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✖️ dYdX Community Approves dYdX V4 And DYDX Token Migration
In a significant development, the dYdX community has given its stamp of approval to the dYdX V4 adoption and DYDX migration proposal put forth by Wintermute. This pivotal decision signals a major shift in the dYdX ecosystem, promising exciting changes for its users. The key components of this proposal include the adoption of dYdX V4 open-source software as the next version of the dYdX protocol and the selection of DYDX as the Layer 1 (L1) token for the dYdX Chain. Under this proposal, the dYdX community commits to adopting the Ethereum smart contract, commissioned by the dYdX Foundation, which would facilitate a permissionless and autonomous one-way bridge for migrating DYDX tokens from Ethereum to the dYdX Chain. Furthermore, it’s worth noting that the proposal also emphasizes that wethDYDX, the resulting token from this migration, will maintain the same governance and utility functions as Ethereum-based DYDX (ethDYDX) on dYdX V3, ensuring continuity for users. The approval of these significant changes does not necessitate any smart contract modifications and can be ratified through a Snapshot vote.
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🇯🇵 Japan Urgently Demands Crypto Tax Reform, Igniting Investor Excitement
The Japanese Financial Services Agency (FSA) has submitted a request to the government to change the law to promote the way cryptocurrency companies are taxed in the country. The new tax regime for crypto assets (virtual currency) requires a change in corporate tax. Asking the government to continue reviewing a year-end mark-to-market tax on “crypto assets held by third parties” has been considered an issue for some time. Tax reform regarding crypto assets held by third parties was also mentioned in a tax reform request submitted to the government by the Japan Blockchain Association (JBA) in July. The proposed tax reform would bring Japan more in line with other countries, where companies only have to pay taxes on the cryptocurrencies they sell or exchange for fiat. This would alleviate the burden on cryptocurrency companies and promote growth in the industry in Japan. The FSA and the Ministry of Economy, Trade and Industry are expected to continue working with the government to implement the proposed tax reform for crypto assets held by third parties. This move could help Japan become a more attractive destination for cryptocurrency companies and investors.
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💰 JPMorgan says SEC would likely be forced to approve spot bitcoin ETFs following Grayscale's win
The United States Securities and Exchange Commission (SEC) will likely have no choice but to approve multiple spot bitcoin exchange-traded fund (ETF) applications following Grayscale's victory in its case against the SEC, according to JPMorgan. Grayscale’s win implies that the SEC would have to retroactively withdraw its previous approval of futures-based bitcoin ETFs in order to defend its denial of Grayscale’s proposal of converting its bitcoin trust into an ETF. Earlier this week, a federal court ruled that the SEC must review its rejection of Grayscale's attempt to convert the Grayscale Bitcoin Trust (GBTC) into an ETF. The court ruled that there was no justification for the SEC to allow bitcoin futures-based ETFs but deny spot bitcoin ETFs because fraud and manipulation in the bitcoin spot market pose a similar risk to both futures and spot products because the spot bitcoin market and the CME bitcoin futures market are so tightly correlated. Therefore, the SEC's rejection of Grayscale’s proposal was "arbitrary and capricious" because the agency failed to explain its different treatment of similar products, the court ruled.
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🪙 FTX Cold Wallet Transfers $10 Million+ In Tokens From Solana To Ethereum
Solana address marked as FTX cold wallet has transferred over $10M worth of tokens to Ethereum via bridges like Wormhole since August 31. A Solana address marked as an FTX cold wallet, 6b4aypBhH337qSzzkbeoHWzTLt4DjG2aG8GkrrTQJfQA, has been transferring funds since August 31 to the present. Tokens such as LINK, SUSHI, LUNA, and YFI on the Solana network have been transferred to Ethereum through bridges like Wormhole. The total amount of the transfer exceeds 10 million US dollars. The transfer comes after CoinCu reported that Genesis Creditors had accused GGC of manipulating bankruptcy proceedings by allegedly purchasing votes in connection with a proposed $175 million settlement agreement with FTX. This settlement amount is a significant reduction from FTX’s initial claim of $4 billion. Recently, FTX reported that Kroll, the representative of the claim in their bankruptcy, experienced a cybersecurity incident that compromised the non-sensitive customer data of several plaintiffs. Kroll has contacted the affected individuals directly to advise them on measures they can take to protect themselves. Notably, Kroll does not maintain FTX account passwords, and the platform’s systems will not be affected.
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🇺🇸 Former SEC Chair Expects U.S. Spot Bitcoin ETF Approval Admid Community Excitement
Former U.S. Securities and Exchange Commission (SEC) Chair Jay Clayton has expressed confidence in the inevitable approval of the inaugural spot Bitcoin Exchange-Traded Fund (ETF) within the United States. Clayton’s optimism follows the SEC’s recent decision delays regarding several spot Bitcoin ETF applications. In a recent interview with CNBC’s Squawk Box, Clayton noted that, despite the SEC’s delays, progress toward approval was expected. The commission has an additional 45 days to approve, deny, or further delay ETF applications from seven major firms. Clayton anticipates ongoing developments in this regard and believes that the arrival of a spot Bitcoin ETF is virtually certain. This positive outlook is buoyed by a recent court decision allowing Grayscale to convert its GBTC Bitcoin Trust into a spot ETF, potentially paving the way for the first-ever spot Bitcoin ETF. However, it’s worth noting that the cryptocurrency market has not yet responded with a significant bullish trend to this development. Clayton emphasized the clear interest from retail investors and the desire of trusted providers to bring this product to the retail market. He stated that Bitcoin is not a security and that leading financial institutions like BlackRock, Fidelity, and Ark Invest have built trust in cryptocurrency asset trading, dispelling concerns about manipulative practices.
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📣 Colorado DMV Accepts Crypto Payments Through Paypal
The Colorado Department of Motor Vehicles (DMV) has announced it accepts cryptocurrency for its online services via the payment processor Paypal. Besides paying local taxes with coins, residents of the crypto-friendly state will be able to use their digital cash to renew driver’s licenses and plates. A service fee of $1 plus 1.83% of the DMV total will be applicable to payments made with cryptocurrencies, the department noted. Colorado has been open towards cryptocurrency adoption. Under Governor Jared Polis, it started accepting crypto as payment of state taxes and fees in the summer of 2020. The Colorado Digital Token Act, which allows certain cryptocurrencies to have securities exemptions, was passed the previous year. People in Colorado who use the online services of the state’s Department of Motor Vehicles, like renewing a driver’s license or vehicle registration, can now pay with cryptocurrency through the popular payment platform Paypal, the Denver 7 TV channel reported. Those who chose to pay with crypto will be directed to Paypal, where they can select the digital currency they want to use which will then be converted to U.S. dollars and eventually transferred to the department, DMV officials explained.
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⚪️ Robinhood buys back former Sam Bankman-Fried stake for $606 million
The crypto-friendly trading app Robinhood bought back a sizable portion of shares that were formerly owned by a company founded by Sam Bankman-Fried. The firm bought back 55.3 million shares at around $10.96 each for a total of $605.7 million. The purchase was completed on Aug. 31, with Robinhood buying them from the U.S. Marshal Service on behalf of the government, according to a Friday filing from the Securities and Exchange Commission. "We are happy to have completed the purchase of these shares and look forward to executing on our growth plans on behalf of our customers and shareholders," Jason Warnick, Chief Financial Officer of Robinhood Markets, said in a statement. The U.S. Department of Justice had seized the shares from Emergent Fidelity Technologies, which was founded by former FTX CEO Sam Bankman-Fried, earlier this year. Bankman-Fried had tried to protect Emergent's Robinhood shares from debtors in January, stating in court filings that the funds would finance his legal defense. Bankman-Fried had his $250 million bail revoked on Aug. 11 and is preparing for his October trial from a New York jail.
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🚨 Web3 Platforms Lose Over $1.2 Billion To Hacks And Rug Pulls In 2023
This substantial loss has been attributed to 211 separate incidents within the Web3 space, highlighting the challenges of security in the crypto world. This ecosystem has experienced significant financial setbacks this year, with more than $1.2 billion lost to hacking attacks and rug pulls, according to a report by Immunefi, a Web3 bug bounty platform. The month of August 2023 saw a notable spike in losses, with $23.4 million lost, primarily attributable to projects operating on the newly launched Ethereum Layer 2 Base network. In August alone, the Web3 ecosystem suffered losses amounting to $15.8 million due to hacks, emphasizing the persistent vulnerability of DeFi (Decentralized Finance) projects. Intriguingly, centralized finance (CeFi) platforms did not experience any major exploits during this period, suggesting differing levels of security between the two sectors. As the Web3 ecosystem continues to evolve and expand, the challenge of safeguarding digital assets and platforms from malicious actors remains paramount. The lessons learned from these incidents are likely to drive further innovation in security protocols and risk mitigation strategies, ultimately enhancing the resilience of the Web3 landscape. DeFi projects, known for their decentralized nature, have been a prime target for exploit attempts in August 2023.
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🟠 Binance Ceases BUSD Support By February 2024: Report
Binance to cease support for BUSD, urging users to convert prior to Feb 2024. BUSD will be delisted from various services at different times. Binance has announced that it will gradually cease support for BUSD products in favor of other stablecoins and digital assets on its platform. As Paxos has halted minting new BUSD, the exchange is encouraging users to convert their BUSD assets into other available assets prior to February 2024. BUSD will always be backed 1:1 by USD, so users should have no concerns in that regard. Withdrawals of Binance-Peg BUSD tokens via BNB Chain, Avalanche, Polygon, and Tron networks will cease at @Next Thursday 00:00 (UTC). Binance has announced that it will gradually cease support for BUSD products in favor of other stablecoins and digital assets on its platform. As Paxos has halted minting new BUSD, the exchange is encouraging users to convert their BUSD assets into other available assets prior to February 2024. BUSD will always be backed 1:1 by USD, so users should have no concerns in that regard. Deposits and withdrawals of BUSD (ERC-20) tokens via Ethereum network will continue to be supported until further notice. BUSD will also be delisted from various services at different times.
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🪙 Swift And Chainlink Will Break New Ground In Seamless Cross-chain Value Transfer
Swift and Chainlink, two prominent players in the blockchain and cryptocurrency space, have made substantial progress in their recent collaborative experiments. Swift, in collaboration with over a dozen major financial institutions and market infrastructures, joined forces with Chainlink, a leading Web3 services platform. According to a press release on Thursday, these experiments showcased the successful transfer of tokenized value across various public and private blockchains. The significance of these findings lies in their potential to eliminate considerable barriers that have been impeding the expansion of tokenized asset markets. This breakthrough could ultimately enable these markets to flourish on a global scale as they continue to evolve and mature. Together, they demonstrated their ability to offer a singular access point to multiple networks, all within the framework of existing, secure infrastructure. This breakthrough greatly reduces the operational complexity and investment required for institutions to actively participate in the growth of tokenized assets. Interoperability between these blockchains is crucial, otherwise, financial institutions must build connections to each platform, creating significant operational challenges and costs.
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🇯🇵 Japan’s Financial Services Agency Charts Bold Path Towards Digital Future With Web3 Embrace
Japan’s Financial Services Agency has unveiled its financial policy guidelines for the upcoming administrative year, spanning July 2023 to June 2024. Under the banner of “Constructing a Financial System Aligned with Societal Concerns and Economic Advancement,” the agency has put forth the ambitious objective of realizing a digital society. This encompassing goal encompasses plans for the implementation of digital currencies and encrypted assets in line with Web3 policies. Among the proposed strategies is the facilitation of a registration review system, aimed at enabling seamless issuance and circulation of stablecoins. The encouragement of self-regulatory bodies is also highlighted in these policies. The country’s largest global Web3 conference, “WebX,” held in July, enjoyed sponsorship from Japan’s Financial Services Agency. The conference featured a video speech by the Prime Minister, reaffirming the government’s robust backing of the Web3 policy. The pursuit of sustainable economic growth is a cornerstone of Japan‘s financial management approach for this fiscal year. The agency is set to formulate pertinent financial legislation to support this objective, with plans to promptly submit relevant bills to Congress.
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🪙 Chainlink Stake v0.2 Sparks 18-Day Code Testing Showdown!
Chainlink Stake v0.2 launches an engaging and competitive public code testing contest on the Code4Rena platform. With a duration of 18 days, this contest is set to test the capabilities of the latest Chainlink release while offering participants a chance to secure their share of a substantial $250,000 prize pool. By inviting developers and enthusiasts to rigorously test the Chainlink Stake v0.2 codebase, the platform seeks to enhance its performance, security, and overall functionality. In this initial phase, Chainlink Stake v0.2 lays the groundwork by facilitating a priority migration process. This step ensures a seamless transition for existing users while preparing the platform for subsequent phases. Building upon the foundation of Phase 1, Chainlink v0.2 grants early access to selected participants. This stage allows for more extensive testing and optimization before the broader rollout. Chainlink’s ambitious plans involve introducing Chainlink Stake v0.2 to the market in the fourth quarter of this year. The public code testing contest not only validates Chainlink’s commitment to delivering a robust and thoroughly tested product but also provides a unique opportunity for the crypto community to actively participate in the platform’s evolution.
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💰 The Graph’s Phase 3 L2 Scaling Surges with Cutting-Edge Transport Engine
The Graph has taken a significant stride forward by formally embarking on the conclusive phase of its Layer 2 (L2) expansion. The much-anticipated L2 migration has been set into motion, ushering in a new era of enhanced accessibility to Arbitrum Charts. This development brings forth an array of tools designed to simplify the process of transitioning to Layer 2. The core advantage of this L2 migration lies in the streamlined experience it offers to users. With lower gas fees and accelerated transaction speeds, the transition to Arbitrum Charts becomes not only more cost-effective but also remarkably swift. This move strategically addresses the persistent challenges associated with scalability and efficiency in the blockchain ecosystem. One of the standout features is the ability for users to seamlessly convert Graph Token (GRT) or subgraphs to the Layer 2 infrastructure. This innovation introduces an unprecedented level of flexibility, enabling individuals to harness the potential of Layer 2 while retaining their existing assets and resources. This announcement resonates profoundly with the crypto community as it underscores The Graph’s commitment to continuous evolution and improvement.
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💰 The Fifth Largest Bitcoin Wallet Holds 94,643 BTC And Is Controlled By The US Government
Recent reports from PeckShield monitoring have unveiled a substantial development in the realm of cryptocurrency and Bitcoin. A BTC wallet ranking as the fifth largest globally, containing an impressive 94,643 BTC (equivalent to approximately $2.46 billion at current market rates), is now believed to be in the possession of the U.S. government. This wallet’s connection can be traced back to the infamous 2016 Bitfinex hack, marking a significant advancement in ongoing efforts to combat cybercrime. Further examination reveals that this wallet’s history intertwines with the Silk Road saga, an illicit marketplace operating from 2011 to 2013 that specialized in trading drugs, weapons, and other prohibited goods on the dark web. The IRS’s Criminal Investigations Unit and the U.S. Attorney’s Office for Northern California recently unearthed evidence indicating that hackers funneled the stolen Bitcoins from Silk Road into various addresses in 2013, sparking an intricate investigation. With the recent transfer of approximately 49,000 BTC to Coinbase addresses, the government continues to manage and shift its seized cryptocurrency holdings. This maneuver has caught the attention of the crypto community, as sizeable transactions from influential holders can impact the asset’s market dynamics.
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🪙 OnlyFans parent company reports ether holdings, impairment loss
Fenix International, the UK-based parent company of content subscription giant OnlyFans, revealed it invested a portion of its working capital into ether, the second largest cryptocurrency by market cap, while reporting revenues of over $1 billion for the first time. "During the year, the Group diversified part of its working capital into a cryptocurrency asset ('Ethereum' or 'ETH')," the company's latest accounts, made up to Nov. 30, 2022, and filed with UK corporate registry Companies House on Aug. 24, stated. The addition was disclosed under $19.89 million of intangible asset purchases within its financial statements. However, the company also reported a total impairment loss of $8.46 million. "The asset has been impaired to its fair value as at the year end," it noted. The price of ether fell nearly 75% over the period from $4,637 to $1,217, according to CoinGecko data. Its popularity surged further last year, with over 50 million new users registering and the site welcoming over a million new content creators. Users spent $5.5 billion on the platform in 2022, with the company reporting $1.1 billion in sales for the year as pre-tax profits jumped to $525 million, according to the filing. OnlyFans, launched in 2016 and known for its adult material, has become a popular way for creators to make money by selling content to subscribers.
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⬜️ OKX Nears Final Licensing Stage In Hong Kong for 2024
OKX Global’s Commercial Director, Jimmy Lai, disclosed that the OKX Group is currently in the final stages of applying for a license in Hong Kong, with expectations of receiving official approval sometime between March and June of the following year. The move to secure a license in Hong Kong is seen as a strategic initiative by OKX Group to solidify its presence and cater to the rapidly growing interest in cryptocurrencies among retail investors. However, industry experts like Li Zhikai caution against expecting a surge in the number of licensed securities companies in Hong Kong in the coming year. Zhikai, who closely follows regulatory developments, anticipates that the China Securities Regulatory Commission will maintain a cautious approach. He believes that the regulatory body will impose stringent requirements on potential license applicants, aiming to ensure the stability and security of the cryptocurrency market. Zhikai’s perspective highlights the regulatory authorities’ preference to closely monitor the performance and adherence to compliance standards by the initial batch of license holders before considering any significant expansion.
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🟣 Multichain Token Surges 125% And Sees 7000% Volume Increase After CEO’s Arrest
Multichain token (MULTI) saw a 125% increase and nearly 7000% transaction volume surge. Trading at $2.15 with recent news of CEO’s arrest. Multichain token (MULTI) experienced a massive increase of 125% in the past 24 hours, according to CoinMarketCap. The transaction volume also spiked by nearly 7000%. At the time of this writing, MULTI is trading at $2.15 after hitting a peak of $2.38 a few hours ago. Despite this setback, the project has repositioned itself as an infrastructure for arbitrary cross-chain interactions, an ultimate router for Web 3. Evolved from Anyswap, a decentralized cross-chain swap protocol with DEX trading and liquidity mining rewards, Multichain is designed to allow for cross-chain interactions seamlessly and safely. The total supply of MULTI will be 100 million according to the fixed exchange ratio with ANY as the total supply of ANY is 100 million. Currently, ANY circulating supply is 18,639,320, accounting for 18.64% of the total. Once the swap is completed, MULTI circulation will be 18,639,320 while the uncirculated accounts for 81.36%.
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💰 Spot bitcoin ETF approval is 'inevitable,' says former SEC chairman
The United States will eventually have a spot bitcoin exchange-traded fund (ETF), according to Jay Clayton, former chairman of the U.S. Securities and Exchange Commission (SEC). "It is clear that bitcoin is not a security. It is clear that bitcoin is something that retail investors want access to, institutional investors want access to, and, importantly, some of our most trusted providers who are fiduciaries or have duties of best interest want to provide this product to the retail public. Futures-based bitcoin ETFs already exist in the U.S., but the SEC has yet to approve a spot bitcoin ETF. Earlier this week, in the Grayscale vs. SEC case, a federal court ruled that there was no justification for the SEC to allow bitcoin futures-based ETFs but deny spot bitcoin ETFs because fraud and manipulation in the bitcoin spot market pose a similar risk to both futures and spot products because the spot bitcoin market and the CME bitcoin futures market are so tightly correlated. Therefore, the SEC's rejection of Grayscale's proposal to convert its bitcoin trust (GBTC) into an ETF was "arbitrary and capricious" because the agency failed to explain its different treatment of similar products, the court ruled.
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🪙 Elon Musk Quietly Funds DOGECOIN Development As SBF Fails To Invest $5 Billion
According to WSJ, Elon Musk’s upcoming biography reveals he funded DOGECOIN and considered a blockchain-based social media with payments. SBF failed to invest $5B in Twitter. Elon Musk, the visionary behind Tesla and SpaceX, has been quietly funding the development of Dogecoin, a semi-serious cryptocurrency. But that’s not all – he’s also considered creating a new social media platform based on the blockchain, which would include payments. Musk’s interest in blockchain-based social media was revealed in a biography set to be published on September 12. Musk’s vision for Twitter includes turning it into a payment platform, where users could send money, hand out tips, and pay for stories, music, and videos. To eliminate bots and create a new revenue stream, Musk suggested charging users a small amount, like $2 a month, to be verified. Musk has been a vocal proponent of free speech on social media platforms and has criticized Twitter’s attempts to restrict what users can say. Musk believes it would be good for democracy if Twitter stopped trying to restrict user speech. Musk’s Morgan Stanley banker urged him to call Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, who was eager to invest $5 billion in the deal. However, Musk felt that building a social network on the blockchain would be too sluggish to support fast-paced Twitter postings, so he declined the offer.
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🪙 Uniswap V4 Will Be Launched After The Ethereum Dencun Upgrade
Uniswap Labs, a pioneer in decentralized finance (DeFi), has announced the forthcoming launch of Uniswap v4, a significant upgrade set to follow the Ethereum Cancun upgrade. The Ethereum Cancun upgrade is currently undergoing testing on the testnet. Uniswap v4 brings a host of improvements to the popular decentralized exchange protocol. Notable enhancements include the introduction of Hooks functions, a Singleton contract, native ETH support, ERC-1155 account compatibility, governance features, and a donate() function. These additions aim to enhance the flexibility and composability of the Uniswap platform. One of the key innovations in Uniswap v4 is the Singleton contract, which consolidates all pools into a single contract. This consolidation reduces gas costs significantly, with early estimates suggesting a 99% reduction in pool creation expenses. Additionally, Hooks functions open up new possibilities for customizing routing options across pools efficiently. The upgrade includes support for native ETH, offering users even more gas efficiency. Uniswap Labs emphasizes transparency and community governance, allowing the community to govern v4, similar to previous versions. The code for Uniswap v4 will be released under a Business Source License 1.1, with restrictions on commercial use for up to four years before transitioning to a GPL license. Moreover, the fee mechanism in v4 will enable governance to vote on adding Protocol fees to pools, up to predefined limits.
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🟠 Binance Launches 'Send Cash' Remittance Services in Latam
On Tuesday, Binance announced the launch of ‘Send Cash,’ a new service that seeks to ease the burden of Latam crypto users trying to send remittances to friends and family in Latam. In a press release, Binance explained that this new tool will allow users in 9 countries of Latam – Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, and Mexico – to send funds directly to the bank accounts of users located in Colombia and Argentina “at the lowest cost in the market.” Binance also hinted at the possible expansion of this program to other countries of the region, explaining that Colombia and Argentina were part of a “first stage” of this service. What simplifies the process for the receiving users is that thanks to Binance’s “services of licensed transfer processing providers,” they will receive the funds directly into their bank accounts. This allows remittance receivers to avoid the hassle of using third-party services to obtain fiat after receiving cryptocurrency, bringing the possibility for less crypto-savvy users to benefit from this service. Nonetheless, the exchange had to suspend some of its card services in Latam recently after Mastercarddecided to terminate its relationship with the company.
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🇨🇳 China Court: Cryptocurrency Can Be Classified As Legal Property And Protected By Law
Cryptocurrency is property with an objective exchange value and legal recognition, protected by law in China. Opinion in China Court Daily. An opinion article in China Court Daily pointed out that “cryptocurrency has economic attributes and can be classified as property”. Its exchange value exists objectively due to legal recognition and legal circulation in the global market. It is legal property in China and should be protected by law. According to the article, crypto itself has use value, which is manifested in acting as a settlement medium and virtual certificate or property. The exchange value of crypto exists objectively, and it has become a means of payment for purchasing goods and services in real life. Obtaining other people’s crypto by illegal means shall be dealt with as a property crime. Cryptocurrency objectively has a positive use value and exchange value, which is different from drugs and other contraband that do not have any positive value. In judicial interpretations, for the purpose of protecting possession, it is stipulated that theft, robbery, drug fraud, and other contraband constitute related property crimes, and cryptocurrency should be the object of property crimes.
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📣 Bitwise Suddenly Withdraws ETFs Application Amid Market Tension
Bitwise Trust Fund has taken a surprising turn by withdrawing its application for a Bitcoin and Ethereum Market Cap Weight Strategy exchange-traded fund (ETF) from the U.S. Securities and Exchange Commission (SEC). Bitwise initially filed its application for the ETF on August 3, but in an unexpected twist, they have now withdrawn it. The application stated that the fund aimed to provide investors with capital appreciation but cautioned that there were no guarantees of achieving this objective. The company clarified in its withdrawal statement that it no longer intended to seek effectiveness for the fund and that no securities of the Fund were or would be sold. This decision is surprising, especially considering that its Chief Investment Officer, Matt Hougan, had previously urged the SEC to approve all pending ETF applications, believing it would foster competition, lower prices, and produce better products. In recent months, there has been growing interest from asset managers in cryptocurrency ETFs, with companies like BlackRock and Bitwise filing applications for Bitcoin spot ETFs. However, the SEC has delayed its decision on these applications, citing the need for more time to assess rule changes and related concerns. The earliest possible decision date is now set for October.
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🇹🇷 52% Of Turkish Adults Are Now Investing In Crypto: KuCoin Report
KuCoin, a prominent cryptocurrency exchange, has launched its latest report, “Into The Cryptoverse: Understanding Crypto Users,” focusing on Turkish investors. This report provides a comprehensive overview of the crypto landscape in the country, delving into the behaviors, preferences, and trends among adult crypto investors. A notable surge in Turkish adult participation in crypto investment has emerged from the survey findings. More than half of Turkish adults, a significant 52%, have ventured into crypto investments. Impressively, this figure has escalated by 12% over the past 18 months, soaring from 40% in November 2021 to the current 52% as of May 2023, defying market challenges. This surge signifies a growing enthusiasm for cryptocurrencies as a hedge against inflation, especially with the Turkish lira’s depreciation of over 50% against the US dollar. The report serves as a valuable resource for crypto enthusiasts, investors, and businesses seeking insights into the Turkish crypto market. Of note, young women aged 18 to 30 stand out, with 47% holding cryptocurrencies. Bitcoin leads the preferred digital assets with a 71% holding rate, followed by ETH at 45% and stablecoins at 33%. Motivations driving Turkish adult crypto investors vary. An impressive 58% strive for long-term wealth.
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📣 Robinhood Wallet adds support for Bitcoin, Dogecoin and Ethereum swaps
Less than six months since Robinhood first launched its own crypto wallet, the company is adding "custody, send, and receive support for Bitcoin and Dogecoin," in addition to enabling Ethereum swaps. When Robinhood Wallet became available to customers using Apple devices in March, the self-custody wallet supported the Polygon and Ethereum networks and tokens including COMP, MATIC, SHIB, SOL, UNI and the USDC stablecoin. The wallet is still not available on Android devices, but the functionality is expected to launch later this year. Adding Bitcoin and Dogecoin support to the mix, two of the world's most popular tokens by market cap, follows the release of Robinhood's most recent earnings report where it said revenue from crypto fell to $31 million, compared with $38 million in the previous quarter. "In-app Ethereum swaps started rolling out to select users today for [more than 200] tokens and will become available to everyone in the coming weeks," the company said in a statement. "Unlike other wallets, users can swap without holding Ethereum, and network fees are automatically deducted from the tokens they already hold."
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📣 BlockFi Wants To Convert Client Crypto Into “Trade Only” Asset Amid Bankruptcy
Cryptocurrency lending firm BlockFi has taken a step forward in its ongoing bankruptcy proceedings by submitting a proposed court order aimed at converting specific client assets into withdrawable funds. These trade-only assets, encompass less than 0.5% of all client funds held by BlockFi. If authorized, the conversion will address technical limitations that currently prevent clients from directly withdrawing these assets in their original form. Its proposal outlines the conversion of these assets into stablecoins. This would enable clients to subsequently withdraw the stablecoin funds through the platform, streamlining the overall withdrawal process. The company emphasizes the necessity of this move to ensure a comprehensive withdrawal experience for all client assets under its custody. Recent court orders had previously reopened the BlockFi platform for client withdrawals. Moreover, BlockFi is engaging in efforts to thwart FTX and Three Arrows Capital’s pursuit of recovering billions of dollars tied to transactions preceding the dissolution of their collaboration last year. Notably, the bankruptcy court has not yet determined a hearing date for this proposal.
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🇰🇪 Kenya Warns Worldcoin Activities Cause National Security Challenge
Kenya’s National Computer Cybercrimes Coordination Committee has issued a stern warning regarding the activities of Worldcoin, citing potential national and economic security challenges, as reported by Standard Media. It has come to light that Worldcoin, an entity operating in Kenya, has been engaging in its activities without legal authorization. Attorney General Justin Muturi emphasized this fact during a hearing held by an Ad hoc committee investigating the matter. Muturi conveyed that Worldcoin, as well as its affiliate Tools for Humanity based in Germany, have not undergone the required registration processes to operate as legitimate business entities in the country. This failure to comply with registration regulations contradicts the law, which mandates that foreign companies obtain proper registration before conducting operations in Kenya. Interestingly, only the Sales Marketing company, a subsidiary of Worldcoin, has been confirmed to be in full compliance with local business registration protocols. This hearing was conducted by the committee, chaired by Gabriel Tongoyo, the Narok West MP. Its primary aim was to establish the legal standing of the project within the parameters of Kenyan law.
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🏦 ByBit Sees Massive Bitcoin Withdrawals Occupying 36% Of Total Reserves In 1 Day
Bitcoin (BTC) is displaying significant indications of whale accumulation, prompting substantial withdrawals from centralized exchanges. Notably, Bybit, a cryptocurrency exchange, witnessed a substantial withdrawal of 12,500 BTC, amounting to $320 million, a record-breaking figure for the platform, as reported by Bitcoin News. The withdrawal equated to 36.7% of the total BTC held on exchanges. Following its remarkable peak near $69,000 in November 2021, BTC and the broader crypto sphere have navigated an enduring bear market. The present value of BTC lingers over 50% beneath its all-time zenith, underscoring the obstacles and uncertainties that have characterized the crypto landscape throughout this extended period. However, recent market dynamics remain uncertain, with September historically proving challenging for BTC, as the looming August monthly close approaches. In a parallel development, Robinhood has emerged as a notable contender in the crypto trading arena. Robinhood’s possession of one of the world’s largest BTC wallets, valued at approximately $3.1 billion as of August 28, underscores its escalating involvement. This wallet likely represents a significant portion of Robinhood’s crypto holdings.
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🇺🇸 Crypto Asset Manager Grayscale Wins Lawsuit Against SEC
In a significant win for Grayscale Bitcoin Trust (GBTC), the U.S. Federal Court has ruled in favor of the crypto asset manager, ordering the U.S. Securities and Exchange Commission (SEC) to review its rejection of Grayscale Investments’ bid to convert the GBTC into a listed Bitcoin exchange-traded fund (ETF). Circuit Judge Neomi Rao, who presided over the case, deemed the SEC’s denial of Grayscale’s proposal “arbitrary and capricious” due to the agency’s failure to provide an explanation for its differential treatment of similar products. Grayscale Investments, known for operating the world’s largest cryptocurrency fund, originally applied for the conversion of its GBTC closed-end fund into an ETF in October 2021. However, the SEC rejected the application, citing concerns related to market manipulation prevention and other issues. The court’s opinion in favor of Grayscale has broader implications, as numerous firms, including industry giants like BlackRock and Fidelity, have applied for spot Bitcoin ETFs over the past few months. Grayscale’s case against the SEC highlights the inconsistency in the agency’s stance on Bitcoin-related ETFs. While the SEC has approved Bitcoin futures ETFs, it has been reluctant to greenlight spot Bitcoin ETFs due to concerns about fraud and manipulation.
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📣 HashKey Exchange Just Launched BTC/USD And ETH/USD Trading Pairs For Retail Investors
HashKey Exchange, the first licensed Virtual Asset Platform by the Hong Kong Securities Regulatory Commission, has announced that it has officially opened BTC/USD and ETH/USD trading pairs to retail investors. HashKey Exchange also states that they do not exercise voting rights regarding virtual assets on behalf of their users and that users wishing to exercise any voting rights regarding their virtual assets must withdraw their respective assets from the platform. Recently, HashKey Exchange, part of HashKey Group, became the first company to be licensed in Hong Kong after the policy of allowing crypto trading was applied in Hong Kong from June 1, 2023. The platform also previously planned to go live on August 28, 2023. Retail investors can invest in Bitcoin and Ethereum and will limit investment in virtual assets to no more than 30 % of total assets. The coins that are allowed to be traded on HashKey Exchange include BTC, ETH, USDT, USDC, and only Spot trading. This aligns with Hong Kong’s strict licensing criteria, which only allow a small number of coins to be listed, mainly large-cap coins such as BTC, ETH, BCH, LTC, etc. Previously, HSBC was the first bank to allow customers to buy and sell Bitcoin and Ethereum ETFs.
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