Crypto4Harris Event Predicts Future Crypto Surge, Bitcoin Dips to $58K This Week, and More

The past two weeks have been full of must-know events that'll be defining points for the future of blockchain, cryptocurrency, and NFTs.

Recent events in the crypto world have highlighted key moments that will shape the future of blockchain, cryptocurrency, and NFTs. Here are some must-know updates.

1. Crypto4Harris Event Predicts Future Crypto Surge

Senate Majority Leader Chuck Schumer announced on Wednesday that U.S. crypto legislation may be enacted this year. This statement was made during the first major event where cryptocurrency insiders voiced their support for Vice President Kamala Harris as their presidential candidate of choice.

“We all believe in the future of crypto,” Schumer said at the online event hosted by Crypto4Harris. “Congress has a responsibility to implement sound and common-sense crypto regulation, and we need your support to ensure any proposal is bipartisan.”

2. Bitcoin Dips to $58K This Week

Bitcoin dropped over 4% in the past 24 hours, trading around the $58,000 mark on Thursday afternoon in Asia, erasing most of its gains from the past week. BTC’s price decline led to a broader sell-off across major cryptocurrencies. Ether fell 3.8%, while Solana, Cardano, BNB Chain, and Ripple’s XRP saw smaller losses of about 2.5%. The CoinDesk 20, an index tracking the largest tokens by market capitalization, decreased by 3.5%.

3. Reports Show Reduced Profits for Bitcoin Mining

Bitcoin mining was slightly less profitable in July compared to the previous month, according to a research report by investment bank Jefferies released on Thursday. This decrease in profitability was due to a more than 6% drop in the price of the world’s largest cryptocurrency, while the network hash rate remained stable. The hash rate serves as an indicator of competition within the industry and mining difficulty.

4. Coinbase Reports Second Quarter Earnings

Coinbase Global reported second-quarter revenue that exceeded expectations on Thursday, although it fell short of earnings estimates. The crypto trading platform posted earnings per share of 14 cents, significantly lower than the 94 cents predicted by analysts, according to FactSet. Revenue came in at $1.45 billion, surpassing the average estimate of $1.37 billion. The company’s earnings were negatively impacted by mark-to-market losses on its crypto assets.