The past week in the crypto-sphere was full of significant news and interesting developments. Bitcoin upheld its magnetism for institutional investors, and the innovative introduction of a new BRC-69 standard by a Bitcoin ordinals launchpad held the promise of a 90% cost reduction. On the Ethereum front, ERC 7265 is being proposed by users as an innovative solution to outsmart DeFi hacks that have plagued the crypto world.
Meanwhile, Solana’s liquid staking protocols saw an extraordinary 91% surge in the value locked in the first half of the year. The mainstream market showed its growing acceptance of crypto with Nasdaq and other major players re-submitting applications for a Bitcoin ETF listing. What is most noteworthy, according to Bernstein’s analysis, is the strong possibility of US SEC greenlighting a spot BTC ETF.
However, the market wasn’t without its dips. The termination of SOL, ADA, and MATIC offerings in the US by Revolut was one of the setbacks. While in the NFT space, the Azuki drama caused ApeCoin to plummet to zero and cast a shadow on Justin Bieber’s Bored Ape NFT investment, rendering it a loss of $1.2 million.
The regulatory environment was tense as Australia’s financial regulator conducted a probe at the Binance offices concerning their defunct local derivatives business. Meanwhile, Brazilian lawmakers took the heads of several crypto companies including Binance, Bitso, and OKX to parliament. The security of users assets continued to be a significant concern, particularly with the revelation of a massive vulnerability that had been exposed for two years at Huobi before it was resolved.
In the world of Central Bank Digital Currencies (CBDCs), developments were in full swing with Chinese state-owned banks looking to integrate the digital yuan with social security cards, a move paralleled by DBS launching a digital yuan merchant collection solution. Against some speculation, however, China maintained its anti-crypto stance with a known crypto-critic’s appointment as PBoC official. Copper’s research head contention that current CBDC models are not a practical alternative for daily cash transactions left much room for further exploration and improvement.
While echoes of progress and pitfalls resonated across the globe, a marked rise of fake followers of digital asset accounts and crypto celebrities on Twitter, a $4.2m crypto heist by two Canadian teens impersonating Coinbase Support and increasing instances of bitcoin and ethereum being used in bribery cases in Taiwan painted a darker picture of the crypto terrain. Nevertheless, the fervor, innovation, and volatility of the crypto market continue to attract and enthrall enthusiasts and investors alike.
Source: Cryptonews
