Presented every Sunday, the Weekly Market Recap offers a comprehensive overview of the latest headlines in the crypto market. This week’s edition covering the period from August 13th to 19th features a roundup of significant events and developments as follows:
SpaceX Divests $373 Million Bitcoin Holdings
As per The Wall Street Journal, on August 18th, SpaceX sold Bitcoin valued at $373 million, which was listed on its 2021 and 2022 balance sheets. Concurrently, Elon Musk’s Tesla also sold $936 million in Bitcoin in Q2 2022, constituting 75% of its initial $1.5 billion investment. In relation, Bitcoin’s price momentarily fell to $25,166 on Binance.
SEC Poised to Approve First Ethereum Futures ETF
On August 18th, Bloomberg reported that the U.S. SEC is considering the approval of the inaugural Ethereum futures ETF. Specific funds awaiting approval remain undisclosed. Sources indicate that multiple ETFs may list before October.
Federal Reserve Officials Cautious on Interest Rate Adjustments
According to The Wall Street Journal on August 17th, recent Federal Reserve minutes indicate officials’ balanced view on interest rate adjustments, aiming to avoid over-tightening or under-tightening policy. Inflation concerns persist among officials.
Singapore Finalizes Regulatory Framework for Stablecoins
The next one in our Weekly Market Recap this week is the Monetary Authority of Singapore (MAS) established a new regulatory framework for Single-Currency Stablecoins tied to the Singapore Dollar or a G10 currency on August 15th.
UK to Enforce ‘Travel Rule’ for Crypto Transfers from September 1st
On August 17th, the UK’s FCA announced the initiation of the “Travel Rule” from September 1st, 2023, mandating crypto businesses in the UK to collect and verify information related to crypto asset transfers.
CoinDesk Announces Staff Layoffs
On August 14th, The Block reported that CoinDesk laid off 45% of its editorial staff due to parent company DCG’s strategic investor plan. CoinDesk confirmed this through retweets from Marc Hochstein, an event planner at CoinDesk.
Coinbase Secures Authorization for Crypto Futures Trading
On August 16th, Coinbase announced regulatory approval from the U.S. National Futures Association for Coinbase Financial Markets, Inc., to function as an FCM and to extend regulated crypto futures trading to eligible U.S. customers.
Txbit Exchange Shuts Down; WhiteBIT Offers High Yield Rates
On August 14th, Txbit, a crypto exchange specializing in Proof-of-Work coins, announced its closure. WhiteBIT, another exchange, is noted to offer significantly high annual interest rates on Tether USDT, BTC, and ETH.
SBF Detained Awaiting Criminal Trial
On August 12th, a U.S. Federal Judge revoked FTX founder SBF’s bail, leading to his detention pending a criminal trial set for October 2nd. Separate allegations include SBF’s purported use of over $100 million of stolen customer funds for political donations.
Fundraising – Weekly Market Recap
Project Name | Amount (in Million $) | Notes |
---|---|---|
BitGo (Crypto custody firm) | 100 | Valuation of the company at $1.75 billion |
ZepetoX (Metaverse project) | 13 | |
Jada AI (AI project) | 25 | |
Dinari (Web3 equity trading co.) | 7.5 | |
Affine (DeFi yield protocol) | 7 | |
Aegis (Web3 security company) | Multi-million | |
Ellipsis Labs | 3.3 | Seed funding led by Electric Capital |
MasterExchange (Music royalty investment marketplace) | 2.7 | |
Lore Explorer (Blockchain analytics platform) | 2.3 | Developed by Shuttle Labs |
To learn more, please check out crypto-fundraising.info.
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