Crypto Weekly Roundup: Ethereum ETFs Greenlight, dYdX Compromised, & More

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As a seasoned researcher with a background in technology and finance, I find this week to be incredibly exciting for the crypto industry. With the long-awaited approval of spot Ethereum ETFs and the Bitcoin 2024 conference creating buzz, there’s no shortage of intriguing developments to follow.

Last week saw significant developments in the crypto sphere: Long-awaited spot Ethereum exchange-traded funds (ETFs) commenced trading on prominent stock exchanges. In addition, the upcoming Bitcoin 2024 conference, boasting a lineup of famous speakers, has generated even more hype within the industry. Explore further for additional insights.

Bitcoin

At the Bitcoin 2024 conference held in Nashville since Thursday, notable figures like Donald Trump are set to deliver speeches towards the end of the week.

I, Steven Fulop, the mayor of Jersey City, have made an announcement that our municipal pension plan intends to allocate funds towards investing in Bitcoin (BTC) via Bitcoin ETFs on the spot market.

Ethereum

Major exchanges have started listing Ethereum-linked exchange-traded funds (ETFs) following the Securities and Exchange Commission’s (SEC) approval of their S-1 registrations. This development marks an essential milestone for investors seeking to invest in Ethereum through traditional stock market channels. The approval, granted on Monday, enables these Ethereum ETFs to be traded on prominent exchanges like Nasdaq, the New York Stock Exchange (NYSE), and the Chicago Board Options Exchange (CBOE).

Technology

The OriginTrail Decentralized Knowledge Graph, powered by OriginTrail, enhances discoverability and verifiability, adding value to the connected Web3 assets on Polkadot. By utilizing Polkadot’s robust trust model and inherent interoperability, OriginTrail makes it easy for other projects within the Polkadot ecosystem to seamlessly integrate.

Business

As a researcher looking into recent news, I came across an announcement where Marathon Digital Holdings was penalized for $138 million due to a violation of a non-disclosure and non-circumvention agreement. Specifically, they utilized a proprietary growth strategy that belonged to Michael Ho, co-founder of US Bitcoin Corp and current chief strategy officer at Hut 8, without providing proper compensation.

Polkadot’s forthcoming mobile application integrates Raise’s innovative payment technologies, enabling users to efficiently conduct cryptocurrency transactions. This integration creates a user-friendly and secure environment for managing digital assets and executing routine purchases.

Web3

As a researcher studying the cryptocurrency market, I’ve observed that memecoins have transformed from fleeting trends into a robust category. This development raises significant questions concerning market stability and resource distribution within the web3 ecosystem. The growing attention from high net worth investors, or “whales,” adds legitimacy to memecoins in the eyes of individual investors, potentially diverting capital away from more established projects that prioritize utility.

Security

MonoSwap, a decentralized exchange and staking platform, reported a significant security breach and advised users to cease staking activities and avoid depositing further funds on the platform.

dYdX, a decentralized cryptocurrency exchange, disclosed that one of its on-chain trading services was breached following the installation of a token-siphoning application on the official website of dYdX v3. It is important to note that this incident did not impact the funds of traders currently using dYdX, as reported prior to the sale announcement.

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2024-07-28 10:33