Breet Weekly Crypto Recap – August 22nd, 2022

Hey Breet Gang,

Is it just me or did the weekend go by faster than usual? 🙃

Oh well, might be Monday again, but your day is about to get a lot more exciting; and not just because there’s a Premier League match later today — which we hope you’ve dropped predictions for

It’s time to serve the major Crypto news updates from last week! 🕺🏼

The market has shown its volatility in the last couple of days, and there’s been a couple of interesting developments as well, Let’s get right into them:

  1. The Crypto market bled all through the week, with Bitcoin (BTC) going down by 7.7% and hitting $21,404, while Ethereum (ETH) dipped by 8.8% down to $1,685 by Friday; definitely not the best times but we’d keep our hopes up! 👀
  2. There was a lot of buzz around potential Ethereum Hard Fork Token, but we watched that tank as ETHPoW dropped to an all-time low of about $52, signifying low interest from traders.
  3. In some good news, Fiat-backed Stablecoin HUSD which lost its Peg and dropped to $0.92 at the beginning of last week had its liquidity issues resolved and returned to its $1 Peg in about 12 hours! 💪🏻
  4. Meanwhile, Crypto custodian BitGo stated their plan to sue investment firm Galaxy Digital for a breakup fee of $100M (yes, breakup fee is a thing!) after they backed out of a $1.2B Merger Agreement.
  5. On Wednesday, Crypto firm CoinFund made a huge move – they launched the $300M Web3 venture capital fund which would serve as backing for early-stage blockchain projects, NFTs, Web3 infrastructure and asset management! 👏🏻
  6. In South Korea, money laundering watchdogs went hard; KuCoin, Poloniex and 14 other foreign crypto firms were flagged for conducting “illegal business activities” without the proper registration for operations – yikes! 🌚
  7. Crypto investment firm Jump Crypto announced plans to build a new open-source validator client for the Solana blockchain, and this is expected to boost scalability and efficiency!
  8. Over at Crypto Lending firm Hodlnaut, things aren’t looking up just yet. Hodlnaut reportedly laid off 80% of its workforce and also disclosed its ongoing probe from the Singapore police 🙃
  9. And finally, Former Coinbase VP Adam White moved up to great things last week, as investment firm Blackstone announced him as their Senior Adviser for digital assets and blockchain investments 🥳

That’s a wrap, people!

Now, talking about leaving old positions for new ones — japa season is truly here. 

You might not get updates when a good friend moves (out of the country), so don’t take it too personally 👀

However, we don’t hide updates over here, and you can keep up with the latest Crypto news via our digital platforms all day, every day! 

Till next week, go do great things!

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