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🔔 MARKET MOVING NEWS! (17/08/24)
1️⃣ Worldcoin Says Malaysians Now Able To Digitally Prove Their Humanity With Project's Orbs ‼️
Worldcoin Foundation and Tools for Humanity have reportedly signed a memorandum of understanding (MoU) with MIMOS Berhad, the Malaysian government’s application research and development department. The collaboration seeks to integrate Worldcoin technology into Malaysia’s digital infrastructure, allowing Malaysians to prove their humanity using Worldcoin technology. They will also explore the possibility of working together to manufacture the orbs used for creating iris scans.
The announcement stated,
As part of the MoU, new Worldcoin operations in Malaysia will give individuals access to individual humanness verifications using state-of-the-art iris imaging technology developed by [Tools for Humanity] for the Worldcoin project. The Worldcoin Foundation will work to ensure that its technology is open source and freely available.
Given the agreement requires USMS assets remain completely segregated, whenever a transfer is ultimately made to CB prime (or other commingled exchange address), you can be sure USMS has already sold or is selling imminently.
🔔 MARKET MOVING NEWS! (16/08/24)
1️⃣ OKX Brings Solana ‘Blinks’ To Ethereum Chains ☄️
Crypto exchange OKX has reportedly added new functionality to its wallet application. Notably, the latest update allows the OKX wallet to support blockchain links (Blinks) - a technology developed on Solana that makes it possible to embed shareable URLs that can execute on-chain transactions on webpages.
The new integration with Blinks will extend these capabilities to all Ethereum-compatible chains. OKX claims to be the first with a multi-chain wallet to be able to do so. OKX worked with Dialect to bring Blinks into its wallet technology stack and says these transactions have “zero fees.”
Source
2️⃣ Donald Trump Holds Over $1M in Ether, Also Receives NFT Licensing Fees ‼️
According to a personal financial disclosure obtained by ethics watchdog Citizens for Ethics, former U.S. President Donald Trump holds between $1 million to $5 million in ETH and has significant income from NFT licensing fees. While the filings do not reveal Trump’s exact ETH holdings, Arkham Intelligence lists the holdings of Trump's wallet at $3.6 million. The filings also reveal that Trump made $7.15 million through a licensing agreement with a firm called NFT INT. The former first lady, Melania Trump, also reported an income of $330,609 from the sales of NFTs.
Source
3️⃣ ‘I’m Not Leaving’ — Megaupload’s Kim Dotcom To Fight US Extradition 🤔
Kim Dotcom, the founder of the defunct file-sharing website Megaupload and crypto platform BitCache, has announced that he plans to fight an order to extradite him to the United States. For context, authorities have been trying to extradite Kim Dotcom to the US for the past 12 years where he faces criminal charges for his role in creating the defunct file-sharing website. The US authorities claim the website cost movie and music studios more than $500 million by allowing copyrighted material to be posted and shared.
New Zealand Justice Minister Paul Goldsmith signed an extradition order for Dotcom on Thursday. However, Dotcom claims he has a "plan" to avoid the extradition. He also criticised his adopted home country, New Zealand, in another post, stating,
The obedient US colony in the South Pacific just decided to extradite me for what users uploaded to Megaupload, unsolicited, and what copyright holders were able to remove with direct delete access instantly and without question.
🚨 New Video Alert!! 🚨
Everyone has an opinion on where Bitcoin is heading. Yes, you can listen to the prognostications of these soothsayers, or you can find out for yourself.
The truth is that the real alpha in the market comes from studying the data and coming to your own conclusions.
In our video today, we are going to take you through 5 of the most important market indicators that could help take your investing to the next levels.
So, if you want a first mover advantage on potential movements in the crypto markets, then you need to watch this video!
🔔 MARKET MOVING NEWS! (15/08/24)
1️⃣ July’s CPI Data Shows Inflation Slowing To 2.9%, The Lowest In Over Three Years ‼️
The U.S. Bureau of Labor Statistics’ latest report shows that the Consumer Price Index increased 0.2% on a seasonally adjusted basis, after declining 0.1% in June. The report noted that the index increased 2.9% over the last 12 months through July. This is slightly below the 3% rise economists predicted. Higher housing costs reportedly accounted for most of the rise. When excluding food and energy, the core CPI increased by 0.2% monthly and 3.2% annually, which met expectations. The report also noted that this annual rate is the lowest since March 2021 and the core rate is the lowest since April 2021. The price of BTC fell slightly after the CPI report since many believe the core inflation print above 3% does not provide a clear signal to the Fed to start cutting rates. An interest rate cut would make it cheaper to borrow money, increasing spending towards risk-on assets such as BTC.
Source
2️⃣ MetaMask Starts Rollout of Blockchain-Based Debit Card Developed With Mastercard, Baanx 💰
Popular self-custodial crypto wallet solution MetaMask has announced the launch of the ‘MetaMask card’ - a self-custody debit card developed in partnership with Mastercard and digital payments company Baanx. MetaMask has launched a pilot program for the card, offering access to “a few thousand digital-only cards" for select users in the United Kingdom and the European Union, with plans to roll out the product in other regions over time. The card allows users to spend their USDC, USDT and wETH cryptocurrencies held on the Linea blockchain, an Ethereum layer-2 network developed by Consensys, the developer of MetaMask.
Source
3️⃣ TON And Pyth Team Up For Real-Time DeFi Data ☄️
The Open Network (TON) has reportedly partnered with the decentralised data oracle Pyth Network to deliver high-fidelity data to builders on TON. The partnership will focus on integrating Pyth’s pull oracle data feeds to enable TON developers to “make their apps truly stand out.” Notably, Pyth’s pull oracle technology is designed to offer real-time “institutional-quality price data” required to help build DApps on TON.
Source
4️⃣ U.S. Moves $600M of Silk Road Bitcoin to Coinbase Prime, But Not Necessarily to Sell 💸
According to Arkham Intelligence data, a wallet tagged as belonging to the U.S. government moved 10,000 BTC (worth approx. $600 million) to Coinbase Prime, the exchange giant's institutional platform. Notably, the funds appear to be related to the BTC seized from the Silk Road dark web marketplace. While deposits to an exchange usually signal an intention to sell the assets, in this case the transfer may have happened for custody reasons. Notably, the U.S. Marshals Service announced a partnership last month with Coinbase Prime to "safeguard and trade" large-cap digital assets.
Source
5️⃣ Binance to Pay $1.7 Million to Brazil’s SEC Over Crypto Derivatives ⚡️
Crypto exchange Binance has reportedly agreed to pay a $9.6 million reais ($1.75 million) fine to Brazil’s Securities and Exchange Commission (CVM) for acting as a “securities intermediary” by offering derivatives trading in the country without a proper license. The CVM first accused Binance Futures of illegally operating in Brazil without proper approval in July 2020. Binance is now banned from offering derivatives products in Brazil, and no longer does so.
Source
6️⃣ Morgan Stanley Reveals $187 Million Position In IBIT, Nearly Sells Out Of GBTC In Q2 🔍
According to a recent 13F filing, financial services giant Goldman Sachs held $418.65 million worth of shares in U.S. spot bitcoin exchange-traded funds as of June 30. Its largest spot bitcoin ETF holdings were 6.9 million shares (worth $238.6 million) of BlackRock’s iShares Bitcoin Trust. This makes Goldman Sachs the third largest holder of the IBIT fund, behind Millennium Management and Capula Management Ltd. Its other large positions include Fidelity's Bitcoin ETF (FBTC) at $79.5 million, Invesco Galaxy's BTC ETF (BTCO) at $56.1 million, and Grayscale's GBTC at $35.1 million. It also holds smaller positions in BITB, BTCW, and ARKB.
Source
🔥 Rally Report 🔥
MAKERDAO
The price of MKR has rallied by 7% in the past 24 hours.
WHY?!
💰 Yesterday, asset manager Grayscale introduced a new fund that invests in MKR - the governance token of the decentralised lending platform MakerDAO
🕯 Notably, the Grayscale MakerDAO Trust is accessible to eligible individual and institutional accredited investors. It is a closed-end fund – the same as the firm's other single-asset trusts. This means there could be price deviations between the fund's share on secondary markets and the underlying asset since direct withdrawals are not possible.
If you want to buy or trade MKR, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
The crypto market has been acting crazy, and I know we’ve all been trying to get a sense of what’s going on and where things are headed. As it so happens, a recent report from Forbes has a few insights.
The report takes a look at what’s been happening in the crypto market since the start of the year - from everything to spot Bitcoin ETF approvals to Donald Trump’s appearance at this year's Bitcoin conference in Nashville - and gives us a forecast of how the rest of 2024 could pan out.
Today, we’ll be breaking down this report, adding context with our own thoughts and insights, and tell you where we think the crypto market could be headed next. Spoiler alert: things are looking very bullish indeed.
Enjoy!
🔥 Rally Report 🔥
SATS
The price of 1000SATS has rallied by 16% in the past 24 hours.
WHY?!
🔍 The rally seems to be led by the speculative trading activity of crypto traders in Asia.
☄️ Notably, investors in Asia appear to be bullish due to developments in Fractal Bitcoin – a Bitcoin sidechain being developed in collaboration between the Unisat team, BSF, Uniworlds, and Asset Bridge.
If you want to buy or trade 1000SATS, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
It’s been a crazy 7 days in the crypto market. First, BTC fell below $50k, taking the whole crypto market down almost 20%. Then, BTC recovered, but it seems that ETH is still struggling to get into the spotlight.
Regulators also seem to be increasing their scrutiny of crypto predictions markets like Polymarket which isn’t surprising given that they tend to give a better read of sentiment than any mainstream media poll.
In the background, the BoJ has been dealing with the aftermath of the yen carry trade unwind, which may or may not have been planned. In the midst of it all, a handful of altcoins saw epic gains.
Be sure to stick around until the end to find out which ones those were and where they’re headed next!
🔥 Rally Report 🔥
SUI
The price of SUI has rallied by 11% in the past 24 hours.
WHY?!
🔍 Mechanism Capital founder Andrew Kang recently posted an X thread that provided insights into SUI’s recent price rally. Kang suggested that the bullish trend could be attributed to several factors, including Raoul Pal’s recent endorsement, substantial OTC bids and a recent technical upgrade that could pave the way for innovative applications on the SUI platform.
📈 AI-powered research platform Kaito AI also notes that social mentions for SUI have been 8 times higher than average this past week. One possible factor could be the project’s upcoming presence at crypto conferences in Asia.
If you want to buy or trade SUI, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
Is the US in recession? Like most questions, the answer is complicated, but that hasn’t stopped everyone from simplifying the data with a single indicator which is flashing a big warning signal.
This indicator is the Sahm Rule, and it was recently triggered after unemployment data for July came in higher than expected. However, it’s just one side of the recession equation. GDP is the other.
Interestingly, it appears that unemployment and GDP could start showing increasing divergent signals, making it possible for the powers that be to simultaneously claim all is fine while justifying stimulus.
This is a video you can’t afford to miss.
Sportswear giant Adidas has reportedly partnered with Ethereum NFT collection Doodles to sell virtual swag packs that could let buyers claim exclusive physical apparel. Specifically, each limited-edition collectable pack, which will be available for purchase until August 16, includes two items and retails for $4,99. Prices for bundles containing between two and 100 packs range from $8.49 and $374.99 respectively. Some co-branded kits reportedly include physical collectables (Tracksuit and Shoes) emblazoned with Deysi, the digital mascot from Pharrell Williams and Coi Leray’s new song, “Not in the Store.”
Source
🔥 Rally Report 🔥
HELIUM
The price of HNT has rallied by 11% in the past 24 hours.
WHY?!
‼️ Helium’s official X page recently revealed that two large unnamed US carriers have initiated tests to offload their traffic onto the Helium MOBILE Network.
☄️ Users can now enable their Hotspot to be a part of Helium’s Offload Beta in the Builder App or Hotspot Dashboard. This will allow subscribers from several other carriers to connect and transfer data through the user’s Helium Mobile Hotspot.
If you want to buy or trade HNT, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
BitVM co-founders Alexei Zamyatin and Robin Linus have announced the release of a new whitepaper for the second version of the Bitcoin Virtual Machine, BitVM2, and the updated BitVM Bridge. The whitepaper details updated efforts to improve the efficiency of transactions within the Bitcoin network through improvements in transaction handling capabilities and updated cryptographic methods. Specifically, the whitepaper explains that BitVM2 employs optimistic computation to scale Bitcoin with sidechains.
Source
According to a recently filed form 13F filing, United States investment banking firm Morgan Stanley held roughly $188 million worth of shares in BlackRock’s iShares Bitcoin Trust ETF (IBIT) as of June 30. Notably, this makes the investment bank a top-five shareholder of the ETF. The bank also disclosed that it owned $1.57 million worth of shares in the ARK 21Shares Bitcoin ETF (ARKB), down slightly from the $2.3 million allocation it showed at the end of the first quarter. Morgan Stanley also appears to have almost completely sold off the shares it held in the Grayscale Bitcoin Trust (GBTC). Its latest filing showed a position worth $148,000 in GBTC, down significantly from the $269.9 million position it showed in the previous quarter.
Source
🔥 Rally Report 🔥
AAVE
The price of AAVE has rallied by 6% in the past 24 hours.
WHY?!
▶️ The rally appears to be in response to the reported CPI data in the U.S. which was mostly in line with market expectations. The price of AAVE had similar rallies in the past when the reported CPI data was below market expectations.
💰 Another possible factor influencing its price could be the recent liquidations on the platform. Notably, Aave witnessed its largest-ever liquidations last week, with nearly $300M liquidated. This event saw the protocol earning $6 million in fees.
If you want to buy or trade AAVE, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
Around the world, governments are struggling to keep their governments afloat. Economies are being squeezed and there’s a good chance you’ve felt the pinch yourself.
But, just how much debt is the world in? How the heck did we get here, and what are these governments doing to address the issue? It’s a question that, as you’ve probably already guessed, doesn’t have a straightforward answer.
Today, we’ll be looking at the top 5 countries with the highest government debt to GDP ratios - basically, which governments owe more money out than what they’re raking in. We’ll tell you how these countries got to this point, how it’s affected their citizens, and how they plan to get back on track - if at all possible!
🔔 MARKET MOVING NEWS! (14/08/24)
1️⃣ Coinbase Teases Upcoming Launch Of Apparent Tokenised Bitcoin Named cbBTC 🤔
In a recent post on social media platform X, crypto exchange Coinbase hinted that it may soon be launching a wrapped bitcoin product under the ticker cbBTC. Notably, the ticker is similar to cbETH - Coinbase’s Ethereum staking derivative product. While further details were not provided, the post comes shortly after the recent controversy surrounding BitGo - the team behind Wrapped Bitcoin (WBTC), and Tron founder Justin Sun.
Source
2️⃣ Coinbase Expands Crypto Services To Hawaii ⚡️
Crypto exchange Coinbase has reportedly expanded its crypto services to Hawaii, allowing residents to buy, sell and manage their digital assets. Notably, the expansion comes after Hawaii’s Department of Commerce and Consumer Affairs Division of Financial Institutions (DFI) made substantial regulatory changes.
Coinbase had pulled out of Hawaii in 2017 due to its cryptocurrency regulation policy which required companies to hold one-to-one cash reserves for their BTC holdings. The DFI relaxed these regulatory restrictions as part of the Hawaii Digital Currency Innovation Lab pilot program which was launched to remove the reserve requirement.
Source
3️⃣ Possible BitGo Wallet Moves $2 Billion Worth Of Mt. Gox Bitcoin: Arkham Data 🔍
According to data from Arkham Intelligence, a wallet suspected to belong to cryptocurrency exchange BitGo moved nearly $2 billion in BTC to another wallet. Notably, the suspected BitGo wallet address had received more than $2 billion in Mt. Gox bitcoin on July 30 at 11:28 pm UTC. Many speculate that the latest movement of funds could mean the Mt. Gox saga is nearing a final phase. Specifically, BitGo is one of the crypto exchanges working with the Mt. Gox Trustee to distribute funds to Mt. Gox creditors.
Source
4️⃣ Bitcoin ETFs on Pace to Hold More BTC Than Even Satoshi ‼️
According to a recent chart posted by Bloomberg ETF analyst Eric Balchunas, spot Bitcoin ETFs in the United States now hold 909,700 Bitcoin in total. Notably, this is almost on par with the holdings of Bitcoin’s anonymous creator, Satoshi Nakamoto.
Nakamoto is estimated to hold approximately 1.1 million BTC which they mined during the network’s infancy. On average, the spot Bitcoin ETFs add around 37,510 BTC to their holdings every month. At this rate, they are projected to surpass Nakamoto’s holdings in January 2025. However, Balchunas believes the funds could overtake Nakamoto’s stack as early as October.
Source
5️⃣ WazirX Ends Custody Relationship With Liminal, Is Moving Funds to New Multisig Wallets ▶️
Indian crypto exchange WazirX is reportedly ending its relationship with custody provider Liminal Custody. Notably, the development follows the $230 million exploit suffered by the exchange last month. At the time of the attack, Liminal and WazirX blamed each other for the success of the attack.
WazirX stated,
We are in the process of migrating the remaining assets held with Liminal to new multisig wallets. This step is essential to ensure maximum security of the assets in light of recent events. While we believe our interface and systems remain uncompromised, the same cannot be said for the custodian's interface post the July 18th incident, prompting this precaution. We are exercising extreme caution in how and when we move these assets, considering the complexity involved [...] For transparency, we'll publish the list of all new wallets once the migration is complete.
🔔 MARKET MOVING NEWS! (13/08/24)
1️⃣ Singapore’s Biggest Bank DBS Rolls Out Blockchain-Powered ‘Treasury Tokens’ Pilot 🎙
Singapore’s largest bank by assets ‘DBS Bank’ has reportedly launched a pilot of “DBS Treasury Tokens” - a new blockchain-based treasury and liquidity management solution developed in collaboration with Ant International, the international division of Alibaba’s fintech affiliate Ant Group.
As part of the pilot, Ant International will use the solution for instant and multicurrency treasury and liquidity management in various markets. DBS explained that this pilot operates on its permissioned blockchain and that it aims to help Ant International reduce the settlement of intra-group transactions “from potentially days to seconds.”
Source
2️⃣ Canto Blames ‘Secondary Effects’ as Chain Halts Again 90 Mins After Restart ❌
Cosmos-based Layer-1 blockchain Canto has reportedly halted block production again after briefly coming back online. Specifically, the blockchain restarted block production at about 12:35 pm UTC on Aug. 12 after applying its scheduled fix, running for about 90 minutes before halting again on block 10,848,199. The team flagged “unforeseen secondary effects” as a fresh problem. The project’s official X page noted that its core development team, B-Harvest, is now building and testing a new version, v8.1.0, and expects validators to be able to resume producing blocks in about 15 hours from the time of the X post.
Source
3️⃣ SEC Files Fraud Charges Against Promoters of NovaTech, Alleged $650M Crypto Pyramid Scheme ▶️
The U.S. Securities and Exchange Commission (SEC) has reportedly filed a lawsuit against an alleged crypto pyramid scheme, NovaTech, and eight of its promoters. The regulator charged them with fraud and multiple violations of federal securities laws. The lawsuit claims NovaTech scammed investors out of around $650 million over four years. Notably, the lawsuit comes two months after New York Attorney General Letitia James filed a similar suit against NovaTech, its founders, and another alleged pyramid scheme with ties to NovaTech.
Source
4️⃣ Optimism Is Developing A Native Interoperability System For Layer 2 Chains ⚡️
Optimism, a layer-2 blockchain ecosystem atop Ethereum, has revealed a roadmap plan to introduce native interoperability across layer-2 chains in the ecosystem. This includes layer-2s such as Optimism Mainnet, Zora, Base and others. The objective of the interoperability solution is to make the Superchain operate like a single blockchain — allowing users, assets, and developers to move seamlessly across networks.
Source
5️⃣ Coinbase Calls For SEC To Rethink Rule On Decentralised Exchanges, Calling It 'Irrational' 🔍
In a new letter sent to the United States Securities and Exchange Commission (SEC), crypto exchange Coinbase’s Chief Legal Officer Paul Grewal urged the SEC to withdraw its rule proposal that requires decentralised exchanges to fall under the agency's remit. The letter argued that the SEC’s proposed rule depended on irrational arguments and lacked the necessary information to conduct a cost-benefit analysis. Specifically, Grewal stated the SEC "irrationally assumes" that decentralised exchanges can comply in the same way as more traditional exchanges. It asked the SEC to withdraw the proposal and start over again after it had done its research.
Source
6️⃣ DEF Buys Patent To Stop Lawsuits Against MakerDAO And Compound ‼️
The DeFi Education Fund (DEF) has reportedly purchased a patent owned by True Return Systems (TRS). The patent was for an oracle-like system for “separation and linkage of stacked modular data storage and processing.” Notably, TRS used this patent as the basis to file infringement lawsuits against MakerDAO and Compound Protocol. DEF characterised TRS as a “patent troll” and dedicated the patent to the public - preventing the patent from being used in similar suits in the future. DEF declined to disclose the settlement amount, citing the “confidential” nature of the negotiations.
Source
🔔 MARKET MOVING NEWS! (12/08/24)
1️⃣ Canto Blockchain Suffers Two-Day Outage Amid Consensus Issue ❌
Cosmos-based layer-1 blockchain Canto has been offline since it experienced a “consensus issue” following its ‘Callisto’ upgrade on Saturday. The outage took the mainnet down at about 18:43 UTC and the price of the CANTO token dropped by almost 21% immediately after. While the price of CANTO has recovered over the course of the weekend, activity on the chain is yet to resume.
Canto said in an announcement on X,
Canto chain is currently experiencing an issue with consensus that has caused the chain to halt. An upgrade to address this issue will be carried out on Monday, August 12 UTC 12:00. All funds are safe. Once the chain resumes, users will be able to access all activities as usual.
The base fee is at a multi-year low of ~0.8 GWEI. 23.9 would be required to offset staking rewards. In my opinion, Ethereum needs to increase L1 activity again, and even if it sounds counterintuitive at such low rates, raising the gas limit can be part of a strategy.
🔔 MARKET MOVING NEWS! (11/08/24)
1️⃣ BitGo Set To Transition Wrapped Bitcoin Business To Multi-Jurisdictional Custody 💸
Cryptocurrency custody platform BitGo is reportedly planning to ramp up security efforts for its Wrapped Bitcoin business by transitioning it to a multi-jurisdictional and multi-institutional custody structure. Currently, BitGo’s Wrapped Bitcoin (WBTC) custody operations and cold storage are based solely in the United States.
As part of its multi-jurisdictional strategy, BitGo has formed a joint venture with BiT Global. Bitgo is planning to transfer control of the WBTC product to the joint venture and has begun a 60-day transition period to diversify its custodial locations for the underlying BTC. The jurisdictions for the new custodial locations include Hong Kong and Singapore. BitGo CEO Mike Belsche acknowledged that the partnership for this joint venture includes BitGo, Justin Sun and the Tron ecosystem. He reiterated that Tron founder Justin Sun will not “have the ability to move funds.”
Source
2️⃣ Crypto.com, Gemini Join Coinbase In Opposing CFTC Proposal That Could Ban Prediction Markets ☄️
Several notable industry leaders across crypto and fintech have reportedly joined Coinbase in declaring their opposition to a proposed rule change that could see political prediction markets banned in the United States. The new wave of supporters includes Gemini, Crypto.com, Robinhood and influential blogger Scott Alexander.
Gemini co-founder Cameron Winklevoss stated,
Rather than forging ahead and denying Americans access to these powerful markets, the CFTC should withdraw this Proposed Rule and go back to the drawing board with industry stakeholders. This would be the trust-building move.
🚨 New Video Alert!! 🚨
Keeping an eye on activity levels on major centralised exchanges is a great way to monitor the state of the market. In fact, it’s probably one of the more underrated indicators out there. Put simply: the more successful a large exchange is performing, the higher the chances are that we’re in a bull market.
As it so happens, Coinbase - one of the largest crypto exchanges in the world - has just announced its Q2 earnings. Not only does it unveil what’s been happening over the past few months, but it also gives an indication of how the future is shaping up for the company - and by extension - the broader crypto ecosystem.
Today, we’ll be diving into this earnings report, telling you how Coinbase has performed in recent market conditions, what they’re planning for Q3 and beyond, and what this all means for the market.
Enjoy!
🔔 MARKET MOVING NEWS! (10/08/24)
1️⃣ IRS Updates Crypto Brokerage Tax Form, Appears to Remove Request for Wallet Addresses ▶️
The United States Internal Revenue Service has reportedly updated the draft of its crypto taxation form 1099-DA for crypto brokerage accounts. For context, this is the form that 'brokers' and investors are required to start using in 2025 to report digital asset transactions to customers. Crypto investors will in turn use this form to report certain crypto sale and exchange transactions to the IRS as taxable events. The updated draft of this form appears to have removed, among other things, wallet addresses, transaction IDs and time acquired. The changes come after investors raised significant privacy concerns when the form was first unveiled.
Source
2️⃣ Ripple Begins Testing Its Stablecoin on Ethereum and XRP Ledger ⚡️
Cross-border payment firm Ripple has reportedly begun testing its Ripple USD stablecoin (RLUSD) on the Ethereum mainnet and XRP Ledger. The firm stated that it plans to deploy the fiat-backed token on additional blockchain networks in the future. RLUSD is backed by short term U.S. Treasuries, dollar deposits and cash equivalents. Ripple stated that it will offer both RLUSD and XRP for global payments services to clients. The stablecoin is yet to receive regulatory approval.
Ripple stated,
Ripple USD is currently in its beta phase and is being rigorously tested by our enterprise partners. This phase is crucial for ensuring that the stablecoin meets the highest standards of security, efficiency, and reliability before it becomes widely available, and after receipt of regulatory approval.
🔔 MARKET MOVING NEWS! (09/08/24)
1️⃣ WazirX To Undo All Trades Following $230 Million Hack-Related Withdrawal Freeze ▶️
Indian crypto exchange WazirX is planning to undo all trades that occurred on the platform following its withdrawal freeze on July 18. Affected users will receive an email notification on the affected trades.
The exchange stated,
All users will have their portfolio balances on the WazirX platform restored to what they were on 18 July, 2024, 1 p.m. IST […] This decision has not been made lightly and aims to protect the integrity of our platform and facilitate an equitable outcome for users following the abnormality arising as a result of the cyberattack which occurred on 18 July, 2024.