POKKET: Crypto Market Update (Aug 28)

crypto news, bitcoin price

Bitcoin rebounded overnight to $49k, +4.2% and ETH is back to $3275, +5.1%. Movers are SRM +14%, REN +12%, FTM +11%, DENT 1INCH +9%, and rest are in between.

a16z is openly discussing effective ways to exit on their crypto investments (IPO equivalent in the normie world), one by which is called ‘token delegation’ where delegation refers to the process where a token holder transfers their on-chain governance rights to others.

Twitter’s @jack is planning to build a decentralised Bitcoin exchange through a yet to be named Square division, with plans to open source the DEX and allow users to fund any wallet using fiat.

Ethereum client Geth had a bug which caused a fork in the network earlier this week, and has not been resolved yet which means there is a vunerability open to a double-spend attack as the two chains are simultaneously being processed. 74% of the Ethereum network uses Geth.

eToro released its 2Q21 results showing 121% user growth but added the tokens listed on its service could potentially be impacted by DeFi regulation.

The 7-day moving average of Bitcoin’s hashrate is around 130 exahashes/s, which is up more than 50% from the July lows during the China crackdowns, and with more miners continuously being migrated out of China and going online, it is expected hashrates could reach the ATH of 180.6 exahashes/s again this year.

According to DeFi Pulse, DeFi TVL touched $85B this week, as of now it stands at $82B.

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