University of Wyoming launches Bitcoin Research Institute. The Bitcoin Research Institute will open in August as part of the University of Wyoming’s College of Arts and Sciences.

Michigan State Pension Fund Adds $6.6M in Bitcoin ETFs. The state of Michigan has added Spot Bitcoin ETFs to its pension fund, while disclosing a $6.6 million purchase in the crypto investment vehicle. A recent filing with the US Securities and Exchange Commission (SEC) has revealed the BTC exposure in what could be a growing trend.

Russian lawmakers pass bill legalizing Bitcoin mining, crypto payments for international trade. The Russian State Duma passed a bill legalizing Bitcoin mining and allowing the use of crypto for international trade.

CFTC chair reiterates BTC and ETH are commodities in testimony. The head of the US commodities regulator, Rostin Behnam, has again argued that the agency should be given regulatory oversight of Bitcoin and Ethereum to better protect investors. The United States commodities regulator chief has again argued that Bitcoin and Ether — the two largest cryptocurrencies by market cap — are commodities, and his agency should be given oversight of them. Speaking on July 9 before the US Senate Committee on Agriculture, Nutrition, and Forestry, the Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam argued that a recent court ruling in Illinois stated that Bitcoin and Ether are commodities.

TEXAS BITCOIN MINE THREATENS ENTIRE STATE POWER GRID. In Granbury, Texas, a once-peaceful community has been thrown into chaos since the arrival of a massive 300-megawatt Bitcoin mining facility in 2022. Residents are tormented by the relentless whirring of cooling fans for thousands of computers. The noise pollution is incessant, with windows rattling and ears ringing. The animals in the area are visibly agitated, showing signs of extreme stress. And the repercussions extend beyond this small town—raising ominous questions about the stability of the entire Texas power grid.Read More: Texas Faces Turmoil As Bitcoin Mine Threatens Power Grid.

Bitcoin miner TeraWulf is open to merger but not for ‘empire building’. Expanding the number of Bitcoin machines or facilities “makes no sense” if profitability margins don’t increase, TeraWulf’s Kerri Langlais stressed. Bitcoin mining firm TeraWulf says it would consider a merger if there’s an opportunity to widen profit margins—but not if it’s merely for “empire building,” according to its chief strategist. It comes amid expectations of more mergers and acquisition offers in the mining sector following the latest Bitcoin halving. “We will certainly consider inorganic growth opportunities through M&A [but] expanding merely for growth’s sake, or ‘empire building,’ without considering profitability makes no sense,” explained Kerri Langlais, TeraWulf’s chief strategy officer in an interview with Cointelegraph. *Source: TeraWulf*

German government makes u-turn buys back over $111 million bitcoin  The German government has made a sharp U-turn from its previous chain activities where it has been selling large swathes of Bitcoin and adding to the selling pressure in the market.The German government in a surprise move bought back over 1,915 bitcoin worth $111.5 million from various top exchanges.  The transaction was picked up by the industry’s leading On-chain analysis firm Arkham Intelligence who shared the news with their over 460,000 followers on X.  “Update: German Government BTC Movements German Government wallets received 1915 BTC ($111.5M) last night back from addresses linked to Kraken, Bitstamp, and Coinbase.  1047.4 BTC ($57.2M) has been moved out of their wallets this morning: – 547.4 BTC ($30.1M) to Flow Traders  500 BTC ($27.1M) to 139Po (likely deposit for institutional/OTC service)” Arkham tweeted. 

Up to 99% of Mt. Gox’s $8.2B Bitcoin could be sold: Analyst Nearly all of Mt. Gox’s former creditors might be looking to sell their Bitcoin, which has increased by over 8,500% in value in the 10 years since the exchange’s collapse. Most of the Bitcoin being repaid by defunct exchange Mt. Gox will be market sold, threatening to cause more downside pressure for BTC. According to finance analyst Jacob King, the Mt. Gox repayments could add $8.2 billion worth of additional selling pressure to Bitcoin’s BTCtickers down$55,358 price. The analysts said that on-chain movements already point to the fact that Mt. Gox’s creditors have started selling, King wrote in a July 4 X post: “No Bitcoiner will say this out loud, but the majority of the $8.2 Billion in $BTC that is set to be distributed back to ex-clients are going to be sold off.”

German MP urges government to stop ‘hasty’ Bitcoin sell-off. German MP Joana Cotar said the mass Bitcoin sell-off isn’t “sensible” and “productive” as it could be used to diversify treasury assets and protect against currency devaluation. German lawmaker and Bitcoin activist Joana Cotar has urged the government to stop its “hasty” Bitcoin selling spree and instead adopt it as a “strategic reserve currency” to shield against risks in the traditional system.“[I] urge you to refrain from a hasty disposal of state-owned Bitcoin,” the Bitcoin-friendly politician wrote to members of Germany’s government on July 4. Cotar said Bitcoin could help Germany diversify its treasury assets, serve as a hedge against inflation and currency devaluation and promote innovation in the country. *Source: Joana Cotar X account*

Bitcoin Bottom Is Near as Miners Capitulating Near FTX Implosion Level: CryptoQuant Miner capitulation levels are now comparable with those in end of 2022, which was the market bottom after FTX implosion, CryptoQuant said. Bitcoin (BTC) miners are showing signs of capitulation, an event that is typically tied to a market bottom after the world's largest cryptocurrency endured a 13% plight over the past 30 days. Bitcoin is currently trading at $60,300 after sliding by 3% on Wednesday. This level has acted as a critical support since April, with bitcoin bouncing three times from this region before heading back towards the $70,000 mark. Data provider CryptoQuant believes this is likely to happen again in the near future as numerous signs point towards capitulation following a period of intense sell pressure.

World’s largest Bitcoin miner didn’t sell any BTC in June. Marathon Digital said it aims to further strengthen its Bitcoin holdings through open-market acquisitions but may also sell to support operations in the future. Marathon Digital Holdings, the world’s largest Bitcoin mining firm, has not sold any of its Bitcoin holdings during the past month. Despite Bitcoin being in a downtrend for over a month, Marathon Digital chose to hold onto all its Bitcoin. As of June, the company held a total of 18,536 BTC worth over $1.1 billion, according to the firm’s operations report published on July 3. The Bitcoin miner said it aims to continue to strengthen its Bitcoin holdings through open market BTC purchases and investing in “other opportunities to increase its Bitcoin yield.” However, it also noted that it may sell some of its BTC in the future:“MARA opted not to sell any bitcoin in June.

El Salvador’s national Bitcoin chief has been orange-pilling Argentina The head of El Salvador’s new crypto commission started his Bitcoin journey in 2013 and is continuing it to this day.It takes more than 10 hours to fly from El Salvador to Argentina, but Juan Carlos Reyes’ recent flight may be one of the most important of his life. It may also have global significance, not that Reyes can reveal too much about it at the moment. The appointed President of El Salvador’s newly created National Commission of Digital Assets (CNAD), Reyes has just returned from Buenos Aires after high-level meeting with Argentina’s securities regulator, the National Securities Commission. Speaking exclusively to Magazine, he is in a cheery mood albeit diplomatic, when talking of a potential collaboration between the two Bitcoin-friendly countries. “El Salvador multinational projects are set by the president; however our two countries are talking about interesting opportunities and projects for the future.

German Government’s Bitcoin Dump Surpasses $195M As Selling Spree Persists. The German government has recently begun selling millions of dollars worth of Bitcoin (BTC) from a confiscated wallet, further contributing to the lack of catalysts for a price recovery in the cryptocurrency market. The move comes as increased selling activity and unprecedented selling by long-term BTC whales have led to a sharp price correction, preventing Bitcoin from consolidating above $70,000 and retesting its previous all-time high. According to blockchain analysis platform Arkham, the German government has initiated the process of selling Bitcoin on cryptocurrency exchanges. During Thursday’s morning trading session, $65 million worth of BTC was sent to two likely exchange deposits, including Coinbase.

Bitcoin Price Faces Pressure as Mt. Gox Begins $9.4B Repayment. Bitcoin (BTC), the world’s leading cryptocurrency has come under intense scrutiny as Mt.Gox commences a $9.4 billion repayment to investors. According to reports, 137,890 BTC coins were moved out of wallets belonging to Mt.Gox to creditors.The movement of the large amount of BTC raises concerns about a potential sell-off that could drive down the price of Bitcoin. As a reminder, Mt.Gox was one of the largest Bitcoin exchanges before it was hacked in 2014. Following reports from Crypto News Flash, the exchange processed 70% of all Bitcoin transactions worldwide at the time. Following the hack, it reported 840,000 BTC in stolen funds.

Salvadoran Government Introduces Bitcoin Banking Law Reform. Bitcoin adoption is set to experience a new boom in El Salvador. The Salvadoran government has introduced an initiative to reform the current banking law by introducing a new kind of bank that can lend bitcoin and crypto services.The banking bill reform was presented to the Technology, Tourism, and Investment Commission of the National Assembly on June 13 including 14 new articles that define Private Investment Banks (PIB) as “an essential instrument at the international level that promotes economic development and facilitates the channeling of financial resources towards business and government projects.”

Bitcoin ETFs sucked up 2 months of BTC mining supply in first week of JuneIn the first full trading week of June, U.S. Bitcoin ETFs acquired almost as much Bitcoin as they did in the entire month of May. Spot Bitcoin exchange-traded funds (ETFs) in the United States acquired the equivalent of around two months’ worth of the cryptocurrency’s mining supply in the first week of June. With inflows of approximately $1.83 billion, the 11 ETFs bought 25,729 Bitcoin BTCtickers down$69,331 in the trading week between June 3 and 7 — around eight times more than the 3,150 new BTC mined over the same time, according to data from HODL15Capital.The amount of Bitcoin acquired in the week alone was almost as much as the entire of May, 29,592 BTC, per HODL15Capital’s count, and is the biggest week of buying since mid-March when Bitcoin hit its current all-time high of $73,679.