Crypto weekly is co-authored by @serdave
- Crypto Market Cap ($2.43T): -6% / +37%
- BTC ($63,618): -5% / +50%
- ETH ($3,422): -6% / +50%
- SOL ($129): -14% / +26%
- MATIC ($0.56): -10% / -42%
- UNI ($9.83): -15% / +34%
- Tether Mkt Cap ($113B): 0% / +23%
- USDC Mkt Cap ($33.7B) +1% / +34%
THIS WEEK IN CRYPTO
- The price of BTC fell over 4% this week on selling pressure from the German government offloading 50,000 BTC seized from a movie piracy website as well as $900 million in outflows from BTC ETFs, the largest outflows since late April. Bitcoin is down 14% from its near all-time highs of $74,000 in March. Link. Link. Link.
- The SEC concluded its investigation into ethereum for violations of securities laws with its transition to proof-of-stake. Despite the announcement, Consensys said it will still pursue its lawsuit against the US regulator over its inconsistent regulatory policies towards ethereum and its developer ecosystem as a whole. Link. Link. Announcement.
- Stablecoins are collectively the 18th largest holder of US debt, ahead of nations like Germany and South Korea. Link.
- Ro Khanna (D-CA) is hosting a meeting next month on keeping Bitcoin and Blockchain innovation in the US. Members of the Biden administration are expected to attend. Link.
- A US judge dismissed four class action lawsuits against Ripple related to allegations the company had violated securities laws by selling XRP. Link. Tweet.
- Tether, the issuer of the largest stablecoin USDT, launched a synthetic dollar backed by gold reserves called aUSDT, as part of a larger initiative to create new tethered assets besides stablecoins. Link.
- David Hirsch, the head of the SEC’s Crypto Asset and Cyber Unit in the Division of Enforcement, left the agency after nearly nine years. Link.
- 3iq Digital Asset Management filed an application to offer a Solana spot ETF in Canada, a first of its kind for the 5th largest cryptocurrency. Coinbase would provide custody services for the ETF. Link. Link.
- Crypto exchange Kraken disclosed a $3 million security breach orchestrated by engineers at the blockchain security firm Certik. According to Kraken, a Certik engineer who initially identified a vulnerability in their UX allegedly informed colleagues, who then exploited the flaw prior to its resolution. Although the $3 million has since been recuperated, Certik refutes any claims of bad intent. Link. Link. Link.
- European regulators are finalizing technical guidance for stablecoin issuance in the region which includes specific licensing, reserve management, and governance requirements. Analysts expect the USDC will meet the new rules, which are expected to take effect in 2025, while USDT will not. Link.
- British multinational bank Standard Chartered is launching a bitcoin and ethereum trading desk in London, making it one of the first global banks to enter spot crypto trading. Link. Link.
- The median gas price on ethereum hit lows not seen since 2020 (3 gwei). Ethereum gas prices have steadily decreased since the Dencun update, which introduced a new "blob" format for Layer 2s that reduced the cost of transacting. Link.
- The CFTC is investigating the trading and investment activities of Jump Crypto, the crypto division of high-frequency trading firm Jump Trading, Jump reportedly made $1.28 billion from inflating the price of the UST Terra stablecoin, before it imploded in 2022. Link. Link.
- Bitcoin mining revenue per hash hit an all time low, causing some miners to sell bitcoin holdings and turn off unprofitable rigs. Link.
- Grayscale's Ethereum Trust will not be able to offer ethereum staking in its spot ETF product, putting it at a comparative disadvantage to other ETFs that are structured to offer staking. Link.
- Winklevoss twins, the co-founders of crypto exchange Gemini, donated $2 million in bitcoin to Donald Trump's presidential campaign. Link.
- Kenya closed its investigation into Worldcoin over privacy concerns, opening the door for the protocol to begin operating in the region again. Link.
- Coinbase International will allow users to trade futures of soon-to-be listed tokens on the exchange. Link. Blog.
- Montenegro's Prime Minister invested in Terraform Labs, the company behind the collapsed UST Terra/Luna stablecoin. The company's founder Do Kwon is currently awaiting extradition to either the US or South Korea to face fraud charges. Link.