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Daily Brief

Bitcoin Wrapped in Drama

gm Bankless Nation, despite good macro vibes, crypto saw another summer sell-off on Thursday; what's spooking investors?
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Aug 15, 2024 โ€ข 3 min read
Bitcoin Wrapped in Drama
Published on Aug 15, 2024
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Sponsor: Mantle โ€” Mass adoption of decentralized & token-governed technologies.

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NEED TO KNOW
Dems Make Case for Harris
  1. ๐Ÿ“ข Schumer Calls for Regulatory Action at Crypto4Harris Town Hall. Senate Majority Leader Chuck Schumer was among the loudest Democrats calling for clearer regulatory action for crypto.
  2. ๐Ÿ‡ฎ๐Ÿ‡ณ Binance Relaunches in India After Paying Fine. Binance resumes operations after paying a $2.25M fine to India's FIU.
  3. ๐Ÿ“ˆ SEC Approves Leveraged MicroStrategy ETF. MSTX seeks to deliver 175% of MSTRโ€™s daily returns to investors by utilizing leverage.
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MARKET VIBES
Crypto Declines

๐Ÿ“ธ Daily Market Snapshot: Crypto markets ignored macro bullishness Thursday, selling off over 4% while macro indices posted gains. With Harris now up 10 points in Polymarket's election odds, Trump and his pro-crypto promises have firmly moved toward underdog territory.

Prices as of 5pm ET 24hr 7d
Crypto $2.00T โ†˜4.2% โ†˜4.3%
BTC $57,040 โ†˜3.5% โ†˜4.3%
ETH $2,546 โ†˜4.9% โ†˜1.2%
ZK $0.105 โ†˜5.9% โ†˜7.4%

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New Token Rating: The price of ZKsync's native token has been halved just two months post-airdrop. Does depressed ZK price present an obvious buying opportunity?
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ANALYSIS
Bitcoin Gets Wrapped in Drama
Bankless Author: Jack Inabinet

Wrapped Bitcoin (WBTC) is simply a token on the Ethereum blockchain that is pegged to BTC.

But there's nothing straightforward about the controversy that's been ignited this week as impending changes to the custody and minting model of WBTC have thrown the DeFi world into a ruckus.

Let's unpack the drama that involves $9B in assets, Justin Sun, and Coinbase ๐Ÿ‘‡


FRIEND & SPONSOR: MANTLE

Mantle kickstarts Season 1 of Methamorphosis. Building on the success of their Liquid Staking Token, mETH, Mantle LSP announces plans for a new Liquid Restaking Token, cmETH, along with a governance token, COOK. With Methamorphosis, participants can now farm Powder for future COOK tokens and position themselves early for upcoming cmETH release.

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TAKE ACTION
What We're Doing

Each week, Citizens get a curated list of market opportunities that the Bankless team is watching. As a free subscriber, you're missing out! ๐Ÿ‘‡

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GO BANKLESS
Don't Miss Another Airdrop!

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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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