Here are some of the top crypto news headlines today, August 3, 2023:
The crypto market continues its rise and fall cycles, seemingly at the whims of daily news headlines and investor sentiment. After rising prices of Bitcoin and other coins over the last few weeks here comes the hammer.
- Bitcoin and other cryptocurrencies continue to fall. Bitcoin is currently trading around $29,000, down more than 70% from its all-time high of $68,789. Other cryptocurrencies are also down, with Ethereum trading around $1,800 and Dogecoin trading around $0.07.
- Litecoin halving fails to lift market sentiment. Litecoin underwent its third halving event yesterday, but the event did not have a significant impact on the price of the cryptocurrency. Litecoin is currently trading around $85.
- DoJ warns of run on Binance should exchange be prosecuted. The U.S. Department of Justice is reportedly concerned about pursuing charges against Binance due to the potential for a run on the exchange’s assets. Officials are mulling over fines and other non-prosecution agreements for Binance instead of pressing criminal charges.
- Worldcoin reportedly plans to allow governments and businesses to utilize its iris-scanning and identity-verifying technology. Worldcoin, a new cryptocurrency project, is reportedly planning to allow governments and businesses to use its iris-scanning and identity-verifying technology. The technology is designed to help onboard new users into the cryptocurrency ecosystem.
In other crypto news today…
Robinhood Crypto Trading Revenue Drops 18% in Latest Earnings Report
Robinhood Markets, the trading app that popularized commission-free stock trading, reported a 18% drop in crypto trading revenue in its latest earnings report. The company’s crypto revenue fell to $51 million in the first quarter of 2023, down from $62 million in the fourth quarter of 2022.
Robinhood attributed the decline in crypto revenue to a number of factors, including the overall decline in cryptocurrency prices and the ongoing regulatory scrutiny of the cryptocurrency industry. The company also said that it was facing increased competition from other cryptocurrency exchanges.
GameStop to Shut Down Crypto Wallet, Citing Regulatory Concerns
GameStop, the video game retailer that became a meme stock darling in 2021, is shutting down its cryptocurrency wallet. The company said that it was making the decision due to regulatory concerns.
GameStop’s crypto wallet, called GameStop Wallet, was launched in May 2022. The wallet allowed users to store, send, and receive cryptocurrencies. However, the company said that it was facing regulatory challenges in the United States and other jurisdictions.
GameStop said that it would continue to support cryptocurrency payments on its website and in its stores. However, the company said that it would no longer offer the GameStop Wallet app.
The shutdown of GameStop’s crypto wallet is a sign of the challenges that the cryptocurrency industry is facing. Regulators around the world are increasingly scrutinizing the industry, and this is making it difficult for some businesses to operate.
