🐶📰Weekend Update

BTC $58,430(+2.2%) | ETH $3,150 (+2.8%) | SOL $140(+3.1%)

Welcome to the Daily Bone Weekend Update where we recap the top stories from the week. Be sure to check out our daily newsletter to get all of your news hot off the press each and every weekday!

Macro

• US Consumer Price Index metrics came in below estimates leading to increased odds of August rate cuts

• The US CFTC chair stated that Bitcoin and Ethereum are commodities

• Fear and Greed index dropped to 25 (Fear) on Friday and marked a new low since January 2023

• The German government sold over 40k BTC ($2.3B) this week, completely depleting the supply they seized from movie2k

• BTC ETFs recorded 5 straight days of inflows this week with a high of $310M on Friday and a total over $1B for the week

PoliFi

• The US House of Representatives failed to overturn SAB 121 repeal veto

• Trump was announced as the headline speaker at Bitcoin 2024 — Is charging $60k for a photo op

• The GOP added a section to their platform on crypto that “defends the right to mine Bitcoin” and ensures “every American has the right to self-custody”

• Nancy Pelosi failed to provide support for Biden as the Democratic nominee — Biden’s polymarket odds plummeted

Tokens

• Mocaverse’s $MOCA token launched and has since pumped to a $1B market cap

• $BONK flipped $WIF early this week — WIF took back the top Solana memecoin spot on Friday

• Weekly DEX volume grew 60% on Arbitrum and 30% on Solana

• Ronaldinho and Lionel Messi promoted the $WATER memecoin on their Instagram accounts

Infrastructure

• Coinbase launched their Coinbase Wallet Web App 

• Jump crypto’s new Firedancer client created its first block on Solana test net

• Paypal’s stablecoin, PYUSD, crossed $500M circulating supply, up 100% over the last month

• The Open Project announced their development of a TON layer 2 powered by Polygon CDK