The Rundown Powered By Arcane Research
• It’s been a rough week in the market, with BTC breaking its strong uptrend momentum after a steep correction on Friday down towards $21,000, ending the week seeing losses of 11%. (Read article)
• Ethereum saw weekly inflows totaling US$3m and has seen a turn-around in sentiment. Since mid-June, as there has been improving clarity on the Merge, Ethereum has seen a 9-week run of inflows totaling US$162m.
• We’ve explored website traffic for 35 of the largest crypto exchanges globally, finding that U.S. traders are by far the most active participants in the market, representing 14.33% of all crypto exchange visits, while Binance is the most frequently visited crypto exchange by a landslide. (Read article)
• Transaction fees are plummeting to levels not seen in more than two years, and now make up only 1% of miner revenues. (Read article)
A Deep Bite
First Mover Asia: Bear Market? Taxes? Crypto’s Allure in India Grows, KuCoin Survey Finds; Bitcoin Continues Holding Pattern Over $21K
Despite regulatory hurdles that Indians face to invest in or trade crypto, they remain upbeat about investing in digital assets and the sector’s outlook, a recent KuCoin survey has found.
About 15% of the population aged 18-60 as of June either hold or have traded crypto in the past six months, the survey showed. More than half of those who were holding crypto plan to increase their crypto investments over the next six months.
The KuCoin report follows months of drama about crypto taxes and regulation in India, and amid continued surging demand for cryptos and related services. More here
Weekly Bites
FTX grew revenue by 1,000% during the crypto craze, leaked financials show
FTX saw explosive growth last year, driven by its global trading business, according to audited financials seen by CNBC. The exchange took revenue from below $90 million in 2020 to more than $1 billion last year as cryptocurrencies hit an all-time high. More here
Singapore Court Grants Approval to 3AC Liquidators for Fund Probe
The probe will give greater insight into all financial records related to 3AC that are held in Singapore, including real estate, bank accounts, and cryptocurrencies. More here
Crypto, Stocks Edge Higher as Jackson Hole Inches Closer
Both crypto and equities markets have taken a breather as investors wait cautiously for central bankers to gather at Jackson Hole. The market is spilt on what the outcome of September’s Federal Open Market Committee may be. More here
Bank of Finland governor says digital euro could facilitate pan-European services to consumers
In a novel address at the University of California, Berkley published on Wednesday, Olli Rehn, governor of the Bank of Finland, touted the possibility of a digital euro centralized bank digital currency (CBDC) functioning in tandem with private fintech solutions to facilitate the cross-border payment of services across Europe. More here
Find an Ethereum Bug Before the Merge? You Could Earn a $1M Reward
The Ethereum Foundation has boosted its rewards for bugs discovered in code related to the upcoming merge. “Critical bugs” disclosed to the network’s developers could net a bug bounty of up to $1 million, up from $250,000. More here
Juggernauts Binance & Mastercard Join Forces For Crypto Payment At Over 90 Million Merchants
The two worlds collide, Web2 meets Web3. Binance meets Mastercard. The biggest crypto exchange and one of the largest credit card platforms join forces to let people make purchases in crypto at over 90 million merchants worldwide. More here
Uniswap Community Votes to Create First-time Foundation
Uniswap community members have voted to create the Uniswap Foundation, an organization that will support decentralized growth and the long-term sustainability of their namesake protocol. The Uniswap Foundation will focus entirely on supporting the decentralized exchange’s native digital asset. More here
MTV adds best metaverse performance to its award categories
The K-Pop Group BTS, Ariana Grande, and Justin Bieber are among the six metaverse musical acts nominated. MTV hopes the inclusion of a metaverse category will boost views of the show. More here
Tweet Of The Week
People continue to underrate how often cryptocurrency payments are superior not even because of censorship resistance but just because they're so much more convenient.
— vitalik.eth (@VitalikButerin) August 24, 2022
Big boost to international business and charity, and sometimes even payments within countries.
