Prices appear undervalued, but range-bound as well. Market Wrap is CoinDesk’s daily newsletter diving into what happened in today’s crypto markets. Original
Market Wrap: Bitcoin's Price Rises Amid Uncertainty
Day: August 31, 2022
Can Crypto Save the Cannabis Industry?
Cory Mitchell, the operations manager at Flower Power Botanicals, a dispensary in Fort Collins, Colorado, that accepts cryptocurrency, told CoinDesk he was “able to partner and sponsor the local university (Colorado State University), be their first cannabis industry partner and reach out to the college community in a way our competitors cannot.” Source
US Federal Reserve discussion paper takes cold, hard look at DeFi, gives it mixed review
There are more than 1,400 DApps in operation and their number is growing rapidly, according to a United States Federal Reserve Board discussion paper dated in June but released on Aug. 30. Ethereum is their biggest host with 470, or 31%, of them. Those decentralized finance (DeFi) products represent a very small share of the global financial system, but may still pose risks to financial stability, the authors said. The cumulative gross value of DeFi products ranged from $78 billion to $224 billion at the beginning of the second quarter…
Crypto Miner PrimeBlock’s CEO Has Left Firm After Canceled SPAC Deal: Sources
PrimeBlock didn’t give any reason for the termination of the merger. However, the crypto space as a whole has been under pressure amid falling prices, and that has caused pain in mining, squeezing profits among other things. Another miner, Gryphon Digital Mining, also recently terminated its own takeover deal with a SPAC, citing market conditions as one of the main reasons. Source
Crypto Lawyer Kyle Roche Withdraws From Tether, Bitfinex, TRON and BitMEX Lawsuits After CryptoLeaks Scandal
The founding partner of upstart law firm Roche Freedman had been accused of starting frivolous class action lawsuits to harm competitors of blockchain project Avalanche. Source BitfinexBitMEXCryptoCryptoLeaksKyleLawsuitsLawyerRocheScandalTetherTRONWithdraws CryptoX Portal
South Korean authorities arrest 16 individuals connected to $2B crypto forex transactions: Report
Authorities with South Korea’s customs service have reportedly arrested 16 people involved in illegal foreign exchange transactions connected to crypto assets worth roughly $2 billion. According to a Tuesday report from South Korean news agency Newsis, the country’s customs authorities plan to prosecute two unnamed individuals linked to the illicit transactions, impose fines on seven people related to negligence and continue investigating the remaining seven. Since February, the Korea Customs Service’s investigation reportedly discovered more than 2.7 trillion won — roughly $2 billion at the time of publication — tied…
They are CROOKS…? – 𝐄𝐓𝐇𝐄𝐑𝐄𝐔𝐌 𝐓𝐎𝐃𝐀𝐘- 𝐄𝐓𝐇𝐄𝐑𝐄𝐔𝐌 𝐓𝐄𝐂𝐇𝐍𝐈𝐂𝐀𝐋 𝐀𝐍𝐀𝐋𝐘𝐒𝐈𝐒 – 𝐏𝐑𝐈𝐂𝐄 𝐏𝐑𝐄𝐃𝐈𝐂𝐓𝐈𝐎𝐍
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A16z proposes a set of licenses especially for NFTs, based on Creative Commons model
Venture capital firm Andreessen Horowitz (A16z) announced Wednesday that it had devised a set of six licenses tailored to nonfungible tokens (NFTs) and based on the model pioneered by Creative Commons. Like Creative Commons licenses, there is a range of rights available through a variety of the proposed NFT licensed, titled Can’t Be Evil licenses. In a blog post, A16z general counsel Miles Jennings and general partner Chris Dixon wrote that, while some NFT creators use Creative Commons licenses and others customize their terms, many NFT projects have no licenses…
Hardware wallet Trezor enables direct crypto purchases with MoonPay
Hardware walletcompany Trezor is moving to enable direct crypto purchases with a new partnership with the crypto fintech startup MoonPay. Trezor, Czech Republic-based hardware wallet provider, has partnered with MoonPay to allow its customers to buy crypto directly in their hardware wallet, according to an announcement on Wednesday. Backed by major industry investors including Tiger Global and Coatue, MoonPay is a crypto payment service that allows users to buy and sell cryptocurrencies and nonfungible tokens (NFTs) using debit cards, credit cards and other payment methods. In April 2022, the firm…
Eurozone Inflation Taps Highest Rate Ever Recorded Reaching 9.1%, as Nord Stream, Gazprom Halt Gas Supplies – Economics Bitcoin News
The Eurozone’s inflation rate reached a record high in August of 9.1%, the highest ever recorded in history, according to Europe’s statistics office Eurostat. The rate was higher than economists suspected and most of the rise was fueled by Europe’s rising energy prices. Europe’s Torrid Inflation Continues to Rise, While the Region Faces an Energy Crisis Currently, Europe is suffering from the highest inflation rate the euro area has seen in almost 50 years, and each one of the members of the monetary union has seen red-hot consumer prices. Just…