| Here's your Friday edition of Cryptonews Crunch, featuring the latest stories on why Bitcoin reached its highest price in nearly 7 weeks, Sky Mavis rejects certain accusations in regards to the March hack of the Ronin blockchain, and a crypto industry panel predicts that Dogecoin is going to zero. | | | | | Source: CoinMarketCap.com | | | | - The price of Bitcoin traded above USD 24,000 this morning, reaching its highest in nearly 7 weeks, after news that the US has entered what many consider a technical recession, as well as speculations that the US Federal Reserve (Fed) will soon turn from aggressive tightening to easing.
- Banco Santander S.A., the Brazilian subsidiary of the Spanish Santander Group, plans to start offering crypto trading, possibly already this year. The bank plans to start offering crypto-related services to its Brazilian customers "in the coming months," reported Folha de S. Paulo, citing the CEO of Santander Brazil Mario Leão. The CEO is quoted as saying that the bank expects to have "definitions about it" in the next few months, during the next quarterly results release or "even before."
- In the aftermath of the March hack of the Ronin blockchain, Vietnamese game developer Sky Mavis, the entity behind the blockchain-based game Axie Infinity, is rejecting accusations of wrongdoing as some USD 3m worth of its native AXS token had reportedly been moved from Ronin to a Binance account in the hours preceding the attack's discovery.
- In another sign of dark clouds gathering over troubled crypto platform Voyager Digital, the US Federal Deposit Insurance Corporation (FDIC) and the board of the Federal Reserve (Fed), America's central bank, have issued a joint letter in which they demand that the company cease and desist from making what they describe as "false and misleading statements regarding its FDIC deposit insurance status" and take action to correct such prior statements.
- The price of Dogecoin (DOGE) is likely to head towards zero and never bounce back, predicted the majority of members in a crypto industry panel surveyed by comparison website Finder.com. "We're a little ways removed from the days when people thought DOGE was going to the moon," said the report. "People are now more worried about it staying here on Earth (read: going to zero), something that over half the panel (55%) say will happen at some point in future." Meanwhile, 24% said they believe it will happen by 2024 or earlier, while 3% of the panelists even predicted that DOGE will have gone to zero by the end of this year.
- Most of the activity on the Bitcoin network now happens during European and US business hours, with a notable drop in the share of activity happening during Asian hours, a new report from the crypto analytics firm Coin Metrics has found. Judging from the findings in the report, use of the Bitcoin network in Asia fell markedly around July 2021, a date that corresponds roughly with a major crackdown on Bitcoin mining in China.
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| | | | | | | - Liquidators overseeing the wind-down of failed crypto fund Three Arrows Capital may soon try to force founders Kyle Davies and Su Zhu to "help clean up the mess left behind by the crypto hedge fund's collapse," Bloomberg reported, citing attorney Adam Goldberg. "The founders have not made themselves available for any discussions or interviews with the liquidators whether formal or informal," Goldberg was quoted as saying.
- Ethereum's Goerli/Prater testnet deployment, the final test to be completed prior to the Ethereum's transition to proof of stake, will occur sometime between August 6 and 12. The merge between Goerli and Prater will move all Ethereum network activity off of its current proof-of-work chain, and onto the beacon chain.
- The Cardano Vasil hard fork has been delayed again as the team behind the Cardano blockchain development, Input Output Global (IOG), aims to "flush out any final issues" with additional testing.
- Ethereum platform MyEtherWallet (MEW) announced the launch of its cross-chain browser extension, Enkrypt, which will support transactions across the Ethereum and Polkadot ecosystems. At launch, Enkrypt will provide cross-chain access with Polkadot through integrations with parachains Acala and Moonbeam, with more parachains and Ethereum Virtual Machine (EVM)-compatible chains to follow.
- Blockchain-based cloud computing platform Oasis Labs announced it partnered with social media giant Meta to launch a platform to assess fairness in Meta's products while protecting people's privacy.
- KuCoin announced the launch of its NFT ETF Trading Zone. The new product aims to improve the liquidity of NFT assets and lower the investment threshold of blue-chip NFTs for its users, they said.
- The Mayor of Miami, Florida, USA, Francis X. Suarez, announced a partnership with media company TIME, payments giant Mastercard and cloud-based software company Salesforce to launch an NFT initiative for the City of Miami designed to drive revenue to local businesses and non-profits through exclusive rewards offerings. The city will unveil a collection of nearly 5,000 NFTs designed by 56 local Miami artists, representing the city's 56 square mile area, they said.
- Troubled crypto lender Babel Finance suffered heavy losses, around BTC 8,000 and ETH 56,000 (USD 285.6m total), due to proprietary trading with customer funds, The Block reported, citing the company's restructuring proposal deck. Due to these massive losses, Babel's lending and trading departments were unable to meet margin calls from counterparties, they said.
- NFT project VeeFriends announced it received an unspecified amount in seed funding from crypto venture firm a16z crypto. It added that it will use the capital injection to support building the future intellectual property of the 283 VeeFriends characters.
- In the second quarter of 2022, seasonally adjusted GDP increased by 0.7% in the euro area (0.5% in Q1), beating forecasts, and by 0.6% in the European Union (same as in Q1), compared with the previous quarter, and +4% in both areas compared with Q1 of 2021, according to a preliminary estimate by Eurostat, the statistical office of the European Union.
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