Crypto weekly is co-authored by @serdave
PRICE CHANGE: WTD/YTD
- Crypto Market Cap ($2.2T): +1% / +24%
- BTC ($59,828): +2% / +41%
- ETH ($2,669): -3% / +17%
- SOL ($146): +4% / +43%
- UNI ($6.18): -1% / -15%
- MATIC ($0.42): -1% / -56%
- Tether Mkt Cap ($115B): +1% / +26%
- USDC Mkt Cap ($34.3B): +3% / +40%
- BTC / ETH Dominance: 54% / 15%
THIS WEEK IN CRYPTO
- Bitcoin dropped over 15% and traded below $50,000 this week, its lowest level since February. Ethereum fell over 23% to below $2,200, it's lowest level since January. The sell off was driven by a variety of events, including week economic data, Jump Crypto selling $500M of ethereum, and increasing probability of Kamala Harris winning the upcoming election over pro-crypto Donald Trump. Link. Link. Link. Link.
- The CFTC proposed a rule to ban prediction markets, which would effect crypto prediction markets as well. Coinbase, Gemini, and Crypto.com opposed the new ruling. Link.
- Jump Crypto, the crypto arm of market maker Jump Trading, liquidated over $500 million of staked ether. The US CFTC is allegedly looking into the firm's crypto investing activity. Link.
- The IRS released a revised draft of the 1099-DA tax form for crypto investors, removing the requirement for reporting wallet addresses, transaction IDs, and transaction dates. Link.
- A judge fined Ripple $125 million for violating securities laws, bringing its multi-year lawsuit with the SEC to an end. The judge ruled that Ripple's original sale of XRP to institutional investors qualified as an unregistered security. The SEC had been seeking fines of $2 billion. Link. Link. Ruling.
- Decentralized exchanges including Uniswap saw $18.2 billion in trading volume in a 24 hour period, the third most active day in DeFi’s history. Link.
- Crypto lender Genesis Global, which filed for bankruptcy in January 2023, began distributing $4 billion worth of assets to creditors. Creditors will recover 64% of their crypto holdings. Link.
- Trading platform Robinhood saw revenue from crypto transactions increase 161% to $81 million in Q2. Link.
- Crypto startups raised more money across fewer deals in Q2, though activity remains far below 2021 highs. VC investment in crypto companies totaled $2.7 billion for the quarter. Link.
- The SEC delayed a decision to approve Hashdex’s proposed single bitcoin/ethereum spot ETF to September 30th. Link.
- Global asset management firm Franklin Templeton launched an on chain money market fund on Layer 1 blockchain Arbitrum. This is the second largest fund of its kind, following Blackrock’s BUIDL fund, which deployed on Ethereum mainnet earlier this year. Link. Link.
- A US court ordered bankrupt crypto exchange FTX to pay $12.7 billion in relief to its customers as part of its settlement with the CFTC. The regulator said it will not collect any payment from FTX until customers are paid back in full. Link.
- London's High Court froze the assets of OneCoin founder Ruja Ignatova, the "Cryptoqueen," and others involved in the $4 billion Ponzi scheme of OneCoin. Ignatova, who disappeared in 2017, remains on the FBI's most wanted list with a $5 million reward for information leading to her arrest. Link.
- Brazil’s securities and exchange commission approved a Solana-based ETF by QR Asset, making it the second of its kind after 21Shares launched a Solana ETF in Switzerland in June 2021. Link.
- MicroStrategy’s Michael Saylor said he has personally accumulated around $1 billion worth of bitcoin. MicroStrategy currently holds 226,500 btc, valued at over $13.5 billion. Link.