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🪙 Unstoppable Domains Now Supports For ENS Domains
Unstoppable Domains, a digital identity platform, has announced the addition of Ethereum Name Service (ENS) domain endings to its offerings, expanding its support for Web3 domains. With the inclusion of .eth domain endings, users can establish their digital identity on the Ethereum blockchain by registering simpler names that correspond to their long wallet addresses. The integration of ENS-based .eth domains into the Unstoppable Domains website marks a significant milestone in creating a one-stop shop for Web3 domains. Unstoppable Domains is not only offering a seamless experience for Web3 domain purchases but also introducing new features to enhance the process. Users now have the option to secure their .eth domains in a vault managed by Unstoppable, providing additional security and the freedom to separate Web3 domains from other crypto assets. The domains held in the vault are fully owned by the users and can be transferred to a self-custodial wallet at any time. The platform’s objective is to support the most important naming systems and blockchains in Web3, starting with .eth, as part of its broader mission to expand the Web3 community.
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🏦 Coinbase's market cap relative to Uniswap surges
The broader rally in global equities and cryptocurrencies has not helped the market capitalization of one of the decentralized finance market's darlings. While Coinbase has seen its shares surge by more than 213% since the beginning of the year--supercharged by BlackRock's surprise filing for a spot bitcoin exchange-traded fund--the market cap of DeFi exchange Uniswap hasn't budged. The market cap of the DEX has held steady, hovering around $4 billion for much of the year. Coinbase, meanwhile, has seen its market cap increase from over $7 billion at the beginning of the year to nearly $25 billion on Friday. The Block's data dashboard shows the ratio between the two firms' market caps has surged, hitting a yearly high of 6.2 on July 13. Coinbase rallied more than 20% on Thursday alongside the broader crypto market after a judge ruled that Ripple Lab's sales of XRP on exchanges did not violate securities laws. "We are specifically encouraged by the suggestion that XRP sale on the public exchanges did not involve securities," the firm wrote. Needbush also increased its price target to $120 from $70 following the decision, Coinbase reported.
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💰 Ripple CEO Rejoices Landmark Court Ruling, New Development For XRP
Ripple Labs, the company behind the cryptocurrency XRP, received a major boost as Chief Executive Officer Brad Garlinghouse announced that a federal court ruling declared XRP “is not a security.”. The decision provides Ripple with increased flexibility to explore various business opportunities and promote a wide range of use cases for its technology. Speaking with Bloomberg, Garlinghouse expressed relief that he no longer has to worry about the regulatory implications of promoting Ripple and its services. The court ruling, delivered by US District Judge Analisa Torres in New York, classified XRP as a security when sold to institutional investors but not when sold to the general public. This decision was seen as a victory for the crypto industry, as it challenged the US Securities and Exchange Commission’s (SEC) claim that XRP was an unregistered security. The SEC filed a lawsuit against Ripple in late 2020, accusing the company and its executives of misleading investors through the sale of unregistered securities. He highlighted that 95% of Ripple’s customers are located outside the United States, underscoring the significance of this ruling for the company’s global operations.
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🚨 Fantom Foundation Freezes $60M USDC and $2M USDT In Multichain Wallet
The Fantom Foundation tweeted that they were highly disappointed with the latest Multichain news and immediately froze the assets to avoid risks. In response to the information given by the cross-chain bridge project itself, the team immediately began contacting stablecoin issuers, including Circle (USDC), Tether (USDT), and TrueUSD (TUSD), to freeze their accounts assets in the Multichain wallet. The team has verified that approximately over $60 million in USDC and over $2 million in USDT have been frozen. The Fantom Foundation is actively engaging with various sources and contacts to gain a comprehensive understanding of the Multichain incident. In addition, a group of existing Multichain employees has been formed to understand the situation from their perspective better and provide assistance where possible. Yesterday afternoon, Multichain officially announced that the Chinese police had confiscated the computer, hardware wallet, phone, and keys of CEO Zhaojun. While the project is still being “protected” by the multi-signature encryption mechanism, the server is still running on the drug account managed by Mr. Zhaojun.
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🇺🇸 US SEC Clarifies Coinbase Listing Approval, Stresses Regulatory Requirements
The US Securities and Exchange Commission declared that Coinbase listing clearance is not a “talisman” and does not indicate if the company meets regulatory criteria. The US Securities and Exchange Commission (SEC) has emphasized that approving a company’s S-1 listing application does not serve as a “talisman” and does not determine compliance with regulatory requirements. Court documents from the SEC v. Coinbase case reveal the SEC’s argument during a recent pre-motion hearing on July 13. The SEC stated that approving Coinbase’s listing in April 2021 did not signify approval of its business structure. SEC attorney Peter Mancuso clarified that granting permission for a company to go public does not imply recognition of its underlying business or structure, nor does it guarantee compliance with legal regulations. Mancuso stated, “S-1 approval cannot be the company’s entire business talisman. In fact, there is no evidence that the SEC reviewed specific assets and made a specific determination assuring Coinbase that these assets would not be considered securities in the future.” Previously, the SEC had accused Coinbase of engaging in unregistered securities offerings since 2019.
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🔻 Aura Finance Empowers Liquidity and Adoption on Optimism Network
Aura Finance, the governance platform on Balancer, has launched on Optimism, offering increased adoption and liquidity for partners such as stablecoin protocols, lending platforms, bridges, and currency markets. Aura Finance, the revenue governance platform built on Balancer, has announced its launch on Optimism. This expansion allows partners, including stablecoin protocols, lending platforms, bridges, and currency markets, to leverage Aura to enhance liquidity and drive adoption. Aura Finance will offer enhanced pools for leading lending protocols such as Aave, Tarot Finance, and Sonne Finance. These collaborations aim to improve liquidity and lending capabilities within the ecosystem. Additionally, Aura will facilitate native token liquidity pools for Beethoven X, further enhancing its liquidity infrastructure. QiDao Protocol, with its diverse collateral options, has integrated with multiple protocols across various chains. By leveraging Aura to enhance liquidity for their stablecoin $MAI, QiDao Protocol aims to attract more borrowers and liquidity providers, further strengthening its ecosystem. Aura’s bootstrapping capabilities and network of utility partners, Ethos Reserve can leverage increased liquidity.
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💰 Ripple’s XRP Takes The 4th Largest Cryptocurrency Position Of BNB After Over 2 Years
Ripple has achieved its first victory in its protracted legal battle against the U.S. Securities and Exchange Commission (SEC), leading to a surge in the value of its cryptocurrency, XRP. As a result, Ripple’s XRP has now overtaken Binance’s native token, BNB, in the crypto market cap rankings. The courtroom victory came as the District Court for the Southern District of New York ruled that XRP sales through secondary markets were not considered securities. This decision provided a major boost to Ripple and its cryptocurrency. XRP climbed into the fourth position in terms of market capitalization, trailing behind only Tether (USDT), Ether (ETH), and Bitcoin (BTC). However, it’s important to note that the court also deemed Ripple’s direct sale of XRP to institutions and other parties as a violation of securities laws. The SEC filed a lawsuit against Ripple in late 2020, accusing the company of selling unregistered securities after it sold $1.3 billion worth of XRP. This legal action resulted in several exchanges delisting XRP and created a challenging environment for the cryptocurrency. Despite these setbacks, the recent ruling has breathed new life into XRP and sparked a surge in its value.
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🪙 TRON’s First RWA Product stUSDT With TVL Exceeded $200 Million
On July 13, according to the official website data, the total amount of committed stUSDT, TRON’s first RWA product, exceeded 200 million USDT. According to Defillama data, stUSDT ranked first in the RWA TVL ranking. As of now, the APY of this product is 4.22%. stUSDT of the TRON ecosystem has many similarities to stETH on Lido protocol. They are both a decentralized token that serves as proof of investment in RWA, and their holders can earn income passively from real-world assets. It is known that stUSDT is the first RWA (Real World Assets) tracking product in the TRON ecosystem, which was officially launched on July 3 and is currently running through the JustLend decentralized platform. The stUSDT platform is committed to building bridges between individual and institutional investors, the crypto world, and the real world through smart contracts and providing a fairer RWA investment channel for everyone. TRON RWA Product introduces more powerful and decentralized asset management mechanisms. The ultimate goal of stUSDT is to optimize on-chain users’ chances of return from real-world assets. Launched by the RWA DAO, stUSDT is operated by the JustLend DAO under a custody agreement between the two parties.
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💰 Celsius Network founder arrested, charged with fraud, US prosecutor says
Alex Mashinsky, the founder and former CEO of bankrupt cryptocurrency lender Celsius Network, was arrested and charged with fraud, the U.S. attorney in Manhattan said Thursday morning. Mashinsky was charged with seven criminal counts, including securities fraud, commodities fraud and wire fraud, while Celsius' former chief revenue officer, Roni Cohen-Pavon, was charged with four criminal counts, according to the indictment, which was unsealed on Thursday. The U.S. Securities and Exchange Commission also sued Mashinsky and Celsius on Thursday, according to a court filing, alleging Mashinsky and Celsius raised billions of dollars through the sale of unregistered crypto asset securities and misled investors about the financial success of his business. The crypto industry has been on shaky ground since the SEC's lawsuits against major crypto exchanges Binance and Coinbase Global (COIN.O) last month raised risks of further regulatory challenges for the sector. Reporting by Niket Nishant in Bengaluru and Chris Prentice in New York; Editing by Shinjini Ganguli, Chizu Nomiyama and Jonathan Oatis. The lawsuit adds to a series of challenges for Celsius Network.
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💰 Celsius Files Lawsuit Against StakeHound Over $150 Million Token Dispute
Celsius, the bankrupt cryptocurrency lender, has filed a lawsuit against liquid staking platform StakeHound over allegations that it failed to return tokens worth $150 million. In exchange, Celsius received StakeHound’s liquid staking “stTokens.” However, StakeHound allegedly refused to exchange the stTokens for other tokens, claiming it had no obligation to do so. They also cited the loss of the keys associated with 35,000 Celsius ETH as a reason for not returning the tokens. The tokens in question include Ether (ETH), MATIC from Polygon, DOT from Polkadot, and others. According to court filings, Celsius entrusted StakeHound with 25,000 staked native ETH, 35,000 native ETH, 40 million MATIC, and 66,000 DOT in 2021. StakeHound had previously filed an arbitration agreement against Celsius in Switzerland after the lender’s bankruptcy, which the company argues is a violation of Section 362 of the United States Bankruptcy Code. This section, known as the automatic stay, prevents creditors from collecting debts or initiating legal action against a person or company that has filed for bankruptcy. StakeHound blamed the custody provider, Fireblocks, for the loss and had previously launched a lawsuit against them.
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🇮🇳 RBI Warns That Stablecoins Pose Existential Threat, Stresses CBDC As Optimal Solution
According to the local news portal The Hindu, Reserve Bank of India Deputy Governor T Rabi Sankar said on Tuesday that stable currencies constitute an “existential threat” to most nations’ policy autonomy. The Indian central bank’s deputy governor said that stablecoins are advantageous to countries such as the United States and Europe, whose currencies stablecoins may be tied to. But, in a nation like India, they might possibly replace the usage of the rupee in the local economy. Stablecoins provide an international benefit, particularly to linked economies such as the United States and Europe, but they are not necessarily beneficial to countries such as India due to the transfer of seigniorage to private issuers to the extent that it replaces the use of the rupee in the economy. He also criticized banks for charging large margins for conducting cross-border transfers, calling it not justifiable. According to a World Bank report, small-value remittances are charged 6% by banks via their corresponding banks, which is not justifiable. Such a move prompts requests for cost-cutting measures, as well as the exploration of alternatives such as cryptocurrency.
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💰 XRP Plunges to Zero on Poloniex In Shocking Twist
The XRP/USDT pair on the Poloniex crypto exchange saw a sudden and drastic plunge to nearly zero. The pair rebounded shortly after and is currently trading at $0.4742. While the exact reason for the plunge is unknown, it is believed to be a glitch, as the pair recovered swiftly. However, this event has left many wondering about the stability of the exchange and its systems. Poloniex Customer Support hinted at network maintenance on the same day of the event. The maintenance began at 7:00 a.m. UTC. This is not the first time XRP has experienced such an event. In April, the XRP/USDT perpetual trading pair flash crashed to zero on the Bitrue crypto exchange. While these events may be isolated incidents, they raise questions about the overall stability of the crypto market and the exchanges that facilitate trading. What caused the Poloniex incident, and whether the exchange will take any measures to prevent similar events from occurring in the future. As crypto trading continues to gain popularity and more investors enter the market, it is crucial that exchanges uphold the highest standards of reliability and security.
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🟠 Binance Reserves Show Asset Health Of 57 Billion USD And Safely Store Diversified Coins
CoinMarketCap’s recent report on Binance’s public reserve stock has highlighted the strength and stability of the world’s largest crypto exchange. According to the 2023 H1 trading platform data report, Binance’s public reserve stock stands at an impressive $57 billion, putting it at the top of the list of all encrypted trading platforms. The report reveals that Bitcoin and stable coins make up the majority of Binance’s reserve assets, which is not surprising given the popularity and stability of these digital assets. Despite the market panic that occurred in the past 3 months, which led to the outflow of funds from Binance, the exchange has been able to maintain its position as the market leader. The report states that Binance ranks first in terms of transaction volume and market share in the first half of 2023, demonstrating the exchange’s strength and resilience in the face of market volatility. Binance has been able to maintain a healthy amount of proof-of-reserve assets and has safely stored a diversified currency, despite the large outflow of funds from the exchange in the second quarter of 2023. This is a positive sign and indicates that Binance has robust asset management practices, which will help it to continue to grow and succeed in the cryptocurrency market.
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📣 Voyager Witnesses $250M worth of crypto Net Asset Outflow Post Withdrawal Restart
Voyager has experienced a significant net outflow of $250 million worth of crypto assets since reopening withdrawals to users on June 23. The reopening of withdrawals on Voyager was met with a surge in users seeking to move their crypto assets off the platform. The net outflow of $250 million reflects a significant movement of funds, indicating users’ preference for storing their assets elsewhere or potentially taking advantage of other trading platforms. As of now, the platform holds approximately $176 million worth of crypto assets, with a Clean Asset ratio (excluding VGX) of 96.15%. Notable assets on the platform include 2,287.4 BTC, 27,363.7 ETH, 18,558,340 USDC, 2,060 trillion SHIB, and more. The current amount of $176 million worth of crypto assets on the Voyager platform signifies the assets still under their custody. While the net outflow is substantial, the platform continues to hold a considerable sum of cryptocurrencies. The Clean Asset ratio, which stands at 96.15%, represents the proportion of assets excluding VGX, Voyager’s native token, and implies that the majority of the remaining assets on the platform are free from encumbrances or liabilities.
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💰 Standard Chartered Bank Now Forecasting $120,000 Bitcoin Price By 2024
According to Reuters, prominent multinational British bank Standard Chartered predicts that the flagship cryptocurrency, Bitcoin, will hit $50,000 by the end of this year. In terms of greater peaks, the bank’s experts predict that Bitcoin will reach $120,000 by the end of next year, 2024. Standard Chartered Bank has amended its prior projection of a $100,000 Bitcoin price by the end of 2024, citing the conclusion of the “crypto winter.” Although miners prepare to hold more BTCs, the difficulty of Bitcoin mining remains high. According to the on-chain analytics platform Glassnode, the Bitcoin Hash Rate (7DMA) is continuing to rise, hitting an all-time high of 395 EH/s. This translates to 395 quintillion guesses every second in an effort to solve a Block. Overall, Bitcoin has climbed by more than 80% since the beginning of the year, dwarfing the growth of the Nasdaq Composite index. A big bank forecasting a bright future for Bitcoin pricing is just one example of what one expert has nicknamed the BlackRock effect. The decision by BlackRock to register for a spot Bitcoin exchange-traded fund, followed by many other prominent asset managers.
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🇪🇺 Europe Expects Its First Bitcoin ETF This Month, Report
Europe’s first bitcoin exchange-traded fund (ETF) is set to launch in July after a 12-month delay caused by the crypto winter. The fund has been authorized in Guernsey, a more flexible jurisdiction, which will ostensibly help to avoid some of the regulatory challenges associated with the European Union. The first bitcoin exchange-traded fund in Europe is expected to be publicly listed by the end of this month, a full year after its initially planned launch, the Financial Times reported on Thursday. The asset manager wanted to list it on the Euronext exchange last year but decided that “the time wasn’t right” after a string of negative events in the crypto space like the crash of the terra-luna project and the bankruptcy of cryptocurrency exchange FTX. The issuer now says “demand has shifted since last summer” and the ETF is “on track.” All exchange-traded products (ETPs) based on digital assets in Europe so far have been structured as exchange-traded notes (ETNs), rather than funds, the business daily pointed out. Jacobi has specifically highlighted that it’s launching an ETF, not an ETN. While an ETF shareholder owns a portion of a fund’s underlying asset, ETN investors own a debt security.
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🔵 Aave Unleashes GHO, The Revolutionary Decentralized Stablecoin Redefining DeFi
In a significant development for the decentralized finance (DeFi) ecosystem, Aave has announced the successful launch of GHO on the Ethereum mainnet. This marks a significant milestone for the Aave protocol and its community, as GHO aims to become a decentralized stablecoin that empowers users and fosters a people-powered financial ecosystem. The journey towards the creation of GHO began over two years ago when the community recognized the need for an Aave-native decentralized and overcollateralized stablecoin. GHO, like the Aave protocol itself, is governed by the DAO. The DAO plays a pivotal role in setting the rules and policies that govern GHO, ensuring a transparent and community-driven approach. Community members can propose changes, which are openly discussed within the community before being put to a vote. This democratic governance process allows participants to actively shape the future of GHO. One of the key features of GHO is its fixed underlying mechanics and policies. Unlike traditional centralized stablecoins, GHO operates through self-executing smart contracts, making it more resistant to arbitrary changes by centralized entities or individuals. Additionally, all GHO transactions are published and auditable directly from the blockchain.
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🟠 Binance Has Fired Over 1,000 People In Recent Weeks: Report
According to the Wall Street Journal, citing a source, due to regulatory investigations by the US Securities and Exchange Commission (SEC) and other regulatory challenges, cryptocurrency exchange Binance has fired more than 1,000 people employees worldwide in recent weeks. According to sources, more than a third of Binance employees (about 8,000 people in total before layoffs) could eventually be affected by layoffs. A spokesperson for Binance confirmed the layoffs to The Wall Street Journal but did not disclose the number. Additionally, CNBC quoted a current Binance employee familiar with the company’s plans as saying that the layoffs will eventually lay off 1,500 to 3,000 employees worldwide and that the layoffs will continue through the end of the year. Although CEO Changpeng Zhao previously shared that the company is still recruiting. CNBC attributed the layoffs to the US Department of Justice’s ongoing investigation into Binance, citing current employees saying the investigation could end with a consent order or an agreement on billions of dollars worth of deals. Binance CEO Changpeng Zhao tweeted, adding that the exchange is “still hiring.” Then, a lengthy Justice Department investigation into the company was also launched into its founder and chief executive officer.
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🏦 Coinbase Suspends Staking Services In Some Locations Eager SEC Lawsuits
Coinbase has officially written that, on June 6, 10 US states have initiated lawsuits related to the platform’s staking service. The vast majority of the exchange’s customers are unaffected. Still, the exchange has requested restrictions on its retail mortgage services pending the completion of proceedings in California, New Jersey, and South America. Carolina and Wisconsin. Restricting staking will not benefit local residents. It will only limit these residents from participating in and benefiting from the crypto economy. “Four of the states – CA, NJ, SC, and WI – have required restrictions to our retail staking services before their state proceedings are complete, even though our staking services have been available safely and transparently for years.” The exchange also asserts that almost all significant blockchains today rely on staking because it is open, secure, and environmentally friendly. Americans in every state deserve the same economic and technological opportunities. The SEC filed a lawsuit against Coinbase last month, classifying its staking service, as well as some of the tokens it lists as securities. That same day, securities authorities in ten states began proceedings on this crypto exchange. Since then, the largest cryptocurrency exchange in the US has always taken action to deny all accusations of this regulator.
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💰 Sui Network Reaches Explosive Growth With 1 Million Active Addresses!
Sui network, a blockchain platform known for its focus on gaming, NFTs, and user-centric applications, has surpassed one million active addresses. This significant milestone comes less than 70 days after the launch of the Sui Mainnet, highlighting the rapid growth and adoption of the platform. By providing a platform for developers to create immersive games, unique NFTs, and user-friendly applications, Sui has attracted a dedicated user base that has helped drive the network’s rapid expansion. Reaching one million active addresses within such a short timeframe is a testament to the enthusiasm and support from the Sui community. The network’s users, developers, and creators have played a crucial role in the platform’s success by building engaging games, captivating NFT collections, and compelling applications that have delighted users worldwide. The Sui team expressed their gratitude to the community, recognizing the collective effort that led to this momentous achievement. They praised the creativity and dedication of the Sui ecosystem, emphasizing that the success of the network is a direct result of the outstanding contributions made by its users.
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💰 Monochrome Updated Groundbreaking Application For First Bitcoin ETF In Australia
Monochrome Asset Management Pty Ltd, a crypto-focused investment management firm, and its responsible entity partner Vasco Trustees Ltd have made a significant move in the cryptocurrency industry by filing an updated application for a spot Bitcoin exchange-traded fund (ETF) with the Australian Securities Exchange (ASX). This marks a significant development for the Australian market as it would be the country’s first spot Bitcoin ETF under the new regulatory framework. The Monochrome Bitcoin ETF (IBTC) aims to provide retail Australian investors with direct exposure to Bitcoin. In addition, the ETF will also offer exposure to Ether (ETH), the second-largest cryptocurrency by market capitalization. This will be made possible through Monochrome’s partnership with Vasco, which holds an Australian Financial Services Licence to offer regulated exposure to crypto-assets, specifically Bitcoin and Ethereum. Monochrome and Vasco have enlisted the support of several leading service providers to ensure a robust offering. State Street Australia, Automic Pty Limited, Ernst & Young, CF Benchmarks, and Gemini Trust Company are among the key partners supporting the venture.
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🇪🇺 Europe’s First Bitcoin ETF Finally Launches After Year-Long Delay
According to the Financial Times, Europe’s first Bitcoin ETF is expected to be publicly listed this month, marking a significant development for the cryptocurrency industry. The delay in launching the Jacobi Bitcoin ETF was attributed to last year’s perception that the timing was unfavorable. Factors such as the Terra Luna May 2022 crypto crash and the November FTX crypto exchange crash likely influenced the decision to postpone the launch. The asset management firm took a cautious approach to ensure optimal market conditions for the ETF’s debut. Jacobi Asset Management made headlines with the announcement of the Jacobi Bitcoin ETF. This groundbreaking ETF received regulatory approval from the Guernsey Financial Services Commission (GFSC) in October 2021, paving the way for its launch. The ETF will be listed on Euronext Amsterdam with the trading code BCOIN. To ensure the smooth operation of the ETF, Jacobi Asset Management has partnered with reputable industry players. Fidelity Digital Assets will provide custody services, ensuring the secure storage of the Bitcoin assets. Additionally, Flow Traders and DRW have been selected as market makers, facilitating the trading of the ETF on the exchange.
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💰 Polygon Proposed Upgrade: MATIC to POL Token for Superior Scalability and Security
Polygon, the Ethereum scaling solution, has revealed plans to upgrade its native token, MATIC, to a new asset called POL. This proposed upgrade is part of the roadmap for Polygon 2.0 and aims to ensure the scalability of the ecosystem while maintaining a high level of security. If approved by the community, the migration to the POL token will enable validation across multiple chains within the ecosystem, including Proof of Stake (PoS), zkEVM, and Supernets. This upgrade is expected to enhance interoperability and provide a more efficient and secure ecosystem for users. The transition from MATIC to POL is designed to be straightforward for token holders. Users will be required to send their MATIC tokens to a designated smart contract, which will then return an equivalent number of POL tokens. Polygon has proposed a four-year grace period for token holders to complete the upgrade process, ensuring ample time for users to adjust to the new token. The exact timeline for the migration will depend on community consensus and could commence within a few months. POL will have the capability to validate transactions across different chains, promoting seamless communication between protocols. This enhanced interoperability is expected to result in a more efficient and scalable ecosystem, addressing the growing demands of the Polygon network.
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🏴 Aptos' APT Token Steady After $32M Token Unlock
Prices of Aptos' native token APT were steady on Wednesday at around $7 despite a significant number of tokens being unlocked. Cryptocurrencies are generally locked up to prevent the big bag holders – usually early investors or even the project's team members – from selling their coins all at once and causing price dumps. Token unlocks are considered bearish, as they free up liquidity and open doors for potential profit-taking by those who receive coins as a part of the unlock. Although, the latest APT unlock amounted to just 2.2% of the token's total supply of 210.41 million, the dollar value of the unlock was nearly 38% of APT's average 30-day trading volume and had the potential to push prices lower, according to market analyst Ton Dunleavy. Still, APT is trading flat, at around $7, extending its recent trading range of $6.8 to $7.3. Perhaps, Aptos' proposed plan to enhance the blockchain's capabilities to handle tokenized securities like tokenized real estate and in-game currencies has helped the cryptocurrency stay resilient. Besides, APT's continued sideways trend is consistent with the market leader, bitcoin's (BTC) rangebound trading, ahead of the crucial U.S. inflation report.
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🪙 Tether Issues 1 Billion USDT On TRON Network, USDT Dominates Stablecoin Market
Tether has made a significant move in the cryptocurrency market today by issuing an additional 1 billion USDT on the TRON network. The news was confirmed by Whale Alert, a prominent blockchain tracker, in a tweet that provided a link to the transaction details. This move by Tether signifies its commitment to leveraging the TRON network’s fast and low-cost transactions, attracting more users and solidifying its position as the leading stablecoin. This announcement comes as Tether aims to expand its presence and liquidity on the TRON blockchain. Over the past 90 days, the market value of USDT has surged by a staggering $2.6 billion. In contrast, USDC, another popular stablecoin, has witnessed a decrease of $4.6 billion in its market value during the same period. Currently, USDT holds the lion’s share of the stablecoin market, accounting for 65% of the total market value. The latest move by Tether on the TRON network is expected to further strengthen its market dominance. On the other hand, USDC, with a market value decline, now represents 21.4% of the overall stablecoin market. The issuance of 1 billion USDT on the TRON network highlights Tether’s strategy of expanding its offerings on multiple blockchains.
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🔵 Stablecoins may be a better path than CBDC for China, Circle’s Allaire says: SCMP
Circle CEO Jeremy Allaire said that Yuan-backed stablecoins may offer a more immediate path for China's currency globalization efforts rather than the eCNY central bank digital currency (CBDC). “If eventually the Chinese government wants to see the RMB used more freely in trade and commerce around the world, it may be that stablecoins are the path to do that more than the central bank digital currency,” Allaire said in a recent interview with the South China Morning Post. More specifically, Allaire said a stablecoin pegged to the offshore Yuan (CNH) could facilitate increased use of the currency in trade and commerce globally. However, the team behind private CNH and Hong Kong dollar stablecoins was detained in May, according to SCMP. Acknowledging the unlikelihood of mainland China embracing the broader cryptocurrency industry, Allaire said he remains optimistic about web3 development in the Hong Kong Chinese special administrative region and its regulatory approach toward stablecoins. With concerns over the role of stablecoins once CBDCs are more widely available, Allaire said CBDCs are complementary and private stablecoins drive innovation.
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🆘 Multichain Records $265 Million Withdrawn Across 9 Chains
According to statistics from SlowMist, the outflow of funds from Multichain has reached a staggering $265 million since July 7. The funds have been distributed across various chains, including Ethereum, BNB Chain, Polygon, Avalanche, Arbitrum, Optimism, Fantom, Cronos, and Moonbeam. The outflows encompass a range of transactions, such as the transfer of USDT through the Multichain: Old BSC Bridge, as well as USDC, DAI, LINK, UNIDX, USDT, WOO, ICE, CRV, YFI, TUSD, WETH, and WBTC. Additionally, BIFI has been ported from Anyswap through the Bridge Fantom, while USDC, USDT, DAI, and WBTC have been transferred through the Multichain: Moonriver Bridge. USDC has also been transferred through the Doge Bridge from Multichain. Furthermore, assets including DAI, USDC, BTCB, WBTC, WETH, Dai.e, WBTC.e, USDC Bridge, BTC, fUSDT, ETH, and more have been moved out by the Executor from Multichain. In an interesting twist, certain assets, such as WBTC, USDT, and ETH, were moved from the address marked as Fake_Phishing183873 by Etherscan. However, it is believed that this labeling may be inaccurate, and the address could have previously belonged to the official Multichain account.
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📣 BitDAO Proposes $200M Deployment To Boost Decentralized Finance Development
BitDAO released the MIP-24 proposal, aiming to deploy $200m to the L2 Mantle ecosystem. The goal is to deploy 40+ projects on the Mantle ecosystem and achieve a financial return of 1.5x MOIC in 3 years. Strategic venture partners include Animoca, Bankless, and Dragonfly, among others. BitDAO, the decentralized autonomous organization focused on funding the development of open finance protocols, has released a new proposal to deploy $200 million to the L2 Mantle ecosystem. The proposal, known as MIP-24, aims to deploy capital within the Mantle ecosystem over the next. The Mantle Network is a high-performance Ethereum layer-2 network that’s built with modular architecture and aligned with Mantle strategic interests via the $MNT token. Ecosystem funds have historically served as an important catalyst of growth for new emerging protocols and ecosystems, particularly for developer and decentralized applications (dApps) adoption of a new protocol. The Mantle EcoFund aims to be the “first money” into high-quality and innovative early-stage projects building within Mantle Ecosystem, providing support alongside the Strategic Venture Partners. The Mantle EcoFund consists of two components: 100 million USDC provided by Mantle from its Treasury and managed by the Mantle EcoFund.
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💰 Celsius’s Restructuring Plan Disclosure Under Review on August 10
According to an official tweet from the committee of Celsius Unsecured Creditors, the debtor has submitted a disclosure statement for a joint Chapter 11 reorganization plan. The primary purpose of the hearing is for the Court to determine if the disclosure statement adequately informs creditors about the proposed plan. It will also address whether the debtor has the right to vote on the plan. Furthermore, a confirmation hearing will be scheduled to discuss the plan’s approval, with a proposed date set for September 29. A hearing has been scheduled for August 10 to review the disclosure statement. During this hearing, the Court will assess whether the statement provides sufficient information for creditors to vote on the plan. On July 17, the Debtor, Creditors Committee, Special Borrower Group, and certain Earnings creditors will engage in mediation before Judge Wiles. The objective of this mediation is to address the treatment of Planned Earnings in comparison to obtaining a loan. The parties hope to reach a mutually agreeable resolution regarding the equitable division of asset value among creditors. To further discuss the reorganization plan, the debtors, the committee, and the Fahrenheit corporation plan to host a Twitter Space event on July 19.
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🇺🇸 SEC won’t object to Coinbase’s motion to speed up case
On July 7, the United States Securities and Exchange Commission (SEC) submitted a letter to the judge in their case against Coinbase, responding to the exchange’s request for permission to file a motion for judgment on the pleadings. Therein, the SEC informed the presiding judge that they have no objections to Coinbase’s motion. The SEC outlines the arguments it plans to present against Coinbase in the letter. Nonetheless, the strength of these arguments, analysts previewed, is weak. For instance, the SEC cites the LBRY case as supporting its position. However, it’s important to note that the judge in that lawsuit did not conclude that tokens traded on the secondary market are securities. The SEC does not address the testimonial evidence from Gary Gensler that Coinbase presented in its letter. Gensler testified in May 2021 that the SEC lacked legal authority over crypto exchanges and that there was no regulatory framework for crypto exchanges within the SEC. During the pre-motion conference on July 13, a schedule for briefing on Coinbase’s motion for judgment on the pleadings is expected to be established.
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