It has been a busy day in terms of news, so let us catch you up on the latest and greatest.
Today’s Agenda:
- Market Watch
- Highlights of the Day
- MegaLabs Secures $20M Funding
- Coinbase Officially Sues SEC and FDIC
- Trump Vs Biden Debate
- Project of the Day
- Crypto Corner
- Market Sentiment & Predictions
- Business & Political Insights
Market Watch
Top Gainers
- Avalanche ($AVAX): +9.7%
- Bonk ($BONK): +9.6%
- Polkadot ($DOT): +8.8%
Top Losers
- Fetch.ai ($FET): -9.5%
- SingularityNET ($AGIX): -7.0%
- Lido DAO ($LDO): -4.7%
Trending Crypto Sectors/Categories
- Cat-Themed
- OKX Ventures Portfolio
- Paradigm Portfolio
Total Crypto Market Cap – 2.414 Trillion
Fear and Greed Index – 47
Top NFT Sale
- CryptoPunks #1012 Sold for 66 ETH
Highlights of the Day
MegaLabs Secures $20M Funding
MegaLabs, the visionary behind the groundbreaking MegaETH blockchain, has successfully raised $20 million in a strategic seed funding round. Led by Dragonfly with participation from Figment Capital, Robot Ventures, Big Brain Holdings, and other prominent investors, the funding values MegaETH at a significant nine-figure mark, signaling robust confidence in its potential.
Plans with the Additional Funding
With this fresh capital infusion, MegaLabs is poised to expand the boundaries of blockchain technology. The funding will fuel ongoing development efforts, facilitate developer onboarding, and foster community growth.
Coinbase Officially Sues SEC and FDIC
Coinbase has filed lawsuits against the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC), alleging non-compliance with Freedom of Information Act (FOIA) requests. The cryptocurrency exchange accuses the regulators of attempting to isolate the crypto sector from traditional banking services.
Lawsuit Details
The lawsuits claim that the SEC and FDIC are violating FOIA obligations and hindering the growth of the crypto industry. This move follows Coinbase’s earlier petitions for clearer regulatory guidelines on cryptocurrencies. Coinbase seeks to compel the federal agencies to disclose the requested information. Both the SEC and FDIC have declined to comment on the ongoing litigation.
Trump Vs Biden Debate
Thursday’s presidential debate, hosted by CNN, is anticipated to bring Bitcoin and cryptocurrencies into the political spotlight. Notably, the amount of attention given to crypto during the debate between President Biden and former President Donald Trump could influence a significant segment of single-issue voters.
Embrace of Crypto
The crypto community eagerly awaits the debate to see if cryptocurrencies become a substantive topic. Biden and Trump’s contrasting views may provide insights into future regulatory directions. However, regardless of the debate’s outcome, this event underscores crypto’s growing relevance in national politics.
Project of the Day
PAID Network
PAID Network ($PAID) stands out as a decentralized crowdfunding platform with a proven track record, having successfully launched numerous projects. Their mission focuses on offering rigorously vetted projects and visionary founders the opportunity for crowd-sourced funding, benefiting all stakeholders.
Currently, $PAID boasts a market cap exceeding $24 million, with its price stabilizing around $0.08. Recent market movements show a modest 7% increase over the past week and a remarkable 288% surge over the last 12 months. It is also important to note that despite trading significantly below its all-time high of approximately $6, the platform’s launchpad is poised to attract more users, especially as the bull market gains momentum.
With these factors in mind, the long-term outlook for $PAID remains optimistic, reflecting its potential to thrive in the evolving landscape of decentralized finance and crowdfunding.
Crazy Day in Crypto
- Solana’s price surged nearly 9% in the past day following VanEck’s filing for a Solana ETF, signaling a potential bullish turnaround from recent bearish trends.
Market Sentiment & Predictions
- Deep fake scams are expected to cause over $25 billion in crypto losses by 2024, doubling from the previous year, with a 245% rise in global deep fake incidents significantly affecting the sector, according to Bitget Research.
- VanEck, an investment firm, has announced its plan to launch the VanEck Solana Trust ETF, offering investors a new avenue to participate in the digital asset space on the Solana blockchain.
Business Talks & Political Insights
- Roaring Kitty’s tweet featuring a cartoon dog sparked a rise in stock prices for companies in the pet industry such as Chewy, PetMed Express, and Petco.
Crypto-related losses from hacks and scams surged to $572 million in Q2 2024, more than doubling from $220 million in the previous year’s Q2, primarily driven by major CEX hacks accounting for over 62% of the total losses.
