As someone who has been closely following the crypto world for the past few years, I must admit that the pace of its growth and evolution is nothing short of astonishing. Just look at Bitget Wallet’s meteoric rise, especially in Asia – it’s like watching a rocket launch!
Another week has come and gone, bringing us a step nearer to discovering whether the Bitcoin price will finally stabilize and begin its upward trend after experiencing one of the steepest declines in recent memory. Furthermore, we’re keeping a close eye on the development of Ethereum-based ETFs and speculate about when and if they might match the popularity achieved by Bitcoin ETFs.
As a seasoned cryptocurrency enthusiast with years of experience under my belt, I have seen the highs and lows of this volatile market. Last week was no exception, as the crypto industry once again proved its ability to captivate and confound in equal measure. From the ongoing saga of Ripple, FTX, and Alameda, to the emergence of Ronin, Robinhood, and the latest brainchild of Vitalik Buterin, it seems that every week brings a fresh wave of intrigue and excitement to this dynamic world. Let’s delve into the happenings of last week in the crypto industry and see what lessons we can glean from them.
Top Crypto News
Venezuela Blocked Binance, X, and More
In Venezuela, authorities have restricted access to Binance, Twitter, and other digital platforms because of the contentious outcome of the presidential election.
Venezuela’s government restricted access to Binance cryptocurrency exchange, Twitter X, and other digital platforms following the contentious outcome of their presidential election. This decision was communicated on August 9, 2024 by the local freedom-of-speech group VE sin Filtro, who reported a DNS blockade on Binance, affecting its website and app functionality.
On August 10th, Binance’s account tailored for Latin America issued a statement similar to many websites of diverse companies in Venezuela, such as social media platforms: “Binance pages have encountered access restrictions.” However, the cryptocurrency exchange wants to reassure its users that their funds remain secure and will not be impacted by this unexpected move.
Source: Cointelegraph
Bitcoin Miners Recorded the Lowest Daily Revenue of 2024
Summary: Bitcoin miners experienced the lowest daily revenue of 2024 on August 11.
Over the recent weeks, the income generated by Bitcoin miners has significantly decreased, hitting an all-time low for the year on August 11, 2024. On this day, the Bitcoin mining community’s daily profits amounted to just $2.54 million, a figure not seen since October of the previous year.
As an analyst, I must admit that the recent dip wasn’t entirely unexpected given the downtrend in Bitcoin’s value. Additionally, it’s important to note that the decrease in mining revenue can be attributed to the Bitcoin halving event on April 20, 2024, which cut the mining rewards from 6.25 BTC to 3.125 BTC.
Source: Cointelegraph
Multiple Exchanges Filed Crypto License Applications in Turkey
In summary, both Coinbase and KuCoin have submitted applications for a Turkish operating license, joining forces with Binance, OKX, and 72 other digital asset trading platforms seeking to establish operations within the country.
Details: Two well-known cryptocurrency trading platforms, Coinbase and KuCoin, have recently submitted applications to operate legally in Turkey. As of now, the number of applicants for such licenses has climbed to 76, with 29 exchanges having applied since August 9th. Notably, Binance and OKX are also among the applicants seeking a license to trade cryptocurrencies within Turkey.
As a researcher, I find myself delving into the implications of a law enacted by Turkey in July 2024 – specifically, the “Law on Amendments to the Capital Markets Law.” This legislation has brought about tighter regulations for entities providing crypto-related services. Consequently, both domestic and foreign cryptocurrency exchanges are now required to secure authorization to function within their jurisdiction.
Source: The Crypto Times
Latest Cryptocurrency News – Regulation
The SEC Charged NovaTech with Fraud
As a researcher, I’ve been delving into the recent allegations against NovaTech and its key figures. The U.S. Securities and Exchange Commission (SEC) has accused them of masterminding a Ponzi scheme, which is said to have led to the misappropriation of approximately $650 worth of cryptocurrency tokens.
Description: The United States Securities and Exchange Commission (SEC) has accused NovaTech Ltd., led by Cynthia and Eddy Petion, of orchestrating a cryptocurrency scam that affected approximately 200,000 people globally, including American citizens and the Haitian-American community.
Based on information from a press release dated August 12, 2024, the Securities and Exchange Commission (SEC) alleges that a cryptocurrency company has been operating a fraudulent scheme. This scheme is said to have raised more than $650 million in cryptocurrency from 2019 to 2023. The investors were misled into believing their money was being used for investments in digital assets and foreign exchange markets, with promises of substantial returns over time.
Instead, it emerged that NovaTech was employing investors’ money to repay earlier investors and to cover fees for promoters. This practice bears a striking resemblance to Ponzi schemes.
Source: CryptoPotato
Top Crypto News – DeFi
Bitget Wallet Overtook MetaMask by Downloads
As an analyst, I’d rephrase that summary like this:
Details: By July 2024, the non-custodial wallet associated with the Bitget exchange, known as Bitget Wallet, surpassed a user base of more than 30 million worldwide and outranked MetaMask, one of the most widely used non-custodial wallets. Based on an assessment conducted by Bitget Wallet, its mobile application garnered approximately 1.6 million downloads across Google Play Store and Apple App Store, in contrast to MetaMask which managed only 1.5 million downloads during the same period.
Following its debut, Bitget Wallet has witnessed significant expansion in downloads and active users, particularly marked in Asia. User growth in countries like India, Vietnam, and Singapore soared beyond 300%, while downloads in Japan, the Philippines, and Thailand multiplied more than 20 times compared to the corresponding period of the previous year.
Source: Cryptonews
Coinbase Expanded Crypto Services in Hawaii
Coinbase has now expanded its operations into Hawaii, following modifications in the state’s regulations concerning cryptocurrency usage.
On August 13, 2024, Coinbase revealed that they had commenced providing cryptocurrency-related services in Hawaii. This move is a result of the latest regulatory adjustments within the state, which now permits businesses to offer digital currency products and solutions to Hawaii’s residents.
As per the recent update from Coinbase, users residing in Hawaii now have the opportunity to purchase, sell, and manage all the cryptocurrencies available on their platform within their jurisdiction. They can actively engage with the crypto community through staking and other services, and they also get access to various professional tools like TradingView and robust APIs.
Source: Coinbase, CoinJournal
Aave Hit a New ATH in Weekly Borrowers
In a recent post, the founder of Aave shared that the platform has achieved a fresh high in the number of weekly active lenders.
Details: One of the most frequently used platforms for loans in the market, Aave, recently reported a record-breaking number of weekly users who are borrowing money from them. This announcement was made through a post on their platform, where the founder of Aave, Stani Kulechov, stated that their lending and borrowing system now has around 40,000 active weekly users. This is the highest number they’ve seen since late 2022.
It appears from the data that the rise of novel lending platforms like Base and Scroll has contributed significantly to the increase in weekly active borrowers. Moreover, Kulechov pointed out that the number of weekly depositors attained unprecedented highs earlier this month.
Source: Cointelegraph
Top Crypto News – Technology
MetaMask Launched a Pilot Self-Custody Debit Card
Summary
Starting on August 14, 2024, MetaMask, a well-known crypto wallet, initiated a trial period for the MetaMask Card. This card is set to be the first in the world that allows users to make direct payments using their MetaMask wallet through Mastercard.
According to Lorenzo Santos, the Senior Product Manager at Consensys, the MetaMask Card trial enables individuals to effortlessly spend their cryptocurrencies in everyday transactions. This is a significant advancement towards eliminating the historical obstacles that have hindered the seamless integration of blockchain technology and real-world commerce.
Source: BeInCrypto
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2024-08-20 11:51