Weekly Review of the Most Important News that Hit the Market During First Week of August

JPEX has made August the month of celebration for its novel token JPC. On July 31, the exchange announced another Buy Back and Burn, a program used to reduce the number of tokens circulating on the market which brings forth scarcity and improves the number of cryptocurrencies available to traders. 

On Wednesday, August 2, JPEX disclosed that its JPP Concept Derivative has gone live. The JPP Concept Derivative is different from the usual derivative (it is not based on the spot trading of cryptocurrencies). Instead, it is based on the JPP Token, a virtual currency that will be used in JPEX’s upcoming Metaverse game. 

As JPEX continued to take steps to improve its platform, major names such as Worldcoin, Tether Limited, MicroStrategy, and GameStop trended on all crypto media portals. 

Below, we take an in-depth look at the most relevant of them that impacted the market. 

GameStop terminated its Crypto Wallet Program 

Over the week, it was announced that GameStop Corporation, an American video game, consumer electronics, and gaming merchandise retailer has terminated its crypto wallet program. 

GameStop decided on this due to what the company called regulatory uncertainty of the entire decentralized finance (DeFi) landscape. 

Chrome and iOS Extension wallets will be removed in November. 

As a result, the company advised all clients that they must have access to their passcodes (private keys) by the first day of October so that they can recover their wallets should another wallet provider take over. 

Passcodes are highly essential as they make accounts non-custodial (where individuals other than organizations control access to their crypto holdings). 

This news comes 15 months after GameStop launched a wallet for cryptocurrencies and non-fungible tokens (NFTs) for their clients without the need for them to leave their website browsers. 

Tether Limited’s operational profits exceeded $1 billion during Q2

Tether Limited, the company behind the largest stablecoin by market capitalization, the United States Dollar Tether (USDT) said that its operational profits (the amount of money it has left over after meeting its operating costs) before paying taxes) have crossed $1 billion

This was seen as quite impressive by many market analysts since the company reported $1.45 billion in net profits during the first three months of 2023. 

While stablecoins such as TerraUSD (UST) crashed, issuing fiat-backed dollar-pegged stablecoins for companies that understand the business is seen as a lucrative venture.

 This has been attributed to the rising yield of government bonds issued in the United States which serves as a primary reserve asset for its stablecoin, USDT. 

What’s more, BlackRock is one of the largest companies when assets under management (AUM) are considered with approximately $9 trillion. Tether Limited’s operating profits fell into the range of BlackRock which had over $1.6 billion from April to June. 

Bitcoin to see new investment from Michael Saylor 

Bitcoin, the largest digital asset by market capitalization could be seeing a new liquidity poured into the cryptocurrency soon. 

Michael Saylor, an investor who doubles up as a huge proponent of BTC disclosed in a recent filing that his company MicroStrategy could raise around $750 million through the sale of stocks and use the money to buy more BTC. 

This was well-received by the market as the first blockchain-backed digital currency increased slightly in price. 

Due to fiat currency wars that have gained ground over the past year thanks to the proposed BRICS currency, and the consistent use of the Chinese Yuan and Russian Ruble in trade, many people including Michael Saylor believe BTC could be the next reserve currency that could be embraced by billions of people across the globe. 

Analyst Richard Adrian at FX Leaders believes BTC could surpass its all-time high (ATH) in the future. According to him, positive market sentiment, crypto adoption, and Bitcoin’s haven status could push the coin to the lowest possible price of $120,000 and the best possible price of $150,000 in the next 12 months. 

In the medium to long term, he foresees BTC exchanging hands between $200,000 and $300,000

Kenyan authorities suspended Worldcoin 

Worldcoin took the market by storm with the launch of its novel token, WLD which was listed for trading by JPEX on July 24. 

Unfortunately, the project’s aim of being used as a verification system has not been well-received by some authorities across the globe due to privacy concerns. 

Among them is Kenya, an East African country that saw millions of residents line up to take advantage of the potential earnings that could be gotten from the cryptocurrency. 

On Wednesday, August 2, the Ministry of Home Affairs disclosed that all activities related to the project have been suspended subject to a thorough government investigation. 

Once the company’s activities do not affect the safety of Kenyan activities, Worldcoin could resume its services in the East African state. WLD has declined in value over the past few days after the buzz around the token faded. 

As of Saturday, August 5, it was exchanging hands for $2.2670, had a market capitalization of around $267 million, and had a fully diluted market capitalization of approximately $23 billion, data from crypto price tracker CoinMarketCap showed. 


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