Daily Crypto News

1. Tencent stops sales on its NFT platform Huanhe a year after launch as scrutiny mounts — The Shenzhen-based company said that Huanhe, officially launched early last August, will no longer release new NFTs to users from Tuesday. But the company said that owners of existing collectibles will still be able to hold, display or request a refund for their possessions.
2. Investors yank out US$29 mln this month from Bitcoin — Investors pulled out US$17 million from digital asset investment products last week, James Butterfill, head of research at CoinShares said in a blog post on Monday.
3. Crypto Lender Celsius On Pace to Run Out of Cash by October — Celsius Network, the crypto lender that filed for bankruptcy in July, appears to be in even worse financial straits than previously signaled. A new court filing Monday from Kirkland & Ellis, a law firm the crypto lender hired to lead its restructuring efforts, included financial projections that Celsius will run out of cash by October.
4. Bitcoin Miner Greenidge Generation Shares Fall as Revenues Miss Estimates — Bitcoin (BTC) miner Greenidge Generation Holdings (GREE) reported second-quarter revenue of $31.3 million, falling short of analyst estimates of $34 million, according to FactSet. The company also reported a GAAP net loss of $107.9 million in the quarter, including $98.2 million in special items.
5. Blockchain Scalability Firm StarkWare Launches Recursion to Streamline Ethereum — Ethereum is heading for a major overhaul known as the Merge to make the blockchain faster and more energy efficient. StarkWare, a company addressing blockchain scalability issues, revealed last week a new recursive proof that it said can bundle tens of millions of non-fungible token (NFT) mints into one transaction, which would turbocharge layer 2 scalability.
6. Stop Attacking DeFi Founders for Complying With the Tornado Cash Sanction — It is perfectly reasonable, and possibly preferable, for Ethereum blockchain-based apps to block users with exposure to Tornado Cash, following the sanction of that anonymizing service last week. The alternative would likely open large parts of the Ethereum network to criminal liability. And that would include founding teams who are building the nascent, alternative economy of decentralized finance (DeFi),
7. BTC Not Quite Ready to Stay Above $25K — Bitcoin (BTC) briefly broke through the psychologically significant $25,000 mark in overnight trading, before paring those gains during U.S. trading hours. The largest cryptocurrency by market capitalization reached as high as $25,212 early in the U.S. trading day before retreating to its current level above $24,000.
8. Crypto Funds See Minor Outflows, Ending Six-Week Inflows Streak — Crypto funds had $17 million in outflows in the seven days up to Aug. 12, ending six consecutive weeks of inflows, according to a CoinShares report.
9. Price Discount on ‘stETH’ Reflects Some Doubt on Smooth Ethereum Merge — According to Enigma, the current price of stETH — a type of ether derivative known as “staked ether,” which is a token issued by Lido protocol that users can trade freely even when their ether is staked on the Ethereum blockchain — implies a nearly 6.25%-6.5% probability the Merge will come with major bugs or delays.
10. Largest cryptocurrencies drop on Dogecoin, Uniswap decreases — All of the largest cryptocurrencies were down during morning trading on Monday, with Dogecoin (DOGEUSD) seeing the biggest change, dropping 4.74% to 8 cents. Uniswap (UNIUSD) shed 2.86% to $8.

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