Hello. Welcome to this week’s edition of Crypto Weekly Roundup Newsletter. We’ll be talking about Walmart-Litecoin fakenews, Cardano Launches Smart contracts, Coinbase’s private debt offering and more.
Epic Litecoin Pump and Dump, Litecoin (LTC) saw its price jump from $175 to as high as $231 soon after the publishing of a press release stating that Litecoin and Walmart had entered into a partnership. The only problem? It was totally fake. After confirmation from both Walmart and The Litecoin Foundation that the PR was false, LTC fell more than 35% to $185. Although the fake PR was caught pretty quickly, it was still an impressive sneaky little endeavour from whoever did it. The market is back to where it was before the event. It was a crazy Monday but has effectively become a non-event
Cardano finally launches Smart Contracts: At long last, Cardano has smart contracts starting Sep. 12 as part of the Alonzo upgrade. The deployment means the end of a long wait — Cardano launched its main net four years ago but hasn’t been able to run decentralized apps (dapps) until this upgrade. The price decreased 8% on launch day, but it is already up 1200% this year.
Coinbase Announces Private Debt Offering: On Monday, Coinbase announced plans to sell $1.5 billion of debt to fund product development and possible acquisitions. By Wednesday though, there was so much demand from institutional investors that Coinbase upped the round to $2 billion. This is the second billion-dollar-plus offering from Coinbase in the two months since going public.
ETH Outflow from Exchanges: More than $1 billion worth of Ether (ETH) has been removed from centralized exchanges in the past 24 hours, leading to speculation about imminent price gains for Ether as supply shrinks on many trading venues. Ether’s price rallied by 60% in the 30 days after $1 billion was pulled from centralized trading platforms in April. #Bullish
Tweets I’m pondering: the case for NFTs
Other News:
#Facepalm Dogecoin Spin-Offs Soar 1,000% After Elon Musk Shows Off ‘Floki’ Puppy: Elon Musk just shared an image of his new Shibu Inu pup named Floki. Now, a host of Floki-themed tokens are on the rise. One coin even went up 1000%
The TIMEs they are a-changin’: Vitalik Buterin is on TIME’s 100 Most influential people in 2021
Solana network Sputters Back to Life Following Downtime, Network Restart
OpenSea’s Struggles Embolden Rivals: The insider buying scandal at OpenSea has hit just as a crop of rivals are circling the NFT marketplace leader. OpenSea’s Nate Chastain Calls it Quits. #WildWest
Binance still doesn’t have a Headquarters: CEO finally agrees that Binance needs a headquarters to be able to work with regulators.
SushiSwap Swaps Out Co-founder 0xMaki
Mainstream Adoption:
Katy Perry, Nas, and Jason Derulo Are Investing Big in a Spotify Rival
AMC will let customers buy movie tickets in Ethereum and Litecoin by year end
Ray Dalio says if bitcoin is really successful, regulators will ‘kill it’, but he’ll continue to hold Bitcoin
Fintech company Revolut is paying for WeWork membership in bitcoin. Says “the move underscores its belief in the future of crypto as a means of payment”
PayPal Allows UK Customers to Trade in Cryptocurrencies
Investments to Crypto:
MicroStrategy Acquires Additional Bitcoins and Now Holds Over 105,000 Bitcoins in Total (worth a cool 5.1$ Billion now)
Franklin Templeton, the asset management firm, has formed a blockchain venture fund that could raise as much as $20 million, public documents show.
Steve Cohen — the hedge funder and owner of the New York Mets — announced his latest bet in the crypto market: a new trading shop, called Radkl.
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