Crypto Weekly 7/14/24
A weekly summary of the latest crypto news...
Crypto weekly is co-authored by @serdave
PRICE CHANGE: WTD/YTD
- Crypto Market Cap ($2.3T): +7% / +30%
- BTC ($59,935): +8% / +41%
- ETH ($3,186): +7% / +39%
- SOL ($145): +6% / +42%
- UNI ($8.19): +3% / +12%
- MATIC ($0.52): +6% / -46%
- Tether Mkt Cap ($112B): 0% / +22%
- USDC Mkt Cap ($33.9B): +1% / +38%
- BTC / ETH Dominance: 52% / 17%
THIS WEEK IN CRYPTO
- The GOP cited key crypto issues, including the right to self-custody, in its official party platform for the 2024 general election. Link. Platform.
- Over 27% of ethereum, over 32.6 million ETH, is currently being staked to secure its proof-of-stake network. Link. Link.
- Presidential candidate Donald Trump is headlining crypto conference Bitcoin 2024. (Author note: this announcement was made prior to the assassination attempt). Link. Link.
- Compound Finance and Celer Network had their front-end domains hacked and replaced with phishing sites, due to an exploit at Squarespace. Nearly 125 domains are at risk due to the exploit which was the result of a migration from Google Domains to Squarespace last year, which automatically disabled 2FA. Link. Tweet.
- Goldman Sachs said it will launch three tokenization projects by the end of the year, including tokenization of real-world assets such as money market funds and real estate holdings. Link.
- Venture capital firm Electric Capital launched the Crypto Market Map, a tool that highlights crypto projects ranging form core infrastructure to end-user applications. Link. Crypto Market Map.
- A group of crypto executies, lawmakers, and advisors led by Mark Cuban met with the Biden administration to discuss crypto markets and regulations. Link.
- The German government is believed to have sold all 50,000 bitcoin it seized from a piracy site in mid-January, worth about $2.1 billion at the time. Link. Link.
- A new report from Chainalysis shows that stablecoins now account for majority of all illicit transaction volume, surpassing BTC. The report also shows that 50% of the $100 billion of crypto laundered over the past 5 years has ended up at centralized crypto exchanges. Link. Link. Report.
- VanEck and 21Shares filed paperwork for Solana ETFs. Link.
- The SEC said it would not recommend an enforcement action against stablecoin issuer Paxos, more than a year after issuing the company a Wells Notice for its Binance-branded stablecoin BUSD. Link. Link.
- Some banks and brokerage firms may bypass the reporting rules of SAB 121, an SEC bulletin that requires brokers to report crypto assets as liabilities on their balance sheets, by ensuring customer assets are protected in the event of a bankruptcy or failure. Link. Link.
- The SEC dropped its three-year investigation into bitcoin L2 Blockstack, which had raised $70 million in token sales from 2017 to 2019. Link.
- Decentralized social media protocol Farcaster reached an all-time high of 73,700 unique casters this week. Link.
- PayPal's PYUSD stablecoin saw its market cap rise from $270 million to over $533 million over the past month, following its expansion to Solana in May. Link.
- BlackRock, the world's largest asset manager, is looking to participate in decentralized stablecoin issuer MakerDAO's "Grand Prix", a competition aimed at bringing $1 billion of tokenized assets onto the platform. Link. Forum Post.
- Telegram's The Open Network (TON), is working on a layer-2 scaling solution in collaboration with Polygon Labs. Link.
- The US CFTC Chairman called both bitcoin and ethereum commodities in testimony before the US Senate. Link. Testimony Script. Hearing Video.