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This Gaming Behemoth is Launching a Crypto Exchange
PLUS: U.S. Marshals x Coinbase Partnership, A New L2 Privacy Gem, and 50% of Hedge Funds have BTC Exposure
Pep
July 03, 2024
Most Important News of the Day.
Corporate Expansions and Investments
Sony Group is diving headfirst into the cryptocurrency market by launching the S.BLOX Bitcoin and crypto exchange, thanks to its acquisition of Amber Japan. This move signals Sony’s significant expansion into digital assets. 🎮💰
CleanSpark exceeded its mid-year hashrate target, mining 445 bitcoins last month and reaching an operational hashrate of 20 EH/s. The company now holds a whopping 6,591 bitcoins. 🏆
Market Trends and Flows
Spot Bitcoin ETFs in the U.S. had their biggest daily inflow in almost a month at $129 million, reflecting investor optimism and possibly hinting at a bullish market sentiment. 🤑
Ethereum products faced significant outflows, with $60 million in net weekly outflows, the most since August 2022, as investors likely reallocate ahead of anticipated Ether ETFs. 🔄
The SEC is shaking things up, launching legal actions against Silvergate, accusing former executives and the bank of misleading the public post-FTX collapse. 🏛️
Celsius Network is starting legal proceedings to recover funds from pre-bankruptcy withdrawals, targeting individuals with significant Withdrawal Preference Exposure. 💼
Governmental and Institutional Engagements
The U.S. Marshals Service has partnered with Coinbase for crypto custody needs, even amid ongoing SEC scrutiny of the platform. 🚔
The German and U.S. governments are moving significant amounts of Bitcoin and Ethereum, impacting market perceptions and potentially adding selling pressure. 🏦
Over 50% of U.S. hedge funds now have exposure to Bitcoin, with Millennium Management’s allocation showcasing the growing institutional acceptance of cryptocurrencies. 📊
Circle has bagged the first stablecoin license under the EU's new MiCA crypto rules, allowing it to issue EURC and USDC in compliance with European regulations, marking a significant step in regulatory alignment for stablecoins. 🏛️
Our Daily Pick
Manta Network, An Evolved Zero-Knowledge Tool.
Manta Network is a layer-2 blockchain that started as a privacy-focused protocol on Polkadot but has evolved into an Ethereum Layer 2 (L2) sensation, focusing on zero-knowledge (ZK) applications. Think of it as the secretive, multitasking ninja of the blockchain world, ready to tackle privacy, scalability, and interoperability all at once! 🥷💥
What is it used for?
Privacy-Preserving Applications: Manta Network is like the James Bond of blockchain, offering super stealthy dApps for private payments, identity verification, and more. 🕵️♂️💸
Scalability: As an L2 solution, Manta Network takes the heavy lifting off Ethereum’s mainnet, making transactions faster and cheaper. It’s like moving from a tricycle to a rocket ship. 🚀📉
Interoperability: Manta Network plays nice with other blockchains, allowing smooth asset transfers and communication. It's the United Nations of crypto! 🔗🤝
Who is behind the project?
Manta Network was founded by Shumo Chu, a former Algorand researcher, and Victor Ji, a former Uber engineer. 🦸♂️🦸♂️
Who is backing it up?
Manta Network has the backing of heavy hitters like Polychain Capital, Binance Labs, Multicoin Capital, and ParaFi Capital. It’s like having the Justice League on your side! 💼💰
MANTA Token: The native token of Manta Network, used for governance, staking, and as a medium of exchange within the ecosystem. 🪙
Circulating Supply: Approximately 339,100,416 tokens. 📊
Maximum Supply: 1 billion tokens. 🌐
Market Cap: $344,465,868, ranked at #157. 📈💹
Manta Network's Superpowers:
Privacy: With zk-SNARKs, Manta Network makes your transactions as private as a secret agent's mission dossier. 🔒🕶️
Scalability: As an L2 solution, Manta Network handles more transactions off-chain, offering speed that leaves the Flash in the dust. 🚀📉
Universal Circuits: These make developing ZK applications as easy as pie (or maybe cake, if you prefer). 🎂🛠️
Use Cases:
Private DeFi: Secretive finance apps that keep your transactions under wraps. 🕵️♀️💸
Web3 Identity Verification: Verify who you are without revealing all your secrets. 🆔🔒
Gaming: Play games that are fair and private, just like a spy's poker night. 🎮🛡️
Private Data Sharing: Share sensitive info securely, like passing notes in class (but cooler). 🔒🗂️
Final Thoughts:
Manta Network is like the James Bond of blockchain—sleek, private, and ready for action. Its focus on privacy and scalability, along with cutting-edge ZK technology, makes it a standout project. However, it faces challenges like regulatory uncertainty and fierce competition. Keep an eye on Manta Network as it continues its mission in the blockchain universe! 🌐
Long-Term Holders: Steady as She Goes. Meanwhile, our long-term holders, sitting pretty with an average cost basis below $20K, are in no rush to dump their bags. This 15% pullback from March’s high of $73.5K? Just a routine check-up in a bull market, shaking out the weak hands and giving the diamond hands a chance to shine. 💎
Remember, back in the 2017 cycle, Bitcoin saw 10 drawdowns of 20% or more. It’s all part of the game in a bull market. Bitcoin’s wild price swings keep things spicy and offer some juicy opportunities for those in it for the long haul. 🌶️
Chart of the Day: Bitcoin Flexes Muscles Amid DXY’s Dollar Domination 💪💵
Despite the U.S. dollar flexing its muscles and showing off recent gains, Bitcoin (BTC) is holding its ground like a true champ, trading just $10,000 below its all-time high in 2024. 🌟
The DXY (U.S. Dollar Index) measures the dollar's strength. A DXY above 100 means the dollar is flexing; below 100, and it's a bit wimpy.
Usually, Bitcoin and the DXY have a bit of a love-hate relationship – when one goes up, the other tends to go down. But in a plot twist worthy of a soap opera, Bitcoin remains solid even with the DXY strutting around at a hefty 106. Bitcoin's stability, despite the dollar’s Herculean strength, is like Rocky Balboa standing tall against Apollo Creed. 🏋️♂️🌐
Happy 4th frens,
-Pep