Bitcoin News for August 8, 2023
* Bitcoin Trades Sideways as Investors Await Fed Decision: Bitcoin has been trading within a narrow range in recent days, as investors await the Federal Reserve’s interest rate decision later this week. The Fed is widely expected to raise rates by 0.5%, which could weigh on risky assets like Bitcoin.
* Grayscale Bitcoin Trust (GBTC) Discount Widens: The Grayscale Bitcoin Trust (GBTC) has seen its discount to the net asset value (NAV) widen to over 30%. This means that investors are paying a premium of 30% for every Bitcoin held by GBTC, raising concerns about the fund’s liquidity.
* Coinbase Reports Surge in Monthly Transaction Volume: Coinbase, the largest cryptocurrency exchange in the United States, has reported that its monthly transaction volume surged to $278 billion in July, a 25% increase compared to the previous month. The growth was driven by increased trading activity and institutional adoption.
* Ethereum’s London Upgrade Goes Live: Ethereum’s long-awaited London upgrade has gone live on the Ethereum mainnet. The upgrade includes several improvements, including the implementation of EIP-1559, which aims to make transaction fees more predictable.
* Binance to Delist USTC Stablecoin: Binance, the world’s largest cryptocurrency exchange, has announced that it will delist the Terra Classic (USTC) stablecoin. The decision comes after USTC lost its peg to the US dollar and crashed in value.
* Bitcoin Dominance Holds Steady Above 40%: Bitcoin’s dominance, which measures its share of the total cryptocurrency market capitalization, has held steady above 40%. This indicates that Bitcoin remains the dominant cryptocurrency, despite the rise of altcoins.
* MicroStrategy Buys More Bitcoin: MicroStrategy, a publicly traded software company, has purchased another $480 million worth of Bitcoin. The company now holds approximately 129,218 BTC, making it one of the largest corporate Bitcoin holders.
* Square Renames to Block: Square, the payments company founded by Jack Dorsey, has announced that it is changing its name to Block. The name change reflects the company’s broader focus on blockchain technology and cryptocurrency.
* Bitcoin’s Correlation with Stocks Remains High: Bitcoin’s correlation with the S&P 500 stock index remains high, suggesting that it is being treated as a risk asset by investors. This correlation has increased in recent months as the stock market has become more volatile.
* SEC Investigates Cryptocurrency Exchanges: The US Securities and Exchange Commission (SEC) is reportedly investigating several cryptocurrency exchanges for potential violations of securities laws. The investigation focuses on how these exchanges list and trade digital assets.
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