Crypto weekly is co-authored by @serdave and @maaria
PRICE CHANGE: WTD/YTD
- Crypto Market Cap ($2.66T): -4% / +50% - BTC ($67,680): -3% / +59% - ETH ($3,770): -4% / +65% - SOL ($163): -5% / +60% - UNI ($9.45): -15% / +29% - MATIC ($0.69): -8% / -29% - Tether Mkt Cap ($112B): 0% / +22% - USDC Mkt Cap ($32B): -1% / +32% - BTC / ETH Dominance: 50% / 17%
THIS WEEK IN CRYPTO
- The Mt. Gox bankruptcy estate moved 140,000 BTC (~$9 billion) to a single wallet, possibly as part of a plan to repay creditors by October 31, 2024. The price of bitcoin fell in anticipation of selling pressure. Link.
- President Joe Biden vetoed a repeal of SEC Staff Accounting Bulletin 121, an accounting rule that forces crypto custodians to treat cryptocurrencies as liabilities on their own balance sheets. The repeal was approved by both the House and Senate before hitting Biden’s desk. Link.
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- BlackRock’s iShares BitCoin Trust overtook the Grayscale Bitcoin Trust to become the world’s largest bitcoin fund, with almost $20 billion in assets since its launch at the start of the year.
- Crypto exchange Gemini returned $2.18 billion of digital assets back in-kind to its Earn users, a 232% recovery from withdrawals had been halted in November 2022.
- Ethereum Name Service (ENS), the protocol behind the “.eth” domains, is considering transitioning into a Layer 2 blockchain using the ZK Stack from Matter Labs.
- Joe Biden’s re-election campaign has been seeking guidance on crypto policy from industry experts, signaling the impact crypto-related issues could have on the presidential race.
- One third of US voters said they'll consider a candidate's position on crypto before making a voting decision according to a recent Harris Poll. Three quarters of young adults (ages 18-24) consier themselves to be at least somewhat familiar with cryptocurrency, while only 27% of older adults (ages 55+) said the same.
- Ryan Salame, the head of FTX’s Bahamian subsidiary, was sentenced to 7.5 years in prison and $11 million in fines for using FTX customer funds to donate to political candidates.
- The Uniswap DAO will vote on a proposal to turn on protocol fees in V3 pools and reward UNI token holders who have delegated and staked their tokens. Since inception Uniswap has generated $3.6 billion in fees.
- A court filing indicates Terraform Labs and its founder Do Kwon have agreed to a “settlement in principle” with the SEC in its civil case alleging fraud. Details of the settlement are not public. Do Kwon is currently in Montenegro awaiting extradition to either the US or South Korea to face criminal charges in both countries.
- Ripple and A16z donated $25 million each to crypto super PAC Fairshake, which has raised $135 million to support crypto-friendly candidates in the 2024 elections.
- The EU approved the creation of a new AML watchdog for the 27-member organization called the Authority for Anti-Money Laundering (AMLA) which will oversee high-risk financial entities, including crypto firms.
Check out this weeks crypto weekly by myself and @maaria
Been a minute cause I've been traveling. Check out this weeks crypto weekly by myself and @maaria