Marathon Digital labels mined Bitcoin as “Made in USA”
Marathon Digital Holdings (NASDAQ:MARA) will begin marking all U.S.-mined Bitcoin blocks with the “Made in USA” label. Fred Thiel, the company’s CEO, emphasized that this initiative reflects Marathon’s commitment to local production. The move follows comments from former President Donald Trump, advocating for Bitcoin to be produced in the U.S. as protection against central bank digital currencies. Marathon has also heavily invested in Bitcoin and seeks to expand its reserves.
Mt. Gox wallet initiates test transaction with $2.19 billion in Bitcoin
A wallet that received $2.19 billion in Bitcoin (CON:BTCUSD) from Mt. Gox initiated a test transaction on August 10. The wallet, holding 33,105 BTC, is suspected to belong to Bitgo, the last exchange designated to distribute the funds to creditors. After a two-week pause, the wallet resumed operations, but no new transactions have occurred since. The distribution of Mt. Gox funds is now 67.7% complete.
Significant inflows in Bitcoin ETFs and stability in Ethereum ETFs
On August 12, Bitcoin ETFs saw inflows of $27.8 million, with the ARK ETF (AMEX:ARKB) attracting $35.4 million, totaling $2.5 billion in inflows. BlackRock (NASDAQ:IBIT) and Grayscale’s mini BTC ETF (AMEX:BTC) also saw inflows of $13.4 million and $7.9 million, respectively. In contrast, Bitwise (AMEX:BITB) and Grayscale (NASDAQ) faced outflows.
Ethereum ETFs saw $5 million in inflows on Monday. Grayscale’s ETF (AMEX:ETHE) experienced a pause in outflows, maintaining stability. Fidelity’s ETF saw $4 million in inflows, while Bitwise (AMEX:ETHW) and Franklin (AMEX:EZET) saw smaller inflows, and VanEck’s ETF (AMEX:ETHV) had outflows of $2.9 million.
Trump and Musk avoid cryptocurrencies in Twitter Spaces conversation
In the highly anticipated Twitter Spaces conversation between Donald Trump and Elon Musk, with over a million viewers, the topic of cryptocurrencies was notably absent. High expectations led to substantial bets on potential mentions, but both Trump and Musk steered clear of the subject. As a result, Trump-related meme coins saw significant declines.
Uniswap Labs reaches $50 million in accumulated fees
Uniswap Labs, responsible for the Uniswap protocol (COIN:UNIUSD), surpassed $50 million in accumulated fees. The platform increased its front-end fee from 0.15% to 0.25% in April, leading to exponential revenue growth from $3.7 million at the start of the year to $50.6 million currently. Uniswap maintains its leadership in on-chain swap volumes, with $54 billion out of a total of $154 billion in transactions.
Ripple and SBI Digital Community strengthen XRPL usage in Web3
Ripple (COIN:XRPUSD) and SBI Digital Community have formed a strategic partnership to expand the use of the XRP Ledger (XRPL) in the Web3 sector. SBI Digital Community will utilize XRPL, particularly to issue NFTs through xrp.cafe, a prominent NFT marketplace on the platform. The partnership aims to connect businesses and creators in Japan with XRPL and reward creators with XRP, promoting greater adoption and innovation in the XRPL ecosystem.
Bitget Wallet surpasses MetaMask in downloads
In July 2024, Bitget Wallet, a self-custodial cryptocurrency wallet, reached 1.6 million downloads, surpassing MetaMask by 100,000 downloads. This substantial increase, from 130,000 downloads in January to 1.6 million, is driven by memecoin trading and support for the TON network. The launch of the Bitget Wallet Token (BWB) in March also contributed to a 50% expansion in the user base. The wallet saw notable growth in countries like Italy, Australia, and Sweden, with a growing presence in markets like Japan and Nigeria.
Grayscale launches fund for direct exposure to MakerDAO’s MKR token
Grayscale has launched the Grayscale MakerDAO Trust, offering direct exposure to MakerDAO’s token (COIN:MKRUSD). This fund will allow investors to access the MakerDAO ecosystem, including the on-chain credit protocol and the DAI stablecoin. The Trust aims to expand Grayscale’s product line, previously focused on a broader DeFi Fund. The new fund is available to qualified and institutional investors and reflects the company’s continued growth in the crypto sector.
US appeals court reverses decision on Binance.US price manipulation
A U.S. appeals court partially overturned the dismissal of a class-action lawsuit against Binance.US, accepting allegations that the exchange and CoinMarketCap manipulated the price of the HEX token. The case, initiated by Ryan Cox, accuses Binance of suppressing the value of HEX for its own benefit while inflating the value of other cryptocurrencies. The court ruled that Binance.US has jurisdiction in the U.S. and must face further legal action.
Coinbase expands operations to Hawaii under new regulations
Coinbase (NASDAQ:COIN), a cryptocurrency exchange, now offers its services in Hawaii following changes to local rules. Hawaii’s Department of Commerce and DFI relaxed regulatory requirements, allowing Coinbase to offer buying, selling, staking, and international transfers of cryptocurrencies. Residents will have access to a wide range of cryptocurrencies and associated services, thanks to the new, more favorable regulations for crypto companies.
Crypto PAC invests $12 million to challenge critical senator
The Fairshake PAC is allocating $12 million to support Republican Bernie Moreno in the Senate race against crypto critic Sherrod Brown (D-Ohio). Additionally, $3 million each will be directed towards campaigns for Ruben Gallego (D-Ariz.) and Elisa Slotkin (D-Mich.). The group aims to elect candidates who favor innovation and responsible regulation of crypto and blockchain, focusing on key races in Ohio, Arizona, and Michigan.
Advances in blockchain voting: L2 solutions and ZK proofs could transform elections
Blockchain voting is advancing with layer 2 (L2) solutions and zero-knowledge (ZK) proofs, promising greater scalability and privacy. ZK proofs ensure transaction validation without exposing personal data, while L2 solutions increase network capacity. Despite challenges in security and scalability, these technologies could overcome limitations of paper ballots, offering a more secure and efficient alternative for future elections.
NYSDFS seeks expert for cryptocurrency and AI policies
The New York Department of Financial Services (NYSDFS) is hiring an expert to develop policies on cryptocurrencies, DeFi, and artificial intelligence. The new member of the Innovation Policy Unit will address emerging issues in financial services and help refine existing regulations, such as the BitLicense. Recently, the NYSDFS imposed new rules for cryptocurrency companies and revised licensing criteria to ensure greater security and compliance.
Bitfarms faces leadership changes
Nicolas Bonta has stepped down as chairman of Bitcoin miner Bitfarms (NASDAQ:BITF) amid a hostile takeover attempt by Riot Platforms (NASDAQ:RIOT). Brian Howlett will become the new independent chairman, Ben Gagnon will take over as CEO, and Liam Wilson will become COO. The changes follow Riot’s acquisition of 15.9% of Bitfarms shares and criticism of its governance. The company also reported a 16% drop in second-quarter revenue, to $42 million. The decline is attributed to reduced Bitcoin mining rewards following April’s halving, which cut rewards to 3.125 BTC per block. Additionally, the company faced operational losses of $23.6 million, including $46 million in accelerated depreciation of outdated mining equipment.
Hive Digital Technologies sees 36% growth in Q2 sales
Hive Digital Technologies (NASDAQ:HIVE) reported a 36% increase in Q2 2024 sales, reaching approximately $32 million. The growth was driven by both Bitcoin mining and the new high-performance computing platform for AI, which generated $2.6 million in sales. The company, formerly Hive Blockchain Technologies, is diversifying its operations to leverage its stock of Nvidia GPUs and expanding into server rental and cloud services.
Metaplanet buys $3.3 million in Bitcoin, expands reserves
Metaplanet, a Japanese Bitcoin investment company, acquired 57.1 BTC for around $3.3 million (500 million yen). This brings its reserves to 303,095 BTC, purchased for approximately $20 million. The purchase is part of a larger plan to invest 1 billion yen in BTC. The company aims to become a leader in Bitcoin in Asia and has seen significant growth in its shares despite recent declines.
Essential raises $11 million in Series A round for blockchain innovation
Essential raised $11 million in a Series A funding round led by Archetype, with participation from investors like IOSG, Spartan, and Amber Group. The project aims to revolutionize blockchain with a declarative approach, allowing users to express intentions rather than detailed instructions. These intentions are resolved off-chain, increasing scalability and improving user experience. Essential will also launch the “Pint” language for programmable intentions.
Animoca Brands valuation drops due to market volatility
Hong Kong-based Animoca Brands saw its private market valuation drop to between $1.5 billion and $3 billion, a significant decrease from $5.9 billion in July 2022. Volatility in the cryptocurrency sector and lack of liquidity in secondary markets contribute to this decline. Despite this, the company, known for its metaverse The Sandbox, saw a 72% increase in its reserves in early 2024, according to the South China Morning Post.