Crypto SWOT: GameStop announced a partnership with crypto exchange FTX US


  • Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Terra LUNA, rising 216.98%.
  • Ether is outperforming the broader crypto market as the latest software update to the Ethereum network kicks off one of the last legs of the long-anticipated transition of the blockchain to a more energy-efficient process, reports Bloomberg. The latest upgrade to the Ethereum network, known as Bellatrix, was activated at around 7:35 a.m. New York time. It officially kicks off the blockchain’s transition from proof of work to proof of stake, the article continues.
  • Thailand will establish a working group to study improving supervision of digital assets to enhance investor protection and follow international standards, according to the Securities and Exchange Commission. The group will consist of representatives from agencies including the finance ministry and Bank of Thailand. Improving supervision will help prepare for fast changes in the digital asset market, Bloomberg reports.


  • Of the cryptocurrencies tracked by CoinMarketCap, the worst performing for the week was NEXO, down 14.61%.
  • Bitcoin is flirting with a test of this year’s lows following a cryptocurrency selloff that again pushed the sector’s overall market value below $1 trillion. Bitcoin has shed more than 6% so far this week and was trading at about $18,750, Bloomberg explains. Surging real interest rates are heaping pressure on a range of risk assets and crypto is no exception.

  • Scammers who ransacked cryptocurrency projects to the tune of hundreds of millions of dollars in recent months have been able to carry out such heists by taking advantage of a central tenet of decentralized financial services. While DeFi projects promise to enable more efficiency in crypto transactions, much of the code undergirding the software is public, meaning anyone online can scan it for possible vulnerabilities they can exploit, writes Bloomberg.


  • Binance the largest crypto exchange by volume, will start converting any existing user balances and new deposits of USDC, USDP, and TUSD into the company’s own stablecoin. The exchange said the move is intended “to enhance liquidity and capital-efficiency for users,” writes Bloomberg.  
  • Insolvent crypto lender Voyager Digital has drawn enough interest from potential buyers to necessitate an auction, reports Bloomberg. The need for an auction means Voyager received more than one acceptable bid for its assets and no bid was clearly the best. That could be good news for Voyager customers still locked out of their accounts, the article continues.
  • GameStop shares were up on Thursday after the video game retailer announced a partnership with cryptocurrency exchange FTX US, suggesting the company is making strides in its strategy shift to NFTs. But analysts were still skeptical about the long-term growth prospects after the company reported a decline in sales and a wider loss in the second quarter. GameStop said it will collaborate with FTX US on new e-commerce and online marketing initiatives and will begin carrying FTX gift cards in select stores, writes Bloomberg.  


  • The securities and exchange commission of Thailand has filed a police complaint against Zipmex Thailand, a crypto exchange operator, and its chief executive officer for not complying with the country’s digital assets regulations, writes Bloomberg. The CEO of the exchange Akalarp Yimwilai violated the digital assets rules by not disclosing information about the bourse’s digital wallet, which holds customers’ assets, and details about transfers and withdrawals of digital assets as requested by authorities.
  • A closely watched measure of Bitcoin mining revenue has dropped to the lowest in about two years as competition increases while prices drop and energy costs soar. The hash price index, which indicates the mining revenue value per unit of computing power, dropped to around 7.7 cents for each terahash, the lowest since September 2020.
  • The White House Office of Science and Technology released a report claiming Bitcoin mining negatively impacts the environment and hints toward banning proof-of-work, according to Daily Bitcoin News. The report alludes to possible executive orders and legislation from congress to “limit” or “eliminate” proof-of-work mining if regulatory actions fail to influence U.S. climate goals, the report says.

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