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This week, the SEC put NFT platforms on notice with its Wells notice against OpenSea. Further, a lawsuit against Elon Musk for alleged manipulation of Dogecoin was dismissed, and Russia turned to crypto for cross-border transactions.
While Bitcoin remains stagnant amid the surge in gold and silver, significant developments across DeFi, altcoins, and blockchain technology continue to shape the market landscape. Let’s dig deeper.
Bitcoin
As Bitcoin continues to move sideways and along a downward channel, both gold and silver are nearing all-time highs and local highs. Precious metals appear to be leading the pack, but Bitcoin will soon follow suit.
Defi
SSV Network DAO and Ether.fi announced that they are hosting a Learn & Earn campaign to educate the community about the benefits of Decentralized Verification Technology (DVT) for restaking and the importance of decentralization on the Ethereum base layer.
Altcoin
The crypto whale that bought Solana (SOL) for just $2 and sent it soaring to an all-time high before selling it just before the 95% plunge in 2022 is back in the market and making significant moves this week.
The trading platform DTX Exchange is quickly gaining a reputation in the cryptocurrency industry. The pre-sale has already exceeded $1.6 million, and this figure is expected to soon reach $2 million.
The trader who predicted the Mt. Gox disaster also warned about Polygon (MATIC), which has lost 27% of its market cap in the past month.
New meme coins and low-cap tokens continue to be in high demand as investors look to maximize returns in the upcoming bull market. For example, a new low-cap cryptocurrency Base Dawgz raised over $3 million in its pre-sale.
technology
The TON blockchain has experienced two major outages within 24 hours, with overload caused by the minting of DOGS tokens halting transactions, raising concerns about the network’s ability to handle high traffic.
business
Crypto.com has announced a partnership with Standard Chartered Bank to provide fiat currency services in over 90 countries, starting with the United Arab Emirates (UAE) and expanding access to the US Dollar, Euro, and UAE Dirham.
The Celsius Network bankruptcy trustee has distributed over $2.53 billion to approximately 251,000 creditors, marking a major development in one of the largest cryptocurrency bankruptcies.
Polkadot Decoded Asia 2024, a major event within the Polkadot ecosystem, is scheduled to take place on September 16-17, 2024 during TOKEN2049 Week in Singapore.
Web3
Echelon, a decentralized lending protocol, has closed a $3.5 million seed funding round with participation from multi-strategy cryptocurrency investment firm Cypher Capital.
The Fat User Thesis advocates a user-centric approach that prioritizes users’ needs and contributions, challenging existing value capture models that primarily favor protocols and applications.
Layer One blockchain Creditcoin has announced the launch of its EVM compatible mainnet along with the launch of its dedicated CreditWallet application, a mobile app that aims to simplify cross-blockchain transfers between EVM compatible and Substrate-based blockchains.
Kaia, a high-performance layer 1 blockchain, has confirmed its long-awaited mainnet launch. The mainnet launch coincides with the launch of the Kaia Wave Builder support program, which Kaia and LINE NEXT are designed to “accelerate consumer adoption of Web 3 services.”
regulation
A federal judge has dismissed a lawsuit filed by Elon Musk and Tesla accusing them of using social media influence and insider trading to manipulate the price of Dogecoin.
Concerns about the future of digital art and innovation are growing as the SEC has issued a wells notice to NFT platform OpenSea, suggesting the regulator could potentially take legal action as it expands its scope to include NFTs.
As the burden of economic sanctions imposed around the world grows, Russia is turning to cryptocurrency payments for cross-border transactions, with a pilot operation of cryptocurrency trading set to begin soon.
Abra has settled with the SEC over allegations that it sold unregistered securities through its cryptocurrency lending product, Abra Earn, and related violations by its parent company, Plutus Lending LLC.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.
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