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Bitcoin’s price (COIN:BTCUSD) reached a peak of $61,720 during Asian trading before retreating to just over $60,220 within 24 hours. This recovery followed lower-than-expected jobless claims, calming investors and leading to a market-wide rebound after Monday’s sharp decline. Additionally, the recovery mirrored the positive performance of U.S. stocks, especially in the S&P 500 and Nasdaq 100, with record inflows into Bitcoin ETFs aiding the swift rebound above $60,000. Despite the recent rise, Bitcoin is down -7.9% over the last 7 days.
Ether (COIN:ETHUSD) hit an intraday high of $2,708.87, pulling back to $2,586.54 at the time of writing, with a weekly loss of -19.17%. Toncoin (COIN:TONCOINUSD) continues its upward trend following its Binance listing and integration with IntoTheBlock, rising 8.6% in the last 24 hours. Solana (COIN:SOLUSD) fell 6% in the last 24 hours to $153.20.
On August 8, the cumulative total on-chain transaction volume of Bitcoin in fiat terms reached $125 trillion, up from $114 trillion at the start of the year. The growing quarterly transaction volume in 2024 was $4.6 trillion in Q1 and $4.3 trillion in Q2, highlighting Bitcoin’s increasing role in the global financial system. Bitcoin has processed $8.9 trillion in transactions so far in 2024.
On Thursday, spot Bitcoin ETFs in the U.S. received $192.56 million in positive flows. BlackRock’s ETF (COIN:IBITUSD) led with $157.6 million, followed by WisdomTree (AMEX:BTCW) with $118.52 million in inflows. Grayscale’s Bitcoin ETF (AMEX:GBTC) faced net outflows of $182.94 million.
In contrast, Ether ETFs saw net outflows of $2.87 million, with BlackRock’s ETF (NASDAQ:ETHA) recording $11.74 million in inflows, while Grayscale Ethereum Mini Trust (AMEX:ETH) and Fidelity Ethereum Fund (AMEX:FETH) recorded outflows of $19.8 million and $2.6 million, respectively.
Donald Trump Jr. announced plans to launch a cryptocurrency platform focused on decentralized finance (DeFi) to address inequality in banking access. He emphasized that this is not a memecoin but a substantial initiative, though still in early stages without a defined timeline. Trump Jr. noted that the platform aims to challenge the traditional banking system.
During a broadcast on Rumble, Trump Jr. denied any family ties to memecoins, stressing the focus on a more substantial and long-lasting financial project. He highlighted Bitcoin’s potential to combat the Fed and suggested that the project could challenge the current banking sector, possibly using blockchain technology to address financial inequalities. He warned against fake tokens claiming association with the Trump family.
Tether (COIN:USDTUSD) reached a new milestone by issuing over $115 billion, highlighted by CEO Paolo Ardoino, coinciding with Bitcoin’s recovery to $62,000. With expansion plans, Tether aims to grow its team to 200 employees by mid-2025, focusing on the compliance sector. This move seeks to enhance monitoring against illicit activities in secondary markets using advanced technologies. Despite having a relatively smaller team than other major players, Tether reported record profits of $5.2 billion in the first half of 2024.
Additionally, Tether is promoting blockchain education through a partnership with the Africa Blockchain Institute to train students in Ivory Coast, equipping them for the digital economy.
Regarding the EU’s MiCA regulation, Paolo Ardoino expressed concerns about potential systemic risks to stablecoins and the banking system. He criticized the requirement to keep 60% of reserves in EU banks, pointing to vulnerability to bank runs, as evidenced by the collapse of Silicon Valley Bank, which impacted USD Coin.
Ripple (COIN:XRPUSD) has started testing its stablecoin, Ripple USD, on the Ethereum and XRP Ledger networks. In its beta phase, the token is being rigorously evaluated by business partners to ensure high security and efficiency before regulatory approval. Ripple aims to compete in the $160 billion stablecoin market, using U.S. Treasuries and dollar deposits as collateral. The stablecoin is not yet available for trading.
The U.S. SEC needs more time to decide on the listing of the Hashdex Nasdaq Crypto Index ETF on Nasdaq. If approved, this ETF would be the first to diversify into cryptocurrencies and altcoins in the U.S., tracking the Nasdaq Crypto US Index, which includes Bitcoin (COIN:BTCUSD) and Ether (COIN:ETHUSD), as well as altcoins like Chainlink (COIN:LINKUSD) and Uniswap (COIN:UNIUSD). Approval has not yet been granted, and the SEC has not authorized options in Bitcoin or Ether ETFs.
Star Xu, CEO of OKX, warned users about the risks of using the sanctioned cryptocurrency mixer Tornado Cash. On August 9, Xu emphasized that deposits or withdrawals to sanctioned entities could lead to account suspension due to OKX’s strict compliance policies, which follow U.S. sanctions. The company stated that it does not provide services to sanctioned individuals or entities.
Coinbase (NASDAQ:COIN) criticized the U.S. Commodity Futures Trading Commission (CFTC) for a proposal that would ban certain event contracts, such as political betting. Chief Legal Officer Paul Grewal argued that the proposal has problematic definitions and ignores the public benefits of these markets, urging the CFTC to withdraw the proposal and collaborate with stakeholders to create a more balanced and innovative approach.
On August 9, participants in the Solana ecosystem, including developers and validators, fixed a critical vulnerability in the network before disclosing it to the public. The fix was securely coordinated and swiftly applied to prevent potential disruptions. The vulnerability was revealed after 70% of the network was updated, ensuring the blockchain’s protection. Previously, Solana faced criticism for network outages, highlighting the importance of this preventative fix.
Alameda Research, a company associated with the bankrupt FTX, transferred 205,387 Worldcoin tokens (COIN:WLDUSD) to Binance, valued at $352,000, marking the first movement since receiving them in September 2023. Alameda still retains significant digital assets, including 24.8 million WLD.
Vitalik Buterin, co-founder of Ethereum (COIN:ETHUSD), transferred 3,000 ETH, valued at over $8 million, to a new multi-signature wallet. The movement suggests a possible donation, according to Lookonchain. Buterin has a history of making large cryptocurrency donations, including $1.2 billion to the Indian Covid-Crypto Relief Fund in 2021, highlighting his active role in crypto philanthropy.
Santa Monica’s Bitcoin Office will host an open-source festival on October 18, focusing on Bitcoin mining, investment, and economic impacts. The event, in partnership with the Proof of Workforce Foundation, aims to educate the community and stimulate local economic recovery. Recently launched, the office seeks to support economic development and attract investment.
Hong Kong’s virtual banks face significant challenges, capturing only 0.3% of retail banking assets. Johnny Ng Kit-chong, a cryptocurrency advocate, believes they could boost the Web3 sector, but the difficulty in opening accounts for cryptocurrency and blockchain companies is a barrier. Mox Bank, a pioneer in cryptocurrency ETFs, plans to expand into emerging sectors. Ng proposed integrating Bitcoin into Hong Kong’s fiscal reserves for inflation protection and economic strengthening.
Turkey is experiencing a significant increase in cryptocurrency companies seeking licenses following the introduction of new legislation. The Turkish Capital Markets Board (CMB) received applications from 47 companies, including Bitfinex and Binance TR. The “Law on Amendments to the Capital Markets Law” took effect on July 2, establishing a regulatory framework for crypto assets. Exchanges like Coinbase and Bybit have yet to apply for licenses.
Thailand’s Securities and Exchange Commission (SEC) launched the Digital Asset Regulatory Sandbox on August 9, creating a flexible regulatory space to test cryptocurrency services. This sandbox allows companies to experiment with new solutions in a controlled environment, promoting innovation in the capital markets. Participants must meet strict criteria and can apply for an extension of the testing period, which initially lasts up to one year.
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