Today's Newsletter content 📃
No. | Index |
|---|---|
1. | MARKET WATCH ⌚ |
2. | MicroStrategy Buys 11.9K More Bitcoin for $786M 🤑 |
3. | Stablecoin Issuers Among Largest Holders of U.S. Debt 💵 |
4. | TON Blockchain Hits $10B in Daily Transaction Volume 📈 |
5. | Chainlink Unlocks $300M in LINK Tokens, Price Falls 📉 |
6. | Electrocoin Launches New EU Crypto Exchange 🚀 |
8. | LayerZero Token (ZRO) Price Drops Amid Controversy 📉 |
7. | Why Web3? |
MicroStrategy Buys 11.9K More Bitcoin for $786M
MicroStrategy, led by Michael Saylor, has acquired an additional 11,931 Bitcoin for $786 million. This purchase increased their total holdings to 226,331 BTC, valued at nearly $15 billion. The company continues to leverage convertible note offerings to fund its acquisitions, aiming to promote Bitcoin as a corporate reserve asset. This strategic move has significantly boosted MicroStrategy’s stock value, which has risen ten-fold since their Bitcoin purchases began in 2020.
Stablecoin Issuers Among Largest Holders of U.S. Debt
Stablecoin issuers now rank as the 18th largest holders of U.S. debt, collectively holding over $120 billion in Treasury notes. Tether and Circle, leading stablecoin issuers, hold $91 billion and $29 billion, respectively. This substantial holding underscores the growing influence of stablecoin issuers in the financial markets. As U.S. debt concerns grow, stablecoin legislation remains a priority in Congress, with hopes for new regulations by the end of the year.
TON Blockchain Hits $10B in Daily Transaction Volume
The TON blockchain, developed by Telegram, has achieved a daily transaction volume of $10 billion. This milestone highlights TON’s rapid growth and increasing popularity, with token holders rising from 2.9 million to 32 million. The integration with Telegram and Tether’s USDT has significantly boosted its market reach and user base. Binance’s support for USDT on TON further enhances its functionality, making it a prominent player in the blockchain industry.
Chainlink Unlocks $300M in LINK Tokens, Price Falls
Chainlink unlocked 21 million LINK tokens, worth $300 million, raising its circulating supply by 3.57%. Following the unlock, 18.25 million LINK tokens were transferred to Binance, sparking sell-off concerns. This led to a 4% price drop, bringing LINK to $13.58. Despite the decline, market analysts suggest the impact on price is minimal. Chainlink continues to benefit from the growing real-world asset tokenization market, with increased adoption by major financial institutions.
Electrocoin Launches New EU Crypto Exchange
Croatian crypto exchange Electrocoin has launched a new platform, Electrocoin Trade, aimed at EU markets. The platform offers lower transaction costs, cross-chain transfers, and coin-to-coin swaps using protocols like ERC-20, BEP-20, and Polygon. Users can trade without registration, but registered users enjoy benefits like portfolio monitoring and reduced fees. The new custodial model allows Electrocoin to act as a custodian for user assets. The platform also supports bill payments with cryptocurrency for EU users. The old platform remains accessible for those preferring not to register.
LayerZero Token (ZRO) Price Drops Amid Controversy
LayerZero’s ZRO token saw a sharp 15% price drop to $2.87 following the introduction of a Proof-of-Donation mechanism. This new system requires users to donate $0.10 per ZRO token claimed, intended to fund Ethereum developers. The move has sparked debate, with critics worried about increased volatility. Despite the backlash, LayerZero co-founder Bryan Pellegrino emphasized that donations are optional. Supporters argue this mechanism supports the ecosystem and deters Sybil attacks, promoting long-term project health.
Why Web3?
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