The Crypto Compass Issue #33

SpaceX wrote down bitcoin holdings by $373 million? Read it in our weekly newsletter now! Brought to you by BitcoinWalletSG.

Hey Friends!

Every week, we bring you the most pressing events in the cryptocurrency universe. This week, there’s a lot happening in the world of crypto, from SpaceX's Bitcoin holdings to anticipated SEC approvals. Let's dive in!

SpaceX’s Bitcoin Write-down

SpaceX, the renowned company founded by Elon Musk, recently reported a write-down of its Bitcoin holdings by a substantial $373 million, as per the Wall Street Journal. This decision came amidst the volatility witnessed in the Bitcoin market. As large institutional players continue to show interest in Bitcoin, such write-downs reflect the associated risks of holding digital assets on balance sheets.

U.S. SEC Gears Up for Ether Futures ETFs

The U.S. Securities and Exchange Commission (SEC) seems poised to permit the debut of Ether Futures ETFs on U.S. soil. This significant move indicates the increasing acceptance of Ethereum's native cryptocurrency, Ether, and could pave the way for further institutional adoption of Ethereum-based financial products.

OpenSea Updates Royalty and Fee Policies

The leading NFT marketplace, OpenSea, recently made a significant change to its platform by disabling its royalty enforcement tool and making creator fees optional. This move is seen as a way to provide more flexibility and autonomy to creators and could shape the future dynamics of NFT transactions on the platform.

We hope this week's edition of The Crypto Compass provides you with valuable insights into the ever-evolving world of cryptocurrencies. As always, if you have any queries or feedback, don't hesitate to drop us a message.

Best,
Punk5558

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Notable News

SpaceX wrote down bitcoin holdings by $373 million: WSJ

SpaceX wrote down the value of bitcoin it held by a total of $373 million last year and in 2021, the WSJ reported.

www.theblock.co/post/246111/spacex-wrote-down-bitcoin-holdings-by-373-million-wsj

OpenSea disables royalty enforcement tool, makes creator fees optional

The platform will disable the OpenSea Operator Filter, which enforces royalties, on Aug. 31 in favor of a optional creator fee model.

www.theblock.co/post/246095/opensea-disables-royalty-enforcement-tool-makes-creator-fees-optional

Ethereum surges 11% after report SEC is set to approve Futures ETF

The US Securities and Exchange Commission looks set to allow the first ETFs based on Ether futures, with approvals reportedly coming as soon as October.

cointelegraph.com/news/sec-to-approve-ethererum-eth-futures-etf

Friend.tech’s 24-hour fees climb to $1.4 million, ranking third after Ethereum and Lido

Friend.tech amassed 24-hour protocol fees exceeding $1.4 million, ranking it as one of the top three crypto projects.

www.theblock.co/post/246423/friend-tech-fees

Regulatory News

Worldcoin to continue working with regulators after international controversy

Worldcoin's "privacy-preserving" technology has raised global scrutiny about the company’s personal information and biometric data practices.

blockworks.co/news/worldcoin-kenya-regulators

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