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Bitcoin News Roundup for Aug. 20, 2020
With bitcoin taking a back seat to the DeFi boom and data platforms aiming for the moon, CoinDesk's Markets Daily is back for your latest crypto news roundup!
Updated Sep 14, 2021, 9:46 a.m. Published Aug 20, 2020, 4:00 p.m.
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With bitcoin taking a back seat to the DeFi boom and data platforms aiming for the moon, CoinDesk's Markets Daily is back for your latest crypto news roundup!
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This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Today's stories:
Bitcoin Risks Deeper Drop if Dollar Rebounds
Bitcoin's price could pull back even further should the dollar stage a full-blown recovery on the back of the latest Federal Reserve meeting.
OMG Price Doubles as DeFi and Record Ethereum Fees Create ‘Perfect Storm’
OMG has more than doubled in the past seven days as record Ethereum fees lead investors to look more closely at layer 2 solutions.
Russia's New Blockchain Elections Remain Centralized
There will be two blockchain voting pilots for Russia's off-year election next month.
TechCrunch: Moon lander startup ispace raises $28 million and launches a new lunar data platform
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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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BNB rises 2.5%, nears $900 mark as prediction market growth signals utility expansion
A new physically backed BNB exchange-traded product launched on Nasdaq Stockholm, adding to existing investment options.
What to know:
- BNB token climbed 2.5% to $89e, approaching the $900 resistance level, with increased trading volume suggesting fresh buying interest.
- A new physically backed BNB exchange-traded product launched on Nasdaq Stockholm, adding to existing investment options like Grayscale's pending ETF filing.
- BNB Chain saw significant growth in prediction markets, with platforms like Opinion Labs logging over $700 million in 7-day trading volume and cumulative trading volumes crossing $20 billion.
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