Weekly Crypto News 12-16 August 2024: Various Crypto Projects to Bitcoin Ownership by the US Government

Bittime – This week's crypto ecosystem has many project updates. From the perspective of the US government itself, it is often reported about its ownership of BTC. 

You can see all the updates in the crypto ecosystem in detail by reading this article to the end.

US CPI announcement in July

US CPI data was announced, showing that the seasonally adjusted CPI annual rate for July was 2.9%, declining for the fourth consecutive month.

This is the first time since March 2021 that the CPI figure has returned to "2", slightly below the market forecast of 3%. The core CPI annual rate was 3.2%, in line with market expectations.

1.2. However, the digital currency experienced a sharp decline after the data was announced, with BTC dropped from 61,000 to 58,000, recorded a decline of more than 5%.

US Government Moves 10,000 BTC to Coinbase Prime Address

On-chain data shows that the US government has moved 10,000 Bitcoin (BTC) to institutional trading platform Coinbase Prime. This transaction was worth approximately $593.5 million and had a significant impact on crypto market trends.

According to Spot on Chain data, this year the US government has moved 15,999 BTC to Coinbase, worth about $966.5 million, at an average price of $60,410.

Currently, the government holds approximately 203,600 BTC across addresses, worth approximately $11.91 billion.

The last time the government publicly sold Silk Road-related assets was in March 2023, when more than 9,800 BTC were sold for around $216 million.

Apart from the US Government, Norway's Sovereign Wealth Fund also owns 2,446 BTC indirectly through investments. Then, at the end of the second quarter, Hedge Funds held Bitcoin spot ETF holdings worth $4.7 billion

Read Also: DOGS Coin Listing, Here's Various Important Information, Starting from DOGS Price to Airdrop

Update Bitcoin dan Ethereum

Now, let's discuss the two giants in the crypto ecosystem, namely Bitcoin and Ethereum.

This week, Bitcoin mined an empty block at a height of 857116. However, not only is Bitcoin in disarray, the entire crypto ecosystem is also not doing well. In fact, FGI fell to 25, the market entered a phase of extreme fear. 

Apart from that, Bitcoin is indeed in a critical period this week. Grayscale even reported that GBTC holdings fell to around 230,000 BTC and ETHE fell to around 1,875 million ETH.

10x Research also reported that despite strong macroeconomic conditions, Bitcoin is still struggling to reach $66,000.

In Bitcoin internals it was reported that Bitcoin Expansion developers released the BitVM2 whitepaper. Quoted from Coinbase, the continued flow of funds into spot Bitcoin ETFs shows increasing institutional interest.

For Ethereum, last week it was updating the gas fee. Now, Ethereum gas fees have fallen below 1 gwei. Then there was news from a Lido contributor who announced the launch of ETH staking (wstETH) on the BNB Chain.

Collaboration Projects in the Crypto Ecosystem This Week

This week, the crypto ecosystem is busy with collaborative projects. Some of them are:

• Sun.io, Justin Sun's DeFi platform, released its Tron-based Meme token generator, SunPump
• Worldcoin collaborates with MIMOS Malaysia
• Galxe announced a collaboration with Google Cloud to advance Web3 technology applications
• The dYdX community launched a voting proposal to add PAXG support to the dYdX Chain
• Alchemy Pay now supports Tether Gold (XAUt)
• The Central Bank and the Ministry of Finance of Russia discussed creating a "Russian Crypto Exchange"
• ether.fi will work with Symbiotic to deploy the network

Other Crypto Updates

Apart from the information above, there are several other updates in the crypto ecosystem, namely:

• Data: 75,000 BANANA transferred from Banana Gun treasury to Galaxy Digital address
• Circle: Over the last 7 days, approximately $2.2 billion USDC was issued and approximately $2.2 billion USDC redeemed
• Holonym Foundation completed a $5.5 million seed funding round, led by Finality Capital and Paper Ventures
• TON launches initial developer support program, TON Nest
• Data: NFT INT LLC raised $19 million with the launch of three series of digital Trump trading cards
• Illuvium: Patch 1.0.4 Illuvium Zero has launched
• Data: The number of active addresses on Base has exceeded the combined number of Arbitrum and Optimism
• The SunPump platform experiences a surge in data, heating up the meme coin market
• Gold prices continued to rise, topping $2,488 per ounce, reaching an all-time high
• Donald Trump produces more than $7 million from NFTs, and holds up to $5 million in cryptocurrency

Read Also: Aethir Coin (ATH): Everything You Need to Know

• Bank of America: Markets are expecting four rate cuts this year, and don't believe Powell will go against market prices
• Flexa, a digital payments platform, launched the Flexa Components tool to simplify crypto payments for merchants
• GAMEE, Web3's gaming platform, closed a new funding round with the participation of TON Ventures
• Bitdeer plans to issue $150 million worth of convertible bonds to expand data centers
• SUNCAT became the project with the second highest market value on the SunPump platform, reaching $1.4 million
• Data: Pump.fun's cumulative revenue surpasses $96 million
• Founder of DefiLlama: DEX Screener earns $150-250k per day by adding paid token information
• Ola will distribute 2% of the Ola token supply to effective validators in the second season of Massive
• gm.ai released a roadmap that includes the GM season three airdrop, as well as funding and incubation for gmAI-based projects
• LI.FI integrates the ThorChain cross-chain trading protocol
• Bounce Brand released details of the IDO of BN tokens, with a total IDO of 4.2 million
• Cumberland received approximately 1.46 billion USDT from Tether in the last two weeks
• Voting for FTX's customer claims plan ends on August 17 at 4 am
• Injective announces integration with the TON ecosystem
• Frax Finance will be implemented in Movement, and all Solidity code will be rewritten in Move language
• Polymarket: Donald Trump's chances of being re-elected as president fall to 44%, while Vice President Harris' chances rise to 54%
• Ansem, a crypto trader, lost $250,000 last month and is considering leaving the crypto market permanently
• The market size of tokenized US bonds surpassed $1.9 billion, growing 30% in the last 3 months
• US Senator Ted Cruz revealed that he bought up to $100,000 worth of Bitcoin in 2023
• DOGS tokens are now available to claim to Telegram and CEX wallets, must be deposited into the relevant account before August 20
• Trusta Labs, a reputation project, announced that the number of verified on-chain proofs based on the Verax Linea framework has exceeded 2 million, with more than 1.1 million registrants.

Conclusion

That's the update on weekly crypto news 12–16 August 2024. For information on the crypto ecosystem next week, you can check out the Bittime blog.

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