Pressure on cryptocurrencies
On Thursday, cryptocurrencies took a hit due to renewed concerns
about the US economy. This drop occurred after the release of
records from the last Federal Reserve meeting, where the body
expressed concerns about inflation and possible interest rate
hikes. As a result, the stock market has slumped and the
10-year US Treasury yield has reached peaks since 2008. At the time
of writing, Bitcoin (COIN:BTCUSD) is down -2.5% at $27,966,
Ethereum (COIN:ETHUSD) is down -3.42% at $1,744, while other
cryptocurrencies followed the downtrend.
Turbulent launch of Shiba Inu’s Shibarium network locks in $2.5M
The long-awaited launch of Shiba Inu’s Shibarium network has run
into problems, with pending transactions and an estimated $2.5
million in digital assets locked in a bridge
agreement. Security firm Beosin and Onchain detective ZachXBT
confirmed the issues, with the latter criticizing the launch as
“sloppy”. Additionally, Shiba Inu’s marketing executive,
Lucie, warned of potential fraud on the network. These
setbacks have negatively affected the prices of Shiba Inu’s
associated tokens (COIN:SHIBUSD), down -6.60% at press time.
BlockFi releases withdrawals for US customers
Customers of BlockFi, the now-defunct cryptocurrency lending
company, have finally been able to access their funds after months
of waiting, thanks to a US bankruptcy court ruling. On August
17, BlockFi announced that, following a court order, withdrawals
have been made available to certain US user wallets. However,
many international users continue to wait. In 2022, BlockFi,
along with other companies such as FTX and Celsius Network, sought
bankruptcy protection.
Agreement between Alameda Research and Genesis Global reduces
claims
Alameda Research has agreed to receive $175 million from Genesis
Global, a considerable reduction from the $3.88 billion initially
claimed. While Alameda, which declared bankruptcy in 2022,
accused Genesis of debt related to loans and withdrawals, Genesis,
which went bankrupt in 2023, claimed to owe FTX $226
million. With the agreement, FTX disassociates itself from its
obligations with Genesis. Both parties expressed satisfaction
with the deal, which is still awaiting court approval.
Privacy risks in the bankruptcy of Celsius Network
In the course of the bankruptcy of Celsius Network last year, an
unexpected list of hundreds of thousands of customers of the
platform with details of their internal transactions
emerged. This list raised concerns about possible real-name
links to activities on the blockchain. A collaborative
investigation with The Block Research and Nansen revealed that
15,759 of these wallets may personally belong to named clients and
have significant cryptocurrency value. Furthermore, combining
this data with other previous leaks could threaten customers’
privacy and make them potential targets for crime, underscoring the
sensitivity of data in crypto-related bankruptcies.
Coinbase Gains Prominent Status in US Futures Trading
As reported on Wednesday, Coinbase (NASDAQ:COIN) has been
registered as a futures commission trader (FCM) with the Commodity
Futures Trading Commission (CFTC), matching SEC-registered
brokers. This designation, a first for a
cryptocurrency-focused company, suggests that Coinbase may trade
bitcoin (COIN:BTCUSD) and ether (COIN:ETHUSD)
contracts. Experts believe this reinforces the view that ether
is a commodity, which could bring about lighter
regulations. The approval suggests that the CFTC views
Coinbase as a legitimate entity in the US, in defiance of the SEC’s
stricter perspective. The decision could impact the industry,
showing the ability of cryptocurrency companies to adapt to
regulatory norms.
BitExchange launches XRP-linked trading options
BitExchange now offers XRP-linked options (COIN:XRPUSD) on its
cryptocurrency derivatives platform. This release allows
traders to trade XRP options without owning the digital
currency. Settlement will take place in US Dollars, with OrBit
Markets ensuring liquidity. In addition to XRP, the exchange
also has offerings in other cryptocurrencies. Options are
mainly used for hedging or for additional gain. Justin
Buitendam, Global Head of Institutional Sales at BitExchange,
highlighted the opportunity for institutional and retail traders to
trade these options: “ We are thrilled to be among the
first platforms offering XRP options trading for institutional and
retail traders, providing opportunities for long and short options
trading.”
Avalanche spurs Dexalot’s growth with token offering
The Avalanche Foundation has announced an investment of up to $3
million in AVAX tokens (COIN:AVAXUSD) for Dexalot, a decentralized
exchange (DEX) operating on the Avalanche subnet. This move is
part of Avalanche’s “Multiverse” incentive program, which aims to
promote the development of new subnetworks. Dexalot, launched
in February, seeks to combine characteristics of centralized
exchanges into a decentralized platform. Release of funds for
Dexalot, expected to begin in the fall, will depend on the
sub-network meeting certain milestones.
Tether develops ‘Moria’ software
Tether (COIN:USDTUSD) is developing a software, called Moria, to
improve Bitcoin mining and renewable energy operation through data
analysis. Paolo Ardoino, CTO of Tether, mentioned that most
existing mining trackers do not offer customization or deep
analysis. Moria aims to fill this gap by optimizing production
with real-time data. Tether is investing in energy and mining,
using surplus USDT reserves. The software will be adapted for
energy after the focus on Bitcoin mining.
In other Tether news, the stablecoin issuer announced the
discontinuation of USDT support on three blockchains: Bitcoin,
Kusama and Bitcoin Cash, and will discontinue support for Omni, a
layer of Bitcoin used for USDT transfers. This decision was
based on a careful assessment of the security, usability and
sustainability of each blockchain. While minting on platforms
such as USDT-Omni and USDT-Kusama will stop immediately, users will
still be able to exchange and redeem their tokens as normal for
another year.
Devaluation and airdrop concerns mark launch of Sei Network
The SEI token of the newly launched Sei Network (COIN:SEIUSD)
experienced a drastic drop, as low as $0.1747 on Aug
17th. Despite an impressive initial trading volume and market
cap exceeding $400 million, the token’s price has plummeted by more
than 86% since its launch on August 15th. This drop is, in
part, attributed to the controversies surrounding its
airdrop. Many users expressed dissatisfaction with access,
eligibility criteria and distributed quantities, leading to an
avalanche of criticism and concerns on social media and community
forums.
Securitize acquires Onramp Invest aiming at democratizing private
capital markets
Securitize, specialist in tokenization of private investments,
plans to buy Onramp Invest. Backed by giants like Coinbase
Ventures and Morgan Stanley ( NYSE:MS ), Securitize has
already raised over $120 million. The acquisition seeks to
address the current financial challenges of the crypto sector and
expand access to alternative assets.
Bakkt sees expansion and opportunities through new partnerships and
acquisitions
Bakkt CEO Gavin Michael reported in a conversation with Water
Tower Research that the company is gaining momentum with new
clients in the cryptocurrency custody and trading
space. Growth strategies include cautious capital management
and expansion of the customer base. The acquisition of crypto
exchange Apex and partnerships with Plaid and Fireblocks
strengthened the customer base. Michael revealed plans for
international expansion and highlighted the potential of ETF
products to enhance his presence in the crypto custody
industry.
Delimitations in digital currency: Study and perspectives from
Colombia
Banco de la República de Colombia is considering issuing a
digital currency (CBDC), but has yet to reach a final
decision. However, in its latest analysis, the bank claims
that setting limits on CBDC transactions can offer significant
benefits. This includes increasing security against cyber
threats and balancing privacy and transparency
concerns. Depending on the limits set, users can opt for more
privacy or greater retention. The limits could also benefit
commercial banks by reducing the demand for CBDC compared to
traditional bank accounts. However, the bank emphasizes the
need for a CBDC to have attractive attributes to ensure significant
adoption and long-term viability.
Sotheby’s faces class action over NFT promotion BAYC
Renowned auction house Sotheby’s has been included in the class
action lawsuit brought by Bored Ape Yacht Club investors against
Yuga Labs, accused of “misleading advertising” of
NFTs. Investors also allege that celebrities, including Justin
Bieber and Paris Hilton, have artificially inflated the prices of
NFTs. Sotheby’s, which in 2021 auctioned off BAYC NFTs netting
more than $24 million, is accused of falsely legitimizing Yuga
Labs. Both parties deny the allegations.
McDonald’s Singapore launches non-tradeable NFTs
McDonald’s (NYSE:MCD) in Singapore, in partnership with
Bandwagon Labs and NFT artist ‘The Hidden Walls’, has released
Grimace digital collectibles. These are unique, free,
non-transferable tokens available from 31st August via the
McDonald’s Singapore app. Users can create NFTs by connecting
their digital wallet and the collection celebrates the Grimace
mascot’s closeness with fans.
Singapore police seize $735 million in massive money laundering
operation
Singapore police arrested 10 foreigners, predominantly Chinese,
on money laundering charges, seizing assets totaling approximately
$735 million. Among the confiscated assets were 94 properties,
50 vehicles and cryptocurrencies, although the value of the
cryptocurrencies was not specified. The operation also
resulted in the seizure of more than 35 bank accounts. This
case highlights Singapore’s continued vulnerability to cross-border
financial risks, even though it is one of Asia’s leading hubs for
the cryptocurrency industry.
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