It’s been yet another roller coaster week in the cryptoverse. Bullish signals were flourishing from the bond and equities markets, whilst a Galaxy Digital report unveiled a consecutive five-quarter decline in crypto investment. Meanwhile, the blockchain platform, Neon EVM, offered developers an opportunity to construct Ethereum applications on top of Solana. Concurrently, Bitcoin NFT ‘Ordinal’ inscriptions were on a steady upward trend with an exciting spike in July, nearing a monthly record of 3.6 million.
While Valkyrie‘s spot crypto offering was accepted by the US SEC, it simultaneously disappointed SEC chair Gary Gensler with the implications made in the court that XRP is not intrinsically a security. Amidst this, Celsius liquidated close to $25 million of altcoins to BTC and ETH following approval by a US court.
Meanwhile, a compelling projection from Berenberg Capital indicated ongoing pressure on Coinbase from the SEC, despite the crypto exchange’s recent legal victories within the realm of digital currency. In response, CEO Brian Armstrong is slated for a private discourse with US House Democrats to discuss the whirling storm of crypto regulations.
In-related news, Binance concluded the integration of the Bitcoin Lightning Network. Despite this, an overall pessimistic aura resonated from the crypto traders in the derivatives market. The exchange also reported a decrease in profits forcing them to reduce employee benefits.
Meanwhile, South Korean’s second major bank, established in 1897, Shinhan Bank, conducted a successful feasibility test for using remittance payments on Hedera. Concurrently, Societe Generale’s crypto division was granted a full DASP license by the French financial regulator.
In a more global context, Russian financial aces predicted that the Central Bank would distribute its digital currency by 2025, whilst the city of Shenzhen reported that almost 36 million residents opened digital Yuan wallets. Conversely, Brazilian Central Bank’s digital currency triggered concerns after a developer discovered a fund-freezing feature.
On the fundraising front, Arkham token public sale on Binance roped in 100,000 participants with a funding of $2.5 million. AI utility coin yPredict pulled in over $3 million in the seventh phase of the presale. Amid this, Coinbase competitor, BookFi, faced allegations of ignoring repeated warnings almost significant loans to Alameda Research.
As attention was coursing through these events, a bounty of $670 was placed on acquiring information about Elon Musk’s crypto wallet. Essentially, the cryptosphere continues to throw up surprises and consequences of ignoring financial warnings, showing that as we continue to dive deeper into this digital ocean, the safety of our wallets should always remain paramount.
Source: Cryptonews
