Weekly Top Crypto News (August 28 – September 3)

New Bitcoin ETF news has caused another turbulent week for the crypto market. Following a sustained period of recovery, Grayscale will review its proposed Bitcoin ETF after filing a successful complaint with the SEC. As the Securities and Exchange Commission made the decision to postpone approving Bitcoin ETF applications from other Wall Street titans, BTC was forced to revert to its prior price range. Here, let’s review this week’s top crypto news with Coincu!

Crypto Asset Manager Grayscale Wins Lawsuit Against SEC

The U.S. Federal Court has ordered the SEC to review its rejection of Grayscale Investments’ bid to convert the GBTC into a listed Bitcoin ETF. The court deemed the SEC’s denial “arbitrary and capricious.” If the SEC approves Grayscale’s conversion, it could pave the way for the U.S.’s first spot in Bitcoin ETF.

SEC Delays Bitcoin ETF Verdict Amidst Industry Hope And Price Fluctuations

The SEC delays decisions on Bitcoin ETF applications, including those from BlackRock, until mid-October. BlackRock’s BTC-backed ETF proposal was impacted, citing industry complexity and fraud concerns.

Twitter (X) Now Gets Important License To Provide Crypto Trading Service

X, formerly Twitter, obtains a Rhode Island license for cryptocurrency transactions. Users will soon store, transfer, and exchange digital assets directly on the platform. Move emphasizes the social network’s push for mainstream cryptocurrency use.

Coinbase CEO Reveals Top 10 Crypto Innovations And Predictions For The Future

Coinbase CEO, Brian Armstrong, shared his top 10 crypto innovations and predictions for the future. Armstrong emphasizes the importance of building during bear markets. Innovations include Flatcoin, Onchain Reputation, Onchain Ads, and more.

CyberConnect Rejects CP-1 Proposal Due To Digital Writing Errors

CyberConnect rejects CP-1 proposal due to digital writing errors, temporarily halting its execution to rectify data inaccuracies. Despite the setback, CyberConnect remains committed to its mission of optimizing CYBER token liquidity across ETH, BSC, and Optimism networks through its recent emergency proposal.

Robinhood Now Holds Over $3 Billion In Bitcoin, The 3rd Largest BTC Holder

Robinhood holds over $3 billion in Bitcoin, the third-largest after Binance and Bitfinex. Owner speculation includes BlackRock and Gemini involvement. The company’s significant crypto role highlights user influence.

Binance Will Stop Supporting BUSD In 2024

Cryptocurrency exchange Binance’s app will stop supporting BUSD in 2024. Paxos will close the acquisition of BUSD by February 2024. BUSD was previously sued by the SEC for being an unregistered security.

Balancer’s Losses Exceeded $2.1 Million, Multiple On-chain Fund Pools Were Affected

The Balancer protocol suffers over $2.1 million in losses across Ethereum, Fantom, and Optimism due to exploited vulnerabilities in V2 pools. The platform’s swift response minimizes the impact, but users are urged to withdraw funds from affected pools to prevent further attacks. The breach highlights the urgency of accurate risk assessment and proactive measures to secure decentralized finance platforms.

Starknet NFT Mining Temporarily Halted – Limited 24-Hour Pause

Starknet halts NFT mining due to network issue during Quantum Leap campaign. Launch of Quantum Leap NFT campaign sees overwhelming demand exceeding expectations. Starknet prioritizes user experience, plans swift resume; reminds users to stay vigilant against scams.

Lufthansa’s Uptrip Loyalty Program Is Now Live On Polygon, Offering NFT For Every Flight

Lufthansa’s Uptrip Loyalty Program offers NFT trading cards as rewards for flights. Over 20,000 users have already registered for Uptrip since its soft launch.

New DeFi Platform Aerodrome Helps Base Soar More Than 50% TVL Of The Week

Aerodrome’s launch on the Base blockchain attracts $200 million in a day, boosting DeFi by 106%. The total value locked in the Base network surpasses $400 million, driven by Aerodrome’s liquidity incentives. The platform rewards users with AERO tokens for DeFi engagement, cementing its presence in the space.

PancakeSwap Now Expands To Layer 2 Base Network

PancakeSwap has joined Base, an Ethereum L2 scaling network developed by Coinbase and Optimism. Base uses OP Stack technology to enable fast and cheap transactions on Ethereum, and integrates with Coinbase’s products and ecosystem. The integration with Base is part of its multichain expansion strategy.

Court Clears Uniswap Lawsuit Of User Fraud Charges

A court cleared Uniswap of user fraud charges, setting a DeFi precedent. Verdict highlights unclear crypto rules. The ruling confirms decentralized platforms aren’t liable for third-party actions.

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.