Crypto Weekly Roundup: DyDx Prepares For New Landmark, Crypto.Com Secures UEFA Sponsorship, & More

dYdX is preparing for a major upgrade this autumn, which will introduce several new features, such as permissionless market listing, MegaVault, and permissioned keys. Meanwhile, Crypto.com secured a multi-year deal with the UEFA Champions League, becoming its official cryptocurrency partner, and a Dubai court legalized the use of cryptocurrency for making salary payments.

Bitcoin

Bitcoin (BTC) has followed the US stock market in its recovery following the market meltdown after the unwinding of the yen carry trade, along with fears of a US recession and rising geopolitical tensions. BTC is currently trading just under the $60,000 mark.

Despite a strong recovery following the August 5 crash, BTC continued to struggle as a large BTC transfer from the US government to Mt.Gox wallets spooked markets. This led to the world’s largest cryptocurrency dipping below $58,000, fueling concerns of another significant price drop.

A Dubai court has ruled that cryptocurrencies will be legally recognized as a valid mode of salary payments. The landmark decision is a significant step in further integrating cryptocurrency into UAE’s economy. Meanwhile, Chinese banks, especially smaller ones, have stopped processing payments from Russia due to US sanctions, leading to Russian businesses using cryptocurrencies as an alternative.

Ethereum

DRW Venture Capital announced a $150 million investment in spot Ethereum ETFs. The investment highlights growing institutional interest in spot crypto ETFs as they continue to gain traction.

Despite the initial excitement around spot Ethereum ETFs, the ETH price has continued to underperform, especially compared to Bitcoin (BTC) and other prominent altcoins. However, could this be about to change?

Ethereum (ETH) saw a jump last week, dispelling some negativity around the asset. With market conditions becoming favorable for a rally, could ETH dispel some negativity around it and prove doubters wrong?

DeFi

Decentralized exchange dYdX is preparing for a major upgrade, which will be released this autumn. The update will introduce several new features, such as MegaVault, permissionless market listing, and permissioned keys.

Lending protocol Euler announced it had secured $4 million in funding to enhance the security of its upcoming v2 protocol. The enhancement will incorporate a modular design, extensive audits, and expert collaboration to help set up a new safety standard in the DeFi industry.

Altcoins

A crypto expert who had previously predicted a Ripple victory in the Ripple vs. SEC case has now predicted the MoonTaurus (MNTR) altcoin will soar up to 1400% in 2024. MoonTaurus was launched with a presale and has quickly captured the crypto community’s attention.

The 2024 crypto bull run could see Solana-based cryptocurrencies register significant growth. However, three altcoins in particular have been singled out, with market watchers convinced they could make unprecedented gains: BONK, POPCAT, and JUP.

Several major altcoins are trading below $5, making them attractive options for investors looking to make a profit. Experts believe Render (RENDER), Dogwifhat (WIF), Ondo (ONDO), Mantra (OM), and Polkadot (DOT) are tremendously undervalued and could see significant gains.

Popular Solana-based meme coin Husky Inu (HINU) sold out its second presale stage. Husky Inu’s presale has been highly popular with investors. The meme coin’s popularity has allowed the project to meet its $350,000 stage-two target in record time. After selling out its second presale round, Husky Inu enters its third round.

Meme coins have become the top-performing assets in the crypto market this year, with the average daily return on popular coins reaching a staggering 1834% increase. But what is driving the surge behind these meme coins?

Crypto whales are dumping their PEPE holdings as their interest turns to new meme coins that have entered the market, such as Pepe Unchained. Other factors, such as concern about a market crash, could also be the reason behind investors dumping PEPE.

Technology 

Polkadot took a significant leap in scalability with the launch of asynchronous backing. Understand how it helps blockchains on Polkadot achieve higher throughput and enhance efficiency and scalability.

Business

MetaMask has launched a new crypto debit card in collaboration with Mastercard. The new debit card allows users to make direct crypto payments using their MetaMask wallets wherever Mastercard is accepted.

Marathon Digital completed its $300 million offering, using the proceeds to purchase 4,144 BTC worth almost $250 million at an average price of $59,000 per BTC. The latest purchase increases the company’s BTC holdings to 25,000 BTC.

NFT

Web3 gaming platform Unioverse has announced the launch of its second flagship game, Hoverdome, along with a new NFT and a celebratory tournament in which users can win over 15,000 USDC and 300,000 UNIO in prizes.

Web3

Crypto.com has secured a multi-year sponsorship deal with the UEFA Champions League, becoming its official cryptocurrency partner. The three-year deal will help Crypto.com enhance brand exposure and offer Web3 experiences to football fans.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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