Ethereum celebrates 10th anniversary of its initial coin offering
The global blockchain industry is celebrating the tenth
anniversary of Ethereum’s initial coin offering (ICO). This
occasion marks a decade since Ethereum (COIN:ETHUSD) raised over
$18 million in Ether, paid in Bitcoin, following co-founder Vitalik
Buterin introducing the project in 2014. The celebration of this
milestone will take place at EDCON 2024 in Tokyo, bringing together
co-founders and key members of Ethereum to discuss the network’s
revolutionary past and promising future.
Bitdeer highlighted as attractive acquisition target
Bitdeer Technologies (NASDAQ:BTDR), a Bitcoin mining company,
has been highlighted by brokerage Benchmark as an attractive
acquisition target due to the growing interest from artificial
intelligence (AI) and high-performance computing (HPC) companies in
its energy assets. Benchmark raised Bitdeer’s price target from $13
to $16, maintaining a buy recommendation after observing that its
shares have more than doubled in the past two months. The company
is also exploring potential partnerships in the AI/HPC space.
Major hack at WazirX causes significant drop in PUSH token value
Over $230 million in digital assets, including all PUSH tokens
from WazirX, were stolen in a cyberattack on July 18, 2024. The
price of the native token of the Push Notification Service
(COIN:PUSHUSD) has fallen by 30.5% in the past 24 hours. In
response, WazirX has suspended all transactions and announced a $23
million reward for information leading to the recovery of the
funds.
Potential impact of Trump’s speech at Bitcoin Conference
The price of Bitcoin (COIN:BTCUSD) experienced an intraday high
of $68,495.00 after the announcement that President Joe Biden would
not seek re-election. However, the value has retreated by 1% in the
past 24 hours to approximately $67,490.
Meanwhile, Metaplanet (TSX:3350), a Tokyo-listed company,
continued its aggressive Bitcoin purchases, adding 20,381 BTC to
its treasury, bringing its total to 245,992 BTC. The Real Bedford
Football Club also bolstered its Bitcoin reserves, acquiring 66.9
BTC at an average price of about $67,220 per unit, resulting in an
investment of approximately $4.5 million. With this new purchase,
the club now holds a total of 82.7 BTC, acquired at a total cost of
about $5.37 million. Of these, 15.8 BTC are allocated for the
club’s daily operations, while the remainder is held as part of the
club’s treasury.
Additionally, the bankrupt exchange Mt. Gox conducted test
transactions, moving funds to facilitate creditor repayments, which
could have further impacts on the cryptocurrency market. Mt. Gox is
preparing to repay its creditors using the exchange Bitstamp,
sending small amounts to cold wallets, signaling the final phase
before initiating repayments.
Traders who observed the recent rise in Bitcoin’s value,
surpassing the $68K mark, may want to reconsider selling these
assets quickly. Markus Thielen of 10x Research advises caution
ahead of Donald Trump’s speech at the Bitcoin Conference in
Nashville on Saturday. There is speculation that Trump might
announce plans to adopt Bitcoin as a strategic reserve asset, which
could significantly influence its value. Thielen also points out
that Bitcoin is near its previous record high, which could lead to
a parabolic increase if these levels are maintained.
On the other hand, JPMorgan (NYSE:JPM) reported that Bitcoin’s
price, significantly above its production cost of $43,000, suggests
overvaluation, predicting that future increases will be
short-lived. The bank also noted weak momentum in Bitcoin futures,
impacted by significant liquidations, but expects a recovery in
future positioning in August.
NYSE Arca approves Ethereum ETFs from Grayscale and Bitwise
NYSE Arca has confirmed the approval for listing Ethereum ETFs
(exchange-traded funds) managed by Grayscale and Bitwise. Documents
submitted to the SEC on July 22 indicate the registration of these
funds, still pending final regulator authorization to be launched,
likely on July 23. This move follows similar approvals for other
Ethereum ETFs, such as those offered by Fidelity and VanEck,
indicating growing institutional interest in Ethereum, which could
impact market liquidity and volatility.
Hong Kong launches Asia’s first inverse Bitcoin futures ETF
On July 23, CSOP Asset Management, one of China’s largest asset
managers, will list the CSOP Bitcoin Future Daily (-1x) Inverse
Product on the Hong Kong Stock Exchange (HKEX). This ETF is
designed to offer investors the opportunity to profit from declines
in Bitcoin prices by tracking the daily inverse performance of the
S&P Bitcoin Futures Index.
Strategic realignment at Swan Bitcoin
Swan Bitcoin, a financial services company focused on Bitcoin,
announced significant changes to its operations. CEO Cory Klippsten
revealed that the company has abandoned its plans to go public and
is closing its managed mining unit due to a lack of short-term
revenue projections. Additionally, there will be staff cuts in
various areas of the company. Despite these setbacks, Swan will
continue to offer Bitcoin-related financial services and maintain
its commitment to free Bitcoin education.
Solana outperforms Bitcoin and Ether with strong weekly performance
Solana (COIN:SOLUSD) registered a 22.7% increase in the past
week, outperforming larger cryptocurrencies like Bitcoin
(COIN:BTCUSD) and Ether (COIN:ETHUSD), with its price exceeding
$180. Market observers attribute this appreciation to the growth of
transactional activity in Solana-based applications and the
anticipation of a possible Solana ETF. Increased activity in
decentralized exchanges and the growth of total value locked (TVL)
on the network, which recently surpassed $5.28 billion, also
contributed to the momentum. Additionally, the possibility of
favorable regulation under a potential Trump administration and the
enthusiasm for the imminent launch of an Ethereum ETF have raised
expectations that Solana could be the next cryptocurrency to have
its own ETF.
Continuous growth in crypto investments with record inflows in July
Cryptocurrency investment products recorded the third
consecutive week of inflows, totaling $1.35 billion last week,
raising the total for July to over $3 billion. This upward trend
was led by Bitcoin-related products, which accounted for 95% of the
inflows. Despite a 45% increase in ETP trading volumes last week,
these still represent only 22% of the total crypto market volume.
While short-term Bitcoin ETPs saw minor outflows, Ethereum and
Solana products recorded significant inflows, highlighting growing
interest in these assets.
Misunderstandings about the SEC’s campaign against blockchain
innovation
The crypto community may have misinterpreted the SEC’s recent
stance, particularly after Consensys announced the closure of the
SEC’s investigation into Ethereum 2.0. This move was seen by some
as a sign of a softer approach from the SEC, but the reality is
that the agency remains as adversarial as before. The recent
decision to approve an Ethereum ETF was an exception, not a policy
shift. The SEC continues its strict approach, often classifying
various tokens as securities, which implies additional restrictions
for smart contract developers. This ongoing aggressive policy is
seen as counterproductive, hindering blockchain technology
advancement in the U.S.
NPC Labs raises $21 million to innovate Web3 gaming
NPC Labs, a startup focused on Web3 gaming infrastructure,
raised $21 million in funding, led by Pantera Capital. The company,
formed by former members of the Base team, aims to simplify
on-chain game development, addressing challenges like liquidity and
technical complexities. Currently, NPC Labs is involved in B3.fun,
a gaming ecosystem on Coinbase’s L2 network, designed to offer
seamless integration of games across multiple blockchains without
users needing to switch networks. This environment also supports
games from other networks like Ethereum and Solana.
Memecoin trader suffers million-dollar loss with BODEN token
According to Cointelegraph, a memecoin trader suffered a
dramatic loss of nearly $8 million by investing in the Jeo Boden
(BODEN) token, associated with President Joe Biden, amid
expectations of a new memecoin season. The trader exchanged Jupiter
tokens (COIN:JUPUSD) at the peak of BODEN, resulting in a 99%
devaluation of the initial investment. The remaining value is now
only about $85,000 from a total of $8 million invested.
OKX launches Bitcoin price prediction game on Telegram
OKX, one of the largest cryptocurrency exchanges by trading
volume, has innovated by launching OKX Racer, a free mini-app on
Telegram. The game challenges users to predict Bitcoin price
fluctuations in five-second intervals. This launch marks OKX as the
first major centralized crypto exchange to explore Telegram’s
mini-app platform, which is already popular for simple games that
allow users to earn cryptocurrencies. With a simple interface,
players decide whether Bitcoin’s price will rise or fall,
accumulating points and rewards based on their accuracy.
Atari revolutionizes with blockchain classics in partnership with
Coinbase
Atari, in collaboration with Coinbase (NASDAQ:COINUSD), is
bringing the iconic games Asteroids and Breakout to the blockchain
as part of the Onchain Summer event and the newly launched Onchain
Arcade. This initiative allows players to compete for leaderboard
positions and earn rewards. The launch aims to modernize the
experience of classic games, offering a new way to engage and
reward creators through blockchain technology, ensuring that
profits from sales return directly to them.
Animoca Brands and TON Foundation partner to enhance identity and
reputation in the metaverse
Mocaverse and MOCA Foundation, subsidiaries of Animoca Brands,
have partnered with TON Foundation to integrate identity and
reputation networks into the Moca Network ecosystems and the TON
blockchain. This agreement includes a token swap between MOCA and
TON (COIN:TONCOINUSD), aiming to increase user interactivity
between platforms.
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