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Crypto Weekly 7/16/2023
A weekly summary of the latest crypto news...
Crypto weekly is co-authored by @serdave
PRICE CHANGE: WTD/YTD
- BTC ($30,265): 0% / +83%
- ETH ($1,928): +3% / +61%
- SOL ($27.42): +28% / +181%
- UNI ($5.74): +9% / +11%
- MATIC ($0.78): +12% / +3%
MARKET CAP CHANGE: WTD/YTD
- Crypto Market Cap ($1.22T): +3% / +53%
- BTC Dominance: 49%
- ETH Dominance: 19%
- Tether ($83B): 0% / +26%
- USDC ($27B): -1% / -39%
NFT 3M TRADING VOLUMES
THIS WEEK IN CRYPTO
- A federal judge ruled that XRP, the token of crypto payments company Ripple, was a security when Ripple sold it to institutional investors, but not a security when it was sold to the general public on exchanges. The ruling was considered to be a huge win for the crypto industry. Link. Link. Link. Ruling (PDF).
- Coinbase re-listed XRP on its exchange following a ruling that secondary sales of XRP tokens did not meet the criteria for an investment contract under federal securities laws. Link. Link. Tweet.
- The price of XRP rose 75% after a federal judge largely sided with Ripple in its ongoing lawsuit with the SEC. Coinbase shares jumped more than 24% as well, as investors believed the Ripple ruling was positive for Coinbase’s lawsuit with the SEC, in which the agency accuses the exchange of selling unlicensed securities. Link. Link.
- Ethereum briefly crossed $2,000, a three-month high, following the Ripple ruling. Link.
- FTX customers have until September 29 to file claims to be included in the company’s Chapter 11 bankruptcy proceedings. Link. Claims Portal.
- Alex Mashinsky, the former CEO of bankrupt crypto lender Celsius, was arrested on fraud charges. The DOJ alleges Mashinsky and his Chief Revenue Officer manipulated the price of CEL, the company's native token by buying millions of dollars worth of the tokens, at times with customer deposits. The SEC, CFTC, and FTC also filed charges against Mashinsky and Celsius. Link. Link.
- Senators Lummis and Gillibrand are introducing a revised version of their comprehensive crypto regulatory bill, which seeks to expand the CFTC’s power over spot markets and centralized exchanges. Link.
- Coinbase Wallet is launching a new feature to allow users to send direct messages to and from Ethereum accounts. The encrypted messaging is powered by open-source messaging protocol XMTP, so wallet holders will be able to take their private inboxes to any interface that adds XMTP support. Link. Link.
- BlackRock’s application for a spot Bitcoin ETF is officially being reviewed by the SEC, the first step to getting the ETF approved. Link.
- Polygon is upgrading its MATIC token to POL, as part of its evolution to Polygon 2.0. The POL token will allow holders to become validators within the network and validate multiple chains and networks. Link. Tweet.
- Music NFT platform Sound.xyz raised $20 million in a Series A round led by a16z Crypto. Link.
- Starting in December, Google’s Play Store will include games where players can buy, sell, and earn tokenized digital assets like NFTs. Link. Link. Blog Post.
- According to blockchain analytics firm Chainalysis, crypto-related crime has decreased by 65% this year compared to 2022, driven largely by a decrease in scams and hacks. Link. Report.
- Crypto exchange Binance laid off more than 1,000 employees, reducing its staff by one-third. The exchange is currently being sued by the SEC and is facing enforcement actions from the US Justice Department. Link. Link.
- Nearly 20% of all ETH is locked up in staking contracts that validate the network. Link. Dashboard.
- In a pre-trial hearing, the judge presiding over the SEC vs Coinbase case pushed the SEC on why it had allowed Coinbase to go public if it had concerns over its business model and core offerings. Link. Transcript.
- Crypto bridge Multichain announced it was shutting down after its CEO was arrested by Chinese police. Speculation about the project has been rampant ever since an unexpected outflow of $120 million of assets on the platform last week. Link. Tweet.
- BlackRock CEO Larry Fink predicts that cryptocurrencies will surpass traditional currencies including the US dollar. Link.
- The API for the Brazilian Central Bank Digital Currency includes the ability to freeze funds and adjust balances. The loophole was not previously disclosed. Link.
- DeFi lending platform Aave is launching its own stablecoin called GHO. GHO will be backed by assets supported on Aave and will be worth exactly $1 on Aave’s network. Link.
- Puma and Roc Nation are launching a sneaker collaboration. The sneakers will include an NFC chip that can be scanned to unlock an NFT and exclusive digital content. Link.
- Coinbase is pausing its retail staking service in California, New Jersey, South Carolina and Wisconsin. The SECs lawsuit against Coinbase last month alleged that the staking service was an unregistered securities offering. Link. Blog Post.
- Yuga Labs announced ApeFest 2023 in Hong Kong. Link.
- Coinbase’s Layer 2 network Base opened its mainnet for developers, and plans a public launch for early August. Link.
- Around 9,800 BTC tied to the Silk Road was transferred to new wallets, indicating the US government could be planning another batch sale of the seized assets. Link.
- Republican lawmakers asked the Justice Department and SEC to investigate digital asset firm Prometheum. The company was recently approved by the SEC to operate a crypto trading platform, but has not begun operations or announced which tokens it would support. Link.