What happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events, along with engaging background reports, concisely summarized in the weekly review.
Selected articles of the week:
The recent turmoil in the stock market has had a significant impact on the crypto markets, leading to steep price drops in bitcoin and altcoins. Bitcoin, after reaching its previous high near $70,000, briefly plunged below $50,000 on Monday. The turbulence, driven by the “Japanese Yen carry trade”, caused even sharper declines in altcoins, with losses reaching deep double-digit percentages. However, the medium-term outlook remains optimistic: Bitcoin whales are still accumulating, and historical patterns indicate a potential future uptrend, following Bitcoin’s halving. Additionally, the forthcoming $15 billion payout from the FTX liquidation is expected to partially flow back into digital assets.
The emerging turmoil in the stock market also affected the crypto markets. Strong corrections in…
Morgan Stanley gives green light for wealth advisors to sell Bitcoin ETFs
Morgan Stanley has made a pivotal announcement, permitting its financial advisors to offer Bitcoin exchange-traded funds (ETFs) to wealthy clients. This move represents a milestone in the acceptance of digital assets and highlights the growing interest in this emerging asset class among high-net-worth individuals. As the first major Wall Street asset manager to offer Bitcoin ETFs, Morgan Stanley could significantly drive inflows into Bitcoin funds. This development underscores the broader trend of traditional financial institutions increasingly recognizing the value of Bitcoin, paving the way for more institutions to follow suit.
Morgan Stanley has given its financial advisors the green light to offer bitcoin exchange-traded funds…
Impact of stringent MiCA stablecoin regulations
The EU’s Markets in Crypto-Assets Regulation (MiCA) partially came into effect on June 30. It introduced comprehensive rules for stablecoins, classifying them as either asset-referenced tokens or e-money tokens. Designed to increase market stability and investor protection, MiCA aims to attract issuers to the EU, but presents challenges such as increased reserve requirements and stringent AML/KYC rules. While some see these regulations as potentially stifling innovation, others see opportunities for greater stability and transparency.
The Markets in Crypto-Assets Regulation (MiCA), partly effective as of June 30, 2024, is a…
Is the Bored Ape Yacht Club (BAYC) Dead?
Since its launch in April 2021, the Bored Ape Yacht Club (BAYC) has become a cultural icon within the NFT space, featuring 10,000 unique cartoon apes on the Ethereum blockchain. Created by Yuga Labs, BAYC initially launched at 0.08 ETH but quickly surged to a floor price of 128 ETH, with one NFT even selling for a record $3.4 million. Although the collection has seen a 93% decline from its peak, it remains a blue-chip NFT project with a stable floor price around 9 ETH. Yuga Labs is now heavily investing in its metaverse project “Otherside” and developing the ApeChain blockchain for gaming. Recent partnerships and positive community feedback on gaming tests indicate that BAYC is well-aligned with its strategic goals.
Since its debut in April 2021, the Bored Ape Yacht Club (BAYC) has spun a captivating tale around its quirky, cartoonish monkeys.
Jump and Dump – The market makers involvement in the crypto crash
Jump Crypto, the digital asset division of Jump Trading, has notably increased market selling pressure by liquidating millions of assets during the recent downturn. Known for its market-making role and technical expertise, Jump Crypto has been involved in key blockchain projects like Lido Finance, the Pyth network, and the Wormhole Bridge. The history of Jump Crypto is intriguing, paralleling its behavior during the crypto selloff over the weekend. It appears that the market maker is withdrawing from the crypto sector, raising important questions about the company’s future involvement in ongoing blockchain initiatives, such as the Firedancer update for Solana.
Jump Crypto, the cryptocurrency division of the US-based proprietary trading firm Jump Trading, has sold…
