55% OF THE WORLD’S TOP 100 BANKS REPORTEDLY HAVE CRYPTO AND BLOCKCHAIN EXPOSURE
A new research report found that 55 out of the top 100 banks by assets under management have some form of blockchain or crypto exposure.
According to research by Blockdata, the banks and their subsidiaries have direct and indirect investments in crypto and decentralized ledger technology firms.
Notable banking giants named included Barclays, Citigroup and Goldman Sachs, who were reported as the most active backers of crypto and blockchain firms, while JPMorgan Chase and BNP Paribas were also identified as serial investors in the sector.
COINBASE’S Q2 PROFITS TOP $1.6B AS ETH VOLUME SURPASSES BTC’S FOR THE FIRST TIME
Coinbase, the crypto exchange led by media-shy co-founder and CEO Brian Armstrong, posted Q2 profits of $1.6 billion this week.
Coinbase’s total revenue for the quarter was $2.23 billion, beating out analysts’ predictions of $1.78 billion in expected revenue.
Interestingly, for the first time since Coinbase was founded nine years ago, Ethereum (ETH) had a higher trading volume than Bitcoin (BTC), with the assets representing 26% and 24% of total volume, respectively.
AXIE INFINITY BECOMES ETHEREUM’S FIRST NFT GAME TO HIT $1 BILLION IN SALES
Ethereum-based NFT game Axie Infinity has crossed $1 billion in sales, data from CryptoSlam! shows.
As of this writing, $1,055,735 worth of tokens from the Pokémon-inspired NFT game have traded hands through 2.4 million transactions. There are 324,850 buyers, 936,065 owners, and more than a million daily active users.
The milestone is the latest piece of evidence to show that the blockchain game, launched in 2018, has truly gone viral this summer. Almost a fifth of Axie Infinity’s sales took place in the past week and three quarters concluded in the past month.
SQUARE’S VALUE COULD 5X THANKS TO AFTERPAY DEAL: POMP
Square, headed up by CEO Jack Dorsey, this week announced its acquisition of the Australian buy now pay later (BNPL) business for $29 billion.
Following the announcement, Square stock (SQ) has increased by 8%, going from $248 on July 30 to around $269 today, while Afterpay stock (APT) has increased by 34%, moving from $95 AUD to $128 AUD within that same time frame.
Morgan Creek Digital co-founder and Bitcoin proponent Anthony Pompliano thinks Square’s value could increase to $1 trillion following the firm’s acquisition of Afterpay.
GoldenTree Asset Management is reportedly investing in Bitcoin
New York-based asset management firm GoldenTree has reportedly added Bitcoin to its balance sheet, though the amount of this supposed investment remains unknown. Executives at the firm, including founder Steven Tananbaum and partners Deeb Salem and Joseph Naggar invested in a funding round this month for Borderless Capital, which previously helped launch an accelerator program from Algorand. Other asset management firms have begun to delve into the crypto space as well, either through direct investments or by offering investment vehicles for Bitcoin and other tokens.
Bitcoin ‘supercycle’ sets up Q4 BTC price top as illiquid supply hits all-time high
As $42,400 local highs appeared on July 31, narratives around the market are flipping back to a bullish Bitcoin “supercycle.” With Bitcoin’s latest uptick, BTC/USD broke through its 21-week exponential moving average, something which analyst Rekt Capital described as a “time-tested bull market indicator.” ”Bitcoin ‘supply shock’ is now at levels that previously priced Bitcoin at $53K,” fellow analyst William Clemente commented on the same data.
💡Who’s the Ethereum Whale Buying Up All the CryptoPunk NFTs?
📎A single buyer purchased over 1% of the CryptoPunk NFT supply on Friday, spending over $6 million. And it’s still buying.
📎CryptoPunks are non-fungible tokens (NFTs), blockchain-based deeds of ownership to an associated collectible, in this case 10,000 pixelated images of punky-looking characters, each with its own distinctive characteristics. Punks are classified as Alien, Ape, Zombie and Human, with the non-humans being more rare.
📎Gary Vaynerchuk bought CryptoPunk #2140 for 1,600 ETH ($3.7 million) today. Hours later, someone paid 2,250 ETH ($5.4 million) for #5217. The sales rank as the fourth- and third-largest in CryptoPunk history, respectively.