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Crypto Market Nosedives as Bitcoin Experiences Major Sell-Off Amid Ethereum ETF Hopes
Mastercard Deepens CBDC Ties, Connext Airdrops Native Token, and Celsius Creditors Vote on Bankruptcy Plan
Welcome to Daily Digest, where we surface trending news in crypto-based on conversations we found on Twitter, news publications, blog posts, and other social media, powered by the Coinfeeds platform.
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Bitcoin Experiences Major Sell-Off
Headlines: "No, SpaceX Isn't the Cause of This Multi-Billion Dollar Bitcoin Bloodbath", "Bitcoin Slumps Below $28,000 For the First Time Since Late June", "Crypto Traders Suffer $1B in Liquidations in Sharp Sell-Off for Bitcoin, Ether", "Single Trader Lost $55M on Ether Long Yesterday", "Crypto traders hit by $1.04 billion in liquidations amid intense market volatility", "Why did Bitcoin drop? Analysts point to 5 potential reasons", "Bitcoin price breaks from range with drop below $28K, and options tilt toward BTC bears", "Bitcoin price drops to $25,200 in sudden crash before rebounding"
Bitcoin experienced a major sell-off, causing a 6.7% drop in overall crypto market capitalization. The sell-off was likely due to market structure and liquidations rather than any specific catalyst. Speculation about SpaceX's supposed bitcoin sales and the bankruptcy of China Evergreen's were mentioned as possible causes, but these events may not have impacted prices.
Ethereum Futures ETFs Poised for U.S. Approval
Headlines: "Ether Futures ETFs Are Poised for U.S. Approval, Bloomberg Reports", "Ethereum surges 11% after report SEC is set to approve Futures ETF", "Crypto prices rally back as SEC said to be ready to greenlight ether-futures ETFs"
Ethereum Futures ETFs are reportedly on the verge of receiving approval in the United States, according to Bloomberg. This news has caused the price of Ether (ETH) to surge 11% to $1,700. The U.S. Securities and Exchange Commission (SEC) is expected to approve the first exchange-traded funds (ETFs) based on Ether Futures. The SEC is likely to allow nearly twelve companies, including ProShares, Volatility Shares, Bitwise, and Roundhill, to launch Ether futures ETFs.
Mastercard Deepens Ties to CBDCs
Headlines: "Mastercard Deepens Tie to CBDCs as Nations Mull Issuing Digital Currencies"
Mastercard has created a forum where crypto industry players can discuss and collaborate on central bank digital currencies (CBDCs). The forum, called the CBDC Partner Program, includes participants such as Ripple, Fireblocks, and Consensys. Mastercard believes in payment choice and interoperability across different payment methods. The company has previously launched a prepaid card for the Bahamas' CBDC and is now setting up a testbed to explore tokenized bank deposits in the UK, including CBDCs and regulated stablecoins.
Connext to Airdrop Native Token
Headlines: "Connext to airdrop native token ‘Next’ in early September"
Interoperability project Connext will launch its native token, called Next, on September 5. The token will be airdropped to early users across multiple blockchains, including Polygon, Arbitrum, Optimism, and Gnosis Chain. The Next token will allow routers in the Connext network to stake tokens and earn fees. It will also serve as a governance tool for the Connext ecosystem.
Coinbase to Suspend USDT Trading for Canadian Users
Headlines: "Breaking: Coinbase to suspend USDT trading for Canadian users", "Coinbase Will Suspend USDT, DAI and RAI Trading for Canadian Users"
Coinbase, a cryptocurrency exchange, will suspend trading of Tether (USDT), DAI, and RAI stablecoins for Canadian users starting from September. However, Canadian users will still be able to deposit and withdraw these stablecoins.
Celsius Creditors to Vote on Bankruptcy-Escape Plan
Headlines: "Celsius Creditors to Vote on Bankruptcy-Escape Plan After Judicial Approval"
Celsius, a bankrupt crypto lender, is set to hold a vote on its plan to sell assets to the Fahrenheit consortium. This comes after a judge approved disclosures stating that creditors can expect to recover 67%-85% of their holdings.
UK Crypto Businesses to Comply with FATF Travel Rule
Headlines: "UK crypto businesses to comply with FATF Travel Rule beginning in September"
Crypto asset businesses in the United Kingdom will be required to comply with the Financial Action Task Force (FATF) Travel Rule starting from September 1. The Travel Rule mandates virtual asset service providers (VASPs) to share customer information during transfers to identify suspicious transactions.
OpenSea to Disable Royalty Enforcement Tool
Headlines: "NFT marketplace OpenSea to disable royalty enforcement tool"
Non-fungible token (NFT) marketplace OpenSea is discontinuing its royalty enforcement tool called Operator Filter. The tool allowed creators to blacklist NFT marketplaces that didn't enforce royalties.
SEC Can Argue for Right to Appeal Groundbreaking XRP Ruling
Headlines: "SEC Can Argue for Right to Appeal Groundbreaking XRP Ruling in Ripple Case, Judge Says"
The U.S. Securities and Exchange Commission (SEC) has been granted the right to argue for an appeal in the Ripple case, where the court ruled that Ripple did not violate securities laws in making XRP available to retail traders.
Buyers of Bored Ape NFTs Sue After Digital Apes Turn Out to Be Bad Investment
Headlines: "Buyers of Bored Ape NFTs sue after digital apes turn out to be bad investment"
Buyers of Bored Ape NFTs are suing Sotheby's auction house after the digital apes turned out to be a bad investment. The class-action lawsuit claims that Sotheby's deceived investors by giving the NFTs an air of legitimacy and generating hype around the Bored Ape brand.
As always, stay tuned for more updates in crypto!