The Latest Crypto News You Might Have Missed July 29-August 4
So much has happened since we last talked. New launches, new decisions regarding big lawsuits in the crypto industry, even sudden changes that left us all speechless. While last week we talked about spot crypto ETFs, Gate.io, Mt. Gox, and much more, today we are here again to discuss the latest cryptocurrency news that influenced the market.
Thus, lets see what happened in crypto last week.
Table of contents
Top Cryptocurrency News
1. Bitcoin Fell from $70,000 to $50,000 in One Week Crypto Market Experiences Surprising Falls
Summary
The cryptocurrency market experienced a significant decline due to a global market selloff and massive liquidations.
Details
The entire cryptocurrency market is on a concerning downtrend, with the Bitcoin price reaching the surprising level of $50,000 last week. These changes mark the most dramatic declines since the FTX collapse.
The market was influenced by a global equity market selloff and $1.08 billion in crypto liquidations. The market cap of all crypto assets dropped dramatically, with Bitcoin and Ethereum leading the losses.
Additionally, the liquidation of long positions intensified the market decline. This downtrend was severely influenced by the reduced appeal of yen-dollar carry trades, as the Bank of Japans interest rate caused traders to exit positions in riskier assets, including stocks and cryptocurrencies.
Another potential reason why Bitcoin was so volatile last week lies in the fact that worldwide investors were somewhat concerned about the risks implied by specific whales selling or preparing to sell significant amounts of BTC coins. According to Coin Bureau, the concerns were a result of a combination between bankrupt crypto company Genesis distributing over $1 billion worth of BTC to its creditors and the US government moving $2 billion worth of BTC presumably to sell.
Source: Cointelegraph
2. NFTs Experienced the Lowest Monthly Sales Since November 2023
Summary
July NFT sales reached near-record lows, hitting only $393 million and raising concerns about the NFT markets sustainability.
Details
In July 2024, the NFT market experienced a significant decline, with sales reaching the lowest level since November 2023. The total monthly volume reached only $393 million, marking a sharp decrease compared to the previous months.
Several factors contributed to this decline, including the reduced market activity that lead to a decrease in investors interest. Besides, broader market conditions affected cryptocurrencies and digital assets in general.
Source: Crypto Economy
3. Montenegro Will Extradite Do Kwon to South Korea
Summary
Montenegrin authorities decided to extradite Do Kwon to South Korea, rejecting the US request for his extradition.
Details
A Montenegrin court confirmed the decision to extradite Terraform Labs co-founder Do Kwon to South Korea, dismissing the US Department of Justices and the SECs (Securities and Exchange Commission)s request for his extradition. The final ruling cannot be appealed and comes as Do Kwon faces criminal charges related to the collapse of his crypto company, Terra.
The extradition of Do Kwon has been a significant point of interest in the industry, emphasizing international legal complexities regarding high-profile figures in the crypto space. Do Kwons legal issues have been closely followed by investors and crypto market analysts, especially considering the impact of Terras collapse on the crypto market.
Source: CoinDesk
Top Crypto News DeFi
4. Ronin Network Registered 2 Million Daily Active Users
Summary
The Ronin blockchain has surpassed other networks by reaching 2 million daily active users.
Details
The Ronin blockchain achieved a new milestone by reaching 2 million daily active users on July 29, 2024. Through this achievement, Ronin outperformed other prominent networks such as Tron and Solana.
The surge in activity is attributed to the growth of Ronins gaming ecosystem, especially the success of its NFT marketplace, Mavis Market, and the listing of its native token on Binance. The network also reported significant engagement through 12 million RON holders and 3 million downloads of its wallet, thus showing a high interest in wide adoption.
Source: Cointelegraph
5. Trust Wallet Partnered with Ton for Further Blockchain Adoption
Summary
Trust Wallet partnered with The Open Network (TON) to increase blockchain adoption by leveraging Telegrams user base for seamless transactions with TON.
Details
Trust Wallet, a leading self-custody Web3 wallet provider, announced a new partnership with The Open Network (TON), aiming to promote blockchain adoption. This collaboration aims to focus on Telegrams extensive user base and enable 100 million Trust Wallet users to send and receive Toncoin tokens. The partnership will also facilitate the integration of TONs ecosystem features, including single-chain and cross-chain swaps, and potential support for TON NFTs.
Future plans of the two companies include the integration of TON Connect and various dApps into Trust Wallet, along with the import functionality for the TonKeeper wallet. This signifcant announcement aligns with Trust Wallets commitment to provide as many open-source solutions as possible.
Source: Bitcoin Insider
6. Tether Reported Record-Breaking $5.2 Billion Profit in the First Half of 2024
Summary
Tether has reported a record-breaking net profit of $5.2 billion for the first half of 2024, driven by various strategic investments.
Details
The crypto market might be down now, but Tether begs to differ. The most popular USD-pegged stablecoin announced a record-breaking net profit of $5.2 billion in the first half of 2024. This impressive financial performance is primarily due to the companys strategic shift towards investing in US Treasury Bills, which has increased the crypto projects stability and income.
Source: TradingView
7. Blackbird Launched a Web3 Platform for Restaurant Payments
Summary
Web3 restaurant app Blackbird launched a new payment and settlement platform for restaurants.
Details
Blackbird Labs, the company behind the Web3 restaurant app Blackbird, has introduced a new payment platform called Blackbird Pay. The new platform is designed to streamline payment and check settlement processes for restaurants that leverage blockchain technology.
Blackbird Pay is built on Blackbirds blockchain, Flynet, and aims to reduce transaction fees, with restaurants paying a 2% fee per transaction.
Source: The Block
Top Crypto News Bitcoin
8. The University of Wyoming Launched the Bitcoin Research Institute
Summary
The University of Wyoming launched the Bitcoin Research Institute, a new institution that will offer high-quality peer-reviewed data on Bitcoin.
Details
The University of Wyoming announced the launch of the Bitcoin Research Institute, a new entity that will open in August 2024. This initiative, led by Bitcoin advocate and Associate Professor Bradley Rettler, aims to address the current gaps in Bitcoin research by offering high-quality studies.
Bradley Rettler highlighted the need for accurate and comprehensive academic publications to inform both the public and policymakers about Bitcoins structure and features. The Bitcoin Research Institute will be part of the University of Wyomings College of Arts and Sciences and will engage in various academic activities, including annual summer workshops, weekly seminars, and offering academic prizes to foster constant research in the industry.
Source: Cointelegraph
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