- CRYPTO THIS WEEK
Crypto This Week – Week 36
BTC hit a road bump as its price retraced nearly 10% after a flash crash that resulted from deleveraging. Overleveraged traders caused a liquidation cascade which appears to be fairly routine in the cycle. With on-chain analysis still pointing to strong fundamentals for the network, such as retail investors continuing to accumulate, President Nayib Bukele watched from the sidelines and bought the dip!
The SEC is threatening to sue Coinbase if the exchange launches its yield-generating product called Lend. Lend will be positioned to compete with popular decentralized finance(DeFi) products, such as Compound and Aave. Their CEO, Brian Armstrong, expressed his strong displeasure on Twitter. Meanwhile, the exchange has begun trading the meme coin, Shiba Inu. Clearly they don’t give a SHIB!
Ripple (XRP) has scored a major win in Japan with Rakuten’s exchange announcing that it will resume trading the XRP token. This comes in the backdrop of the SEC claiming that Ripple executives sold XRP as an unregistered security. Japanese regulators had previously stated that the token was “not a security” by their reckoning.
Dominos keep falling. The Ukrainian Parliament passed a law that legalizes and regulates bitcoin in the country, providing official clarity on the asset which was not previously clear. Booolish!
IExec(RLC) had tons to celebrate this week with KuCoin listing the token and Bancor unlocking new liquidity provider features. RLC, what else do we see?
With The NFT craze still on, PancakeSwap is looking to launch its first version of an NFT marketplace on 22 September. All fees from the NFT marketplace will be used to buy back and burn CAKE. Burnt cake can’t be that bad right?
Robinhood is looking to roll out recurring investments, allowing customers to buy cryptocurrencies commission-free and with as little as $1, on a schedule of their choice. I need a dollar dollar, a dollar’s all I need.
Polygon (MATIC), one of Ethereum’s scaling solution will now support Mina protocol’s (MINA) privacy preserving technology
FTX is clearly becoming a celeb magnet. Power couple, Tom Brady and Gisele Bündchen, will feature in a $20m ad campaign for FTX. NBA star, Stephen Curry, has also struck an endorsement deal with the crypto exchange. Do you smell what Sam is cooking?
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