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Monthly archives: August 2024
Winklevoss slams Harris for not showing up to virtual roundtable
Tyler Winklevoss, co-founder of the Gemini crypto exchange, expressed bewilderment over US Vice President Kamala Harris’ absence from a crucial crypto roundtable meeting held on Aug. 8. The virtual meeting, attended by high-ranking government officials and industry leaders, was seen as pivotal for shaping the future of crypto regulation in the US. Winklevoss questioned Harris’ …
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Rising age bands in Bitcoin supply suggest reduction in market liquidity
Onchain Highlights DEFINITION: This chart displays an overlay of multiple Supply Last Active variants, each shown as a percentage of Circulating Supply. Supply Last Active 1+ Yrs Ago 🔴 Supply Last Active 2+ Yrs Ago 🟠 Supply Last Active 3+ Yrs Ago 🟢 Supply Last Active 5+ Yrs Ago 🔵 Bitcoin’s supply, which was active over one year ago, has recently shown signs …
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Ripple starts testing its stablecoin RLUSD on XRP Ledger and Ethereum
Ripple has initiated beta testing of its USD-backed stablecoin, Ripple USD (RLUSD), on the XRP Ledger (XRPL) and Ethereum mainnet. According to the announcement, Ripple wants to bring “high-quality assets to the XRPL,” enhancing liquidity and institutional use cases. RLUSD is currently unavailable for purchase or trading as it undergoes testing by Ripple’s enterprise partners. …
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Analysts believe Bitcoin, Ethereum may face further downside in the short term
Bitcoin (BTC) and Ethereum (ETH) recovered 21% and 18%, respectively, from their bottoms registered after the Aug. 4 crash. However, Aurelie Barthere, Principal Research Analyst at Nansen, told CryptoSlate that the worst may not be over yet. She explained: “BTC (and ETH) have hit local bottoms, but the daily trend still looks negative: the 50-day …
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Bitcoin’s MVRV Z-Score suggests undervaluation
Onchain Highlights DEFINITION:The MVRV Z-Score evaluates whether BTC is overvalued or undervalued relative to its “fair value”. Instead of using a traditional z-score method, the MVRV Z-Score uniquely compares the market value to the realized value. When the market value, measured as network valuation by spot price multiplied by supply, is significantly higher than the …
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Thailand launches crypto regulatory sandbox to kick-off adoption
The Securities and Exchange Commission of Thailand (SEC Thailand) has launched a Digital Asset Regulatory Sandbox, according to an Aug. 9 press release. The initiative is designed to support the testing and development of services related to digital assets, providing a structured environment where businesses can explore innovative solutions within a regulated framework. The sandbox …
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Grayscale Report: Liquidated Long Perpetual Positions Fueled ETH’s Black Monday Flash Crash
Ethereum’s Aug. 4 decline could have been fueled by the liquidation of a portion of long positions in perpetual futures, the Grayscale report concluded. The crypto asset’s decline was epitomized by its over 7% drop in just three minutes on Aug. 4. Jump Crypto’s rumored offloading of more than 17,500 ether coins, as well as …
New York Federal Reserve Staff Paper on Tornado Cash Concludes Ethereum Is ‘Not Immune to Censorship and Cooperation’
A staff report published by several New York Federal Reserve employees found that Ethereum “is not immune to censorship and cooperation,” which depends on the roles of several actors across the network. The paper examined how the network performed after Tornado Cash, one of the main mixers in the blockchain, was sanctioned by the OFAC. …
Polymarket’s Integrity Questioned Over Venezuelan Presidential Election Bet Outcome
Polymarket, a cryptocurrency-based prediction market, has declared Edmundo Gonzalez, the opposition candidate, the winner of the Venezuelan presidential election bet. The decision, made days after the election, ignores the official results announced by the National Electoral Council (CNE), which proclaimed Maduro as president amidst fraud allegations from opposition leaders. This prompted several users to question …
Coinbase Challenges CFTC Proposal, Advocates for Balanced Regulation of Event Contracts
Coinbase Chief Legal Officer Paul Grewal has raised concerns on social media regarding the Commodity Futures Trading Commission’s (CFTC) proposed rule to ban certain event contracts. Coinbase has also formally responded to the proposal, urging the CFTC to reconsider its stance, which the company argues could stifle innovation in the prediction markets. Coinbase Urges CFTC …
Ripple Starts Beta Testing of USD-Pegged Stablecoin on XRP Ledger and Ethereum
Ripple Labs has initiated beta testing for ripple usd (RLUSD), a stablecoin pegged to the U.S. dollar, on both the XRP Ledger and Ethereum mainnets. The stablecoin is currently not available for public trading as it awaits regulatory approval. Ripple’s USD-Backed Stablecoin Enters Beta Phase Ripple usd or RLUSD, designed to maintain a 1:1 value …
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Bloomberg’s Mike McGlone: Recession Fears Could Drive Gold to $3,000
In a recent interview with Kitco News, Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, warned that the current economic situation might surpass the 2008 financial crisis in severity. Drawing comparisons to pre-2008 indicators, McGlone highlighted significant risks of increased stock market volatility and global recession, particularly emphasizing economic challenges in China. He suggested that …
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Nexio Raises $2.2M in Pre-Seed Funding, Launches Parallelized Bitcoin Rollup to Revolutionize Bitcoin’s Scalability
PRESS RELEASE. New York, August 9th, 2024 – Nexio, a pioneering Bitcoin scaling solution leveraging parallelized rollup technology, today announced that it has raised $2.2 million in pre-seed funding from a diverse roster of prominent industry investors. This funding will enable Nexio to accelerate the development and adoption of its parallelized Bitcoin rollup technology, aiming …
AI offerings are a bad joke, and investors aren’t laughing
Neither OpenAI nor other tech giants have produced systems capable of doing much, but that hasn’t stopped them from pushing for massive new investments.