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Greetings, digital pioneers! 🌍 It's time for your weekly dose of crypto news with Crypto Weekly Digest. Whether it's dramatic market shifts or cutting-edge developments, we're here to keep you informed and ahead of the curve. Let's dive into the crypto cosmos together! ☄️
Hold onto your digital wallets, folks! In a wild ride, Bitcoin crashed below $53K, taking a $600M bite out of leveraged longs. Bitcoin plummeted 10% to $52,500 on Monday, causing a market-wide tremor. 🏴☠️ But don't fret just yet—BTC has clawed back up to $54,384, and as of now, it's rebounding to $55,000. 📈
Ether didn't escape the frenzy either, dropping 18% to $2,118. This crash was part of a larger trend, with the crypto market losing a whopping $500 billion in three days due to weak US jobs data and recession fears.
The market chaos was further fueled by aggressive selling from Jump Trading and Paradigm VC, contributing to a $1B liquidation in crypto assets. 🏦
The downturn also saw major companies like Microsoft and Intel disappointing investors, adding to the sell-off. Additionally, Mt Gox creditors redeeming Bitcoin and rumors of US government Bitcoin moves spooked the market.
Despite the turmoil, experts like Josh Gilbert from eToro remain optimistic, seeing this as just a "small jab" for crypto in a long bull market. 🥊 Stay tuned, as the crypto rollercoaster continues! 🎡
In a historic win for crypto, Morgan Stanley, the largest wealth manager in the US, will soon allow its 15,000 advisors to recommend Bitcoin ETFs to clients! Starting August 7, advisors can suggest BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) to eligible clients. 🎉
This move marks a major milestone as traditional finance giants like Morgan Stanley, managing $3.75 trillion, begin to embrace the crypto wave. 📈 With this, Bitcoin ETFs could see a significant boost, bringing crypto closer to mainstream finance. 🌐
Keep a tight grip on your crypto wallets! DeFi is experiencing a comeback, with active loans and total value locked (TVL) bouncing back to 2022 levels. 🚀 According to Token Terminal, active loans have surged to $13.3 billion, signaling increased participation and market health.
This uptick marks a significant recovery from the lows of early 2023, with TVL also climbing to around $96.5 billion. DeFi lending lets investors earn interest by lending their crypto, a key metric for the sector's vitality.
Though many DeFi tokens remain in bear market territory, this resurgence could be a "leading indicator of a bull market." ✨ Stay tuned as the DeFi renaissance unfolds!
Lido Finance, the biggest ETH liquid staking protocol, has rolled out Lido Institutional, a top-tier liquidity staking solution for large investors like custodians, asset managers, and exchanges. 💹 This new service combines enterprise-grade security with the flexibility needed for various institutional strategies, making it a premier choice for Ethereum staking.
Already boasting a significant share of the staked Ether market, Lido is enhancing its offerings to attract even more big players. With partnerships and integrations in place, Lido Institutional is set to revolutionize how large investors engage with Ethereum staking. 💼
Hold onto your hats, crypto fans! Xapo Bank has just made a grand entrance into the UK market, becoming the first bank to offer interest-bearing accounts for both Bitcoin and fiat currencies. 💱
Starting August 5, Xapo customers can enjoy a combined USD and Bitcoin account, with the Bitcoin account yielding a sweet 1% interest without any need for staking or locking up assets. Plus, users can spend their Bitcoin like fiat with a universally accepted debit card, invest in S&P 500 stocks, or buy select cryptocurrencies. 💳
This move aligns perfectly with the UK's ambitions to be a global crypto hub, and Xapo's innovative services are setting the stage for the future of digital finance. 💡
DeFi just got a lot easier! zkCross Network is tackling the headache of fragmented blockchains with its chain abstraction protocol, making cross-chain liquidity flow as smooth as butter. 🧈💰 This innovation simplifies complex onboarding processes, enhances security, and allows users to manage assets across multiple blockchains with a single click.
By partnering with major networks like Ethereum, BNB Chain, and Solana, zkCross is unifying the DeFi landscape and paving the way for mass adoption. 📈
With features like wallet abstraction and fiat on-ramp integration, zkCross is bridging the gap between Web2 and Web3, making DeFi more accessible and secure for everyone. 🔒
Get ready, Telegram fans! 👋
The messaging giant has launched a shiny new in-app browser that supports decentralized websites, making Web3 instantly accessible to its 950 million users. 🥳 Now, you can seamlessly switch between messaging and browsing the decentralized web, thanks to Telegram's latest feature.
With "TON Sites," users can launch their own web servers and access them directly within Telegram. Plus, the new Mini App store and fun crypto games like Hamster Kombat are taking off, making Web3 more entertaining and engaging. 🐹🎮
It's a big leap for Web3 adoption, blending social messaging with decentralized tech, and it's just the beginning of Telegram's exciting journey into the decentralized world! 🌍
Flare is shaking up the DeFi world with its innovative data-driven ecosystem! By using decentralized oracles, Flare provides reliable real-world data for smart contracts, making cross-chain asset integration a breeze. 🔍
Their unique protocols, like the Flare Time Series Oracle (FTSO) and Data Connector, ensure seamless, secure, and real-time data flow across blockchains.
This means users can perform transactions with confidence, knowing the data is accurate and secure. 🛡️ With hundreds of projects building on Flare, including new DEXs and partnerships with big names like Google, the future of DeFi looks brighter and more connected than ever! ✨
Galaxy Research has thrown a spotlight on the future of Bitcoin layer-2 rollups, warning of sustainability issues despite their promise of making Bitcoin transactions cheaper and faster. 💸 These rollups compress multiple transactions into a single batch and post the summary on the main blockchain, but face high costs and limited block space. 📦
For rollups to thrive, they must generate enough transaction fees to cover these costs, a challenge in Bitcoin's limited 4MB blocks. If fees rise, smaller transactions could be priced out, making the race for efficiency crucial. 🏁
Some experts suggest alternatives like using sidechains to reduce costs, but this might compromise on decentralization and security. ⚖️
In short, the future of Bitcoin rollups hinges on innovation in data compression and scalability. Stay tuned for the next chapter in this exciting crypto saga! ✨
Exciting news in the world of AI! Lumerin, Morpheus, and Exabits are teaming up to create a decentralized AI agent economy, aiming to make advanced AI services more accessible and secure. 💡 Lumerin will manage data flow, Morpheus connects users with AI services, and Exabits provides the necessary computing power.
This collaboration promises a future where AI agents perform tasks seamlessly across Web2 and Web3 ecosystems, making complex financial services as easy as chatting with Siri. 📱 Despite challenges like talent shortages and coordination, the potential for a more transparent, unbiased, and decentralized AI landscape is on the horizon. ✨
The decentralized AI market is projected to grow significantly, highlighting the need for innovation and collaboration in this exciting field.
Futu Securities International, Hong Kong's largest online brokerage, is spicing things up by offering new customers Bitcoin deposit bonuses! 🎉 From August 1 to 31, 2024, newbies who open accounts and meet specific criteria can earn rewards like Bitcoin, Alibaba shares, or supermarket vouchers.
Participants need to deposit at least 10,000 HKD and maintain it for 60 days to get a slice of the rewards pie, while bigger deposits can fetch Nvidia shares or more Bitcoin. 📈 This promotion aims to attract fresh investors and get them excited about trading with Futu.
In addition to these bonuses, Futu has launched regulated digital currency trading services, making it easier for customers to buy Bitcoin and Ether directly. This move, starting from July 23, makes Futu the first brokerage to offer such services to Hong Kong-based retail investors, aligning with Hong Kong's push for a stablecoin regulatory framework and showcasing its ambitions to become a global crypto hub. 📊
Bitfarms, the Bitcoin mining company, reported a 34% increase in monthly earnings thanks to fleet upgrades and expansion efforts. In July, Bitfarms generated 253 BTC, worth about $16.2 million, compared to 189 BTC ($12.1 million) in June. This boost is attributed to their upgraded mining equipment, resulting in an impressive operational hashrate of 11.1 EH/s. 📈
Since the Bitcoin halving event in April, Bitfarms has seen a 62% increase in Bitcoin earnings per month. Despite some overheating issues with new miners, the company is working closely with Bitmain to resolve them and expects to hit their 12 EH/s target soon. 🌡️ With major sites in Paraguay fully operational, Bitfarms is well-positioned for continued growth and efficiency. 🔋
Web3 startups are on fire this July, raising a whopping $1.1 billion across 118 deals! 🔥 Investors are regaining confidence in the crypto space, leading to more liquidity and innovative capital-raising methods. Among the highlights, Lightning Ventures launched Thunder Funder, a regulated crowdfunding portal to help eligible companies raise up to $5 million annually, bringing more investment opportunities to retail investors. 🌩️
Pichi Finance snagged $2.5 million to revolutionize points trading, while Sybill secured $11 million for its AI sales assistant that automates tasks like call summarization and email drafting. Hyperbolic raised $7 million to develop a decentralized AI computing platform, and Raad Labs closed a $2.25 million round to optimize climate data measurement with blockchain tech. 🌐 OKX Ventures invested in zkLink, a ZK infrastructure solutions developer, to tackle liquidity fragmentation across Ethereum and layer-2 rollups. 🔗
Additionally, the Web3 betting sector is heating up, with DuelNow closing an $11 million funding round led by GEM Digital Limited. Built on Arbitrum, DuelNow aims to offer decentralized sports betting with lower fees and higher payouts. 🎲 The global online sports betting market is worth almost $60 billion and is expected to grow annually by over 10%, with blockchain technology playing a crucial role in reducing costs and improving transparency.
The surge in funding and innovative projects highlights the growing momentum in the Web3 space, setting the stage for even more exciting developments. ✨
Crypto.com has surpassed Coinbase in trading volume, thanks to a surge in institutional clients and the launch of the first spot Ether ETFs in the U.S. 🏆
On August 1, Crypto.com reported a 24-hour trading volume of $3.16 billion, leaving Coinbase $2.12 billion in the dust. This 23% increase was fueled by stronger market conditions and new client acquisitions, according to Giuseppe Giuliani, Crypto.com’s managing director.
The historic launch of spot Ether ETFs on July 23 played a significant role, boosting Ether trading volumes by double digits. 📊 Moreover, Bitcoin’s open interest hit a record high of $39.46 billion on July 29, indicating growing investor interest, especially from traditional finance (TradFi) sectors. Despite this, Bitcoin's price remains below $65,000, waiting for more institutional inflows to potentially push it to new heights. 💥
Notcoin is launching a new story-driven Web3 game in collaboration with the Lost Dogs NFT collection and Getgems, a TON-based NFT marketplace. Players can use Lost Dogs NFTs as characters, completing various tasks and making choices to earn Notcoin tokens and a new in-game currency. 🐾
Shifting from its viral tap-to-earn model, which couldn't sustain long-term growth, Notcoin aims to create a more engaging and meaningful community experience. According to Mad Tail, chief barking officer of Lost Dogs, good narratives are essential as "life itself is a narrative concept." 📖
Despite the downturn in NFT sales, Notcoin believes in NFTs' potential to enhance the gaming experience by giving players a sense of ownership. This new venture is an experiment in merging and reinterpreting different concepts, pushing the boundaries of Web3 gaming. ✨
Exciting news for UAE residents! The crypto exchange M2 has announced that residents can now buy and sell Bitcoin and Ether directly using their bank accounts. 🏦 This new integration allows users to convert their UAE dirhams into Bitcoin and Ether effortlessly through M2’s spot market. Additionally, users can deposit and withdraw dirhams, making it easier to adapt to market changes swiftly. 🌟
M2’s integration aims to expand the accessibility of virtual assets in the UAE, benefiting everyday investors, especially those new to the trading environment. 📈 The move is regulated by the UAE government, known for its strict consumer protection laws, ensuring a secure trading experience. This development highlights the UAE’s commitment to maintaining market integrity and fostering innovation in the crypto space. 🔐
Blackbird Labs, founded by Resy's co-founder Ben Leventhal, has unveiled Blackbird Pay, a Web3 payments platform for restaurants built on their new blockchain network, Blackbird Flynet. 🍴 This innovative platform aims to help restaurants tackle shrinking margins by offering a streamlined payment system that reduces transaction fees to around 2% per transaction, compared to the current average of 4%. ✅
Diners can pay using FLY tokens, credit or debit cards, and USD Coin, making transactions faster and more cost-effective.
The app also features a unique Guest Value Score for personalized rewards and perks. With Web3 tech making strides in the dining industry, Blackbird Pay joins the ranks of innovative solutions aiming to cut costs and enhance customer engagement. 📲
The company has raised $24 million in a Series A round led by Andreessen Horowitz and is already partnered with top restaurants like Barbuto and Momofuku in New York, Leon’s in Charleston, and Birdsong in San Francisco.🍜 This new venture is set to revolutionize how we dine and pay, offering both restaurants and diners a seamless, tech-savvy experience. 🏙️
AI Spotlight 🎯
There's a new AI champion in town! Google's Gemini 1.5 Pro has taken the top spot on the Chatbot Arena leaderboard, surpassing OpenAI's ChatGPT-4o and Anthropic's Claude-3. 🔎
On August 1, Google quietly launched this experimental model, and it quickly captured the AI community's attention with its impressive performance.
Gemini 1.5 Pro scored a whopping 1,300 on the LMSYS Chatbot Arena, outdoing GPT-4o's 1,286 and Claude-3's 1,271. ✨ While benchmarks aren't everything, the AI world is buzzing with excitement over Gemini's potential. Users on social media are raving about its capabilities, with some even claiming it "blows 4o out of the water."
Although it's still in an experimental phase, the success of Gemini 1.5 Pro signals a competitive and evolving landscape in the world of AI chatbots. Stay tuned to see if this model becomes the new standard! 💬
The European Union is stepping up its game with a new AI Act, set to take effect on August 2, 2024. 🌟 This landmark legislation aims to ensure that AI technologies used in Europe are safe, transparent, and respect our rights. 🛡️
The new regulations will establish clear rules for companies developing and using AI solutions, boosting trust in these technologies. ✨ Additionally, these changes are expected to encourage innovation by providing a stable and predictable framework for AI development. 🤖 Get ready for a future where AI is not only innovative but also responsible and ethical! 🌐
Argentina is stepping into the future with plans to use AI to predict and prevent crimes before they happen! The government has announced the creation of the Applied Artificial Intelligence for Security Unit (UIAAS), which will use machine learning to analyze historical crime data and identify unusual patterns in computer networks. 🔍 This tech-savvy task force will focus on detecting cyber threats, handling bomb disposal, and improving communication between police and security teams. 🚔
However, not everyone is convinced. Critics worry about the impact on privacy, with some arguing that the cost may outweigh the benefits. ❓ While AI promises a safer future, it raises questions about the balance between security and personal privacy. 🔒 Get ready for a new era of crime-fighting, but stay tuned for the debates that follow! 👀
Despite all the hype and massive spending, the AI sector seems to be in a bit of a flat spin as consumer interest in chatbots fades. 💤 The second quarter of 2024 saw disappointing earnings from major tech firms, indicating that generative AI tools, like chatbots, might be hitting a wall. OpenAI, Google, and others are pouring billions into AI, chasing the elusive dream of artificial general intelligence (AGI), but the public's enthusiasm appears to be cooling off. ❄️
Even though Google's new chatbot topped the charts, it barely made a splash with consumers. This raises the big question: can the AI sector pull out of this nosedive, or will tech giants eventually shift their focus elsewhere if AGI doesn't materialize soon? 🛫 Only time will tell if the AI industry can find its footing or if it's time for a strategic pivot. 🔄
OpenAI has developed a "highly accurate" tool to detect content generated by its ChatGPT model but is hesitating to release it. The company worries that the tool could be tampered with and might stigmatize non-English speakers from using AI for writing. 📝
Despite having a reliable method for determining text provenance, OpenAI is concerned that bad actors could still find ways to bypass detection. Additionally, translating English text to another language could potentially exploit the system, disproportionately affecting non-native English speakers.
For now, OpenAI is holding back, prioritizing ethical considerations and potential impacts over releasing the tool. Stay tuned as the debate on AI content detection continues! 🛑
The AI sector is experiencing turbulence as Q2 2024 earnings reveal disappointing results for major tech firms invested in generative AI. Despite the initial excitement and massive spending, consumer interest in chatbots and generative AI tools seems to be fading. 📉
OpenAI, despite launching new models like GPT-4 and GPT-4o, is facing operating losses without further investment. Google's latest chatbot, while technically superior, failed to capture public attention. The overarching issue is the pursuit of artificial general intelligence (AGI), a concept still mired in scientific uncertainty. 🤔
Without a clear path to monetization or a killer app for businesses and consumers, generative AI remains more of a curiosity than a necessity. The big question now is whether the AI sector can pull out of this spending spiral or if major tech companies will pivot away from chatbots altogether. 🔄
And that's it for this week’s Crypto Weekly Digest! We hope you enjoyed the latest news and insights from the crypto sphere. Stay vigilant, stay curious, and we'll catch you in the next edition. Keep exploring the world of digital finance! 💹 If you enjoyed this edition of newsletter, we invite you to check out the previous one 🔥
