Market Overview (July 29 – August 4): MicroStrategy’s BTC Purchase And SEC Lawsuit Revised

Last week’s crypto highlights include MicroStrategy’s BTC purchase, SEC’s BinanceUS lawsuit revision, and record DEX trading volume.

Last week’s highlights big news (July 29 – August 4)

MicroStrategy purchased an additional 169 BTC ($11.4 million) in July and now holds 226,500 BTC. MicroStrategy files with the SEC to issue $2B in shares to purchase more BTC.

29.8K Bitcoin ($2 billion) moved from the U.S. Government to another wallet address.

The SEC revised the lawsuit against BinanceUS. It no longer wants proof that tokens like SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI are securities. It is starting to look obvious that the SEC is backing down on this, but it just can’t prove tokens are securities.

The 21Shares Core Ethereum ETF has integrated Chainlink’s Proof of Reserve platform to gain transparency in the amount of Ether backing the ETF shares.

Ripple is joining forces with Fenasbac to innovate blockchain technology in Brazil.

This month, DEXs’ trading volume accounted for 14.22%, their highest ever, beating out the previous record in May 2023 of 13.7% of the total trading volume, according to data from The Block. Leading the way has been Uniswap, with $48.52 billion in trading volume, tailed by $27.78 billion in July for Raydium. Uniswap also takes the cake for the largest TVL, reaching $5.6 billion.

Qatar is preparing to establish a regulatory framework for crypto following its 2018 ban on trading in Bitcoin. In 2022, Qatar’s financial regulators proposed a framework for managing investment tokens based on real assets.

Tether just released an audit report for Q2 2024, revealing a record profit of $5.2 billion for the first half of 2024 and an operating profit of $1.3 billion after expenses.

Telegram announced a brand-new browser for decentralized websites on mobile and desktop devices. The browser can instantly connect nearly a billion active Telegram users every month. The option will allow users to jump between browser windows and messaging quickly.

Tokenize $10 million of U.S. Treasury bonds on the XRPL using the OpenEden platform. It is the first-ever form of this token issuance on the XRP Ledger. Investors buy tokens, and then funds are used to buy backing in U.S. Treasury bonds to back these tokens’ value. It is the first such token issuance on the XRP Ledger. Investors will buy tokens, after which funds will be used to back U.S. Treasury bonds to back the tokens’ value.

Macroeconomics (July 29 – August 4)

The FED held the interest rate at 5.25%-5.5%, the eighth consecutive hold since the September 2023 meeting.

FED Press Conference:

Some key takeaways from the meeting include the fact that some FED officials have started feeling that interest rates must be cut immediately.

However, most of them have pegged September as long as inflation continues to decline as it has over the last three months. The Fed is much more confident but still needs data.

Prediction Market Crypto

BTC price actions over the last 24 hours:

• More than $21 million netflow was withdrawn from exchanges in the last 24 hours.
• BTC plummets suddenly to $52.3k, causing extreme panic in the market. According to sources, it could be due to the Japanese stock market crashing after raising interest rates for the first time in 30 years.
• Jump Crypto reportedly sold off $400M in ETH and now holds over $125M in staked ETH. There are rumours that Jump is reducing its crypto exposure, as was investigated by the CFTC back in June.
• BTC -10%, ETH -20%, Altcoins down an average of 25-30%
• BTC.D reached 58%, and the market is in the process of resetting the game.
• More than $480 million worth of Longs were liquidated in less than 4 hours.