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↕️ Crypto Markets Suffer Volatility Ahead Of Ether ETF Launch

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Crypto markets are suffering extended volatility, with Bitcoin and Ethereum selling off over the weekend before recovering during early hours on Monday, only to pull back again.

The action comes as spot Ether ETFs are expected to debut within two weeks, with analysts debating the impact that the new funds will have on the digital asset markets.

FriendTech’s user base, token price, and revenue plummeted after the project bailed on its plans to launch FriendChain.

Plus, Celsius sues customers who withdrew ahead of bankruptcy, Maple Finance TVL rockets, U.S. court says obscure altcoins are commodities, and Filecoin and Nuklai team up on decentralizing data for AI models.

✍️ In today’s newsletter:

  • Crypto markets host violent oscillations
  • Expectations run wild ahead of spot Ether ETF launches
  • FriendTech suffers after ditching FriendChain plans
  • Celsius sues users over withdrawals
  • Maple Finance’s TVL doubles
  • U.S. judge backs commodity classification for crypto
  • Nuklai taps Filecoin for AI data storage

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📉Crypto Markets Volatile Ahead of Looming Spot ETF Approval

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Digital assets are exhibiting significant volatility, with crypto markets retracing over the weekend before briefly bounding during early hours on Monday. The move came amid accelerated BTC sales from German authorities and nine-figure ETH transfers from Golem.

👀Will Spot Ethereum ETFs Live Up to the Hype? Analysts Weigh In

The Defiant spoke to several analysts to get their take on what the impending cohort of spot Ether ETFs mean for the crypto markets. While some analysts anticipate bullish momentum others predict a significant sell-on-the-news event.

⬇️Friend.Tech Plummets After Abandoning FriendChain

FriendTech’s decision to abandon the launch of FriendChain and remove fees has wrought havoc on the project. Active users, daily revenue, and the token price of the once-surging SocialFi protocol have recently plummeted, with FriendTech now hosting just 220 users and $1 in revenue each day.

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On June 18th, 2024, Stellar public network validators voted to upgrade the network to Protocol 21, which actives five new Core Advancement Proposals (CAPs) on the Stellar Mainnet.

The five CAPs introduced in Protocol 21 allow for some neat features, including an improvement to state archival, a few overall cost improvements to smart contract transactions, and perhaps the most exciting, native support of secp256r1 verification in smart contracts, enabling passkey signing support. The Stellar Development Foundation has built out a web app where you can demo passkeys to build a smart wallet.

READ MORE: Protocol 21 Upgrade on Stellar Brings Enhanced Security with Passkeys

⚖️Celsius Aims To Recover $100 Million From Users Who Withdrew Funds Before Bankruptcy

Celsius is hoping to claw back $100 million from its users via legal action. The bankrupt CeFi lender filed legal action against users who withdrew assets from the platform in the 90 days leading up to its collapse.

🚀️Maple Finance TVL More Than Doubles Leading Up to New Retail Arm

Maple is enjoying a return to DeFi contention following the launch of its new retail-focused lending product, Syrup.fi, in late June. Maple’s TVL doubled since the new protocol’s launch, with both TVL and revenue posting new all-time highs. following Syrup’s deployment.

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👩‍⚖️U.S. Court Rules Two Obscure Altcoins Are Commodities

A U.S. judge ruled that OlympusDAO’s OHM and KlimaDAO’s KLIMA tokens are commodities. Judge Rowland issued the verdict while entering a summary judgment against defendants accused of operating a Ponzi scheme by the CFTC.

🤝Nuklai and Filecoin Team Up To Decentralize Data For Training AI Models

Nuklai, an AI infrastructure platform, has teamed up with Filecoin to offer a decentralized data storage solution for training AI models. The move comes as AI tokens are suffering heavy losses, with the sector shedding 37.5% since the start of June.

🌍 ELSEWHERE

  • South Korea Seeks Extradition Of $3B KOK Token Scam Perpetrator From US (CoinGape)
  • Dubai Customs turns to blockchain technology for enhanced operations, transparency (CryptoSlate)
  • 'Asia's MicroStrategy' Metaplanet Buys Another ¥400 Million Worth of Bitcoin (Bitcoin Magazine)
  • $1 Million Bounty On Offer for Finding Bugs On Solana Validator Client Firedancer (Unchained)

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