Weekly Roundup: Trump NFT, El Salvador, Musk, Telegram & More

Crypto weekly roundup

Weekly roundup for 1 September 2024, of the latest news from the Cryptocurrency world.

Trump Earns $2M from Latest NFT Collection Despite Slow Sales and Analyst Warnings

Despite sluggish global NFT sales, former President Donald Trump has earned over $2 million from his latest NFT collection, “Series 4: The America First Collection,” priced at $99 each. The collection, featuring Trump-themed trading cards, has sold fewer than 21,000 out of a possible 360,000. While Trump continues to promote crypto, especially after his appearance at the 2024 Bitcoin Conference, analysts suggest the long-term value of these NFTs is likely to be negligible, advising investors to sell quickly. This slow performance contrasts with the rapid sell-out of Trump’s earlier NFT collections.

Bukele Hails El Salvador’s Bitcoin Experiment as a Success Despite Low Adoption Rates

President Nayib Bukele of El Salvador described the country’s bitcoin experiment as a “resounding success,” highlighting its benefits since making bitcoin legal tender in 2021. He noted that bitcoin transactions are now possible nationwide, although adoption has been lower than expected, with only 12% of citizens using it in the past year, down from 21% in 2022. Despite this, Bukele emphasized that using bitcoin remains voluntary, with those who opted in benefiting from its rise in value. While fewer than 1% of Salvadorans believe bitcoin has improved the economy, Bukele pointed to increased branding, investments, and tourism as positive outcomes.

Number of Cryptocurrency Millionaires Nearly Doubles Amid Market Surge and Rising Investments

A new study revealed that the number of cryptocurrency millionaires nearly doubled over the past year, driven by increased investment and rising prices. Henley & Partners reported that 172,300 people now hold over $1 million in crypto assets, a 95% increase from 2023. The number of Bitcoin millionaires also more than doubled to 85,400. Additionally, there are now 325 crypto centi-millionaires and 28 crypto billionaires, reflecting significant growth. The total market value of crypto assets surged 89% to $2.3 trillion, with the approval of crypto ETFs in the U.S. contributing to this boom. Bitcoin’s value more than doubled, with Ether and Dogecoin also seeing substantial gains.

Judge Dismisses $258 Billion Lawsuit Against Elon Musk Over Dogecoin Market Manipulation Claims

A class-action lawsuit against Elon Musk, Tesla, and SpaceX, filed by Dogecoin investors, was dismissed by a U.S. judge. The investors had sought $258 billion in damages, alleging Musk manipulated Dogecoin’s market. However, the judge ruled that Musk’s tweets about Dogecoin, which were described as “aspirational and puffery,” could not be considered factual or fraudulent. Claims of insider trading and involvement in a “pump-and-dump” scheme were also dismissed. Following the news, Dogecoin’s price dropped 2.3%, trading at $0.99, with a market cap of $14.8 billion.

August Sees Decrease in Crypto Thefts Despite Rising Annual Losses, Immunefi Reports

A report from Immunefi revealed a decrease in the amount of cryptocurrency stolen in August 2024, with only $15 million taken, bringing the year’s total to over $1.2 billion. Despite a 15% increase in thefts compared to 2023, these losses were spread across more than 150 incidents. The majority of attacks targeted DeFi platforms, particularly on BNB Chain, known for its vulnerability to rug pulls due to recent hard forks. Since its creation, BNB Chain has lost $1.64 billion to hacks, with Ethereum also facing numerous scams and hacks resulting in significant financial losses.

OpenSea Faces Potential SEC Lawsuit Over Unregistered Securities Allegations

OpenSea, the largest NFT marketplace, received a Wells notice from the SEC, indicating a potential lawsuit over allegations that NFTs on its platform are unregistered securities. CEO Devin Finzer noted that the SEC has targeted other cryptocurrency companies, like Binance and Coinbase, with similar claims. Finzer pledged to “fight for our industry” and committed $5 million to cover legal fees for NFT creators and developers who also received Wells notices. The SEC declined to comment on the investigation.

Russia to Launch Cryptocurrency Exchange Trials for Cross-Border Payments Amid Sanctions

Starting September 1, 2024, Russia will begin regulated trials of cryptocurrency exchanges for cross-border payments to bypass Western sanctions. The National Payment Card System (NPCS) will be adapted to facilitate these transactions under the supervision of the Central Bank of Russia. This initiative is part of Russia’s broader strategy to reduce reliance on the U.S. dollar, aligning with the BRICS nations’ efforts to explore alternative payment systems amidst increasing difficulties in international trade due to financial sanctions.

Telegram Generates $400M in Crypto Revenue Amid CEO’s Legal Troubles

In 2023, Telegram, a popular app in the crypto community, held $400 million in cryptocurrency, with 40% of its revenue stemming from crypto-related activities like collectibles and wallets. Despite nearly a billion users, Telegram’s CEO, Pavel Durov, was recently arrested in France for failing to curb illegal activities on the platform. He was released after paying $5.5 million in bail. Telegram has denied responsibility for misuse of its platform. Telegram’s cryptocurrency, TON, is currently valued at $5.40 with a $13.6 billion market cap.

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