August 04, 2024
Weekly: Latest Updates and Insights
Traders Brace for Fed’s Rate Policy Outlook: As the Federal Reserve’s July policy meeting approaches, investors are shifting their focus from immediate interest rate decisions to potential signals for rate cuts in September. Market participants expect the Fed to maintain its current rate while closely monitoring statements from Fed Chair Jerome Powell for insights on future monetary policy adjustments.
Bank of England Faces Uncertain Interest Rate Decision: Analysts are predicting a potential interest rate cut by the Bank of England, with markets estimating a 61% chance of a 25-basis-point reduction amid ongoing inflation concerns. The decision, set to be announced at noon U.K. time, follows a period of limited communication from the central bank due to the recent general election, leaving traders anxious about the outcome.
Bank of Japan Raises Interest Rates and Reduces Bond Purchases: In its monetary policy meeting on July 31, the Bank of Japan decided to further raise interest rates and halve its government bond purchases, marking a shift towards a “quantitative tightening” policy as it aims to combat inflationary pressures and support the yen’s exchange rate, while closely monitoring economic data to determine the potential for additional rate hikes.
Trump Proposes Changes to SEC and Bitcoin Strategy: Donald Trump has announced plans to replace SEC Chair Gary Gensler if he wins the 2024 presidential election, criticizing Gensler’s approach to cryptocurrency regulation. Additionally, Trump aims to establish a strategic Bitcoin reserve to enhance the U.S. economy and support the digital currency’s growth.
Kamala Harris Campaign Engages with Crypto Industry: Vice President Kamala Harris’s campaign is actively reaching out to major cryptocurrency firms, including Coinbase, Circle, and Ripple Labs, to foster relationships that could shape future regulatory frameworks. This effort aims to reposition the Democratic Party as supportive of innovation and business within the crypto sector, particularly in light of past tensions over regulatory approaches.
Senator Lummis Proposes Bitcoin Purchase to Tackle National Debt: U.S. Senator Cynthia Lummis has proposed that the federal government buy one million Bitcoin as a strategy to help reduce the national debt. This bold initiative aims to leverage the potential appreciation of Bitcoin to create a financial buffer for the country’s fiscal challenges.
Elon Musk Declares He Will Not Promote Cryptocurrency: During a recent podcast, Elon Musk stated that he will not promote any cryptocurrency, clarifying that any past videos of him endorsing crypto are likely deepfakes. While he acknowledges the value of Bitcoin and expresses a fondness for Dogecoin, he emphasized that his involvement will be limited to joking references, urging caution against scams using his image.
Snowden Addresses Bitcoin Privacy and Political Challenges at Bitcoin 2024: At the Bitcoin 2024 conference, Edward Snowden delivered a keynote speech highlighting the potential political pitfalls and privacy issues surrounding Bitcoin, emphasizing the need for the cryptocurrency community to remain vigilant against government overreach and to prioritize user privacy as the technology continues to evolve and gain mainstream adoption.
MicroStrategy Reports Q2 Loss, Increases Bitcoin Holdings: Despite reporting a $11.4 million loss in Q2 2024, MicroStrategy, the business intelligence firm led by Michael Saylor, announced that it had acquired an additional 11,400 Bitcoin, bringing its total holdings to over 250,000 BTC valued at approximately $5.5 billion.
Fundraising
Crypto Lending Firm Morpho Secures $50 Million in Funding: Morpho, a crypto lending platform, has successfully raised $50 million in a funding round led by Ribbit Capital. This investment will support Morpho’s growth and expansion in the decentralized finance (DeFi) space, enhancing its lending services and offerings.
a16z Crypto’s DePIN Project Daylight Secures Funding: The decentralized physical infrastructure network (DePIN) project Daylight has successfully raised $4.5 million in funding, led by a16z Crypto. This investment aims to enhance Daylight’s initiatives in building decentralized infrastructure solutions.
Binance Labs Invests in Liquid Staking Platform Apriori: Binance Labs has announced its investment in Apriori, a liquid staking platform, as part of its strategy to support innovative projects in the blockchain ecosystem. This funding aims to enhance Apriori’s capabilities and expand its offerings in the rapidly growing liquid staking market.
Binance Labs Invests in Modular Layer-1 Blockchain Particle Network: Binance Labs has announced its investment in Particle Network, a modular layer-1 blockchain project designed to tackle user and liquidity fragmentation across multiple networks. This funding aims to enhance Particle Network’s infrastructure, which will allow users to manage their assets seamlessly across various blockchains with a unified account system.
Galaxy Ventures Leads $10.7 Million Investment in Layer2 Financial: Galaxy Ventures has spearheaded a $10.7 million Series A funding round for Layer2 Financial, a startup aiming to disrupt traditional cross-border payment systems like SWIFT. This investment will support Layer2 Financial’s efforts to enhance its platform and promote more efficient international transactions.
Bitcoin Scaling Network Mezo Secures New Funding: Mezo, a Bitcoin scaling network, has successfully raised an undisclosed amount of funding from investors including Hivemind Capital Partners and Stillmark. This investment will enable Mezo to further develop its layer-2 scaling solution and promote the adoption of Bitcoin as a global payment network.
NFT Startup Mintify Raises $3.4 Million in Additional Funding: Mintify, an NFT startup focused on enhancing the user experience in the digital collectibles space, has secured $3.4 million in additional funding to further develop its platform. This investment aims to bolster Mintify’s tools and services, making it easier for users to discover, trade, and manage NFTs.
We.Rich Secures $2 Million in Seed Funding: We.Rich has successfully raised $2 million in a seed funding round, co-led by Animoca Brands and Folius Ventures. This investment will support the platform’s growth and development in the crypto space.
Icebreaker Secures $5 Million to Create Blockchain’s LinkedIn: Icebreaker, a platform designed to function as a blockchain-based alternative to LinkedIn, has raised $5 million in seed funding, led by CoinFund. This funding will help the team, composed of veterans from Google and Coinbase, develop features that allow users to transfer their professional profiles and networks onto the blockchain.
Jokerace Raises $3 Million for On-Chain Competition Platform: Jokerace, an on-chain competition platform utilized by projects like Polygon, Farcaster, and Bankless, has successfully raised $3 million in funding. This investment will support the platform’s development and enhance its capabilities for hosting decentralized competitions and events.
Crypto Proprietary Trading Firm Breakout Secures New Funding: Breakout, a proprietary trading firm focused on cryptocurrency markets, has successfully raised $10 million in a recent funding round. This capital will be used to expand its trading operations and enhance its technological infrastructure to better navigate the evolving crypto landscape.
Pichi Finance Raises $2.5 Million in Funding: Pichi Finance, a decentralized finance (DeFi) platform, has successfully raised $2.5 million in a funding round. This investment will support the development of Pichi Finance’s ecosystem and its mission to provide innovative DeFi solutions.
Paradigm Invests in MetaDAO Amidst Rising Prediction Markets: Crypto venture capital firm Paradigm has made a significant investment in MetaDAO as the popularity of prediction markets continues to surge. This funding aims to bolster MetaDAO’s development and enhance its offerings in the rapidly expanding prediction market sector.
Roxom Secures $4.3 Million in Pre-Seed Funding: Roxom has successfully closed its pre-seed funding round, raising $4.3 million to support the launch of its innovative platform. The funding was led by Draper Associates, with participation from other notable investors, and aims to enhance Roxom’s offerings in the blockchain space.
BlonkFi Completes Pre-Seed Funding Round: BlonkFi has announced the successful completion of its pre-seed funding round, backed by UOB and other investors. The protocol’s testnet is set to launch on August 1, 2024, marking a significant step forward in its development.