Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.
Here’s what happened in crypto this week:
Ripple Co-Founder Chris Larsen Endorses Kamala Harris For President
Ripple co-founder Chris Larsen, along with 88 other business leaders, is supporting Vice President Kamala Harris in the upcoming US Presidential election.
Crypto-friendly billionaire Mark Cuban is also on the list, along with Dan Schulman, the former CEO of PayPal, Bruce Heyman, the former managing director of private wealth at Goldman Sachs, and the executive officers of Yelp, Snap, and Box.
Harris’ campaign launched the “Crypto for Harris” effort in early August to seek support from the crypto community. Since then, this banner has organized virtual meetings with industry players and political figures, resulting in open support from Democrats’ top voices for a friendly approach to the crypto industry. Senate Majority Leader Chuck Schumer has stated that a crypto regulation bill is possible under Harris’ term.
WisdomTree Cancels S1 Filing For Spot Ethereum ETF As VanEck Also Exits The Race
WisdomTree asked the US SEC to withdraw its application of registration for spot Ethereum ETF. VanEck also announced its exit from the spot Ethereum ETF race due to several factors including poor performance and low investor interest.
WisdomTree was still in its registration stage prior to its move. Meanwhile, VanEck has already been offering the ETHV Ethereum fund to investors since their approval for launch on July 23rd this year.
According to VanEck, it will delist ETHV from the Cboe after the market closes on September 16th. Consequently, it will liquidate the fund on September 23rd.
Telegram To Allow Moderation, Considers Leaving Incompatible Markets
Telegram is changing its rules on private chats after CEO Pavel Durov was arrested in France. The app now allows users to report illegal content in private conversations, something that was not possible before.
In a lengthy Telegram post, Durov said Telegram is willing to leave countries where it can’t agree with government rules on privacy and security. He also mentioned past exits from Russia and Iran over similar issues.
Telegram has a strong presence in the crypto space, holding $400 million in digital assets as of 2023. The platform has used The Open Network (TON) blockchain for various services, including cryptocurrency transactions. If Telegram pulls out of certain countries over regulatory conflicts, its crypto activities in those regions might also be affected. This is especially true for the increasingly popular tap-to-earn games, where more than half of the players are new to crypto.
Tokyo Electric Power (TEPCO) To Use Renewable Energy To Mine Bitcoin
Agile Energy X, a subsidiary of Tokyo Electric Power Company (TEPCO), has started mining Bitcoin using the remaining energy from solar power plants. Operating in the prefectures of Tochigi and Gunma, Agile Energy X utilizes unused power from normally wasted solar fields, an approach that rarely takes place in Japan.
TEPCO is one of Japan’s largest electricity providers, serving more than 27 million homes and businesses. The company operates Agile Energy X to reduce energy waste while entering the growing crypto market. To exploit excess renewable energy, it set up a Bitcoin mining unit near the solar field.
It’s also worth noting that TEPCO established Agile Energy X in September 2022 with the goal of mining cryptocurrencies with the utility’s surplus power.
Bernstein Predicts Bitcoin’s Price Of $80,000-$90,000 If Trump Wins Presidential Race, Or $30,000-$40,000 If Harris Is Elected
Analysts at Bernstein said that Donald Trump’s recent embrace of the crypto industry suggests a potential Trump administration would be much more friendly to digital assets than a Harris administration.
Bernstein analyst Gautam Chhugani predicted that Bitcoin could soar to new highs later this year if Trump wins the election, potentially trading in a range of $80,000-$90,000 by December.
However, in the event of a victory for current Vice President Kamala Harris, they predict Bitcoin will break the current $50,000 floor and head back to test the $30,000 to $40,000 range where the spot bitcoin exchange-traded funds momentum began.
Apple Launches iPhone 16 Series With New AI-Powered Features
Apple has finally unveiled its new iPhone 16 lineup, focusing on artificial intelligence rather than traditional hardware updates. The event, which was held at Apple’s headquarters in Cupertino, California, embraced the theme “It’s Glowtime.”
It can be recalled that during the Worldwide Developers Conference (WWDC) held earlier this year, Apple announced that it would increase the use of artificial intelligence in its products. It plans to integrate OpenAI’s ChatGPT into Siri to deliver a more natural and smooth interface.
Harris-Trump Debate Ends Without Mention Of Cryptocurrency
US presidential candidates Kamala Harris and Donald Trump debated multiple topics, from abortion rights to the war in Ukraine, but crypto was not among them.
Despite not being discussed in the debate, cryptocurrency remains a significant topic in the upcoming US election.
Moreover, Trump has been seen as more friendly toward the crypto industry, while Harris has begun reaching out to it.
Additionally, crypto firms have spent $119 million this year, with most funds going into super political action committees (PACs).
Paypal And Venmo To Integrate Ethereum Name Service (ENS) For Crypto Payments
Venmo and PayPal have integrated Ethereum Name Service (ENS), allowing users to transfer crypto using simple ENS names instead of long wallet addresses.
This update will simplify transfers for over 270 million US users and reduce transaction errors.
ENS names serve as nicknames for blockchain addresses, enhancing user experience. Moreover, ENS Labs continues to expand, recently moving to a layer-2 network, and is involved in a patent dispute with Unstoppable Domains.
Buffett-Bank Digital Bank Nubank Discontinues Operations With Their Own Cryptocurrency, Nucoin
Brazilian digital bank Nubank has announced the immediate suspension of trading for its native cryptocurrency, Nucoin. This officially ends operations for the token launched in March 2023.
Nubank recently informed its customers that Nucoin’s purchase and sale would be permanently halted within 15 days. The company cited potential market volatility as the reason for the sudden suspension.
According to Portal do Bitcoin, customers with at least R$100 in Nucoins can convert them back to Bitcoin or USDC.
It is worth noting that Nubank collaborated with Polygon back in 2022 to launch Nucoin and its loyalty program. At that time, the general manager of Nucoin stated that Nucoin was another step in their belief in the potential of blockchain technology. Nubank is also one of the largest digital banking platforms backed by investors like Warren Buffett’s Berkshire Hathaway.
CPI Inflation Falls To 2.5% In August, Within Expectations
Data: 2.5% YoY, 0.2% MoM
Forecasted: 2.5% YoY, 0.2% MoM
Last Month: 2.9% YoY, 0.2% MoM
According to the US Bureau of Labor Statistics, the annual pace of inflation slowed more than expected in August, increasing the likelihood that Federal Reserve officials could implement a more significant interest-rate cut next week.
The consumer price index (CPI) climbed 2.5% year over year in August, below economists surveyed by FactSet’s forecast of 2.6%. By contrast, prices rose 2.9% in July compared to a year earlier.
The August CPI reading will be one of the last major economic releases before the Federal Reserve’s September 17th-18th policy meeting. If the inflation reading is benign, it is unlikely to change the Fed’s rate-cutting plans.
The UK Introduces Bill To Officially And Legally Recognize Cryptocurrency As Personal Property
The UK Parliament has introduced the “Property (Digital Assets etc.) Bill” to officially and legally recognize Bitcoin, cryptocurrencies, and other digital assets as personal property. This new law will formally protect digital assets such as Bitcoin, cryptocurrency, non-fungible tokens (NFTs), and carbon credits under English law for the first time.
The bill addresses long-standing legal gaps concerning digital assets previously excluded from English and Welsh property laws. Under prior regulations, digital asset owners were legally vulnerable to interference with their assets.
The Property (Digital Assets etc.) Bill will classify digital assets as a third category of property, providing owners with stronger legal protections against fraud and theft. It will also assist courts in resolving complex disputes involving digital assets, such as divorce settlements or business disagreements.
Grayscale Launches An XRP Trust Fund, Paving The Way For Potential ETF
Grayscale Investments, the world’s largest cryptoasset manager and a wholly owned subsidiary of Digital Currency Group (DCG), announced its latest crypto investment product, the Grayscale XRP Trust, designed to provide investors with exposure to XRP. According to a press release, the trust is now open for daily subscription and available to accredited individual and institutional investors.
Grayscale’s new XRP trust operates similarly to the company’s other single-asset investment trusts, focusing exclusively on XRP as its underlying asset. With the introduction of this trust, Grayscale continues to expand its lineup of cryptocurrency investment products, which currently includes over twenty different crypto assets.
Coinbase Launches Wrapped BTC (cbBTC) On Ethereum And Base
Coinbase is rolling out cbBTC (Coinbase Wrapped BTC), an ERC20 token that is backed 1:1 by Bitcoin (BTC) held by the Coinbase crypto exchange. At launch, cbBTC will be supported on Base and Ethereum, with plans to support more chains.
When Coinbase users send their BTC from Coinbase to an address on Base or Ethereum, that BTC will automatically be converted 1:1 to cbBTC. Users who receive cbBTC in their Coinbase accounts will convert 1:1 from cbBTC to BTC. Notably, cbBTC will not have a separate order book or trading pair on Coinbase.
cbBTC was built to be seamlessly compatible with DeFi applications, so users can now explore novel DeFi use cases, such as providing their Bitcoin as liquidity to DeFi protocols or using it as collateral to borrow other crypto assets.
eToro Settles With The US SEC, Will Cease Activity In Nearly All Crypto Assets
The Securities and Exchange Commission (SEC) recently announced that eToro USA LLC will pay $1.5 million to settle charges related to operating as an unregistered broker and an unregistered clearing agency.
The charges arise from eToro’s trading platform, which facilitated the buying and selling of certain crypto assets classified as securities. As part of the settlement, eToro has agreed to cease violating federal securities laws and will limit the range of crypto assets available for trading.
US users can now only trade Bitcoin, Bitcoin Cash, and Ethereum. Other positions will be liquidated in mid-March of next year.
Final Thoughts
So that’s it for this week!
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Have a fantastic week ahead!
