Crypto SWOT: After a Software Update Test, Ether Hit a Two-Month High


  • Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Celsius, up 89.99%.
  • Ether hit a more than two-month high as the planned software update for the Ethereum blockchain underwent a major test, which could pave the way for one of the most significant changes in the cryptocurrency sector. The Goerli test, conducted Wednesday night New York time, was a kind of rehearsal to switch the Ethereum network from proof-of-work to a more energy-efficient proof-of-stake system. The complete change is expected next month, writes Bloomberg.
  • Huobi Group founder Leon Li is in talks with a group of investors to sell his majority stake in the crypto exchange at a valuation of up to $3 billion, in what could be the industry’s largest acquisition since it began. a $2 trillion global cryptocurrency. The Chinese cryptocurrency tycoon has been in talks with a host of financiers, seeking to sell a roughly 60% slice of the company he founded nearly a decade ago, writes Bloomberg.


  • Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was ApeCoin, down 7.37%.
  • Galaxy Digital Holdings said its second-quarter loss more than doubled against a backdrop of falling digital asset prices. The next comprehensive loss was $554.7 million, compared to $182.9 million a year earlier, primarily due to unrealized losses on digital assets and on investments in its core investment and trading business, according to Bloomberg. .
  • Coinbase Global Inc. posted a record $1.1 billion loss in the second quarter and lower-than-expected revenue as the largest U.S. cryptocurrency exchange was hit by falling digital asset prices. Revenue fell by more than 60% to $803.3 million, below analysts’ estimate of $854.8 million, writes Bloomberg.


  • Asian cryptocurrency exchange Zipmex Pte will allow users to partially withdraw Bitcoin and Ether from their trading accounts starting this week, bringing some relief to those caught up in the recent crisis in the digital asset market. Zipmex will allow users to withdraw some of their Ether and Bitcoin from the Zipmex Z wallet, meaning 60% of users will get some of their token back, writes Bloomberg.
  • Financial giant Morgan Stanley is seeking a Product Development Manager with a primary focus on creating a wide range of new crypto products across all lines of business, according to a LinkedIn job posting from the company. The job posting is an indication that Morgan Stanley is taking crypto more seriously and looking to increase its product offerings after launching a private passive fund in March 2021, Bloomberg reports.
  • CryptoQuant plans to nearly triple its headcount by the first quarter of next year, as it presses ahead with expansion plans despite a sustained slump in cryptocurrency markets, Bloomberg explains. The Seoul-based cryptocurrency data provider plans to add at least 50 people to its teams in Miami and the South Korean capital starting in September, CEO Ju Kiyoung said in an interview.


  • Democratic Sen. Elizabeth Warren wants a US regulator to withdraw her guidance that allowed banks to offer crypto services, seeking more protection for consumers amid heightened volatility in digital assets. Warren is circulating a draft letter to the Office of the Comptroller of the Currency among her colleagues and plans to send the final version soon to acting OCC chief Michael Hsu, writes Bloomberg.

  • As reported by Bloomberg, the widespread adoption of crypto assets in a fully developed metaverse may pose a systemic risk to financial stability and would require a “robust consumer protection” framework, Bank of England staff said. The larger the volume of these crypto transactions, the greater the potential impact on real-world financial stability if prices collapse, they said.
  • Tornado Cash’s TORN token fell sharply on Tuesday after the US Treasury Department imposed sanctions on the cryptocurrency mixer. Tornado Cash was also used to launder funds stolen in the $600 million Ronin Bridge hack in March, as well as the $100 million loot from the Harmony Bridge exploit in June, writes Bloomberg.

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