Welcome to Finance Redefined, your weekly dose of essential decentralized finance insights — a newsletter crafted to bring you the most significant developments from the past week.
The crypto market staged a significant recovery this week after the largest crypto sell-offs in over a year wiped over $510 billion from the global crypto market cap, briefly tanking Bitcoin’s (BTC) price to a five-month low of $49,000.
Beyond the correction, there have been significant positive developments in the wider decentralized finance (DeFi) space after presidential candidate and former President Donald Trump’s eldest son revealed plans to launch a DeFi platform to rival the banking industry.
While Trump Jr. has yet to reveal more details about the platform, the crypto industry could largely benefit from the mainstream attention.
Donald Trump Jr. is launching a crypto platform to “take on” the banks
Donald Trump Jr. has announced plans to launch a new DeFi cryptocurrency platform to address inequality in banking access. However, the platform is still in the early stages and will take some time to become a reality.
During a Q&A session on subscription-based platform Locals on Aug. 8, Donald Trump Jr, the eldest son of presidential candidate and former president Donald Trump, said he wasn’t launching a memecoin but working on a crypto platform to take on the banks.
“What we’re talking about is a larger type of platform,” that’s very different and not a memecoin, he said. However, he added that it would be a “long time before we can do anything,” not giving anything away on a time frame.
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$510 billion crypto sell-off wipes 2024 gains from top 50 coins
Over half of the 50 largest cryptocurrencies by market capitalization are in the red following the biggest crypto sell-off in over a year.
The entire crypto market saw a $510 billion drop in total market capitalization.
Following the sell-off, over 60% of the top 50 cryptocurrencies lost all the gains made during 2024, according to CryptoQuant author Binhdangg, who wrote in an Aug. 6 X post:
“After Black Monday, 60% of coins in the top 50 have removed…..
