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Today in Crypto: CryptoPunks NFTs See a $2.3M Jump

Britain’s Financial Conduct Authority (FCA) announced on Monday (1 August) that it had passed new rules designed to help tackle misleading advertising.

The ads in question encourage investments in high-risk products. The new rules will require firms that approve and issue marketing to have the appropriate expertise, and firms that market some riskier investments will require more scrutiny to ensure clients and investments are a good match.

Additionally, new rules surrounding crypto in Dubai have reportedly attracted clients struggling to trade digital assets in their home countries.

Bloomberg wrote Monday that the over-the-counter (OTC) structure there allows customers from Russia, Iran or other places under Western sanctions to buy crypto at home and sell it for cash in Dubai .

The report noted that there are no international sanctions against Russia and the United Arab Emirates (UAE) have not imposed any penalties there, allowing shops in Dubai to handle crypto in this way.

Additionally, Bitcoin miners earned $574.9 million in July, down 14% month-on-month, Seeking Alpha wrote Monday.

This came as rising electricity costs and increased competition threatened the industry. According to the report, some miners have also started selling their bitcoin rigs.

In other crypto-related news, Bloomberg reported Monday that some skeptics believe MicroStrategy’s latest Bitcoin strategy will not pan out.

According to the report, 51 percent of the company’s available shares are currently being sold short. They have a face value of $1.35 billion, according to data from S3 Partners. The company’s shares serve as a way to invest in Bitcoin, but they’ve lost over 75% of their value from a February 2021 high.

Meanwhile, North Koreans have reportedly created plagiarisms of others to try and get remote work at crypto firms – with the aim of helping the government in its illegal fundraising efforts.

According to a Bloomberg report Monday citing cybersecurity researchers, the scammers are mining details from sites like LinkedIn and illegally copying them for fake resumes. This helps them work with US crypto firms with the purported aim of raising “money for government weapons development programs.”

In other news, the floor price for CryptoPunks’ non-fungible token (NFT) has surged 10% over the past day, according to data from CoinGecko.

The interest most likely stems from the recent partnership between Tiffany & Co., the high-end jewelry brand, and Chain, a blockchain startup, according to a CoinDesk report. That gives punk owners the opportunity to buy up to three necklaces for 30 ETH or $50,000 starting August 5 this year.

CryptoPunks reported a $2.3 million jump in revenue following the announcement of the Tiffany & Co. partnership on Sunday (July 31).

Finally, in a company blog post on Monday, Binance.US said it would be delisting its AMP token after the Securities and Exchange Commission designated the coin as a security.

Binance.US said the company is in a “rapidly evolving industry” and must respond to market and regulatory developments. In a lawsuit, the SEC listed nine digital assets it said were securities, and Binance.US said it was delisting AMP “out of caution.”

For all PYMNTS crypto coverage, subscribe to the daily newspaper Crypto Newsletter.

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NEW PYMNTS SURVEY FIND 3 OF 4 CONSUMERS WITH STRONG DEMAND FOR SUPER APPS

Around: The results of PYMNTS’ new study, The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy, a collaboration with PayPal, analyzed the responses of 9,904 consumers in Australia, Germany, the UK and the US and showed a strong demand for a single multifunctional super app instead of using dozens of individual apps.

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