tl;dr
Macro events and strategic moves keep laying the foundation for a large rise in cryptocurrencies. The question is when not if. Here is what is on my mind today.1. Vanguard dives deep into investing in a lot of crypto Riot and Marathon. The firm with over $7T assets under management dropped over half...
Macro events and strategic moves keep laying the foundation for a large rise in cryptocurrencies. The question is when not if. Here is what is on my mind today.
1. Vanguard dives deep into investing in a lot of crypto Riot and Marathon. The firm with over $7T assets under management dropped over half a billion dollars in crypto mining firms Riot and Marathon. Really, I should say they dove deeper since Vanguard already had holdings. The investment in Marathon is a 60% bump and increased their holdings in Riot by 18%.
2. Certik has successfully completed a comprehensive security audit of Ripple's Automated Market Maker (AMM) on the XRP Ledger. This is a significant moment as Ripple hopes that its AMM will enhance the functionality for both XRPL token holders and developers on the XRP Ledger.
3. Multichain's losses rise to $228Mfrom what I originally reported on 7/7 when it was only $125M as exploits crush the protocol. At least one of the exploits may not even be an exploit. It is looking more like a rug pull. What else would you call it when the CEO of Multichain vanishes. I will be watching for more news about what's going on with Multichain.
4. US Senate Committee on Finance is looking for investor input on the taxation of digital assets. You can send your input to responses@finance.senate.gov. The dealing is September 8th. This is a very big deal as the ask comes from a bipartisan leadership and is in stark contrast to the SEC stance.
5. Algorand says goodbye to one of its largest DeFi projects, Algofi. The project is voluntarily shutting its doors. The project will go into what they are calling a withdraw-only mode and close all social media accounts except for Discord. The Coinbase-backed project had promise, but Algorand's performance has not been optimal.
6. Cathie Wood's ARK Invest sheds $12M in Coinbase stock as the stock jumped 16%. A nice take for the investment firm. They still own about 11M shares. Like they say, nothing is realized until you take it. Another smart move by the tech-savvy investment firm.