After the previous two memorable weeks, this week seemed unremarkable. That's not to say nothing of note transpired, but the news this week felt less gripping. My feelings of bullishness persist, with signs like bitcoin reserves on exchanges hitting a 5-year low and many of the macro investors I follow predicting looser monetary policy from the Federal Reserve and U.S. Treasury. Arthur Hayees, co-founder and former CEO of Bitmex, believes Treasury's profligate issuance will propel bitcoin to $100k by year-end. If Hayes' bitcoin price prediction ends up being right, I think it's likely Ethereum outperforms. The news that most caught my attention this week was about two wrapped bitcoin products, WBTC and CBBTC. WBTC is the most popular bitcoin proxy for defi, and there was no second best. As far as I'm concerned, this is no longer the case following two announcements: Justin Sun is getting involved in WBTC's business, and Coinbase is launching its own custodial wrapped bitcoin, CBBTC. Following the WBTC news, Makerdao contributors approved a proposal prohibiting any new loans secured by WBTC collateral. Considering Coinbase's sterling reputation, I expect CBBTC to take significant market share from WBTC. While Coinbase is probably as good as a custodian can get, I am still waiting for a fully decentralized, non-custodial solution. A slight tangent, but this wrapped bitcoin news is further indication to me that the real promise of Bitcoin Layer 2s is not bringing defi to Bitcoin, but in trustlessly sending bitcoin to where defi already exists. -David Sencil | Bitcoin.com's first airdrop of VERSE tokens is now live! If you are an active Ethereum user of the Bitcoin.com Wallet app, there's a good chance you are eligible to claim VERSE tokens right now. Check your eligibility and claim your tokens: Verse Airdrop dApp. | Goldman Sachs discloses $418 million bitcoin ETF holdings Global investment bank Goldman Sachs has reported holdings of $418 million in spot bitcoin exchange-traded funds (ETFs) in the second quarter. Its biggest position is a $238 million stake in Blackrock's Ishares Bitcoin Trust (IBIT). In contrast, Morgan Stanley reduced its bitcoin ETF holdings. |
Hamster Kombat rejected numerous venture capital investments Hamster Kombat, the popular tap-to-earn sensation, revealed having rejected several investment proposals from some of the biggest venture capital firms in the crypto industry. The team behind the game declared that it would not allow players to become exit liquidity for their backers, as has happened in other projects. |
Nigerian files lawsuit to overturn crypto ban A Nigerian bitcoin proponent has launched a lawsuit challenging government restrictions on owning, using, and trading digital assets. The proponent said the lawsuit seeks to remove the blockade on cryptocurrency exchanges, ensuring all Nigerians have unrestricted access. |
WBTC custody changes prompts defi moves The recent announcement of the custody change of WBTC, a wrapped version of bitcoin, has prompted a negative reaction in decentralized finance (defi) protocols that reject Justin Sun's disclosed relation with the project. Bitgo is moving WBTC custody to a joint venture with Bit Global, another custodian, to diversify custody locations and decentralize private keys between Singapore and Hong Kong. |
Ripple legal chief discusses potential SEC appeal after final ruling Ripple's chief legal officer has addressed the possibility of an appeal by the U.S. Securities and Exchange Commission (SEC) following the $125 million final judgment in the XRP case. He suggested that if the Biden-Harris administration is committed to resetting its stance on crypto, the securities regulator should not seek to appeal. |
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