Web3 🌒 Saturday Buzz: Booming Ether.Fi, OKX Exits Hong Kong, Whale Activity & More!

Today's crypto news is a mixed bag! We see Ether.Fi surge on ETF approval, OKX leave Hong Kong due to regulations, and Bitcoin whales hint at a potential bull run. Plus, a lighthearted meme coin takes inspiration from everyone's favorite: the Costco hot dog! Read on for the full scoop.

1/ Ether ETF Approval Boosts Ether.Fi

The approval of a spot ether ETF has had a significant impact on the restaking protocol Ether.Fi. In the wake of this news, there has been a surge in deposits on Ether.Fi, along with a rise in the price of its native token. This trend highlights the growing interest in Ethereum and the potential for future ETFs to offer staking rewards.

Ether.Fi's CEO sees this ETF approval as a positive development that will raise awareness of Ethereum and smart contracts. This could lead to even greater adoption of these technologies in the future.

Overall, the approval of a spot ether ETF appears to be a boon for Ether.Fi and the Ethereum ecosystem as a whole. It remains to be seen how future ETFs will be structured, but the potential for staking rewards could be a major game-changer for investors.

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Ether ETF Listing Approval Sees Billions Poured Into Restaking Protocol Ether.Fi

The protocol now has $5.4 billion in total value locked (TVL).

CoinDeskOliver Knight

2/ OKX Exits Hong Kong Market.

In a move that sheds light on the challenges of navigating new cryptocurrency regulations, cryptocurrency exchange OKX has withdrawn its application for a VASP (Virtual Asset Service Provider) license in Hong Kong. This comes after Hong Kong introduced new regulations requiring all crypto exchanges to obtain a license to operate. Rather than comply with the licensing requirements, OKX has opted to cease operations in Hong Kong. Users have until August 31st to withdraw their funds. OKX says that its self-custody wallet service will still be available to Hong Kong users.

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OKX Withdraws VASP License Application in Hong Kong

OKX announced that it has withdrawn its Virtual Asset Service Provider (VASP) license application in Hong Kong.

CryptonewsHassan Shittu

3/ Bitcoin Whales Accumulating Again: Bullish Sign?

Get ready for a potential bull run in Bitcoin! According to CryptoQuant, big-time Bitcoin buyers, known as whales, are back in the game. After a brief pause, these whales have resumed accumulating Bitcoin at an increasing pace, signaling their belief in a price rise. This trend follows the pattern of whales buying more during bull markets and holding off when the market dips. With whale activity on the rise and Bitcoin's price bouncing back, could this be the start of another Bitcoin boom?

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Bitcoin Whales Are Back to Buying Up BTC, Analysis Shows - Decrypt

Accelerating whale accumulation is a sign that the Bitcoin bull market is still on, according to CryptoQuant.

DecryptAndrew Throuvalas

4/ Hodl Hodl Pauses Lending for US & UN Embargoed Countries.

P2P Bitcoin exchange Hodl Hodl is suspending lending services for residents of the US and UN embargoed countries, citing "regulatory uncertainty." While they aim to serve a global community, this move excludes some users in emerging markets, with concerns raised about the impact on Cuban citizens.

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P2P Bitcoin Exchange Hodl Hodl Suspends Lending Services for US and UN Embargoed Countries’ Residents – Exchanges Bitcoin News

Hodl Hodl, a non-custodial Bitcoin exchange, announced changes to its service agreement affecting the availability of its lending services.

Bitcoin NewsSergio Goschenko

5/ Costco Hot Dog Meme Coin Takes the Crypto World by Storm.

Do you love Costco hot dogs? This meme coin is inspired by the fact that the price of a Costco hot dog has remained a steal at $1.50 for many years.

One man, named Joe, has taken it upon himself to promote this meme coin by eating a Costco hot dog every single day. He started this endeavor because he found the meme funny and wanted to highlight the price stability of the beloved hot dog. The meme coin's easy-to-understand concept has resonated with others in the crypto world.

However, it's important to remember that there are health risks associated with consuming too many hot dogs. So, while you might be excited about this new meme coin, it's probably best to limit your hot dog intake for your own well-being!

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Costco Hot Dogs Still Cost $1.50—This Man Is Eating Them Daily Until a Meme Coin Hits the Same Price - Decrypt

“Everyone’s really concerned with my health, but it’s really not that bad.” Why this man is downing dogs daily to pump a Solana meme coin.

DecryptAndré Beganski

Today in crypto saw a mixed bag of news. Ethereum enthusiasts cheered the approval of a spot ETF, while OKX's exit from Hong Kong due to regulatory hurdles highlighted the challenges exchanges face. Bitcoin whales signaled renewed optimism with their buying spree, and a lighthearted meme coin based on Costco's hot dog price stability captured the crypto world's attention.

Disclaimer: The information provided in this blog post is based on external sources. Please do your own research and due diligence before making any investment or financial decisions based on the content shared here.

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