It’s been a busy week for the crypto market, and fortunately for investors, the developments have been mostly good. Voyager Digital has said that it will resume cash withdrawals, and analysts believe that bitcoin has a strong upside.
Highlights:
- Voyager has said that it will allow clients to withdraw up to $100,000 in a 24-hour period starting from August 11.
- StarkWare founder Eli Ben-Sasson believes that the Recursive validity proof technology could bundle as many as 60 million transactions.
- A vulnerability in the Slope wallet saw attackers drain millions of dollars from the Solana ecosystem.
- A Citibank report states that the Ethereum Merge could make a case for ETH becoming a better store of value.
- Coinbase has been hit by two more class-action lawsuits.
- A Senior Bloomberg Analyst says that bitcoin is currently priced at a discount and that the cryptocurrency could become global digital collateral.
This Week in Crypto
Voyager To Resume Cash Withdrawals
Not many days go by without a development in the Voyager case, but the last week has been different in that there have been some positive ones. Customers will soon be able to make withdrawals. The firm announced last week that clients could withdraw up to $100,000 in a 24-hour period starting August 11.
It’s a positive step forward for a company that’s been under a lot of stress, and customers will be happy to know that their funds may not all be gone. The crypto lending company was cleared to return $270 million in customer funds held at the Metropolitan Commercial Bank.
StarkWare’s New Tech Could Mint 60 Million NFTs in One Transaction
StarkWare has been in the news for the success of its scaling technology, and there is more in store, according to founder Eli Ben-Sasson. He said during ETH Seoul that the new Recursive validity proof technology could bundle as many as 60 million transactions into one — which is particularly useful for the NFT market.
Ben-Sasson also said that, in the near term, the technology could promise six million transactions at the very least. He even said that it was very easy to do — meaning that the NFT market could receive a considerable improvement over the next few months.
Slope Wallet Hack Results in Millions Being Drained
Attackers carried out a multi-million dollar attack on the Solana ecosystem, with wallet provider Slope being the root cause. An investigation saw developers, teams, and auditors learn that the affected addresses created, imported, or used in the Slope mobile wallet application.
The Solana network itself remains safe. Users of Slope have been advised to discard their old wallets and to adopt new ones with a new seed phrase.
Citibank Sees Big Changes Coming With Ethereum Merge
A research report by Citibank discussing Ethereum and the Merge points out that there will be a number of significant consequences following the event. Among other things, the report says that the Merge could make Ethereum a better store of value, as ETH becomes more deflationary. It expects the switch to Proof-of-Stake to reduce overall issuance by 4.2%.
The Merge is slated for September and is highly anticipated. Of course, most individuals were expecting it to result in significant changes, but Citibank is one of the more high-profile incumbent entities to acknowledge the change.
Coinbase Facing Two More Lawsuits
As one of the most well-known exchanges in the world, Coinbase, has always been at the center of debates. The past few weeks, however, have been a little difficult for the exchange, as numerous legal matters have swamped it. Last week saw two more class-action lawsuits hit the exchange, alleging that the company made “false and misleading statements.”
The lawsuits were filed by Coinbase users who claimed that they suffered losses and that the exchange offered securities that had not been registered with the U.S. SEC. This is an added hurdle for Coinbase, which is already facing a probe by the SEC over whether it is offering unregistered securities.
Bitcoin Trading at Discount: Bloomberg Analyst
Many crypto enthusiasts are already very confident that bitcoin is trading at a discount. Senior Bloomberg Analyst Mike McGlone also feels the same way. The analyst used technical analysis to support his statement that it was priced at an “extreme discount within an enduring bull market.”
McGlone went on to say that bitcoin could become global digital collateral, with Ethereum being the primary driver of the digital revolution. Many other analysts feel the same way, i.e., that bitcoin is oversold and that its value will only grow with time.
