beehiiv-import

⚡Trump Warns on Dollar⚠️

Croxroad

28 Jun 2024 — 5 min read

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Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

🎺 From Peak to Plunge

Bitcoin has exploded back into the limelight this year following its 2022 price crash. However, the bitcoin price has dived lower this week, crashing toward $60,000 per bitcoin after topping $70,000 earlier this month, with fears emerging that a "true correction" has already begun. This volatility comes amid broader economic concerns and significant political developments in the United States that could impact the future of cryptocurrency.

As Trump warns the U.S. dollar could lose its position as the world's reserve currency, U.S. Representative Matt Gaetz, a Republican from Florida, has introduced what he described as a "groundbreaking" bill that would allow federal income taxes to be paid in bitcoin. "This is a bold step toward a future where digital currencies play a vital role in our financial system, ensuring that the U.S. remains at the forefront of technological advancement," Gaetz said in a statement. He added that it would "promote innovation, increase efficiency, and offer more flexibility to American citizens." Gaetz's statement recalls comments made recently by former U.S. president and 2024 White House hopeful Donald Trump, who has said he wants the U.S. to lead bitcoin development.

Trump has leaned into bitcoin and crypto in recent weeks after making millions from a series of crypto-based digital trading card non-fungible tokens (NFTs), putting him starkly at odds with the Biden administration's anti-crypto stance. Trump declared support for crypto in late May and began accepting campaign donations in bitcoin, ethereum, solana, dogecoin, and shiba inu. In 2022, the state of Colorado began accepting crypto for tax payments while Utah, New Jersey, and Kentucky have also made moves toward accepting bitcoin. U.S. lawmakers have made some progress with crypto bills this year after failing to find common ground on a number of bills over the last few years. In May, the House passed the Republican-led Financial Innovation and Technology for the 21st Century Act, known as Fit21, that carves up responsibility for crypto markets between the Securities and Exchange Commission (SEC) and the Commodities and Futures Trading Commission (CFTC), though it is not expected to become law this year.

👮 Bitcoin Price Slumps

Bitcoin (BTC) fell back towards $60,000 on Wednesday after a wallet tagged to the U.S. Government moved about $240 million worth of seized BTC to a Coinbase Prime address. This action has ignited concerns among traders that the digital assets are likely to be sold. Some 3,940 bitcoin, originally seized from a Silk Road vendor, were moved by the wallet, according to an Arkham Intelligence social media post. "This BTC was originally seized from narcotics trafficker Banmeet Singh and forfeited at trial in January 2024," the post said.

The update from Arkham noted that the US Government had moved 3,940 BTC, worth $240 million, to Coinbase Prime. This transaction, detailed in a tweet from Arkham, follows a history of significant movements by the government, which in late 2022 seized roughly 50,000 bitcoin related to the Silk Road website. The last large movement was $2 billion worth of bitcoin on April 2, which at the time also put pressure on digital markets. The most recent confirmed sale by the government was in March 2023, when it unloaded 9,861 coins for $216 million.

Attempting a modest bounce from its Mt. Gox-related tumble earlier this week, bitcoin slipped back below $61,000 as the news hit. It has since edged back to $61,100, down 1% over the past 24 hours, with the broader CoinDesk 20 Index lower by about the same amount. Ether (ETH) also slipped on the news, falling 1.6% on the day.

🥢 The Hash

Here is an example of a hash:

0000000000000000057fcc708cf0130d95e27c5819203e9f967ac56e4df598ee

The number above has 64 digits. As you probably noticed, that number consists not just of numbers but also letters. Why is that?

The decimal system uses factors of 100 as its base (e.g., 1% = 0.01). This, in turn, means that every digit of a multi-digit number has 100 possibilities, zero through 99. In computing, the decimal system is simplified to base 10, or the numbers zero through nine.

Hexadecimal, on the other hand, means base 16 because "hex" is derived from the Greek word for six, and "deca" is derived from the Greek word for 10. In a hexadecimal system, each digit has 16 possibilities. However, our numerical system only offers 10 ways of representing numbers (zero through nine). That's why you have to add letters—specifically, the letters A, B, C, D, E, and F.

🤣 Crox Road Memes

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