Bitcoin sunk to under $50,000 at the start of US trading on Aug. 5, prompting a huge spike in trading volumes of crypto-related ETFs.
Monthly archives: August 2024
Demand for XRP on Crypto Exchanges Rebounds to Pre-Lawsuit Levels: Kaiko Analytics
Demand for XRP is bouncing back on digital asset exchanges, according to crypto analytics firm Kaiko. After a long, drawn-out lawsuit with the U.S. Securities and Exchange Commission (SEC) that ultimately ended in the ruling that XRP sold on exchanges does not constitute a security, Kaiko says demand for XRP is back. “Since last year’s …
US senators urge CFTC to finalize ban on election betting
It comes as decentralized prediction platform Polymarket has gathered more than $500 million in bets on who will likely win the 2024 United States presidential election.
Ethereum price struggles as large holders continue offloading
Ethereum (ETH) price is still under heavy sell pressure after the weekend’s market crash, with major holders continuing to offload despite bulls attempting a recovery. According to X (formerly Twitter) user Lookonchain, a whale and asset manager Metalpha dumped nearly $73 million in ETH in the latter hours of trading on Aug. 5. Onchain data …
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US legislators call for CFTC crackdown on election gambling as Polymarket betting hits ATHs
A coalition of US lawmakers has called on the Commodity Futures Trading Commission (CFTC) to prohibit gambling on American elections. Several legislators endorsed the letter, including Senators Elizabeth Warren (D-MA), Richard Blumenthal (D-CT), Chris Van Hollen (D-MD), and Sheldon Whitehouse (D-RI), along with Representatives Eleanor Holmes Norton (D-DC), Jamie Raskin (D-MD), and John Sarbanes (D-MD). …
How does Bitcoin perform historically after its worst day of the year?
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Capula Management reveals $464 million investment in spot Bitcoin ETFs in Q2 13F filing
Capula Management, Europe’s fourth-largest hedge fund, purchased over $464 million in spot Bitcoin exchange-traded funds (ETFs) during the second quarter of 2024, according to an Aug. 5 US Securities and Exchange Commission 13F filing. The filings showed that Capula holds 4,022,346 shares in the Fidelity Wise Origin Bitcoin ETF (FBTC), valued at approximately $211 million. …
US lawmakers introduce legislation to expand Secret Service authority in battling crypto crimes
A new bill introduced in the Senate seeks to strengthen the US Secret Service’s authority to investigate crimes involving crypto. The bipartisan effort, led by Senator Catherine Cortez Masto (D-NV) and Senator Chuck Grassley (R-IA), aims to combat transnational cybercriminal activities, including unlicensed money-transmitting businesses, structured transactions, and fraud against financial institutions. The bill aims …
Elon Musk files new lawsuit accusing OpenAI co-founders of profit-driven betrayal
Elon Musk has filed a new lawsuit to reignite his dispute with OpenAI and its cofounders, Sam Altman and Greg Brockman. This move comes less than two months after he withdrew an initial legal action filed in March against the AI startup in June. New lawsuit On Aug. 5, Musk’s legal team filed a new …
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Latam Insights Encore: El Salvador’s Proposal Opens the Door for Crypto-Based International Settlements
Welcome to Latam Insights Encore, a deep dive into Latin America’s most relevant economic and cryptocurrency-based news from last week. In this edition, we discuss the recent proposal from El Salvador to settle their trade transactions with Russia using crypto, and how this might encourage other nations to do the same. El Salvador Might Start …
Saudi Arabia Becoming Hub for Web3 Startups Seeking Investment, Report Says
Saudi Arabia’s emergence as a top venture capital investment destination in the Middle East and North Africa offers an opportunity for Web3 startups seeking funding. However, the latest Adaverse report acknowledges that the Saudi Web3 industry faces challenges requiring collaboration among key stakeholders to overcome. The report urges Saudi authorities to establish clear, comprehensive regulations …
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Feasibility of Trillion-Dollar Platinum Coin Discussed by US Government, FOIA Documents Show
The trillion-dollar coin, an idea that surged as a solution to raising the U.S. debt ceiling on more than one occasion, was recently revealed to have been considered by the government several times. Memos obtained via FOIA requests by journalist Jason Leopold show that, even though it was considered outrageous by some, it was seriously …
TOKEN2049 Singapore Set to Be World’s Largest Web3 Event With 20,000 Attendees And Over 500 Side Events
PRESS RELEASE. SINGAPORE — 5th August, 2024 — TOKEN2049, the world’s largest crypto event, announced its first batch of headline speakers and prominent title sponsors ahead of its eagerly anticipated return to Singapore. TOKEN2049 will take place from 18-19 September 2024 at Marina Bay Sands, ahead of the Formula 1 Singapore Grand Prix 2024 race …
Goldman Sachs Raises US Recession Risk to 25%
Global investment bank Goldman Sachs has increased the likelihood of a U.S. recession within the next year to 25% from the previous 15%, although they maintain that the risk remains limited. Despite the recent rise in unemployment to its highest in nearly three years and a significant slowdown in hiring, Goldman economists, led by Jan …
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Following the Crypto Downturn, Market Observers Predict a 2020-Style Comeback
Over the past 24 hours, as market values have declined significantly, many observers have begun discussing the current crypto market cycle and the potential for digital currency prices to recover. Data indicates that hundreds of billions of dollars have exited the crypto economy, but some believe a rebound similar to 2020 could still occur. Onlookers …
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