Why COIN stock is up 47% in five days

Will more institutional investors start buying Bitcoin? Market Activity Total Market Cap 1.09T (+0.77%) 24 Hour Volume 68.77B (+10.04%) Notable Movers[(OP) $1.93]( (+9.10%) Notable Movers (DeFi)[(ANY) $6.59]( (+40.38%) Bitcoin Dominance 40,55%[(-0.52%)]( Bitcoin Price[(BTC) 23,024.68 (+0.64%)]( Ethereum Price[(ETH) $1,1683.89 (+4.06%)]( Cardano Price[(ADA) $0,5084 (+1.88%)]( Editor's Note When Being Anon Online Is Actually Bad Yesterday, a Coindesk expose broke down how two people pretended to be 11 different anons online in order to create an entire DeFi ecosystem that didn’t really exist. These two brothers, through a convoluted system of liquidity tokens, stablecoins and other DeFi protocol jargon, at one point managed to actually have $7.5 billion of Solana’s $10.5 billion in total locked value. However, most of that $7.5 billion was in double or tripled counted dollars. This DeFi app, Sunny Aggregator, was a success until it wasn’t a success — it wasn’t the unmasking of its 11 developers as one person that brought it down as you might think, but rather a $52 million hack of one of its unaudited sister protocols. A protocol that the main creator of these 11 identities, Ian Macalinao, (falsely) claimed to have audited. In a space where being anonymous online is almost the norm, and statements from PFPs of digitized animals about audits are often taken at face value, the real story behind the faked success of this one DeFi protocol feels like a slap in the face. Much of DeFi is built by these anonymous online characters that experiment in new code, work on each other’s protocols and post inspirational messages about DeFi on Twitter that can whip up their followers into frenzies of support. While it’s clear that the proportion of good actors to bad actors in DeFi is still skewed towards the good, any more of these stories and the pendulum might swing the other way. I mean, these two brothers had people so fooled that they had their own panel dedicated to their success at garnering TVL at Solana Breakpoint, one of the biggest crypto conferences of 2021! It only takes one bad egg, as they say: anonymity online, so often an immediate warning sign for the rest of the world, might soon be developing a real stigma even in crypto. Today’s Top Stories Check out [CoinMarketCap Alexandria]( for tech deep dives, analysis, daily news and easy-to-understand guides on how crypto works! [Today’s Top Stories ] [Coinbase and BlackRock's new partnership]( Coinbase and BlackRock have teamed up to give institutional investors greater access to cryptocurrencies. It's a significant partnership, not least because BlackRock is one of the biggest asset management firms in the world. Major BlackRock clients who use the Aladdin investment management platform will be able to get direct access to crypto through a connection to Coinbase Prime. Bitcoin will be initially available, but other digital assets could be rolled out in the future. BlackRock's global head of strategic ecosystem partnerships, Joseph Chalom, said: "Our institutional clients are increasingly interested in gaining exposure to digital asset markets and are focused on how to efficiently manage the operational lifecycle of these assets." [Nomad offers bounty to white hat hackers]( Nomad Bridge has announced that it's offering a 10% bounty to white hat hackers who return funds that were stolen in a devastating exploit earlier this week. An estimated $190 million was taken in an attack that's been likened to a "free for all." The embattled crypto project has said legal action will not be pursued against white hat hackers. The latest figures from Etherscan suggest $22 million has been sent to the official recovery address, but that's just 11.5% of the funds that are missing. Research from Chainalysis estimates $2 billion has been stolen in cross-bridge attacks so far this year — representing 69% of all crypto thefts. [Meta rolling out NFTs to 100 more countries]( Meta's announced that it's rolling out support for NFTs to 100 countries around the world. International expansion will take digital collectibles to Africa, Asia, the Middle East and the Americas. But notably, it seems Europe has been omitted from these plans — perhaps a sign that ongoing regulatory scrutiny in the EU might be an issue. Partnerships have also been struck up with Coinbase and Dapper, meaning Instagram users will be able to connect their wallets. NFTs on three blockchains are now supported — Ethereum, Polygon and Flow — and Meta says there are no fees associated with posting or sharing a digital collectible. This is a significant milestone in bringing crypto collectibles to the masses, and for many who use Instagram, this will likely be the first time they come into contact with NFTs. [Block's Bitcoin revenues plunge by 34%]( Block achieved gross profits of $1.47 billion in the second quarter — up 29% year on year. Jack Dorsey's crypto-focused payment company — which owns Square and Cash App — says it's continuing to grow despite the market downturn. But it hasn't all been plain sailing. Revenues related to Bitcoin stood at $1.79 billion, 34% less than during the same period a month ago. And out of that, gross profit was $41 million — just 2% of revenue. In a letter to shareholders, Block said there's been declining consumer demand for Bitcoin in recent months. The results were worse than what analysts had expected — and in pre-market trading on Friday, Block's share price was down 6.7%. Spotlight of the Day [Hybrid Theory: The Rise of Hybrid Decentralized Exchanges]( OnomyProtocol takes a deep dive into how hybrid DEXes can create on-chain and fair markets in today’s CMC Community spotlight. For more CMC Community, click [here]( Thanks for reading! Have a great day — more news tomorrow! [Facebook]( [Twitter]( [Instagram]( [Telegram]( Written by Molly Zuckerman and Connor Sephton Was this email forwarded to you? [Sign up here](. WANT MORE CRYPTO BITES? [Sign up here]( for Daily Newsletters, Promotions and Events and Prices [App Store]( [Google Play]( [ADVERTISE]( | [CAREERS]( | [FAQ]( © 2022 CoinMarketCap [Unsubscribe]( [coinmarketcap.com]( CoinMarketCap OpCo LLC, 8 The Green, STE 6703, Dover, Delaware 19901, United States