Bitcoin Transaction Volume Turning Normal after a Bumpy Month

Bitcoin started to normalise after its transaction volume slipped last month, according to market insight provider Santiment.

Santiment explained:

“Bitcoin’s biggest July transactions primarily happened during the bottom, and transaction volume is beginning to normalize now.”


Source: Santiment

The leading cryptocurrency recently dipped to lows of $17K, which contributed to the dwindling transaction volume.

Nevertheless, BTC has regained momentum and breached the $22K, with its price hovering around $22,900 during intraday trading, according to CoinMarketCap

Market analyst Michael van de Poppe also believes Bitcoin might be staring at the bottom, given that the uncertainty surrounding various crypto lending platforms like Celsius and Voyager has triggered the crash. He pointed out:

“So, not only forced selling from 3AC, LUNA & UST, but also Voyager, BlockFi and Celsius have been causing the markets to crash. On top of that, Tesla did sell 75% of their Bitcoin purchases towards cash. That’s what caused the crash. That’s also why we’re close to the bottom.”

Electric car manufacturer Tesla revealed that it sold $936 million worth of Bitcoin, or 75% of its holdings in the second quarter, symbolising a change of tune, given that the company’s CEO, Elon Musk, has been a notable crypto advocate. 

On the other hand, crypto analyst Ali Martinez stipulated that caution should not be thrown to the wind in the BTC market and said:

“Approach Bitcoin with caution. The TD Sequential presents a sell signal on BTC four-hour chart. A sustained four-hour candlestick close below $23,600 can trigger a correction for BTC to $22,500 or even $21,670.”


Source: AliMartinez

Mike McGlone, a Bloomberg Intelligence strategist, recently stated that the upcoming interest rate increase by the Federal Reserve might be a drawback to Bitcoin’s rally. 

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Coinbase Confirms No Risk Exposure to Bankrupt Crypto Firms

Nasdaq-listed cryptocurrency exchange Coinbase said in an announcement Wednesday that it had no risk-free exposure to bankrupt crypto firms, including Celsius, Three Arrows Capital, and Voyager Digital.

The news triggered Coinbase’s stock price has risen 14.34%, and the closing stock price was $75.27.

However, the company’s stock price has fallen about 70% since the beginning of the year.

Coinbase denies any credit risk exposure to Celsius, 3AC and Voyager, explaining:

“We have not engaged in these types of risky lending practices and instead have focused on building our financing business with prudence and deliberate focus on the client.”

But the company revealed that it made an “immaterial investment” in Terraform Labs, the developer of the failed stablecoin project Terra, through its venture capital business,

The events that plagued Terra at the time caused the broader disruption in the more comprehensive cryptocurrency world and ushered in a crypto winter, the knock-on effect of which saw mSeveralses pack up.

A number of companies are affiliated with Terraform Labs, including Three Arrows Capital (3AC). The crypto hedge fund failed to survive the collapse of LUNA and UST coins.

The three companies mentioned above have filed for bankruptcy protection due to liquidity issues. Coinbase commented, “Many of these firms were overleveraged with short-term liabilities mismatched against longer duration illiquid assets.”

Coinbase promised investors that it would not suffer the same fate.

Digital asset lending firm, Genesis Capital, said it would sell its collateral to hedge against bad debt risks if Three Arrows Capital fails to meet margin calls.

Cryptocurrency exchange may suffer a total of $270 million in losses due to Three Arrows Capital’s inability to repay loans due to the bankruptcy and liquidation of Three Arrows Capital.

Two days ago, Nasdaq-listed cryptocurrency exchange Coinbase Global Inc announced it had tapped a new license from the Italian market regulator, the Organismo Agenti e Mediatori (OAM).

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Millennial Investors Open the Most Crypto Accounts in Q2, Apex Report Shows

With nearly 370,000 new crypto accounts opened in Q2 of 2022, Millennials are rising in the crypto space, according to a report by investing platform Apex Fintech Solutions (Apex).

Apex data showed millennial investors continued to be bullish, especially in the flagship Bitcoin (BTC) and Ethereum (ETH) cryptocurrencies. Per the report:

“Broken down by generation, millennials represented 54% of crypto-enabled accounts, with Gen Z and Gen X each accounting for 21%. Baby boomers held just 4% of crypto-enabled accounts as of June 30, 2022.”

The Apex Next Investor Outlook report pointed out that millennials’ faith in flagship cryptocurrencies was not dented despite a tumultuous quarter in the crypto market.

Apex highlighted:

“Bitcoin saw its price versus the U.S. dollar slump more than 50% in Q2 2022, but that apparently wasn’t a deterrent to investors, as approximately 1,050 accounts opened a position in Bitcoin each day throughout the quarter. Millennials showed particular interest in Bitcoin, accounting for about half of the 591,000 accounts that hold the cryptocurrency.”

Millennials also take nearly 50% of the crypto accounts by holding Ethereum.

Nevertheless, Generation Z (Gen Z) was not overly optimistic because they believed a crypto winter was coming. As a result, they veered away from crypto stocks, with their primary investments being traditional stocks throughout Q2. 

Millennials represent the population of people born between 1981 and 1996 (ages 26 to 41 in 2022), whereas anyone born from 1997 onward is part of Gen Z. 

Traits often associated with millennials include being tech-savvy, ambitious, confident, and achievement-oriented. As a result, they have heeded the call of Bitcoin being an exceptional technological advancement and investment tool.

The correlation between BTC and millennials has been robust to the extent that Cory Bernardi, a former senator for South Australia, disclosed that he had joined the Bitcoin network because it was the millennial’s version of gold.

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DeFi Project HUMAN Protocol Launches Routing Protocol for Data Contribution

DeFi project HUMAN Protocol launched a new blockchain coordination layer called Routing Protocol, which aims to improve the data contribution function on the blockchain.

HUMAN Protocoldecentralisedalized and permissionless protocol facilitates the exchange of HUMAN work, knowledge, and contribution.

The protocol reduces the impact of robots on the network and products through blockchain incentives and reasonable task distribution applied to major companies and data platforms worldwide.

The routing protocol will handle key network components, including proof-of-balance, compensation negotiation, and detection of network generators, thereby increasing data processing capabilities.

Human Protocol also introduced two functions, record oracles and reputation oracles, to assess the quality of work.

When workers submit their respective processing results, the marketplace submits the results to the record oracle, which makes an initial evaluation and aggregates the work into blocks.

In the Human Protocol ecosystem, the token rewards (HMT tokens) are awarded by the Human Protocol system to motivate users through smart contracts.

Reputation oracles oversee the entire work and are responsible for evaluating blocks that record oracle aggregation.

Routing protocols will improve the ability of suppliers, humans and machines to define and deploy jobs by recording worker-provided answers and assessments through oracles and reputation oracles, increasing transaction volume speed and fidelity.

In Dec 2020, Human Protocol announced the integration of the Polkadot parachain Moonbeam to improve machine learning data labelling capabilities.

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Scaramucci’s Skybridge Capital to Launch Venture Fund for Web3 & Crypto Investments

On Wednesday, Anthony Scaramucci’s global alternative investment firm SkyBridge Capital announced that it plans to launch a fund for web3 and crypto startups in September.

The fund will mix traditional venture and growth equity and be open to accredited investors. The venture and growth equity-style fund will mainly invest in privately held web3 financial technology firms and growth and late-stage crypto firms.

SkyBridge plans to announce the venture fund at its annual Salt conference on September 12.

According to the announcement, as cited by sources familiar with the matter, the fund aims to be at the forefront of decentralised finance, which is in line with Scaramucci’s vision. As per the report, SkyBridge will focus on firms trading at discounts on the secondary market and companies that continue raising primary rounds.

Early this year, SkyBridge, a major traditional fund manager, shifted its attention to cryptocurrency.  

Market Volatility Hitting Capital Investments

The plan to roll out the venture fund comes a few days after SkyBridge joined a growing list of firms that have halted withdrawals from one of its crypto-exposed funds.

On 19th July, SkyBridge suspended withdrawals from its Legion Strategies Fund because of its crypto exposure.

Legion Strategies manages about $250 million, of which only 18% or around $45 million is dedicated to investments related to cryptocurrencies. The Legion Strategies Fund is exposed to crypto through investments in the Sam Bankman-Fried-led FTX exchange, along with exposure to Bitcoin, Ethereum, and Algorand.

SkyBridge founder Anthony Scaramucci stepped in and assured clients that no assets were at risk for liquidations and said the suspension was only temporary.

Scaramucci said the board had voted to temporarily suspend withdrawals because the fund faced difficulties selling private stocks, which comprise around 20% of the fund’s portfolio.

Amid the current market volatility and other inflationary pressures, private company stocks have become difficult to sell. One of the fund’s private investments is in the FTX cryptocurrency exchange.

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Square Enix to Launch Final Fantasy VII NFT Collection

Final Fantasy game creator Square Enix has announced plans to launch a non-fungible token (NFT) project related to the game franchise.


A collection of Final Fantasy VII NFT will be created and launched in collaboration with NFT marketplace Enjin. The collection will feature the 25th Anniversary cards and figures on Enjin’s Efinity blockchain.

The company has also announced that buyers will be able to purchase a commemorative action figure with a code that will help redeem an NFT version of the figure.

Interested buyers can start checking out the NFTs as pre-orders for the figures are already available, while trading card pre-orders will be available only later in 2022. Further announcements regarding the pre-order is yet to be revealed.

However, gaming fans have not reciprocated the inclusion of NFTs into the traditional gaming environment. GSC Game World, a Ukrainian game development company behind the S.T.A.L.K.E.R franchise, cancelled its plans to include NFTs in its S.T.A.L.K.E.R. 2 release when fans pushed back on the decision, The Block reported.

Square Enix is possibly plotting an upgrade to its gaming experience as the company’s president, Yosuke Matsuda, previously teased about the allocation of more to blockchain technology in 2022. 

In a letter on Jan 1, Matsuda said Square Enix was looking into issuing its own tokens. However, he tempered those comments by saying it was seeing examples of overheated trading in the NFT space, according to The Block.

“This, obviously, is not an ideal situation, but I expect to see an eventual right-sizing in digital goods deals as they become more commonplace among the general public, with the value of each available content corrected to their true estimated worth, and I look for them to become as familiar as dealings in physical good,” Matsuda said in the letter.

Particularly from that incident onwards, Square Enix showed more interest in blockchain technology. It sold $300 million in intellectual property and studios to invest in the technology along with artificial intelligence and cloud investments.

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AI-Based Startup Optic Raises $11m, Developing AI NFT Content Recognition

Optic, a San Francisco-based NFT authentication company, announced on Wednesday that it has raised $11 million in a funding round led by US venture capital firm Kleiner Perkins and crypto-native investment giant Pantera Capital.

For the latest funding, Optic said it plans to use to invest in building core AI infrastructure and designing a decentralized protocol. The company also stated that it intends to use the capital to recruit more engineering talents and release new tools designed for NFT creators, collectors, and a public API for web3 developers.

Other investors, including Greylock Partners, Lattice Capital, OpenSea, Circle, Polygon, CoinDCX, Neon DAO, and Flamingo DAO, also participated in the funding round.

Optic was founded in March this year by a former director of product at Google, Andrey Doronichev, and world-class AI researchers, Roman Doronin and Vlad Vinogradov.

Optic said it is creating an AI detection engine for NFT content recognition. The firm processes millions of newly minted NFTs daily and matches the content against authentic collections to evaluate their originality. Its automated monitoring tool informs media companies, marketplaces, or brands about potential intellectual property violations.

Optic co-founder and CEO Andrey Doronichev commented: “Optic isn’t an enforcement business. Our goal is to make the information available and transparent to the ecosystem. Artists and marketplaces can decide what to do with it.”

Optic displays a percentage for how much digital content matches existing NFT collections, with a higher number representing a close match and a likelihood of a complete counterfeit. Doronichev said a score below 95% implies that the NFT probably includes inspired or derivative art.

NFT giant OpenSea currently uses Optic’s Marketplace Moderation tool as part of the company’s efforts to crack down on frauds.

Doronichev elaborated: “People think of authenticity and all sorts of fraud and trust issues in the NFT space as a problem of a single marketplace or a single chain or a single creator or community. That’s not true. That’s a systemic ecosystem issue, and it has to be addressed.”

Copyright Infringement on NFT Marketplaces

Optic’s move comes at a time when counterfeit NFTs are causing major problems for digital platforms.

With the parabolic rise of NFTs since last year, cases of fakes and forgeries have become increasingly common in marketplaces.

Brands are struggling to balance how to use their digital assets for marketing and sales purposes while protecting their intellectual property and saving their clients from buying counterfeit NFTs.

But new proprietary tools are being developed to change that.

The global market for non-fungible tokens hit $22 billion last year as the craze for collections like Bored Ape Yacht Club, and Matrix avatars turned digital images into major investment assets. But fraudsters appear keen to take advantage of lax rules and enforcement mechanisms on major NFT marketplaces.

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FIFA Files Metaverse-Linked Trademark Applications for 2026 World Cup

Federation Internationale de Football Association (FIFA), the world’s largest football governing body, has reportedly filed for trademarks as it seeks to take experiences that will be created in the 2026 World Cup into the metaverse. 


The news about the metaverse filing was first unveiled by Mike Kondoudis, a USPTO licensed trademark attorney who unveiled that the filing was made on July 14 this year. As shown in the trademark filing, part of the revealed physical items that FIFA plans to digitize includes retail stores featuring virtual goods and virtual clothing, headwear, eyewear, and sports gear.

As a part of its aggressive effort to become a metaverse-focused organization, FIFA also plans to integrate some of its core financial and monetary services as part of the metaverse. 

Additionally, the FIFA trademark is interested in other key areas, including Financial Payment Management Services, Virtual Stock trading, Digital, Virtual and crypto exchanges, and their respective managements. With much detail not known by the FIFA trademark, it is evident that the body is ramping up its interest in the blockchain ecosystem.

In anticipation of the coming Mundial, FIFA has inked partnerships with at least two renowned crypto startups, including Algorand and Algorand is taking up a role as the Football governing body’s blockchain partner and will be developing its digital strategy, while will serve as the official exchange partner of FIFA.

The association between FIFA and these entities is undoubtedly one of the most watch-out for social media nowadays. It is bound to serve a mutually benefitting relationship for everyone involved.

It is yet unclear whether products from the FIFA trademark filing will be given out for free or with an attached condition. What is, however, very clear is that the world football body looks ready to dive fully into the Web3.0 space as a pioneer through this newly filed trademark.

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Prosecutors Raid Crypto Exchanges amid Terra Probe: Report

South Korean regulators have reportedly raided serval exchanges and entities that are connected with Terraform Labs as another effort in the ongoing investigation of the case.


According to a report from local news channels News1 Korea, officers of the Joint Financial and Securities Crime Investigation Team of the Seoul Southern District Prosecutors Office acted on a ‘Search and Seizure’ warrant on Wednesday to raid the office locations of the major exchanges in the country.

Some affected exchanges include Upbit, Bithumb, Coinone, Korbit, and Copax. According to the News1 report, the raid led to some pieces of evidence pointing to the collapse of UST algorithmic stablecoin and Terra’s LUNA, which is now renamed Luna Classic (LUNC). The uncovered evidence from these exchanges outlines how the drop in the Terraform Labs-linked tokens affected as many as 200,000 retail investors.

The event that bedevilled Terra at the time fueled a profound upset in the broader cryptocurrency world and ushered in a ‘Crypto Winter’ whose ripple effect has sent many businesses packing. 

Many companies had exposure to Terraform Labs, including Three Arrows Capital (3AC). The crypto hedge fund could not survive the collapse of the LUNA and UST coins and today is undergoing liquidation as a British Virgin Court ordered with Teneo Restructuring overseeing. 

From the Vauld Group to Celsius Network and even BlockFi, the inherent sting of the Terraform Labs collapse has been encompassing. Retail investors in South Korea had long appointed local law firm L.K.B. & Partners to help them seek redress. While it is unclear how exactly these investors will be able to recover their funds back, the Korean government is highly committed to its investigations into Terraform Labs and the Luna Foundation Guard.

In a move that seems like it is staving off the related strain, Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), has clarified that the Do Kwon-linked firms are neither registered nor licensed to operate in Singapore.

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UK Treasury Doubles Down on Stablecoin Regulations in New Bill

The United Kingdom is striving for regulating stablecoins on its shores as Nadhim Zahawi, the new Chancellor of the Exchequer, is looking to establish his foothold as the new sheriff in town. 


Zahawi presented the Financial Services and Markets Bill to the members of Parliament on Wednesday with a proposal to regulate stablecoins and “digital settlement assets” as a form of payment assets in the UK.

“In fostering these new innovations, the Bill will also enable the creation of Financial Markets Infrastructure Sandboxes – allowing firms to test the use of new technologies and practices in financial markets, increasing efficiency, transparency, and resilience of new products,” the Treasury said in a press release.  

The United Kingdom, under Rishi Sunak, who left the Treasury to run a campaign for the Prime Minister’s seat under the Conservative Party, has been trying to provide a comprehensive regulation that will impact stablecoins in particular. While Sunak’s approach featured inclusive participation from the public and market stakeholders, Zahawi seems to be trailed a divergent path in this regard.

The Financial Services and Markets Bill has a controversial clause as it will grant ministers the legal powers to “call in” regulatory decisions made by the Bank of England (BoE). Despite the apparent need to pass the regulation promptly, the passage of the Bill will have to be ratified by both the House of Commons and the House of Lords before binding.

The collapse of Terra USD (UST) algorithmic stablecoin has sent an urgent signal to regulators to hasten the rollout of regulations that will govern the crypto ecosystem. Japan was the first country to pass a law to govern stablecoin issuance and use, and through the Markets in Crypto Assets (MiCA) framework, the European Union has also agreed on its framework. However, it is pending final approval and implementation.

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