Bitcoin fell victim to small investors

Bitcon It is trading at $58,729, while the leading altcoin Ethereum is trading at $2,572. The total value of the cryptocurrency market is 2.02 trillion dollars. Bitcoin’s market cap is $1.16 trillion, Ethereum’s market cap is $309 billion. On Friday, August 9, there was a total outflow of $89.7 million to spot ETFs in the USA, while there was an outflow of $15.8 million to spot Ether ETFs. The bulletin prepared by the CoinTR Research Department includes developments in the cryptocurrency industry.

Crypto venture funding rose to $2.7 billion in Q2 despite decline in total deal count

According to Pitchbook’s Aug. 9 report, investments in crypto startups increased 2.5% in the second quarter compared to the first quarter, but the number of deals decreased 12.5%. This may indicate increased interest from institutional investors in the crypto market. While infrastructure projects stood out in funding in the second quarter, Monad raised $225 million, BeraChain $100 million and Babylon $70 million. Additionally, Farcaster raised $150 million and Zentry raised $140 million. Crypto investments have slowed down in the last 18 months; While $25.3 billion and $29.4 billion were collected in 2021 and 2022, respectively, this figure reached $10.1 billion in 2023 and is expected to rise to $10.8 billion by the end of the year. While Pantera Capital and Paradigm are trying to raise large amounts of capital for their new crypto funds, Andreessen Horowitz (a16z) had raised a record $4.5 billion in May 2022 but chose not to raise its crypto fund.

Celsius files lawsuit against Tether, demanding $3.5 billion over sale of Bitcoin collateral

Bankrupt cryptocurrency exchange Celsius files lawsuit against Tether for nearly $3.5 billion, alleging misappropriation of its assets Bitcoin (BTC) filed a lawsuit seeking restitution, damages and legal costs. Tether stated in Celsius’ lawsuit that it requested the return of approximately $2.4 billion worth of Bitcoin. However, according to publicly available court documents, Celsius is asking the court for 57,428.64 BTC or its current market value, along with damages and legal costs.

The case alleges that Tether paid him a certain amount of Tether during the bankruptcy process of Celsius. (USDT) He claims that he lent money and in return Celsius gave 39,542.42 BTC as collateral. It is stated that when the price of Bitcoin falls, Celsius must provide additional collateral to avoid liquidation. The lawsuit alleges that Tether liquidated BTC without giving Celsius the opportunity to provide additional collateral. Tether, on the other hand, argues that the lawsuit is baseless and states that Celsius instructed them to liquidate the BTC collateral after refusing to provide additional collateral. Tether emphasizes that they will make a strong defense against the lawsuit and that USDT holders will not be affected by this process.

Thailand launches crypto regulatory sandbox to “facilitate experiments”

Thailand’s securities regulator has launched a “sandbox” for cryptocurrency businesses. This step comes as the country seeks to better understand the balance between crypto innovation and regulatory restrictions. Thailand Securities and Exchange Commission (SEC), This sandbox is designed to test and develop in the real world innovations that support the efficient delivery of digital asset services, he said in a statement on Friday. in march
SEC This initiative, approved by the Board of Directors, was implemented following a public comment session in May.

The SEC stated that the sandbox is aimed at six different categories of industry participants, such as digital asset exchanges, brokers, dealers, fund managers, advisors and wallet providers. Stating that applications have started to be accepted, the Thai regulator said that applicants will be evaluated in line with criteria such as capital adequacy, business systems and management structures. Thai authorities took positive steps in the cryptocurrency space earlier this year. For example, the Ministry of Finance extended the value added tax exemption for cryptocurrency trading in February. In March, the Thai SEC made changes to the relevant regulations to enable professional investors to invest in US spot Bitcoin exchange-traded funds.