Bitcoin Price: US$ 60,423.41 (-1.16%)
Ethereum Price: US$ 2,622.88 (-0.30%)
Elon Musk’s Twitter buyout has caused significant financial strain on banks, with $13 billion in loans stuck on their balance sheets. This has led institutions like Barclays to cut salaries as X’s valuation continues to drop from its previous highs. Meanwhile, Bitcoin exchange inflows have sharply declined in August despite large transfers from Mt. Gox and the U.S. government, suggesting reduced selling pressure as most Mt. Gox creditors continue to hold their Bitcoin. In a separate development, former Binance CEO Changpeng Zhao, who was sentenced to prison for failing to maintain an effective Anti-Money Laundering program, has been transferred to a residential facility ahead of his September release, marking a notable downturn from his former billionaire status.
Mercado Libre has introduced a dollar-pegged stablecoin called the Meli Dollar in Brazil, its largest market, through its financial arm Mercado Pago, with local platform Ripio facilitating trades without fees during the initial phase, offering users a new financial management tool amidst Brazil’s volatile economy. This move follows Mercado Libre’s expansion in Latin America, where it has integrated various cryptocurrencies and stablecoins into its services since 2021. Meanwhile, HTC has launched “Viverse Create,” a no-code platform for building and sharing multiplayer experiences across devices in its metaverse, emphasizing accessibility and ease of use. Additionally, Anchorage Digital has rolled out a rewards program for clients who custody PayPal’s USD stablecoin (PYUSD), highlighting the growing demand for secure, regulated digital asset services among institutional investors.
Grayscale Investments has launched the Grayscale Avalanche Trust, a new investment fund focused on Avalanche’s AVAX token, which provides exposure to the network’s multi-chain smart contract platform optimized for scalability, security, and decentralization, adding to Grayscale’s extensive portfolio of over 20 crypto investment products and highlighting its commitment to expanding digital asset offerings. Concurrently, Franklin Templeton has introduced its blockchain-integrated money market fund to the Avalanche network, making it the first on-chain money market fund on Avalanche and aiming to bridge traditional finance with digital assets. Meanwhile, Hong Kong’s regulatory body is closely examining crypto exchanges that are not fully licensed, addressing concerns related to cybercrime risk management and reliance on key executives, as the city endeavours to enhance its crypto regulations and establish itself as a global fintech hub.
United States-based spot Ethereum ETFs have faced their longest streak of outflows since their launch in July, with $92.2 million withdrawn from August 15–21, primarily due to significant losses from the Grayscale Ethereum Trust. Despite these challenges, other Ethereum ETFs like BlackRock’s iShares Ethereum Trust have seen notable inflows, while Bitcoin ETFs have attracted $17.5 billion in net positive flows, even as the Grayscale Bitcoin Trust experienced substantial outflows. Concurrently, the Digital Chamber has raised concerns that a revived securities lawsuit against Nvidia could result in a wave of frivolous lawsuits against the crypto industry, potentially hindering innovation and investment. In contrast, the new memecoin deployer Sun Pump on the Tron network has outpaced its Solana-based rival Pump.fun in daily activity and revenue, contributing to a record $3.48 million in daily revenue for Tron and signalling a robust boost in the memecoin sector.
Source: https://cointelegraph.com
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