SEC pushes back against Coinbase's 'overly broad' discovery requests
The regulator claims that Coinbase’s document discovery requests are overly broad and disproportionate to the needs of the case.
Bitcoin falls to ‘extreme fear’ on Aug. 5 as ETFs outflow $168M
The Crypto Fear and Greed Index recorded a score of 17 out of 100 on Aug. 5 — the lowest it has been since July 12, 2022.
How the yen carry trade wiped out crypto
Why did the crypto market lose 15% of its value in one weekend? Thank the Bank of Japan for playing a starring role.
Bitcoin decline is similar to the start of the 2016 bull run: Peter Brandt
Bitcoin declined by a very similar amount following the halving in 2016 and before the 2017 bull run.
Crypto critics file updated campaign finance complaint against Coinbase
The complainants and Coinbase disagree on whether a government contract to custody seized crypto breaches campaign finance laws or not.
US Bitcoin, Ethereum ETFs hit $6B volume amid market rout
Bitcoin sunk to under $50,000 at the start of US trading on Aug. 5, prompting a huge spike in trading volumes of crypto-related ETFs.
US senators urge CFTC to finalize ban on election betting
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Trump cautions current administration not to sell Bitcoin
The former president continues to stress that if the United States does not innovate in the digital asset sector, other countries will.
Poodlana ignores the crypto sell-off as token sale nears $5 million
Cryptocurrencies have shed billions of dollars in the past few days as investors remain concerned about Japan, US election, and technical formations. No crypto has been spared, with Bitcoin falling below $50,000 and Ethereum moving to $2,335. Other cryptocurrencies like BNB, Solana, and XRP have fallen by double-digits.
Poodlana token sale is thriving
Cryptocurrency investors are still piling into Poodlana, a new crypto token that aims to dethrone popular meme coins like Dogecoin, Brett, and Pepe.
Data on its website shows that Poodlana has raised over $4.991 million in less than three weeks. This growth makes it one of the best-performing token sales of the year.
Poodlana’s popularity has happened because of its excellent marketing and the fact that it is named after Poodle, a highly popular Japanese dog breed.
The developers are marketing it as the creme-de-la-creme of the meme coin industry. Precisely, the associate it with Hermes, the most prestigious brand in the fashion industry whose simple bags go for thousands of dollars.
The token sale has also been highly popular because of the developer’s approach. For example, the POODL token is increasing after a few days, meaning that people who buy it earlier will get it at a discount.
Also, unlike other token sales that stay without trading for months, Poodlana will start trading just 30 minutes after the sale ends. Precisely, investors will be able to trade the token at midday on August 16th.
Many investors buy Poodlana and other token sales hoping to cash it big when they list. Historically, many investors have made a fortune investing in token sales. Just recently, many meme tokens like Popcat, Pepe, and Brett surged, creating millionaires along the way.
However, it is always good to embrace the best risk management strategies when buying presale tokens. Ideally, you should not invest funds that you are not comfortable to lose since, as we saw on Monday, the industry can crash. You can buy the Poodlana token here.
Why cryptocurrencies dropped
There are a few reasons why cryptocurrencies plunged. First, they dropped because of the ongoing recession fears after last Friday’s weak jobs numbers. The data showed that the unemployment rate rose to 4.3% as the economy created just 114k jobs in July.
https://x.com/elerianm/status/1820157102805176655
Second, there are concerns about Japan, where the country’s central bank has started hiking interest rates. This is important because Japan is the third-biggest economy in the world and is one of the top buyers of foreign assets. Also, the hike happened as other central banks are cutting rates.
Third, there are concerns that Donald Trump will not win the presidential election after all. Most crypto investors believe that Trump would be a better president for the industry. For one, he has vowed to fire Gary Gensler, the SEC chair, on day one.
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Online casinos will add $7.10B a year to the British economy by 2029, according to market data
UK online casino sector to grow from $6.47B to $7.10B annually by 2029
UK leads globally in online casino revenue, surpassing the US in 2024
Cryptocurrency adoption boosts UK online casino growth and user engagement.
The online casino industry in the United Kingdom is set to experience significant growth over the next five years. Currently generating an impressive $6.47 billion annually, market projections indicate that this figure will rise to $7.10 billion a year by 2029.
This growth underscores the dynamic and evolving nature of the UK’s online gambling sector, which remains a global leader in terms of revenue.
Current online casino market performance
The UK’s online casino market is not only thriving but also outpacing other nations. With a projected revenue of $6.47 billion in 2024, the country has the highest-earning online casino sector globally.
It surpasses the United States, which, despite its larger population, is expected to generate slightly less revenue at $6.29 billion in the same year.
The key to this success lies in the UK’s higher user penetration rate of 17.4%, compared to the US’s 9.4%, and a significantly higher average revenue per user (ARPU). UK players spend approximately $0.63k annually, more than double the US ARPU of $380.50.
Factors driving the growth of online casinos in Britain
Several factors contribute to the robust performance and future growth of the British online casino industry. A significant driver is the growing adoption of cryptocurrencies by crypto casino sites.
A crypto casino site with cryptocurrencies incorporated into the platform’s payment and withdrawals system offers enhanced security, anonymity, and faster transaction times, which appeal to many casino users. This technological adoption is making online gambling more accessible and attractive to a broader audience.
Additionally, the convenience and tax-free nature of online gambling in the UK are compelling factors. The shift towards online platforms, accelerated by the COVID-19 pandemic, has remained strong even as traditional gambling venues reopened.
The ease of access from home, coupled with a wide array of gaming options, continues to draw more users to online casinos.
Cultural and regulatory influence
The cultural acceptance of gambling in the UK, supported by a long history of betting on events like horse races and the national lottery, also plays a crucial role.
According to YouGov’s Global Gambling Profiles data, nearly half of UK online gamblers spend more than £5 monthly on fantasy sports and sports bets. The diversity in gambling preferences, spanning slot machines, casino games, and bingo, reflects a deeply ingrained gambling culture.
Regulatory frameworks established by the United Kingdom Gambling Commission (UKGC) have provided a secure environment for online gambling. These regulations ensure fair play, consumer protection, and the integrity of the gambling industry.
Despite these stringent measures, challenges such as addiction, bankruptcy, and fraud persist. The UK government has introduced measures like levies on individual stakes for online slot machines and increased funding for treatment systems to address these issues.
Advocacy for further measures, including slower spin speeds and affordability checks, continues.
The rise of non-GamStop casinos
Another emerging trend is the rise of non-GamStop casinos. These platforms operate outside the jurisdiction of the UKGC, providing an alternative for players seeking to bypass the restrictions of GamStop, the UK’s national online self-exclusion scheme.
While these casinos offer greater flexibility, they also pose significant regulatory and safety risks. Players must exercise caution, ensuring they engage with reputable platforms that prioritize security and fairness.
Future outlook
The future of the UK’s online casino market looks promising. With an expected annual growth rate (CAGR) of 1.88% from 2024 to 2029, the market is projected to reach $7.10 billion by 2029.
The number of users is also expected to grow, reaching 12.4 million by 2029, with a slight increase in user penetration to 17.9%.
This growth trajectory highlights the UK’s position as a global leader in the online gambling industry. The combination of cultural acceptance, advanced regulatory frameworks, and technological adoption, including cryptocurrencies, positions the UK’s online casino market for continued success.
As the industry evolves, it will be crucial to balance growth with responsible gambling practices, ensuring a sustainable and secure environment for all players.
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