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AMC Entertainment Holdings (AMC) has experienced a tumultuous week recently. On Friday, a Delaware court ruled that the company can convert all outstanding APE units into AMC common stock on August 24 under a proposal voted by a majority of shareholders. However, retail AMC shareholders have shown a negative/speculative attitude towards the passage of this proposal. AMC shares have lost 32% of their value in premarket trading since Friday, while APE units gained 20%.

According to AMC CEO Adam Aron, the proposal approved on Friday seeks to simplify AMC's shareholding structure and consolidate it into a single share class. Aaron noted that stock splits create complexity in stock brokerage operations, leading to capital inefficiencies.

Although AMC's debt scale is as high as $4.8 billion, the company's debt ratio has dropped to -186%. This negative percentage has increased as the share price has fallen. However, we remain optimistic about the market and believe that after the equity consolidation, AMC stock will be more attractive to investors.

Recently, PayPal updated its website and launched a new "Cryptocurrency Center" feature that allows users to hold and interact with cryptocurrencies such as Bitcoin directly within their accounts. The launch comes just days after the payments giant launched its PYUSD stablecoin.

PayPal has added a cryptocurrency hub feature to its terms and conditions. The feature will enable users to buy and sell cryptocurrencies and make purchases using funds stored in their PayPal accounts. Additionally, it will facilitate conversions between the recently launched PayPal USD (PYUSD) stablecoin and other crypto assets. Additionally, it will allow users to use proceeds from cryptocurrency sales to make purchases through PayPal.

However, it is worth noting that users do not hold the digital assets themselves. Instead, blockchain infrastructure company Paxos or other authorized service providers will provide custody, trading and transfer services for these cryptocurrencies.

While this new feature is undoubtedly exciting, not all PayPal users will be able to use it right away. The company will decide who will explore this new product on a case-by-case basis.

To qualify, users must have a personal PayPal account and a balance account in good standing. In addition, PayPal will verify necessary identifying information such as name, physical address, date of birth and taxpayer identification number.

PayPal may require users to provide additional information to verify their identity, such as a copy of a government-issued photo ID or proof of residence, such as a utility bill. In some cases, users may even be required to provide biometric information for authentication.

Once Crypto Hub is launched, it will be directly linked to users’ existing PayPal accounts and can be accessed using the same credentials. "The login credentials for your personal PayPal account will be used as credentials to access your Cryptocurrency Center as part of your Balance account," PayPal said.

PayPal launches stablecoin sparks concerns

PayPal’s new feature comes just days after the company announced the upcoming launch of its PYUSD stablecoin. The USD-pegged asset is issued by Paxos and will be backed by USD deposits, Treasury bills and similar cash equivalents.

According to reports, the launch of PayPal’s stablecoin could be significant for the future of cryptocurrencies.PayPal has 420 million users. If a majority of the company’s users accept its stablecoin for low-fee transactions, merchants will follow suit, which could further drive cryptocurrency adoption and payment use of digital assets.

Recently, digital asset funds have received a net inflow of US$29 million. According to CoinShares, the improvement in this positive trend may come from lower-than-expected annual inflation growth in July, reducing the likelihood of another interest rate hike in September. Bitcoin-related digital asset investment products have attracted $27 million in inflows over the past three weeks, following outflows of $144 million in the three weeks before that.

From a regional perspective, Canada saw the most active fund activity, attracting $24 million in inflows. Meanwhile, Switzerland was the only country to see larger inflows, totaling $8 million.

Despite low market trading volumes, the latest fund flow data shows that market sentiment for Bitcoin and other cryptocurrency investment products remains positive. In June this year, BlackRock, the world’s largest asset management company, applied for a spot Bitcoin exchange-traded fund (ETF). Subsequently, a series of well-known Wall Street financial institutions including Commonwealth Investment, Wisdom Tree and Fidelity Investment Follow suit.

Cathie Wood’s ARK Invest has also applied to the U.S. Securities and Exchange Commission (SEC) to launch a spot Bitcoin ETF. However, last week the securities regulator delayed its decision on approving this particular fund. The SEC said in a filing on Friday that it was seeking public comment on an amendment to the application, effectively delaying the date for a final decision.

Recently, Tesla has made price adjustments for the Model Y long-range and performance versions in the Chinese market, with price reductions of 4.5% and 3.8% respectively. The move is aimed at countering slowing sales in the Chinese market. In addition, Tesla also stated that it will provide an insurance subsidy of RMB 8,000 for customers who purchase the entry-level rear-wheel drive version of Model 3. The series of price adjustments reflect falling demand for Tesla globally and adjustments made to make certain models eligible for U.S. government tax breaks.

According to data from the China Passenger Car Association (CPCA), Tesla's sales in the Chinese market have declined month-on-month for the first time since the end of 2022, with sales in July falling 31% compared with June. However, globally, Tesla's vehicle deliveries in the second quarter of 2023 exceeded 466,000 vehicles, setting a new record for the brand.

Overall, the market remains optimistic about Tesla's prospects in the Chinese market. With the implementation of price adjustments, Tesla is expected to gradually regain its lost market share in the Chinese market.

Country Garden, China's largest real estate developer, is expected to lose US$7.6 billion in the first half of 2023, which would be its largest loss since it went public in 2007. The news presents another major challenge for Country Garden, as the company failed to make a key interest payment on time on its U.S. dollar bonds this week.

Country Garden's sales fell by 60% compared with the same period last year, a decline that was significantly greater than in previous months. Developers also say their profit margins have shrunk, real estate projects have lost value, apartment sales have fallen for four consecutive months and refinancing has become increasingly difficult.

Why is China’s housing market in trouble? China's real estate market showed signs of recovery earlier this year after the government lifted a ban on equity refinancing and directed banks to provide financial support to specific developers, including Country Garden. However, the market rebound was short-lived, with sales falling in the second quarter and China's economic growth also slowing.

Since the Chinese government cracked down on debt levels in the real estate industry in August 2020, China's real estate market has fallen into a credit crisis. Years of rapid market growth have led to the emergence of “ghost towns” where supply significantly exceeds demand and developers scramble to capture profits. Still, real estate investment in China fell nearly 8% in the first half of this year.

Base, the Layer 2 blockchain network launched by Coinbase, quickly surpassed Optimism after the mainnet was launched, becoming the Layer-2 network with the most active users after Arbitrum. According to Dune Analytics data, the number of daily active users of Base has reached 136,000. This surge in activity is largely driven by the new social network Friend.Tech being built on Base.

Friend.Tech is a platform that allows users to buy or sell shares in relation to other users on the app. For example, a user can buy another user's shares at a specific price. If the floor price of these shares rises, buyers can profit by selling the shares at a higher price. Currently, the app is still in beta and can only be accessed by users with a valid registration code. Notably, a gray area on the app reveals that the platform plans to launch a token, leaving its users scrambling to earn potential airdrops by sharing referral codes.

Powered by Friend.Tech, Base surpassed rival L2 blockchain Optimism in the number of daily active users. Since Base went online, approximately $175 million has crossed the chain to Base, with a total of 580,000 transactions recorded on August 10. Meanwhile, Arbitrum remains the most used L2 blockchain with 147,000 users.

Last month, the price of BALD, a new token launched on the Base chain, plummeted by nearly 90% after token deployers withdrew $25.6 million worth of liquidity. The coin briefly rose by about 3,000% when launched, but the price fell by about 92% due to the so-called "leek cutting" incident. Subsequently, deployers purchased more BALD and restored some liquidity. However, after enticing users to buy more tokens, the developers again withdrew liquidity.

Visa, one of the world's largest credit card networks, recently announced that it successfully tested a solution that allows users to pay on-chain gas fees directly with legal currency on the Ethereum Goerli testnet. The scheme utilizes payment agent contracts to pay customers for fuel.

This new solution will allow users to conduct blockchain transactions without having to maintain an Ethereum balance to pay gas fees. Instead, the payment agent contract, combined with account abstraction and ERC-4337, allows users to pay these fees directly with Visa cards.

Visa said merchants or decentralized applications can run dedicated payment agent solutions. Visa’s efforts in the cryptocurrency space complement PayPal’s launch of stablecoins. PayPal last week announced the launch of a stablecoin backed by U.S. dollar deposits and U.S. Treasury securities called PayPal USD (PUSD), issued by blockchain infrastructure company Paxos.

Visa’s efforts to expand blockchain payments and global settlements involving digital currencies and fiat currencies continue to increase. There were rumors earlier this year that Visa’s enthusiasm for digital assets had cooled after the 2022 cryptocurrency winter, but Visa head of cryptocurrency Cuy Sheffield denied this, saying that the company wanted to expand its ties with the emerging industry.

The U.S. Federal Reserve (Fed) may pause raising interest rates. According to the CME FedWatch tool, the probability of the U.S. Federal Reserve suspending interest rate hikes after the latest Consumer Price Index (CPI) report is more than 90%. Earlier, new inflation data showed that the annualized inflation rate was lower than expected at 3.3%.

The market is widely expected to put an emergency brake on the Federal Reserve after July's CPI data showed that inflation rose less than expected. Specifically, annualized inflation last month was 3.2%, lower than market expectations of 3.3% and June's 3%.

Although the annualized CPI of 3.2% was the first increase since the Federal Reserve began raising interest rates last year, the overall report showed that inflationary pressures are weakening, reducing the pressure on the central bank to continue raising interest rates. However, although the Fed may temporarily pause raising interest rates, considering that the CPI is still significantly higher than the ideal 2% level, the Fed is unlikely to start cutting interest rates in the short term.

Annual U.S. inflation was 3.2% in July, slightly lower than the 3.3% expected by economists but still well above the 2% expected by the Federal Reserve. Meanwhile, jobless claims rose to 248,000 in the week ended August 5, beating expectations for 230,000.

Although inflation is lower than expected, the increase in jobless claims is concerning. Nonetheless, we remain optimistic about the market. While cryptocurrency prices have declined over the past 24 hours, the digital asset is in the green on the 1-hour chart, with Bitcoin, Ethereum, Dogecoin, and Ripple all up less than 1%.

Meanwhile, Dow Jones Industrial Average futures rose nearly 200 points and Treasury yields moved lower. Nasdaq and S&P 500 futures rose 29.5 points and 148 points respectively.

Although inflation remains well above the Fed's desired 2% target, a slowdown in price increases is expected to reduce pressure on the Fed to continue raising interest rates. The U.S. central bank raised interest rates again by 25 basis points last month, which is expected to be the last hike in the short term.

Singapore-based decentralized exchange DigiFT on Thursday launched a regulatory-compliant U.S. Treasury token backed by a U.S. Treasury note with a specific maturity date of December 31, 2023. This new product offers investors a way to invest in blockchain Treasury tokens, bridging the gap between decentralized finance and traditional finance.

DigiFT, a Singapore-based decentralized exchange for digital assets, has launched the DigiFT U.S. Treasury Token (DUST), “the first fully regulatory-compliant U.S. Treasury token issued on a public blockchain.” .

According to the press release, DUST is backed by a U.S. Treasury note with a specific maturity date. This newly launched asset provides licensed and institutional investors with an on-chain product that enables them to invest in U.S. Treasuries. The physical U.S. Treasury bonds are held by a licensed broker-custodian in Singapore, the report said.

Compared to tokenized Treasury bonds, DUST provides investors with a regulated, blockchain-based channel to purchase U.S. Treasury bonds due December 31, 2023. Additionally, investors can invest in the token with USD or the USDC stablecoin. The minimum investment amount in DUST is 1 USD/USDC.

Henry Zhang, CEO of DigiFT, said: “The launch of the DigiFT U.S. Treasury Token represents our commitment to bringing the best of decentralized finance (DeFi) and traditional yield to investors. The first fully regulatory-compliant U.S. Treasury token offered, DUST will enable us to expand the avenues for investors to explore tokenized real-world assets (RWA) on-chain, with full transparency while being supported by institutional-grade risk management mechanisms .”

The launch of DUST marks DigiFT’s third offering to connect decentralized finance (DeFi) and real-world assets (RWA) through regulated products. The decentralized exchange noted in a press release that the new security token also provides same-day settlement services for investors with investments under $50,000.

From a broader perspective, DUST’s market debut highlights the continued interest in tokenized Treasury securities. According to real-world asset data company RWA.xyz, the market value of blockchain-based investment solutions that package T-Bills, bonds, and money market funds into token form has exceeded 6.$400 million.

Last week, blockchain company Ondo Finance launched USD Yield, the first tokenized bond backed by Treasury bonds and bank deposits. This product is intended for non-U.S. retail and institutional investors.

Recently, Microsoft, one of the world's largest technology companies, announced its cooperation with Aptos Labs, a leading blockchain company, to bridge the gap between artificial intelligence (AI) and Web3. Mo Shaikh, CEO of Aptos Labs, said the collaboration will allow Microsoft’s AI models to be trained on the crypto company’s verified blockchain data. Additionally, Aptos will run its blockchain’s validator nodes on Microsoft Azure, one of the leading cloud computing solutions. Shaikh explained that the move is intended to provide more reliability and security to Microsoft's services.

The cooperation between Microsoft and Aptos caused the price of Bitcoin to break through the psychological barrier of $30,000, with a 24-hour increase of more than 1.65%. Other important altcoins were also in the green on the day, with Ethereum, Ripple, and Solana gaining 1.5%, 3.8%, and 5.6% respectively.

Although it's still early days for Aptos to partner with Microsoft, it could be a long-awaited catalyst for the blockchain company that has been in the spotlight since last year. Aptos Labs’ native cryptocurrency APT benefited the most from the news, rising more than 16%.

It’s worth noting that while Aptos is often touted as Ethereum’s ultimate competitor, it’s nowhere near the second-largest cryptocurrency. Especially after its launch in October 2022, the coin’s price dropped dramatically as the blockchain’s promise of 100,000 transactions per second completely failed to materialize. However, earlier this year, this new layer network hit an all-time high, driven by strong demand for NFTs. At press time, the cryptocurrency was trading at $7.77.

Recently, the price of Reddit’s crypto asset MOON has surged as on-chain data showed that GCR, a well-known cryptocurrency investor, purchased 450,000 tokens. GCR is famous for successfully predicting the direction of Terra’s LUNA and placing a $10 million bearish bet on the cryptocurrency. The main reason for the rise in MOON prices is market speculation that GCR purchased 450,000 MOON tokens. According to a post on r/CryptoCurrency by Reddit user Nutcase420, GCR purchased the tokens on the MEXC exchange and then transferred the tokens to the Kraken cryptocurrency exchange via Arbitrum Nova.

As the native cryptocurrency of the Reddit r/CryptoCurrency section, the MOON token has seen strong price performance recently. On August 7, the Kraken exchange listed the MOON token, which became a factor driving its price increase. Previously, Crypto.com also launched MOON tokens in mid-July. Since Kraken went live, the prices of MOON and BRICK (another token on Reddit) have increased by 82% and 572% respectively. Earlier this year, 4.7 million MOON tokens were burned as part of the cryptocurrency’s migration to Arbitrum Nova.

Recently, the PYUSD stablecoin project launched by PayPal has become an important development in the encryption industry. PayPal has a large user base and broad merchant adoption potential, and its stablecoin project is expected to drive widespread acceptance and use of crypto payments.

Unlike Facebook’s failed project Diem, PayPal’s PYUSD has seen a significant increase in demand in the cryptocurrency market. The goal of stablecoins is to maintain a stable value by tying them to real-world assets such as T-bills and bank deposits.

Despite market interest in equity-backed stablecoins, regulators are wary of the concept. The hesitation stems from concerns about big tech companies encroaching on government control over currency issuance and competing with the traditional banking system.

However, these issues are not obvious to PayPal. There is growing optimism that PayPal, the world's leading payments platform with 420 million users, will gain regulatory approval for its stablecoin backed by T-bills and cash.

The launch of PayPal’s stablecoin is significant for the cryptocurrency market, opening up new opportunities for widespread adoption. If PayPal’s large number of users accept its stablecoin for low-fee transactions, merchants will follow suit, further driving cryptocurrency adoption and payment use of digital assets.

Brazil’s Pix system is a real-world example of the speed of stablecoin adoption. Since its launch in 2020, Pix has become the most widely used payment method in Brazil. If PayPal’s stablecoin gains acceptance, similar trends could emerge globally.

Bernstein researchers predict that the market value of stablecoins will increase by 2,140% in the next five years, reaching US$2.8 trillion, and the current market value is approximately US$125 billion. The prediction comes as stablecoins are increasingly gaining traction from crypto and non-crypto companies, with PayPal becoming the latest giant to join the space.

Bernstein noted in a new research report that the global stablecoin market is expected to reach a market value of $2.8 trillion within the next five years. Considering that the stablecoin market is currently worth approximately $125 billion, achieving this goal would mean a staggering 2,140% growth over the forecast period.

Bernstein believes that the integration of stablecoins into consumer platforms is expected to be a major growth catalyst for this type of digital asset. This is because this integration enables the stablecoin to attract more users and drive its distribution beyond crypto-native platforms.

Currently, the stablecoin space is dominated by Tether USDT, with a market capitalization of over $83 billion at the time of writing. It is followed by USDC and DAI with market capitalizations of $3.5 billion and $146 million respectively. While individuals also use USDC, it is more common among enterprises because it provides an open source smart contract that allows other companies to develop their blockchain products.

At the same time, algorithmic stablecoins (stability maintained through on-chain algorithms and mechanisms rather than relying on fiat currency collateral) have declined in popularity in recent times. The contagious collapse of the Terra ecosystem last year was one of the main factors contributing to this decline.

While stablecoins are expected to experience growth in the coming years, their trajectory may face challenges. Central bank digital currencies (CBDCs) could become a serious contender.

This is because CBDC is a government-issued digital currency that has specific advantages similar to stablecoins, while receiving the credibility and regulatory support of the country’s central bank.

Currently, China is leading the global race for CBDC, and the country is continuously working to promote the adoption of the digital yuan. Meanwhile, more central banks have recently joined the CBDC bandwagon, including Japan, South Korea and Russia.

Binance, the world's leading cryptocurrency exchange, recently announced that it has obtained a license from the regulatory authorities in El Salvador to provide cryptocurrency-related services and customized products in the country. This move means that the number of Binance registrations and licenses worldwide has reached 18, including countries such as France, Spain, Italy, Dubai, and Sweden.

El Salvador is one of the most crypto-friendly countries in the world, becoming the first country in the world to recognize Bitcoin as legal tender last year. The license obtained by Binance will help the development of the country’s cryptocurrency market. The licenses Binance received this time include a Bitcoin Service Provider License (BSP) from the Central Reserve Bank and the first non-temporary digital asset service provider license issued by the National Digital Assets Commission.

Although Binance has recently withdrawn from markets such as the Netherlands, Cyprus, Canada, and the United Kingdom due to regulatory issues, its global market presence is still expanding. Recently, Binance returned to the Japanese market after five years and acquired the local Sakura Bitcoin exchange in 2022 to seize the opportunity of developing the Web3 ecosystem in the Asian country.

According to reports, Arm, a British chip manufacturer owned by SoftBank Group, is expected to be listed on Nasdaq in September, with a market value expected to exceed US$60 billion, making it the largest IPO this year. Many of the world's top chip manufacturers, including Nvidia, Intel and Samsung, are interested in buying Arm's shares after it goes public. Apple, the world's largest company, also plans to buy a stake in the British chipmaker.

Arm plans to treat these technology giants as medium- and long-term shareholders and sell millions of shares to them each to ensure a stable share price when it goes public. Arm is seen as a key player in the global semiconductor market. Since acquiring Arm in 2016, SoftBank had sold it to Nvidia for $40 billion in 2020, but the deal was ultimately abandoned due to regulatory scrutiny. Since then, the Japanese investment giant has been seeking to take Arm public.

Arm is expected to have a market value of more than $60 billion when it goes public next month, making it the largest IPO in 2023. In particular, SoftBank plans to launch shares of Arm in mid- or late September. Since SoftBank acquired Arm for $31 billion seven years ago, the chipmaker's market value has doubled.

Huobi Global Exchange recently announced that it will become the first cryptocurrency exchange to list the PYUSD stablecoin issued by PayPal. Huobi will permanently provide the PYUSD/USDT trading pair with zero transaction fees. Huobi said that when market circulation and liquidity conditions mature, trading will be opened as soon as possible. It is worth noting that Huobi’s plan to list PYUSD comes at a time when it is rumored to be facing the risk of bankruptcy, with massive outflows of funds and a decline in total locked value (TVL).

According to data from DefiLlama, Huobi saw $64 million in outflows between August 5 and 6, and its TVL fell to $2.5 billion from $3.09 billion on July 6. Previously, cryptocurrency investigator Adam Cochran pointed out inconsistencies in Huobi’s holdings of USDT and USD Coin (USDC), suggesting that Huobi may have gone bankrupt. However, Cochran mentioned that Huobi’s recent “Merkle Tree Audit” claimed that Huobi users had $630 million in USDT and $631 million in USDT wallet balances. The crypto industry veteran concluded: “Huobi is seriously bankrupt.”

In addition, Cochran also accused Huobi’s top executives of being arrested in China for their alleged involvement in the gambling platform. He added that at least one C-level executive had recently left Huobi, although it was unclear whether the departure was related to the investigation. Meanwhile, Huobi’s native currency HT had little reaction to the news. At press time, HT was trading at $2.61, down about 1% in the past day and 1.8% in the past 14 days.

Recently, the American freight giant Yellow Corp. (Yellow Corp.) filed for bankruptcy protection after failing to resolve its increasingly serious debt problem and after fruitless negotiations with the Teamsters union. The company's stock price immediately plunged about 36%. Founded nearly 100 years ago, Yellow Corp. dominates the "less-than-truckload" market, providing single-truckload freight services to multiple customers. The company's bankruptcy would put about 30,000 employees at risk.

Yellow Corp. has worked with some of the largest retail companies in the United States, including Walmart, Home Depot and others. According to statistics from TD Cowen, Yellow Corp.'s market share before bankruptcy was approximately 8% to 10%. Yellow Corp. has assets and liabilities totaling between $1 billion and $10 billion, according to a Delaware court estimate, with more than 100,000 creditors. The company's 2024 debt repayment plan reaches $1.3 billion, including a private equity loan of approximately $570 million in June and a U.S. loan in September.

In addition, Yellow Corp. has secured a $450 million secured revolving loan from banking groups including Citizens Bank and Merrill Lynch, which matures in January 2024. Yellow Corp. said it plans to repay in full a $700 million loan provided by the administration of former U.S. President Donald Trump. The loan is part of the 2020 pandemic relief package and is designed to help the company weather the storm.