As someone who has been closely following the evolutions in the crypto world for quite some time now, I find these updates truly intriguing!
Since our previous conversation, there have been numerous developments in the world of cryptocurrencies. We’ve seen new launches, significant decisions concerning lawsuits within the crypto industry, and unexpected changes that left everyone amazed. Last week we delved into spot crypto ETFs, Gate.io, Mt. Gox, among other topics. Today, we gather once more to explore the latest cryptocurrency headlines shaping the market.
Thus, let’s see what happened in crypto last week.
Top Cryptocurrency News
1. Bitcoin Fell from $70,000 to $50,000 in One Week – Crypto Market Experiences Surprising Falls
Summary
The value of cryptocurrencies dropped substantially because of widespread selling across global markets and large-scale liquidation events.
Details
As a seasoned investor with over a decade of experience in the stock market and cryptocurrency industry, I find myself deeply concerned by the current downtrend in the entire crypto market. Last week, the price of Bitcoin dipped to an unexpected level of $50,000 – a decline that has not been seen since the collapse of FTX. This recent turn of events brings back memories of past market crashes and serves as a stark reminder of the inherent volatility in this sector. It is crucial for both novice and experienced investors to exercise caution and adapt their strategies accordingly, given the dramatic nature of these declines.
1) The global equity market’s selloff and $1.08 billion worth of crypto asset liquidations significantly impacted the market. As a result, the overall value of all cryptocurrencies plummeted, primarily due to substantial losses in Bitcoin and Ethereum.
1. Moreover, the selling off of long investments further aggravated the market drop. This downward trend was significantly impacted by a decrease in the popularity of yen-dollar carry trades, as the Bank of Japan’s interest rate led traders to abandon positions in riskier assets like stocks and cryptocurrencies.
first, a distressed crypto firm named Genesis distributing over $1 billion in Bitcoin to its creditors, and second, the U.S. government transferring approximately $2 billion worth of Bitcoin, which many speculate is intended for sale.
Source: Cointelegraph
2. NFTs Experienced the Lowest Monthly Sales Since November 2023
Summary
In simple terms, the sales of Non-Fungible Tokens (NFTs) in July fell close to their all-time highs, totaling approximately $393 million. This figure has sparked worries about the long-term viability of the NFT market.
Details
By July 2024, the NFT market saw a substantial drop, recording sales at their lowest point since November 2023. The monthly turnover amounted to just $393 million, signifying a steep fall from the figures of prior months.
A variety of elements played a role in this downward trend. Among them was a drop in trading activities among investors, which lessened their overall enthusiasm. Furthermore, the state of the larger financial market impacted cryptocurrencies and digital assets as a whole.
Source: Crypto Economy
3. Montenegro Will Extradite Do Kwon to South Korea
Summary
The Montenegrin government chose to send Do Kwon back to South Korea instead of complying with the United States’ demand for his extradition.
Details
In a recent development, a Montenegrin court upheld the order for the extradition of Terraform Labs co-founder, Do Kwon, to South Korea. This decision was made despite objections from the U.S. Department of Justice and the Securities and Exchange Commission. Notably, this ruling is not subject to appeal, and it comes as Do Kwon stands accused in connection with the demise of his cryptocurrency firm, Terra.
The global cryptocurrency community has been closely monitoring the attempts to extradite Do Kwon, highlighting the intricate international legal challenges that arise with high-profile individuals in the crypto world. The legal predicament of Do Kwon, particularly given his role in Terra’s downfall, has sparked intense interest among investors and crypto market experts, as they assess its potential effects on the overall digital currency market.
Source: CoinDesk
Top Crypto News – DeFi
4. Ronin Network Registered 2 Million Daily Active Users
Summary
The Ronin blockchain has surpassed other networks by reaching 2 million daily active users.
Details
On July 29, 2024, the Ronin blockchain marked a significant accomplishment by serving 2 million daily active users, surpassing notable competitors like Tron and Solana in terms of user engagement.
The increase in activity is largely due to the expansion of Ronin’s gaming platform, notably the thriving performance of its NFT marketplace, Mavis Market, and the inclusion of its own token on Binance. Moreover, the network has experienced substantial engagement with over 12 million RON token holders and 3 million downloads of its wallet, indicating a strong desire for widespread adoption.
Source: Cointelegraph
5. Trust Wallet Partnered with Ton for Further Blockchain Adoption
Summary
Trust Wallet partnered with The Open Network (TON) to increase blockchain adoption by leveraging Telegram’s user base for seamless transactions with TON.
Details
As a researcher exploring the dynamic world of blockchain technology, I’m thrilled to share that Trust Wallet, a prominent self-custody Web3 wallet provider, has formed a strategic partnership with The Open Network (TON). Our goal is to foster wider adoption of blockchain technology by leveraging Telegram’s vast user base. This collaboration empowers approximately 100 million Trust Wallet users to effortlessly send and receive Toncoin tokens.
The two companies are planning to combine TON Connect and several dApps with Trust Wallet, also adding an import feature for the TonKeeper wallet. This move reflects Trust Wallet’s dedication to offering multiple open-source solutions.
Source: Bitcoin Insider
6. Tether Reported Record-Breaking $5.2 Billion Profit in the First Half of 2024
Summary
In the first half of 2024, Tether announced an unprecedented net income of $5.2 billion, primarily boosted by shrewd investment decisions.
Details
Despite a current downturn in the cryptocurrency market, Tether asserts a contrasting viewpoint. Known as the most widely used USD-linked stablecoin, Tether recently reported an unprecedented net profit of $5.2 billion for the first half of 2024. This remarkable financial success can be attributed mainly to Tether’s strategic decision to invest in US Treasury Bills, a move that has significantly boosted the crypto project’s stability and income.
Source: TradingView
7. Blackbird Launched a Web3 Platform for Restaurant Payments
Summary
Web3 restaurant app Blackbird launched a new payment and settlement platform for restaurants.
Details
Blackbird Labs, creators of the Web3 restaurant app Blackbird, recently launched a novel payment system called Blackbird Pay. This system is specifically developed to simplify payment and bill-settling operations for eateries utilizing blockchain technology.
Blackbird Pay operates using Blackbird’s own blockchain, Flynet, and its primary objective is to minimize transaction costs. This is achieved by charging restaurants only a 2% fee for each transaction they process.
Source: The Block
Top Crypto News – Bitcoin
8. The University of Wyoming Launched the Bitcoin Research Institute
Summary
As a crypto investor, I’m thrilled about the University of Wyoming launching the Bitcoin Research Institute – a groundbreaking initiative that promises to deliver top-tier, peer-reviewed insights about Bitcoin. This institute will serve as an invaluable resource for us in the crypto community, helping us make informed decisions and deepen our understanding of this revolutionary technology.
Details
In simple terms, starting in August 2024, The University of Wyoming is set to unveil the Bitcoin Research Institute, a fresh endeavor spearheaded by Bitcoin advocate and Associate Professor Bradley Rettler. This initiative’s primary goal is to bridge existing research gaps about Bitcoin by conducting in-depth studies of high caliber.
As a passionate crypto investor, I wholeheartedly agree with Bradley Rettler’s emphasis on the importance of precise and extensive scholarly works to enlighten both the general public and decision-makers about the intricacies of Bitcoin. To contribute to this cause, I am thrilled that the Bitcoin Research Institute will be an integral part of the University of Wyoming’s College of Arts and Sciences. This institute will spearhead numerous academic endeavors, such as hosting annual summer workshops, weekly seminars, and awarding academic prizes. These initiatives aim to stimulate continuous research within our dynamic industry, ensuring that we all stay informed and ahead of the curve in this ever-evolving digital frontier.
Source: Cointelegraph
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2024-08-06 16:13