🙁 Bitcoin Miners And Crypto Traders Feel The Pain

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Crypto markets are struggling to reclaim ground after suffering their worst week since global stock markets crashed one month ago. Digital asset traders aren’t the only ones suffering, with Bitcoin miner revenue dropping to its lowest level since September 2023.

Plus, Coinbase claims to have broken new ground after overseeing the first digital token transaction between AI agents, Safe proposes DAO revenue collection, Cardano activates Chang hard fork, Threshold wants to buy Wrapped Bitcoin, and Telegram CEO’s arrest calls The Open Network’s future into question.

✍️ In today’s newsletter:

BTC and ETH shed at least 9% in one week
Bitcoin miner revenues crash to 11-month low
Coinbase announces first token transfer between AI agents
Safe proposes diverting swap fees to DAO
Cardano completes Voltaire upgrade with Chang fork
Threshold offers to “save” WBTC from Justin Sun
Can TON overcome Pavel Durov’s arrest?

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️📉 Crypto Markets Trade Flat After BTC and ETH Had Worst Week in a Month

Digital assets are trending sideways after Bitcoin and Ethereum suffered their worst week since the early-August global stock market slump. BTC and ETH are down 9% and 9.8% over the past seven days, respectively, while Polkadot (DOT) dipped 6%. Helium was the best-performing top 100 cryptocurrency with an 11.8% gain, followed by Monero with 1.8%, and Litecoin with 0.8%.

⬇️ Bitcoin Miners Suffer Worst Month In One Year

Traders aren’t the only ones lamenting the markets, with Bitcoin miners bagging their lowest monthly revenue since September 2023. The bearish milestone is the culmination of April’s block reward halving, plummeting transaction fees, and Runes absorbing BRC-20’s market share.

🔓 Coinbase Says It Unlocked First AI-to-AI Crypto Transaction

Coinbase announced the completion of the first digital asset transfer executed between AI agents. Brian Armstrong, Coinbase’s CEO, said the pilot demonstrated offers a glimpse into potential future synergies between crypto and artificial intelligence.

💰 SafeDAO Proposes Collecting Swap Fees As Revenue

The Safe Ecosystem Foundation is proposing diverting native swap fees to SafeDAO. If passed, the proposal would provide the DAO with its first independent revenue stream and first funding source subject to decentralized governance.

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🦸 Bitcoin DeFi Protocol Seeks to “Save” WBTC from Justin Sun

Threshold wants to merge its tBTC Bitcoin token with Wrapped Bitcoin as part of a plan to “save” WBTC from getting captured by Justin Sun, the controversial founder of Tron. The proposal comes as BitGo is readying to launch a new joint venture overseeing the Wrapped Bitcoin protocol that would feature participation from Justin Sun.

🍴 Cardano Moves To Embrace Decentralized Governance With First Chang Hard Fork

Cardano launched the long-awaited Chang hard fork, paving the way for decentralized governance on the network. ADA holders can not nominate themselves as governance representatives and delegate their assets, with delegates working alongside Stake Pool Operators and an Interim Constitutional Committee to oversee governance on the network in the coming months.

🚨TON Faces Uncertainty After Telegram CEO Pavel Durov’s Arrest

Onlookers are questioning the long-term viability of The Open Network, a Layer 1 network integrated with Telegram, after the Telegram CEO’s arrest one week ago.

🌍 ELSEWHERE

SEC Might Challenge FTX Bankruptcy Estate From Paying Back Customers With Stablecoins (CoinDesk)
Qatar launches digital assets framework to attract global firms (CryptoSlate)
Binance exec Tigran Gambaryan enters Nigeria court on crutches as trial resumes (The Block)
Airdrops Need to Be More Secure—Here’s How We Can Do It (Unchained)