Web3🌑Friday Highlights: Bitcoin ATM Surge, U.S. Crypto Hearings, BlackRock ETF Outflow, Musk & Tesla Win Dogecoin Lawsuit
1. Bitcoin ATMs Boom in Australia After Years of Delays
2. U.S. House Committee Set for Crypto Hearings in September
3. BlackRock’s Bitcoin ETF Faces $13.5M Outflow
4. Elon Musk & Tesla Score Win in Dogecoin Lawsuit Dismissal
Dive in for more insights!👁🗨
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.
Matthew 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.
Jesse 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.
Stephen 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.
Reuters
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!
