Crypto Landscape Today: Insights into Current Trends Impacting Bitcoin Valuation, Blockchain Innovation, DeFi Evolution, NFT Surges, Web3 Advancements, and Regulatory Developments.
Canadian Crypto Holdings Decline Amidst Stringent Rules and Price Dips The Bank of Canada (BoC) has unveiled a study revealing a downturn in cryptocurrency and Bitcoin ownership within the nation throughout 2022. The study, published on July 26, points out that unfavorable market conditions and regulatory hurdles have collectively dissuaded Canadian crypto enthusiasts, marking a stark contrast to the thriving adoption observed in the previous year.
According to the BoC’s annual Bitcoin Omnibus Survey, which collected data from various sources, Bitcoin ownership dwindled to 9% by August 2022, only to experience a minor uptick to 10% by year-end. Interestingly, this reduction in Bitcoin ownership does not indicate a shift towards other cryptocurrencies, as investors seemed hesitant to diversify their crypto portfolios.
Investors predominantly viewed Bitcoin as an investment opportunity, with more than a third of the surveyed 4,996 participants expressing this sentiment. Acquiring crypto assets through mobile and web applications remained the most popular method, with crypto mining ranking as the third-favorite approach to accumulating tokens for the second consecutive year.
Coinbase’s Strategic Legal Move: Seeking Dismissal of SEC Lawsuit Coinbase, a prominent cryptocurrency exchange, is gearing up to file an order for the dismissal of a lawsuit lodged against it by the U.S. Securities and Exchange Commission (SEC) on August 4. Paul Grewal, the chief legal officer of Coinbase, exuded confidence during the exchange’s Q2 2023 earnings call, emphasizing their anticipation of a favorable outcome in the regulatory battle.
Grewal stated, “Tomorrow… We will be moving the court for an order dismissing the case in its entirety.” Impressively, Coinbase reported a net revenue of $663 million for the second quarter of 2023. Notably, the exchange’s non-trading revenue surpassed its trading counterpart for the quarter, with a substantial $335.4 million stemming from subscriptions and services.
CEO Brian Armstrong highlighted Coinbase’s strategic focus on non-trading aspects over the next few years, including scalability, regulatory clarity, and enhancing crypto utility.
Unveiling the Bitfinex Hack: Money Launderer’s Admission Ilya Lichtenstein, one of the implicated parties in an alleged multi-billion-dollar Bitcoin laundering scheme, has confessed to orchestrating the 2016 Bitfinex hack. Lichtenstein reportedly informed a U.S. court of his involvement in the theft of approximately 120,000 BTC from the crypto exchange. Over the years, nearly 95,000 BTC were laundered, drawing federal authorities’ attention and leading to his eventual capture alongside his spouse, Heather Morgan.
This admission came as part of a plea agreement, with Lichtenstein and his wife facing charges of money laundering conspiracy and conspiracy to defraud the United States. The couple’s arrest in February 2022 resulted in the seizure of the remaining Bitcoin, although only a fraction of the stolen assets have been restituted to Bitfinex. In an intriguing twist, Lichtenstein disclosed his conversion of some ill-gotten gains into physical gold, which Morgan clandestinely concealed to evade authorities.