Crypto Weekly 6/9/2024
A weekly summary of the latest crypto news...
Crypto weekly is co-authored by @serdave
PRICE CHANGE: WTD/YTD
- Crypto Market Cap ($2.68T): +1% / +51%
- BTC ($69,581): +3% / +64%
- ETH ($3,684): -2% / +61%
- SOL ($160): -2% / +57%
- UNI ($9.74): +3% / +33%
- MATIC ($0.65): -6% / -33%
- Tether Mkt Cap ($112B): 0% / +22%
- USDC Mkt Cap ($32B): -1% / +31%
- BTC / ETH Dominance: 51% / 17%
THIS WEEK IN CRYPTO
- The price of Bitcoin and Ethereum fell 3% and 4% respectively, causing over $300 million in liquidations on Friday after the U.S. labor department reported stronger than expected jobs data, leading many to speculate the Federal Reserve will delay cutting interest rates. Link
- Robinhood is acquiring european crypto exchange Bitstamp for $200 million in an effort to expand their crypto business outside of the U.S. Link
- Asset manager Franklin Templeton is considering launching an altcoin focused crypto fund for institutional investors. Link
- Kraken is considering raising $100 million in a pre-IPO round. The exchange is currently involved in a lawsuit with the SEC over operating as an unregistered securities exchange. Link
- Coinbase debuted its much anticipated smart wallet this week. Leveraging account abstraction (known formally as ERC4337), the wallet leverages passkeys instead of 12-24 word seed phrases and allows gasless transactions through paymasters. Link Announcement Post
- Base, the Layer 2 network built by Coinbase, generated more than $6 million in on-chain profits (layer 2 transaction fees minus costs to post data to Ethereum mainnet) last month, 4x more than second place layer-2 Blast, which generated $1.6 million in on-chain profits. Link
- Dapper Labs settled a class action lawsuit for $4 million, alleging that its NBA Top Shot digital collectibles were unregistered securities. Link
- Stand With Crypto, a crypto focused political advocacy group, has signed up over 1 million members since its founding in August 2023. Link
- BNB, the native coin of Binance Smart Chain, hit an all time high this week of $710. The chain’s TVL hit $5.6b this week, up 68% on the year and the highest it's been since 2022. Link Dashboard
- Binance founder Changpeng “CZ” Zhao started his four month prison term this week. CZ pleaded guilty earlier this year to charges surrounding his failing to implement an adequate know-your-customer (KYC) program for crypto exchange Binance. Link