisation of 21BTC across Ethereum and Solana, aligning with the broader push within the cryptocurrency industry for a more decentralised ecosystem.
Chinese Bitcoin miners continue to control a significant portion of the global mining network, holding over 55% despite the country’s outright ban on cryptocurrencies. According to Ki Young Ju, CEO of CryptoQuant, while Chinese mining pools dominate the network, US pools gradually gain ground, managing around 40% of the mining power. The US pools primarily serve institutional miners, whereas Chinese pools cater to smaller miners in Asia.
This continued dominance persists despite China’s blanket ban on Bitcoin mining and trading, implemented in 2021. Even with these restrictions, technological advancements and the decentralised nature of cryptocurrencies have allowed mainland users to circumvent regulations, leading to increased money laundering risks. In response, China is set to amend its Anti-Money Laundering (AML) regulations in 2025 to oversee cryptocurrency transactions better.
The crypto market faces challenges, with Bitcoin miners reporting the lowest revenue in a year during August. Mining revenue fell to $827.56 million, a decrease of over 10.5% from July but a slight increase from the previous year. The number of Bitcoins mined also dropped from 14,725 in July to 13,843 in August, as the cryptocurrency remained around $25,000 for much of the month.
Bitcoin may be on the brink of a major breakout, according to a leading analyst. The cryptocurrency has a history of rallying between 154 and 161 days after its halving event. With the most recent halving occurring 157 days ago in April, analysts believe Bitcoin is within the ideal timeframe for such a surge. It mirrors similar trends from 2016 and 2020, where Bitcoin experienced significant gains after halving.
However, the analyst noted that history doesn’t always repeat itself exactly. Still, this week is a crucial period for potential market movement. Remarkably, Bitcoin has already surpassed expectations for September, traditionally a bearish month, with a surprising 9% rise—its highest-ever gain for this time of year.
Looking ahead, October has historically been a strong month for Bitcoin, with positive returns in nine of the past eleven years. Should the pattern hold, Bitcoin could soon surpass its previous peak of $73,738, needing only a 14.6% rise to reach new heights.
Canada’s central bank has halted its plans to develop a Central Bank Digital Currency (CBDC), focusing instead on research as other nations like China and Nigeria press ahead. The Bank of Canada initially launched the project in 2017 to explore the potential of a digital Canadian dollar. However, after years of investigation and public consultations, the bank has decided to rethink its approach due to low public interest and security concerns.
A recent survey revealed that 87% of Canadians said they would never use a digital currency, with 92% expressing a preference for traditional payment methods. Major concerns included cybersecurity threats and the privacy of digital transactions. Despite this, the central bank had maintained that the digital dollar would not replace paper currency but serve as a simplified way to make online payments.
While Canada shifts away from its CBDC project, other countries are making progress. China’s digital yuan pilot, for example, has already facilitated nearly $986 billion in transactions, making it the largest initiative worldwide. Global efforts to introduce CBDCs continue to grow, driven in part by geopolitical events and changing payment technologies.
