Trump Jr. Takes on Banks with New Crypto Platform!

Donald Trump Jr. announced during an Aug. 8 Q&A session that he is launching a crypto platform.

Author

Danielle du Toit
August 09, 2024

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Here's what we've got for you today:

  • Donald Trump Jr. Is Launching a Crypto Platform to ‘Take On’ the Banks

  • JP Morgan Warns of Limited Upside for Bitcoin Despite Potential Catalysts

  • US Spot Bitcoin ETFs See $192 Million in Inflows, Ether ETFs Lose $3 Million

  • QR Code Scam Targets Crypto Holders in Latest Wave of Cyberattacks

Donald Trump Jr. announced plans to launch a new DeFi crypto platform that will be aimed at addressing inequality in banking access.

  • Donald Trump Jr. announced during an Aug. 8 Q&A session that he is developing a crypto platform.

  • He did not provide any details about the platform but pointed out that it will be taking on the banking system.

  • Speculation about a new crypto offering started making the rounds after Trump Jr. mentioned DeFi in a recent tweet. This caused many people to believe he may be launching a meme coin.

Banking giant JP Morgan is very cautious about BTC’s next move after the recent market downturn.

  • JP Morgan suggests that potential catalysts for Bitcoin's price increase may already be reflected in current market prices, raising some doubts about any further upside potential.

  • The bank estimates the average cost to mine one Bitcoin is close to $49,000, and warned that prolonged trading below this level could pressure miners financially and lead to further price declines.

  • JP Morgan is also still skeptical about just how sustainable BTC’s price rebound is considering the fact that Bitcoin's price seems to be too high compared to its production cost and compared to gold.

WisdomTree’s BTCW was Thursday’s dark horse after it drew in $118.52 million, its largest inflows yet.

  • According to data from SoSoValue, BlackRock's IBIT fund reported the largest inflows, totaling $157.6 million.

  • Spot Ethereum ETFs in the U.S. experienced mixed activity, with closely matched inflows and outflows, leading to a total net outflow of $2.87 million.

  • BlackRock's ETHA attracted $11.74 million in inflows, while Grayscale's ETHE and Fidelity's Ethereum ETF saw outflows of $19.83 million and $2.58 million, respectively.

Blockchain analysis firm Bitrace warned users of a new type of crypto scam that can drain their wallets by scanning a fraudulent QR code.

  • The scam involves fraudsters asking users to perform a "small repayment test" by returning USDT through a QR code that directs them to a third-party website, ultimately leading to unauthorized access to their wallets.

  • At least 27 wallet holders have already fallen victim to this scam between July 11 and July 17, which resulted in the loss of $120,000 in USDT.

  • The stolen funds were laundered through five intermediary addresses and three accounts on the Cambodian crypto exchange Huione.

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