Weekly Top Crypto News (August 21 – August 27)

Bitcoin has moved quite firmly to $26,000 this week, making the crypto market less susceptible to the news. It also witnessed some important news that shaped investor sentiment towards the end of the year. Here, let’s review this week’s top crypto news with Coincu!

BNB Bridge Hacker’s 6.89 Million vBNB Position Liquidated As Liquidator Repays 30 Million USDT

Hacker’s 6.89 million vBNB position liquidated; 30 million USDT repaid by liquidator. BNB Bridge hacker’s position liquidation follows Venus community’s endorsement, maintaining stability amidst price fluctuations.

Vitalik Buterin Transfers 600 Ethereum to Coinbase, Shaking Markets

The wallet address “Vitalik.eth,” which is closely associated with Ethereum’s co-founder Vitalik Buterin, executed a transfer of 600 ETH to Coinbase. This movement of funds sparked a wave of speculation and discussion among crypto enthusiasts, as transactions involving well-known figures in the blockchain space often do.

The Truth Behind PEPE Coin Founder Revealed, Community Suspects The Scam Project

Twitter influencer KOL Pauly claims Zachary Testa is the true founder of the PEPE coin, alleging massive profits while sidelining original creator Matt Furie. PEPE coin witnesses intense network activity as its development team transfers 16 trillion tokens to exchanges, resulting in a 15% value drop. Concerns arise over potential rug-pull scenarios in the crypto community following PEPE’s controversies, leaving investors wary of sudden disappearances and losses.

Coinbase Partnering With Circle Brings USDC To 6 New Blockchains

According to the announcement, Coinbase is increasing support for stablecoins with an investment in Circle. USDC will launch on 6 new blockchains from September to October, bringing the stablecoin’s multi-chain accessibility to 15 blockchains. Coinbase and Circle will share the revenue from USDC reserve interest income based on the number of these stablecoins held on each platform.

Bitcoin Mining Difficulty Increases 6.17% To 55.62T, Record High

Bitcoin mining difficulty hit an all-time high of 55.62 trillion units following the latest difficulty adjustment on August 23 at block height 804384. With the difficulty of mining increasing over time, Bitcoin miners are working harder, as the average cost to mine one BTC is already higher than the average price of 1 BTC in the spot market annually from August 2022.

Nvidia’s Q2 Report Sparks Stock And Crypto Speculation

Nvidia’s Q2 report will unveil AI’s effect on stocks and crypto after its impressive May performance. A high stock surge fuels hopes for a strong outlook, impacting AI-linked crypto tokens. Crypto miners may pivot towards AI strategies amid Nvidia’s market sway.

Mastercard And Binance Bid Adieu To Crypto Cards In 4 Countries Amid Legal Challenge

Mastercard and Binance will stop joint crypto card programs in select countries by Sept. 22, citing convenience for traditional currency payments via crypto holdings. Other Mastercard crypto projects remain untouched; the short-lived Brazilian financial accessibility alliance concludes. Binance faces legal issues, while Mastercard pursues new blockchain partnerships despite the termination.

Binance Urges Low-Cap Projects To Enhance Liquidity Amid Concerns Of Market Manipulation

Binance is urging low-liquidity token projects to enhance their liquidity protection measures, including depositing 1-5% of circulating tokens into savings accounts, to mitigate potential market manipulation risks. The platform’s proactive approach aims to strengthen the integrity of its platform by encouraging projects to collaborate with market makers and contribute to savings pools, fostering a secure and transparent trading environment.

Worldcoin: Kenyan Government Launches Proactive Investigation Amid Regulatory Commitment

Kenyan government establishes parliamentary committee to probe Worldcoin following regulatory backlash and suspension of iris scanning operations. The project faces opposition from multiple regulatory bodies and judiciary, prompting comprehensive investigation and legal proceedings in Kenya.

Balancer’s 0.42% TVL Remains Vulnerable

Balancer’s X platform reports 98.7% of initially at-risk funds are now safe. Over 97% of risk mitigated, 0.89% TVL still at risk. Users are advised to act swiftly to withdraw the remaining funds for security.

Uniswap Outpaces Coinbase In Spot Trading Volume, Reaches $110 Billion In Q2

Uniswap’s spot trading volume reached $110 billion in Q2, outpacing Coinbase’s $90 billion for two consecutive quarters. Uniswap’s consistent performance highlights its growing dominance in decentralized trading, even as Coinbase’s trading activity drops amid market challenges.

PancakeSwap V3 Now Launches On Linea

PancakeSwap, a leading decentralized exchange, has launched on Linea’s Ethereum Layer 2 network. Users can now experience improved trading on PancakeSwap through Linea, featuring lower fees and increased liquidity returns. Linea’s innovative Layer 2 solution, utilizing zero-knowledge proofs, offers faster transactions and reduced gas costs.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.