Bitcoin Price Soars on Grayscale Win Over the SEC

Bitcoin Soars on Grayscale win over SEC

Kicking things off, Bitcoin is making headlines with a significant surge, breaking past the $28,000 mark. This comes on the heels of a U.S. federal appeals court instructing the SEC to reevaluate its denial of Grayscale Investments' application to turn its Bitcoin Trust into an ETF. The outcome has not only lifted Bitcoin but also jolted the shares of crypto giants like Coinbase and MicroStrategy by double-digit percentages.

The court ruling holds transformative potential, as it could pave the way for the first spot Bitcoin ETF in the U.S. In simple terms, even mainstream investors could soon have a more straightforward route to invest in Bitcoin without the complexities of direct buying or worrying about custody issues. 

Grayscale's own Bitcoin Trust soared by 17%, and the market responded with Altcoins like Ether and Cardano also posting impressive gains.

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Chinese banks set to cut interest rates

In a strategic move to revive its faltering property sector and stimulate the economy, China's state-owned banks are set to reduce interest rates on existing mortgages. This unprecedented measure, the first since the global financial crisis, varies across clients and cities, potentially reaching cuts of up to 20 basis points. 

The development comes as part of Beijing's broader economic support initiatives and could have ripple effects on the global economy. The rate cuts, aligned with other bullish factors like positive moves in crypto and tech equities, contribute to a risk-on sentiment that could further energize global markets and consumer spending.

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Binance looking to exit Russian market

Binance, the largest cryptocurrency exchange in the world, is currently reassessing its operations in Russia. This includes considering a complete withdrawal from a market that was once significant but has now become problematic.

According to an official spokesperson for Binance, all options are being considered, including the possibility of completely exiting the Russian market. This statement was made to The Wall Street Journal.

Last week, The Journal published an article revealing that Binance had been assisting Russians in moving funds abroad. This is despite Binance stating last year that it had ceased operations in Russia and was following Western sanctions requirements. Additionally, trading on its platform within Russia had been restricted. Subsequently, Binance implemented measures to limit peer-to-peer transactions involving sanctioned Russian banks.

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LimeWire continues Web3 journey

An application for sharing files, which was previously utilized to distribute unauthorized music in the early 2000s, will now evolve into a Web3 content platform. This transition will be facilitated by the launch of a creator studio on Polygon.

The primary function of this studio is image generation, allowing users to generate new images or enhance pre-existing ones using different artificial intelligence models. In the subsequent quarter, LimeWire's chief operating officer Marcus Feistl has announced that users will have access to a library containing melodies, beats, and songs.

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DYdX to unlock tokens worth $14 million

dYdX, a decentralized exchange (DEX) platform, has announced its plan to distribute $14.02 million worth of DYDK tokens to its community treasury and as rewards for traders and liquidity providers.

On August 29th, dYdX will make available 6.52 million tokens, which makes up approximately 3.76% of the total circulating supply of DYDX. Among these tokens, 2.49 million DYDX tokens, valued at $5.36 million, will be allocated to the community treasury. These funds are intended for various purposes including granting contributors with financial support and supporting community initiatives such as liquidity mining programs.

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Other breaking news

• Aerodrome, a Velodrome fork DEX, is now live on Base
• Bridging protocol Stargate has deployed on Kava chain
• Solana-based automation Clockwork protocol will shut down
• Genesis, DCG reach chapter 11 deal
• Ben Armstrong, known as Bitboy Crypto, is no longer a part of the brand.

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Wrapping up

A whirlwind day in crypto and finance. Bitcoin skyrockets post-Grayscale's SEC victory, possibly altering the U.S. crypto investment scene. China's banks cut rates, affecting the global economic mood, while Binance reevaluates its Russian operations. LimeWire ventures into Web3, and dYdX unlocks $14 million in tokens. This week is shaping up to be pivotal; stay tuned and see you tomorrow for another edition.