In this week’s newsletter, we dive into Mastercard’s latest venture into the cryptocurrency space through its partnership with Mercuryo, launching the Spend card. This innovative euro debit card allows users to spend cryptocurrencies directly from their self-custodial wallets.
Additionally, we explore the impressive rise of Bitcoin’s hash rate, which has reached an all-time high, and the debut of Ethervista, a new decentralized exchange aiming to enhance memecoin trading security. We also touch on Elon Musk’s potential involvement in a new government efficiency initiative.
Mastercard Partners with Mercuryo to Launch Card for Crypto Self-Custody Spending
Global payment giant Mastercard has announced a partnership with Mercuryo to introduce a new euro debit card branded Spend. This card allows users to spend cryptocurrencies directly from their self-custodial wallets at over 100 million merchants worldwide.
The Spend card is designed to bridge the gap between traditional finance and the cryptocurrency world. It allows users to spend cryptocurrencies like Bitcoin without needing to transfer their assets to a centralized exchange first. This makes transactions faster and reduces the risks associated with using exchanges, such as high fees and potential fraud.
Christian Rau, Mastercard’s senior vice president for crypto and fintech enablement, emphasized that the collaboration aims to simplify the process of spending digital assets. He stated that the partnership with Mercuryo is about providing a reliable and secure way for consumers to use their cryptocurrencies anywhere Mastercard is accepted.
Using the card comes with some costs. There is a €1.60 (approximately $1.80) issuance fee, a €1 (around $1.10) monthly maintenance fee, and a 0.95% fee for converting crypto to cash when spending. These fees are necessary to support the infrastructure that connects self-custodial wallets to traditional payment networks.
Mastercard’s entry into the world of self-custodial wallets reflects a growing trend in the financial industry to embrace cryptocurrencies. By allowing users to spend their digital assets directly, Mastercard is making it easier for people to use cryptocurrencies in everyday transactions.
This initiative is part of a broader strategy by Mastercard to innovate in the crypto space, having already launched various projects related to digital assets since 2021. This card is currently available in the European Economic Area, with plans for a global rollout in the future.
BTC Price Plays Catch-up With All-Time High While Hash Rate Soars
- Bitcoin’s hash rate has reached an all-time high of 742 exahashes per second (EH/s), indicating the strength and security of its decentralized network, despite a recent dip in price.
- This represents a 70% increase from last year’s hash rate of 436 EH/s. A higher hash rate means more computing power is being utilized to secure the network, making it harder for attackers to gain control.
- Currently, Bitcoin’s price stands at $57,769, nearly 22% lower than its peak of $73,747 in March.
- While the price has been sluggish, the robust hash rate reflects the network’s resilience and commitment to maintaining a secure digital currency environment.
Pump.Fun to Settle for Second Place as Memecoin Deployer?
- Ethervista has debuted as a decentralized exchange (DEX) on Ethereum, allowing users to create and launch memecoins while implementing innovative liquidity locks to prevent rug pulls.
- One of Ethervista’s key features is a 5-day liquidity lock for creators, designed to enhance project security by preventing quick withdrawals that often lead to scams.
- Ethervista’s native deflationary token, VISTA, with a capped supply of 1 million, features an automatic buyback and burning mechanism, which has already reduced the total supply by over 2.17%.
- In just 24 hours, Ethervista has generated over 150 ETH in gas fees, and the VISTA token has surged in value, with one trader reportedly turning $5,000 into $670,000 within 48 hours.
- Ethervista aims to outshine competitors like Pump.fun by promoting long-term project success and rewarding creators with liquidity and protocol fees as trading volume increases.
Elon Musk “Not Very Busy” to Possibly Lead a New Govt Body
- Elon Musk has hinted at the possibility of leading a new government institution, the “Department of Government Efficiency,” if Donald Trump is re-elected in the November 2024 election.
- Musk shared an AI-generated meme on X, featuring himself at a desk with a “D.O.G.E.” placard, cleverly linking cryptocurrency and politics.
- Following Musk’s post, Dogecoin experienced a brief spike, reaching a 24-hour high, although it has since remained below previous weekly highs.
- Trump has proposed creating a government efficiency commission to audit federal spending, suggesting Musk could lead it, claiming he is “not very busy.” Musk also expressed a willingness to serve without pay or recognition.
- While the seriousness of Musk’s potential role remains uncertain, their recent partnership has sparked considerable media speculation about future collaboration following the election.
Crypto Fact of the Week
- Bitcoin is now older than the stock market, based on active trading hours.
What’s Next?
As we head into the coming week, investors should closely monitor significant U.S. political and economic events that could impact the crypto market. This market cycle is increasingly influenced by U.S. political discourse, making it essential to stay informed.
Key events to watch include the upcoming presidential debate between Kamala Harris and Donald Trump on Tuesday (September 10th), as well as the release of August’s CPI (Consumer Price Index) and PPI (Producer Price Index) data on Thursday (September 12th).
These inflation indicators could sway market sentiment and potentially affect cryptocurrency prices, especially in light of their implications for Federal Reserve monetary policy and interest rate decisions.
