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🔥 Rally Report 🔥
SUI
The price of SUI has rallied by 28% in the past 24 hours.
WHY?!
☄️ Crypto asset manager Grayscale announced the launch of the Grayscale Sui Trust – a single-asset fund that will offer exposure to the asset for eligible individual and institutional accredited investors.
🔍 The project’s upcoming presence at crypto conferences in Asia may also be contributing to the pump. Notably, South Korean crypto markets are known to pump the prices of crypto tokens during such conferences.
If you want to buy or trade SUI, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
There’s no question that Solana is one of the top altcoins of this cycle. The question is how you can maximise your gains given SOL is already up 20x since the lows.
The answer is the top crypto project’s in Solana’s ecosystem. Most of these have been lagging, and if history repeats, they could rally even more than SOL when all is said and done.
That’s why today we take you through the top crypto projects on Solana, tell you why they’re the best, and exactly how high they could all go. Enjoy!
🔔 MARKET MOVING NEWS! (08/08/24)
1️⃣ Grayscale Launches New Crypto Investment Trusts for SUI And TAO 🚀
Yesterday, crypto asset manager Grayscale announced the launch of two new crypto funds that will invest in the native tokens of the decentralised AI project Bittensor Protocol (TAO) and layer-1 blockchain Sui (SUI). The funds, which are single-asset funds, will be called The Grayscale Bittensor Trust and Grayscale Sui Trust. Access to the funds will be limited to eligible individual and institutional accredited investors.
Rayhaneh Sharif-Askary, Grayscale’s head of product and research, stated,
We are excited to add Bittensor and Sui to our product suite and believe Bittensor is at the centre of the growth of decentralised AI, while Sui is redefining the smart contract blockchain. With the launch of Grayscale Bittensor Trust and Grayscale Sui Trust, we continue to provide investors with familiar products that enable access to tokens at the cutting edge of the crypto ecosystem’s continued evolution.
https://youtu.be/OKdEAGqiD2k?si=yEU6kCCqdFZSRh0-
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This is approximately 1.8% of the roughly $350 million customer funds we hold and we intend to continue to increase it over time. We will contribute 2% of whatever monthly brokerage income we make. The thought was to start somewhere and then continue to re-evaluate this number moving forward. International exchanges have done this. But in India we want to at least take the lead and start this as a standard.
🔥 Rally Report 🔥
POPCAT (SOL)
The price of POPCAT has rallied by 39% in the past 24 hours.
WHY?!
📈 Part of a larger rally seen among Solana-based memecoins.
☄️ The memecoin rally follows a recovery in the price of SOL. Notably, Solana network volumes more than doubled to over $3.3 billion from Monday’s $1.5 billion. The SOL/ETH ratio also reached a new all-time high yesterday.
If you want to buy or trade POPCAT, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
Has crypto left you feeling a bit underwhelmed these last few months? Well, you’re not alone. While the first quarter of this month was bullish AF, things have since calmed down… a lot. Unless you’ve spent the last few months in the memecoin casino, you’ll have probably noticed just how quick things have changed.
Getting to grips with exactly what’s been happening can be a little challenging. Thankfully, the good folks over at CoinGecko have us covered. They’ve just released their Q2 roundup, and it’s safe to say that it makes for some interesting reading.
So, come with us as we break this report down for you, tell you what’s been going on in the market lately, and tell you where we could be heading next. Don’t forget to smash that like button on the way in!
🔔 MARKET MOVING NEWS! (06/08/24)
1️⃣ Bitcoin Dominance Surges To 60% Amid Crypto Market Downturn 📈
According to The Block’s data page, Bitcoin dominance has surged to a yearly high amid a wider pullback among digital assets and global equities markets. Bitcoin dominance is a term used to describe the total market share that Bitcoin maintains relative to other cryptocurrencies. Specifically, Bitcoin’s total market cap now represents nearly 60% of the total amount of capital in the crypto industry. This marks its highest level since April 2021.
Source
2️⃣ Fed Must Make Emergency Rate Cut to Avoid US Turmoil, Says Top Economist 🤔
Jeremy Siegel, a prominent economist and professor emeritus of finance at Wharton School of Business, is reportedly urging the U.S. central bank to start cutting interest rates at a pace far faster than markets expect. Specifically, he called on the Fed to make an emergency 75 basis-point cut in the federal funds rate and another 75 bps cut in September. He believes the Fed funds rate should already be between 3.5% and 4%—1.5% below its current 5.25% to 5.5% target range.
Siegel stated,
If they're going to be as slow on the way down as they were on the way up—which, by the way, was the worst policy error in 50 years—then we're not in for a good time with this economy.
[The outflows] were a reaction to fears of a recession in the US, geopolitical concerns and consequent broader market liquidations across most asset classes. The price correction from Friday’s close saw $10 billion wiped off total ETP AUM.
Election gambling fundamentally cheapens the sanctity of our democratic process. Political bets change the motivations behind each vote, replacing political convictions with financial calculations. Allowing billionaires to wager extraordinary bets while simultaneously contributing to a specific candidate or party, and political insiders to bet on elections using non-public information, will further degrade public trust in the electoral process. We urge you to promptly finalise and implement this rule to prevent the commodification of U.S. elections.
https://www.youtube.com/watch?v=El5qDEALHTc
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According to data from analytics firm Parsec Finance, on-chain liquidations across Ethereum DeFi protocols have reached a new yearly high, with a total of over $350 million in liquidated positions in the past 24 hours. This comes as the market experiences a broad selloff resulting in substantially higher volatility. The majority of these liquidations were concentrated in three major assets (ETH, wstETH, wBTC), affecting lending protocols such as Aave which reportedly earned $6 million in revenue from processing on-chain liquidations.
Source
https://www.youtube.com/watch?v=LR0Dvw9QrRg
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🔔 MARKET MOVING NEWS! (04/08/24)
1️⃣ Democratic Elites, Crypto Industry Leaders To Hold Virtual Roundtable Monday: Politico ‼️
According to a Politico Pro report, White House officials and crypto industry executives are planning to attend a virtual roundtable to discuss digital asset policy held by pro-crypto Rep. Ro Khanna (D-CA) on Monday. The roundtable will include high-ranking officials from Vice President Kamala Harris’s election campaign and the White House, including outgoing senior White House adviser Anita Dunn, National Economic Adviser Lael Brainard and Deputy Chief of Staff Bruce Reed. This will be the second recent meeting between the crypto industry and officials in the White House, following a roundtable in July attended by executives from Ripple and Coinbase Global Inc.
Source
2️⃣ 2,200 Letters Of Support For ‘Bitcoin Strategic Reserve’ Bill Sent To US Senators ☄️
According to an Aug. 3 X post by Dennis Porter, the founder of the Satoshi Action Fund, over 2,200 letters were sent to United States senators urging them to co-sponsor and support Senator Cynthia Lummis’s newly proposed Strategic Bitcoin Reserve bill.
Notably, the Bitcoin Strategic Reserve bill, introduced on July 31, aims to establish a national reserve of Bitcoin and position the US as a leader in the adoption and secure management of the world’s first cryptocurrency. Of the 2200 letters, 1,333 letters were received by Democratic Party senators, 850 letter were received by Republican Party senators, and 41 were received by Independents.
Source
3️⃣ US Spot Bitcoin ETFs See Biggest Single-Day Outflow In 90 Days 🕯
On August 2, the 12 spot BTC ETFs in the US logged their biggest single-day outflow since May 1. According to SoSoValue data, the total daily outflow level on August 2 was $237.45 million, the highest since May 1's $563.77 million outflows and the fourth highest single-day outflow since the launch of the spot bitcoin ETFs in January.
Source
Futu Securities International, an online stock broker based in Hong Kong, has reportedly started offering crypto trading services to its retail clients on Thursday. Specifically, the platform allows Hong Kong investors to trade BTC and ETH directly with Hong Kong dollars or U.S. dollars. Futu is offering crypto trading services through a partnership with cryptocurrency exchange HashKey Exchange. To incentivise users, the platform is offering shares of Chinese e-trading giant Alibaba Group (BABA) and AI chipmaker Nvidia (NVDA) as rewards to those who open accounts and deposit specific amounts of money.
Source
7️⃣ ARK Invest Sold $14.8M of Coinbase Shares Thursday Ahead of the Exchange's Earnings Report 💰
ARK Invest, the investment company led by Cathie Wood, reportedly sold $14.8 million worth of crypto exchange Coinbase (COIN) shares on Thursday. Notably, this is the investment firm’s biggest single-day divestment since May 7 and came ahead of the exchange's second-quarter earnings announcement.
Source
🔥 Rally Report 🔥
POPCAT
The price of POPCAT has rallied by 12% in the past 24 hours.
WHY?!
🕯 The rally appears to be a small recovery following the consecutive negative price action for POPCAT over the past week.
🐈⬛ Coincidentally, the rally follows a recent meme posted by the project’s official X account. The meme features an image of Yusuf Dikec – the pistol shooter representing Turkey at the Paris Olympic Games on Tuesday, with his pet cat. The imagery of a pistol shooter with a cat plays favourably for the project’s ticker POPCAT.
If you want to buy or trade POPCAT, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
Back in the day, ChatGPT took the AI world by storm. It was a game-changer, opening up endless possibilities for AI conversations.
Since then, tech enthusiasts have been buzzing about AI models that have appeared in response. But which is best? Will it be Meta AI's Llama or Google's Gemini? And, if they rise to the top, how will they stack up against ChatGPT?
Today’s video dives deep into this AI face-off. We’ll compare these models against each other, and then laugh at some of the mistakes they make. And if you stick around ‘til the end, we’ll even show you how to leverage AI for your crypto trading advantage.
See you in the comments! Enjoy!
https://www.youtube.com/watch?v=tuiNVNJ3tJg
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Yesterday, United States District Judge Peter Castel officially approved a consent order for defunct crypto exchange FTX and its sister trading firm Alameda Research to pay back $12.7 billion to FTX creditors as part of a settlement with the United States Commodity Futures Trading Commission (CFTC). While the order doesn't include civil penalties, it bans FTX and Alameda from trading digital assets and acting as intermediaries in the market
Source
🔥 Rally Report 🔥
XRP
The price of XRP has rallied by 18% in the past 24 hours.
WHY?!
🔍 The rally comes as the years-long case between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) reached a milestone settlement yesterday.
▶️ Notably, a federal judge ordered Ripple to pay $125 million in civil penalties and imposed an injunction against future securities law violations. Investors are bullish since the fine amount is lower than the SEC's proposed $2 billion.
If you want to buy or trade XRP, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
What on earth is going on with the markets? Are we likely to see continuing turmoil or was this a golden opportunity to BTFD? And, if so, which altcoins should you be looking into?
All of this was covered in a recent interview that we did with Arthur Hayes, one of the most well known crypto OGs in the space.
Topics covered included the collapse of the Yen carry trade, Yellen’s behind the scene machinations, Bitcoin & Ethereum price predictions and hot alts to watch.
Don’t miss out on some of that legendary Crypto Hayes Alpha!
🔔 MARKET MOVING NEWS! (07/08/24)
1️⃣ Blockchain Protocol Nexera Suffers $1.8M Exploit, NXRA Tumbles 40% 🥶
According to crypto security firm Cyvers, blockchain infrastructure protocol Nexara (formerly known as AllianceBlock) suffered an exploit that resulted in the loss of $1.8 million in crypto assets. Blockchain sleuth ZachXBT revealed on Telegram that the attacker is connected to a string of recent compromised private key incidents, including the OKX DEX hack. The NXRA token contract has been paused and trading has been halted on decentralised exchanges. The attacker currently holds 32.5 million NXRA tokens worth $1.23 million and $555,000 worth of tether's USDT stablecoin.
Source
2️⃣ Ronin Bridge Paused, Restarted After $12M Drained in Whitehat Hack 🧐
On Tuesday, the Ronin network paused its bridging service after a whitehat hack drained $12 million in tokens from the platform. A total of 4,000 ETH (worth about $9.8 million) and $2 million worth of USDC were withdrawn from the bridge. Both the ETH and USDC have since been returned to the team. The Ronin team thanked the white hats for their vigilance and promised to pay a reward of $500K under their bug bounty program. The exploit reportedly occurred after the team introduced a new upgrade, leading the bridge to misinterpret the required bridge operators vote threshold to withdraw funds.
Source
3️⃣ Bitcoin Miner Core Scientific To Deliver Additional 112 Megawatts To CoreWeave ▶️
Bitcoin miner Core Scientific has reportedly signed an extension of its earlier high-performance computing contract with artificial intelligence cloud provider CoreWeave. Core Scientific announced that it will be modifying its infrastructure to supply an additional 112 MW in power to host CoreWeave’s high-computing operations. CoreWeave will now be receiving a total of 382 MW of high-performance computing infrastructure. The new agreement also contains provisions for two five-year renewal terms. CoreWeave also retains the option to further expand the deal with up to 118 MW of infrastructure at another Core Scientific site.
Source
4️⃣ Trump Meme Coin DJT Falls to Nearly Zero as Dev-Linked Wallet 'Rugs' 🔽
The price of TrumpCoin (DJT), a Solana-based memecoin that controversial figure Martin Shkreli allegedly helped launch, plummeted 90% after a single wallet sold $2 million worth in one transaction. This caused the token's market capitalisation to plummet from $55 million to $3 million in mere minutes. On-chain data curated by crypto social platform 0xPPL shows that the wallet ‘4UGm6’ held 20% of the DJT token supply before swapping it for 15,500 SOL. These proceeds have since been transferred to four different wallets.
Source
5️⃣ Nasdaq Asks To List Options On Spot Ethereum ETFs 🔍
According to recent regulatory filings, the Nasdaq International Securities Exchange has submitted a proposal to the Securities and Exchange Commission, seeking permission to list and trade options on spot Ethereum ETFs. Nasdaq’s proposed rule change would apply exclusively to BlackRock’s iShares Ethereum Trust (ETHA), which is the only ETH ETF listed on Nasdaq’s electronic exchange.
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6️⃣ Indian Crypto Exchange CoinDCX Starts Investor Protection Fund With $6M ☄️
Indian crypto exchange CoinDCX has announced the launch of the ‘Crypto Investors Protection Fund’ (CIPF). The launch of the CIPF follows the $230 million hack of fellow Indian crypto exchange WazirX. CoinDCX founder Sumit Gupta stated that the investor protection fund is designed to "compensate users for losses incurred in extremely rare scenarios such as security breaches" and that it will hold nearly $6 million (INR 50 crore) at its inception. These funds reportedly come solely from the exchange’s profits.
Gupta stated,
https://www.youtube.com/watch?v=ccvymFg5lY0
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Lawyers for the U.S. Securities and Exchange Commission (SEC) have requested a New York court to deny Coinbase’s subpoena to compel the agency to provide documents related to crypto assets. They describe Coinbase’s subpoena as “breathtakingly broad” encompassing “essentially all documents that in any way relate to crypto assets.”
Source
🔥 Rally Report 🔥
BRETT (BASED)
The price of BRETT has rallied by 32% in the past 24 hours.
WHY?!
📈 Part of a broader market recovery following yesterday’s crash.
▶️ The rally appears to be led by Ethereum-based memecoins. This is likely a sign of renewed bullishness in Ethereum. Notably, Spot Ethereum ETFs in the United States attracted net inflows of $48.8 million yesterday despite the market crash. It also marked the lowest outflow day for Grayscale’s Ethereum Trust (ETHE) which has been experiencing continuous outflows since the launch of spot Ethereum ETFs in the U.S.
If you want to buy or trade BRETT, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
It’s been a crazy week in the crypto market, and we’re here to break it all down for you. First, we’ve got the crypto market crash, caused by a combination of bearish macro and crypto factors + liquidations.
Next, we’ve the continued bearishness about ETH which stands in stark contrast to its continued growth and improving fundamentals. Then, the fact Tether continues to grow and is helping crypto grow too.
Finally, we take a closer look at the likely overblown recession fears and the effects they could have on the crypto market before unpacking last week’s short list of the top performing cryptos.
This is a weekly crypto review you can’t miss!
🔔 MARKET MOVING NEWS! (05/08/24)
1️⃣ Jump Crypto Moves Hundreds Of Millions In Crypto As Prices Slide ☄️
Jump Crypto, the crypto division of Jump Trading, has shifted hundreds of millions of dollars worth of crypto to exchanges in recent days. This has sparked speculation that it may be preparing to sell off a huge chunk of its assets. Most of the funds being moved are in the form of ETH. This includes over 120,000 staked Ether tokens which started moving on July 24, one day after the launch of spot Ether exchange-traded funds in the United States.
Source
2️⃣ Bitcoin Briefly Tumbles Below $50K, Ether Turns Negative for 2024 as Panic Grips Markets 🔽
The crypto market has sunk to its lowest levels in more than five months. At the time of writing, the price of BTC briefly dipped below the $50K mark while ETH went below the $2200 mark. The market dip appears to be due to bearish sentiments from weak employment data, slowed growth among major tech stocks, and revived fears of a recession.
Today's negative price action isn’t unique to crypto as stock markets worldwide are also experiencing sell-offs. Japan’s Nikkei 225 plunged about 7% in the morning in Asia after the Bank of Japan raised its key interest rate last week to about 0.25% from a range of zero to 0.1%. The action in Japan spread to the U.S., where the Nasdaq slid more than 5% in last week's final two sessions. Nasdaq futures are lower by 2.5% in Sunday evening action.
Source
3️⃣ Bill Proposes To Give Secret Service More Power To Pursue Crypto Crime 🔍
U.S. Senators Catherine Cortez Masto (D-NV) and Charles Grassley (R-IA) have reportedly introduced the “Combatting Money Laundering in Cyber Crime Act of 2024” - a bill aimed at expanding the Secret Service’s powers to combat cryptocurrency-related crime. Specifically, the bill would expand the Secret Service’s authority to investigate cryptocurrency transactions made by unlicensed money transmitter businesses and potential frauds committed against US financial institutions.
Stressing the importance of the bill, Sen. Cortez Masto stated,
The funding of criminal activity through digital assets poses a direct threat to the security and safety of our nation. This bipartisan and bicameral bill will allow for the U.S. Secret Service to better investigate new forms of financial crime involving digital assets.
🚨 New Video Alert!! 🚨
The BIS is the central bank for central banks. Not surprisingly, this gives it a unique position when it comes to observing the global financial system and economy.
That’s why we knew that we would have to summarise its enormous annual report. The BIS says some surprising things in this report, and warns of two scenarios that could upset the apple cart.
The craziest part is that the BIS seems to be obsessed with AI. It seems it sees AI as a tool that can be used to increase the desperately needed productivity gains to prevent everything from falling apart.
This is a long one, but it’s one that you need to watch until the end!
🔔 MARKET MOVING NEWS! (03/08/24)
1️⃣ Kujira Foundation's Tokens Stung by Its Own Leveraged Positions as Bets Backfire 🥶
Yesterday, the price of the Kujira token dropped by 55% due to liquidations of KUJI tokens held by wallets belonging to the Kujira Foundation. Specifically, the foundation had taken leveraged liquidity provision positions worth millions of dollars, which it failed to manage properly on its own DeFi platform. The liquidations occurred as loans taken by Kujira from their publicly allocated KUJI tokens became under-collateralised during a period of general market volatility. The liquidations sent KUJI lower, leading to more liquidations, even lower prices and a downward spiral. In a Telegram broadcast message on Thursday, the team claimed that certain people targeted its positions to purposely cause a cascade of liquidations.
Source
2️⃣ Morgan Stanley Tells Wealth Advisors They Can Pitch Bitcoin ETFs In A First For A Big Bank 💸
Morgan Stanley, the largest wealth manager in the United States, will reportedly allow financial advisors to offer bitcoin ETFs to eligible clients from August 7th. This makes it the first major Wall Street bank to do so. The report states that Morgan Stanley’s financial advisors can solicit eligible clients to purchase shares of two spot bitcoin ETFs — BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund. Morgan Stanley will monitor clients' crypto holdings to ensure they don't have excessive exposure to the volatile asset class.
Source
3️⃣ France Opens for MiCA Applications, First Among Biggest EU Economies ☄️
Autorité des marchés financiers (AMF), the French markets regulator, has reportedly begun accepting applications for crypto asset service providers (CASPs), six months ahead of Markets in Crypto-Assets (MiCA) regulations coming into force. Specifically, AMF stated that it started accepting applications for CASP licenses on July 1. This makes it the first major European Union economy to do so.
In a post on its website on Friday, the AMF noted 10 aspects of the legislation that kick in on Dec. 30, including providing custody and administration of crypto-assets on behalf of clients and operating a crypto-asset trading platform. The MiCA requirements will replace France’s PACTE (Action Plan for Business Growth and Transformation) regime. Companies wishing to offer services in the European Union after July 2026 will need a CASP license under MiCA.
Source
4️⃣ Bankrupt Crypto Firm Genesis Completes Restructuring ‼️
Bankrupt institutional lending platform Genesis Global and its related entities have announced the completion of its Chapter 11 restructuring plan on Aug. 2. The firm has also begun distributing approximately $4 billion worth of digital assets and U.S. dollars to repay creditors
According to the restructuring and recovery plan, Bitcoin creditors “will receive 51.28% recoveries as valued on an in-kind basis in the form of BTC,” Ether creditors will receive 65.87% recoveries paid out in the digital currency and most altcoin creditors will receive 87.65% recoveries of their digital assets, with Solana being the notable exception. Specifically, Solana creditors will be subject to a 29.58% recovery rate. Finally, stablecoin and cash creditors will receive 100% of their losses in the form of US dollars.
Source
5️⃣ HashKey's Over-The-Counter Trading Unit Awarded Singapore's Payment License ⚡️
The Monetary Authority of Singapore has reportedly awarded HashKey Group's over-the-counter trading unit a "Major Payment" license in Singapore. Notably, this license, introduced under the Payment Services Act of 2019, allows the firm to offer digital asset-related services legally. HashKey Group's OTC trading arm sees this achievement as solidifying its position as a leading regulated OTC trading provider.
Source
🔔 MARKET MOVING NEWS! (02/08/24)
1️⃣ MicroStrategy Announces Q2 2024 Financial Results; Now Holds 226,500 BTC 💸
Nasdaq-listed software firm MicroStrategy (MSTR) has announced the financial results for the second quarter of its 2024 fiscal year. It reported a net loss of $102.6 million or $5.74 per share in Q2. For comparison, the firm reported a net income of $22.2 million or $1.52 per share in Q2 2023. The loss came as the company took an impairment charge on its bitcoin holdings of $180.1 million versus $24.1 million in Q2 2023.
The firm revealed that it had purchased an additional 12,222 Bitcoin for $805 million in Q2 2024, bringing its total Bitcoin holdings to 226,500 BTC worth around $14.7 billion at current prices. It also unveiled a new key performance indicator called “Bitcoin Yield,” which represents the percentage change over time in the ratio between the firm’s Bitcoin holdings and its diluted outstanding shares. MicroStrategy said its BTC yield currently stands at 12.2% year-to-date. It stated that it aims to achieve an annual BTC Yield of 4-8% from 2025-2027.
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2️⃣ BlackRock's Tokenised Fund on Ethereum Pays Out $2.1 Million in July 🔼
According to asset tokenisation firm Securitize, the BlackRock USD Institutional Digital Liquidity (BUIDL) fund distributed more than $2 million in dividends in July - an all-time high for its monthly payouts. Since its launch in March 2024, BUIDL has reportedly paid investors $7 million in dividends.
Source
3️⃣ DeFi Protocol Convergence Hacked, CVG Token Plunges 99% on Curve ❌
The price of Curve-based DeFi protocol Convergence’s CVG token has reportedly plummeted by more than 99% due to the protocol suffering a smart contract exploit yesterday. Specifically, the attacker exploited the protocol’s CvxRewardDistributor contract. This allowed them to mint and sell 58 million CVG tokens for approximately $210,000. The Convergence team said the attack was possible because the team accidentally removed an essential line of code in its smart contract. They reportedly made the change after the smart contract code was audited four times.
Source
4️⃣ Bybit Exchange Halts Operations In France ▶️
According to a press release, crypto exchange Bybit is halting operations in France and restricting account features for French users due to "recent regulatory developments" by France's financial regulator, Autorité des Marchés Financiers (AMF). Bybit told French users that their accounts will be "restricted to close-only" configuration starting Aug. 2 at 8:00 UTC.
This prevents new positions from being opened or new funds from being deposited across Bybit’s services and products. It also stated that all positions not closed before Aug. 13 will be automatically liquidated. It concluded its announcement by telling users that it looks forward to returning to the French market in the future once it has secured the proper regulatory licenses under French law.
Source
5️⃣ Marathon Digital Posts $200 Million Quarterly Loss Amid Bitcoin Mining Sector Woes 🔽
Bitcoin mining firm Marathon Digital, which rebranded to MARA, has announced the financial results for the second quarter of its 2024 fiscal year. The report shows the firm suffered a net loss of $199.7 million in Q2 2024, compared to a loss of $9 million in the same period last year. The firm cited the impact of Bitcoin’s halving event on its operations as rivals posted similar results. MARA’s share price fell 7.8% to $18.14 amid a broader market slide driven by overheated tech stocks.
Fred Thiel, the chairman and chief executive officer of MARA stated,
During the second quarter of 2024, our BTC production was impacted by unexpected equipment failures and transmission line maintenance at the Ellendale site operated by Applied Digital, increased global hash rate, and the April halving event.
https://www.youtube.com/watch?v=yNbPAqDqN04
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This includes increased investor and consumer protection measures such as requirements to maintain “appropriate procedures” that keep digital assets “separate and insulated” from the business’s estate as well as segregating holdings from “other non-client digital assets.” It also includes a comprehensive stablecoin framework.
Source
6️⃣ BIS, Bank of England Unveil Project Pyxtrial For Stablecoin Monitoring 🔍
The Bank for International Settlements (BIS) and Bank of England have unveiled ‘Project Pyxtrial’ – a joint effort to create a technology solution that will allow the monitoring of asset-backed stablecoins' balance sheets. Project Pyxtrial developed a prototype data analytics pipeline which provides supervisors with near real-time data about stablecoins' liabilities and the assets that back them. It is designed to gather data hourly from blockchains and platforms that host stablecoins. That data is then matched with data from issuers about the stablecoins’ backing assets. This is expected to allow regulators to identify any inconsistencies. The BIS also stated that Project Pyxtrial has the potential to monitor tokenised products that are backed by real-world assets.
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