Read this week’s news for many new developments.
Ethereum
- Tether is now planning to add support for ZK-Rollups to reduce pressure on Ethereum.
- Ethereum Fees at ATH as miner revenue surges to $800,000 per hour.
- Chef sells all his Sushi and buys ETH. Sushi has crashed by some 80% in just a few days after rising from naught to about $10 with it now at $2.50.
- Ethereum’s Vitalik Buterin dismisses concerns of 51% attack on ETH 2.0
- Whales sold over 1M ETH prior to the 35% price collapse. Ethereum’s price has been free-falling in the past few days, losing nearly $200 of value at one point. The price drop came shortly after the top 100 ETH exchange addresses dumped over 1 million tokens.
Laws
- Craig Wright reopens a defamation case against Roger Ver in Antigua and Barbuda High Court.
- The Tezos Foundation has agreed to pay $25 million in damages to plaintiffs and their lawyers, per new court documents. Tezos has been involved in an ongoing lawsuit stemming from the illegal token sale of XTZ in July 2017.
- South Korean authorities have reportedly seized Bithumb, one of the country’s biggest cryptocurrency exchanges by trading volume.
- Bitfinex files motion to dismiss Bitcoin market manipulation lawsuit. The exchange claims the case should be dismissed because no proof of allegations has been provided.
- Russia’s new draft law will ban crypto completely and prohibit miners from receiving rewards. // TF – as per previous news also covered by us, legislation in Russia allows owning and transacting crypto assets as ownership instruments, but not for payments. Interesting stance – one could argue any asset that is liquid enough (and crypto assets are liquid and easy to trade) can be used as money.
- The Bank of England governor asks to set global standards for stablecoins and CBDCs.
New Development
- CipherTrace develops the Monero tracking tool for US authorities. No more privacy?
- KuCoin celebrates 3rd Anniversary with new spotlight, KuChain updates, and Porsche 911 giveaway.
- SUSHI rebounds 190% as sushiswap lead dev transfers control to FTX CEO.
- Tron’s Justin Sun creates DeFi meme Coin and names it after himself. The Tron founder wants SUN to be the “Bitcoin” of TRON.
New Launch / Purchase / Announcement
- Five of CoinMarketCap’s top executives, including the interim CEO, have left the cryptocurrency-ranking website only months after the firm’s purchase by Binance.
- Bermuda teams with stablehouse to launch Digital Stimulus Token. A small handful of the island’s merchants and residents are testing out a new Bermudian Dollar Token to buy food and other essential items.
- iFinex, the owner of crypto exchange Bitfinex, has invested more than $1 million in upcoming security token exchange Dusk Network.
- BitMEX, leasing crypto derivatives exchange, announced on Tuesday that it is officially rolling out its first mobile application.
- Jump Trading, the publicity-shy market maker for Robinhood, Bitfinex, and BitMEX has made a significant investment into decentralized exchange Serum.
- MetaMask presents Mobile App for Android and iOS.
- Brazil working on launching Central Bank Digital Currency by 2022. This came as a surprise as the country recently started studying the possibility of introducing the CBDC without any conflict with the traditional system.
- Binance launched Liquid Swap, the platform is in effect an automated market maker exchange where smart contract-based liquidity pools set spot prices and facilitate swaps similar to Uniswap.
- Swerve, a new and unaudited decentralized finance protocol, has accumulated $380M in asset deposits within 12 hours of its launch.
- BitMEX announces the launch of ‘quanto futures’ for EOS, Chainlink, Tezos, and Cardano.
- Ziglu, a crypto-friendly challenger bank, receives e-money license, launches P2P payments.
- Bella Protocol enters to streamline banking services, after Binance Launchpool.
Onboard
- Marc Andreessen, the co-founder of venture capital giant Andreessen Horowitz, has joined as an observer to Coinbase’s board of directors.
Others
- Vitalik Buterin compares DeFi tokenomics to the Fed’s money printer.
- KIMCHI, the newest DeFi farming token, locked up $500M within hours. We are left to see how the KIMCHI token, a fork of SUSHI, will play out in the coming days. // TF this does smell and look like a bubble!
- The Bitcoin price crashed back below $10k during the week with a 15% price drop over two days.
- The total value locked in DeFi has dropped by 22% from its peak of $9.512 Billion. The drop coincides with the recent crypto market sell-off that hit DeFi tokens hardest.
Bitcoin
- Pornhub, a leading porn platform, has announced that it has started accepting payments for Pornhub premium subscription via Bitcoin and Litecoin.
- China has sold over $109 billion worth bonds in the first half of 2020 as the People’s Bank of China nears the launch of its centralized digital yuan.
- Warren Buffett and Berkshire Hathaway cut their position on Wells Fargo as the bet on Barrick Gold and rising inflation fuel the bull case for Bitcoin as well.
Crypto
- Binance CEO CZ warns of brewing DeFi Bubble, “Super High Risk”.
- Bitcoin tumbled about $403 in an hour early Thursday, deepening a two-day sell-off that pushed the largest cryptocurrency to its lowest in a month.
- Swiss Canton of Zug, also known as the Crypto Valley, has decided to accept Bitcoin and Ethereum as taxation payments from February 2021. // TF well done Canton of Zug and Pornhub 🙂
- CEX.IO, a renowned crypto firm, has announced that it will launch crypto-backed loan services on its platform before the end of September.
Blockchain
- The Korea Internet & Security Agency of South Korea to implement a blockchain-powered employee ID system through a smartphone app.
