Social media & crypto ⚠️, China's yuan stablecoin 🇨🇳, Coinbase shares up 50% 📈
Daily Crypto, Blockchain & Web3 Update 2023-07-11
CRYPTOCURRENCY
Bitcoin halving bullish for Saylor’s MicroStrategy: Berenberg Capital (3 min read)
The upcoming Bitcoin halving is set to blow fresh wind in the sails of Bitcoin-focused stocks such as the Michael Saylor-founded tech firm MicroStrategy.
In a research note shared with Cointelegraph, New York-based investment firm Berenberg Capital Markets explained its reasons for a bullish outlook on MicroStrategy, for which Berenberg has given a $430 price target.
Social media discussions play a crucial role in influencing crypto returns: Study (2 min read)
The researchers also determined that “news sentiment” is a much less effective predictor of cryptocurrency returns.
Researchers at Pennsylvania State University recently analyzed whether attitudes and emotionality surrounding cryptocurrency could help predict returns. What they found may stand in stark contrast to related financial markets.
China could benefit from yuan stablecoin over its CBDC, Circle CEO (2 min read)
China may have banned the use of cryptocurrencies, but stablecoins might have a role to play in the proliferation of its national currency.
Circle CEO Jeremy Allaire thinks stablecoins could help spread China's digital yuan despite the country's ban on decentralized cryptos.
Brazil’s CBDC pilot contains code that can freeze or reduce funds, dev claims (3 min read)
A developer named Pedro Magalhães says he found code in Brazil's CBDC pilot that could freeze or drain accounts.
Um desenvolvedor de blockchain afirmou ter decifrado o código-fonte da moeda digital de banco central (CBDC) piloto do Brasil e descobriu funções que permitiriam à autoridade central congelar fundos ou reduzir saldos.
BUSINESS
Coinbase shares up 50% since SEC lawsuit (2 min read)
Despite the Coinbase cryptocurrency exchange facing a securities violation lawsuit in the United States, the company’s stock has been on the rise recently.
Coinbase stock has added more than 50% to its value since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the firm for allegedly offering unregistered securities.
Grayscale lawyers refer to SEC allowing Volatility Shares’ investment vehicle in push for ETF (2 min read)
According to Grayscale, the Volatility Shares ETF was an “even riskier” product than Bitcoin futures ETFs, suggesting the SEC should allow its spot crypto ETF to begin trading.
Digital asset manager Grayscale has filed a letter in its lawsuit against the United States Securities and Exchange Commission (SEC) over the rejection of a spot Bitcoin exchange-traded fund (ETF), citing a possible precedent in furtherance of its case.
Arkham on-chain ‘Intel Exchange’ labeled ‘snitch-to-earn’ by Crypto Twitter (3 min read)
Users who shared links to a waitlist for the Arkham service had their email addresses exposed on Twitter due to how the references were encoded.
Arkham, a “blockchain intelligence company,” announced what it’s calling the “world’s first on-chain intelligence exchange” on July 10 alongside the launch of a new coin, ARKM, through Binance’s Launchpad service.
QUICK LINKs
Vitalik Buterin wants Bitcoin to experiment with layer-2 solutions, just like Ethereum (2 min read)
Ethereum co-founder Vitalik Buterin believes the Bitcoin network needs scalable solutions like zero-knowledge rollups (ZK-rollups) to become more than another payment network.
Bitcoin aligns with Swiss values, Head of Lugano’s Plan ₿ (3 min read)
Switzerland has long been a haven for the wealthy due to its well-established banking secrecy laws, but its citizens have warmed quickly to the self-sovereign ideals behind Bitcoin. The head of Lugano’s Plan ₿ initiative highlighted the growing use of Bitcoin for everyday payments in the Swiss city.
Arbitrum-based Rodeo Finance exploited for second time, $1.5M stolen (2 min read)
Arbitrum-based decentralized finance (DeFi) protocol Rodeo Finance was exploited for $1.53 million on July 11. The DeFi protocol was exploited using a code vulnerability in its Oracle, leading to a loss of over 810 Ether.
Arcadia Finance hacker used reentrancy exploit, team demands return of funds (4 min read)
The Arcadia Finance attacker used a reentrancy exploit to drain $455,000 from the decentralized finance (DeFi) protocol, according to a July 10 post-mortem report issued by the app’s development team.
Connext founder proposes ‘Sovereign Bridged Token’ standard after Multichain incident (2 min read)
An Ethereum Improvement Proposal (EIP) made on July 7 seeks to standardize how tokens are bridged between networks. The “Sovereign Bridged Token” standard, or EIP-7281, allows token issuers to create canonical bridges across multiple networks.
Axelar partners with Microsoft for hybrid blockchain solutions (2 min read)
On July 11, cross-chain protocol Axelar and tech giant Microsoft announced a partnership to bridge public and private blockchains. The collaboration will see Axelar join Microsoft’s Azure marketplace, becoming the first cross-chain protocol listed on the developer’s online store.
48% fewer new crypto coders last year: Report (3 min read)
Newcomers account for the highest percentage of developers who have left the industry over the past 12 months.
The number of new developers entering the cryptocurrency sector has dropped by nearly 50 percent over the past year, according to research from Electric Capital’s “Developer Report”.