Crypto Roundup: Ark Invest Invests, Circle Adjusts, Healthcare Firm Joins Bitcoin Club, Binance Faces Tax Issue

Our canary brings a mix of news from the crypto world! Investment firm Ark Invest has shown its continued faith in the crypto market by purchasing shares of Coinbase and Robinhood. Meanwhile, Circle is making changes to its USDC stablecoin by discontinuing support on the Flow blockchain. In other news, healthcare company Semler Scientific has joined the list of Bitcoin-owning companies. Lastly, Binance is facing a significant tax challenge in India, with authorities demanding a hefty payment.

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Meme of the Day

Market Movements - 06 Aug 2024

After posting one of the steepest falls in 2024 on Monday, the crypto markets witnessed a strong recovery on Tuesday. Bitcoin was up by +7.85% to $54,774.30, and Ethereum jumped by +7.22% to $2,429.64. BNB also increased by +12.84% to $476.33, while Solana was up by +19.82% to $137.84.

Among altcoins, Tron increased by +3.39% to $0.122, and Toncoin was up by +8.73% to $5.47. Cardano also rose by +10.24% to $0.321, and Avalanche was in green by +12.04% to $20.32.

Movers and Shakers

In the last 24 hours, the top gainers included Brett (+43.80%), AIOZ Network (+38.09%), and Bittensor (+36.49%). There were no losers on Tuesday (till 1pm GMT).

Project Updates

1. Zircuit has launched mainnet Phase 1, allowing users to bridge funds and test dapps on its ZK rollup. The project also initiated the first phase of its ZRC token airdrop for early staking participants.

   Read more here

2. Vitalik Buterin proposed a roadmap for seamless cross-chain communication between Ethereum Layer-2 networks, involving key Ethereum Improvement Proposals (EIPs) to improve compatibility.

   Read more here

3. Blockchain firm Ripple unveils RLUSD, a USD-pegged stablecoin designed to improve liquidity and increase user adoption within the XRP ecosystem.

   Read more here

4. Digital asset custody provider, Mutiny Wallet announced its planned closure by year-end. The team acknowledged hurdles and will shift focus to B2B service development.

   Read more here

5. Upbit adds PENDLE won and BTC markets. PENDLE enhances capital efficiency by separating yield tokens into principal and interest components on Ethereum's staking system.

   Read more here

Hall of Fame, Hall of Shame

South Korean Market Maker Faces Trial

A South Korean market maker faces legal proceedings for suspected manipulation of a fraudulent cryptocurrency, resulting in investor losses of $59.6M.

Read more here

Ronin Bridge Halted After $9M Drain

The Ronin bridge, facilitating asset transfers between between the Ronin sidechain and Ethereum, was paused following a potential security breach. Over $9M has been drained in an event some speculate may be a "whitehat hack.

Read more here

What moved in the Crypto World Today

Ark Invest Buys COIN and HOOD

Investment firm Ark Invest doubled down on Bitcoin amidst the price slump, acquiring $14.81M in COIN (Coinbase) and $9.37M in HOOD (Robinhood).

Read more here

Circle Ends USDC Support on Flow

Stablecoin issuer Circle announces the termination of USDC support on the Flow blockchain due to an upcoming network upgrade. Users have until September 3rd to migrate their USDC holdings to other supported networks.

Read more here

Semler Scientific Buys $3M Bitcoin

Healthcare company Semler Scientific demonstrated its confidence in Bitcoin by adding $3M to its cryptocurrency holdings.

Read more here

Binance Faces $86M Tax Demand in India

Binance has received a demand for approximately $86M in Goods and Services Tax from Indian authorities. The tax authority alleged that Binance collected fees from Indian users without registering for GST as a foreign service provider.

Read more here

Funding Announcements

Our Canary tweets of the latest funding news:

1. RWA ecosystem, Zoth raised $4M in a Strategic funding round from Taisu Ventures, G20 Group, DCI capital (Dutch Crypto Investors), Gydra Capital, XRPL Japan and Korea Fund.

   Read more here

Whale Movements

1. A Whale bc1qx withdrew 130 BTC ($7.2M) from Binance. Txn details here

2. A new Whale 0xd4f withdrew 6,514 ETH ($16.26M) from Binance. More details here

3. Wallet 0x435 (likely Justin Sun) withdrew 14,884 ETH ($35.97M) from Binance. Txn details here

Today’s Token Unlocks

Worldcoin (WLD) - $8.54M
dYdX (ETHDYDX) - $2.71M
Heroes of Mavia (MAVIA) - $2.00M

Coinversation Street

Our Canary brings some of the trending and informative tweets from the crypto world:

@tomwanhh shares analysis on AAVE's update:

@ivangbi_ thread on VC rekt trends:

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