Crypto News: Weekly Wrap July 15, 2023
Welcome back to our weekly wrap, where I bring you the hottest news and updates from the crypto world every week.
In this edition, I will cover some of the most exciting events and developments that happened in the past week, such as:
- Justin Sun’s massive Ethereum unstaking
- Standard Chartered’s bullish Bitcoin prediction
- Litecoin’s upcoming halving event
- Google Play’s policy change for blockchain-based tokens
- And more!
So, without further ado, let’s get started!
🚀 Justin Sun Unstakes $56 Million of Ethereum from Lido
Justin Sun, the co-founder of Tron and one of the most influential figures in the crypto space, has made a surprising move by unstaking 13,000 Ethereum from Lido, a platform that allows users to stake their ETH and earn rewards. The value of the unstaked ETH was around $56 million at the time of the transaction.
The reason behind Sun’s decision is unclear. Some speculate that he might want to run his own Ethereum validator node or sell his ETH for profit. Others suggest that he might want to support his own crypto exchange, Huobi, which received 15,815 ETH from Sun’s wallet shortly after he withdrew his ETH from Lido. Sun also sent 1,000 BTC to Huobi earlier on July 9.
Sun’s crypto portfolio is worth over $1.2 billion, according to blockchain data from Arkham Intelligence. He still holds 287,855 stETH tokens on Lido, which represent his remaining stake on Ethereum.
Sun’s move coincided with a strong rally in the crypto market, as both ETH and BTC surged past $1,900 and $31,000 respectively, reaching new highs for the year.
Source: CoinDesk
🚀 Standard Chartered Predicts Bitcoin Could Reach $120K by End of 2024
Standard Chartered, one of the leading global banks, has released a report with some bold claims about Bitcoin’s future. They predicted that Bitcoin could reach $50,000 by the end of this year and soar to $120,000 by the end of 2024. This is a very optimistic forecast given the current market conditions, but it has definitely boosted the confidence of the crypto community.
The report also stated that Bitcoin is “a new asset class” that has “a unique role in portfolios as a diversifier”. The report also compared Bitcoin to gold and said that Bitcoin could eventually surpass gold’s market cap of $10 trillion.
The report also highlighted some of the risks and challenges that Bitcoin faces, such as regulatory uncertainty, environmental concerns, cyberattacks, and competition from other cryptocurrencies.
Source: Cryptoglobe
🚀 Litecoin Halving Countdown: Less Than 20 Days to Go
Litecoin, one of the oldest and most popular cryptocurrencies, is gearing up for its third halving event, which will take place on August 2, 2023. This means that the block reward that miners receive for securing the Litecoin network will be cut in half, from 12.5 LTC to 6.25 LTC. This will reduce the supply of new LTC entering the market, which could lead to an increase in price.
Litecoin halving event happens every four years on Litecoin blockchain. Litecoin’s initial block reward was 50 LTC. The block reward splits every four years. This lowers the rate at which Litecoins are generated.
The halving event is designed to control the monetary supply of Litecoin and regulate its inflation rate. As per this model, the overall supply of Litecoins gradually decreases, which according to simple economic theory, could stimulate an increase in demand.
Historically, Litecoin halving events have played a significant role in influencing the cryptocurrency market. For example, during previous halving events in 2015 and 2019, the average price of Litecoin experienced notable surges.
Source: Changelly
🚀 Web3 Update: Google Play Allows Blockchain-Based Digital Tokens
For the web3 update, we will focus on the intersection of blockchain technology and gaming. Google Play has recently changed its policy to allow digital tokens based on blockchain, such as NFTs (non-fungible tokens), to be operated on its App Store. This shows the increasing adoption of blockchain-based gaming and digital assets that is happening in the industry right now.
According to the new policy, Google Play will allow apps that enable users to create, purchase, and trade NFTs, as long as they comply with the local laws and regulations. The apps must also provide clear and accurate information about the NFTs, such as their ownership, value, and rarity.
The policy change is a significant step for the web3 ecosystem, as it opens up new opportunities for developers and users to create and enjoy blockchain-based games and digital collectibles on Android devices. Some of the popular blockchain games that are already available on Google Play include Axie Infinity, CryptoKitties, Gods Unchained, and The Sandbox.
Source: CoinDesk
🚀 Other Updates
Here are some other updates from the crypto industry:
- US judge rules Ripple XRP is not a security.
- US inflation falls to 3%, lower than expectations.
- Europe to launch first spot Bitcoin ETF this month.
- Former SEC Chairman says Spot Bitcoin ETFs should be approved.
- Coinbase relists Ripple XRP.
- $9 trillion asset manager BlackRock CEO says crypto will transcend international currencies due to global demand.
- SEC acknowledges BlackRock’s Spot Bitcoin ETF application.
- SEC acknowledges Fidelity, VanEck, WidsomTree, and Invesco Spot Bitcoin ETF applications.
- Bank of America ordered to pay $250 million for charging illegal fees and opening credit-card accounts without customer consent.
- Australian Securities Exchange receives its first spot Bitcoin ETF application.
That’s all for this week. If you liked our content, don’t forget to like, share, and subscribe to my newsletter. And stay tuned for more updates.
What do you think about the latest developments in the crypto industry? Do you have any questions or comments? Let me know in the comments section below.
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