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Molly White
@molly0xfff@hachyderm.io
2 settimane fa

Newsletter: Firms close up shop amid a continued crypto winter, a Trump venture ditches its crypto plans, and the crypto industry–friendly Clarity Act market structure bill fails to reach a vote before August recess — likely dooming it.

https://www.citationneeded.news/issue-108/

#uspol #uspolitics #crypto #cryptocurrency #citationneedednewsletter

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Commenti (2)

Molly White
12 ore fa

Often when there’s a “crypto winter”, it can take a little while before we start to see the fallout. But it seems to be emerging now, with three crypto exchanges announcing shutdowns in July, and multiple high-profile web3 projects closing up shop recently.

The crypto industry is having an increasingly rough time as prices remain depressed. Bitcoin is hovering around its lowest price since autumn 2024, well below the “Trump pump” prices spurred by traders who hoped his inauguration would bring about a crypto renaissance. Robinhood reported crypto trading revenue down 38% and trading volumes down 35% year-over-year.1 Coinbase reported a net loss of $359 million and has stopped reporting trading volume entirely, claiming it “no longer reflects the breadth of our business”.2 At least three crypto exchanges — AscendEx,3 BitMEX,4 and BitMart5 — announced in July they would be shutting down. Other darlings from the web3 bubble have also announced they’re closing up shop recently: the Proof of Attendance Protocol [W3IGG], the Step App “move-to-earn” product [W3IGG], and MVMT Labs [W3IGG]. Poolin, a bitcoin mining firm that once accounted for a fifth of the global hashrate, his filed for bankruptcy [W3IGG].
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Sraars
12 ore fa

@molly0xfff@hachyderm.io - Coinbase was pushing this hard to call your representatives. Nothing more fun than companies using their apps to blast their political opinions at you.

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