What happened in crypto in the past week? Kucoin seems slightly better than Binance, at least in my country. The market is going down, all the way. German government selling BTC, mt. Gox giving back BTC, only to be sold, and the snowball effect is increasing bit by bit. What else? Read below:
- Bitcoin: Huge outflows from the Bitcoin ETFs, $581M, Grayscale leading the list, followed by Galaxy and Valkyrie. The Federal Reserve announced that it decided to leave the interest rates unchanged, but the BTC world did not care much about it. Australia approved its first spot BTC ETF. Deutsche Telecom goes into Bitcoin mining. Bitcoin whales realized $1.2B in profits selling high, and now probably are waiting to buy back at $50K. Mt. Gox started to pay back its customers in BTC tokens. And then BTC went down to $66K. The German government sold $195M of BTC, and they hold another $3.05B in their wallets. BTC price is now hovering around $60K, but most people are talking about a breakout. Japanese investment firm Metaplanet bought 141 BTC worth $1.6M.
- Ethereum: Hundreds of millions of buy orders were burned as the markets turned red. Yet, ETH long-term holders are buying the dip, with nearly 300K ETH bought in a 24-hour window. The SEC officially closed its investigation into Ethereum 2.0. We now have Symbiotic posing a threat to EigenLayer's monopoly of the ETH restaking sector. Spot ETH ETFs are on track for the end of the summer approval, according to the SEC, whatever that means. Hashdex filed to launch a combined spot BTCÐ ETF on Nasdaq. Standard Chartered is creating a BTC and ETH trading desk in London. Arbitrum's daily revenue surged to a record $3.4M amid LayerZero token claims, a stunning 16500% after the ZRO launch.
- Altcoins and stablecoins: The ZKsync airdrop is available, feel free to check it at claim.zknation.io until January. LayerZero announced airdrop eligibility for $1.28M wallets. Good luck! PolitiFi memecoins were shining briefly, only to experience major dips lately. Solana took a hit dropping with double digits in percentage. But fear not, as Solana is testing and trying to tokenize customer loyalty programs. They even withdrew delegated stakes from SOL validators that enabled sandwich attacks on Solana. Aethir (ATH) and IO.NET (IO) did well despite the weak crypto market. Injective (INJ) created a mechanism for a deflationary token. Notcoin surged 15% on Friday, and TON hit an all-time high. Pantera Capital is betting big on TON, launching a new investment vehicle focused on this one. TON, launching a new investment vehicle focused on this one. Tether launched Alloy (aUSDT), a gold-backed stablecoin pegged to the US dollar. There is a $150K bounty for anyone proving the identity of the Solana-based token DJT, as some pointed toward Donald Trump. No concrete proof has emerged yet. The US Congressman Mike Rollins invested $15K in Velodrome, which led to a 9% increase. A Trump memecoin whale made $3.7M by cashing in their MAGA (TRUMP) tokens. Dogecoin's long liquidations surged past $60M in 24 hours. FET surged over 25%, leading to a rally in AI-related crypto, sparked by Nvidia becoming the world's most valuable company. JUP co-founder proposed a 30% reduction in JUP's total supply, a voluntary 30% cut in the team-allocated tokens and a decrease in emissions. A 7% rise in JUP's price quickly followed. Canadian asset manager 3iQ filled for a Solana ETP on the Toronto Stock Exchange. Something interesting Time.fun allows you to buy time with creators, as you can buy and sell minutes for fans. I wonder how much a minute with Taylor Swift will be worth?
- NFTs and blockchain games: I did find some funny game called Chain of Legends and if you go here to do their quest, you get 1 free land, 1 free barracks and 2-3 troups too for a better start. What a number! On Splinterlands, the fifth round of Conflicts airdrop finished, with the third Legendary summoner, and the new reward system seems to be all right, as you get Glint tokens for every match you win and double it at the end of the season. You can use Glint tokens to buy specific cards, Merits, potions and even 3 different titles. You may also want to check Holozing - a soon-to-be-launched Pokemon-like game on the Hive blockchain. Paradigm closed a 4850M fund for early-stage web3 bets.
- Good news: Kucoin has a brilliant referral program if you are good at this stuff. Circle wants to integrate its suite of services and developer tools with Solana. Certik revealed itself as Kraken's $3M exploiter, withholding them until a payment was made, dividing the crypto community's reaction. The funds were returned. Aptos Labs partnered with NBCUniversal, developing Web3 fan experiences, starting with titles like Renfield and The Exorcist. The portfolio manager CoinStats got compromised, with over 1500 user wallets in danger after a security attack. Ripple Labs closed the acquisition of the digital asset custodian Standard Custody and Trust Company. Coinbase study found a 39% rise in Web3 projects among Fortune 100 companies in Q1. MicroStrategy announced plans to raise $500M via convertible senior notes due in 2032 to buy even more BTC, with interest paid twice a year, and possible conversion to stock. Crypto startup funding surpassed $100B over a decade.
- Bad news: The crypto market is showing weakness, losing $190B, or 5.28%, with $1B in long positions liquidated. Curve Finance looked in trouble, with a $10M debt crisis, following a hack and the token crashing over 28%, but its founder, Michael Egorov, deployed funds to defuse over 93% of the debt bomb before anything bad happened. The Holograph platform was hacked, and a billion tokens were forged, dropping HLG value by 79%. Lil Pump, the rapper, had a Solana tattoo on his forehead, and then he's selling all his Solana. The irony! David Hirsch, head of the SEC's crypto assets and cyber Unit, left the agency after nine years. Musk started X Payments, but no cryptocurrencies are involved. A MakerDAO Governance delegate got phished for $11M, via social engineering and a drainer. Terraform Labs and DO Kwon agreed to pay $4.5B in an SEC settlement. Paxos cuts 20% of its workforce despite a strong financial position.
- Joke of the week: Biden decided to accept crypto-donations, signalling that they are open to crypto too. But Trump is already leading the charge in crypto fundraising, he even hosted a private summit with Bitcoin mining leaders at his Mar-a-Lago resort this week, underlining that he wants the miners to mine BTC in the USA. Gemini launched its campaign finance project to facilitate campaign contributions to pro-crypto candidates in the US.
All the best,
George
Why not...
...have fun and win rewards on my favourite blockchain games (Splinterlands- Hearthstone-like card game) (Mobox - GamiFI NFT platform) (Upland - real-life virtual land) (Holozing - Pokemon-like game)and (Rising Star - Music creators game)
....g ETH while writing on the Publish0x blog, using the Presearch search engine to maximize your income with PRE tokens. Use Torum instead of Twitter. I am also writing for crypto on Read.cash and Hive.
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