BitDigest September 14 · Issue #741
- Crypto prices show 24-hour decline but overall market cap up 2.3% since Friday
- European leaders call for regulations around stablecoins
- China explains digital yuan should be considered like cash
Growing focus on Ethereum
Digital exchanges are looking to grow by supporting Ethereum based projects. In recent days both Binance and Kraken have made statements showing their desire to help this ecosystem grow. Binance CEO Changpeng Zhao tweeted he would like to see more DeFi projects moving over to Binance Smart Chain and Kraken has posted a new position to hire an “external advocate” bridging mainstream investors and the Ethereum community.
China’s Public Blockchain Companies Blockchain Not Living Up to Hype
The Blockchain 50 Index, an index of the top 50 public companies affiliated with blockchain technology that trade on China’s Shenzhen Stock Exchange, are not operating as expected with many of the companies not even discussing their blockchain efforts. Out of a larger group of 262 public companies self-categorized as “blockchain companies,” only 23 mentioned live blockchain use cases.
The Headlines
European Leaders Ask ECB to Draw Up Stablecoin Framework
ECB to Define Role for Digital Assets without Hindering Benefits
Digital Yuan to be Considered "M0"
Bank of France Governor Sees Digital Payments Across "Strategic Square"
Seoul Government Proposes Blockchain Voting to Expand the Democratic Process
DAML to Become Exclusive Standard for BSN dApps
Market Data
Bitcoin's Growing Energy Consumption
Exchange, Custody and Product News
Gemini to Start Trading PAX Gold, Amp, and Compound
DeFi Swap Goes Live
Thoughts on the Ecosystem
Japan Does Not Need to Rush with Digital Yen
Apple Not Listening to Coinbase
Reports you may have missed
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U.S. equity indices are under pressure today following disappointing economic growth in conjunction with hotter-than-expected prices paid, sparking stagflation fears and reducing the chances of rate cuts. The $SPY has declined 0.91% to test $501 and the $QQQ has dropped 1.12% to $421, being weighed down by a 12% drop in META following its Q1 earnings release. Crypto markets are faring better, with BTC -1.10% (-0.28%) trading at $64k and ETH -4.49% ...
The crypto market is pulling back from its recent surge, with $BTC falling below $65,000, $ETH trading under $3,200, and $SOL fighting to stay above $150. As expected, altcoins are also generally declining, although a few notable performers are scattered across the market. Currently, $BONK and $WIF, two prominent memecoins on Solana, are showing resilience, up 12% and 6%, respectively. Additionally, $HBAR initially doubled in price following reports that Blackrock...
Blockchain Association Sues the SEC, Cosmos Patches Potential Reentrancy Vulnerability
U.S. Treasury rates and the DXY (-0.46%) are sliding today following weaker-than-expected S&P Flash PMI data, helping catalyze a 1% rally in equity indices. Manufacturing PMI came in at 49.9 vs. 52.0 expected, and Services PMI read 50.9 vs. 52.0 expected. Bitcoin miners have benefited as rates retreat and transaction revenue remains elevated, with $RIOT, CLSK, and $MARA showing weekly gains of 26%, 16%, and 14%, respectively. Crypto assets are mixed with BTC -1.10% ...