TL;DR Breakdown Bitcoin continues to survive regulatory waters in the United States, sending ripples (negative and positive sentiments) to the rest of the crypto market. The United States SEC continues its crypto crackdown and market analysts ponder what the SEC will do with Coinbase now that it has involvement with BlackRock and Cboe. Binance Chief Strategy Officer Patrick Hillmann and Vice-President for Compliance Steven Christie leave Binance causing ripple in the crypto market. Description The bullish momentum that propelled the Bitcoin price to a 2023 high of over $31,500 on July 6 has dissipated as investors’ concerns regarding potential interest rate increases have resurfaced.  The Bitcoin price decline momentarily pushed BTC below $30,000, and traders are concerned that Bitcoin miners sending BTC to exchanges could be an indication of … Read more The bullish momentum that propelled the Bitcoin price to a 2023 high of over $31,500 on July 6 has dissipated as investors’ concerns regarding potential interest rate increases have resurfaced.  The Bitcoin price decline momentarily pushed BTC below $30,000, and traders are concerned that Bitcoin miners sending BTC…

TL;DR Breakdown In Malaysia, the realm of crypto mining has taken an audacious turn as a group of determined miners embarks on a relentless pursuit of remarkably inexpensive energy, bordering on being free. Sarawak Energy, in collaboration with the local police force, successfully uncovered and apprehended two cryptocurrency mining operations that were allegedly engaged in the theft of approximately 30,000 Malaysian ringgits, equivalent to around $6,500, worth of electricity on a monthly basis. The culprits resorted to fraudulent manipulation of electrical devices, including tampering with electricity meters, creating counterfeit meter covers, and surreptitiously tapping into underground power lines. Description In Malaysia, the realm of crypto mining has taken an audacious turn as a group of determined miners embarks on a relentless pursuit of remarkably inexpensive energy, bordering on being free. However, caught in the crosshairs of this unconventional quest is Sarawak Energy, a prominent state-owned electric company, which has now set its sights on … Read more In Malaysia, the realm of crypto mining has taken an audacious turn as a group of determined miners embarks on a relentless pursuit…

TL;DR Breakdown JPMorgan analysts argue that approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) won’t significantly change the crypto market landscape. Despite optimism around potential approval following recent filings by BlackRock, Invesco, and Wisdom Tree, spot Bitcoin ETFs have seen limited investor interest abroad in Canada and Europe, which could continue in the U.S. The introduction of spot Bitcoin ETFs could, however, cause a shift in trading activity and liquidity away from Bitcoin futures markets towards spot Bitcoin markets. Description Despite the buzz around a possible U.S. Securities and Exchange Commission (SEC) approval of a spot bitcoin exchange-traded fund (ETF), banking giant JPMorgan has doused the high spirits, expressing doubt in a recent research report on the game-changing potential of such a move. Limited influence despite renewed optimism While anticipation grows with asset managers like … Read more Despite the buzz around a possible U.S. Securities and Exchange Commission (SEC) approval of a spot bitcoin exchange-traded fund (ETF), banking giant JPMorgan has doused the high spirits, expressing doubt in a recent research report on…

TL;DR Breakdown Gemini Trust has filed a lawsuit against Digital Currency Group (DCG) and its CEO, Barry Silbert, alleging fraud tied to Genesis, a DCG subsidiary. The lawsuit claims that DCG induced Gemini to continue a lending program, despite Genesis’s insolvency, leading to significant losses for Gemini’s customers. DCG refutes these allegations, labeling them as defamatory and baseless, and accuses Gemini’s leadership of being absent during crisis resolution attempts. Description Gemini Trust Company has filed a lawsuit against Digital Currency Group (DCG) and its CEO Barry Silbert, citing allegations of fraud related to a billion-dollar discrepancy in DCG’s subsidiary Genesis’s balance sheet. Mounting accusations and rebuttal The New York-based Gemini entered into a partnership with Genesis that facilitated customers to earn up to 7.4% in … Read more Gemini Trust Company has filed a lawsuit against Digital Currency Group (DCG) and its CEO Barry Silbert, citing allegations of fraud related to a billion-dollar discrepancy in DCG’s subsidiary Genesis’s balance sheet. Mounting accusations and rebuttal The New York-based Gemini entered into a partnership with Genesis that facilitated customers to earn up…

TL;DR Breakdown Former Twitter CEO Elon Musk and co-founder Jack Dorsey go after the CEO of Meta, Mark Zuckerberg, for Meta threads. Social media users point out the dangers of social monopolization by Zuckerberg, a trend seen in all his apps. Elon Musk makes it abundantly clear that he is okay with competition, but he will not stand for cheating. Description Former Twitter CEO Elon Musk and co-founder Jack Dorsey have criticized the social media giant formerly known as Facebook’s new text-based app, Meta’s Threads. Elon Musk is concerned about the control and monopolization of social media platforms, especially by Mark Zuckerberg, CEO of Meta. Elon Musk has been in a hot seat since he took … Read more Former Twitter CEO Elon Musk and co-founder Jack Dorsey have criticized the social media giant formerly known as Facebook’s new text-based app, Meta’s Threads. Elon Musk is concerned about the control and monopolization of social media platforms, especially by Mark Zuckerberg, CEO of Meta. Elon Musk has been in a hot seat since he took over Twitter, and that won’t end…

TL;DR Breakdown Avail, a blockchain network, has recently unveiled a testnet data availability bridge designed to connect with the Ethereum network. Layer-2 rollup networks like Arbitrum, Optimism, Polygon zkEVM, and zkSync Era have been successful in reducing transaction fees by aggregating transactions into compressed “rollups” and periodically including them in the base layer.  The new bridge enables developers to easily and rapidly create custom validiums by storing their transaction data on the Avail network, eliminating the need for them to establish their own DAC or proof-of-stake data availability network. Description Avail, a blockchain network, has recently unveiled a testnet data availability bridge designed to connect with the Ethereum network. In an announcement made on July 7, the bridge aims to facilitate the seamless creation of “validiums” or low-cost layer 2s that do not store complete transaction data on the Ethereum blockchain. Initially developed by Polygon … Read more Avail, a blockchain network, has recently unveiled a testnet data availability bridge designed to connect with the Ethereum network. In an announcement made on July 7, the bridge aims to facilitate the…

TL;DR Breakdown The Bank of International Settlements(BIS) has released a report detailing its plan to protect central bank digital currencies(CBDCs) against DeFi cyber attacks BIS suggests a CBDC security design for central banks to adopt Description The Bank of International Settlements(BIS) has released a report detailing its plan to protect central bank digital currencies(CBDCs) against hacks and breaches affecting decentralized finance. The report highlights that CBDCs would be considered a critical national infrastructure, similar to the treatment of real-time gross settlement (RTGS) systems. Protecting CBDCs from DeFi cyber attacks The BIS … Read more The Bank of International Settlements(BIS) has released a report detailing its plan to protect central bank digital currencies(CBDCs) against hacks and breaches affecting decentralized finance. The report highlights that CBDCs would be considered a critical national infrastructure, similar to the treatment of real-time gross settlement (RTGS) systems. Protecting CBDCs from DeFi cyber attacks The BIS Innovation Hub Nordic Centre has published the BIS framework for CBDC systems. This framework considers how a diversified, complex, and quickly changing cyber threat landscape has been produced by the rapid…

TL;DR Breakdown The global user base for the widely-used AI chatbot ChatGPT has shrunk from May to June, indicating waning interest in OpenAI’s AI helper product.  The number of unique visitors and the average time spent on the site have decreased, falling by 5.7% and 8.5%, respectively.  Website traffic in the United States fell by 10.3 percent from one month to the next. Many consumers and observers in the business were perplexed by the rapid drop in website traffic and its possible causes. Description ChatGPT took the world by storm. Now, not anymore. The development of AI has had far-reaching effects in recent years, with one notable use being AI-driven chat services. At the vanguard of this development is ChatGPT, an artificial intelligence (AI) powered chat platform that has attracted millions of users looking for meaningful interactions and information. … Read more ChatGPT took the world by storm. Now, not anymore. The development of AI has had far-reaching effects in recent years, with one notable use being AI-driven chat services. At the vanguard of this development is ChatGPT, an artificial…

TL;DR Breakdown The AFME urges the inclusion of DeFi in MiCA regulations to prevent regulatory arbitrage. It proposes an EU taxonomy for DeFi activities for better regulation. AFME’s recommendations aim to stimulate industry discussion on DeFi regulation while MiCA is in the consultation phase. Description The Association for Financial Markets in Europe (AFME) is urging European regulators to include decentralized finance (DeFi) in the Markets in Crypto Assets (MiCA) regulations, cautioning against potential risks that could undermine the effectiveness of the regulatory frameworks if DeFi is excluded. The MiCA regulations, poised as the first comprehensive crypto legislation, are due to … Read more The Association for Financial Markets in Europe (AFME) is urging European regulators to include decentralized finance (DeFi) in the Markets in Crypto Assets (MiCA) regulations, cautioning against potential risks that could undermine the effectiveness of the regulatory frameworks if DeFi is excluded. The MiCA regulations, poised as the first comprehensive crypto legislation, are due to come into effect in December 2024. However, the legislative framework currently bypasses emerging financial sectors like DeFi and nonfungible tokens (NFTs). In…

TL;DR Breakdown ClassyCrypto’s return brings renewed hope for the struggling LUNC Classic cryptocurrency. ClassyCrypto plans to actively participate in the LUNC network’s governance and collaborate with developers for substantial changes. The LUNC community eagerly anticipates ClassyCrypto’s reinvigorated involvement in the project. Description In a surprising turn of events, popular Twitter personality, and LUNC validator, ClassyCrypto, has breathed new life into the struggling LUNC Classic (LUNC) cryptocurrency. Taking to Twitter, ClassyCrypto announced his intentions to participate in the LUNC network’s governance actively, signaling a strong commitment to pushing for substantial changes. Acknowledging the past failures and setbacks of … Read more In a surprising turn of events, popular Twitter personality, and LUNC validator, ClassyCrypto, has breathed new life into the struggling LUNC Classic (LUNC) cryptocurrency. Taking to Twitter, ClassyCrypto announced his intentions to participate in the LUNC network’s governance actively, signaling a strong commitment to pushing for substantial changes. Acknowledging the past failures and setbacks of the LUNC system, ClassyCrypto emphasized that these experiences have served as valuable lessons for both LUNC validators and other interested parties. In a recent tweet,…