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Grayscale's Legal Victory Ignites Bitcoin ETF Hopes as Robinhood Revealed to be an Ethereum Whale
Coinbase Lists PayPal's PYUSD; Bankman-Fried Seeks Bail; Lufthansa Launches NFT Loyalty Program
Welcome to today's edition of the Coinfeeds Daily Digest, where we bring you the most groundbreaking stories from the ever-evolving world of crypto.
Yesterday, we saw an important legal victory for Grayscale Investments over the SEC, sparking optimism for spot bitcoin ETFs. We also learned that Robinhood has quietly become a major Ethereum whale.
In other news, Lufthansa launched an NFT loyalty program, Coinbase CEO Brian Armstrong shared his crypto vision, and Friend.tech managed a successful launch on Ethereum without spiking gas fees. Click here to explore today's trending news on coinfeeds.io.
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Grayscale's Legal Victory Sparks Optimism for Bitcoin ETFs
Grayscale Investments' recent legal victory over the Securities and Exchange Commission (SEC) has sparked a wave of optimism in the cryptocurrency industry. The District of Columbia Court of Appeals ruled that the SEC was "arbitrary and capricious" in denying Grayscale's application to convert its bitcoin trust into a spot bitcoin exchange-traded fund (ETF). This decision could pave the way for other asset managers, such as BlackRock, to gain approval for their bitcoin products. However, it is uncertain whether spot bitcoin offerings will be approved, as the ruling only requires the SEC to review Grayscale's application. The SEC has until mid-October to request a re-hearing of the case.
Despite the legal win, the cryptocurrency market experienced a decline in prices after a brief surge. Grayscale CEO, Michael Sonnenshein, remains optimistic about the future of the industry, citing recent legal decisions and legislative efforts as positive momentum. He also anticipates a supply cut in the bitcoin blockchain next year, which could increase the price of the cryptocurrency relative to other digital assets. Overall, Sonnenshein believes that these factors will contribute to an unprecedented crypto environment.
Robinhood Identified as Major Ethereum Wallet Holder
Robinhood, the trading app company, has been identified as the owner of the fifth-largest account on the Ethereum blockchain, holding approximately $2.54 billion worth of the cryptocurrency. The company has also expanded its crypto wallet to include support for bitcoin (BTC) and dogecoin (DOGE), in addition to ethereum (ETH) and tokens built on the Ethereum blockchain. The wallet now allows users to send and receive BTC and DOGE, and the company plans to roll out swap features for trading ether for over 200 different assets.
Coinbase CEO Shares Top 10 Crypto Ideas for Future Development
Coinbase CEO Brian Armstrong has shared his top 10 ideas for the future of cryptocurrency, urging developers to use the bear market to take these ideas to the next level. Some of the concepts he discussed include a decentralized stablecoin that tracks inflation, an on-chain reputation system, on-chain ads, and on-chain capital formation. Armstrong believes that the next five years will be crucial for the growth of the crypto industry.
Pepe Meme Coin Could Make a Comeback Despite Recent Rug Pull Incident
The future of Pepe Coin (PEPE) is uncertain following a recent rug pull incident where anonymous developers sold $16 million worth of tokens without the knowledge of the official Pepe X account. Despite the drop in price, some traders and analysts believe that Pepe could still recover in the long run due to its nature as a memecoin with no underlying value. Others see potential for Pepe to become similar to Dogecoin and believe that getting the remaining tokens out of the hands of the developers who sold could be beneficial. However, there are also warnings of higher volatility and a bearish take on Pepe's future.
Lufthansa Launches NFT-Based Loyalty Program on Polygon
Lufthansa Group has launched an NFT-based loyalty program called Uptrip, which rewards passengers with digital collectibles that can unlock additional benefits. Passengers can collect digital trading cards themed around destinations, aircraft, and holidays, and by completing themed collections, they can access perks such as free in-flight Wi-Fi and airport lounge access. Uptrip, built on Polygon, plans to add a trading feature for users to fill in their collections. The move follows a trend of other companies utilizing Polygon for their NFT initiatives.
Binance to Cease Support for BUSD Stablecoin
Crypto exchange Binance has confirmed its plan to gradually cease support for its stablecoin, Binance USD (BUSD), by February 2024. This decision aligns with Paxos' plans to end BUSD redemption at that time. Binance is encouraging users to convert their BUSD holdings into a newly listed stablecoin called First Digital USD (FDUSD), which was launched by the Hong Kong-based trust company First Digital Group.
Sam Bankman-Fried's Lawyers Argue for His Release from Jail Ahead of Trial
Lawyers for Sam Bankman-Fried, the former CEO of FTX, have argued for his release from jail to prepare for his upcoming trial. They claimed that his limited internet access and subpar laptop were hindering his ability to review pretrial evidence. However, the federal judge overseeing the case declined to grant their request and instead asked for more information on the conditions in the jail before making a decision.
Coinbase to List PayPal Stablecoin PYUSD
Coinbase, a leading cryptocurrency exchange, is set to list the PayPal stablecoin PYUSD on its platform. Trading will begin on August 31 if liquidity conditions are met. The listing comes after several other exchanges have already listed PYUSD, but its adoption has been slow. PayPal's stablecoin is designed to make payments easier and target a different demographic.
Crypto Shorts See $120 Million Squeeze As Bitcoin Shoots Up
The crypto futures market has seen a large amount of liquidations as Bitcoin has registered a sharp surge. The price of Bitcoin shot up after news broke that Grayscale won a lawsuit against the SEC, leading to speculation about a Bitcoin ETF. However, the price quickly retraced back to around $27,400. The futures market experienced significant liquidations, with $170 million liquidated in the past 24 hours.
Ethereum Successfully Handles Friend.tech Frenzy Without 'Gas Fee' Spike
The implementation of layer-2 projects on Ethereum has helped reduce congestion and lower transaction fees on the network. Despite the success of the crypto marketplace Friend.tech, which attracted over 100,000 users and generated $25 million in fees, Ethereum's gas fees have dropped significantly due to the project's existence on the Base sub-network.
Vietnamese Crypto Holders Invest Based on Referrals
A report by Vietnamese venture capital firms Kyros Ventures and Coin68 reveals that 76% of Vietnamese crypto holders invest based on referrals. The report also found that self-study, community groups, and media news were the main sources of information for Vietnamese crypto investors.
Stroom Network Raises $3.5M to Launch Bitcoin 'Liquid Staking' on Lightning
Stroom Network, a "liquid staking" protocol for Bitcoin's Lightning Network, has raised $3.5 million in an oversubscribed seed funding round. The funding will be used for team expansion and to release a corresponding lnBTC derivative token on Ethereum. Stroom's protocol allows users to leverage their bitcoin capital on both the Lightning Network and Ethereum, enabling them to earn routing fees from payments made on the Lightning Network and explore yield opportunities across the Ethereum ecosystem.
As always, stay tuned for more updates in crypto!