POKKET: Crypto Market Update (Aug 13)
Bitcoin is down -2.6% to $44.5k, ETH is -3.6% to just holding at $3k. Movers are NKN +20%, BZRX -9%, rest are calm but look lower for the most part.
Reddit is now going through a Series F round, raising $410M at a $10B valuation, with their pitch being a go-to market for Ethereum based crypto token rewards program for community members. Reddit was valued at $6B back in February, and with Fidelity sniffing around for Series F, the $410M raise could be $700M — nice to have 52M DAU.
Coinbase has amended the language around USDC on their site, changing the promise of USDC being backed 1:1 to the dollar, and now says it is not necessarily backed by $1.
ETH miners are still making investments into equipment for PoW despite the upcoming PoS hardfork, as they doubt the upgrade will happen on the proposed timeline.
KPMG reports the first half of 2021 saw $8.7B of investments pour into crypto, which usurps the $4.3B in all of 2020 and $5B in 2019.
Lastly, Argentina signals it is open to adopting Bitcoin, coming straight from president Fernandez who has seen his country’s currency inflate 6.6x since he took office.
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