Strengths
- Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was SEI, rising 1,890.71%.
- Jada AI, an artificial intelligence project that harnesses blockchain technology, has raised $25 million from alternative investment group LDA Capital. The project aims to offer AI services that aid decision-making for organizations and scale up their operations, according to Bloomberg.
- Investors added $49.3 million to crypto-focused exchange traded products (ETPs) during the past month and $232.9 million in the past year, according to data compiled by Bloomberg.
Weaknesses
- Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was CFX, down 28.40%.
- Dubai authorities fined the co-founders of failed crypto hedge fund Three Arrows Capital in their latest enforcement action against the duo’s new digital-asset exchange OPNX. The virtual assets regulatory authority said it had issued the company a fine of 10 million dirhams ($2.7 million) in May that remains unpaid, writes Bloomberg.
- Bitcoin reached an almost two-month low as risk aversion weighs on the cryptocurrency market, with global government bond yields climbing to the highest in about 15 years, writes Bloomberg.
Opportunities
- Coinbase Global Inc. has gained approval to sell cryptocurrency derivatives directly to retail consumers in the U.S. A subsidiary of the U.S.’s biggest crypto exchange, has secured approval from the National Futures Association to operate a Futures Commission Merchant and offer access to crypto futures, writes Bloomberg.
- Traders on Coinbase’s new Base chain have piled over $450,000 into an NFT offering from brand giant Coca-Cola. This is a strong showing despite the fact that major brand NFT launches have consistently demonstrated a lackluster history on secondary markets, writes Bloomberg.
- The U.S. SEC is poised to allow the first exchange-traded funds based on Ether futures, a major win for several firms that long have sought to offer the products, writes Bloomberg.
Threats
- PayPal Holdings won’t allow UK users to buy cryptocurrencies on its platform from October, saying it needs time to ensure compliance with new local rules, writes Bloomberg.
- SwirlLend, a lending project operating on the Ethereum Layer 2 networks Base and Linea, has seemingly executed an exit scam, making off with an estimated $460,000 in user deposits. According to on-chain analysis from security firm PeckShield, the SwirlLend team drained $290,000 in crypto assets from Base and $170,000 from Linea.
- Chinese authorities have charged a Filecoin mining company with running an $83 million pyramid scheme. The local court in Pingnan county in the Guanxi region has announced that criminal proceedings have commenced against Shenzhen Shikongyun Tech, one of China’s largest Filecoin mining companies and its four executives, writes Bloomberg.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
 |
