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Bitcoin News Roundup for Aug. 5, 2020
With BTC pushing towards $12,000 and gold at record highs, CoinDesk's Markets Daily is back for your crypto news roundup!
Updated Sep 14, 2021, 9:40 a.m. Published Aug 5, 2020, 4:00 p.m.
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With BTC pushing towards $12,000 and gold at record highs, CoinDesk's Markets Daily is back for your crypto news roundup!
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This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Today's Stories:
Bitcoin Price Rises 3% as Gold Trades Above $2K for First Time
Bitcoin is again acting like a macro asset, drawing bids amid record rally in gold and broad-based U.S. dollar sell-off.
Square Reports 600% Increase in Quarterly Bitcoin Revenue
Jack Dorsey's Square has seen one of the largest quarterly increases yet for its bitcoin business.
Square Crypto, Human Rights Foundation Ramp Up Bitcoin Development Grants
Square Crypto and the Human Rights Foundation are continuing their support for an open-source Bitcoin developer community with new contributor grants.
For early access before our regular noon Eastern time releases , subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica or RSS.
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Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
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Paxos' gold token rakes in record inflows as crypto investors turn to the yellow metal
Tokenized gold has improved the traditional store of value metal's utility, while bitcoin trades like a risk asset amid uncertain times, one expert noted.
What to know:
- Paxos Gold (PAXG) posted a record inflow of $248 million in January, boosting its market cap to $2.2 billion.
- The tokenized gold market crossed $5.5B as investors seek stable value amid crypto stagnation.
- The moves occurred as gold prices surged to new records above $5,300.
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