MARKET MOVEMENTS: THE TOP CRYPTO UPDATES
We take a look at the top crypto news and updates that has impacted the market conditions in the last week.
Bitcoin Magazine FUD Stirs Massive Market Dip
The crypto market was thrown into a turmoil as we approached the weekend, with most altcoins dipping hard after Bitcoin magazine reported on twitter; that SpaceX has sold all its $373 million Bitcoin.
Bitcoin saw 25k while Ethereum hit 1.6k with Watcher guru suggesting that $769 million was liquidated from the crypto market within 30 minutes
SEC Moves to Appeal Ripple’s Earlier Victory
In the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple, the SEC has made a move to file an interlocutory appeal on August 18.
This development comes after Judge Analisa Torres of the Southern District of New York issued rulings regarding Ripple’s programmatic exchange sales of XRP and its distributions of XRP as payment for services. The judge’s rulings indicated that these offerings were not considered securities.
Elon Musk Endorses Crypto-Friendly Republican Presidential Candidate
CEO of Tesla, Elon Musk, has shown his endorsement for Vivek Ramaswamy, an up-and-coming Republican presidential candidate.
Musk’s endorsement came after Ramaswamy’s appearance on Tucker Carlson’s online show, where a clip of the young candidate was shared on social media with the caption highlighting his status as the youngest Republican presidential candidate in history.
SEC seeks to Question Terraform Labs’ Co-Founder Daniel Shin in Korea
The United States Securities and Exchange Commission (SEC) has received approval from District Judge Jed Rakoff to seek assistance from South Korea in its investigation against Terraform Labs co-founder Daniel Shin and co-founder Do Kwon.
The SEC aims to question Shin about Kwon’s role at Chai, Chai’s utilization of the Terra blockchain, and the disclosures made by Chai regarding its relationship with Terraform.
Ordinals Still Make Up Majority of Bitcoin Transactions Despite Price Collapse
Despite recent price fluctuations and discussions about the decline of hype around Bitcoin, ordinal inscriptions have maintained a significant presence on the Bitcoin network.
“Leonidas,” the developer behind Ordinals, highlighted that out of the 530,788 transactions processed by the Bitcoin network in the last 24 hours, a staggering 450,785 of them were related to Ordinal inscriptions. This translates to an impressive 84.9% of total network activity being driven by Ordinals.
Yuga Labs to Cut Ties with OpenSea Over Royalty-Optional Model
Yuga Labs is taking a stand against OpenSea’s new royalty-optional model. CEO Daniel Alegre announced plans to sunset support for OpenSea’s SeaPort by February 2024.
Mark Cuban Slams OpenSea’s Optional NFT Royalties as Industry Misstep
Billionaire investor Mark Cuban has expressed his criticism of OpenSea’s recent decision to make royalty payments on non-fungible tokens (NFTs) optional.
In a tweet dated August 18, Cuban described this move as a “HUGE MISTAKE,” expressing concerns that it could negatively impact the NFT industry and erode trust within the ecosystem.
Coinbase to suspend USDT trading for Canadian users
Cryptocurrency exchange Coinbase will suspend trading of Tether (USDT), DAI, and RAI stablecoins for Canadian users beginning August 31.
“We regularly monitor the assets on our exchange to ensure they meet our listing standards,” the note sent to users reads.