CRYPTO MARKETS
Bitcoin enjoyed a modest breakout Monday, gaining close to 5%, though it soon retreated back near where it began the week. After rising more than 150% in a two-month period from mid-March to May, bitcoin has sputtered since its halving and it’s volatility by the end of June was its lowest since February. A report this week showed that bitcoin trading volumes sank by 36% in June, a decline reminiscent of the lead-up to the “crypto winter” in early 2019.
One small cryptocurrency did double in value this week with a push from young TikTok users. Dogecoin, which trades for less than half a penny, soared after a viral video with a million views encouraged users to invest.
ELECTION 2020
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Brock Pierce, a controversial cryptocurrency investor who cofounded the stablecoin tether, is running for president. While his vanity third-party run isn’t getting as much hype as that of rapper Kanye West, Pierce promises that he would have used “21st century technology” to get stimulus checks and unemployment to Americans much faster. In a wide-ranging interview, Pierce revealed more details on his policy positions and denied disturbing allegations that he provided drugs to minors and pressured them to have sex in 2000.
The first week of his campaign didn’t go so well. A New York appeals court approved an investigation into a number of businesses behind tether, which is pegged to the U.S. dollar and has a market value of $10 billion. Questions about whether or not tether is actually backed dollar-for-dollar have circulated since 2018. The Bitfinex exchange is also a separate respondent in the New York attorney general’s investigation.