Hello everyone, and welcome once more to the MNO blog which has been delivering the most essential information on HYIP investments for over sixteen years now. Originally founded back in 2007 my blog has never stopped informing readers on the subject and I also recently started dividing my attention with the cryptocurrency markets in the weekly news digests from which I post every Monday.

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And now when all introductions are said and done let’s have a look at the Weekly CryptoNews Digest. This time it will cover the period from August, 07 to August, 13, 2023. I will be offering you the latest news and trends that happened in the crypto market over the last seven days. Let’s begin our journey, shall we?

EXCHANGE RATE AND CRYPTO TRADING WEEKLY OVERVIEW

As usual, I would like to start by checking out the latest price trends for the most popular cryptocurrencies that happened over the last seven days, in brief.

– Bitcoin and Ethereum continued to trade sideways, with Bitcoin struggling to break above $30,000 and Ethereum below $1,900. This is in line with the broader cryptocurrency market, which has been in a bear market for most of 2023.

– The rise of decentralized finance (DeFi) continued, with total value locked (TVL) in DeFi protocols reaching an all-time high of over $200 billion. This is due to the growing popularity of DeFi applications, such as lending, borrowing, and yield farming.

– The non-fungible token (NFT) market continued to cool off, with trading volume declining sharply from its peak in early 2022. However, there are still some signs of life in the NFT market, with some high-profile sales taking place in recent weeks.

– Regulation of cryptocurrencies continued to be a hot topic, with several countries announcing new regulations or frameworks for cryptocurrencies. This is likely to continue to be a major trend in the cryptocurrency space in the coming months and years.

Overall, the cryptocurrency market was relatively quiet last week, with prices continuing to trade sideways. However, there were some positive signs, such as the continued rise of DeFi and the growing interest in NFTs. It remains to be seen whether these trends will continue in the coming weeks and months.

PAYPAL USD STABLECOIN LAUNCHED

The last week started with the exciting PayPal announcement about the launch of its own dollar-backed stablecoin, called PayPal USD (PYUSD). PYUSD is 100% backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents. It is issued by Paxos Trust Company, a regulated financial technology company.

PayPal USD is designed to be a more stable and secure alternative to other cryptocurrencies, such as Bitcoin and Ethereum. It can be used to make payments, send money to friends and family, and buy and sell goods and services on the PayPal platform.

PayPal’s launch of PYUSD is a significant development in the cryptocurrency space. It is the first major U.S. financial company to launch its own stablecoin. This could help to legitimize stablecoins and make them more widely accepted by consumers and businesses.

Here are some of the key features of PayPal USD:

– 100% backed by U.S. dollar deposits: This means that for every PYUSD that is issued, there is a corresponding U.S. dollar held in reserve. This gives PYUSD its stability and makes it a more attractive option than other cryptocurrencies, which are often volatile.

– Issued by Paxos Trust Company: Paxos Trust Company is a regulated financial technology company that specializes in blockchain and cryptocurrency. This gives PYUSD a high degree of credibility and trust.

– Live on the Ethereum blockchain: PYUSD is a token on the Ethereum blockchain. This makes it interoperable with other Ethereum-based applications and services.

– Available to U.S. PayPal customers: PayPal USD is currently only available to U.S. PayPal customers. However, PayPal has said that it plans to make it available to more customers in the future.

The launch of PayPal USD is a major step forward for the cryptocurrency industry. It is a more stable and secure alternative to other cryptocurrencies, and it is backed by a major financial institution. This could help to legitimize stablecoins and make them more widely accepted by consumers and businesses.

SAM BANKMAN-FRIED WAS REVOKED BAIL BY JUDGE

And now let’s delve further into the latest developments from the perhaps the most significant court case in the US against the founder and former CEO of the collapsed crypto exchange FTX.

On August 11, 2023, a federal judge in New York revoked the bail of Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX. Bankman-Fried was accused of tampering with witnesses in his fraud trial, which is scheduled to begin on October 2.

I remind you that Bankman-Fried was arrested in December 2022 on charges of fraud and market manipulation. He is accused of misleading investors about the financial health of FTX and using customer funds to prop up his own hedge fund, Alameda Research.

In July 2023, Bankman-Fried was released on bail under strict conditions, including house arrest and a $250 million bond. However, prosecutors argued that Bankman-Fried had violated these conditions by trying to contact witnesses in his case.

Specifically, prosecutors alleged that Bankman-Fried had shared private emails from his former romantic partner, Caroline Ellison, with a New York Times reporter. Ellison is expected to testify against Bankman-Fried at his trial.

Judge Lewis Kaplan ruled that there was probable cause to believe that Bankman-Fried had tampered with witnesses. He ordered Bankman-Fried to be taken into custody and held without bail.

Bankman-Fried’s lawyers have said that they will appeal the judge’s decision. However, for now, Bankman-Fried will remain in jail until his trial.

The case against Bankman-Fried is a major blow to the cryptocurrency industry. He was one of the most prominent figures in the industry, and his arrest and trial have shaken investor confidence. It remains to be seen what the outcome of the case will be, but it is clear that it will have a significant impact on the cryptocurrency industry.

SEC DECISION TO APPROVE FIRST SPOT ETF IN THE US DELAYED

On August 11, 2023, the U.S. Securities and Exchange Commission (SEC) delayed a decision on whether to approve the first spot Bitcoin ETF in the United States. The SEC had been expected to make a decision on the application by Ark 21Shares Bitcoin ETF by August 13, but it has instead asked for public comment on one of the amendments in the application.

This is the latest in a string of delays by the SEC on spot Bitcoin ETF applications. The SEC has rejected several spot Bitcoin ETF applications in the past, citing concerns about fraud and manipulation in the cryptocurrency market. However, the SEC has also approved several futures-based Bitcoin ETFs, which track the price of Bitcoin futures contracts.

The delay in the SEC’s decision on spot Bitcoin ETFs is a disappointment to many cryptocurrency investors, who have been hoping for a more favorable regulatory environment for cryptocurrencies. However, it is also a sign that the SEC is taking its time to carefully consider the risks and benefits of spot Bitcoin ETFs.

The SEC’s decision on spot Bitcoin ETFs is likely to have a significant impact on the cryptocurrency market. If the SEC approves a spot Bitcoin ETF, it could lead to a surge in investment in Bitcoin and other cryptocurrencies. However, if the SEC rejects a spot Bitcoin ETF, it could further dampen investor sentiment in the cryptocurrency market.

Only time will tell what the SEC will decide on spot Bitcoin ETFs. However, the delay in the SEC’s decision is a reminder that the regulatory landscape for cryptocurrencies is still evolving.

COINBASE OPENS BASE NETWORK FOR ALL USERS

On August 9, 2023, Coinbase announced that it had opened its BASE network for all users. BASE is a Layer 2 network that is built on top of Ethereum. It is designed to make Ethereum transactions faster and cheaper.

Coinbase’s decision to open BASE for all users is a major step forward for the network. It will allow more people to use BASE and to benefit from its faster and cheaper transactions.

BASE is a significant development for the cryptocurrency industry. It is the first Layer 2 network to be launched by a major cryptocurrency exchange. This could help to legitimize Layer 2 networks and make them more widely adopted by the cryptocurrency community.

Here are some of the key benefits of Coinbase’s BASE network:

– Faster transactions: BASE transactions are much faster than Ethereum transactions. This is because BASE uses a different consensus mechanism than Ethereum.

– Cheaper transactions: BASE transactions are also much cheaper than Ethereum transactions. This is because BASE uses a different fee structure than Ethereum.

– Easier to use: BASE is easier to use than Ethereum. This is because BASE is designed to be more user-friendly.

Overall, Coinbase’s BASE network is a major development for the cryptocurrency industry. It is a faster, cheaper, and easier-to-use alternative to Ethereum. This could help to make Ethereum more accessible to a wider range of users and to boost the adoption of cryptocurrencies.

Although Coinbase’s BASE network is still in its early stages of development, it has the potential to be a major player in the Layer 2 space. It is well-funded and backed by one of the most respected cryptocurrency exchanges in the world. It is also easy to use and compatible with Ethereum dApps and smart contracts. These factors could make BASE a popular choice for users who are looking for a faster, cheaper, and easier-to-use alternative to Ethereum.

SOLANA PHONE PRICE DROPPED SIGNIFICANTLY

On August 11, 2023, Solana Mobile, a subsidiary of Solana Labs, announced that it was cutting the price of its Saga smartphone from $1,000 to $599. The price cut comes just four months after the phone’s launch.

Solana Mobile said that the price cut was made in order to “make the Saga more accessible to a wider range of users.” The company also said that the price cut was “a sign of our commitment to making mobile web3 more affordable and accessible for everyone.”

The Saga is a high-end smartphone that is designed for use with the Solana blockchain. The phone has a 6.67-inch OLED display, 12GB of RAM, and 512GB of storage. It also has a built-in Solana wallet and a number of other features that are designed to make it easy to use Solana-based applications.

The price cut of the Saga is likely to be welcomed by many cryptocurrency enthusiasts. The phone was originally priced at a premium, which made it out of reach for many people. The price cut will make the Saga more affordable and accessible to a wider range of users.

It is also worth noting that the price cut of the Saga comes at a time when the cryptocurrency market is in a bear market. The price of Bitcoin and other cryptocurrencies has been declining in recent months. The price cut of the Saga could be seen as a sign that Solana Mobile is trying to boost sales of the phone during a difficult market environment.

Only time will tell whether the price cut of the Saga will be enough to boost sales of the phone. However, the price cut is a positive step for Solana Mobile and for the wider cryptocurrency community.

FC BARCELONA SECURED INVESTMENT FOR ITS NFT PROJECT

And we will finish today’s digest with the news about the unlikely collaboration between one of the most popular football clubs in the entire world and the world of NFTs.

Just last week FC Barcelona announced that it had secured a $132 million investment from Libero Football Finance AG and Nipa Capital B.V. for its Web3 initiative, Barça Vision.

Barça Vision is a project that aims to integrate all digital content around Web3 and blockchain, including NFTs and metaverse, which are part of the club’s strategy to build the digital Espai Barça.

The investment from Libero Football Finance AG and Nipa Capital B.V. will be used to develop Barça Vision and to create new NFTs and metaverse experiences for fans.

FC Barcelona is one of the most popular sports clubs in the world, with over 400 million fans. The club has a long history of innovation, and it is seen as a leader in the digital space.

The investment from Libero Football Finance AG and Nipa Capital B.V. will help FC Barcelona to further its leadership in the digital space and to create new and innovative experiences for its fans.

Overall, FC Barcelona’s NFT Secured $132M Investment is a significant development for the club and for the NFT and metaverse space. It is a sign of the growing interest in these technologies from major sports organizations, and it is a major step forward for FC Barcelona in its digital transformation.

That’s about all I have to report in this week’s post on cryptocurrencies on the MNO blog. Check out next Monday for another portion of the most significant developments in the wide world of crypto in the following Weekly CryptoNews Digest on MNO.

I wish you all every success and good fortune and hope to speak to you all again on my blog next week. MNO – For Money Lovers!