Weekly News Recap of the Crypto Industry during the 3rd Week of August

JPEX embarked on a series of announcements during the third week of the eighth month of the year. 

On Monday, August 14, JPEX disclosed that it has upgraded its JPP EARN Function. While the old feature locked the JPC tokens of users for 108 days before their JPP tokens were released to them, the current upgrade enables them to cancel their stake.

The exchange followed this up with the announcement of the establishment of the Second Blockchain Tower in Malaysia which is geared towards fostering Web3 development across the Asian region on Tuesday, August 15.

On Wednesday, August 16, the trading platform applied for a Polish Financial Intelligence Unit (FIU) license so that it could expand its activities within the European Union.

On the same day, JPEX was honored to be the Platinum Sponsor for the Token 2049 Singapore Conference, an international blockchain event that brings stakeholders of the growing decentralized finance space together to share ideas.

While JPEX informed its customers, Shiba Inu, Tether Limited, OpenSea, and Bitcoin Ordinals NFTs trended online.

Below, we take a brief look at some of the events that happened in the crypto industry over the past seven (7) days. 

Shiba Inu’s Shibarium finally went live 

Shibarium has been the main theme on the discussion tables of many Shiba Inu (SHIB) holders over the past two months. 

Shibarium is an Ethereum layer two (2) scaling solution. During the week, Shibarium went live and according to many experts, this has made Shiba Inu an ecosystem where it can challenge other projects including Ethereum in the DeFi sector.

Aside from SHIB, Shibarium will utilize other tokens such as TREAT, LEASH, and BONE for decentralized applications (dApps) built on the chain. 

The resultant effect of this could lead to a significant rise in the prices of these cryptocurrencies. 

Shiba Inu holders have gone up over the years and during the testnet of Shibarium, more than 21 million wallets were created due to the potential rise in the valuation of SHIB in the future.     

Tether discontinued the issue of its stablecoin on some protocols 

Tether Limited is the issuer of the stablecoin, the United States Dollar Tether (USDT). Tether said it makes decisions to meet the demands of its users, and after consideration, it decided to discontinue support for Kusama, Bitcoin Cash SLP, and Omni Layers.

With this, no USDT tokens will be issued on the platforms due to a lack of usage. USDT is supported by many blockchains with the most used being TRON and Ethereum. 

The stablecoin market continues to increase massively with the PYUSD stablecoin added by PayPal in August. 

As of 18 August, there are several stablecoins on the market with the majority of them seeing significant on-chain volume on the Ethereum Network.

Among them are Circle’s USDC, Binance USD (BUSD), DAI, FRAX, USDP, LUSD, UST, PYUSD, UST, FEI, HUSD, TUSD, MIM, and GUSD. 

OpenSea ended support for Binance Smart Chain NFTs 

OpenSea, the largest non-fungible token (NFT) marketplace by trading volume announced that starting from Saturday, August 19 it would not be supporting the Binance Smart Chain.

According to OpenSea, supporting the chain comes with a high cost of maintenance. As a result, from August 19, users of the marketplace will not be able to provide new offers for BSC collectibles, and they will not be able to create new listings as well. 

Many in the NFT space have been left surprised by OpenSea’s stance on Binance NFTs. 

As of 19 August 2023, Binance was the eleventh (11th) NFT blockchain by all-time sales volume with approximately $250 million, data from NFT data aggregator CryptoSlam showed.

Not being supported by OpenSea may affect the exposure and sale of BNB NFTs in the long term since the marketplace has more than one million active users, and sees millions of dollars in monthly trading volume. 

Bitcoin Ordinals NFTs continued to plunge 

Ordinals NFTs became the new price driver of Bitcoin, the most popular, and largest digital asset by market capitalization in 2023.

According to data from CryptoSlam, sales from the first three weeks of August had Ordinals NFTs at approximately $2.2 million. 

This means that the collection is on course to finish the month with a minimum of $10 million in sales. 

This is far away from the $101 million generated in March 2023 and even the $14 million in sales volume generated from the collectibles in April 2023. 

The gradual decline in sales has corresponded to a reduction in the price of BTC. As of 20:00 UTC on 19 August 2023, BTC was exchanging hands for $26,130down 10% from its opening day price of $29,283.26 on Monday, August 14.

The cryptocurrency had seen a 24-hour volume of $12 billion and had a market capitalization of around $508 billion, as of writing. 

Bitcoin still trails Ethereum, Ronin, Solana, Flow, Polygon, and Cardano in the ranks but it is above Immutable X, WAX, Avalanche, and Binance Smart Chain as it commands more than $530 million in all-time sales.


Get the APP

Instagram (@jpex_official)

Twitter (@ExchangeJpex)

Telegram (@JPEX official)

Facebook (JPEX Exchange)

Discord (JPEX_Official)

Promotion (@Jpex_official_int)

Marketing (Email )