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• China’s property giant Evergrande files for bankruptcy protection in Manhattan court

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China’s heavily indebted property giant Evergrande Group on Thursday filed for Chapter 15 bankruptcy protection in a U.S. court.

In a filing with the Manhattan bankruptcy court, the company referenced restructuring proceedings in Hong Kong, the Cayman Islands and the British Virgin Islands.

In a seperate statement, Evergrande on Friday said that it will ask the U.S. court for “recognition of the schemes of arrangement under the offshore debt restructuring for Hong Kong and the British Virgin Islands.”

• Did Bitcoin Price Crash to $25K Because of Fake SpaceX News?

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The price of Bitcoin, the flagship cryptocurrency, experienced a sharp decrease, dropping 8% and falling below the $26,000 mark for the first time since June.

Some attribute the sudden plunge to a social media post by Bitcoin Magazine, which claimed that Elon Musk’s SpaceX had sold all of its $373 million worth of Bitcoin. The post went viral, generating over 2.4 million views. However, subsequent clarifications have raised doubts about the accuracy of this claim. The Wall Street Journal, cited as the source of the news, had in fact reported that SpaceX “wrote down the value of Bitcoin it owns” last year (as noted by a Community Note next to the post). 

This means that the company had not recently offloaded its Bitcoin holdings, contrary to the narrative presented by Bitcoin Magazine. The misleading information led to a wave of reactions, with social media users like Autism Capital accusing the magazine of spreading “FUD” (fear, uncertainty, doubt) and damaging its credibility.

• Ethereum surges 11% after report SEC is set to approve Futures ETF

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The price of Ether surged around 11% to $1,700 following news that the United States Securities and Exchange Commission is set to allow the first exchange-traded funds (ETFs) based on Ether Futures.

According to an Aug. 17 report from Bloomberg — which cited anonymous sources familiar with the matter — the regulator does not look as though it will block the applications of nearly twelve companies, including ProShares, Volatility Shares, Bitwise and Roundhill, that have filed to launch Ether futures ETFs in recent weeks.

• Fed officials see ‘upside risks’ to inflation, possibly leading to more rate hikes, minutes show

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Federal Reserve officials expressed concern at their most recent meeting about the pace of inflation and said more rate hikes could be necessary in the future unless conditions change, minutes released Wednesday from the session indicated.

That discussion during a two-day July meeting resulted in a quarter percentage point rate hike that markets generally expect to be the last one of this cycle.

However, discussions showed that most members worry that the inflation fight is far from over and could require additional tightening action from the rate-setting Federal Open Market Committee.

“With inflation still well above the Committee’s longer-run goal and the labor market remaining tight, most participants continued to see significant upside risks to inflation, which could require further tightening of monetary policy,” the meeting summary stated.

Coinbase Finally Wins Approval to List Crypto Futures in U.S.

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Cryptocurrency exchange Coinbase (COIN) can now list crypto futures in the U.S. nearly two years after applying for approval.

Coinbase Financial Markets secured approval from the National Futures Association (NFA) to operate a Futures Commission Merchant (FCM), according to an announcement on Wednesday. The role of FCMs is to buy or sell futures contracts, similar to that of a market maker.

The NFA is a self-regulatory organization with designation from federal derivatives regulator the Commodity Futures Trading Commission (CFTC). Coinbase first applied to join the NFA in September 2021.

• Ledger announces U.S. PayPal integration, lets users buy crypto from within app

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Hardware wallet manufacturer Ledger has integrated its Ledger Live software with PayPal, according to an Aug. 16 joint announcement by the two companies. The integration allows U.S. residents with verified PayPal accounts to buy Bitcoin directly through Ledger Live with no extra verification, the announcement stated.

Concluding Notes:

  • Evergrande files for bankruptcy protection
  • Fake SpaceX News?
  • SEC is set to approve Futures ETF
  • More rate hikes could happen
  • Coinbase Wins Approval to List Crypto Futures in U.S.
  • Ledger announces U.S. PayPal integration

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