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SEC Hits Pause on Bitcoin ETFs as Ethereum Stakers Self-Regulate
China Legitimizes Virtual Assets, Crypto Scams Surge in 2023, and Akash Network Upgrades with Nvidia GPUs
Welcome to today's edition of the Coinfeeds Daily Digest, where we bring you the most pressing stories shaping the crypto landscape.
In this issue, we delve into the SEC's recent delay on Bitcoin ETF applications and how Ethereum staking providers are self-imposing market share limits to safeguard decentralization.
We further explore China's groundbreaking legal stance on virtual assets, a troubling surge in crypto scams amounting to nearly $1 billion in losses this year, and Akash Network's Mainnet 6 upgrade featuring Nvidia GPUs. Click here to explore today's trending news on coinfeeds.io.
Have any followup questions, ask our bot at chat.coinfeeds.io.
SEC Delays Bitcoin ETF Applications
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on several spot Bitcoin exchange-traded fund (ETF) applications. The applications from BlackRock, Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, and VanEck have been postponed for another 45 days, with new deadlines set for October. The SEC needs more time to consider the proposals and the issues raised. This delay follows a similar one on a planned fund by Ark Invest and 21Shares. Despite the delay, industry experts anticipate that spot bitcoin ETF approval may come closer to the end of the year or in 2024.
Ethereum Staking Services Agree to Limit
At least five Ethereum staking providers have agreed to a self-limit rule of not owning more than 22% of the Ethereum staking market. This move is aimed at ensuring the decentralization of the Ethereum network. The providers include Rocket Pool, StakeWise, Stader Labs, Diva Staking, and Puffer Finance. The proposal addresses concerns of Ethereum staking becoming centralized, as finality requires 66% of validators to agree on the state of Ethereum.
China Court Declares Virtual Assets as Legal Properties
A China court has declared virtual assets as legal properties protected by law. Despite China's ban on all foreign digital assets, the court argues that virtual assets held by individuals should be considered legal and protected. The report also suggests dealing with crimes involving virtual assets separately to achieve a balance between personal property rights and public interests.
Crypto Scams and Exploits Result in Nearly $1B Loss in 2023
Malicious actors in the crypto space have stolen nearly $1 billion in digital assets in 2023, with $45 million taken in August alone, according to a report by CertiK. The report highlights that exit scams, flash loan attacks, and exploits were the main methods used to steal funds. Major incidents contributing to the losses include the Curve Protocol Attack, Zunami Protocol attack, the Exactly Protocol exploit, and the PEPE withdrawal incident.
Akash Network Adds Nvidia GPUs
Akash Network has added Nvidia GPUs to its decentralized compute marketplace as part of its Mainnet 6 upgrade. The upgrade aims to provide users with access to Nvidia GPUs for compute-intensive workloads, offering a decentralized alternative to centralized cloud service providers. The GPUs offered include models such as Nvidia H100s and A100s, as well as consumer-grade chips for training AI and data science models.
HashKey Capital's Digital Asset Fund to Invest in Altcoins
Digital assets financial services firm HashKey Capital's Hong Kong-regulated fund will invest a significant chunk of its assets in altcoins. Less than half of the fund's investments will be in bitcoin (BTC) and ether (ETH), the two largest cryptocurrencies, so it can diversify allocations to smaller cap assets. The fund, which opened for business Friday, has attracted high-net-worth individuals and investment firms serving rich Asian families as clients.
OKX Plans to Enter India
Cryptocurrency exchange OKX is planning to enter the Indian market and hire local employees to explore Web3 applications. The company aims to scale up its wallet services and expand its presence in India's developer community. While OKX does not plan to open an office in India, it will rely on local employees to lead its efforts. The move is seen as a community approach to entering the Indian market.
Bitcoin Slides Under $26K, Major Cryptocurrencies Erase All Weekly Gains
Bitcoin and major tokens, including SOL, XRP, and DOGE, have erased all their weekly gains as the U.S. Securities and Exchange Commission (SEC) delayed key ETF decisions. Bitcoin slid below $26,000, while DOGE and SOL fell by 5.5% and ETH lost 3.7%. The SEC's decision to delay all spot bitcoin ETF applications until October, along with a federal court ordering the SEC to "vacate" its rejection of the Grayscale Bitcoin Trust's bid to convert into an ETF, has dampened hopes of a long-term recovery.
Swift Successfully Transfers Tokens Across Blockchains with Chainlink
Global financial messaging network Swift has announced the successful completion of a tokenization experiment, which involved the transfer of tokens across multiple blockchains. The interbank messaging infrastructure collaborated with Chainlink and several financial institutions for the experiments. The successful transfer of tokens across blockchains marks a significant milestone in the integration of blockchain technology into traditional financial systems.
Nexo Launches Crypto Mastercard for EEA Citizens
Bulgarian decentralized lending platform Nexo has launched a crypto-powered debit and credit Mastercard for citizens of the European Economic Area (EEA). The Nexo Card allows users to spend stablecoins via debit transactions at over 100 million merchant terminals worldwide. It offers up to 9% annual interest on stored balances and up to 2% cash back and 16% interest rates on credit transactions using major cryptocurrencies as collateral.
YouTuber Loses $60K Worth of Crypto After Showing Seed Phrases on Stream
A YouTuber named Ivan Bianco lost nearly $60,000 worth of cryptocurrency and NFTs after accidentally revealing his seed phrases during a livestream. Unknown individuals took control of his wallets and stole his funds. After the theft, an unidentified man contacted Bianco and admitted to stealing his crypto. The majority of the stolen funds were returned to Bianco, but smaller amounts are still missing. Bianco hopes that his incident serves as a warning to others.
Ronaldinho Denies Part in Alleged $61M Crypto Scam
Retired soccer star Ronaldinho Gaúcho testified at a congressional hearing in Brazil, denying his involvement in a $61 million crypto pyramid scheme that used his name. The scheme, called "18kRonaldinho," promised daily returns on crypto. Ronaldinho claimed he was never partnered with the company and that it used his name and image without his authorization. He argued that he was also a victim of the scheme. The inquiry is investigating 11 companies accused of falsely promising high returns using crypto.
As always, stay tuned for more updates in crypto!