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Grayscale launched an investment fund for XRP (COIN:XRPUSD) on September 12, pushing the asset’s price to an intraday high of $0.5882. The new XRP Trust, like other Grayscale products, focuses solely on the XRP token, which powers the XRP Ledger blockchain. The fund was reactivated after Ripple’s court victory against the SEC, removing regulatory barriers for XRP. The XRP Trust operates like other single-asset funds from Grayscale and aims to highlight the real-world use of the token, potentially revolutionizing fast international payments. The launch follows recent trusts for other assets, with speculation that this may pave the way for a future XRP ETF, though regulatory hurdles still exist, mainly due to the SEC’s stance.
Coinbase (NASDAQ:COIN) launched the Coinbase Wrapped BTC (cbBTC), an ERC-20 token backed 1:1 with bitcoin on Ethereum and Base networks. This token allows bitcoin to be used in decentralized finance (DeFi), offering new uses like providing liquidity or serving as collateral. DeFi services such as Aave and Curve will support cbBTC. It will be available to Coinbase users in various countries. The launch comes amid controversy over BitGo’s wrapped bitcoin token (COIN:WBTCUSD), with criticism from Justin Sun over the lack of audits and proof of reserve.
1inch Network (COIN:1INCHUSD) revealed a white paper to address cross-chain interoperability challenges with the 1inch Fusion Atomic Swap Protocol. This hybrid solution combines the security of traditional atomic swaps with intent-based simplicity. The protocol aims to enable seamless swaps across blockchain networks, improving interoperability and liquidity within the DeFi ecosystem, without barriers between L1 and L2 network tokens.
A federal judge ruled that the Commodity Futures Trading Commission (CFTC) had no authority to block Kalshi’s listing of political prediction markets, arguing that the agency overstepped its prerogatives by trying to classify these contracts as “gambling.” The decision could impact a pending CFTC proposal to ban all political prediction markets, challenging the CFTC’s definition of what constitutes “gambling” and “illegal activity.”
Ark Invest acquired 53,708 shares of Coinbase (NASDAQ:COIN), totaling $8.4 million, spread across three of its ETFs on Wednesday after a dip in the crypto market triggered by the U.S. presidential debate. Ark’s strategy maintains fund diversification, with Coinbase being one of the largest holdings.
eToro agreed to pay $1.5 million to settle SEC charges over operating an unregistered brokerage and clearing agency, as well as trading crypto assets as securities. The firm will cease violating securities laws and only allow trading of Bitcoin (COIN:BTCUSD), Bitcoin Cash (COIN:BCHUSD), and Ether (COIN:ETHUSD) in the U.S. eToro customers do not need to take any further action regarding their current positions. Assets already in eToro’s crypto wallet will remain unchanged and continue to be traded normally. Only new crypto asset investments will be restricted under the SEC settlement.
Binance Labs invested in OpenEden, which tokenizes real-world assets, to integrate traditional finance with DeFi. This investment aims to expand the availability of tokenized financial products and create new opportunities for investors. OpenEden facilitates stablecoin yields and daily liquidity, attracting institutional investors. Tokenization of traditional assets is growing, particularly for T-Bills, due to their stability and regulatory compliance.
Uniswap CEO Hayden Adams refuted claims on X that Uniswap charges for deploying decentralized finance protocols. Adams clarified that neither Uniswap Labs nor the Uniswap Foundation charges for deployments, which are decided by governance votes. He highlighted that the costs associated with deploying on the Uniswap interface depend on the activity and effort involved.
A wallet associated with FTX withdrew 177,693 SOL tokens, valued at $23.75 million, from Solana (COIN:SOLUSD). As of now, FTX has not sold these assets, but the movement raised concerns about potential large-scale sales, like those seen previously. The wallet still holds 7.1 million SOL, valued at $953 million. Solana rose 1.7% in the last 24 hours, reflecting the crypto market’s recovery.
According to a Deutsche Bank (NYSE:DB) report, U.S. perceptions of cryptocurrencies are changing: less than 1% of people consider them a “fad,” a significant drop. More than half of consumers see cryptocurrency as a relevant asset class, and 65% believe it can replace cash. However, the future of stablecoins is uncertain, with concerns about pricing and long-term viability. Only 18% of respondents expect stablecoins to thrive, while 42% predict they will disappear.
Circle, issuer of USD Coin (COIN:USDCUSD), will relocate its global headquarters to One World Trade Center in New York, occupying a top floor of the iconic building. The move will be officially announced this Friday, with Mayor Eric Adams attending the ceremony. Previously based in Boston, Circle aims to strengthen its U.S. presence and consolidate its position in the cryptocurrency sector. Circle’s USDC has a market capitalization of $34 billion.
Anchorage Digital Bank, the only federally chartered crypto bank in the U.S., and BitGo were selected as custodians for 21Shares cryptocurrency ETFs, including the ARK 21Shares Bitcoin ETF and the 21Shares Core Ethereum ETF. This custody diversification aims to enhance security and risk management. The partnership also includes Anchorage’s advanced security and authentication technology to protect the assets.
Ethereum (COIN:ETHUSD) co-founder Vitalik Buterin announced that starting next year, he will only publicly recognize Layer 2 (L2) projects that reach Stage 1 or higher in decentralization. This stage requires 75% of the board to agree to overturn the proof system and 26% of members to be independent. Buterin emphasizes that the era of centralized L2s is ending, and crypto trust is becoming the norm, in response to criticism over centralization in Ethereum L2 networks.
The Fantom project (COIN:FTMUSD), now rebranded as Sonic Labs, revealed impressive testnet results, with a transaction finality of 720 milliseconds. Sonic Labs promises to be the fastest blockchain, with over 10,000 TPS and one-second confirmations. The mainnet, scheduled for November/December 2024, will feature a new Ethereum Virtual Machine (EVM) and a native token called “S,” designed for transactions, staking, and governance.
On September 12, Bitcoin (COIN:BTCUSD) experienced volatility as Wall Street markets opened, dropping to an intraday low of $57,311.15 after mixed inflation data from the U.S. At the time of writing, Bitcoin was trading around $58,000, quoted at $58,092.56, reversing up 1.3%. The Producer Price Index (PPI) for August rose 0.3% month-over-month, exceeding expectations of 0.2%, while annual inflation was 2.4%, below the 2.5% forecast. Despite this, the market anticipates a modest 0.25% rate cut by the Federal Reserve. Resistance around $60,000 persists, keeping BTC below that level.
At the HC Wainwright Bitcoin Mining Panel held on September 10, leaders from mining companies like Marathon Digital Holdings (NASDAQ:MARA) Fred Thiel, Bit Digital (NASDAQ:BTBT) Sam Tabar, and Bitfarms (NASDAQ:BITF) Ben Gagnon discussed industry trends and challenges. Thiel highlighted the role of miners in stabilizing power grids, while Tabar stated that their fleet is 85% carbon-free. Gagnon emphasized the need for strategic investment, and the executives predict Bitcoin could reach between $100,000 and $250,000 before the next halving. The discussion reflected the growing integration of mining with energy infrastructure and optimism about Bitcoin’s future.
CleanSpark (NASDAQ:CLSK) purchased seven mining facilities in eastern Tennessee for $27.5 million. These facilities are already operational, and CleanSpark plans to upgrade them to boost its hashrate by 22%. Eastern Tennessee is a strategic location due to the availability of hydropower and mining-friendly regulations.
Tbilisi, the capital of Georgia, has become a key strategic and cultural center on the Silk Road. Today, the city is a hub of cryptocurrency innovation, attracting companies like Bitfury and Binance. With its historic location and modern infrastructure, Tbilisi hosts blockchain events and conferences. While the government still faces challenges in regulating and fully understanding the crypto sector, it supports the industry with subsidies for startups, boosting local innovation, along with low taxes and cheap energy.
Hawaii is attracting cryptocurrency companies like MetaMask and Transak with new regulations that exempt these firms from money transmission licenses starting July 1, 2024. This change, announced in June, aligns the state with the growing Web3 community and promises to ease the operation of cryptocurrency firms. The more favorable regulatory environment could position Hawaii as a significant hub for innovation in the sector.
Building in Web3 is challenging due to a lack of infrastructure, users, and fragmented distribution. Unlike Web2, which already offers consolidated channels, Web3 requires new distribution pathways. Builders need to overcome barriers such as marketing, funding, and token launches. Decentralized hubs could be the solution, acting as connection points between influencers, investors, and trading platforms. These hubs would facilitate collaboration and access to essential resources, integrating the ecosystem more efficiently and driving Web3 innovation and mass adoption.
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