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In the last 24 hours, Bitcoin’s price (TSX:3350) surged 8.1% to $59,475 on Thursday, driven by better-than-expected US unemployment data. Initial jobless claims were 233,000, below forecasts, boosting economic optimism and easing recession fears. Ethereum (COIN:ETHUSD) rose 10.8% to $2,588, while Solana (COIN:SOLUSD) (8.6%), Binance Coin (COIN:BNBUSD) (6.7%), and Dogecoin (COIN:DOGEUSD) (7.9%) also saw significant gains.
A favorable court ruling for Ripple Labs led to a surge in XRP (COIN:XRPUSD), raising its price from 50 to 65 cents. The judge imposed a $125 million fine and an injunction against future violations, though the SEC may appeal, potentially extending the case. The ruling also spurred a $200 million increase in open interest for futures, with most traders betting on further price increases.
Binance, the largest cryptocurrency exchange by volume, will list Toncoin (TSX:3350) for spot trading starting August 8, with withdrawals available on August 9. The new listing, tagged with a “seed tag” indicating higher risk and volatility, saw Toncoin rise 14.9% in the last 24 hours. Despite Toncoin’s growth, its future appreciation may be affected as Binance-listed tokens in 2024 have underperformed, according to Coin98 Analytics.
On August 7, US Bitcoin spot ETFs received $45.1 million, with BlackRock’s ETF (TSX:3350) leading with a $52.5 million inflow, totaling $20.2 billion in net inflows. WisdomTree (TSX:3350), Grayscale Mini Trust BTC (TSX:3350), and Bitwise (TSX:3350) reported inflows of $10.5 million, $9.7 million, and $3 million, respectively, while Grayscale Bitcoin Trust BTC (TSX:3350) saw a $30.6 million outflow.
In contrast, Ethereum ETFs faced $23.7 million in outflows on August 7. Grayscale’s primary ETF (TSX:3350) reported $31.9 million in withdrawals, while ETFs from Fidelity (TSX:3350), Franklin (TSX:3350), and Bitwise (TSX:3350) received $4.7 million, $1.8 million, and $1.7 million, respectively.
A JPMorgan (TSX:3350) survey, shared by Matthew Sigel of VanEck, reveals institutional investors’ optimism about Bitcoin (TSX:3350). Factors include Morgan Stanley advisors’ ability to recommend Bitcoin ETFs, reduced selling pressure from Mt. Gox and Genesis bankruptcies, and potential payments from FTX’s bankruptcy. Bipartisan support for crypto regulation and a futures market in contango also indicate a positive sentiment.
NYSE American proposed a rule change to list and trade options on three Ether ETFs: Bitwise Ethereum ETF (TSX:3350), Grayscale Ethereum Trust (TSX:3350), and Grayscale Ethereum Mini (TSX:3350). The proposal, filed with the SEC on August 7, aims to provide an additional investment and hedging tool for Ether investors. This follows a similar request by Nasdaq for BlackRock’s iShares Ethereum Trust (TSX:3350). Final SEC approval may take time, as Bitcoin ETF options trading is still pending approval.
The NEAR Protocol (TSX:3350) introduced chain signatures, allowing smart contracts to sign transactions on any blockchain without needing cross-chain bridges. This facilitates interactions with blockchains like Bitcoin and Ethereum, supporting Omnichain DeFi and the creation of Omnichain tokens. The technology uses threshold signatures and MPC nodes to simplify token and fee management. This innovation promises to resolve interoperability issues and create a unified layer for the Web3 ecosystem.
Ore, a mining protocol on the Solana blockchain, now accounts for about 14% of the network’s transactions. Since the launch of version 2 (V2) on August 6, mining activity has surged, reflecting the project’s initial success. Ore combines proof-of-work (PoW) with Solana’s transaction speed, offering rewards through a gamified airdrop mechanism. The V2 update improved efficiency and transaction success rates, with over 30,000 active miners recently.
Franklin Templeton launched its tokenized money fund, the Franklin OnChain US Government Money Fund (FOBXX), on the Arbitrum network, expanding the integration between traditional and decentralized finance. Created in 2021 and accessible via the Benji Investments platform, FOBXX, with $420 million in assets and an annualized return of 5.25%, can now be acquired on Arbitrum (TSX:3350), Stellar (XLMUSD), and Polygon (TSX:3350). This move highlights Arbitrum as a legitimate platform for financial records and signals Franklin Templeton’s expansion into new networks.
Aave DAO (TSX:3350), in partnership with Trident Digital, IntoTheBlock, and TokenLogic, successfully launched the first onchain fixed-yield loan, valued at $100 million. This new product offers fixed rates and terms, providing greater stability for lenders and borrowers. The model addresses traditional liquidity and volatility challenges, linking interest payments to protocol revenue. The implementation uses Aave v3 and locks 33,000 ETH to ensure the operation.
Binance announced the recovery or freezing of $73 million in stolen funds in 2024, surpassing the $55 million recovered in 2023. The milestone was achieved through proactive efforts and collaboration with third parties. Approximately 80% of the recovered funds were related to external hacks, while 20% were from off-platform scams.
Global cryptocurrency trading volumes on centralized exchanges increased by 19% in July, totaling $4.94 trillion, the first growth in four months. Spot trading volumes grew 14.3% to $1.44 trillion, while derivatives rose 21% to $3.50 trillion. The market share of derivatives rose to 70.9%, the highest since December 2023. Bybit stood out with a 23% increase in spot trading volume, although Binance remained the leader in spot trading with a 28.1% share and continued to dominate the derivatives market with a 43.5% share.
WazirX, an India-based cryptocurrency exchange, announced the restoration of user balances and the reversal of transactions made between July 18 and 21 following a $230 million cyberattack that led to the suspension of withdrawals. The move aims to ensure fair treatment for affected users. All trades made during the period will be nullified and associated fees reversed. The restoration process is ongoing, with trading and withdrawal operations remaining suspended as the platform works to resume normalcy.
The DeFi protocol Nexera (TSX:3350) burned 32.5 million NXRA tokens, permanently removing them after a hack resulted in the theft of $1.5 million. The attack, which occurred on August 7, compromised 47 million NXRA tokens. The token burn aims to stabilize Nexera’s ecosystem and prevent the stolen tokens from being traded. The investigation revealed that Nexera’s smart contracts were not compromised. The action also included freezing the remaining tokens in the attacker’s wallet.
US District Judge Peter Castel approved a $12.7 billion settlement between the CFTC, FTX, and its affiliate, Alameda Research. FTX and Alameda must pay $8.7 billion in restitution to investors and an additional $4 billion. The CFTC will not impose further penalties. The court also banned FTX and Alameda from operating in the crypto market. “FTX and its related entities are permanently banned from soliciting, receiving, or accepting any funds for the purpose of buying or selling any commodity interests or digital asset commodities, including but not limited to bitcoin, ether, or tether,” Castel stated. This settlement significantly reduces the CFTC’s initial demand and follows an agreement to resolve litigation. The FTX investigation is ongoing, with the examiner requesting more time to complete the report.
Immutable will close its Marketplace on August 13, with a complete redirect by September 27. The decision aims to better support Immutable ecosystem projects on external marketplaces rather than competing directly. Blockchain assets will remain accessible through other marketplaces, and listings will be maintained by Immutable’s Global Orderbook. This change comes amid a significant decline in the NFT market, which saw a 66.65% reduction in monthly sales volume since February.
Japanese Bitcoin investment company Metaplanet (TSX:3350) plans to secure a $6.8 million (¥1 billion) loan to expand its Bitcoin reserves. Additionally, it is raising $70 million (¥10.08 billion) through a new stock issuance. The action boosted the company’s stock value, continuing its 450% positive trajectory for the year. The loan will have an annual interest rate of 0.1% and a six-month term.
California-based crypto custody provider BitGo received the Major Payment Institution License (MPI) from Singapore, allowing it to offer regulated digital payment token services. The license permits operations without transaction limits, aligning BitGo with other major industry players. With the license, the company can expand its custody and trading offerings in Asia and globally.
The Sonic testnet, a layer 2 of the Solana Virtual Machine (SVM) aimed at gaming, surpassed one million monthly active users, reflecting the growing adoption of Web3 gaming. Sonic generated over 600 million transactions, with the Odyssey campaign incentivizing participation through rewards. Sonic highlights the challenge of “soft” infrastructure for Web3 gaming and the need for greater education to attract traditional gamers.
Montenegro’s Supreme Court delayed the extradition of Do Kwon, co-founder of Terraform Labs, to South Korea. The decision, dated August 8, followed prosecutors’ request to review legal issues. Kwon, arrested in March 2023 for using forged documents, faces potential fraud charges in both South Korea and the US. The extradition remains indefinite, with the situation still under review by Montenegrin courts.
President Vladimir Putin signed a law legalizing cryptocurrency mining in Russia. The new legislation defines digital mining, mining pools, and infrastructure operators as recognized activities, not as currency issuance. Only registered entities and individual entrepreneurs can mine legally, with energy consumption limits for unregistered miners. The law also permits trading foreign digital assets on Russian platforms, with the Bank of Russia maintaining authority over assets considered financial risks.
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