Bitcoin Price: US$ 60,658.15 (+2.10%)
Ethereum Price: US$ 2,702.44 (-0.73%)
Canadian regulators are tightening stablecoin rules to enhance investor protection, prompting some crypto exchanges to exit the country while others adapt to the new guidelines. Meanwhile, restaking Ether is seen as an inevitable trend with uncertain risks, as platforms like EigenLayer gain prominence but rely heavily on speculative yields. Coinbase’s Canadian director argues that Canada needs to modernise its crypto regulations to foster economic freedom, despite the country’s existing robust framework. This comes amid broader discussions on economic freedom in Canada, highlighted by criticism of the government’s actions during the 2022 Freedom Convoy protests and a 2024 court ruling against freezing crypto donations.
The FBI has responded to a Freedom of Information Act (FOIA) request implying that it could neither confirm nor deny it had records identifying Bitcoin creator Satoshi Nakamoto. Investigative journalist Dave Troy, who made the request, intends to appeal the response but noted that the FBI’s assertion implies Satoshi is a “third party individual.” Coinbase has expanded its services to Hawaii following substantial regulatory changes by Hawaii’s Department of Commerce and Consumer Affairs Division of Financial Institutions (DFI), allowing residents to buy, sell, and manage their digital assets. Hawaiian residents can now access Coinbase’s platform and use its app to gain exposure to hundreds of cryptocurrencies and earn up to 12% APY in staking rewards on popular assets. Hive Digital Technologies Ltd. reported a 36% increase in sales in Q2 2024 as it diversifies into providing computational power to AI applications, with revenues of around $32 million compared to $23.5 million the year prior. Hive, which changed its name from Hive Blockchain Technologies to reflect a pivot to hosting AI and other advanced applications, expects to maintain a strong presence in Bitcoin mining but will diversify its business by utilising its Nvidia GPU-based cards to build high-performance computing clusters for AI compute applications.
US Vice President Kamala Harris aims to maintain the Biden administration’s stringent stance on cryptocurrency regulation, with her choice of economic advisers suggesting a continuation of the administration’s hostile crypto regulatory approach. This comes as the US banking system took a hit following the sudden collapse of three crypto-friendly US banks in March 2023, an event dubbed “Operation Chokepoint 2.0” by crypto venture capitalist Nic Carter, who saw it as a coordinated effort to unbank the crypto industry. Asset manager Grayscale Investments has launched a new investment fund for MakerDAO’s governance token, MKR, adding to its suite of single-asset crypto investment products and allowing investors to gain exposure to the Ethereum-based, autonomous organisation MakerDAO. Grayscale, the world’s largest crypto fund manager, is committed to expanding its suite of products and providing innovative investment opportunities. Bitcoin is at a “perfect” setup from a macroeconomic perspective, but over $500 million worth of looming liquidations threaten to create more volatility for the cryptocurrency, with a potential move below $58,000 risking the liquidation of $489 million worth of cumulative leveraged short positions across all exchanges.
Curve Finance, a decentralised exchange, has announced the annual reduction of its native CRV token emissions for the fifth consecutive year, dropping the total CRV supply to 2.09 billion, with approximately 930 million perpetually locked on the platform as vote-escrowed veCRV. This reduction, along with the end of vesting periods, means that the overall annual inflation of the CRV token will go down dramatically from 20% to around 6%. A wallet that received $2.19 billion in Bitcoin from the defunct exchange Mt. Gox initiated a test transaction, with the wallet suspected to be Bitgo, the fifth and final exchange set to distribute funds to Mt. Gox creditors. Despite waiting over a decade to receive their locked-up funds in the defunct exchange, approximately 127,000 Mt. Gox creditors set to receive funds did not trigger a sell-off. The Grayscale Ethereum Trust (ETHE) has posted its first day of zero outflows, ending a consecutive daily onslaught of outflows since its launch, and it comes as Ethereum and several of its layer-2 networks witnessed a surge in onchain activity.
The Canadian cryptocurrency trading platform ezBtc and its founder, David Smillie, defrauded customers by misappropriating approximately 13 million Canadian dollars ($9.5 million) of their cryptocurrency investments and using the funds for gambling, leading to sanctions imposed by the British Columbia Securities Commission. Despite this, crypto adoption in Canada has remained stagnant for over two years, with just 3% of the population using Bitcoin or other cryptocurrencies for day-to-day payments. Ethereum exchange-traded products were the top choice for institutional investors as money returned to crypto funds following the Aug. 5 market slump, attracting $155 million in inflows in the last seven days, or around 88% of the total. Layer-1 blockchain Canto appears to have halted block production again after briefly coming back online, with the team flagging “unforeseen secondary effects” as a fresh problem, but despite the blockchain being down for the second time this week, Canto’s token price has surged over the last day.
Source: https://cointelegraph.com
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