Weekly Roundup

Market Automation and Dependable Liquidity: A report issued by the Modern Markets Initiative found that middle-class workers can retire two years earlier due to the difference in retirement savings brought upon by market automation.

Blockchain.com Layoffs: Cryptocurrency exchange Blockchain.com is laying off one-quarter of its workforce, the latest business in the digital-assets sector to scale back following a sharp decline in cryptocurrencies.

Bitcoin/Stock Correlation: Bitcoin and US stocks are moving less in tandem than at almost any point this year. A 40-day correlation coefficient for the token and the tech-heavy Nasdaq 100 index has fallen below 0.50 to levels last seen in January.

Crypto Scams: The FBI recently issued a warning to consumers about fraudulent crypto applications that have scammed 244 victims out of about $42.7 million since October 2021.

Unicorn Status: Fintech Stori, which lends to many Mexicans who do not have bank accounts, became the second Mexican start-up in 2022 to achieve a valuation of more than $1 billion, giving it “unicorn” status, after a $150 million series C funding round, the company said on Friday.

Miner Capitulation: New data from blockchain analytics firm CryptoQuant shows that miners are rapidly exiting their bitcoin positions. 14,000 bitcoin were transferred out of wallets belonging to miners in a single 24-hour period at the end of last week — and in the last few weeks, miners have offloaded the largest amount of bitcoin since Jan. 2021.

NYSE Institute: The New York Stock Exchange announced the launch of the NYSE Institute, which will serve as a champion for the U.S. capital markets and NYSE-listed companies. The institute will focus on three areas: global markets, thought leadership and programming.

In the Mix: This Week’s Top FinTech Thought Leader

  • Jaime Lizárraga was sworn into office as a Commissioner by Chair Gary Gensler. Lizárraga was nominated by President Biden earlier this year and confirmed by the U.S. Senate on June 16.

  • Jay-Z and Jack Dorsey announced the launch of their new initiative, Bitcoin Academy, an educational program designed to empower people through financial literacy — with a focus on Bitcoin.

  • Vitalik Buterin, Co-founder, Ethereum, spoke about the longer-term future of the network to attendees at the annual Ethereum Community Conference (EthCC) in Paris.