The crypto world was a real snoozefest this week after the SBF trial wrapped. With ETF hype growing stale, prices flatlined without a major catalyst to get hearts pumping again.
But just because the charts were stuck in slumber mode doesn’t mean key shifts weren’t happening behind the scenes. There are still crucial crypto developments to catch up on, even as the market catches some Zzzs.
Let’s quickly summarize the top headlines in mining, regulations, adoption, and more before diving into the nitty-gritty details:
Let’s dive in!
Fake XRP ETF Filing 📈
XRP prices pumped after a fake filing claimed a BlackRock XRP ETF was coming.
People are hungry for big Wall Street money to join crypto. Scammers easily profit off that hype with stunts like this.
At least XRP got a temporary boost before the decline. Meanwhile, the SEC keeps dragging its feet on real crypto ETFs. Read the full story!
Delaware prosecutors are now investigating the document fraud. In the rush for the next pump, people abandon caution. Maybe when something seems too good to be true in crypto, it usually is.
Find more details on Delaware DOJ’s plan!
Pension Fund Buys Coinbase Stock 📈
A major South Korean pension fund bought nearly $20 million worth of Coinbase stock. This reflects the country’s growing embrace of crypto, after passing landmark legislation this year.
Pension funds are normally wary of risky bets like crypto. But this shows perceptions slowly changing as digital assets mature.
Of course, buying before the bull market means this fund scored Coinbase shares at a steep discount.
Taxman Cometh for DeFi
The Australian tax authority is laying down the law for crypto profits. Just about every DeFi and token activity can trigger capital gains taxes now. Wrapping, unwrapping, swapping – nothing escapes the taxman’s eye.
While it provides clarity, the aggressive rules could hinder local crypto innovation. With a laid-back lifestyle, Australia was a natural fit for crypto to thrive. But the tax crackdown casts a cloud over future growth.
As worldwide adoption spreads, other countries may soon face similar tax headaches. Of course, governments want their cut of surging crypto gains. But harsh regulations risk killing the golden goose. More information on what else will become a taxable income!
Bitcoin Mining Revenue Yearly High 📈
Surging Bitcoin prices have crypto miners celebrating as revenue hits 2023 highs. They can thank the skyrocketing hype around potential US Bitcoin ETFs. Historically, this has been a good sign.
Of course, the SEC hasn’t exactly been eager to approve ETFs before. But crypto lovers remain hopeful. Find more details here!
Tether’s Bitcoin Mining Expansion ⛏️
Tether is going full steam ahead into Bitcoin mining! It wants to become a major Bitcoin mining player, planning to drop half a billion on becoming a mega miner. It aims to eventually control 1% of BTC’s hash rate power.
Tether is tapping debt financing and partnerships to quickly scale up operations in Latin America and beyond. Makes sense to diversify away from just issuing stablecoins. But some may question if stablecoin issuers should become miners. Consolidation of power always raises uneasy questions in crypto’s decentralized ethos.
More information on the countries it selected as its preferred mining sites!
JPMorgan and Apollo Embrace Crypto 💸
Looks like the big banks are dipping their toes into the wild waters of crypto! JPMorgan and Apollo Global revealed some blockchain proof-of-concept, talking about “digitizing assets” and “tokenization.”
I bet JP Morgan CEO Jamie Dimon is itching to get his hands on crypto now after calling Bitcoin a “fraud” in 2017. Nothing like a splash of hypocrisy to quench our thirst for irony! Though I can’t blame him – banks must fulfill the growing demand for crypto after all.
Anyway, which chain did they choose to execute their plans? Read the full story!
Major German Bank Gets Crypto Custody 🏦
Commerzbank snagged Germany’s first crypto custody license for banks. Just in time for institutional FOMO!
Mainstream adoption is growing as banks provide secure and regulated crypto exposure. The custody license is a milestone for crypto integration in Germany’s banking sector. Read the full story!
Disney’s NFT Adventure 🔔
Disney is belatedly jumping on the NFT bandwagon, partnering to launch a platform featuring tokenized versions of beloved characters. From Mickey to Vader, fans can soon collect digital pins to trade.
Disney’s dipping its toes into blockchain after ditching metaverse plans. The company’s no stranger to profiting off its vast catalog of icons.
Some question whether Disney’s late NFT foray has a chance of success as the hype fades. But let’s remember: nostalgia is a powerful force!
Read the full story!
Solana Defends Phone Vulnerability Claims 📱
Security firm CertiK found a vulnerability in Solana’s new Saga phone! It uncovered some bootloader issues that could leave user data exposed. But Solana Labs argues the problem is disabled by default. That’s their story and they’re sticking to it! Expected growing pains for an ambitious concept.
But a few bugs shouldn’t doom bold innovation if handled right. More security testing and vetting help the ecosystem mature responsibly. Read the full story!
And that wraps up a slow week in crypto. Here’s hoping for more action next time!