Let's review the crypto events of the day.
Want to stay updated on today's crypto developments? Get the latest news on daily trends and events affecting Bitcoin price, blockchain, DeFi, NFTs, Web3, and crypto regulation.
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Bitcoin supply held by long-term hodlers continues to rise
New data from Glassnode indicates that the amount of Bitcoin held by long-term holders has reached a new all-time high. The report suggests that these long-term holders are accumulating Bitcoin due to their strong bullish conviction. Entities with smaller holdings, such as Shrimps (<1 BTC), Crabs (1-10 BTC), and Fish (10-100 BTC), are accumulating the cryptocurrency at a significant rate. The combined balance increase for this sub-group accounts for 92% of newly mined supply and has remained elevated since May 2022. This accumulation trend is taking place amid rumors that the U.S. Securities and Exchange Commission is preparing for spot ETF approval, boosting Bitcoin's price, which recently traded above $35,400.
Kenyan lawmakers task Blockchain Association with crafting crypto bill
Kenyan lawmakers have taken an unconventional approach to cryptocurrency regulation by asking the local Blockchain Association to develop a regulatory framework on which they can base a crypto bill. The National Assembly’s Departmental Committee on Finance and National Planning has directed the Blockchain Association of Kenya (BAK) to prepare the initial draft of a "virtual asset service provider's bill." BAK has been given two months to draft the bill, which may make Kenya the first country where industry representatives are responsible for shaping the regulatory framework for crypto. This move aims to ensure that Kenya maintains its position as a key player in the African digital assets market.
U.S. lawmaker proposes reducing SEC Chair Gary Gensler's salary to $1
A U.S. lawmaker has put forward an amendment to reduce the salary of the Securities and Exchange Commission (SEC) Chair Gary Gensler to just $1 per year. Rep. Tim Burchett's proposal is part of a broader effort to defund the regulator outlined in the Financial Services and General Government bill. Gensler's current salary exceeds $300,000 per year, but the proposed amendment seeks to drastically cut his earnings. The FSGG bill, introduced on July 13, aims to significantly reduce government spending across various sectors.
Binance's spot trading market share falls to 40% in 2023
According to a report by blockchain analytics firm 0xScope, Binance's spot trading market share has declined to 40% in 2023, down from 63% the previous year. This indicates that one of the world's leading cryptocurrency exchange platforms has lost approximately a third of its market share in just one year. The report suggests that Binance's listing strategy, which often led to downturns in the prices of newly listed coins, may be contributing to this decline. Binance will need to adapt to changing market dynamics and competition to regain lost market share.
