The market value of Bitcoin has dropped to the lowest point in nearly half a year, and Nepal has drafted the necessary amendments to prepare for the issuance of CBDC

【Data Intelligence】

The total number of users of the LooksRare NFT market exceeds 100,000

According to data from Dune Analytics, the total number of users in the LooksRare NFT market has exceeded 100,000. When this article was written, it was 109,792, with a total transaction volume of over 270,000 (currently 270,752), and a total transaction value of $26,415,383,830.

The total market cap of cryptocurrencies is $1.142 trillion

According to data from CoinGecko, the current market value of cryptocurrencies is US$1.142 trillion, and the 24-hour trading volume is US$56.088 billion. The current market value of Bitcoin accounts for 38.7%, and that of Ethereum accounts for 17.8%.

【 Regulatory News 】

Nepal has drafted necessary amendments to issue CBDC

Nepal has drafted the necessary amendments to issue a central bank digital currency (CBDC). A working group in Nepal has proposed legal changes to allow the country's central bank to issue its own digital currency, a move after a study showed such a move was feasible and recommended certain provisions empowering regulators to proceed . The Central Bank of Nepal intends to design a separate digital wallet for CBDC through which digital transactions can be conducted. Steps will also be taken to explore interoperability with digital payment service providers.

CFTC Forces Shutdown of PredictIt Stores in the U.S.

The Commodity Futures Trading Commission (CFTC) stated that PredictIt failed to comply with the terms of the no-action letter. The CFTC withdrew its no-action letter against PredictIt last Thursday and will force the closure of PredictIt’s U.S. stores, all related and remaining listed contracts and positions. Relevant open positions including all such markets should be closed and/or liquidated by February 15, 2023 at 11:59 PM ET. But the CFTC hasn't said which rules PredictIt failed to comply with.

【Industry Trends】

Celsius withdraws motion to hire ex-CFO as bankruptcy adviser for $92K a month

On August 8, according to a court document submitted to the Southern District of New York on Friday, the lending platform Celsius has withdrawn its motion to hire former chief financial officer Rod Bolger as a bankruptcy consultant at a price of $92,000 per month for reasons that are temporarily unknown. . The notice of withdrawal comes ahead of a review hearing scheduled for Monday (August 8). Keith Suckno, a CPA and Celsius investor who previously opposed the motion, challenged the move by Celsius, claiming that Celsius did not detail why Bolger was necessary in the bankruptcy proceedings. It is reported that Bolger resigned from Celsius on June 30 after only five months as chief financial officer. The company then filed for bankruptcy protection in mid-July. Celsius has said the move to hire the former chief financial officer would provide Celsius with much-needed accounting and finance expertise.

Morgan Stanley Job Posting Reflects Widespread Cryptocurrency Initiatives

Morgan Stanley is hiring a product development manager for the firm's Investment Solutions product development team, which supports more than $900 billion in assets under management. Financial giant Morgan Stanley is hiring a product development manager who will be responsible for building a wide range of new cryptocurrency products across business lines, according to a job listing posted on LinkedIn by financial giant Morgan Stanley. The position, posted on August 1, will join the Investment Solutions product development team, which provides a wide range of services and support. Specifically, the recruited product managers will be primarily responsible for creating packaged products and indices. The job ad suggests Morgan Stanley is taking cryptocurrencies more seriously after launching a private passive fund in March 2021 and wants to significantly increase its product offering.

Polygon chain game Dragoma is suspected of RugPull, and its token DMA plummeted by more than 99%

According to news on August 8, the Polygon chain game Dragoma is suspected to have RugPull, and its token DMA plummeted from $1.8 to around $0.003, a drop of more than 99%. It is reported that Dragoma is a PlaytoEarn chain game similar to STEPN. Players can receive free dinosaur eggs and hatch them into NFTs to earn income after 40 days.

Ethereum gas fees hit lowest level since 2020 for 38 consecutive days

Ethereum gas fees hit their lowest level since 2020 for 38 consecutive days.

Block, Paxful, and Chivo's integration of Bitcoin Lightning Network has increased Lightning Network users from 100,000 to over 80 million potential users

Lightning’s user base exploded earlier this year when Block integrated it into its popular Cash App, which has more than 70 million users, Arcane Research reported. Just a few months before this, in September 2021, the Bitcoin marketplace Paxful integrated the Lightning Network into its wallet, and the El Salvador government launched the Lightning Network-compatible Chivo Bitcoin wallet. Paxful has about 7 million users, and Chivo is used by 3-4 million Salvadorans (although Chivo usage has dropped significantly since the wallet launched). According to Arcane Research, these three events allowed the Lightning Network’s user base to jump from 100,000 users to more than 80 million potential users in just a few months. It’s worth noting that many of these potential users only have access to the Lightning Network, but don’t necessarily use it. Nonetheless, payment volume subsequently increased by 410% between Q1 2021 and Q1 2022.

Domain Name Service Velas Web3 Domains Receives Velas Grant Program Funding

On August 7th, the blockchain project Velas tweeted that the Velas domain name service Velas Web3 Domains was funded by its grant program and became part of the Velas ecosystem. Last October, it was reported that Switzerland-based technology company Velas had allocated $100 million to start-ups built on the Velas blockchain, a significant increase from an initial pledge of $5 million earlier this year. The grant program aims to support the development of the Velas ecosystem and expand its functionality in Web3.0. Like the original $5 million grant program announced in August of that same year, the new funding program will allocate up to $100,000 per project.

【Elite Viewpoint】

Bloomberg Senior Analyst: Bitcoin Could Become Global Collateral

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said: "Bitcoin and cryptocurrencies are a key part of the boom in 2021, and therefore part of the boom in 2022, but I see Bitcoin and Ethereum going On the front. In such a world, Bitcoin is becoming global digital collateral, and Ethereum is the main driver of the digital revolution, as evidenced by the most widely traded cryptocurrency, the stablecoin.”

Wells Fargo: Cryptocurrencies Have Developed as an Effective Portfolio Option

On August 7th, Bitcoin Archive tweeted that Wells Fargo said that cryptocurrency has developed into an effective investment portfolio option.

【What to watch today】

Bitcoin's market capitalization has fallen to its lowest point in nearly half a year

According to data from CoinMarketCap, since mid-June, the proportion of Bitcoin's market value has continued to decline, and it has now fallen to around 40.35%, which is the lowest point in nearly six months. The previous low was 40.79% on April 23. Jinse Finance reported yesterday that ETH’s market value accounted for 19.2%, an increase of more than 5% from the low point in June.

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