Author: Maisie Morrison

TLDR Vitalik Buterin predicts rapid progress in solving cross-L2 interoperability issues EIP-7683 aims to standardize communication between different Ethereum L2 networks Buterin suggests all rollups will transition to zero-knowledge technology in the long term New address standards and off-chain data access methods are part of the proposed improvements The Ethereum community is showing strong interest in enhancing L2 interoperability Ethereum co-founder Vitalik Buterin has shared his thoughts on the future of layer-2 (L2) networks, predicting rapid progress in solving cross-chain interoperability issues. In recent social media posts, Buterin expressed confidence that users will soon experience a seamless experience across the…

TLDR Bitcoin experienced a 30% drop in 8 days, falling from $65,000 to $49,000 The crash was triggered by multiple factors including Mt. Gox news and central bank decisions Bitcoin has since rebounded to $55,555, with a market cap of $1.09 trillion Over $270 million in Bitcoin positions were liquidated in 24 hours Altcoins and memecoins showed significant gains during the market turbulence The cryptocurrency market has shown resilience after Bitcoin, the leading digital asset, experienced a sharp 30% decline over eight days in early August 2024. The price of Bitcoin plummeted from $65,000 on August 2nd to a low…

TLDR Ethereum ETFs saw $48.7 million in net inflows on August 5, 2024 The inflows occurred during a major downturn in global stock markets Bitcoin ETFs experienced $168.4 million in net outflows on the same day Ethereum’s price rebounded to $2,552 following the market turbulence Cumulative inflows for Ethereum ETFs remain negative at -$461.98 million U.S.-based spot Ethereum exchange-traded funds (ETFs) demonstrated resilience on Monday, August 5, 2024, as global markets experienced significant turbulence. Data from SoSoValue reveals that Ethereum ETFs recorded $48.7 million in net inflows, marking their second-largest daily inflow since their launch on July 23, 2024. This…

TLDR Coinbase donated $25 million to Fairshake super PAC in May 2024 Questions arise about the timing of the donation and a federal contract Coinbase’s Chief Legal Officer defends the company’s actions Fairshake super PAC has received over $45 million from Coinbase in total The debate highlights the intersection of crypto and campaign finance A recent donation by Coinbase to a super Political Action Committee (PAC) has stirred up debate. The U.S.-based crypto exchange contributed $25 million to Fairshake, a crypto-focused super PAC, on May 30, 2024. This move has drawn attention due to its timing and size. The donation…

TLDR Bybit will cease operations in France on August 13, 2024, due to regulatory challenges. French users must close positions and withdraw funds before the deadline. The exchange was previously warned by AMF for operating without proper registration. Bybit’s exit coincides with the implementation of EU’s MiCA regulation. The company remains the second-largest crypto exchange by global trading volume. Bybit, a major player in the cryptocurrency exchange market, has announced its decision to halt operations in France. The company will cease providing services to French nationals and residents starting August 13, 2024, citing recent regulatory developments as the primary reason…

TLDR Pump.fun’s monthly revenue reached $25.6 million in July 2024 Only 1.41% of tokens created on pump.fun make it to Raydium The platform has attracted celebrity endorsements Pump.fun’s revenue has consistently increased since its February 2024 launch The memecoin market remains volatile with a total cap of $44.94 billion Pump.fun, a Solana-based memecoin creation platform, has been making headlines lately. The platform, which allows users to create their own memecoins, has seen significant growth in revenue despite a low success rate for individual tokens. In July 2024, pump.fun generated a record $25.6 million in monthly revenue, marking a 16% increase…

TLDR “Makenowmeme” account on X allowed creation of Solana-based memecoins The account had 15,000 followers before suspension on August 2 Users could create tokens by posting with specific format and tagging the account Some traders reported significant short-term profits from these memecoins X suspended the account for alleged rule violations, pausing all minting activities A popular account on X, formerly Twitter, that enabled users to create memecoins through simple posts has been suspended. The account, known as “makenowmeme,” had amassed 15,000 followers before X took it down on August 2 for allegedly violating platform rules. “Makenowmeme” provided a unique service…

TLDR Meta’s Q2 revenue reached $39.07 billion, exceeding analyst estimates The company’s AI initiatives are showing early returns in core business Meta raised its lower-end capital expenditure guidance for 2023 Daily active people across Meta’s platforms grew to 3.27 billion in Q2 Analysts from KeyBanc and Stifel raised their price targets for Meta stock Meta Platforms, the tech giant behind Facebook, Instagram, and WhatsApp, has delivered a strong performance in the second quarter of 2023, surpassing Wall Street expectations and prompting a positive response from investors and analysts alike. The company reported Q2 earnings of $5.16 per share on revenue…

TLDR Mt. Gox moved 33,960 BTC (about $2.25 billion) to BitGo addresses on July 31, 2024. The exchange now holds approximately 46,160 BTC, worth about $3 billion. Over 17,000 creditors have received repayments in Bitcoin and Bitcoin Cash. Mt. Gox’s current Bitcoin holdings represent a 76.5% decrease from its recovered amount. Recent distributions have not caused significant selling pressure on major exchanges. We are witnessing the final chapters of the Mt. Gox saga unfold. Once a titan in the Bitcoin exchange arena, Mt. Gox has been steadily working through its rehabilitation process following a devastating hack in 2014. The exchange…

TLDR Project Pyxtrial, developed by BIS and BoE, offers near real-time monitoring of stablecoin assets and liabilities. The technology allows direct data extraction from issuers’ systems to verify on-chain liabilities. Pyxtrial aims to address regulatory challenges in the $163.7 billion stablecoin market. The project demonstrates the potential for continuous supervision of asset-referenced stablecoins. Further testing and refinement are needed before Pyxtrial can be fully deployed. The Bank for International Settlements (BIS) and the Bank of England (BoE) have introduced Project Pyxtrial, a groundbreaking initiative designed to monitor stablecoin reserves in near real-time. Stablecoins, digital currencies pegged to assets like fiat…

TLDR DeFi lending has rebounded, with active loans reaching $13.3 billion in July 2024 Total Value Locked (TVL) in DeFi protocols has recovered to $96.5 billion, up from a low of $37 billion in October 2023 Lido, EigenLayer, and Aave are leading DeFi protocols by locked value DeFi tokens remain significantly below their all-time highs despite the sector’s recovery The increase in active loans could indicate growing leverage in the crypto market The Decentralized Finance (DeFi) sector is showing signs of renewed activity, according to recent data from crypto analytics platforms. Key metrics such as active loans and Total Value…

TLDR BONK is trading near $0.00002615, with recent price declines despite overall positive market sentiment. A symmetrical triangle pattern has formed, suggesting a potential price movement in the near future. The upcoming FOMC decision could influence BONK’s short-term price action. Futures market data shows a majority of traders are taking long positions on BONK. Recent regulatory changes by the SEC may have indirect effects on BONK’s market performance. BONK, a popular meme-inspired cryptocurrency, is currently trading at approximately $0.00002615. Recent data from Coingecko shows the token has experienced a 3.39% decrease in value over the last 24 hours and an…

TLDR VanEck analysts predict Bitcoin could reach $2.9 million by 2050 Prediction based on Bitcoin becoming 10% of global trade and 5% of domestic trade Challenges include energy consumption and potential regulatory hurdles VanEck expects central banks to hold 2.5% of assets in Bitcoin by 2050 Current Bitcoin price is $65,309 as of August 1, 2024 Investment management firm VanEck has released a report suggesting Bitcoin could potentially reach a value of $2.9 million per coin by 2050. This bold prediction comes from the firm’s “Bitcoin 2050 Valuation Scenarios” report, authored by Matthew Sigel and Patrick Bush, senior analysts at…

TLDR Tether’s net profit reached $5.2 billion in the first six months of 2024 The company now holds $97.6 billion in US Treasuries Tether has diversified into Bitcoin mining in Uruguay and AI development USDT stablecoin’s market cap has grown to over $114 billion Tether reported a record $1.3 billion net operating profit in Q2 2024 Tether, the company behind the popular USDT stablecoin, has released its financial report for the first half of 2024, revealing significant growth and expansion into new areas. The report, audited by accounting firm BDO, shows that Tether achieved a net profit of $5.2 billion…

TLDR Donald Trump and J.D. Vance have expressed support for Bitcoin and cryptocurrency Trump proposed creating a “strategic Bitcoin stockpile” if elected in 2024 Paul Krugman criticized the Republican Party’s embrace of cryptocurrency Some Democrats are urging their party to take a more positive stance on digital assets Cryptocurrency is becoming a more prominent issue in U.S. politics As the 2024 U.S. presidential election approaches, cryptocurrency is quickly becoming a hot-button political issue. Recent statements from prominent Republican figures have thrust digital assets into the spotlight, while drawing criticism from economic experts. Former President Donald Trump, who previously expressed skepticism…