The **CoinDesk 20 Index (CD20)**, tracking the top 20 digital assets, saw a positive weekend performance with **NEAR (+7.1%)** and **AVAX (+5.8%)** leading the gains. **Nineteen out of 20 assets** in the index closed higher, showcasing a bullish sentiment across the market. **ATOM (-1.2%)** was the sole laggard, while **BCH (+0.0%)** remained practically unchanged. The overall index climbed by **3.1% (+64.67)** since last Friday's close, currently trading at **2155.7**. This positive performance highlights a growing confidence in the cryptocurrency market, particularly in the **altcoin sector**, as investors continue to seek opportunities for growth beyond **Bitcoin**. 

Over the weekend, NEAR and AVAX lead the CoinDesk 20 with only one asset posting a loss.

MarketsOver the weekend, NEAR and AVAX led the CoinDesk 20 with only one asset posting a loss.By CoinDesk Indices, Tracy StephensJul 1, 2024 at 1:49 p.m. UTCShare on FacebookShare on LinkedInShare on XCoinDesk 20 leaders (CoinDesk Indices)Share on FacebookShare on LinkedInShare on XCoinDesk Indices (CDI) presents its daily market update, highlighting the performance of leaders and laggards in the benchmark CoinDesk 20 Index (CD20).The CoinDesk 20 is currently trading at 2155.7, up 3.1% (+64.67) since last Friday's close.Nineteen out of 20 assets in the gauge are trading higher.Leaders: NEAR (+7.1%) and AVAX (+5.8%).Laggards: ATOM (-1.2%) and BCH (+0.0%).CoinDesk 20 (CD20) is a broad-based index that tracks top digital assets and is investible on multiple platforms.Edited by Stephen Alpher.DisclosurePlease note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.CoinDesk IndicesTracy StephensTracy Stephens is a Senior Index Manager at CoinDesk Indices.Follow @tracysteph_ on TwitterRead more aboutCoinDesk 20CoinDesk IndicesMarkets

CoinDesk 20 Performance Update: NEAR and AVAX Lead

NEAR and AVAX Lead CoinDesk 20 Performance with Strong Gains

### Bitcoin ETFs Make Waves on Wall Street

**Bitcoin ETFs** have made a significant impact on Wall Street this year, with analysts predicting an influx of **institutional interest** following the recent approval of options for spot Bitcoin ETFs by the SEC.

On Friday, the **Securities and Exchange Commission (SEC)** approved options trading for **11 spot Bitcoin ETFs**, marking a crucial step in the market's evolution. This comes after the cumulative net inflows for these products surpassed **$20 billion** last week.

The approved ETFs include well-known names like the **Fidelity Wise Origin Bitcoin Fund** and **Grayscale Bitcoin Trust** on the **New York Stock Exchange**, as well as the **WisdomTree Bitcoin Fund** and **VanEck Bitcoin Trust** on the **Cboe**.

### Advantages of Options for Institutional Players

According to **Bitwise CIO Matt Hougan**, options on ETFs offer a **simpler and more cost-effective** way for institutional investors to engage with the Bitcoin market. Options are financial derivatives that give investors the right to buy or sell an asset at a predetermined price within a specified timeframe.

Hougan emphasizes that adding standard financial instruments like options is a positive step towards the **normalization of Bitcoin** in traditional finance. 

### Distinct Nature of Options vs Futures

While **Bitcoin futures** have been available since 2017, options present a different opportunity. Unlike futures, where the buyer must purchase the asset at a set date, options provide flexibility without the obligation to buy.

**Juan Leon**, a Senior Investment Strategist at Bitwise, notes that options allow for **more efficient capital use** and easier market exposure than futures contracts.

### BlackRock's Spot Bitcoin ETF

The **BlackRock spot Bitcoin ETF**, boasting a market cap of **$26 billion**, recently received SEC approval for options trading, indicating strong institutional confidence in Bitcoin as an asset.

### Impact on Market Dynamics

Options trading tends to increase market activity, enhancing **price discovery** and liquidity. However, Leon warns that they may also lead to heightened **volatility**, particularly during contract expirations.

Leon describes options as **leveraged positions**, which can result in liquidation spikes when concentrated positions expire.

### A Signal of Regulatory Progress

For many experts, the SEC's approval of options is not just about market mechanics but also a sign of **regulatory advancement**. **Krista Lynch**, Vice President of ETFs at Grayscale, points out that while the approval is promising, it does not guarantee immediate trading, as further regulatory steps are necessary.

The **Options Clearing Corporation** will need to engage with the **Commodities Futures Trading Commission (CFTC)** for additional approvals. Research from **NYDIG** suggests that despite past hurdles for options on other ETFs, Bitcoin's market will likely be treated more favorably.

Expectations are high that options trading could commence on Bitcoin ETFs by the year's end.

With the SEC's approval of options for spot Bitcoin ETFs, analysts expect another wave of institutional adoption and associated volatility.

How Bitcoin ETF Options Are Set to Transform Wall Street Dynamics and Drive Volatility

## The Next Big Bull Run in Bitcoin

The **next big bull run** in Bitcoin (**BTC-USD**) is underway, with **targets between $180k and $300k** once new all-time highs are achieved. As highlighted in my **recent articles**, Bitcoin is on the brink of breaking through important resistance levels.

![Bull Market](https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1409800468/image_1409800468.jpg?io=getty-c-w750)

## Key Insights
- Despite relatively high **"Greed" levels** in the market, historical analogies suggest that Bitcoin can rally significantly, reminiscent of the **429% rally from September 2020**.
- Technical indicators are revealing that Bitcoin has ample **upside potential**. The **weekly and daily RSI levels** indicate there is still room for further growth.
- Short-term resistance is anticipated around the **$72k-$74k** range, but beyond that, Bitcoin has a clear path for a strong bullish advance.

As we approach these critical levels, investors should stay vigilant and consider the potential for substantial gains in the coming months. The atmosphere is charged with optimism, and the momentum appears to be building for Bitcoin's next chapter in the cryptocurrency saga.

The next big bull run in Bitcoin is underway, with targets between $180k-$300k once new all-time highs are achieved. Find out my recommendation for BTC-USD.

Is Bitcoin on the Verge of a Historic Bull Run? Targets Set Between $180k-$300k!

![Global regulators discussing ways to ‘eliminate’ Bitcoin highlights cracks in fiat system](https://cryptoslate.com/wp-content/uploads/2024/10/bitcoin-ban-768x403.jpg)

**Industry experts** are calling the recent regulators' paper one of the most aggressive in recent history. The **Federal Reserve Bank of Minneapolis** and **European Central Bank (ECB)** economists have made bold proposals aimed at potentially "eliminating" Bitcoin.  

## Feds Propose Bitcoin Ban  
On **October 17**, the Federal Reserve Bank of Minneapolis released a [paper](https://www.minneapolisfed.org/research/working-papers/unique-implementation-of-permanent-primary-deficits) suggesting that banning Bitcoin and imposing taxes on it could help governments sustain ongoing budget deficits.  

A **primary deficit** occurs when government spending exceeds revenue, excluding interest payments on existing debt. The paper emphasizes the notion of a **“permanent” primary deficit**, where governments intentionally continue outspending indefinitely.  

The researchers argue that Bitcoin creates a **“balanced budget trap”**, forcing governments to balance their budgets. Its **decentralized nature** is viewed as a challenge to fiscal policy, particularly for governments wanting to maintain permanent deficits. With its fixed supply and links to natural resources, Bitcoin acts as an alternative financial asset, complicating traditional fiscal strategies.  

The paper suggests either banning Bitcoin or introducing taxes as a form of financial repression, stating:  
> “A legal prohibition of bitcoin or a tax on bitcoin are forms of financial repression that may be useful when the ability of the government to use consumption taxes is limited.”  

## ECB Economist Warns of Bitcoin’s Societal Impact  
On **October 20**, ECB economist **Jürgen Schaaf** raised concerns regarding the rising price of Bitcoin, arguing it disproportionately benefits early adopters. He warned that latecomers or non-holders could face significant economic disadvantages.  

> “The societal impact is real: “missing out” on Bitcoin is different than just a lost opportunity; it means actual impoverishment compared to a world without Bitcoin.”  

Schaaf suggested that non-holders should recognize that Bitcoin’s growth is fueled by **wealth redistribution**, which occurs at their expense. He called for policies to curb BTC’s expansion or eliminate it, warning that **pro-Bitcoin politicians** could skew wealth distribution further, threatening societal stability.  

## Crypto Industry Responds  
These reports have ignited reactions from the crypto community, with several experts viewing them as a direct attack on Bitcoin. **Matthew Sigel**, Head of Digital Assets Research at [VanEck](https://cryptoslate.com/companies/vaneck/), remarked that the Minneapolis paper signifies an escalated effort to target Bitcoin.  

Despite the proposals, Sigel maintains that they do not alter VanEck’s forecast of Bitcoin adoption by central banks in the future. In July, VanEck predicted Bitcoin could reach **$2.9 million by 2050**, becoming integral to the global financial system.  

Bitcoin analyst **Tuur Demeester** expressed concern about the ECB’s paper, warning it could lead to stricter taxation and regulation of cryptocurrencies. He stated:  
> “In all the years I’ve been monitoring the bitcoin space, this is by far the most aggressive paper to come from authorities. The gloves are off.”  

> **[Editor’s Note:** Over **57%** of all Bitcoin is held by private individuals, while governments own roughly **2%**. Attempts to ban Bitcoin in the past have failed to hinder its growth due to its security design.]

The Federal Reserve of Minneapolis and the European Centrak Bank's economist back Bitcoin ban proposals in bold report.

Global Regulators' Bold Moves to Ban Bitcoin Expose Flaws in Fiat Currency Systems

Yesway has partnered with **CoinFlip**, a leading digital currency platform, to introduce **cryptocurrency kiosks** across **45 locations** in its Yesway and Allsup’s convenience stores. This initiative will enhance the services offered to customers looking to buy **Bitcoin** and seven other cryptocurrencies.  

![Yesway Cryptocurrency Kiosks](https://www.mobilityplaza.org/media/cache/620/bundles/app/images/39218/6712bbf53ff83.png)  
*© CoinFlip*  

The kiosks are being rolled out in several states including **Texas, South Dakota, New Mexico, Wyoming, and Iowa**. With this addition, CoinFlip will expand its network of over **5,000 kiosks** across **nine countries**.  

Alan Adato, Senior Manager of Merchandising and Procurement at Yesway, expressed enthusiasm about the partnership, stating, "We look forward to introducing CoinFlip to our customers seeking to purchase Bitcoin and other cryptocurrencies. CoinFlip will provide our customers the convenience of a seamless experience for buying or selling digital currencies."  

Yesway operates a total of **435 stores** across nine states, making it the **12th largest convenience store operator** in the U.S. This strategic move aims to cater to the growing demand for digital currency transactions among convenience store shoppers.

The retailer has partnered with CoinFlip to expand services throughout its Yesway and Allsup’s convenience stores. | MobilityPlaza

Yesway Expands Cryptocurrency Access with Kiosks in 45 Locations!

On a **remote road** in Jenkins, Kentucky, a **large warehouse** owned by Mohawk Energy, co-founded by state senator Brandon Smith, stands empty, filled with **unpowered computers**. Initially, Mohawk's partnership with Chinese crypto exchange **Huobi** aimed to transform the facility into a bitcoin mining operation, promising **job creation** and tax revenue for a community hit hard by the decline of coal mining. However, the relationship soured, leading to **legal disputes** and financial woes for both parties.

### The Collapse of Promising Partnerships
Smith envisioned a new future for Jenkins, but the partnership fell apart when **HBTPower** sued Mohawk for **contract breaches**, claiming failure to install necessary infrastructure and secure subsidies. In retaliation, Mohawk countersued for over **$700,000** in unpaid fees and damages. 

### A Wider Trend of Failed Partnerships
This dispute reflects a troubling trend of **failed bitcoin mining partnerships** between Chinese companies and small facility owners in rural America. Many owners are now left with **unpaid hosting fees** and energy bills, leading to significant financial distress. 

### The Hasty Rise of Small Mining Operations
The boom in small-scale mining operations was fueled by a **crypto mining ban in China**, leading many businesses to seek hosting solutions in the US. However, the rush to establish these partnerships often resulted in **poor planning** and **disputes** over payment terms, leaving many facilities in dire straits. 

### Legal Challenges and Financial Recovery
Recovering damages from foreign entities has proven difficult, especially when dealing with **special purpose entities** that have little to lose in the US. Even successful court cases may yield little financial recovery due to the lack of US assets. 

### A Cautionary Tale
As the legal battle drags on, Smith's hopes of revitalizing Jenkins through bitcoin mining seem dim. Experts suggest that such operations provide **minimal benefits** to rural communities, leaving many to wonder about the true impact of these ventures. Smith remains hopeful but acknowledges the **pain** this ordeal has caused for local families, as the facility stands idle, a stark reminder of what could have been.

When bitcoin was on a hot streak, owners of small industrial facilities in Kentucky struck up crypto mining partnerships with Chinese companies. Then things fell apart.

From Hope to Ruin: The Bitcoin Mining Nightmare in Kentucky's Appalachian Mountains

Elon Musk has recently mentioned **XRP** for the first time during a town hall in **Pittsburgh**, sparking excitement among the **XRP Army**. However, his comments might not align with the expectations of XRP supporters.

### "Not endorsement of XRP"
Musk was questioned about the potential integration of **XRP Ledger** into financial institutions amidst the ongoing SEC opposition. Instead of an endorsement, he shared his thoughts on **cryptocurrencies** as a whole, stating they are an "interesting and probably valuable bulwark against centralized control." He emphasized that his comments were **not an endorsement** or a rejection of XRP, but he believes that **crypto** inherently supports **individual freedom**.

### Elon Musk, Dogecoin and Crypto in General
Known for his backing of **Dogecoin**, Musk expressed his belief that **DOGE** is better suited for payments than **Bitcoin**. He has previously stated he wouldn’t promote any cryptocurrency unless jokingly, warning that any videos of him endorsing a crypto would likely be a **deepfake**. Nonetheless, he acknowledges the merit of Bitcoin and other cryptocurrencies. His companies, **Tesla** and **SpaceX**, still hold Bitcoin and accept Dogecoin for merchandise.

![Elon Musk](https://u.today/sites/default/files/styles/736/public/2024-10/s4539.jpg)
*Cover image via U.Today*

Elon Musk has, for first time, mentioned XRP, when talking about crypto, however, not quite how XRP army would expect

NEAR and AVAX Lead CoinDesk 20 Performance with Strong Gains

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Other Latest News

How Bitcoin ETF Options Are Set to Transform Wall Street Dynamics and Drive Volatility

Is Bitcoin on the Verge of a Historic Bull Run? Targets Set Between $180k-$300k!

Global Regulators' Bold Moves to Ban Bitcoin Expose Flaws in Fiat Currency Systems

Yesway Expands Cryptocurrency Access with Kiosks in 45 Locations!

From Hope to Ruin: The Bitcoin Mining Nightmare in Kentucky's Appalachian Mountains

Elon Musk Drops a Surprise on XRP: Excitement in the Crypto Community!

Other Latest News

How Bitcoin ETF Options Are Set to Transform Wall Street Dynamics and Drive Volatility

Is Bitcoin on the Verge of a Historic Bull Run? Targets Set Between $180k-$300k!

Global Regulators' Bold Moves to Ban Bitcoin Expose Flaws in Fiat Currency Systems

Yesway Expands Cryptocurrency Access with Kiosks in 45 Locations!

From Hope to Ruin: The Bitcoin Mining Nightmare in Kentucky's Appalachian Mountains

Elon Musk Drops a Surprise on XRP: Excitement in the Crypto Community!