Grayscale launches investment fund focused on XRP
Grayscale launched an investment fund for XRP (COIN:XRPUSD) on
September 12, pushing the asset’s price to an intraday high of
$0.5882. The new XRP Trust, like other Grayscale products, focuses
solely on the XRP token, which powers the XRP Ledger blockchain.
The fund was reactivated after Ripple’s court victory against the
SEC, removing regulatory barriers for XRP. The XRP Trust operates
like other single-asset funds from Grayscale and aims to highlight
the real-world use of the token, potentially revolutionizing fast
international payments. The launch follows recent trusts for other
assets, with speculation that this may pave the way for a future
XRP ETF, though regulatory hurdles still exist, mainly due to the
SEC’s stance.
Coinbase launches cbBTC
Coinbase (NASDAQ:COIN) launched the Coinbase Wrapped BTC
(cbBTC), an ERC-20 token backed 1:1 with bitcoin on Ethereum and
Base networks. This token allows bitcoin to be used in
decentralized finance (DeFi), offering new uses like providing
liquidity or serving as collateral. DeFi services such as Aave and
Curve will support cbBTC. It will be available to Coinbase users in
various countries. The launch comes amid controversy over BitGo’s
wrapped bitcoin token (COIN:WBTCUSD), with criticism from Justin
Sun over the lack of audits and proof of reserve.
1inch Network launches atomic swap protocol for cross-chain
interoperability
1inch Network (COIN:1INCHUSD) revealed a white paper to address
cross-chain interoperability challenges with the 1inch Fusion
Atomic Swap Protocol. This hybrid solution combines the security of
traditional atomic swaps with intent-based simplicity. The protocol
aims to enable seamless swaps across blockchain networks, improving
interoperability and liquidity within the DeFi ecosystem, without
barriers between L1 and L2 network tokens.
Federal judge limits CFTC’s power over political prediction markets
A federal judge ruled that the Commodity Futures Trading
Commission (CFTC) had no authority to block Kalshi’s listing of
political prediction markets, arguing that the agency overstepped
its prerogatives by trying to classify these contracts as
“gambling.” The decision could impact a pending CFTC proposal to
ban all political prediction markets, challenging the CFTC’s
definition of what constitutes “gambling” and “illegal
activity.”
Ark Invest buys Coinbase shares amid market volatility
Ark Invest acquired 53,708 shares of Coinbase (NASDAQ:COIN),
totaling $8.4 million, spread across three of its ETFs on Wednesday
after a dip in the crypto market triggered by the U.S. presidential
debate. Ark’s strategy maintains fund diversification, with
Coinbase being one of the largest holdings.
eToro pays $1.5 million and limits crypto assets in SEC settlement
eToro agreed to pay $1.5 million to settle SEC charges over
operating an unregistered brokerage and clearing agency, as well as
trading crypto assets as securities. The firm will cease violating
securities laws and only allow trading of Bitcoin (COIN:BTCUSD),
Bitcoin Cash (COIN:BCHUSD), and Ether (COIN:ETHUSD) in the U.S.
eToro customers do not need to take any further action regarding
their current positions. Assets already in eToro’s crypto wallet
will remain unchanged and continue to be traded normally. Only new
crypto asset investments will be restricted under the SEC
settlement.
Binance Labs invests in OpenEden to expand tokenization of
real-world assets
Binance Labs invested in OpenEden, which tokenizes real-world
assets, to integrate traditional finance with DeFi. This investment
aims to expand the availability of tokenized financial products and
create new opportunities for investors. OpenEden facilitates
stablecoin yields and daily liquidity, attracting institutional
investors. Tokenization of traditional assets is growing,
particularly for T-Bills, due to their stability and regulatory
compliance.
Uniswap CEO refutes claims of deployment fees
Uniswap CEO Hayden Adams refuted claims on X that Uniswap
charges for deploying decentralized finance protocols. Adams
clarified that neither Uniswap Labs nor the Uniswap Foundation
charges for deployments, which are decided by governance votes. He
highlighted that the costs associated with deploying on the Uniswap
interface depend on the activity and effort involved.
FTX withdraws Solana tokens, raising concerns about possible sales
A wallet associated with FTX withdrew 177,693 SOL tokens, valued
at $23.75 million, from Solana (COIN:SOLUSD). As of now, FTX has
not sold these assets, but the movement raised concerns about
potential large-scale sales, like those seen previously. The wallet
still holds 7.1 million SOL, valued at $953 million. Solana rose
1.7% in the last 24 hours, reflecting the crypto market’s
recovery.
U.S. cryptocurrency adoption increases despite concerns about
stablecoins
According to a Deutsche Bank (NYSE:DB) report, U.S. perceptions
of cryptocurrencies are changing: less than 1% of people consider
them a “fad,” a significant drop. More than half of consumers see
cryptocurrency as a relevant asset class, and 65% believe it can
replace cash. However, the future of stablecoins is uncertain, with
concerns about pricing and long-term viability. Only 18% of
respondents expect stablecoins to thrive, while 42% predict they
will disappear.
Circle announces headquarters move to One World Trade Center
Circle, issuer of USD Coin (COIN:USDCUSD), will relocate its
global headquarters to One World Trade Center in New York,
occupying a top floor of the iconic building. The move will be
officially announced this Friday, with Mayor Eric Adams attending
the ceremony. Previously based in Boston, Circle aims to strengthen
its U.S. presence and consolidate its position in the
cryptocurrency sector. Circle’s USDC has a market capitalization of
$34 billion.
Anchorage Digital and BitGo take custody of 21Shares ETFs
Anchorage Digital Bank, the only federally chartered crypto bank
in the U.S., and BitGo were selected as custodians for 21Shares
cryptocurrency ETFs, including the ARK 21Shares Bitcoin ETF and the
21Shares Core Ethereum ETF. This custody diversification aims to
enhance security and risk management. The partnership also includes
Anchorage’s advanced security and authentication technology to
protect the assets.
Vitalik Buterin imposes new criteria for Layer 2 projects
Ethereum (COIN:ETHUSD) co-founder Vitalik Buterin announced that
starting next year, he will only publicly recognize Layer 2 (L2)
projects that reach Stage 1 or higher in decentralization. This
stage requires 75% of the board to agree to overturn the proof
system and 26% of members to be independent. Buterin emphasizes
that the era of centralized L2s is ending, and crypto trust is
becoming the norm, in response to criticism over centralization in
Ethereum L2 networks.
Sonic Labs sets new blockchain speed standard with 720ms finality
The Fantom project (COIN:FTMUSD), now rebranded as Sonic Labs,
revealed impressive testnet results, with a transaction finality of
720 milliseconds. Sonic Labs promises to be the fastest blockchain,
with over 10,000 TPS and one-second confirmations. The mainnet,
scheduled for November/December 2024, will feature a new Ethereum
Virtual Machine (EVM) and a native token called “S,” designed for
transactions, staking, and governance.
Bitcoin faces volatility with mixed inflation data
On September 12, Bitcoin (COIN:BTCUSD) experienced volatility as
Wall Street markets opened, dropping to an intraday low of
$57,311.15 after mixed inflation data from the U.S. At the time of
writing, Bitcoin was trading around $58,000, quoted at $58,092.56,
reversing up 1.3%. The Producer Price Index (PPI) for August rose
0.3% month-over-month, exceeding expectations of 0.2%, while annual
inflation was 2.4%, below the 2.5% forecast. Despite this, the
market anticipates a modest 0.25% rate cut by the Federal Reserve.
Resistance around $60,000 persists, keeping BTC below that
level.
Bitcoin mining executives discuss the industry’s future in a panel
At the HC Wainwright Bitcoin Mining Panel held on September 10,
leaders from mining companies like Marathon Digital Holdings
(NASDAQ:MARA) Fred Thiel, Bit Digital (NASDAQ:BTBT) Sam Tabar, and
Bitfarms (NASDAQ:BITF) Ben Gagnon discussed industry trends and
challenges. Thiel highlighted the role of miners in stabilizing
power grids, while Tabar stated that their fleet is 85%
carbon-free. Gagnon emphasized the need for strategic investment,
and the executives predict Bitcoin could reach between $100,000 and
$250,000 before the next halving. The discussion reflected the
growing integration of mining with energy infrastructure and
optimism about Bitcoin’s future.
CleanSpark acquires new mining facilities in Tennessee
CleanSpark (NASDAQ:CLSK) purchased seven mining facilities in
eastern Tennessee for $27.5 million. These facilities are already
operational, and CleanSpark plans to upgrade them to boost its
hashrate by 22%. Eastern Tennessee is a strategic location due to
the availability of hydropower and mining-friendly regulations.
Tbilisi’s role in the international and cryptocurrency landscape
Tbilisi, the capital of Georgia, has become a key strategic and
cultural center on the Silk Road. Today, the city is a hub of
cryptocurrency innovation, attracting companies like Bitfury and
Binance. With its historic location and modern infrastructure,
Tbilisi hosts blockchain events and conferences. While the
government still faces challenges in regulating and fully
understanding the crypto sector, it supports the industry with
subsidies for startups, boosting local innovation, along with low
taxes and cheap energy.
Hawaii becomes a crypto hub with new regulations
Hawaii is attracting cryptocurrency companies like MetaMask and
Transak with new regulations that exempt these firms from money
transmission licenses starting July 1, 2024. This change, announced
in June, aligns the state with the growing Web3 community and
promises to ease the operation of cryptocurrency firms. The more
favorable regulatory environment could position Hawaii as a
significant hub for innovation in the sector.
Decentralized hubs as a solution to Web3 distribution challenges
Building in Web3 is challenging due to a lack of infrastructure,
users, and fragmented distribution. Unlike Web2, which already
offers consolidated channels, Web3 requires new distribution
pathways. Builders need to overcome barriers such as marketing,
funding, and token launches. Decentralized hubs could be the
solution, acting as connection points between influencers,
investors, and trading platforms. These hubs would facilitate
collaboration and access to essential resources, integrating the
ecosystem more efficiently and driving Web3 innovation and mass
adoption.
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