Debajit

@debajitniloy

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☀️Justin Sun's USDD stablecoin is no longer supported by Bitcoin USDD, originally designed as an algorithmic stablecoin, initially included Bitcoin in its reserve assets to help maintain its stability and peg to the US dollar. However, recent developments indicate that Bitcoin has been removed from the assets backing USDD. This change may reflect a strategic shift by Justin Sun and the team behind USDD, possibly due to evolving market conditions or regulatory considerations. The removal of Bitcoin from the reserve raises questions about how USDD will maintain its stability and what alternative assets will be used to support its value.

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💰Bitcoin mining company Bitfarms has announced its plan to acquire Stronghold Digital Mining in a deal valued at $175 million The acquisition will be financed through a combination of equity and debt, reflecting Bitfarms' strategic expansion efforts in the cryptocurrency mining industry. This move is expected to significantly enhance Bitfarms' mining capacity and operational efficiency by integrating Stronghold Digital's assets and infrastructure. The deal comes at a time when the competition in the Bitcoin mining sector is intensifying, with companies looking to scale up and optimize their operations to remain competitive.

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🏆60% of the largest U.S. Hedge Funds have disclosed Bitcoin ETF holdings 15 of the top 25 Hedge Funds own Bitcoin ETFs and also 13 of the top 25 investement advisors. Most of them increased their allocations recently in Q2 2024. The number of RIAs (Registered investment adviser) with a Bitcoin allocation grew by 18% and the number of hedge funds with Bitcoin allocations grew by 46% in Q2.

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🇦🇪Dubai approved the use of cryptocurrency for salary payments This move is part of Dubai's broader strategy to become a global hub for blockchain and cryptocurrency innovation. The city is home to a growing crypto ecosystem, supported by initiatives like the Dubai Blockchain Strategy and the DMCC Crypto Centre, making it an attractive destination for crypto businesses and professionals.

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🏆Uniswap Labs has announced a $2.35 million auditing competition, marking the largest in DeFi history The competition is aimed at ensuring the security and robustness of its upcoming decentralized finance products. Participants will audit the code, with the prize pool awarded based on the significance of the vulnerabilities they uncover.

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💳MetaMask has launched a pilot program for a self-custody debit card in partnership with Mastercard This new offering allows users to spend their crypto assets directly from their MetaMask wallets. The initiative aims to bridge the gap between decentralized finance and traditional financial systems, making it easier for users to utilize their crypto holdings in everyday transactions.

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Though people say meme has no utility. Every now and then we saw another meme token blasting over the chart

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🚀TRON has launched a new meme coin platform called SunPump, designed to boost the TRX ecosystem This platform aims to leverage the growing popularity of meme coins, providing users with new opportunities for engagement and investment within the TRON network. SunPump is expected to enhance TRON's ecosystem by attracting more users and increasing TRX's utility in the market.

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💊 Pumpfun is eliminating token deployment fees, shifting the cost to the first buyer Creators will also receive 0.5 SOL when their tokens cross the bonding curve. This reward comes from the platform's migration fee of 1.5 SOL. Despite its popularity, only 1.4% of tokens have reached Raydium. The platform recently set a daily revenue record of $2.31 million.

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🍴Cardano is set to launch its Chang hard fork soon, with over 70% of nodes ready for the upgrade The fork aims to improve decentralization and network coordination. Post-fork, Cardano will introduce a new governance system and a 1 billion ADA treasury. Centralized services like Coinbase and Binance are still updating their nodes.

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🇧🇷Brazil has approved the launch of the first-ever physical Solana ETF This fund, managed by Vortex, will be available on the B3 stock exchange. It’s a major milestone not just for Brazil, but globally, as it opens up new ways for people to invest in Solana through traditional financial markets. This ETF is based on the CME CF Solana Dollar Reference Rate, highlighting Brazil’s leading role in integrating crypto into mainstream finance.

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💰Capula Management, Europe’s fourth-largest hedge fund, bought almost $500 million worth of Bitcoin ETFs Capula management acquired 4,022,346 shares in the Fidelity Wise Origin Bitcoin ETF (FBTC) and 7,419,208 shares in BlackRock’s iShares Bitcoin Fund (IBIT), totaling about $464 million. This significant purchase indicates Capula's strong belief in Bitcoin's resilience, even amid recent market turbulence.

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💪DeFi Remains Strong What we’re seeing today is an absolute all-around carnage. But there’s at least something good to note here, and it’s something that can be tested only in times like these: The DeFi ecosystem stands absolutely unaffected (for now). We’re seeing dumps in prices, of course, but more importantly, there are no major stablecoin or LST depegs. Let’s hope everything continues on this trend because we all know a DeFi blow-up is the last thing we need right now. Not only that, but DeFi protocols like AAVE thrive under pressure and activity. As of the last 24 hours, AAVE made a nice $6M worth of revenue.

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📉U.S. spot Bitcoin ETFs experienced their largest single-day outflow in 90 days on 2 August, recording $237.45 million outflows Grayscale's recently-launched Bitcoin Mini Trust BTC was one of only two ETFs to log an inflow, netting a modest $9.88 million in additional funds. BlackRock's IBIT, the other ETF on the positive side, saw inflows of nearly $43 million

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🚀Tether has made $5.2B net profit in the first half of 2024, more than some of the biggest companies in the world And they achieved all that with less than 100 employees. They are generating $20K each second, allowing them to invest most of their money into Bitcoin. They own 75,354 $BTC, worth $5B and $3.8B worth of gold, and also $97B in U.S. Treasuries, occupying the 20th spot in the world.

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📊Solana surpassed Ethereum in monthly DEX trading volume for the first time in July 2024, reaching $55.876 billion, compared to Ethereum’s $53.868 billion Other outstanding performing chains include Arbitrum ($24.569 billion), BSC ($17.888 billion), and Base ($15.554 billion).

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📉ZKX protocol has announced its discontinuation due to financial difficulties and low user engagement after raising $7.6M total funding Founded in 2021, ZKX aimed to create a scalable decentralized exchange for perpetual trading. ZKX previously received backing from Huobi, Crypto,com, and the Co-Founder of Polygon.

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🇺🇸The U.S. government has transferred around $2 billion worth of Bitcoin connected to the Silk Road marketplace in multiple transactions This Bitcoin was seized during the crackdown on the marketplace's illicit activities. The movement of these funds has led to speculation about potential auctions or other uses for the seized assets by the government.

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🔥U.S. Senator Cynthia Lummis has introduced a bill that proposes the U.S. Treasury purchase 1 million Bitcoin, valued at approximately $67 billion This initiative is part of her broader effort to integrate Bitcoin into the national financial strategy. The announcement was made at the Bitcoin 2024 conference and reflects her long-standing support for the cryptocurrency.

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