🌙 95% Drop in ETH Fees

The fees represent a more than 95% drop from the 83.1 gwei levels in March, when the network saw a spike in activity.

Author

Mike Gavela
August 16, 2024

Crypto Roundup - August 16

Ethereum has experienced a significant drop in gas fees, reaching levels not seen since 2022, which analysts are interpreting as a historically bullish signal for the cryptocurrency. This reduction in transaction costs may indicate increasing network efficiency and a potential uptick in user activity. In the DeFi sector, MakerDAO has announced plans to reduce its exposure to Wrapped Bitcoin (WBTC) due to concerns about its custodian, Coinbase Custody, which has been criticized for potential risks and centralization issues. This move could have broad implications for the DeFi ecosystem and MakerDAO’s future collateral strategy. Simultaneously, Goldman Sachs and Morgan Stanley have disclosed substantial holdings in Bitcoin ETFs, reflecting a growing institutional acceptance and participation in the cryptocurrency market, which could further legitimize and stabilize Bitcoin.

Top Stories:

  • Record drop in Ethereum gas fees marks a historically bullish signal, possibly leading to increased network activity and efficiency.

  • MakerDAO shifts away from Wrapped Bitcoin (WBTC) due to concerns over the custodian, which could impact the broader DeFi ecosystem.

  • Goldman Sachs and Morgan Stanley disclose significant investments in Bitcoin ETFs, indicating rising institutional interest and acceptance of cryptocurrencies.

TOP STORIES

Record Drop in Ethereum Gas Fees Marks Historically Bullish Signal For ETH, Analyst Says

The fees represent a more than 95% drop from the 83.1 gwei levels in March, when the network saw a spike in activity.

www.coindesk.com/markets/2024/08/16/record-drop-in-ethereum-gas-fees-marks-historically-bullish-signal-for-eth-analyst-says

MakerDAO Moves Away From WBTC Over Controversial Custodian - "The Defiant"

MakerDAO passed a proposal to disable borrowing against wrapped bitcoin (WBTC) and reduce the WBTC vault debt ceilings to zero.

thedefiant.io/news/defi/makerdao-moves-away-from-wbtc-over-controversial-custodian

Goldman and Morgan Stanley reveal $600m Bitcoin ETF disclosures. Will it be enough to convince pension funds to pile in?

Public pensions allocate most funds — 71% — to equities, with 21% going to debt securities, according to figures from the think tank Urban Institute.

www.dlnews.com/articles/markets/goldman-and-morgan-stanley-reveal-huge-bitcoin-etf-disclosures

OTHER HEADLINES

Donald Trump has earned more than $7 million from NFTs, holds up to $5 million in crypto

Presidential candidates must disclose their financial holdings and sources of income so the public can identify any potential conflicts of interest.

www.theblock.co/post/311533/donald-trump-nft-crypto-fees

Bitcoin sidechain developers unveil BitVM2 whitepaper with improved scaling capabilities

Bitcoin sidechain developers released a whitepaper on the second version of Bitcoin Virtual Machine, BitVM2, and the updated BitVM Bridge.

www.theblock.co/post/311512/bitcoin-sidechain-developers-unveil-bitvm2-whitepaper-with-improved-scaling-capabilities

South Korea’s national pension fund bought $33.7 million worth of MicroStrategy shares in Q2

National Pension Service’s latest holdings report showed it bought MicroStrategy shares in the second quarter of this year.

www.theblock.co/post/311523/south-koreas-national-pension-fund-bought-33-7-million-worth-of-microstrategy-shares-in-q2

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