Your Favorite Crypto Digest From TradeCrypto.com

BTC is now trading around $22,000, ETH is trading above $1,250.

💪 Bitcoin dominance: 43.34%

📉 Total Cryptocurrency Market Cap: $0,947 tr

😲 Fear and greed index: 20 (Extreme Fear)

🚀 Gainers(Top-100)

1inch Network (1INCH)+13.39%

Polygon (MATIC)+13.10%

😭 Losers(Top-100)

UNUS SED LEO (LEO)-2.69%

Huobi Token (HT)-1.81%

Basic Attention Token (BAT)-1.63%

The Solana-based concentrated🎯 liquidity protocol, Crema Finance, suffered an exploit🪤 earlier this week. The drained crypto funds were worth nearly $9 million💰 at the time of the hack. However, following a long negotiation, the hacker😎 has agreed to take 45,455 SOL as the white hat bounty and return the stolen funds⏪.

“After a long negotiatio💬, the hacker agreed to take 45,455 SOL as the white hat bounty👒. Now we have confirmed the receipt of 6064 ETH + 23,967.9 SOL in four transactions. A follow-up compensation plan📑 will be released in 48h.”

DeFi protocol Aave is planning to launch🔉 its very own stablecoin🪙, the project’s founder announced today. “We have created an ARC for a new decentralized, collateral-backed stablecoin, native to the Aave ecosystem, known as GHO,” 💬the announcement posted on Twitter by Aave founder Stani Kulechov read.

This means Aave's proposal for a new stablecoin🪙 is now in the hands of its DAO—its community of AAVE token holders🤝 that vote on decisions that affect the protocol's future. Should the vote☑️ succeed, it will mean one of the biggest players in DeFi will introduce yet another stablecoin🪙 option into the market—something that could prove⚒ lucrative for its DAO if GHO gains wide adoption.

Many outlets have💬 reported Rishi Sunak could be one of the possible🔄 replacements for Boris Johnson, suggesting that crypto regulations could be central🎯 to the government’s agenda. Boris Johnson😎, who has been the prime minister of the United Kingdom🇬🇧 since 2019, said💬 he will step down as leader of the country’s Conservative Party⚖️ but will remain head of state until a replacement has been found🔍.

Under Johnson, who took office three years ago🔙, the U.K. government and regulatory🔐 agencies adopted many policies largely favorable to crypto firms📄, but also addressed possible risks and misuse of the innovative technology🔗. The country’s Advertising Standards Authority banned❌ many crypto companies from advertising in public spaces, citing the need to warn investors of volatile📉 crypto prices.

Luxembourg-based🇱🇺 cryptocurrency exchange💱 Bitstamp has scrapped plans📑 to implement an inactivity fee after widespread outcries from users online. The exchange💱 had previously announced🔉 at the end of June that it would enforce a €10 ($1fee on inactive users on its platform with account balances💸 valued at €200 ($204.08) or less from the beginning of August.

The move was met with condemnation from users on social media❌, with prominent cryptocurrency accounts among the chorus of voices🔉 hitting out against the exchange’s proposed plans❌.

While critics use the bear🐻 market as an opportunity to pounce💸 on crypto and belittle its value💰, some projects take this chance☑️ to develop and launch🔉 industry-disrupting platforms on the blockchain🔗. In July, firms launched🔉 or revealed their intentions to construct blockchain-based music🎶 licensing platforms that aim to change the way songs🎵 are licensed by reducing costs, removing intermediaries and bringing all of blockchain’s ⛓inherent benefits to the music scene.

Mehmet Eryılmaz, the CEO of Web3 entertainment firm Faro Company, said 💬that blockchain provides new frameworks for traditional industries: “Blockchain offers an opportunity to rethink a new economic model for all of the entertainment including the music industry.”

A Bitcoin (BTC) experiment🔬 on the Isle of Man involving the Lightning Network, 6-year-old 25 schoolchildren and the promise of a milkshake🍼 has yielded interesting results. MSW knew 🔉full well that the Bitcoin trial was reminiscent of the Stanford Marshmallow Experiment, a pop psychology⚖️ trial from 1972.

In short, the experiment⚒ attempted to understand delayed gratification⚖️ in kids by offering the choice between🔁 an immediate reward or a greater prize💰 if the children waited a period of time. The “Isle of Man Satoshi Milkshake Experiment”—which maybe doesn’t quite have the same ring to it—yielded intriguing😲 results. Of the 27 participants, just five people have spent💸 their Satoshis, meaning 22 are Bitcoin🔗 HODLers.

Local think tank Infrawatch PH has sent a letter 📄to the Philippines'🇵🇭 Department of Trade and Industry (DTI), urging the government agency to launch🔍 an investigation against crypto exchange💱 Binance for promotions without permits. The letter📑 alleged that the crypto exchange💱 has been targeting Filipino consumers with unregistered promotions🔉 that are being posted casually on social media platforms📲.

Terry Ridon, the convenor for Infrawatch PH, said 💬that Binance disregards Philippine🇵🇭 regulations, as the exchange💱 performs virtual asset service provider (VASP) functions🔗 in the country without the license. Binance responded💬 to the letter saying that they take compliance seriously and are looking to secure☑️ licenses in the country.

Conclusion: It's too early to get excited about growth. But the beginning has been made.

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