Bitcoin stagnant, Toncoin leads weekly gains in Americas

Bitcoin stagnant, Toncoin leads weekly gains in Americas

The Growing Blockchain Industry: Latest Updates and Key Insights

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Latest Prices

Latest Prices

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Bitcoin, the world’s largest cryptocurrency by market value, traded slightly down on Friday, after earlier showing resilience throughout the week. With a trading price of around $26,500, it did not witness notable gains. However, Toncoin (TON) emerged as the top performer over the week, with an increase of almost 10%. Toncoin is the native cryptocurrency of The Open Network, developed by the team behind messaging app Telegram. Chainlink’s LINK token also had a successful week, with a 6% increase, mainly driven by new partnerships with traditional financial institutions.

In another development, bankrupt crypto exchange FTX has filed a lawsuit against former employees of Salameda, an entity affiliated with FTX, controlled by its ex-CEO, Sam Bankman-Fried. FTX aims to recover about $157.3 million, alleging that these individuals fraudulently withdrew assets in the days leading up to FTX’s bankruptcy.

Additionally, Binance, Binance.US, and Changpeng Zhao have filed to dismiss a lawsuit brought against them by the Securities and Exchange Commission (SEC). The filing claims that the regulator has not “plausibly alleged” various securities-related violations and is seeking to encompass digital assets under its authority without explicit legislative approval. The SEC sued Binance, Zhao, and Binance.US in June, accusing them of illegally listing unregistered securities for trading and investment by U.S. investors.

Chart of the Day

Chart of the Day
  • The chart illustrates nominal and inflation-adjusted real yields on the U.S. 10-year Treasury note, reaching their highest levels since 2007 and 2009, respectively.
  • Higher real rates tend to drive investors towards holding cash or bonds, disincentivizing risk-taking.
  • Source: Charlie Bilello
  • FTX Sues Former Employees of Hong Kong Affiliate, Seeks $157 Million
  • Polygon Emerges as Suitor for Celo’s New Layer-2 Blockchain, Competing With OP Stack
  • ‘You Can Do Nothing’: Crypto Trading Titans Are Yelling at Each Other on Elon Musk’s X

Edited by Sheldon Reback and Omkar Godbole.


The blockchain industry continues to make headlines, with key developments and updates shaping its trajectory. In this article, we’ll delve into the latest news and provide insights into the industry’s growth.

Latest Prices

Bitcoin, the frontrunner in the cryptocurrency market, maintained its position during the week, despite a slight decline on Friday. With a market value of approximately $26,500, it struggled to achieve notable gains. However, Toncoin (TON) emerged as the week’s top performer with an impressive 10% increase. As the native cryptocurrency of The Open Network developed by Telegram, this digital asset has experienced significant growth. Chainlink’s LINK token also had a successful week, surging by 6% following several partnership announcements with traditional financial institutions.

Lawsuit Surrounding FTX

FTX, a bankrupt crypto exchange, made headlines by filing a lawsuit against former employees of Salameda, an affiliated entity controlled by the ex-CEO, Sam Bankman-Fried. FTX aims to regain approximately $157.3 million, accusing the individuals of fraudulently withdrawing assets in the period leading up to FTX’s bankruptcy. This legal battle sheds light on the complexities and challenges faced by cryptocurrency exchanges when it comes to financial integrity and transparency.

Binance’s Dispute with the SEC

Binance, one of the largest cryptocurrency exchanges globally, alongside its U.S.-based counterpart Binance.US, has filed a motion to dismiss a lawsuit brought by the Securities and Exchange Commission (SEC). The SEC claims that Binance and its CEO, Changpeng Zhao, illegally listed unregistered securities for trading and investment by U.S. investors. However, Binance and Binance.US argue that the SEC has overreached its authority, as Congress has not explicitly outlined digital asset regulation. This legal battle highlights the ongoing struggle to establish regulatory frameworks and jurisdictional boundaries in the rapidly evolving blockchain industry.

Chart of the Day: Understanding Real Yields and Risk-Taking

The chart of the day provides insights into the current state of the U.S. 10-year Treasury note’s real yields. Nominal and inflation-adjusted real yields have reached their highest levels since 2007 and 2009, respectively. Higher real rates tend to incentivize investors to hold cash or bonds, reducing their willingness to take risks. This chart sheds light on the complex relationship between market dynamics, interest rates, and risk appetite within the broader financial ecosystem.

  • FTX Sues Former Employees of Hong Kong Affiliate, Seeks $157 Million: This trending story focuses on the legal actions taken by FTX to recover funds from individuals accused of fraudulent activities.
  • Polygon Emerges as Suitor for Celo’s New Layer-2 Blockchain, Competing With OP Stack: This post explores the competition and potential partnerships within the blockchain industry, highlighting the growing interest in layer-2 solutions.
  • ‘You Can Do Nothing’: Crypto Trading Titans Are Yelling at Each Other on Elon Musk’s X: A glimpse into the dynamic nature of the cryptocurrency market, as prominent market players express their opinions and challenge each other’s perspectives on social media platforms.

The blockchain industry remains a volatile and rapidly evolving space. While it faces legal challenges and regulatory scrutiny, the potential for growth and innovation within this decentralized ecosystem is unquestionable. As the industry evolves, the need for robust regulatory frameworks, technological advancements, and strategic partnerships becomes increasingly evident. Stay tuned for more updates on the promising world of blockchain technology.

Edited by Sheldon Reback and Omkar Godbole.