In the recent crypto market review, there are several noteworthy developments that many crypto enthusiasts may not be aware of yet. While some are still captivated by the Bitcoin spot ETF applications, there has been a decline in spot exchange volumes.
To keep everyone informed, we have compiled some of the most talked-about news in the crypto industry this week.
Huge Decline in Spot Exchange Volumes
Recently, one of the top crypto news in the crypto industry has centered on the Bitcoin spot ETF. Especially when Blackrock submitted their application for a Bitcoin spot ETF, it led to huge speculations in the crypto industry.
The Securities and Exchange Commission approving the Bitcoin ETF would greatly benefit the industry. Many crypto enthusiasts attributed it to increased crypto exchange volumes in line with the news of Bitcoin spot ETFs. However, data from Block Research shows a slump in the number of exchange volumes within the past seven days.
The seven-day moving average for daily crypto exchange volumes has declined after losing more than $5 billion. It recorded a high of $19.4 billion on June 27 before going down to $14.2 billion on July 8. Since Blackrock submitted its spot Bitcoin ETF application, the cryptocurrency's price has increased by more than 15%.
More Drama Between Coinbase and the SEC
Coinbase faced a lawsuit from the Securities and Exchange Commission last month, accusing them of selling unregistered and illegal securities to their customers.
Unfortunately, their legal troubles don't seem to be over yet, as the SEC has recently filed new court documents revealing that Coinbase was fully aware of their illegal actions. The SEC alleges that despite knowing the illegality of their actions, Coinbase prioritized profits and business expansion.
One of the things the SEC said in the court filing was: "And since becoming a public company, Coinbase has repeatedly informed its shareholders of the risk that the crypto assets traded on its platform could be deemed securities, and therefore that its conduct could violate the federal securities laws – including in the very registration statement it now points to as proof that the SEC supposedly blessed its conduct."
The SEC called Coinbase's actions a calculated decision. The commission said the crypto exchange knew the law before operating without authorization. SEC said:
"These actions clearly show that Coinbase understood that the securities laws could apply to its conduct and knew which rules to consider in evaluating the legality of its conduct, but nevertheless made the calculated decision to take on this risk in the name of growing its business."
Close to 190k People Make a Living From Working for Crypto Firms.
While the SEC and Coinbase might be fighting in court, many still focus on making a living in the crypto industry. According to the data from new research, approximately 190,000 people work for crypto firms in one way or another.
The number of crypto employees has significantly increased since the 2020 pandemic lockdown. The industry's bull market in 2021 was wild as the number of employees working for crypto establishments skyrocketed to more than 211k people.
Exchanges and brokerages take the lion's share of the employee count, as more than one-third of employees in the crypto industry work in these places. Moving forward, another 26% are employed by companies offering financial services with cryptocurrencies as an integral part of the major attraction.
Companies like crypto investment funds are part of the 26%. 21% work in blockchain protocols, and about 6% in the NFT space. Then the remaining 13% work in other crypto-related jobs that don't fit the categories above.
The Shibarium Launch is Upon Us
On Thursday, the Shiba Inu developer Shytoshi Kusama announced that the crypto project would finally launch their highly anticipated layer 2 blockchain Shibarium. A layer 2 blockchain is a type of network or a collection of other networks built on an existing layer 1 blockchain.
The team working on this cryptocurrency project is thrilled to reveal the upcoming Shibarium launch, coinciding with their Toronto conference in August. This launch promises to significantly improve the protocol, resolving several scalability challenges on the Shiba Inu blockchain. It's exciting crypto news that will undoubtedly have a positive impact.