Quote of the week: “Bear markets actually present excellent opportunities, so we expect to see M&A and consolidation activity in the mining sector involving both public and private players — to realize economies of scale and combine complementary operations.” — Andy Long, White Rock Management CEO. Source:
Disappointing Coinbase Earnings: This week, Coinbase released disappointing second-quarter earnings, following SEC investigations into the exchange for allegedly listing unregistered securities; the exchange posted a $1.1 billion loss in Q2. The outlook for the third quarter is looking even gloomier with projections pointing toward a continued downtrend. Source: https://www.fxempire.com/news/
Reddit and FTX Form a New Partnership: Reddit has formed a partnership with FTX in an effort to unlock new crypto-enabled benefits for Community Points. Users’ points will show next to their usernames and can be used to get special memberships and other buying perks. Once a user has some points to use, they will be able to collect them by paying Ethereum network fees. If a user is in need of more funds to cover the network fees, Reddit users will be able to buy ETH directly through the FTX Pay app. Source: https://www.thestreet.com/
Voyager Update: Voyager Digital claims that it has received many “higher and better” buyout offers than that offered by Alameda and FTX in July. The company stated that it has received word from 88 interested parties wanting to financially bailout the company. Additionally, Voyager has been cleared to return $270 million in customer funds held at the Metropolitan Commercial Bank, which has been frozen until now. Source: https://cointelegraph.com/
Iran and Cryptocurrency: This week, Iran made its first official import order using $10 million worth of cryptocurrency. Iran’s Deputy Minister of Industry, Mine, and Trade Alireza Peyman-Pak did not disclose any details about the cryptocurrency used or the imported goods, but he did say that the order represents the first of many international trades to be implemented with cryptocurrency. Source:
Bitcoin Update: On August 11, BlackRock launched a private trust offering institutional investors and clients in the United States exposure to spot Bitcoin. As a result of the news, Bitcoin’s price increased and continued to $25,000.
And, that’s a wrap!