According to 10x Research: Last week, the crypto world saw some significant developments, and the action shows no signs of slowing down. Here’s the lowdown on what went down and what to keep an eye on this week.
Jump Crypto Shakes Up the Market: Last Sunday, Jump Crypto decided to make waves by offloading its remaining massive stash of Ether, valued at a staggering $277 million, across various exchanges. This move didn’t just make headlines—it triggered a wave of liquidations and cranked up market volatility to new levels.
MicroStrategy Doubles Down on Bitcoin: Michael Saylor isn’t done with Bitcoin just yet. His company, MicroStrategy, is in the process of raising a jaw-dropping $2 billion to gobble up even more BTC, solidifying their status as one of the biggest whales in the crypto ocean.
Brazil Breaks New Ground: In a historic move, Brazil has approved the launch of the world’s first spot Solana ETF. This game-changing development is poised to open up new investment avenues for crypto enthusiasts in the region.
Ethena Launches USDe on Solana: Ethena’s USDe stablecoin has officially made its debut on the Solana network, with SOL added as a backing asset. This launch is set to enhance Solana’s growing influence in the stablecoin market.
Jupiter and Lido Make Big Moves: Jupiter successfully secured approval to reduce its $JUP token supply by 30%, while Lido introduced its new Institutional Liquid Staking service, aiming to cater to the needs of large-scale investors.
FTX Settles with the CFTC: After a drawn-out legal battle spanning 20 months, a judge has finally approved a $12.7 billion settlement between FTX and the CFTC. This settlement could mark the beginning of the end for one of the most significant legal dramas in crypto history.
Morgan Stanley Embraces Bitcoin ETFs: As of August 7, 2024, Morgan Stanley’s 15,000 financial advisors now have the green light to recommend Bitcoin ETFs from industry giants like BlackRock and Fidelity to their clients. This move is a major win for the mainstream adoption of Bitcoin.
SUI Surges 53%: The launch of new crypto investment trusts for SUI and TAO by Grayscale sent SUI prices skyrocketing, with a remarkable 53% increase week-over-week.
Looking Ahead
This week promises to be just as action-packed, with several key economic indicators and token unlocks set to influence the market.
Economic Data to Watch: On Wednesday, August 14, the U.S. Consumer Price Index (CPI) will be released, and the market will be watching closely. Thursday, August 15, will bring the latest U.S. Jobless Claims and Retail Sales data, which could have significant implications for market sentiment.
Major Token Unlocks: This week will see some major token unlocks, including Aptos on Monday, August 12, The Sandbox on August 14, Starknet on August 15, Arbitrum on August 16, ApeCoin on August 17, and Oasis Network on August 18. These events are likely to create significant market ripples, so stay tuned.
With the crypto market as unpredictable as ever, the developments this week could make or break the market. Keep your eyes peeled for the latest moves, as they could have a significant impact on your portfolio.
