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Crypto Weekly 8/20/2023
A weekly summary of the latest crypto news...
Crypto weekly is co-authored by @serdave
PRICE CHANGE: WTD/YTD
- BTC ($26,130): -11% / +58%
- ETH ($1,678): -10% / +40%
- SOL ($21.79): -11% / +123%
- UNI ($4.90): -20% / -5%
- MATIC ($0.58): -16% / -23%
MARKET CAP CHANGE: WTD/YTD
- Crypto Market Cap ($1.1T): -10% / +33%
- BTC Dominance: 48%
- ETH Dominance: 19%
- Tether ($83B): -1% / +25%
- USDC ($26B): -1% / -42%
NFT 3M TRADING VOLUMES
THIS WEEK IN CRYPTO
- Bitcoin and other cryptocurrencies sold off this week on the back of an interest rate hike and news that SpaceX sold all its Bitcoin holdings after taking a $373 million write-off. Link. Link. Link. Link.
- Bitcoin fell 7% in 20 minutes and fell briefly below $26,000, triggering $801 million worth of liquidations for overleveraged long positions. Link.
- The SEC was given permission for “interlocutory appeal” in the ruling that Ripple Labs’ XRP token was not a security when sold to the general public after arguing that the decision “could affect a number of pending cases involving crypto assets.” Link. Link. Filing (PDF).
- The SEC is reportedly planning to approve the first Ethereum futures ETF. Bitcoin Future ETFs are already available, but no spot ETFs have been approved for any cryptocurrency to date. Link.
- A Federal Judge rejected claims that OFAC improperly sanctioned open source blockchain software Tornado Cash. Link. Link.
- More than $100 million in assets were bridged to Coinbase’s Layer-2 blockchain Base in the first few days of its launch. Link. Link.
- PayPal launched a US dollar pegged stablecoin called PYUSD in partnership with Paxos. PYUSD can be redeemed for USD, will be available to Venmo users, and can be used for payments. Link. Link. Press Release.
- Sam Bankman-Fried had his bail revoked after the ex-FTX founder was accused of witness tampering. Link.
- OpenSea met backlash after announcing it would make creator royalties optional on NFT trades. Yuga Labs announced it would sunset support for OpenSea’s SeaPort protocol on any new collections and all upgradeable contracts. Link. Link. Blog Post. Yuga Labs Tweet.
- Coinbase Global received CFTC approval to sell crypto futures to US customers. Link. Link. Blog Post.
- Crypto media company CoinDesk laid off 16% of its internal staff and is reportedly close to finalizing a sale of the company. Link. Link.
- Digital asset companies will have to collect data on cryptocurrency transfers in the UK, as part of efforts to enforce AML laws. Link.
- The SEC is seeking comments on the ARK Investment proposal for spot Bitcoin ETF. The SEC had previously set Aug 13 as a deadline for approval or disapproval. Link.
- Credit card processing company checkout.com is no longer servicing Binance, the world’s largest crypto exchange, citing regulatory and AML concerns. Link. Link.
- Microsoft is partnering with layer-1 blockchain Aptos Labs to create a blockchain-based solution for AI content verification. Link.
- North Korean hackers have stolen $200 million in cryptocurrency in 2023, roughly 20% of all stolen crypto for the year. Link.
- Former President Donald Trump’s latest financial disclosures indicate his NFT company, CIC Digital LLC, had earned $9.7 million in income and held at least $1 million in ETH. Link.
- Crypto custodian Prime Trust filed for bankruptcy, citing an $83 million shortfall in its crypto deposits. The deficit comes after Prime Trust lost access to some crypto wallets in December 2021. Link.
- Coinbase Global officially launched in Canada after integrating Interac E-transfer, making it easy for Canadian retail users to move money in and out of the exchange. Link.
- Defunct crypto lender Genesis reached a $175 million settlement with FTX. FTX had originally tried to recover approximately $3.9 billion from Genesis. Link.
- Coinbase suspended trading of stablecoins USDT, RAI, and DAI in Canada. Link.
- PayPal is temporarily pausing crypto purchases for UK customers as it works through regulatory requirements. Link.
- Crypto custodian BitGo raised $100 million in Series C financing at a valuation of $1.75 billion. Link.
- Hardware crypto wallet Ledger added PayPal as a new on-ramp solution. Link. Link.
- Layer-1 blockchain Sei Network released its SEI token on mainnet and experienced $1.1 billion in volumes on its first trading day. Link.
- Helium Mobile announced a $5 per month unlimited talk, text, and data plan for users in Miami. The plan is enabled by the crypto-powered Helium 5G network and T-Mobile. Helium Mobile users can earn MOBILE tokens by using their phone and opting into sharing data on network coverage. Link.
- The DOJ charged Sam Bankman-Fried of using customer funds at FTX to make over $100 million in political campaign contributions. Link. Link. DOJ Filing (PDF).
- NFT influencer Machi Big Brother dropped his defamation lawsuit against crypto blockchain sleuth ZachXBT. ZachXBT had accused Machi of pilfering 22,000 ETH from various crypto projects over the years. Link.
- Mobile game publisher Zynga announced its first blockchain game called Sugartown, which will require NFTs to play. Link.
- OpenSea is ending support for NFTs built on BNB Smart Chain (BSC). Link. Tweet.
- Mastercard is forming a digital currency program to “foster collaboration key players in the space”. Ripple, Consensys, and Fireblocks are part of the initial group. Link. Link. Blog Post.