The Block
Quick Take Popular messaging app Telegram generated a significant chunk of its revenues from crypto-related activities and held $400 million in digital assets as of 2023, according to a report from the Financial Times. The company’s founder Pavel Durov was indicted by a French court this week on charges Telegram’s tools and services have aided illicit activities.
Elon Musk wins the dismissal of a class action lawsuit, which alleged his comments manipulated the Dogecoin market.BlackRock’s IBIT spot Bitcoin ETF logs its first daily net outflows since May.Gnosis Chain community members evaluate their gas token choices amid MakerDAO’s pivot to Sky.The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Quick Take According to a new Chainalysis report, crypto criminals are moving away from complex Ponzi schemes in favor of more targeted scams such as “pig butchering.” One of the highest-grossing scams of 2024 involves a syndicate operating from a notorious “pig butchering” compound in Myanmar.
Bitcoin has underperformed relative to stocks since experiencing a significant deleveraging earlier this month, according to Coinbase.On Aug. 4, bitcoin experienced a sharp sell-off alongside equities, marking one of the most severe downturns for risk assets since the “Black Monday” crash of 1987.
Quick Take Securitize founder and CEO Carlos Domingo says tokenized treasuries are more appealing to institutions than traditional stablecoins, due to their inherent stability and yield-generating potential.
QCP Capital analysts expect decreased bitcoin price volatility as the market positions for potential Fed rate cuts.The analysts also considered the impact of Friday’s U.S. GDP report and next week’s non-farm payroll data on the bitcoin market.
Quick Take Contributors at SafeDAO have proposed implementing a licensing fee for protocols integrated into the Safe Wallet — aiming to create dedicated revenue streams.
With November 5 approaching, Bitfinex analysts suggested that election-driven momentum, strong technical indicators, and elevated derivatives positioning point to an improving price outlook for bitcoin.However, they cautioned that short-term volatility is likely in the days following the election as markets react to the results and the potential for shifting macroeconomic conditions.
Elon Musk and Tesla won the dismissal of a class action lawsuit, which alleged Musk’s comments manipulated the Dogecoin market.U.S. District Judge Alvin Hellerstein dismissed the lawsuit permanently.
