🌙 ETH Drops 26% Since ETF

The US Ether ETFs generated over $420 million worth of selling pressure for the world's second-largest cryptocurrency.

Author

Mike Gavela
August 19, 2024

Crypto Roundup - August 19

Ether’s price experienced a 24% decline despite the recent launch of a U.S. ETF, indicating market skepticism around the crypto asset’s immediate future. Meanwhile, Tether’s USDT is set to launch on the Layer 1 blockchain Aptos, offering gas fees under $0.01, signaling a significant push towards lower transaction costs. In a landmark decision, a Dubai court has validated crypto salaries as a legitimate form of payment, reinforcing the growing acceptance of digital assets in legal and financial frameworks.

Top Stories:

  • Ether’s price drops 24% despite the launch of a U.S. ETF, highlighting market uncertainty.

  • Tether’s USDT to launch on the Layer 1 Aptos blockchain with gas fees below $0.01.

  • Dubai court validates crypto salaries as legitimate payments, setting a legal precedent.

TOP STORIES

Ether price drops 26% since ETF launch as supply increases by 60,500 ETH

The Ether price has fallen over 26% since the launch of the first spot ETH ETFs in the US, which generated over $420 million worth of selling pressure.

cointelegraph.com/news/ether-price-drops-24-despite-us-etf-launch

Tether’s USDT to Launch on Layer 1 Aptos - "The Defiant"

Tether, the issuer of the largest stablecoin by market capitalization, said it will introduce its U.S. dollar-pegged token, USDT, on Layer 1 Aptos.

thedefiant.io/news/blockchains/tether-s-usdt-to-launch-on-layer-1-aptos-promising-gas-fees-below-usd0-01

Dubai court recognizes crypto as valid salary payment: Law Decoded

Dubai's Court of First Instance has ruled in favor of recognizing crypto as a valid salary payment option, reflecting a significant legal shift.

cointelegraph.com/news/dubai-court-crypto-salary-valid-payment-law-decoded

OTHER HEADLINES

Solana sees record outflows as memecoin trading declines: CoinShares

Digital asset investment products brought in a mere $30 million in net inflows, compared to $176 million the week before.

www.theblock.co/post/311913/solana-sees-record-outflows-as-memecoin-trading-declines-coinshares

Ex Sushi CTO Joseph Delong’s New Venture is a SocialFi Dapp Called Untitled - "The Defiant"

Joseph Delong's new platform, Untitled, offers an innovative take on decentralized social media.

thedefiant.io/news/nfts-and-web3/ex-sushi-cto-joseph-delong-s-new-venture-is-a-socialfi-dapp-called-untitled

Attention Bitcoin Traders, the Japanese Yen Is Strengthening Again

A similar yen outperformance early this month triggered carry unwind and rocked risk assets, including cryptocurrencies.

www.coindesk.com/markets/2024/08/19/attention-bitcoin-traders-the-japanese-yen-is-strengthening-again

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