Make Kitco Your Homepage

Crypto SWOT: Following a software update test, Ether reached a two-month high

Commentaries & Views


  • Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Celsius, rising 89.99%.

  • Ether hit more than a two-month high as the planned software upgrade to the Ethereum blockchain underwent a major test, potentially paving the way for one of the most significant changes in the cryptocurrency sector. The Goerli test, conducted late Wednesday New York time, was a kind of rehearsal for switching the Ethereum network from proof-of-work to a more energy-efficient, proof-of-stake system. The full shift is expected next month, writes Bloomberg.  

  • Huobi Group founder Leon Li is in talks with a clutch of investors to sell his majority stake in the crypto exchange at a valuation of as much as $3 billion, in what could be the industry's largest takeover since a $2 trillion global crypto rout began. The Chinese crypto mogul has held discussions with a raft of financiers, seeking to sell a roughly 60% slice of the company he founded almost a decade ago, writes Bloomberg.


  • Of the cryptocurrencies tracked by CoinMarketCap, the worst performing for the week was ApeCoin, down 7.37%.

  • Galaxy Digital Holdings said its second-quarter loss more than doubled against a backdrop of digital asset price declines. The next comprehensive loss was $554.7 million, compared with $182.9 million in the year-ago, primarily due to unrealized losses on digital assets and on investments in its trading and principal investments business, according to Bloomberg.  

  • Coinbase Global Inc. posted a record $1.1 billion second-quarter loss and lower-than-expected revenue, as the largest U.S. cryptocurrency exchange was battered by tumbling digital asset prices. Revenue declined by more than 60% to $803.3 million, missing the $854.8 million estimate from analysts, writes Bloomberg.


  • Asia crypto exchange Zipmex Pte will allow users to partially withdraw Bitcoin and Ether from their trading accounts starting later this week, providing some relief to those caught by the recent meltdown in the digital asset market. Zipmex will allow users to withdraw part of their Ether and Bitcoin from Zipmex's Z wallet which means 60% of users will get some of their token back, writes Bloomberg.

  • Financial giant Morgan Stanley is looking for a product development manager with a primary focus on building a wide range of new crypto products across business lines, according to a LinkedIn job posting by the firm. The job advert is one indication that Morgan Stanley is taking crypto more seriously and looking to bulk up its product offering after launching a private passive fund in March 2021, reports Bloomberg.  

  • CryptoQuant plans to nearly triple its headcount by the first quarter of next year, as it pushes ahead with expansion plans despite a sustained slump in cryptocurrency markets, explains Bloomberg. The Seoul-based cryptocurrency data provider is planning to add at least 50 people to its teams in Miami and South Korean capital starting in September, CEO Ju Kiyoung said in an interview.


  • Democratic Senator Elizabeth Warren wants a U.S. regulator to pull its guidance that allowed banks to offer crypto services, seeking more protection for consumers amid heightened volatility for digital assets. Warren is circulating a draft letter to the Office of the Comptroller of Currency among her colleagues and plans to send the final version soon to OCC acting chief Michael Hsu, writes Bloomberg.

  • As reported by Bloomberg, widespread adoption of crypto assets in a fully developed metaverse may pose a systemic risk to financial stability and would require “robust consumer protections” framework, staffers at the Bank of England said. The larger the volume of these crypto transactions, the larger the potential impact to real-world financial stability if prices were to collapse, they said.  

  • Tornado Cash's token TORN fell sharply on Tuesday after the U.S. Treasury Department imposed sanctions on the cryptocurrency mixer. Tornado Cash was also used to launder funds stolen in the $600 million Ronin Bridge hack in March, as well as the $100 million loot from the Harmony Bridge exploit in June, writes Bloomberg.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.