Summary of the last 24 hours of social chatter.
Market Analyzer Created at: 07 August, 2024 12:57 PM
Crypto Market Analysis Report: August 2nd, 2024
This report synthesizes information from various cryptocurrency discussions, focusing on news, developments, new tokens, and market trends.
a. Summary
The cryptocurrency market experienced a volatile day on August 2nd, 2024, with significant price fluctuations across various assets. The overall sentiment was bearish, driven by a weaker-than-expected US jobs report, which fueled recession fears and led to a sharp decline in the stock market. This downturn impacted the crypto market, resulting in a surge in liquidations, particularly for Bitcoin and Ethereum.
Despite the bearish market conditions, there were positive developments, including the completion of Genesis's bankruptcy restructuring and the commencement of asset distribution to creditors. This signifies a potential recovery for the company and a positive sign for the broader crypto lending space.
Furthermore, the crypto industry continues to attract attention from institutional investors, with Morgan Stanley advisors now authorized to pitch Bitcoin ETFs to clients. This indicates growing institutional interest in the crypto market and could potentially lead to increased adoption and price stability.
b. News and Developments
- Regulatory News:
- Senator Lummis has introduced a draft bill that would allow US states to hold Bitcoin. https://www.theblock.co/post/308420/sen-lummis-draft-bill-allows-us-states-to-hold-bitcoin
- The European Union (EU) is set to implement its first comprehensive regulatory law for the crypto industry, the Markets in Crypto Assets (MiCA) bill. https://cointelegraph.com/news/eu-mica-implementation-pivotal-moment-crypto
- France has become the first EU country to open its doors for MiCA applications. https://www.coindesk.com/policy/2024/08/02/france-opens-for-mica-applications-first-among-biggest-eu-economies/
- The Commodity Futures Trading Commission (CFTC) has subpoenaed Ben 'BitBoy' Armstrong's former company as part of a fraud investigation. https://www.theblock.co/post/309213/cftc-subpoenas-ben-bitboy-armstrongs-former-company-in-fraud-investigation-asks-about-activity-for-tokens-such-as-ben
- A man who spent $10 million mistakenly sent to him by Crypto.com is facing potential jail time. https://news.bitcoin.com/judge-urged-to-jail-man-who-spent-10m-mistakenly-sent-by-crypto-com/
- Institutional Activities:
- Morgan Stanley advisors are now authorized to pitch Bitcoin ETFs to clients. https://decrypt.co/242950/morgan-stanley-advisors-given-go-ahead-to-pitch-bitcoin-etfs-to-investors
- MicroStrategy has added 169 BTC to its holdings and unveiled a new 'BTC Yield' KPI. https://cryptopotato.com/microstrategy-adds-169-btc-to-holdings-unveils-new-bitcoin-yield-kpi/
- Genesis has completed its bankruptcy restructuring and is distributing $4 billion in assets to creditors. https://www.theblock.co/post/309167/genesis-completes-bankruptcy-restructuring-begins-distributing-4-billion-in-crypto-and-cash
- ParaFi Capital has explored Polymarket's recent growth, driven by US political bets. https://x.com/paraficapital/status/1819099827554181328
- Project Updates:
- Fantom (FTM) has been rebranded to Sonic Labs, with a new EVM platform, Sonic, expected to launch in Q4 2024. https://x.com/0xSonicLabs/status/1819057799722414538
- KIP Protocol is now managing $10M to build Open Campus University (OCU), an AI-powered education platform. https://x.com/KIPprotocol/status/1818532479084773517
- Blocklords has reached 1M unique active wallets on its Dynasty app. https://x.com/BLOCKLORDS/status/1819293587739127997
- Lido has launched Lido Institutional, a middleware solution for enterprise-grade staking. https://x.com/LidoFinance/status/1819363354600698040
- Polymarket has surpassed $1B in cumulative trading volume, driven by US political bets. https://theblock.co/post/309061/polymarket-crosses-1-billion-in-cumulative-volume-driven-by-us-political-bets
- Hemera Trading, a crypto ecosystem offering automated trading bots, copy trading, and AI insights, conducted an AMA session in Satoshi Club. https://esatoshi.club/event/telegram-ama-with-hemera-trading
- ApeCoin has launched Ape Builder, a custom full-stack game development platform on APECHAIN. https://twitter.com/1489018530511175681/status/1819463690334429436
- CleanSpark has sold only 2.54 Bitcoin in July but is expanding its mining operations. https://cointelegraph.com/news/mining-company-cleanspark-sold-only-2-54-bitcoin-july
- Ledn, a cryptocurrency lender, has processed over $1 billion in loans in H1 2024. https://news.bitcoin.com/crypto-lender-ledn-processes-over-1-billion-loans-in-first-half-of-2024/
- Coinbase CEO Brian Armstrong expects a crypto-friendly approach from the next US administration. https://abbonews.com/us-markets/coinbase-nasdaq-coin-sees-continued-crypto-friendly-us-policies-regardless-of-election-results/
- Ditobanx and ICP Hub Mexico have launched an initiative to encourage crypto use in higher education. https://www.altcoinbuzz.io/cryptocurrency-news/paypal-and-portal-launch-global-pyusd-hackathon/
- PayPal and Portal are hosting a PYUSD hackathon on Solana. https://www.altcoinbuzz.io/cryptocurrency-news/paypal-and-portal-launch-global-pyusd-hackathon/
- Ethereum co-founder Vitalik Buterin has expressed his vision for Ethereum to onboard millions more users. https://thedefiant.io/news/blockchains/vitalik-says-ethereum-is-ready-to-support-tens-of-millions-of-on-chain-users
- Codex32, a new hand-crafted crypto wallet system, is being developed in partnership with Blockstream Research. https://bitcoin-bumblebee.com/2024/08/02/codex32-on-the-quest-to-hand-computed-bitcoin-wallets/
- Hong Kong's Futu has launched Bitcoin and Ether trading and is offering Alibaba and Nvidia shares as rewards. https://www.coindesk.com/business/2024/08/02/hong-kongs-futu-launches-bitcoin-ether-trading-offers-alibaba-nvidia-shares-as-rewards-report
- US Vice President Kamala Harris' campaign team is meeting with crypto industry leaders. https://en.bitcoinsistemi.com/first-cryptocurrency-move-made-by-kamala-harris-harris-team-to-meet-with-crypto-barons-in-a-secret-meeting/?utm_source=CryptoNews
- Solana Builders has released Ore, a Bitcoin-like peer-to-peer electronic currency on Solana. https://www.helius.dev/blog/solana-builders-ore-a-new-international-money
- Ethereum founder Vitalik Buterin has revealed that he holds a significant amount of Dogecoin. https://bitcoinist.com/dogecoin-ethereum-founder/
- CleanSpark has sold only 2.54 Bitcoin in July but is expanding its mining operations. https://cointelegraph.com/news/mining-company-cleanspark-sold-only-2-54-bitcoin-july
- Grayscale's Ethereum Trust has experienced over $2B in outflows, while other ETFs see positive inflows. https://cointelegraph.com/news/ethereum-etfs-major-movements-ethe-outflow-august-2024
- A new international money, $ORE v2, has been released by kel xyz, with a new mining algorithm, DrillX. https://x.com/kelxyz_/status/1819423315158561055
- SKate has announced that Polymarket will be enabled and powered by its platform on TON. https://x.com/skate_chain/status/1819265829244211340
- deBridgeFoundation has announced the launch of DBR on LFG. https://www.jupresear.ch/t/everything-you-need-to-know-about-dbr-s-launch-on-lfg/20893
- Mikey0x has explained how Polymarket LP rewards work. https://x.com/Mikey0x_/status/1818327819266757069
- Florin Digital has published an article on verifiable off-chain compute. https://florindigital.substack.com/p/chapter-3-verifiable-off-chain-compute
- Decentralised Co has published an article on how a whale investor forced the Compound DAO to make its governance token yield-bearing. https://www.decentralised.co/p/humpty-dumpty-took-over-a-dao?r=aaog1&utm_campaign=post&utm_medium=web
- Maven11 Research has published an article on the road to based applications. https://t.me/shoalresearch/5151
- Knower Bera has published an article on consumer on Bera. https://t.me/shoalresearch/5150
- Maslow's has published an article on the hierarchy of DeFi. https://t.me/shoalresearch/5149
- c0xswain has published an article on predatory tokenomics in LBPs. https://t.me/shoalresearch/5148
- 0xResearch has published an article on bringing ZK proofs to developers. https://t.me/shoalresearch/5147
- Seth Bloomberg has published an article on the intersection of AI and crypto. https://t.me/shoalresearch/5146
- Messari has published an article on exploring AI x Crypto. https://t.me/shoalresearch/5145
- Delphi Digital has published an article on Ostium, on-chain perps for RWAs. https://t.me/shoalresearch/5144
- Encifher has published an article on FHE, a game-changer for encryption. https://t.me/shoalresearch/5143
- Variant has published an article on investing in Morpho. https://t.me/shoalresearch/5142
- Knwang has published an article on intent bridging and messaging. https://t.me/shoalresearch/5141
- Mason Nystrom has published an article on exchanges everywhere. https://t.me/shoalresearch/5138
- Variant has published an article on things they're excited about in crypto. https://t.me/shoalresearch/5137
- Movement Labs Research has published an article on what Movement is. https://t.me/shoalresearch/5136
- Grayscale has published an article on AI and crypto. https://t.me/shoalresearch/5135
- Morpho Labs has secured $50M in funding. https://t.me/shoalresearch/5134
- Paladin has published an article on solving bad MEV. https://t.me/shoalresearch/5139
- Bloomberg has published an article on US traders flocking to an election-betting site. https://t.me/shoalresearch/5140
- TheGemPad has announced a partnership with Howswap. https://x.com/TheGemPad/status/1819297042025304167
- Ethresearch has published an article on inclusion list timing constraints. https://ethresear.ch/t/inclusion-list-timing-constraints/20198
- Jordan McKinney has published a video explaining EigenLayer. https://www.youtube.com/watch?v=iMFscq9Sxdk
- Core Foundation has introduced a dual staking model on its Core blockchain. https://decrypt.co/241566/core-dual-staking-bitcoin-token
- Solana Builders has released Ore, a Bitcoin-like peer-to-peer electronic currency on Solana. https://www.helius.dev/blog/solana-builders-ore-a-new-international-money
- kel xyz has released $ORE v2, with a new mining algorithm, DrillX. https://x.com/kelxyz_/status/1819423315158561055
- A new international money, $ORE v2, has been released by kel xyz, with a new mining algorithm, DrillX. https://x.com/kelxyz_/status/1819423315158561055
- Solana Builders has released Ore, a Bitcoin-like peer-to-peer electronic currency on Solana. https://www.helius.dev/blog/solana-builders-ore-a-new-international-money
- Ethresearch has published an article on inclusion list timing constraints. https://ethresear.ch/t/inclusion-list-timing-constraints/20198
- Jordan McKinney has published a video explaining EigenLayer. https://www.youtube.com/watch?v=iMFscq9Sxdk
- Core Foundation has introduced a dual staking model on its Core blockchain. https://decrypt.co/241566/core-dual-staking-bitcoin-token
- Solana Builders has released Ore, a Bitcoin-like peer-to-peer electronic currency on Solana. https://www.helius.dev/blog/solana-builders-ore-a-new-international-money
- kel xyz has released $ORE v2, with a new mining algorithm, DrillX. https://x.com/kelxyz_/status/1819423315158561055
- SKate has announced that Polymarket will be enabled and powered by its platform on TON. https://x.com/skate_chain/status/1819265829244211340
- deBridgeFoundation has announced the launch of DBR on LFG. https://www.jupresear.ch/t/everything-you-need-to-know-about-dbr-s-launch-on-lfg/20893
- Mikey0x has explained how Polymarket LP rewards work. https://x.com/Mikey0x_/status/1818327819266757069
- Florin Digital has published an article on verifiable off-chain compute. https://florindigital.substack.com/p/chapter-3-verifiable-off-chain-compute
- Decentralised Co has published an article on how a whale investor forced the Compound DAO to make its governance token yield-bearing. https://www.decentralised.co/p/humpty-dumpty-took-over-a-dao?r=aaog1&utm_campaign=post&utm_medium=web
- Maven11 Research has published an article on the road to based applications. https://t.me/shoalresearch/5151
- Knower Bera has published an article on consumer on Bera. https://t.me/shoalresearch/5150
- Maslow's has published an article on the hierarchy of DeFi. https://t.me/shoalresearch/5149
- c0xswain has published an article on predatory tokenomics in LBPs. https://t.me/shoalresearch/5148
- 0xResearch has published an article on bringing ZK proofs to developers. https://t.me/shoalresearch/5147
- Seth Bloomberg has published an article on the intersection of AI and crypto. https://t.me/shoalresearch/5146
- Messari has published an article on exploring AI x Crypto. https://t.me/shoalresearch/5145
- Delphi Digital has published an article on Ostium, on-chain perps for RWAs. https://t.me/shoalresearch/5144
- Encifher has published an article on FHE, a game-changer for encryption. https://t.me/shoalresearch/5143
- Variant has published an article on investing in Morpho. https://t.me/shoalresearch/5142
- Knwang has published an article on intent bridging and messaging. https://t.me/shoalresearch/5141
- Mason Nystrom has published an article on exchanges everywhere. https://t.me/shoalresearch/5138
- Variant has published an article on things they're excited about in crypto. https://t.me/shoalresearch/5137
- Movement Labs Research has published an article on what Movement is. https://t.me/shoalresearch/5136
- Grayscale has published an article on AI and crypto. https://t.me/shoalresearch/5135
- Morpho Labs has secured $50M in funding. https://t.me/shoalresearch/5134
- Paladin has published an article on solving bad MEV. https://t.me/shoalresearch/5139
- Bloomberg has published an article on US traders flocking to an election-betting site. https://t.me/shoalresearch/5140
- TheGemPad has announced a partnership with Howswap. https://x.com/TheGemPad/status/1819297042025304167
- Ethresearch has published an article on inclusion list timing constraints. https://ethresear.ch/t/inclusion-list-timing-constraints/20198
- Jordan McKinney has published a video explaining EigenLayer. https://www.youtube.com/watch?v=iMFscq9Sxdk
- Core Foundation has introduced a dual staking model on its Core blockchain. https://decrypt.co/241566/core-dual-staking-bitcoin-token
- Solana Builders has released Ore, a Bitcoin-like peer-to-peer electronic currency on Solana. https://www.helius.dev/blog/solana-builders-ore-a-new-international-money
- kel xyz has released $ORE v2, with a new mining algorithm, DrillX. https://x.com/kelxyz_/status/1819423315158561055
- SKate has announced that Polymarket will be enabled and powered by its platform on TON. https://x.com/skate_chain/status/1819265829244211340
- deBridgeFoundation has announced the launch of DBR on LFG. https://www.jupresear.ch/t/everything-you-need-to-know-about-dbr-s-launch-on-lfg/20893
- Mikey0x has explained how Polymarket LP rewards work. https://x.com/Mikey0x_/status/1818327819266757069
- Florin Digital has published an article on verifiable off-chain compute. https://florindigital.substack.com/p/chapter-3-verifiable-off-chain-compute
- Decentralised Co has published an article on how a whale investor forced the Compound DAO to make its governance token yield-bearing. https://www.decentralised.co/p/humpty-dumpty-took-over-a-dao?r=aaog1&utm_campaign=post&utm_medium=web
- Maven11 Research has published an article on the road to based applications. https://t.me/shoalresearch/5151
- Knower Bera has published an article on consumer on Bera. https://t.me/shoalresearch/5150
- Maslow's has published an article on the hierarchy of DeFi. https://t.me/shoalresearch/5149
- c0xswain has published an article on predatory tokenomics in LBPs. https://t.me/shoalresearch/5148
- 0xResearch has published an article on bringing ZK proofs to developers. https://t.me/shoalresearch/5147
- Seth Bloomberg has published an article on the intersection of AI and crypto. https://t.me/shoalresearch/5146
- Messari has published an article on exploring AI x Crypto. https://t.me/shoalresearch/5145
- Delphi Digital has published an article on Ostium, on-chain perps for RWAs. https://t.me/shoalresearch/5144
- Encifher has published an article on FHE, a game-changer for encryption. https://t.me/shoalresearch/5143
- Variant has published an article on investing