The Block
Quick Take The crypto lending sector is recovering from the cascade of bankruptcies in 2022, but firms are approaching it conservatively. This column is adapted from The Scoop newsletter.
Quick Take U.S. crypto exchange Kraken has failed to dismiss the case against it brought by the Securities and Exchange Commission. The SEC argues the exchange operated as an unregistered securities exchange, broker-dealer and clearing agency in addition to mishandling customer information and funds.
Quick Take Digital Currency Group has fully repaid its short-term debts as of June, the company announced in a quarterly shareholder letter this week. Its only remaining debt is a $1.1 billion promissory note due to its bankrupt crypto-lending unit Genesis in eight years.
Quick Take Robert F. Kennedy Jr. has been friendly toward the crypto industry over the past year and made several promises for his first potential day as president at Bitcoin 2024 last month. Kennedy also announced on Friday that he would be backing Republican candidate and former president Donald Trump
Quick Take Payments giant PayPal and crypto custodian Anchorage Digital are partnering on a stablecoin rewards program. The program will pay out yield on PayPal USD tokens held by the crypto-native bank or in Anchorage’s institutional self-custody wallet Porto.
Bitcoin spikes up as Fed says ‘time for policy adjustment’ at Jackson HoleBlockchain Association, DeFi Education Fund warn that SEC’s consolidated audit trail poses privacy concernsCrypto exchange Kraken’s motion to dismiss US SEC case deniedThe following is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons
The bitcoin price broke above the $61,000 mark after Fed Chair Jerome Powell’s dovish announcement at the Jackson Hole symposium.U.S. equities saw gains in early trading on Friday, with the S&P 500 and Nasdaq up 1.2% and 1.8% respectively.
A JPMorgan report has reduced its price targets for bitcoin mining stocks due to declining bitcoin prices and a rising network hashrate.However, the report noted that enhanced efficiencies at Riot Platforms’ facilities and a recent drop in Iris Energy’s stock price present potential opportunities.
Onchain metrics shows bitcoin exchange reserves have dropped to multi-year lows.Options market open interest distribution signals optimism for bitcoin and ether.
U.S. spot bitcoin ETFs recorded $64.91 million in net inflows on Thursday, while spot Ethereum ETFs saw $874,610 exit the funds.BlackRock’s IBIT experienced net inflows, while Grayscale’s GBTC continued its outflows.
