Top Crypto News of the Day: Bitcoin Plunge, Nexus Labs Fundraiser, and More
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Here is the top crypto news of the day curated by CoinChapter.com.
Bitcoin Drops 2% as Crypto ETFs See Outflows
Bitcoin suffered a 2% decline, falling below $68,000 as it retreated from recent highs near $72,000. The second-largest crypto, Ether, also dipped under $3,550. The broader crypto market was down 1% to $2,370 points.
The losses came after U.S.-listed spot Bitcoin ETFs experienced $64.9 million in cumulative outflows, the first outflow since late May.
Bitcoin ETFs saw $64.9 million in outflows. Source: Farside Investors on X
Despite recent inflows, market chatter suggests institutions’ interest lies more in non-directional basis trades rather than outright bullish bets.
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Asian equity markets also declined, with Chinese stocks falling over 1% amidst property market concerns and reports of potential liquidity reduction by the Bank of Japan. The U.S. dollar index consolidated gains, while safe-haven U.S. Treasury yields dipped, with the 10-year note yield falling 3 basis points to 4.45%.
Crypto News: Nexus Labs Raises $25M
Zero-knowledge cryptography startup Nexus Labs has secured $25 million in a Series A funding round co-led by Lightspeed Venture Partners and Pantera Capital. Dragonfly, Faction, and Blockchain Builders Fund also participated in the round. Nexus Labs had previously raised $2 million in a seed round led by Dragonfly.
The fresh capital will be used to accelerate the open-source development of Nexus 1.0. This modular zero-knowledge virtual machine (zkVM) written in Rust focuses on performance and security. Nexus aims to enable verifiable computation in decentralized applications through cryptography and zero-knowledge proofs.
The Nexus 1.0 zkVM offloads computational work in dapps, with ZK proofs ensuring computations are compressed and verified quickly. The team plans to scale the Nexus machine to 1 trillion Hertz of compute capacity and collaborate with industry players to grow the zero-knowledge compute industry.
Elon Musk Threatens Ban on Apple Devices
Elon Musk has warned that he will ban Apple devices at his companies if Apple integrates OpenAI’s ChatGPT into its operating systems. The billionaire cited security concerns, calling it an “unacceptable violation,” and suggested visitors to Tesla, SpaceX, and his other firms would need to store their Apple devices in a Faraday cage upon entry.
Source: X
Apple revealed “Apple Intelligence” at WWDC 2024, a suite of new generative AI features powered by GPT-4o, OpenAI’s latest ChatGPT iteration. One feature allows Siri to relay user questions to ChatGPT, with user consent and privacy protections.
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However, Musk criticized Apple for “not being smart enough” to create its own AI and accused the company of selling out customers’ privacy and security. He argued that claiming to “protect privacy” while handing data to a third-party AI they don’t understand contradicts that claim.
Source: X Crypto News: Uniswap Labs Appoints Ex-Coinbase Exec as Chief Legal Officer
Uniswap Labs has hired former Coinbase legal executive Katherine Minarik as its new chief legal officer. Minarik assumes the top legal role at the company behind the Uniswap protocol as it potentially faces legal action from U.S. regulators.
In April, the SEC issued a Wells Notice to Uniswap Labs, signaling potential enforcement action for allegedly violating securities laws by operating an unregistered securities exchange.
She replaces former CLO Marvin Ammori, who will transition to a part-time role in November. Minarik has a challenging task ahead as Uniswap Labs prepares to address the SEC’s allegations.
Roaring Kitty’s GameStop Losses Surpass $350M in Four Days
Meme stock influencer Keith Gill, known as Roaring Kitty, has lost over $350 million on his GameStop (GME) position in just four days. The massive hit came after a poor earnings report from GameStop sent the stock plummeting nearly 40% before the weekend.
Despite the colossal losses, Gill maintained a nonchalant demeanor. He posted self-deprecating memes and livestreaming while feigning injury with bandages and a splint.
Gill lost about $351 million in profit since last week. Source: Reddit
Related Post: Has Keith Gill, That GameStop Stock Trader, Been Banned By ETrade?
Just last Thursday, Gill was $382 million in profit from his GME options trades. However, the stock’s decline wiped out nearly all those gains. This left him with only around $31 million in remaining profits as of Monday’s close.
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Amidst modest gains in XRP and shaky predictions for Dogwifhat, BlockDAG has soared, capturing the crypto community’s attention with its second keynote. Delivered with a futuristic lunar backdrop, this presentation unveiled significant enhancements, including the beta launch of the X1 Miner app, making waves in the blockchain arena and propelling the project’s presale to an impressive $48.5 million by selling more than 11.3 billion coins.
XRP Struggles Amidst Speculative Highs and Lows
XRP’s trading scenario presents a volatile landscape as it hovers below $0.53, marked by a recent 2.06% decrease in value. Despite this dip, XRP’s trading volume surged, with its market cap stabilizing around $29.26 billion, positioning it as the seventh-largest crypto by market cap. With ongoing speculations about an upcoming ETF and pivotal SEC decisions, the market remains on edge. Technical indicators suggest a possible sideways movement, with XRP facing a critical moment that could either breach a $0.53 resistance or dip to lower support levels, pivoting around the market’s speculative winds.
Dogwifhat (WIF), currently valued at $3.11.3 with a $43.1 billion market cap, has seen recent gains but continues to face a mix of investor skepticism and low social engagement. Despite a whale’s significant purchase potentially priming WIF for further gains, the market sentiment remains tentatively bearish, with analysts advising caution.
BlockDAG’s Pioneering Keynote 2 and X1 App Launch
BlockDAG’s latest keynote from the moon has not only highlighted its rapid technological advancements but also detailed the rollout of its X1 Miner app’s beta version, enhancing its blockchain ecosystem. This update aims to democratize mining with a mobile app that optimizes battery and data usage, allowing users to efficiently mine BDAG coins. The event, complemented by an aggressive marketing strategy, has drawn acclaim from major financial outlets, reaffirming BlockDAG’s emerging dominance in the crypto space.
This keynote also revealed over 45 critical updates that highlight BlockDAG’s robust development framework, including the enhancements to its blockchain infrastructure and its strategic roadmap aimed at expanding its ecosystem and preparing for the upcoming mainnet launch.
Additionally, BlockDAG’s DAG-based Proof of Work consensus model was featured, which improves scalability and security by allowing multiple transactions to be confirmed simultaneously, thereby optimizing network performance. This innovative approach not only sets BlockDAG apart from traditional blockchain systems but also underscores its potential as a leading player in the cryptocurrency market.
Final Insights: A New Leader Emerges in Crypto
While XRP and Dogwifhat wrestle with market uncertainties and potential, BlockDAG breaks new ground with innovative solutions and a visionary approach, marked by a stunning presale achievement and technological strides. As BlockDAG continues to build on its latest keynote successes, it solidifies its position as a leading contender in the rapidly evolving cryptocurrency market, promising substantial growth and a revolutionary impact on digital finance.