Crypto market rises with US unemployment improvement
In the last 24 hours, Bitcoin’s price (COIN:BTCUSD) surged 8.1%
to $59,475 on Thursday, driven by better-than-expected US
unemployment data. Initial jobless claims were 233,000, below
forecasts, boosting economic optimism and easing recession fears.
Ethereum (COIN:ETHUSD) rose 10.8% to $2,588, while Solana
(COIN:SOLUSD) (8.6%), Binance Coin (COIN:BNBUSD) (6.7%), and
Dogecoin (COIN:DOGEUSD) (7.9%) also saw significant gains.
Judicial decision boosts XRP
A favorable court ruling for Ripple Labs led to a surge in XRP
(COIN:XRPUSD), raising its price from 50 to 65 cents. The judge
imposed a $125 million fine and an injunction against future
violations, though the SEC may appeal, potentially extending the
case. The ruling also spurred a $200 million increase in open
interest for futures, with most traders betting on further price
increases.
Toncoin rises 15% after Binance listing
Binance, the largest cryptocurrency exchange by volume, will
list Toncoin (COIN:TOINCOINUSD) for spot trading starting August 8,
with withdrawals available on August 9. The new listing, tagged
with a “seed tag” indicating higher risk and volatility, saw
Toncoin rise 14.9% in the last 24 hours. Despite Toncoin’s growth,
its future appreciation may be affected as Binance-listed tokens in
2024 have underperformed, according to Coin98 Analytics.
Bitcoin ETFs see inflows on August 7, while Ethereum ETFs face
significant outflows
On August 7, US Bitcoin spot ETFs received $45.1 million, with
BlackRock’s ETF (NASDAQ:IBIT) leading with a $52.5 million inflow,
totaling $20.2 billion in net inflows. WisdomTree (AMEX:BTCW),
Grayscale Mini Trust BTC (AMEX:BTC), and Bitwise (AMEX:BITB)
reported inflows of $10.5 million, $9.7 million, and $3 million,
respectively, while Grayscale Bitcoin Trust BTC (AMEX:GBTC) saw a
$30.6 million outflow.
In contrast, Ethereum ETFs faced $23.7 million in outflows on
August 7. Grayscale’s primary ETF (AMEX:ETHE) reported $31.9
million in withdrawals, while ETFs from Fidelity (AMEX:FETH),
Franklin (AMEX:EZET), and Bitwise (AMEX:ETHW) received $4.7
million, $1.8 million, and $1.7 million, respectively.
JPMorgan highlights institutional optimism towards Bitcoin
A JPMorgan (NYSE:JPM) survey, shared by Matthew Sigel of VanEck,
reveals institutional investors’ optimism about Bitcoin
(COIN:BTCUSD). Factors include Morgan Stanley advisors’ ability to
recommend Bitcoin ETFs, reduced selling pressure from Mt. Gox and
Genesis bankruptcies, and potential payments from FTX’s bankruptcy.
Bipartisan support for crypto regulation and a futures market in
contango also indicate a positive sentiment.
NYSE American proposes trading options for Ether ETFs
NYSE American proposed a rule change to list and trade options
on three Ether ETFs: Bitwise Ethereum ETF (AMEX:ETHW), Grayscale
Ethereum Trust (AMEX:ETHE), and Grayscale Ethereum Mini (AMEX:ETH).
The proposal, filed with the SEC on August 7, aims to provide an
additional investment and hedging tool for Ether investors. This
follows a similar request by Nasdaq for BlackRock’s iShares
Ethereum Trust (NASDAQ:ETHA). Final SEC approval may take time, as
Bitcoin ETF options trading is still pending approval.
Innovation by NEAR Protocol with chain signatures
The NEAR Protocol (COIN:NEARUSD) introduced chain signatures,
allowing smart contracts to sign transactions on any blockchain
without needing cross-chain bridges. This facilitates interactions
with blockchains like Bitcoin and Ethereum, supporting Omnichain
DeFi and the creation of Omnichain tokens. The technology uses
threshold signatures and MPC nodes to simplify token and fee
management. This innovation promises to resolve interoperability
issues and create a unified layer for the Web3 ecosystem.
Ore V2 boosts activity on Solana blockchain
Ore, a mining protocol on the Solana blockchain, now accounts
for about 14% of the network’s transactions. Since the launch of
version 2 (V2) on August 6, mining activity has surged, reflecting
the project’s initial success. Ore combines proof-of-work (PoW)
with Solana’s transaction speed, offering rewards through a
gamified airdrop mechanism. The V2 update improved efficiency and
transaction success rates, with over 30,000 active miners
recently.
Franklin Templeton launches tokenized fund on Arbitrum
Franklin Templeton launched its tokenized money fund, the
Franklin OnChain US Government Money Fund (FOBXX), on the Arbitrum
network, expanding the integration between traditional and
decentralized finance. Created in 2021 and accessible via the Benji
Investments platform, FOBXX, with $420 million in assets and an
annualized return of 5.25%, can now be acquired on Arbitrum
(COIN:ARBUSD), Stellar (XLMUSD), and Polygon (COIN:MATICUSD). This
move highlights Arbitrum as a legitimate platform for financial
records and signals Franklin Templeton’s expansion into new
networks.
Aave implements first onchain fixed-yield loan
Aave DAO (COIN:AAVEUSD), in partnership with Trident Digital,
IntoTheBlock, and TokenLogic, successfully launched the first
onchain fixed-yield loan, valued at $100 million. This new product
offers fixed rates and terms, providing greater stability for
lenders and borrowers. The model addresses traditional liquidity
and volatility challenges, linking interest payments to protocol
revenue. The implementation uses Aave v3 and locks 33,000 ETH to
ensure the operation.
Binance recovers $73 million in stolen funds in 2024
Binance announced the recovery or freezing of $73 million in
stolen funds in 2024, surpassing the $55 million recovered in 2023.
The milestone was achieved through proactive efforts and
collaboration with third parties. Approximately 80% of the
recovered funds were related to external hacks, while 20% were from
off-platform scams.
Cryptocurrency trading volumes rise 19% in July
Global cryptocurrency trading volumes on centralized exchanges
increased by 19% in July, totaling $4.94 trillion, the first growth
in four months. Spot trading volumes grew 14.3% to $1.44 trillion,
while derivatives rose 21% to $3.50 trillion. The market share of
derivatives rose to 70.9%, the highest since December 2023. Bybit
stood out with a 23% increase in spot trading volume, although
Binance remained the leader in spot trading with a 28.1% share and
continued to dominate the derivatives market with a 43.5%
share.
WazirX restores balances after $230 million hack
WazirX, an India-based cryptocurrency exchange, announced the
restoration of user balances and the reversal of transactions made
between July 18 and 21 following a $230 million cyberattack that
led to the suspension of withdrawals. The move aims to ensure fair
treatment for affected users. All trades made during the period
will be nullified and associated fees reversed. The restoration
process is ongoing, with trading and withdrawal operations
remaining suspended as the platform works to resume normalcy.
Nexera burns 32.5 million NXRA tokens after $1.5 million hack
The DeFi protocol Nexera (COIN:NXRAUSD) burned 32.5 million NXRA
tokens, permanently removing them after a hack resulted in the
theft of $1.5 million. The attack, which occurred on August 7,
compromised 47 million NXRA tokens. The token burn aims to
stabilize Nexera’s ecosystem and prevent the stolen tokens from
being traded. The investigation revealed that Nexera’s smart
contracts were not compromised. The action also included freezing
the remaining tokens in the attacker’s wallet.
FTX and Alameda’s $12.7 billion settlement approved by US court
US District Judge Peter Castel approved a $12.7 billion
settlement between the CFTC, FTX, and its affiliate, Alameda
Research. FTX and Alameda must pay $8.7 billion in restitution to
investors and an additional $4 billion. The CFTC will not impose
further penalties. The court also banned FTX and Alameda from
operating in the crypto market. “FTX and its related entities are
permanently banned from soliciting, receiving, or accepting any
funds for the purpose of buying or selling any commodity interests
or digital asset commodities, including but not limited to bitcoin,
ether, or tether,” Castel stated. This settlement significantly
reduces the CFTC’s initial demand and follows an agreement to
resolve litigation. The FTX investigation is ongoing, with the
examiner requesting more time to complete the report.
Immutable announces closure of its NFT marketplace
Immutable will close its Marketplace on August 13, with a
complete redirect by September 27. The decision aims to better
support Immutable ecosystem projects on external marketplaces
rather than competing directly. Blockchain assets will remain
accessible through other marketplaces, and listings will be
maintained by Immutable’s Global Orderbook. This change comes amid
a significant decline in the NFT market, which saw a 66.65%
reduction in monthly sales volume since February.
Metaplanet increases Bitcoin investment with new loan
Japanese Bitcoin investment company Metaplanet (TSX:3350) plans
to secure a $6.8 million (¥1 billion) loan to expand its Bitcoin
reserves. Additionally, it is raising $70 million (¥10.08 billion)
through a new stock issuance. The action boosted the company’s
stock value, continuing its 450% positive trajectory for the year.
The loan will have an annual interest rate of 0.1% and a six-month
term.
BitGo expands operations in Asia with regulatory license in
Singapore
California-based crypto custody provider BitGo received the
Major Payment Institution License (MPI) from Singapore, allowing it
to offer regulated digital payment token services. The license
permits operations without transaction limits, aligning BitGo with
other major industry players. With the license, the company can
expand its custody and trading offerings in Asia and globally.
Sonic reaches 1 million users on testnet, boosting Web3 gaming
The Sonic testnet, a layer 2 of the Solana Virtual Machine (SVM)
aimed at gaming, surpassed one million monthly active users,
reflecting the growing adoption of Web3 gaming. Sonic generated
over 600 million transactions, with the Odyssey campaign
incentivizing participation through rewards. Sonic highlights the
challenge of “soft” infrastructure for Web3 gaming and the need for
greater education to attract traditional gamers.
Montenegro Supreme Court delays Do Kwon’s extradition
Montenegro’s Supreme Court delayed the extradition of Do Kwon,
co-founder of Terraform Labs, to South Korea. The decision, dated
August 8, followed prosecutors’ request to review legal issues.
Kwon, arrested in March 2023 for using forged documents, faces
potential fraud charges in both South Korea and the US. The
extradition remains indefinite, with the situation still under
review by Montenegrin courts.
Russia legalizes cryptocurrency mining
President Vladimir Putin signed a law legalizing cryptocurrency
mining in Russia. The new legislation defines digital mining,
mining pools, and infrastructure operators as recognized
activities, not as currency issuance. Only registered entities and
individual entrepreneurs can mine legally, with energy consumption
limits for unregistered miners. The law also permits trading
foreign digital assets on Russian platforms, with the Bank of
Russia maintaining authority over assets considered financial
risks.
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