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.
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