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CIRCLE CUTBACKS: Crypto startup Circle has laid off roughly 30 people, or about 10 percent of its staff, CoinDesk has learned. The company – which owns trading platform Poloniex, equity crowdfunding site SeedInvest and runs the USDC stablecoin in partnership with Coinbase – is looking to cut costs, Circle CEO Jeremy Allaire told CoinDesk. “We made these changes in response to new market conditions, most importantly, an increasingly restrictive regulatory climate in the United States,” Allaire said. “Circle remains strong and healthy.” Full story
BIG SPENDER: The Ethereum Foundation detailed Tuesday how an estimated $30 million will be spent on key projects within the ethereum ecosystem. First, $19 million has been earmarked over the next year for “building the ethereum of tomorrow,” including an ambitious scaling upgrade dubbed ethereum 2.0, “layer 2” scaling projects such as Plasma, and other R&D projects. Another $8 million is to be spent concurrently on supporting the existing ethereum mainnet through initiatives such as ethereum 1x. Full story
NOT IN NY: Bitfinex and Tether have asked a judge to dismiss the New York Attorney General’s (NYAG) case against the controversial cryptocurrency firms, claiming they have no customers in the state. As per court documents, lawyers for the two linked companies also asked the New York Supreme Court judge to stay the NYAG’s “onerous” request for documents from Bitfinex and Tether while he considers the motion. The firms “have nothing to do with New York investors – the businesses do not allow New Yorkers on their platforms and do not advertise or otherwise do business here,” the attorneys wrote. The judge granted a partial stay pending a July 29 hearing on the motion. Full story
GALAXY PROFITS: Galaxy Digital, the crypto merchant bank founded by Michael Novogratz, has sold its shares in Block.one, the maker of the EOS blockchain, for $71.2 million. Galaxy Digital said it closed the transaction on Monday after a tender offer for its position in Block.one was made on April 18. The firm claims it made a 123 percent return on the realized investment and its remaining shares in Block.one “will no longer maintain a material investment position.” Full story |
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| TRIANGLE TRAP: Bitcoin has traded in a narrowing price range over the last 48 hours, aborting the immediate bullish view put forward by Sunday’s double-digit gains. A range breakdown of the contracting triangle pattern, if confirmed, would allow a price drop toward $7,200. That looks likely with multiple signs of bullish exhaustion on the daily chart, but an upwards break could see prices head toward $8,500. Full story |
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BEST OF THE BEST
BITCOIN BOTTLENECKS: Bitcoin is once more heading toward congestion and high fees, according to Hackernoon. Although around 45 percent of the network has adopted the scaling solution Segregated Witness, there still isn’t sufficient bandwidth to accommodate the growing number of transactions. Even at 100-percent SegWit adoption, bitcoin users would still suffer, the piece says, while alternative scaling solution, the lightning network, is still “not ready for prime time.”
THE REST
IRAN CELEBRATION: As cryptocurrency increases in popularity in Iran, local fans are even celebrating Pizza Day – the crypto community’s commemoration of a Florida man’s purchase of two Papa John's pizzas in 2010 for 10,000 bitcoin. Al Jazeera reports that Tina Kheiri, a Tehran-based blockchain and cryptocurrency educator, said: "This day is very valuable to me because 10,000 bitcoins was only pizza money at the time, and is now worth millions of dollars.”
COMING SOON: Russia’s central bank believes that an upcoming law on digital assets is almost complete and will be adopted in the current spring session, according to TASS. Olga Skorobogatova, first deputy chairperson of the Bank of Russia, said “The law on digital financial assets, on crowdfunding, etc., all these bills are in a fairly high degree of readiness ... [They] are extremely important for the country and will provide an opportunity to implement new projects.”
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WHO WON #CRYPTOTWITTER  |
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