The Crypto Roundup: 13 September 2024

Latest price and news from the crypto space

Latest price from our hand picked list of digital assets

Nasdaq-listed cryptocurrency exchange Coinbase has introduced a tokenized version of Bitcoin (BTC) on Ethereum and its Layer-2 network Base, effectively entering a market segment dominated by BitGo’s Wrapped Bitcoin (WBTC), with over $8 billion in market capitalization.

Popular stock trading platform eToro has agreed to a settlement with the US Securities and Exchange Commission (SEC), resulting in a significant curtailment of its cryptocurrency trading offerings.

Former US President Donald Trump has announced the launch of a cryptocurrency project that has been teased by his family over the last two months, called World Liberty Financial. The project is set to launch on September 16.

Top stories in the Crypto Roundup today:

Coinbase Launches New Wrapped Bitcoin Token cbBTC
eToro to Halt Trading for Most Crypto Assets Following SEC Settlement
Donald Trump Announces Launch of ‘World Liberty Financial’ Crypto Project
Crypto Market Movers – FET, AAVE, APE

Coinbase Launches New Wrapped Bitcoin Token cbBTC

Coinbase Wrapped BTC (cbBTC) is an ERC-20 token that is backed 1:1 by Bitcoin held by Coinbase. Wrapped tokens allow users to leverage their existing Bitcoin holdings in various ways within the decentralized finance (DeFi) ecosystem. Users can provide their Bitcoin as liquidity to various DeFi protocols, use it as collateral for borrowing other crypto assets, and participate in a broader range of on-chain activities.

Several prominent DeFi platforms, including Aerodrome, Curve, Aave, Sky Protocol, Compound, Maple, and deBridge, are expected to support cbBTC. Coinbase users who send Bitcoin from the exchange to a specific address on Base or Ethereum will automatically see it converted to cbBTC, with users also being able to convert cbBTC to BTC after receiving cbBTC on their accounts.

Initially, cbBTC will be available to Coinbase users in the United States (excluding New York State), the United Kingdom, European Economic Area states, Singapore, Australia, and Brazil.

eToro to Halt Trading for Most Crypto Assets Following SEC Settlement

Popular stock trading platform eToro has agreed to a settlement with the US Securities and Exchange Commission (SEC), resulting in a significant curtailment of its cryptocurrency trading offerings.

The SEC charged eToro with operating an unregistered brokerage and clearing agency related to its crypto trading platform, and as part of the settlement, eToro will pay a $1.5 million penalty and significantly limit the digital assets available for trading to its U.S. customers.

Starting on September 12, customers will only be able to trade Bitcoin, Bitcoin Cash, and Ether on the platform, while other digital assets will be eligible for sale for a period of 180 days.

The SEC alleged that eToro has been operating as an unregistered broker and clearing agency in the U.S. since at least 2020. By offering digital asset trading services, the SEC viewed eToro as engaging in a securities offering without complying with the necessary registration requirements.

Donald Trump Announces Launch of ‘World Liberty Financial’ Crypto Project

In a post on social media, Trump said, “We’re embracing the future with crypto and leaving the slow and outdated big banks behind.” The project, according to earlier reports, will be built on DeFi platform Aave and on the Ethereum network, and will revolve around a “credit account system.”

As Trump campaigns to be reelected President of the United States, he has shown an increasingly cryptocurrency-friendly stance, going as far as speaking at the Bitcoin 2024 conference earlier this year, where he said he plans to make the US “the Bitcoin superpower of the world.”

At the conference, Trump said he would not sell any of the Bitcoin the U.S. government currently has and any that it obtains in the future, and he vowed to create a regulatory framework for dollar-backed stablecoins.

Crypto Market Movers – FET, AAVE, APE

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Artificial Superintelligence Alliance (FET) - The Artificial Superintelligence Alliance is a collaborative initiative involving SingularityNET, Fetch.AI, and Ocean Protocol. These entities have proposed to merge their tokenomic networks into FET. The primary goal of this merger is to create the world’s largest open-source, independent AI research and development foundation with a unique focus on creating decentralized Artificial Superintelligence.

Aave (AAVE) - AAVE is based on the Ethereum blockchain and is powered by the Aave protocol. The protocol enables users to borrow and lend digital assets in the form of flash loans, while also providing users with a yield-generating market, allowing them to earn interest from their crypto holdings.

ApeCoin (APE) - ApeCoin is an ERC-20 governance and utility token used within the APE ecosystem. The total supply of ApeCoin is permanently fixed at 1 billion tokens, with no minting or burning capabilities exposed through the contract interface. ApeCoin is part of a broader project called the APE ecosystem. This ecosystem aims to support web3 through art, gaming, entertainment, and events.

State of the Crypto by Top Tier Exchange Volume

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