The Block
Quick Take Bitcoin’s price dropped to $57,654, a 1.4% decrease over the past day and nearly 10% over the past week. Ether is trading at $2,440, down 1.7% in the last day and 11% over the past week. Crypto exchanges report over $162 million in liquidations, with $135 million from long positions.
Quick Take Following years of effort, the first stage of Cardano’s Chang upgrade has gone live, transitioning ownership of the blockchain to holders of its native ADA token. With the upgrade, Cardano enters its final stage of development, dubbed the Voltaire era.
Quick Take A recent filing from the SEC warns the FTX estate that the agency might oppose any attempts to pay creditors back with stablecoins or other digital assets. The agency, like the U.S. Trustee, also opposed to a discharge provision that would limit the future legal liabilities of the FTX debtors’ estate.
Quick Take Popular memecoin launchpad Pump.fun has made $100 million in cumulative revenue from more than one million memecoins since it launched in January of this year. Another hot crypto project, Polymarket, had more volume in August than all NFTs across all chains combined, according to analytics platform CryptoSlam.
Quick Take Yuga Labs co-founder and CEO Greg Solano, a.k.a. Garga, has announced the company’s first major initiative since he took over as CEO in February: an internal team called The Workshop built to “make delightful shit, on-chain, fast.” Solano said Coinbase’s embrace of the Base Layer 2 blockchain inspired the new team, which will be shipping its first products on the forthcoming ApeChain in the coming “weeks and months.”
Quick Take Following the fourth straight day of net outflows on Friday, spot bitcoin exchange-traded funds based in the U.S. logged an overall net loss for the month of August, though a modest one at $94 million. Spot bitcoin ETFs have lost over $4 billion in total net asset value since the beginning of the month, largely due to bitcoin’s decline in price from its value at the start of August. Meanwhile, spot Ethereum ETFs logged their first day of no recorded inflows or outflows across all nine commercial
Nitro Labs, the developer of Termina, has raised $4 million in a seed funding round.Termina is a Solana scaling infrastructure platform that aims to help developers deploy SVM “network extensions.”
Bitcoin’s price has been approaching new all-time highs just days away from the 2024 U.S. presidential election.A Trump win would be more impactful for Ethereum and other altcoins, Bitwise CIO Matt Hougan said Wednesday.
BlackRock’s IBIT drove the inflows on Tuesday, with $642 million flowing into the fund.All of the spot bitcoin ETFs in the U.S. recorded $4.75 billion in total trading volume on Tuesday, up from $3 billion the day before.
