Yellow Capital Blog/Weekly Crypto Digest/Weekly Crypto Digest for July 17 - July 23, 2023.

Weekly Crypto Digest for July 17 - July 23, 2023.

Monday, July 24, 2023

Ripple continues the rally, Crypto regulation bill in the US, Kuwait bans cryptocurrency, FTX seeks $71M refund from charities, and more news in the lates issue of Weekly Crypto Digest.

XRP continues to rally as Bitcoin falls below $30,000

Ripple continues the rally after successful lawsuit results

On July 19, the price of XRP rose by 6.5% to levels near $0.79, despite a number of statements in the case of Ripple against the SEC. Two days before, former agency lawyer John Reed Stark called the court's verdict "shaky" and Commission chief Gary Gensler said the ruling was being studied.
However, the head of Haun Ventures, Kathy Haun, praised the decision in the case as "a good result for the industry." In her opinion, an appeal by the regulator is possible, but an "immediate" appeal "seems unlikely." The department made it clear that they allow such a development of events.

The United States introduced a bill to regulate the crypto market

Republicans in the U.S. House of Representatives released a 200-page document called the 21st Century Financial Innovation and Technology Act. It obliges the SEC and the CFTC to develop appropriate regulations and prohibits them from setting rules on the form in which citizens can own cryptocurrencies.

DEXs Contribute Only 5% to Global Stablecoin Trading

The US authorities have again begun moving the first cryptocurrency confiscated from the Silk Road darknet marketplace. In multiple transactions, government-affiliated wallets transferred over 9824 BTC (~$300 million at the time of writing).
According to on-chain According to cryptocurrency data provider Kaiko, decentralized exchanges (DEXs) make up only 5% of the global stablecoin trading activity. However, this figure surged to 45% in March, fueled by developments in the U.S. banking sector.
The majority of stablecoin trading, constituting 74% of total activity, occurs on centralized exchanges (CEXes). Among them, Tether (USDT) dominates the market with an $83.4 billion market cap and accounts for 70% of stablecoin trades.
CEXes have increased their stablecoin market share by 10% since the beginning of the year, at the expense of decentralized platforms. In March, this figure reached an all-time high of 87% after Binance introduced a zero-fee promotion to boost liquidity for TUSD.
Despite the growth of USDC and TUSD, Tether (USDT) remains the dominant player in the stablecoin sector, representing two-thirds of the over $3 trillion worth of stablecoin trades settled this, on July 12, DOJ-owned addresses sent 8,200 BTC (~$250M) and 1,118 BTC (~$34M) to two unidentified wallets in a series of transactions.
Another 506 bitcoins (~$15.5 million) were moved to another unknown address. Later, the cryptocurrency was distributed to several new wallets. According to PeckShield, 158 BTC (~$4.86 million) went to the Binance exchange.
In March 2023, the US government sold 9,861 BTC for $215 million. This was only part of the confiscated assets - the authorities planned to liquidate the remaining 41,491 BTC at that time in four batches during the year.

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Kuwait bans cryptocurrency transactions and mining

The Kuwait Capital Markets Authority (CMA) has announced its commitment to an "absolute ban" on virtually all cryptocurrency transactions in the country.
According to the circular, the measures apply to payments, investments, and mining. The CMA also banned local regulators from issuing any licenses allowing firms to "provide virtual asset services as a commercial business."

Vitalik Buterin spoke about the implementation of account abstraction in Ethereum

The account abstraction is seen as a catalyst that could bring a billion users to the Ethereum network, but there are some challenges in implementing the feature. Vitalik Buterin stated this.
According to him, the integration of the technology will make it possible to pay fees not only with ETH but also with other coins that the user transfers.

Polygon team introduced a new protocol management model

As part of the roadmap, Polygon 2.0’s layer 2 Ethereum networks will form a so-called ecosystem council to more decentralized control. The prerogative of the structure will be updating the system of smart contracts.
To provide greater visibility into the council's activities, a transparency dashboard will be introduced. The other two "pillars of governance" will be core protocol and treasury management.

FTX seeks a $71 million refund from its charities

The leadership of the collapsed FTX is trying to recover about $71 million from the company's charitable and life sciences divisions. According to the exchange lawyers, these donations are made "for the personal exaltation of Bankman-Fried."
At the end of the week, court documents revealed that former Alameda Research CEO Caroline Ellison knew about the multi-billion dollar deficit long before FTX collapsed.

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