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News In Brief

German Government Offloads Bitcoin Holdings in Strategic Move

On Monday afternoon, the German government disrupted the markets by transferring 16,309 Bitcoins to several significant exchanges and selling over $900 million of the digital asset. Additional sales during the week and movement of assets, around $354 million as of Wednesday, have left investors concerned that the government might also sell the remainder of their Bitcoin assets.

Initially, Bitcoin traded at $58,236 on Monday, but the price fell to $54,800 by 3:00 PM UK time following the announcement. The transfer to exchanges such as Bitstamp, Coinbase, and Kraken spooked the markets, causing widespread panic and uncertainty. However, some losses were eventually recovered, demonstrating the market's resilience in the face of large-scale asset sales.

The incident highlights the volatility of the cryptocurrency market and the impact of significant institutional movements.

Republican Party Embraces Cryptocurrency in Welcome Endorsement

The Republican National Committee (RNC), the governing body of the Republican Party, has officially endorsed cryptocurrency adoption. The RNC, responsible for developing the Republican political platform, coordinating party activities, fundraising, and election strategies, views this move as a positive step toward cryptocurrency adoption ahead of the November presidential election.

The Republicans oppose the creation of a Central Bank Digital Currency (CBDC), arguing it would increase government surveillance and control over transactions, contrary to the principle of decentralized ownership. The RNC platform also includes the right to mine Bitcoin and the ability for individuals to self-custody their crypto assets.

Former President Trump, once a sceptic, now supports cryptocurrencies, launching his NFTs and accepting cryptocurrency donations. Although not a highlighted priority, cryptocurrency support is included in the RNC's economic innovation section, demonstrating the party's commitment to digital assets and blockchain technology.

New Labour Government Shakes Up Treasury with Appointment of New Economic Secretary

Keir Starmer, the newly appointed Prime Minister of the UK, has named Tulip Siddiq as the City Minister and Economic Secretary to the Treasury. Siddiq will oversee the UK’s financial services, including regulating and developing cryptocurrencies and digital currencies. Before her appointment, Siddiq highlighted cryptocurrencies' dual nature, recognising their risks and potential to revolutionize the economy with appropriate regulation. She has also emphasized blockchain technology’s ability to enhance transparency and create skilled jobs in the financial sector. The new Labour government is expected to continue with plans for stablecoin legislation and the introduction of a digital pound (CBDC).