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Crypto Weekly 8/6/2023
A weekly summary of the latest crypto news...
Crypto weekly is co-authored by @serdave
PRICE CHANGE: WTD/YTD
- BTC ($29,100): 0% / +76%
- ETH ($1,837): -1% / +53%
- SOL ($23.36): -3% / +140%
- UNI ($5.97): -6% / +16%
- MATIC ($0.68): -3% / -10%
MARKET CAP CHANGE: WTD/YTD
- Crypto Market Cap ($1.16T): -1% / +46%
- BTC Dominance: 49%
- ETH Dominance: 19%
- Tether ($84B): 0% / +26%
- USDC ($26B): -2% / -42%
NFT 3M TRADING VOLUMES
THIS WEEK IN CRYPTO
- Coinbase CEO Brian Armstrong said the SEC suggested the company cease trading all assets except Bitcoin, shortly before suing the firm for allegedly operating as an unregistered broker. Link. Link.
- Grayscale, Van Eck, and 5 other issuers submitted applications for Ethereum futures ETFs. Though there are Bitcoin futures ETFs, the SEC has yet to approve a Bitcoin spot ETF or any Ethereum-centric ETFs. Link. Van Eck Filing.
- The IRS ruled that staking rewards are taxable as income in the year the investor takes control of the tokens. Link. Ruling.
- Despite China's ban on crypto, Binance users traded $90 billion in the country last month. China accounts for 20% of Binance's worldwide volumes. Link.
- UK based Revolut is no longer supporting digital assets for US users, citing uncertainty in the regulatory environment. Link. Link.
- GameStop announced it was discontinuing its crypto wallet, citing regulatory uncertainty in the US. Link.
- The Tax Department and IRS are facing backlash from Democrat lawmakers for the delay in implementing a 2021 law that expanded the definition of broker to include digital asset use cases. The Tax Department requested clarity from the administration on the new definition, which broadly could include software developers, crypto miners, and wallet providers. Link.
- Miami Mayor Francis Suarez is accepting presidential campaign donations in Bitcoin. Link.
- Coinbase released Q2 earnings and showed operating expenses down 50% from a year ago, and increased revenue from subscriptions and services. Non-trading revenue surpassed trading revenue for the first time ever. Shares rose 10% to above $100 in after-hours trading. Link.
- NFT sales totaled $495 million in July, down 23% from $646 million in June. Link. Data.
- Kenyan officials stopped Worldcoin's eye-scanning activity in the country even though 350,000 scans have already been completed. Link. Link.
- Robinhood posted a profit for the first time, despite quarterly crypto revenue hitting its lowest since the company's 2021 IPO. Link.
- NFT minting platform Zora will begin splitting minting fees with creators. Zora charges users a flat fee of ~$1.40 per NFT. Link.
- An anonymous crypto trader thwarted a $5.4 million attempted hack on Curve Finance, shortly after the hackers stole $52 million from several DeFi projects including JPEG'd, Metronome, and Alchemix. Link. Link.
- Bankrupt crypto exchange FTX wants to reboot its international exchange with third-party investors. Link.
- The SEC said it's suing Richard Heart, Hex, PulseChain, and PulseX for selling over $1 billion of unregistered securities. Heart and PulseCoin were also charged with fraud for misappropriating funds on luxury goods such as sports cars, watches, and the largest black diamond in the world. Link. Press Release.
- Coinbase's layer-2 blockchain Base is officially launching on public mainnet on August 9th. Link.
- Yuga Labs acquired LA-based metaverse startup Roar Studios for an undisclosed amount. Link.
- Kyle Davies, co-founder of defunct crypto hedge fund 3AC, said he no longer needs to answer to US courts as he renounced his American citizenship in 2017. Link.
- Elon Musk said X will never launch a native token. Link.
- Coinbase filed its motion to dismiss in the lawsuit brought by the SEC, citing a recent decision where the XRP token was not considered a security when sold on exchanges. This follows a ruling in the SEC's fraud and unregistered securities case against Terraform Labs and its founder Do Kwon, where the judge took into account the SEC's plans to appeal the XRP ruling and decided to include exchange transactions in its interpretation of an unregistered securities offering. Link. Link.