Bitcoin Price: US$ 58,752.39 (-3.14%)
Ethereum Price: US$ 2,661.45 (-1.52%)
Marathon Digital purchased $249 million worth of Bitcoin, raising its strategic reserve to over 25,000 BTC, using proceeds from a $300 million senior note offering, despite the company facing challenges from decreased crypto mining profitability post-Bitcoin halving. Meanwhile, Morgan Stanley disclosed $188 million in holdings in BlackRock’s Bitcoin ETF as part of its broader exposure to various Bitcoin-related funds, positioning itself ahead of a potential SEC and FINRA examination sweep. Additionally, NYSE Arca withdrew its proposal to list options on crypto ETFs, which would have allowed more flexibility in trading, while the SEC’s response to such initiatives remains uncertain, although there are signs of progress in the Bitcoin ETF options market.
MetaMask has launched a pilot self-custody debit card in partnership with Mastercard and Baanx, enabling users in the UK and EU to convert their digital assets into fiat for payments at various merchants, with plans to expand globally, potentially bringing financial services to unbanked populations and supporting crypto adoption in regions with high inflation, such as Argentina and Venezuela. Meanwhile, the US government, the largest geopolitical holder of Bitcoin with around 203,000 BTC, recently transferred approximately 10,000 Bitcoin worth nearly $594 million from its Silk Road seizure to a new wallet, raising concerns about potential large-scale sell-offs and their impact on market volatility, as seen with Germany’s sale of 50,000 BTC in July. Amid these developments, Grayscale’s head of research, Zach Pandl, suggested that lower-than-expected US inflation could prompt the Federal Reserve to cut interest rates, potentially boosting Bitcoin to retest its all-time highs, while the crypto market, despite a muted response to the latest CPI data, has largely recovered from a recent sharp decline, with Grayscale managing over $25 billion in assets.
The Open Network (TON) has partnered with Pyth Network to integrate high-fidelity, real-time data feeds into TON’s ecosystem, enhancing the development of decentralised finance (DeFi) applications with improved financial services and low-latency data. Concurrently, Bitcoin’s bull rally, driven by institutional investors, is expected to continue for another 350 days, potentially reaching new all-time highs by 2025, as projected by analysts from Bybit and BlockScholes. Meanwhile, the dYdX trading platform has introduced permissionless token listings and MegaVault, a master liquidity pool designed to ensure market liquidity and offer high returns to users. Together, these developments highlight ongoing innovations and increasing institutional involvement in the rapidly evolving crypto space.
Jump Trading moved 17,049 ETH worth $46.44 million from Lido, raising concerns of a market sell-off, although community data suggests the transfers might be intended for liquidity provision rather than sales. At the same time, Ethereum ETFs showed mixed signals, with Grayscale’s Ethereum Trust experiencing significant outflows, while BlackRock and Fidelity’s Ethereum ETFs saw positive inflows, reflecting diverging investor sentiment. Meanwhile, the Australian Securities and Investments Commission (ASIC) sued the Australian Securities Exchange (ASX) for allegedly misleading statements about its now-abandoned blockchain project aimed at replacing the aging CHESS system, claiming ASX misrepresented the project’s progress and timeline despite internal issues, leading to its eventual abandonment after significant investment and delays.
Source: https://cointelegraph.com
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