#market

The data analysis company, Santiment, has detected a notable surge in transactions (exceeding $10 million) within certain renowned altcoins, including AAVE, APE, COMP and others. The majority of these have seen a price decline, with AAVE being the exception, as its value increased by 1.14%. This shift was discernible not only against the dollar but also when compared to Bitcoin.

U.S. lawmakers are reportedly close to creating a framework for regulating stablecoins, but a separate bill overhauling financial laws' treatment of crypto assets is facing opposition from Democrats who deem it too favorable to the crypto industry. Top Democrats, including Rep. Maxine Waters, have expressed their disappointment with the market structure bill. Meanwhile, Republicans remain optimistic that ongoing negotiations may lead to agreement on stablecoin legislation.

Renowned business analyst Adam Cochran recently shared insights concerning Huobi's financial state and its potential insolvency. Key takeaways from Adam's analysis: Investigation Underway: Both Huobi and Tron are facing scrutiny, with their staff being questioned by the police. Unusual Asset Distribution: After Justin Sun's introduction of wrapped USDT (stUSDT), a whopping 98% of user assets intended for Tether bond redemptions ended up in the wallets of Huobi and Justin Sun. Discrepancy with USDT Balance: Huobi's reported USDT balance is just $63 million, but their users hold a staggering $631 million worth of USDT. Something doesn't add up here. ETH Holdings in Question: It appears that Huobi is holding all of its users' ETH as stETH, raising eyebrows about their handling of customer assets. Binance Making Moves: Meanwhile, Binance is actively selling USDT and purchasing DAI, possibly indicating a shift in market dynamics. Outdated Reserves Page: It's been a whole month since Huobi last updated its reserve page, and discrepancies between the reported figures and wallet balances need clarification.

The CEO of Binance has repeatedly aired his distrust of USDT, dubbing it a "black box" due to its lack of transparency in audits and reports. Also, Binance listed a new stablecoin, FDUSD, on July 26th, that has seen a rapid rise in capitalization. They are in the process of designing their own algorithmic stablecoin and are open to listing more USDT equivalents on their exchange. Meanwhile, Tether's CTO has hinted at CZ's involvement in market manipulation in the stablecoin sector, mentioning a 10 basis point USDT depeg on July 28th. "Isn't it interesting that USDt is being pressured down (slightly, within 10bps, just to push market makers to react), and USDc, the main competitor that you would expect being gaining from the situation, is redeemed heavily nevertheless, while suddenly a competitor born 2 days ago is getting it all? Exactly! It feels definitely organic and not manipulative at all. Some people never learn." For the record, the Twitter account of First Digital Labs (FDUSD) has a mere 585 followers. It's intriguing to watch the outcome of this power struggle. Is this just the tip of the iceberg? Fingers crossed, this won't escalate into a challenge for a bout in the octagon, as seems to be a popular move among billionaires...

Securitize, a digital asset trading platform, has started tokenizing equity in Spanish real estate investment trust, Mancipi Partners. The tokens will trade on the Avalanche blockchain from September. This marks the first tokenized equity issuance under the European Union’s pilot scheme for distributed ledger technology, supervised by the European Securities Market Authority. Securitize will also undergo a six-month supervision period by Spain’s National Securities Market Commission (CNMV). Securitize's CEO, Carlos Domingo, believes the move will significantly benefit European businesses, providing new avenues for capital raises and potential tax benefits.