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⛷️Crypto Markets Pull Back After ETF Euphoria
The Defiant Daily
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The crypto markets are finally showing signs of slowing down after rallying for two weeks on spot Bitcoin hype and geopolitical worries. The combined crypto market cap is down 4% in the past 24 hours with many DeFi assets among those hardest hit.
Sam Bankman-Fried was convicted on all seven criminal counts brought against him. The FTX co-founder and former CEO will now face sentencing of up to 115 years.
The Aragon Association announced it is shutting down and distributing $115M worth of treasury assets to ANT holders. Arangon's newly formed "Product Council" will take control of Aragon’s IP, infrastructure, and operational runway moving forward.
PayPal announced it received a subpoena from the U.S. Securities and Exchange Commission regarding its PYUSD stablecoin. PayPal said it is cooperating with all document requests.
And Immutable announced that a dozen projects have already committed to building web3 games on its forthcoming Polygon-powered Layer 2, Immutable zkEVM.
✍️ In today’s newsletter:
- Crypto markets retrace following extended rally
- Sam Bankman-Fried to face up to 115 years in prison
- Aragon Association to shut down and distribute treasury
- PayPal cops SEC subpoena over stablecoin
- Disney and Alibaba-backed game onboards to Immutable zkEVM
🙏Sponsored
📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $34,672 | ↗ 0.5% |
| ETH | $1,817 | ↗ 0.4% |
| S&P 500 | $4,238 | ↗ 1.05% |
| GOLD | $1,979 | ↙ -0.32% |
| Arch WEB3 | 0.87pts | ↙ -0.79% |
| ↳ FINANCE | 0.82pts | ↙ -0.98% |
| ↳ INFRA | 0.98pts | ↙ -0.34% |
| ↳ CONSUMER | 0.96pts | ↙ -1.33% |
Learn more about Arch Indices here.
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Markets
Crypto Rally Fizzles As ETF Euphoria Fades
TLDR The crypto markets are pulling back after an extended rally, with the combined digital asset market cap shedding 4% in 24 hours. The news followed two weeks of consistent upward momentum fueled by bullish expectations a spot Bitcoin ETF may soon receive regulatory approval.
SO WHAT The recent rally reversed bearish sentiment surrounding the crypto markets, with many analysts tipping digital assets could sink to new year-to-date lows back in September. However, many digital assets appear to have recently posted local tops, suggesting a significant pull-back could be around the corner.
READ MORE: Crypto Rally Fizzles As ETF Euphoria Fades
Regulation
Sam Bankman-Fried Found Guilty On All Counts: Latest News & Hot Takes
TLDR Sam Bankman-Fried, the disgraced co-founder and former CEO, was convicted on all seven charges levied against him. Bankman-Fried will now face up to 115 years in prison.
SO WHAT The news moves the crypto sector closer to closure concerning the largest fraud in the sector's history. More than $7B in customer assets was missing at the time of FTX's insolvency, however, significant assets have since been retrieved by its bankruptcy estate.
Read More: Sam Bankman-Fried Found Guilty On All Counts: Latest News & Hot Takes
SPONSORED POST
Smart Contracts Now Live on Stellar Testnet
On Wednesday, September 20 at 1500 UTC, the Stellar Testnet successfully upgraded to Protocol 20, which introduces support for Soroban smart contracts. Developers worldwide can now access Soroban’s Turing-complete functionality to deploy and invoke DeFi protocols in a common, widely used sandbox environment.
The Stellar network has long been known for supporting connections to real-world financial infrastructure. With the Protocol 20 upgrade, the access those connections provide will combine with the innovation potential created by smart contracts to allow for something unique: cash to DeFi.
Many Stellar ecosystem projects are already poised to take advantage of the cash-to-DeFi opportunity.
In a demo featured at Meridian, the annual Stellar conference, Beans, a user-friendly, consumer-facing Stellar network wallet, showed what it might look like to integrate with Blend, a Soroban-built lending protocol, to allow a user in Malawi to cash into a USDC balance via Moneygram and, in one click, deposit that balance into an interest-generating account.
These types of interactions have the potential to open access to the next generation of financial infrastructure.
The Testnet upgrade is the last step before validators vote on a Mainnet upgrade, and if that vote goes through, the upgrade is immediate. The Stellar network will likely have smart contracts before the end of the year.
DeFi
Aragon Association Dissolves and Returns $115M to ANT Holders
TLDR The Aragon Association has relinquished to the will of its community and announced it will shut down. Holders of its native ANT token can redeem their assets for $115M worth of ETH, comprising 87% of the project's non-ANT holdings.
SO WHAT Aragon initially resisted calls for its association to shut down after investors began accumulating large sums of its tokens to purportedly stage a governance attack. The newly formed Product Council will take control of Aragon's IP, infrastructure, and operational runway moving forward.
READ MORE: Aragon Association Dissolves and Returns $115M to ANT Holders
Regulation
PayPal Subpoenaed by SEC Over Stablecoin: Latest News & Hot Takes
TLDR The U.S. Securities and Exchange Commission subpoenad PayPal, the payments giant, requesting information pertaining to its PYUSD stablecoin. PayPal said it is complying with all of the SEC's requests.
SO WHAT PayPal entered the stablecoin sector with PYUSD's surprise launch in August. The token has since amassed a $158.7M market cap, ranking it as the 15th-largest stablecoin.
Read More: PayPal Subpoenaed by SEC Over Stablecoin: Latest News & Hot Takes
GameFi
Disney And Square-Backed Games Tap Immutable And Polygon For Ethereum Scaling
TLDR Immutable announced that a dozen web3 game developers have committed to building on its forthcoming Layer 2 rollup, Immutable zkEVM, including titles backed by Disney China and working with Square Enix. Immutable zkEVM is expected to launch on mainnet in January and will focus on hosting web3 games.
SO WHAT The announcement comes as the GameFi sector is staging a comeback, with four of the top ten GameFi assets gaining more 9% in the past seven days, and three others rallying around 5%. However, many GameFi assets remain down more than 90% from their all-time highs.
Read More: Disney And Square-Backed Games Tap Immutable And Polygon For Ethereum Scaling
