Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, to industry news, and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.
Happy Monday Ndaxers,
Ripple, the company behind XRP, is entering the stablecoin market with a new token pegged to the U.S. dollar. Slated for release later this year, the stablecoin is said to be 100% backed by U.S. dollar deposits, Treasuries, and cash equivalents. It aims to cater to enterprise and banking customers seeking stability and compliance. Ripple's CTO David Schwartz cited the growing $150b stablecoin market forecasted to reach $2.8t by 2028 as a key opportunity. Schwartz argues Ripple's solid balance sheet promotes transparency via public audits and discourages misconduct. While USDC dominates compliance-focused users, Schwartz believes multiple stablecoins can coexist as the market expands. Coindesk
The SEC is seeking public comments on proposed rule changes to list and trade shares of spot Ether ETFs from Bitwise, Fidelity, and Grayscale. (The public has 21 days to respond after publication in the Federal Register.) These filings come ahead of the SEC's expected final decision on a spot Ether ETF in May, likely starting with VanEck's application. Consensys claims the SEC's concerns about fraud and manipulation for a spot Ether ETF are baseless... However, analysts like Bloomberg’s James Seyffart don't view the SEC's request for comments as a positive signal, stating it's standard procedure. Cointelegraph
The U.S. Department of Justice appears poised to sell a significant portion of the 30,175 Bitcoin it seized during the Silk Road takedown over a decade ago. This was hinted at by a recent small test transfer of 0.001 BTC to a Coinbase wallet, a common precursor to larger sales of confiscated cryptocurrency. The Silk Road, an infamous dark web marketplace, was shut down in 2013, leading to the arrest of its founder Ross Ulbricht, who is currently serving a life sentence. The government's planned sale of these Bitcoin, worth over $1b US at current prices, comes as Ulbricht's family continues to advocate for his release, arguing the sentence was disproportionate. The movement of these long-held Bitcoins suggests the government may be preparing to finally liquidate a portion of the massive hoard tied to the Silk Road case. (The USG is currently sitting on about as much BTC as MicroStrategy, or around 215K coins, pre-sale.) Blockworks
Market Summary
Performance
Top Weekly Movers at Ndax
Who was the top-performing asset on Ndax last week?
The clear % gain winner at Ndax last week was Layer 1 Near Protocol. The blockchain’s NEAR token was up by almost 7.6% (#22), at a market capitalization of $7.8B US. NEAR is currently trading around CA$9. NEAR has doubled in 2024, but is still down around 65% from its January 2022 ATH.
Prices and percentages as of 8/4/2024 1:15 AM EST
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Disclaimer: This article is not intended to provide investment, legal, accounting, tax, or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.