What Happened in the Crypto Market While Everyone Was Sleeping – August 1 Review
Date: 2023-08-01 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Binance was accused of illegal work in Nigeria, the issuer Tether published a financial report for the second quarter of 2023, the co-founder of MakerDAO considers the Curve exploit the last test for the market on the eve of the bull run - these and other news on the morning of August 1 in our review
Behavior of cryptocurrencies — leaders of capitalization
Bitcoin (BTC), according to CoinMarketCap, started Tuesday with a fall. As of that, the cryptocurrency is trading at $28,914. The minimum of bitcoin in 24 hours is $28,801, the maximum is $29,463.
Ethereum, the second largest cryptocurrency by capitalization, also started the day with a fall. At the time of writing, the coin is trading at $1827
In the top 10 most capitalized cryptocurrencies, all coins, with the exception of the USD Coin stablecoin, showed negative dynamics within 24 hours. Solana recorded the largest losses per day (-5.02%). The worst result for the week was recorded by Tron (-4.71%). BNB grew more actively than others within seven days (+0.31%).
In the top 100 most capitalized cryptocurrencies, the best result for the day (+3.56%) and for the week (+19.93%) was recorded by Bone ShibaSwap. Over the past 24 hours, Compound has lost the most in price (-18.65%). The biggest losses for the week were recorded by Curve DAO Token (-29.27%).
The main news of cryptocurrencies on the morning of August 1
The Nigerian authorities have accused Binance, the largest crypto exchange, of illegally doing business in the country. Such a statement appeared on the website of the local Securities and Exchange Commission.
In June 2023, the Nigerian regulator accused Binance Nigeria Limited of operating in the country without permission. It was later revealed that the company had nothing to do with Binance itself.
Nigeria is far from the only country where the crypto exchange has faced regulatory problems. In June 2023, Binance faced accusations from the US Securities and Exchange Commission (SEC), as well as attempts to expel the company from Europe. At the same time, in parallel with the trading platform, it is possible to win local victories. For example, at the end of July 2023, Binance was the first among crypto exchanges to receive a license from the Dubai regulator.
The issuing company of the most capitalized stablecoin Tether (USDT), Tether Limited, has presented its financial report for the second quarter of 2023. The publication appeared on the official website of the organization. The reliability of the report is confirmed by the BDO auditor.
Tether's net profit for the second quarter was $850 million, compared to $1.5 billion in Q1 2023.
The company's technical director, Paolo Ardoino, explained that most of the profits came from interest on treasury bills, which form part of the stablecoin's reserve backing.
On the eve of the release of the report, journalists calculated how much Tether shareholders will earn when selling their shares.
The hacking of the Curve Finance protocol may be the final blow of the crypto industry before the growth cycle begins. This opinion was shared by the co-founder of the MakerDAO crypto project, Rune Christensen, in his microblog.
Fraudsters managed to withdraw assets worth over $47 million from Curve Finance due to vulnerabilities in the Vyper programming language, which was used to write smart contracts. Later, a white hacker returned $5.4 million worth of cryptocurrency to the protocol.
