#Week 33, Aug. 16-22 : Top Crypto and Fintech Stories

August 24, 2021
(via Freepik)

Market brief: 📈

The cryptocurrency market is off to a great start this week. 🤑

Bitcoin, the most valuable cryptocurrency by market capitalization, reached a more than three-month high on Sunday, above $50,000, and was trading at roughly $49,600 on Monday.

Other popular cryptocurrencies, like ether, cardano, and dogecoin, are also rising in value, putting the total cryptocurrency market worth at more than $2.15 trillion, according to CoinMarketCap.

The hacker responsible for a $600 million cryptocurrency crime restores all stolen assets 🐱‍💻

Poly Network, a DeFi network, was hacked earlier this month, and over $600 million in cryptocurrency was taken.

The hacker took advantage of a flaw in the platform's code, allowing them to transfer the stolen money. Poly Network, on the other hand, had recovered all of the stolen cash as of Monday.

Jack Dorsey claims to be ‘experimenting' with bitcoin mining ⛏️

It's no secret that Jack Dorsey, the CEO of Twitter and Square, is a big fan of bitcoin. He has referred to it as the most significant project he has ever worked on, and Square, his digital payments company, purchased more than $170 million in bitcoin earlier this year.

(via Twitter)

Compass Mining is a cryptocurrency mining rig hosting, supply, and operation service for individual miners that do not want to worry about acquiring and maintaining mining equipment themselves.

According to Robinhood, dogecoin represented 62 percent of crypto income in Q2 💵

According to Robinhood's first earnings report since its IPO last month, bitcoin accounted for more than half of all transaction-based sales in the second quarter.

According to Robinhood, Dogecoin, a meme-inspired cryptocurrency that began as a joke, accounted for 62 percent of its crypto earnings. In the second quarter, their revenue from crypto transactions was $233 million.

Visa purchased a CryptoPunk 💳

Visa has announced the purchase of a CryptoPunk NFT for $150,000 in ether.

(via Twitter)

CryptoPunks are a collection of 24x24 pixelated avatars that are considered rare NFT collectibles. There are a total of 10,000 in existence, and none are identical. Each has its own distinct set of features and accessories.

Coinbase is accumulating $500 million in cryptocurrency on its balance sheet 📄

Coinbase stated on Thursday that it will purchase $500 million in cryptocurrency on its balance sheet and will invest 10% of its quarterly revenues in a crypto assets portfolio.

(via Twitter)

Coinbase intends to invest in “Ethereum, proof of stake assets, DeFi tokens, and many more crypto assets supported for trade on our platform,” according to the company's finance head Alesia Haas, in a blog post.

The world's second-largest stablecoin is undergoing modification 🏛️

Centre, the consortium that created stablecoin USD Coin, revealed in a blog post on Sunday that it is modifying the composition of its reserves once more. This time around, its reserves will be made up of cash and US Treasury bonds.

Stablecoins are cryptocurrencies that are meant to be tied to reserve assets such as fiat cash. While the developers of USD Coin earlier stated that it was backed 1:1 by cash, it was revealed in July that cash made up somewhat more than 60% of its holdings. The remaining 40% was backed by debt instruments and bonds.

Top Fintech reads of the week 📈

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