TL;DR Breakdown Sam Bankman-Fried, FTX founder, is now in custody. Arrest follows alleged witness tampering linked to a diary leak. Diary belonged to Caroline Ellison, former associate cooperating with prosecutors. Description A massive blow struck the crypto realm today as Sam Bankman-Fried, the renowned founder of FTX, faced his biggest defeat yet: incarceration. The entrepreneur, once hailed as a revolutionary in the digital currency landscape, finds himself on the other side of the law today. So how did this saga unravel? The diary dilemma While awaiting … Read more A massive blow struck the crypto realm today as Sam Bankman-Fried, the renowned founder of FTX, faced his biggest defeat yet: incarceration. The entrepreneur, once hailed as a revolutionary in the digital currency landscape, finds himself on the other side of the law today. So how did this saga unravel? The diary dilemma While awaiting trial on heavy fraud allegations, it seemed Bankman-Fried’s patience ran thin. However, it wasn’t the looming trial that landed him in cuffs; it was his alleged attempts at witness intimidation. As with many tales of treachery,…

TL;DR Breakdown President Joe Biden criticizes China’s economic challenges during a Utah fundraiser. Biden inaccurately cites China’s growth rate; official stats show different figures. Previous remarks by Biden have already strained US-China relations. Description The political landscape crackled with tension recently as President Joe Biden, while addressing an audience at a political fundraiser in Utah, unloaded his critical perspective on China’s economic woes. Not one to hold back his punches, Biden drew a rather concerning image of China’s faltering economic strength. Biden on the missteps in China’s growth numbers … Read more The political landscape crackled with tension recently as President Joe Biden, while addressing an audience at a political fundraiser in Utah, unloaded his critical perspective on China’s economic woes. Not one to hold back his punches, Biden drew a rather concerning image of China’s faltering economic strength. Biden on the missteps in China’s growth numbers While painting a grim picture of China’s economic state, Biden brought forth an intriguing, albeit somewhat inaccurate claim. In his fiery oration, he mentioned that China’s growth, which used to be a roaring…

TL;DR Breakdown Coinbase Base’s layer-2 network launch sees exceptional DeFi activity. Early activity surpasses other layer-2 networks like Mantle and Linea. Unintended soft launch results in massive trader engagement. Description Coinbase Base, the latest layer-2 network in the crypto space, has erupted onto the scene, generating an unparalleled volume in DeFi activity and cross-chain bridge transactions. Its impressive onset gives rise to vital questions about the integrity of these numbers and the participants driving this explosive activity. Coinbase Base vs. its contemporaries Coinbase Base’s inauguration … Read more Coinbase Base, the latest layer-2 network in the crypto space, has erupted onto the scene, generating an unparalleled volume in DeFi activity and cross-chain bridge transactions. Its impressive onset gives rise to vital questions about the integrity of these numbers and the participants driving this explosive activity. Coinbase Base vs. its contemporaries Coinbase Base’s inauguration was not without its hitches. Interestingly, before the platform’s formal launch, traders discovered a loophole, allowing them to move substantial volume into the network. This unintentional soft launch quickly set Coinbase Base apart from its competitors. Recent…

TL;DR Breakdown New Development Bank (NDB) of BRICS faces challenges due to sanctions on Russia. Upcoming Johannesburg BRICS summit to discuss increasing local currency usage. Aim is to reduce risks from foreign exchange fluctuations, not just de-dollarization. Description The New Development Bank (NDB), an initiative of the BRICS nations, is facing an inevitable shift. While it was established to serve emerging economies and move away from dollar-dependence, global economic shifts are steering its path differently. Its founding member, Russia, is grappling with sanctions, prompting a reconsideration of the bank’s strategy. The local currency … Read more The New Development Bank (NDB), an initiative of the BRICS nations, is facing an inevitable shift. While it was established to serve emerging economies and move away from dollar-dependence, global economic shifts are steering its path differently. Its founding member, Russia, is grappling with sanctions, prompting a reconsideration of the bank’s strategy. The local currency solution With Johannesburg set to host a significant BRICS summit, there’s a pertinent issue on the table: ramping up local currency usage. The aim? To mitigate the risks associated…

TL;DR Breakdown FC Barcelona receives €120 million investment for ‘Barça Vision’ from Libero Football Finance AG and Nipa Capital B.V. The club has a history with digital platforms, including partnerships with Chiliz blockchain and launching NFT collections. The investment awaits approval from the club’s shareholders and aims to conclude by the end of 2023. Description FC Barcelona, the Spanish footballing giant and current La Liga champion, is venturing further into the digital sphere. With a hefty €120 million (roughly $132 million) backing, FC Barcelona is propelling their new project, ‘Barça Vision‘. This will be a dedicated platform where the club will place all of its digital content around web3, NFT, … Read more FC Barcelona, the Spanish footballing giant and current La Liga champion, is venturing further into the digital sphere. With a hefty €120 million (roughly $132 million) backing, FC Barcelona is propelling their new project, ‘Barça Vision‘. This will be a dedicated platform where the club will place all of its digital content around web3, NFT, metaverse, and blockchain.  The investment is a collaborative effort from two significant…

TL;DR Breakdown The US SEC has put ARK 21Shares Bitcoin ETF approval on hold and opened a 21-day comment period to the public. Cathie Wood, founder, and CEO of ARK Investment Management, foretold the delay on Aug 7th. The regulator has, in recent years, rejected dozens of applications for spot bitcoin ETFs. Market regulators urge the SEC to consider the inherent vulnerabilities of Bitcoin and remain consistent in their rejection of spot Bitcoin-based ETFs. Description From the very start, it was clear that the crypto industry won’t have fair play with the SEC. According to a Friday filing by the regulator, the U.S. Securities and Exchange Commission (SEC) has delayed a decision on whether to approve the spot bitcoin exchange-traded fund (ETF) of Cathie Wood’s Ark Investment Management (ARK). According … Read more From the very start, it was clear that the crypto industry won’t have fair play with the SEC. According to a Friday filing by the regulator, the U.S. Securities and Exchange Commission (SEC) has delayed a decision on whether to approve the spot bitcoin exchange-traded fund (ETF)…

TL;DR Breakdown The crypto market and technical analysts point out that the altcoins season is coming after the digital asset industry survived July’s CPI data. If the altcoins market cap rises past $300 billion would signal the onset of “alt season. Shiba Inu leads the Altcoins gainers this week amid major developments. Description A bullish inverse head-and-shoulders (H&S) pattern is forming in the market capitalization of altcoins as a whole. “Altcoin” is the abbreviation for “alternative coin” and refers to cryptocurrencies other than bitcoin (BTC). A prospective pattern completion would indicate “altcoins season” or the outperformance of alternative cryptocurrencies compared to bitcoin and ether (ETH). Altcoins markets could … Read more A bullish inverse head-and-shoulders (H&S) pattern is forming in the market capitalization of altcoins as a whole. “Altcoin” is the abbreviation for “alternative coin” and refers to cryptocurrencies other than bitcoin (BTC). A prospective pattern completion would indicate “altcoins season” or the outperformance of alternative cryptocurrencies compared to bitcoin and ether (ETH). Altcoins markets could lead the bull run Crypto market analysts predict that the altcoins season is about…

TL;DR Breakdown Visa successfully trials payment system for blockchain gas fees using fiat currency. The experiment eliminates the need for Ether holdings, enabling credit card payment of gas costs. Paymaster contract, ERC-4337 integration, and Visa cards central to the innovative approach. Description In a significant step towards enhancing user accessibility to blockchain transactions, Visa, one of the two major credit card networks, has announced successful trials of a pioneering payment system. This innovative approach allows customers to settle on-chain gas fees using conventional fiat currency, eliminating the need for holding Ethereum‘s native tokens solely for covering gas … Read more In a significant step towards enhancing user accessibility to blockchain transactions, Visa, one of the two major credit card networks, has announced successful trials of a pioneering payment system. This innovative approach allows customers to settle on-chain gas fees using conventional fiat currency, eliminating the need for holding Ethereum‘s native tokens solely for covering gas costs. The experimentation phase occurred on the Ethereum Goerli testnet and centered around a paymaster contract strategy. By leveraging this contract with account abstraction and…

TL;DR Breakdown Bank of America says that PayPal’s PYUSD will drive payment efficiencies and an improved customer experience, but adoption of the crypto is unlikely. Analyst Alkesh Shah with the Bank of America argues that PYUSD will not have a broad impact on the crypto industry. According to the report, PYUSD will likely target a market that has been largely neglected until now: “blockchain technology-enabled asset transfers, payments, and remittances.” Description The launch of PayPal’s (PYPL) stablecoin PayPal USD (PYUSD) is expected to improve payment efficiencies and the customer experience, but adoption of the crypto is unlikely to be significant in the near future, Bank of America (BAC) said in a Thursday research report. Bank of America is not rooting for PayPal’s stablecoin PayPal, as previously … Read more The launch of PayPal’s (PYPL) stablecoin PayPal USD (PYUSD) is expected to improve payment efficiencies and the customer experience, but adoption of the crypto is unlikely to be significant in the near future, Bank of America (BAC) said in a Thursday research report. Bank of America is not rooting for PayPal’s…

TL;DR Breakdown Boyaa Interactive allocates $5 million for cryptocurrency investments. The company emphasizes procuring Bitcoin and Ether through authorized platforms in the upcoming year. Boyaa Interactive’s decision highlights its forward-looking approach, envisioning cryptocurrencies as more than assets. Description Hong Kong-based Boyaa Interactive International Limited, a prominent player in the e-gaming sector, has unveiled a pioneering move by allocating a substantial $5 million budget for cryptocurrency investments. The company’s Board of Directors endorsed this strategic decision, aiming to harness the transformative potential of the burgeoning Web3 industry. The announcement comes as Boyaa Interactive celebrates … Read more Hong Kong-based Boyaa Interactive International Limited, a prominent player in the e-gaming sector, has unveiled a pioneering move by allocating a substantial $5 million budget for cryptocurrency investments. The company’s Board of Directors endorsed this strategic decision, aiming to harness the transformative potential of the burgeoning Web3 industry. The announcement comes as Boyaa Interactive celebrates its successful trajectory as a trailblazer in chess, cards, and puzzles since its inception in 2004. With an established reputation as a premier producer and provider of e-games, the…