The Unspendable Heist Amidst Crypto's Perfect Storm Month

Welcome to Daily Digest, where we surface trending news in crypto-based on conversations we found on Twitter, news publications, blog posts, and other social media, powered by the Coinfeeds platform.

Here are the trending news items over the last 24 hours. If you’d like to see it’s realtime updated version, head over to our website here

Deep Dive: Render Token

The RNDR token has soared ~330% Year-To-Date. Anyone can turn spare GPU computing power into RNDR tokens by joining the largest decentralized global GPU marketplace facilitated by the Render Network.

Check out our latest report, where we dive deep into the Render Network, how it operates, and how to supply GPU power to the marketplace - https://coinfeeds.io/research/an-introduction-to-the-render-network

Market Updates

News

Crypto Scams and Security Issues

The crypto industry continues to face significant security threats, with scams and hacks causing substantial losses. A hacker recently stole $20 million in Tether's USDT stablecoin through a sophisticated phishing attack. However, the company quickly intervened and blacklisted the scammer's wallet, preventing them from accessing the stolen funds. In another incident, the crypto market suffered a catastrophic month in July 2023, with losses totaling $486 million due to a series of high-profile hacks and exploits. These incidents highlight the need for improved security measures and robust recovery strategies in the cryptocurrency space.

Crypto Market Developments

The crypto market is witnessing significant developments, with Binance potentially facing fraud charges in the U.S. Meanwhile, the odds of a U.S. spot bitcoin exchange-traded fund (ETF) launch have increased to 65%, according to Bloomberg Intelligence analysts. Additionally, Direxion, a traditional finance giant, has filed for a Bitcoin and Ether futures product with the U.S. Securities and Exchange Commission (SEC). These developments indicate the growing acceptance and regulation of cryptocurrencies.

Litecoin's Third 'Halving'

Litecoin, a popular cryptocurrency, recently underwent its third 'halving,' which involves reducing the block subsidy given to miners for processing transactions. This reduction is part of Litecoin's design to achieve mass adoption without compromising network security. However, unlike Bitcoin, which tends to increase in value after halvings, Litecoin's price typically peaks before the event and then declines for months afterward.

MicroStrategy's Bitcoin Strategy

MicroStrategy co-founder Michael Saylor believes that his firm will continue to be an attractive option for investors looking to gain exposure to Bitcoin, even if spot Bitcoin ETFs are approved. The firm plans to add more Bitcoin to its balance sheet, including with the proceeds from a planned $750 million share sale. Despite potential industry developments, MicroStrategy's bitcoin-focused strategy is expected to continue.

Crypto Adoption and Innovation

Crypto adoption and innovation continue to grow, with OpenChat, a blockchain-based chat app running on the Internet Computer (ICP) network, launching a new feature called "Communities" to compete with platforms like Discord. Meanwhile, Crypto.com has introduced direct EUR transfers for retail traders on its platform, allowing users to make fiat transfers to and from their Crypto.com accounts.

Legal Issues in the Crypto Space

Legal issues continue to affect the crypto industry. FTX, a bankrupt crypto exchange, is seeking to remove its Dubai unit from the U.S. bankruptcy proceedings. Meanwhile, Consensys, the developer firm behind MetaMask, is facing a lawsuit from entrepreneur Joel Dietz, who accuses the firm of stealing his idea for an in-browser crypto wallet and excluding him from its history.

Influence of Social Media on Crypto Prices

Social media and market indicators play a significant role in influencing crypto prices. A study suggests that Twitter bots and Elon Musk's tweets significantly influence the prices of altcoins. Meanwhile, data from Hyblock Capital shows that spikes in slippage in the ether market often coincide with price peaks and troughs, suggesting that traders might want to track this "slippage" gauge as an additional tool for navigating the fast-paced and risky market.

Developments in Crypto Companies

Several crypto companies have reported significant developments. BlockFi's disclosure statement has been conditionally approved by the U.S. bankruptcy court in New Jersey, marking progress in the firm's reorganization. Meanwhile, Robinhood saw a decrease in its revenue from cryptocurrency in the second quarter, dropping to $31 million from $38 million in the previous quarter. Despite the decline in revenue, Robinhood recorded a net income of $25 million, compared to a net loss of $511 million in the previous quarter.

As always, stay tuned for more updates in crypto!