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• Aug 6, 4:42 AM The Block

  SEC asks court to deny Coinbase subpoena for crypto asset documents

  The SEC urged a New York court to reject Coinbase's subpoena request for documents related to crypto assets. The agency claims Coinbase's demands are overly broad and irrelevant. Coinbase, facing a lawsuit for operating as an unregistered securities exchange, argues that most cryptos are digital commodities, not securities. The dispute highlights ongoing regulatory challenges in the crypto industry.

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• Aug 5, 6:07 PM The Block

  Polymarket users bet $1.4 million on federal interest rate cut by September 2024

  Polymarket's decentralized prediction platform saw a $1.44 million bet on the Federal Reserve cutting interest rates by September 2024. Users estimate a 58% chance of a 50+ basis point cut and a 40% chance of a 25 basis point cut. This prediction aligns with regulated futures markets, which show an 83.5% probability of a 50 basis point cut. Polymarket's trading volume hit an all-time high of $387.01 million in July, with US political events driving cumulative volume above $1 billion in August.

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• Aug 5, 3:00 PM Cryptoslate

  Aave protocol generates $6 million revenue overnight amid market volatility

  DeFi platform Aave earned $6 million in revenue during recent market turbulence. The protocol saw $233 million in liquidations, its highest single-day figure. Aave's founder emphasized the platform's resilience, securing $21 billion worth of value across 14 active markets. The platform remains the largest crypto-lending protocol with $9.8 billion in total value locked. This performance reflects DeFi's strength, with key protocols functioning smoothly despite market volatility.

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• Aug 5, 1:45 PM Blockworks

  21Shares exec discusses US crypto ETF adoption and future outlook

  21Shares' US head Federico Brokate believes Washington's shifting attitudes could accelerate approval of solana ETFs. He expects US spot Bitcoin ETFs to reach $30 billion in inflows by year-end, with Ethereum ETFs potentially hitting $5-10 billion over 12 months. Brokate sees a future for multi-crypto ETFs and anticipates staking options for US Ethereum ETFs. He remains bullish on crypto's political support, regardless of the 2024 election outcome.

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• Aug 5, 7:28 AM DeFi Llama News

  Justin Sun refutes liquidation rumors amid crypto market downturn

  Justin Sun denied rumors of his positions being liquidated as crypto prices fell. Bitcoin dropped 13% to $52,864, while Ethereum fell 20% to $2,324. The total crypto market value decreased by 17% to $1.8 trillion. Sun stated his preference for industry-supporting activities over leveraged trading. The market decline coincides with recession fears and disappointing tech earnings. Investors sold off risky assets following weaker job reports and the Fed's decision to hold interest rates.

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• Aug 3, 12:30 AM Cryptoslate

  Polymarket traffic surges past DeFi platforms due to US election betting

  Polymarket's website traffic has outpaced major DeFi platforms, driven by US presidential election betting. The platform's daily visits average 296,515, with users spending nearly 7 minutes per visit. Cumulative bet volume reached $1.03 billion in July, up from $672.94 million in June. Betting interest has spiked due to Kamala Harris's potential Democratic nomination and an assassination attempt on Donald Trump. Trump remains the favored candidate with a 53% chance of winning, while Harris's odds for the Democratic nomination have doubled to 44%.

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• Aug 2, 7:15 PM Cryptoslate

  VanEck CEO predicts Bitcoin to hit $350k amid quantitative easing

  VanEck CEO Jan Van Eck forecasts Bitcoin reaching $350,000 as central banks start quantitative easing. He suggests Bitcoin's market cap could reach half of gold's, currently at $16.8 trillion. VanEck's research projects Bitcoin hitting $2.9 million by 2050 in a base case scenario, assuming adoption for global trade and as a reserve asset. Challenges include scalability issues, energy demands, regulatory hurdles, and competition from other cryptos. Bitcoin currently trades at $62,900, facing resistance after recent US jobs report.

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• Aug 2, 4:55 PM Blockworks

  US stocks and crypto tumble on disappointing July jobs report

  July's US jobs report showed slower growth and higher unemployment, causing stocks and crypto to fall. The S&P 500 and Nasdaq dropped over 2%, while Bitcoin and Ether declined 2.8% and 1.7% respectively. The unemployment rate rose to 4.3%, exceeding Federal Reserve projections. The Sahm rule recession indicator is now signaling a potential economic downturn, though its reliability in the post-pandemic environment is questioned. Market uncertainty persists due to complex labor market factors and inverted yield curves.

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• Aug 2, 2:17 PM The Block

  Coinbase analysts predict seasonal crypto slump in August

  Coinbase analysts forecast a potential crypto market downturn in August, citing historical trends of reduced activity and token value slumps. Bitcoin spot volumes dropped 19% in August 2023 compared to June, with futures volumes down 30%. Bitcoin has averaged a 2.8% decline during August over the past five years. Lower liquidity and trading volumes may lead to increased volatility. Bitfinex's Head of Derivatives expects Bitcoin to range between $61,000 and $70,000, providing an accumulation zone.

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• Aug 2, 11:00 AM Cryptoslate

  MicroStrategy plans $2B ATM equity offering as Bitcoin holdings grow

  MicroStrategy's Q2 2024 results show its Bitcoin holdings reached 226,500 BTC. The firm raised $800M through convertible notes, called $650M of 2025 notes, and announced a 10:1 stock split. A $2B ATM equity offering is planned. The Bitcoin per share ratio is 0.012, with BTC holdings up 20% since December 2023. MicroStrategy's "BTC Yield" is 12.2% year-to-date, targeting 4-8% through 2027. The company has $3.8B in debt at 1.6% average interest, with $2.2B due in 2030 or later.

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• Aug 1, 11:31 AM Cointelegraph

  Bank of England cuts interest rate for first time in four years

  The Bank of England cut interest rates by 0.25% to 5%, ending a period of high rates. This surprise move could boost Bitcoin's price, as easing monetary policy typically benefits risk-on assets. However, BTC remains range-bound below $65,000, likely due to the US Federal Reserve's steady rates. Analysts suggest a potential US rate cut in September could significantly boost Bitcoin's price and increase ETF inflows.

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• Jul 31, 6:31 PM The Block

  FDUSD supply declines but maintains strong presence on Binance

  FDUSD's total supply has dropped from $4.42 billion to $1.9 billion, coinciding with Binance's end of zero-fee trading for BTC/FDUSD pairs. Despite this, FDUSD accounts for 33.55% of Binance's June spot trading volume. The decline highlights challenges in maintaining user engagement post-incentives and the need for long-term value propositions in the crypto ecosystem. Competing stablecoins like USDe are gaining ground, emphasizing the importance of utility beyond trading pairs.

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• Jul 31, 6:10 PM Crypto Briefing

  Fed maintains 23-year high interest rate, eyes September cuts

  The Federal Reserve kept its benchmark interest rate at 5.25% to 5.5%, citing continued economic expansion and moderating job gains. This decision impacts crypto markets, as lower rates historically favor risk assets like Bitcoin. The crypto market's reaction will be closely watched, especially given recent US Department of Justice actions involving $2 billion worth of Bitcoin. Macro factors, including global economic recovery and other central banks' decisions, will continue to influence both traditional and crypto markets. The relationship between inflation and crypto remains a topic of interest for investors.

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• Jul 31, 11:40 AM Cryptoslate

  Physical attacks on crypto holders raise security concerns

  Recent incidents of kidnappings and home invasions targeting crypto holders highlight the growing need for enhanced physical security in the crypto space. Cases in Thailand, Hong Kong, and the US involve violent crimes aimed at forcing victims to transfer crypto assets. Experts advise crypto holders to improve security practices, including using multi-signature wallets and limiting disclosure of holdings. The rise in physical threats emphasizes the importance of considering both digital and physical security measures for Bitcoin and crypto owners.

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• Jul 31, 10:01 AM The Block

  Grayscale launches Bitcoin Mini Trust on NYSE Arca after SEC approval

  Grayscale's Bitcoin mini trust began trading under the ticker "BTC" on NYSE Arca today. The SEC approved the product last week, aiming to offer low-cost Bitcoin exposure. This launch coincides with increased crypto attention due to potential Federal Reserve rate cuts and US dollar weakness discussions. The mini trust is a spin-off of GBTC, with shares distributed to existing GBTC shareholders.

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