MicroStrategy's Bitcoin Binge while Bitcoin Lightning Sprints onto Coinbase

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Market Updates

News

MicroStrategy's Bitcoin Investments

MicroStrategy, a software development company, plans to raise up to $750 million through a stock sale and use the proceeds to buy more Bitcoin. The company already holds 152,800 Bitcoin, worth $4.5 billion, and has been actively acquiring more. The announcement caused a 2% increase in the price of Bitcoin. Shares in MicroStrategy have also seen a significant rise, up nearly 200% since the beginning of the year.

Bitcoin's Volatility and Adoption

Bitcoin's volatility has decreased compared to traditional assets like Nasdaq, S&P 500, and gold, indicating that a period of high volatility may be approaching. Coinbase is considering adding Bitcoin's Lightning network for payments to expand its cryptocurrency payment options. The Lightning network currently has a total capacity of 4,686.64 bitcoin, equivalent to over $138 million.

Binance's Regulatory Challenges

Binance, a cryptocurrency exchange, has faced increased regulatory scrutiny, including lawsuits from the SEC and CFTC, leading to staff cuts and considerations of shutting down its U.S. arm. Despite the ban on crypto in China, Binance collaborates with Chinese law enforcement to detect potential criminal activity. China remains the largest market for Binance, with over $90 billion in monthly trading volume.

Ripple's Legal Battles

Ripple CEO Brad Garlinghouse criticized the United States Securities and Exchange Commission (SEC) for using Ripple's quarterly XRP Markets Report as evidence in the ongoing lawsuit against the company. The judge rejected the distinction between institutional sales and sales to retail investors on crypto exchanges, which affects Coinbase's use of the ruling in its own case against the SEC.

India's Input on Global Crypto Rules

India, as the current president of the G20, has published its input on global crypto rules. The input requests that the upcoming synthesis paper, jointly produced by the IMF and FSB, includes action points such as implementing the FSB's recommendations and considering the risks specific to emerging markets and developing economies.

NFTs in Formula One Racing

Crypto exchange Kraken has partnered with British Formula One team Williams Racing to place non-fungible tokens (NFTs) on the back of the team's cars during the U.S. Grand Prix in October. The top four NFTs chosen by the community, along with two selected by Williams team drivers, will be displayed on the car during the race.

DeFi's Current State and Challenges

Decentralized finance (DeFi) is facing a crisis as the spirit that drove it forward is dead. The recent attacks on DeFi platforms, including Curve Finance, put the sector at risk of collapse. However, Term Finance, a decentralized finance (DeFi) protocol, has launched on the Ethereum mainnet, providing fixed interest rate loans as an alternative to variable rate borrowing in the DeFi sector.

FTX's Legal Troubles

FTX's creditors are criticizing a draft reorganization plan released by the company's caretaker leadership, stating that they were not included in discussions about the plan. The defense team for Sam Bankman-Fried, the founder of FTX, has argued that the U.S. Department of Justice (DOJ) has an "extremely thin" basis for jailing him ahead of his trial.

As always, stay tuned for more updates in crypto!