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Bitcoin maintains stability despite higher-than-expectation US inflation data

Despite US inflation data beating expectations, Bitcoin (COIN:BTCUSD) held steady at the Wall Street open on July 28, with a modest increase in the Personal Consumption Expenditure Index (PCE). This could indicate a continued drop in US inflation. BTC price remained between $29,000 and $29,500 with resistance at $30,000, leaving traders wary of a possible drop to $28,000. Some analysts noted recovery patterns on the daily chart, but warned of possible volatile movements over the weekend.

Ethereum’s transition to proof-of-stake (PoS) raises concerns

Last September, the long-awaited “Merge” of Ethereum (COIN:ETHUSD) successfully took place, making the transition from proof-of-work (PoW) to proof-of-stake (PoS). The network is now secured by hundreds of thousands of validators, but this change raises questions. While it has reduced apparent power consumption, the total power used may not have decreased much due to the continued use of GPUs and the growing market for maximum extractable value. Also, the security of PoS is questionable compared to PoW as it can be more susceptible to attacks. The PoS has also reduced the block subsidy, but this may lead to offsets through other sources such as the MEV. While Proof of Stake is an important milestone, it is not necessarily superior to PoW in every way.

AI DAOs could revolutionize the AI-driven economy and boost Ethereum

Arthur Hayes, CIO of Maelstrom and former CEO of BitMEX, stated that AI-powered DAOs will revolutionize economic entities by breaking free from traditional business structures. According to him, state-enforced contracts are not suitable for AI-driven entities. AI DAOs will use public blockchains like Ethereum (COIN:ETHUSD) to be self-governing and enforce their own rules, eliminating the need for human intermediaries and increasing demand for blockchains. Hayes believes that the future AI-driven economy could grow into a trillion dollar market over the next decade, driving the price of ETH.

Worldcoin crypto project under investigation for “questionable” practices

Worldcoin (WLD), the crypto project led by Sam Altman of OpenAI, is being investigated by French data protection regulator CNI for “questionable” practices. The project has been criticized for scanning retinas to avoid duplicate claims of crypto rewards. Worldcoin claims to comply with EU data protection laws and is cooperating with government bodies to ensure compliance.

Parrot Finance announces plan to phase out the PRT token

DeFi protocol Parrot Finance will initiate a plan to phase out its PRT token (COIN:PRTTTUSD) and begin redemptions on Monday. The Solana-based marketplace plans to buy PRT tokens from sellers for $0.0045 each, ending it after eight weeks. The decision was approved by 99% of the community, but faced criticism from small investors. Original investors can get back about a tenth of their investment, while activist investors can get multiples of the value depending on the time of purchase. The Parrot Finance project raised over $90 million in two years on the Solana blockchain.

Sequoia Capital Reduces Cryptocurrency Fund in Response to Market Shifts

Sequoia Capital reduced its cryptocurrency fund in response to changes in the startup ecosystem, shrinking it from $585 million to $200 million. This decision is part of a broader downsizing strategy to adapt to changes in the market. The company intends to focus more on supporting early-stage startups. In addition, Sequoia also reduced its ecosystem fund from $900 million to $450 million. Despite these reductions, the company stated that it can still invest in cryptocurrencies through its other funds.

US Senate passes bill imposing examination standards for cryptocurrencies

The United States Senate passed the National Defense Authorization Act (NDAA) of 2024 worth $886 billion on July 27. The crypto-related amendment, proposed by senators including Cynthia Lummis and Elizabeth Warren, calls for screening standards for crypto to assess risk and ensure compliance with sanctions and money laundering laws. Furthermore, it forces a study to crack down on anonymous cryptographic transactions, including the use of mixers like Tornado Cash. The NDAA also requires US companies to disclose investments in China to better understand the transfer of “critical technology”.

Crypto.com receives regulatory recognition from the Dutch central bank (DNB)

Crypto.com has been officially registered as a cryptographic service provider by the Dutch central bank (DNB), receiving regulatory recognition. The Netherlands has fined companies like Binance and Coinbase (NASDAQ:COIN) for operating without registration. Now, Crypto.com joins other jurisdictions such as UK, Dubai and France in their recognition under the formal name of Foris DAX Global Ltd. Crypto.com CEO Kris Marszalek emphasized the continued commitment to compliance and collaboration with regulators around the world: “ This registration approval for De Nederlandsche Bank is a significant milestone for our business and the latest testament to our commitment to compliance ”. The European Union will implement new laws in 2024 to facilitate the operation of licensed exchanges and wallet providers in member countries.

Kyrgyzstan plans crypto mining farm at hydroelectric plant

Kyrgyz President Sadyr Japarov has agreed to build a crypto mining farm on a hydroelectric power plant, with the aim of harnessing unused energy and preventing energy losses associated with the Kambar-Ata-2 Hydroelectric Power Plant. The government plans to spend up to $20 million for the installation, which will be priced at the highest rate available in the country. The measure is seen as an opportunity to boost the local economy, despite the state of emergency declared in the energy sector due to climate challenges and lack of generation capacity.

Phoenix Technology in Abu Dhabi IPO talks after expansion deal

Phoenix Technology, hardware retailer and crypto mining operator, is in early stages of talks for an initial public offering in Abu Dhabi, according to sources cited by Bloomberg. In 2021, the UAE-based company signed a $650 million contract to expand its mining capacity to 1.4 GW. The Gulf has been attracting bitcoin miners due to its cheap energy and cryptocurrency-friendly regulatory environment. Companies such as Marathon Digital Holdings (NASDAQ:MARA) and Crusoe Energy also plan to expand their operations in the region.

Emerging technologies like blockchain can boost small farmers in developing countries

Small farmers in developing countries can benefit from using emerging technologies such as blockchain, satellite imagery and machine learning to increase productivity and sell products in regions such as Western Europe. However, they need to prove that their crops follow sustainable farming practices. The blockchain provides an immutable record and helps with the traceability, certification and quality assurance of products, making them more attractive to international markets. For example, the partnership between Dimitra Technology and One Million Avocados (OMA) aims to help avocado growers in Kenya with these advanced technologies.

FTX and Genesis Global announce agreement in principle on bankruptcy cases

Bankrupt crypto firms FTX and Genesis Global have announced an agreement in principle on the mutual claims in their respective Chapter 11 bankruptcy cases. While details have not been released, FTX seeks to recover $3.9 billion from Genesis, which , in turn, states that the FTX claims are $0.00. The agreement is subject to documentation and court approval. Both parties requested an extension of the deadlines for submission to the court. FTX filed for bankruptcy due to customer withdrawals, resulting in a discrepancy of about $9 billion on its books. Genesis is embroiled in a legal dispute with Gemini over alleged failure to disclose bankruptcy.

Murder of cryptocurrency influencer in Buenos Aires shocks the community

An Instagram influencer and cryptocurrency millionaire from Argentina, Fernando Pérez Algaba, was found dead in a suitcase, dismembered. His remains were found on July 23. The autopsy indicated three shots before dismemberment. It is believed that the motive for the murder could be related to debts. Algaba was a cryptocurrency trader in Buenos Aires and had amassed a large following on Instagram. His death is part of a wave of suspicious deaths of cryptocurrency billionaires in late 2022.

Crypto casino Coco launched on Ethereum successfully

The new crypto casino Coco, inspired by the Milady NFT project, has launched on the Ethereum blockchain, with a transaction volume of $36 million in the first 12 hours. Its native token (COCO) appreciated to 8 cents, with a market capitalization of $8.8 million. The Poloniex exchange listed the token. With the crypto market stagnating, traders are turning to on-chain betting platforms such as Coco and the popular Rollbit, whose token (COIN:RLBUSD) has risen from 2 cents to 7 cents. Coco Casino offers slot machines inspired by NFTs and traditional table games.

Sandbox and British Museum collaborate to create immersive metaverse experiences

Sandbox, the metaverse platform, announced a partnership with the British Museum to integrate the institution into the virtual world. The collaboration aims to create immersive experiences for users to explore world history by generating digital collectibles based on the museum’s various collections. The British Museum is also exploring the use of NFTs to showcase its collections and expand its presence in the world of online gaming. This initiative follows on from other successful partnerships the museum has previously undertaken with a focus on non-fungible tokens. The growing use of NFTs in the art and culture scene demonstrates new possibilities for ownership and digital appreciation of works of art.

Yuga Labs raises over $1 Billion for Otherside metaverse development

Yuga Labs, parent company of Bored Ape Yacht Club, is focused on developing the Otherside metaverse and has raised over $1.1 billion with its Otherdeed NFTs. The company recently held a live demo of Otherside, soliciting feedback from Bored Ape owners. The company is aware of the concerns of NFT holders and plans to offer more experiences before the full launch of Otherside. The demo showcased an expansive space called “Tier 5 Island” and allowed monkey keepers to give real-time feedback. The game’s public release date has yet to be set.

Japanese blockchain developer HashPort secures $8.5M in funding

Japanese blockchain developer HashPort has raised $8.5 million in a Series C funding round led by Sumitomo Mitsui Banking Corporation, University of Tokyo Edge Capital Partners and Yusaku Maezawa. HashPort’s total funding amounts to $14.2 million. The funds will be used to grow the business and ensure regulatory compliance for its ecosystem, which includes blockchain solutions and the HashPalette non-fungible token platform. The company will also release a metaverse game, The Land Elf Crossing.