Exodus Newsdrop - August 5th 2022

Exodus Newsdrop - August 5th 2022

Exodus Newsdrop - August 5th 2022

A roundup of the week’s crypto news, with positive news from Q2 reports, a petition to fire Gary Gensler, Instagram support for NFTs, and a very unlikely crypto partnership.

    Crypto projects look back at Q2

    Bitcoin and Ethereum recorded the best gains of the year in July, as investors bet that economic weakness would deter the Fed from tightening monetary policy. Bitcoin’s correlation with Nasdaq has soared up to 0.90 (with the maximum being 1), so it seems like the performance of tech stocks will continue to affect the Bitcoin price in the short term.

    A recent report by crypto market intelligence firm, Messari, found that the FRAX stablecoin was actually the most stable cryptocurrency of Q2, despite being partially backed by an algorithm. Can FRAX succeed where Terra UST failed? Check out our deep dive into Frax Finance here.

    And Ripple’s own Q2 report showed increased adoption of XRP via the company’s on-demand liquidity service. XRP token sales to on-demand liquidity clients accounted for $409 million in Q2, a 50% increase by comparison with the previous quarter.

    The week’s regulation news

    In regulation news, large crypto firms like Blockchain.com, Binance, Coinbase and Crypto.com are scrambling to register themselves with European regulators ahead of incoming crypto laws. Under the rules, expected to go live after 2024, custodial crypto firms will need a licence and customer safeguards to issue and sell digital tokens in the bloc.

    NY State has fined the crypto arm of Robinhood $30 million for alleged violations of anti-money-laundering, cybersecurity and consumer protection rules. The company has also laid off 23% of its staff, becoming the latest in a long line of centralized crypto apps to face problems.

    And a petition has been launched on change.org to fire the SEC’s Gary Gensler for allegedly being complicit in fraudulent trading activities, including “naked short selling” and “dark pool abuse.” The petition has since been removed from the platform, but not before attracting over 25,000 signatures.

    This week in Web3 and NFTs

    In Web3 news, Solana’s Magic Eden NFT marketplace announced its expansion onto Ethereum in a blog post. The company also asserted its vision that “the future of NFTs is multichain,” suggesting that other chains could follow later.

    Instagram will support Ethereum, Polygon and Flow NFTs across 100 different countries, allowing investors and creators to showcase their artwork. The price of the FLOW token jumped over 60% on the news.

    Tinder has swiped left on their idea of creating a dating metaverse, reasoning that their relationship with Web3 might be going too fast. The company have also ditched their idea of an in-app currency called Tinder Coins after “mixed results” in testing.

    And finally…a very unlikely partnership

    And finally… in one of the most unlikely partnerships of the year, house of high fashion Gucci now invites its gilded clientele to pay for its apparel using ApeCoin.

    Here’s to the day when we can finally buy Rolex watches with Pepemon Pepeballs.

    The crypto markets may be volatile, but they are never boring. Click here for our top 3 silver linings to the bear market.

    This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.

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