Web3🌑Friday Highlights: Bitcoin ATM Surge, U.S. Crypto Hearings, BlackRock ETF Outflow, Musk & Tesla Win Dogecoin Lawsuit

Happy Friday! As we wrap up the week, let’s dive into today’s Web3 highlights. From a surge in Bitcoin ATMs down under to major legal victories and significant shifts in the ETF market, the Web3 space is buzzing with activity. Australia is leading the charge in Bitcoin ATM installations, while the U.S. House Committee is gearing up for a deep dive into crypto regulations. Meanwhile, BlackRock’s Bitcoin ETF faces a notable outflow, and Elon Musk, alongside Tesla, has emerged victorious in a high-profile lawsuit. Let’s explore these exciting updates and what they mean for the future of digital assets!

1. Bitcoin ATMs Boom in Australia After Years of Delays

Australia’s Bitcoin ATM count has surged from just 73 in September 2022 to over 1,160, marking it as the fastest-growing market worldwide. This rapid expansion places Australia third globally, behind the U.S. and Canada. The growth comes after a period of stagnation and regulatory challenges, including the suspension of Auscoin's license due to alleged links with organized crime. The current boom is driven by overseas companies stepping in to fill the gap, with CoinFlip leading the charge by acquiring Layer 8 Networks and deploying 700 ATMs across Australia and New Zealand.

Bitcoin ATM Growth Surges in Australia Following Years of False Starts - Decrypt

There were just 73 Bitcoin ATMs in the country in September 2022. Now there are over 1,160, according to fresh data on Thursday.

DecryptMatthew Sainsbury

2. U.S. House Committee Set for Crypto Hearings in September

In September, the U.S. House Financial Services Committee will host a series of hearings on key crypto topics. The agenda includes a detailed look at decentralized finance (DeFi), the SEC’s regulatory approach, and the "pig butchering" scam, where scammers pose as romantic interests to defraud victims. The hearings, led by Chairman Rep. Patrick McHenry, will feature a high-profile session with SEC Chair Gary Gensler and other commissioners. This series aims to address pressing issues in the crypto industry and discuss potential new regulations as Congress seeks to refine its approach to digital assets.

U.S. House Committee Plans for Heap of Crypto Hearings in September

The House Financial Services Committee is expected to look at DeFi, U.S. enforcement and “pig butchering” in a series of hearings the panel is set to schedule for next month.

CoinDeskJesse Hamilton

3. BlackRock’s Bitcoin ETF Faces $13.5M Outflow

On August 29, BlackRock’s iShares Bitcoin Trust (IBIT) experienced a $13.5 million outflow, its second major outflow day since its launch in January. This was part of a broader trend affecting Bitcoin ETFs, which collectively saw $71.8 million in outflows on the same day. The largest outflow was from the Fidelity Wise Origin Bitcoin Fund ($31.1 million), followed by the Grayscale Bitcoin Trust ($22.7 million). This trend coincides with a general decline in Bitcoin's price, which has dropped about 3.43% over the past week. Meanwhile, spot Ether ETFs also saw minor outflows.

BlackRock’s Bitcoin ETF registers second-ever outflow of $13.5M

BlackRock’s Bitcoin ETF has experienced its second-ever net outflow day, with $13.5 million exiting the fund as Bitcoin dipped below $59,000.

CointelegraphStephen Katte

4. Elon Musk & Tesla Score Win in Dogecoin Lawsuit Dismissal

Elon Musk and Tesla have triumphed in a class action lawsuit claiming they manipulated Dogecoin's market and misled investors. The case, filed in June 2022, alleged that Musk’s tweets about Dogecoin, including his playful suggestions about becoming its CEO and sending it to the moon, deceived investors. U.S. District Judge Alvin Hellerstein dismissed the lawsuit with prejudice, stating the claims were based on “aspirational” statements rather than factual fraud. The judge also found no evidence of market manipulation or insider trading. Following the ruling, Dogecoin's market cap remains around $14.6 billion, despite a slight dip in value.

Elon Musk, Tesla win dismissal of lawsuit claiming they rigged dogecoin

Elon Musk and Tesla have won the dismissal of a federal lawsuit alleging they defrauded investors by promoting dogecoin and engaging in insider trading. Investors claimed Musk used social media and public appearances to manipulate dogecoin’s price, leading to significant losses. The decision was delivered by a U.S. District Judge in Manhattan.

Economic TimesReuters

As we close out this week’s Web3 roundup, it’s clear that the crypto world remains as dynamic and unpredictable as ever. Stay tuned as these stories continue to unfold and impact the future of blockchain and cryptocurrencies. Until next time, keep exploring the ever-evolving world of Web3!

WEB3 AI ML