Bitcoin Ordinals transactions dropped by 97 per cent to 20,571 in mid-August. The nonfungible token (NFT) for Bitcoin Ordinals has seen an "alarming plunge" in user activity, according to DappRadar, with trading volumes plummeting by a staggering 98 per cent since May.
DappRadar data, published on August 17, showed that Bitcoin Ordinals sales dropped from the peak of $452 million in May to about $3 million on August 14. According to DappRadar, the situation is bleak for the Ordinals market. Still, it stressed that more time is needed to establish whether this is a "temporary setback" or a "systemic problem of Bitcoin-based NFTs."
SEC To Question Terraform Labs Co-Founder Daniel Shin In Korea
The Securities and Exchange Commission wants to question Terraform Labs Co-Founder Daniel Shin on Do Kwon, also a Co-Founder and Chai Corp.’s relationship with the organisation.
To establish a case against Terraform Labs and its co-founder Do Kwon, the US Securities and Exchange Commission has been granted permission to ask South Korea to help examine Terraform Labs co-founder Daniel Shin. On August 16, District Judge Jed Rakoff granted the SEC's motion requesting permission to interrogate the co-founder Do Kwon and obtain papers about his Seoul-based company Chai Corporation.
The SEC stated in its July filing that it wished to speak with Shin regarding Kwon's employment at Chai, the use of the Terra blockchain by Chai, and Chai's disclosures regarding its partnership with Terraform. Additionally, it wants to know Chai's reason for leaving Terraform. Midway through 2019, Shin and Kwon created Chai, which they shared with Terraform's employees and headquarters until the two businesses separated in 2020.
Elon Musk Praises Pro-Crypto Republican Presidential Candidate
The Tesla and SpaceX CEO Elon Musk said Republican Party presidential candidate Vivek Ramaswamy is “a very promising candidate.”
Ramaswamy is the youngest-ever Republican presidential candidate. Musk, who is also the chairman of X (previously Twitter), made the comments in response to a clip of Ramaswamy on Tucker Carlson’s Twitter show.
Ramaswamy, popular for his positive comments on digital money and cryptocurrencies, has lobbied for more support for cryptos. He also announced that his presidential campaign would accept Bitcoin donations during the Bitcoin 2023 conference in Miami, making him the second candidate to support BTC for the 2024 US election.
