Market is sorta just grinding sideways. No definitive moves yet. Wen action? Bitcoin currently chilling in the low $23k and ETH mid $1800. Just waiting for resolution or a direction. Couple interesting developments from exchanges: 2 crypto Canadian exchanges impose $30K annual limit on altcoin buys, South Korea cracking down on 16 crypto exchanges, allegations that 25% of Coinbase listings in the last 4 years have had insider trading. Lots of small developments today.
โ Crypto News:
- U.S. Federal Reserve governors anticipate more interest rate increases in the coming months, but the pace of the hikes is likely to slow if the inflation rate starts to come down, according to the Fedโs meeting minutes
- Tether, the worldโs largest stablecoin, has appointed accounting firm BDO Italia to vouch for its asset reserves, and would look to increase the frequency of publishing its reserves reports to monthly from quarterly
- $HUSD Huobi Dollar depegs
- Three finance researchers at the University of Technology in Sydney, Australia, claim that insider trading is โsystemicโ in the cryptocurrency industry and estimate that such activity has taken place on up to 25% of Coinbase listings in the last four years
- Layer 2 Optimismโs token fell 10% before rebounding to its pre-crash price after its team clarified it had not been hacked for $450M. Fund movements were pre-planned Coinbase Custody-related transfers to investor wallets
- 2 crypto exchanges in Ontario, Canada, BitBuy & Newton, impose $30K annual limit on altcoin buys
- Authorities in South Korea are cracking down on 16 crypto exchanges allegedly operating in the country without registration including KuCoin, Poloniex, Phemex and MEXC
- Coinbase will shut down staking service if regulators mandate censoring transactions
- ETHPOW speculated token price has dropped heavily as interest wanes. Has gone from as high as $140 to $50
- Martin Shkreli claims porn virus hack cost $450K in Crypto tokens
- Gemini will offer support for clients throughout the U.S. to earn and store staking rewards
- eToro to acquire fintech trading Gatsby in US expansion plan
- Aave DAO Governance Proposal to commit to selecting the Ethereum Mainnet running under the PoS consensus over any Ethereum fork running an alternative consensus (such as Proof of Work)
- Celer Network has confirmed its cBridge is safe for use after shutting it down due to a DNS exploit that claimed $240,000 of user funds
- Solana Saga is coming early for builders - DVT-1 is the Saga developer beta
- Sky Mavisโ Ronin sidechain expands to 17 validators to boost security. New Ronin validators include Efficient Frontier, Community Gaming and Nansen
- The Phantom wallet app has launched a new Burn Token feature, allowing users to remove spam NFTs sent by scammers
- Republic, a platform that makes private investment more accessible to all, has facilitated an offering that utilizes a new digital asset: a Film Finance Offering (FFO) built on Avalanche
- Perp swaps are now live on Mycelium with multiple markets available
- By leveraging Gearโs infrastructure, users will now be able to launch any application that Bounce Finance offers across multiple blockchains
- CANTO staking is live
- $SAFE airdrop confirmed
- EOS Network Foundation members switch support to crypto protocol Antelope after hard fork
- Solend Permissionless Pools Launch
- Helium Developer Nova Labs Buys FreedomFi to Accelerate Push Into Mobile Service
- Symbiosis has announced the upcoming collaboration with Telos, a blockchain platform
- PolySwarm launches token rewards to crowdsource cybersecurity with crypto
- Open sourcing the Flashbots Relay in response to recent developments around legal requirements for relay providers in their home jurisdictions
- Guardarian, the regulated and EU-licensed fiat gateway, has added native EGLD support into its services
- Starfish Finance Integrates Celer Networkโs cBridge and Inter-chain Message (IM) Framework into its DeFi and NFT-Fi Product Suite
- Passage Mainnet is live
- Announcing StaFiHub Mainnet Beta Genesis
- Introducing Mainstream: a modular & end-to-end platform for governance participation
๐ Data:
- Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...

- Inflow: WETH ($33.3M), cETH ($5.5M), USDT ($5.2M), USDI ($1.7M), BONE ($1.5M)
- Outflow: USDC ($24.6M), WBTC ($7.6M), MATIC ($4.8M), aWETH_v2 ($2M), DAI ($816k)

- Nansen NFT Hot Contracts:

- BAYC: 768 ETH
- Moonbirds: 455 ETH
- Genuine Undead: 447 ETH
- ENS: 365 ETH
- Otherdeed: 316 ETH
๐ Research:
- Bankless - Is the Merge Priced In? - source
- Insider Trading in Cryptocurrency Markets - source
- Jarvis Labs - Bubbling Madness - Market Update: Eyes on where this market softness reverses - source
- ETH Reflexivity - ETH will experience a 0-to-1 change in buy/sell pressure post a successful Merge - source
- A16z - Status Traps: Learning from Web2 Social Networks - source
- You Only Depeg Once - Misunderstanding Currency Pegs and a Guide to Maker Whales - source
- Designing Governance Tokens - Why bought vs. earned influence matters - source
- NFT minting UI tools - source
- The great royalties debate and licensing Punks - Monarchies shouldn't exist in 2022, but royalties should exist in perpetuity - source
- NFT: Real or Fake? - source
๐ผ NFTs/โMetaverse News:
- Yuga intends to only recognize NFTs on the post-Merge PoS ETH chain as subject to the relevant NFT license and eligible for Yuga-offered utility
- Metaโs โHorizon Worldsโ mocked after CEO Mark Zuckerberg unveils first images
- StepN x Atletico Madrid x WhaleFin to launch Genesis NFT Colletion
- Cross The Ages and Immutable X collaborate to launch P2E collectible card game
- ENS address registrations double in 4 months to 2 million
- Dapper Labs Opens NFL Version of NBA Top Shot to the Public
- The Sandbox Alpha Season 3 begins on August 24
- Consumer watchdog Truth in Advertising called out 19 celebrities, including Justin Bieber, Paris Hilton and Tom Brady, over NFT promotion on their social media platforms
- Anthony Hopkins is launching an NFT Collection to celebrate his career
- The Australian Football League (AFL)โs first limited edition drop of NFTs sold out in just under 12 hours. Packs came at a retail price of 34.39 USDC each, raising over $130,000
๐ Crypto Twitterverse:
๐ Fundraises:
- Web3 venture studio SuperLayer has announced a new $25M fund led by anchor investor and strategic partner Polygon
- FOMO Pay Raises $13M led by Jump Crypto
- Digital entertainment company Rusk Media Raises $9.5M to shape the next-gen of digital
- Primitive raises $9M to build AMM discovery platform led by Bain Capital
- Node Capital and Digital Currency Group co-led a $5M pre-seed funding round for dWallet Labs, a blockchain security firm developing projects for the Odsy Network
- NFT-backed loan start up Unlockd raises $4.4M seed round
- GitPOAP raises $4M to bring Github contributions on-chain
- Dimension X Raises $600K
- MetaBeat, a global, K-POP music content IP platform with a focus on an F2E (Fan-to-Earn) ecosystem, completes a strategic investment round
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