What started off as another week of dips, this time fuelled by post-pandemic inflation fears, ended with what looks like a sliver of light at the end of this bearish tunnel.

On Monday, US Treasury Secretary Janet Yellen met with the President's Working Group to discuss the adoption and regulation of stable coins, explaining the need to act quickly to ensure a US regulatory framework is put in place. Meanwhile in more crypto-forward nations such as Nigeria, they’re expected to kick off a CBDC pilot starting as soon as 1st of October.

On Wednesday the tides started to turn, as we witnessed the Elon-effect during a talk at The B Word conference, “I would like to see bitcoin succeed,” he explained. This followed by insider suggestions that Amazon will be lining up Bitcoin payments, has reignited Bitcoin sentiment and the market. With six straight days of green candles we may be looking at the start of a bull market.

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Top stories of the week

JP Morgan green-lights wealth management advisors to take crypto fund orders

JP Morgan has opened the doors to wealth management clients looking to invest in crypto funds, as reported by Business Insider. Specifically, orders for Grayscale and Osprey's crypto-based offerings are now on the table for wealth management advisors at the U.S.'s largest bank. The move reportedly opens the gates for clients ranging from retail users on Chase's trading app to the jet-setters of the bank's private investment business. Read More

FTX closes $900m funding round at an $18bn valuation

Last week, crypto exchange FTX closed its Series B funding round, drawing in $900 million from an array of investors. The fundraise brings names to its cap table from across the crypto investment spectrum. Participants include SoftBank, Sequoia Capital, Paradigm, Lightspeed, Third Point, Alan Howard, Izzy Englander and the Paul Tudor Jones family, among others. In total, 60 investors participated in the FTX raise. Read more

Musk says SpaceX holds bitcoin, Tesla ‘likely’ to resume accepting it

Cryptocurrencies edged higher on Wednesday after Elon Musk disclosed for the first time that his private rocket company SpaceX holds bitcoin and that Tesla would “most likely” resume accepting it as payment for its electric cars. Musk outlined his cryptocurrency investments during a panel alongside Jack Dorsey, chief executive of Twitter and payments group Square, and Ark Invest chief executive of Cathie Wood at The B Word online conference hosted by the Crypto Council for Innovation. Read more

In case you missed it...

⚡️Grayscale launches DeFi fund for institutions.

⚡️South Korea to take action against unregistered crypto exchanges.

⚡️Circle reveals majority of USDC reserves are in cash and cash equivalents.

⚡️Gensler says stock tokens and security-pegged stablecoins need to report to the SEC.

⚡️Lawsuit claims Dfinity ICP token is unregistered security.

⚡️GlobalX, subsidiary of $560bn investment manager, files for Bitcoin ETF.

⚡️Binance US is looking for an IPO, says Changpeng Zhao.

⚡️Cathie Wood’s ARK Invest purchased 450k GBTC shares in two days.

⚡️Bitcoin will be a 'big part' of Twitter's future, says CEO Jack Dorsey.

⚡️DeFi darling ThorChain suffers $8m hack, its second in a week.

⚡️First decentralised exchange launches on Polkadot and Kusama ecosystem.

⚡️Amazon advertises for a digital currency and blockchain lead.

⚡️Nigeria to pilot central bank digital currency in October.

⚡️Uniswap Labs restricts access to certain tokens through its interface, citing ‘evolving regulatory landscape’.

⚡️Binance burns $390m worth of BNB tokens.

⚡️Turkey finance minister to soon introduce digital currency bill in the parliament.

From Copper

Episode 15 of CopperCasts welcomes John Newbery, a bitcoin protocol developer and founder of Brink Technology, a non-profit organisation that supports Bitcoin’s open source developer community and has already funded six developers through its grants and fellowship programs. Links to the full podcast and John's 2 minute Show & Tell, here.

Copper is attending Blockwork's Bretton Woods event

In 1944 the world’s most powerful nations gathered at a secret conference in New Hampshire to rebuild the global monetary system. Today, that system is no longer working. Hosted at the same hotel as the original conference, Bretton Woods: The Realignment, organised by Blockworks, will gather the world’s top minds in digital assets in a summit on August 11 - 13.  Our CEO, Dmitry Tokarev, and Head of Strategy, Asen Kostadinov join the illustrious speaker lineup which includes Dan Tapiero, Lyn Alden, Mike Green, Nic Carter and more. Apply to attend the event here.

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