Hello, crypto maxis and skeptics,
The DailyCoin team hopes you are all are good and comfortable in the green fields of cryptos. Nothing bad happened since yesterday, except the SafeDollar waking up much less safe than a day before. Other than that – only good news from the industry’s wolves and sharks.
On today’s agenda:
- Cathie Wood’s ARK Invest and Morgan Stanley come deeper into Bitcoin
- Ethereum Classic plans a network upgrade in July
- Craig Wright wins whitepaper lawsuit over Bitcoin.org
- SafeDollar is not so safe anymore: hackers stole $248k
- Music streaming platform Tidal is interested in NFTs
Institutions Bullish On Bitcoin Again
The crypto market is greening again and institutional investors keep showing their interest.
- Cathie Wood’s ARK Invest filed another filing with the SEC for its Bitcoin Exchange Traded Fund (ETF). This is the second time innovation investor and Bitcoin bull Wood attempts to register with the SEC. This time ARK Invest teamed up with Swiss-based 21Shares to create BTC ETF.
If succeeded, the fund will trade as the ARKB. Currently, the SEC has approved 8 other Bitcoin ETFs, that give investors the biggest exposure to dominant crypto.
- Morgan Stanley bought 28k shares of Grayscale Bitcoin Trust. The acquisition allows the investment banking giant to offer BTC exposure to its other funds.
- Institutions are bullish in the long term. Bitcoin is a scarce asset and showed exceptional return rates within its 12-yers lifetime. In the short-term Bitcoin is still struggling to find support, and the BTC mining hashrate is at the lowest level since 2019.
Ethereum Classic Is Undergoing a Network Upgrade in July
Ethereum Classic (ETC) is changing its underlying protocol and improving the system next month. Network developers say the hardfork is planned for the end of July.
The network update called “Magneto” aims to improve the Ethereum Classic’s security and lower gas fees. Magneto will also include features of the Ethereum Berlin upgrade.
- Hold on, guys, we may see the new star Magneto coming. Ethereum Classic (ETC) has this aura of creating successful and more popular hardforks than the original mainnet. Just remember Ethereum, the network’s protocol upgrade of 2016.
Craig Wright Wins Whitepaper Lawsuit Over Bitcoin.org
Computer scientist Craig Wright, who claims to be the creator of Bitcoin, won a Bitcoin whitepaper copyright lawsuit against Cobra, the operator of the Bitcoin.org website. London’s High Court banned Bitcoin.org from using the original historical document and ordered it to cover the court costs.
- Cobra lost the case but is up to another challenge. The highly anonymous Bitcoin.org operator tweeted it is ready to pay the court cost to an early Bitcoin address. Most probably, Cobra expects that Craig does not own it.
SafeDollar Not So Safe Anymore: Hackers Stole $248k
The DeFi stablecoin SafeDollar (SDO) suffered a hacker attack on Monday. The value of algorithmic SafeDollar – which aims to become the safest stable coin for DeFi – immediately dropped to zero.
The attackers may have taken out around $250,000 of US dollars and Tether (USDT). The total value locked on the Polygon-based protocol is $271,529 according to the official website
- SafeDollar is not the only project on Polygon that has been under a series of attacks lately. However, SafeDollar should definitely consider changing its name after it loses its “virginity”.
Music Streaming Platform Tidal Interested in NFTs
Tidal, the global music, podcast, and video streaming platform, is researching the NFTs as the form to repay the artists. This is what Jack Dorsey, the CEO of Twitter and payment company Square, told Jay-Z and the Twitter community.
Square bought a majority of Tidal shares from Jay-Z, Rihanna, and other artists in March. Jay-Z is among the company’s board of directors.
- NFTs can put power back into the hands of artists especially in terms of bigger royalties. Meaning that streaming platforms will definitely lose some additional revenue. It’s kind of them to be interested in the welfare of artists. But none of the big businesses are charities.