Cryptocurrency exchange Coinbase (COIN) bought a minority stake in stablecoin issuer Circle Internet Financial. The two companies also dissolved their Centre Consortium partnership, which issues the world’s second-largest stablecoin USD Coin (USDC. As part of the move, Circle will bring issuance and governance of USDC fully in-house. Also, six more blockchains will gain native support for USDC, which is pegged at $1, bringing the total number of supported blockchains to 15. Coinbase and Circle, in a blog post and interviews with CoinDesk, did not disclose the size of the stake acquired by Coinbase. Coinbase did not give Circle cash for the stake, according to a person familiar with the matter.
The U.S. Department of Justice and Sam Bankman-Fried filed competing sets of jury instructions for the FTX founder’s trial which is set for October, a day before he is set to be arraigned on a new superseding indictment. Prosecutors filed the document, titled “the government’s requests to charge,” late Monday, adapting from various previous sets of jury instructions including past statements from Judge Lewis Kaplan, the Southern District of New York judge overseeing Bankman-Fried’s case. The FTX founder faces seven different charges, ranging from wire fraud, securities fraud and commodities fraud conspiracy to money laundering allegations, to which he has pleaded not guilty.
Social platform Friend.tech, which lets holders buy “shares” of people who hold an account on X, formerly known as Twitter, and grants the buyers certain privileges, has surged to more than 100,000 addresses since its Aug. 10 launch according to a database created by Yearn Finance developer @Bantg. The database, listed briefly on GitHub and now withdrawn, apparently listed the crypto wallet addresses and linked X accounts. The growth correlates with the huge revenues made by the platform since its Aug. 10 launch, with over $25 million in fees generated, according to DefiLlama. A Dune Analytics dashboard corroborates the finding, pegging the number of unique users to at least 80,000, with 15,000 users added since Sunday.
Market Insight: Bitcoin Looks Oversold
TradingView/CoinDesk
A technical analysis indicator shows extreme oversold conditions in bitcoin as surging bond yields weigh over risk assets, including cryptocurrencies.
Bitcoin’s 14-day relative strength index (RSI) has dropped well below 30, indicating oversold conditions. The indicator has dropped to its lowest since the coronavirus-induced crash of March 2020.
The RSI is a momentum indicator ranging between 0 to 100 that shows the asset’s recent price movement relative to its average price movement over a specific period, usually 14 days.
TechCrunch Disrupt 2023 is coming up next month on September 19-21 in San Francisco. Members of the CoinDesk community get 50% off select passesnow through 11:59 p.m. PT on Friday, August 25. You’ll love the new Fintech Stage at Disrupt showcasing topics like Blockchain, Challenger banks, DeFi, NFTs, The future of payments, Web3, and more!
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