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Each Sunday, we breakdown the most important crypto market news from the past week for SludgeFeed Premium members, including key events and stories you might’ve missed from a variety of news outlets.

Top Headlines This Week:

Research: 95% of Bitcoin (BTC) Trading Volume Is Fake

A research report by Bitwise that accompanied its recent Bitcoin (BTC) ETF filing with the SEC found an exceptional amount of fake trading volume on 71 of the top 81 crypto exchanges outside Korea. Of the ~$6 billion reported daily volume for Bitcoin, Bitwise claims that the actual average daily volume stands at roughly $273 million.

Despite the prevalence of wash trading, the study found a significant portion of Bitcoin trading occurs on regulated U.S. exchanges. Additionally, the price differences between BTC/USD and BTC/USDT showed no signs of manipulation. Both observations could be viewed positively by the SEC.

Square Is Staffing up for a New Cryptocurrency Unit, Says Jack Dorsey

Square CEO Jack Dorsey said he wants to hire a few cryptocurrency engineers and a designer, to conduct work that will contribute to advancing an accessible, internet-based financial system that benefits the greater community.

The new employees are able to work from wherever they want, report directly to Dorsey, and can even be paid in Bitcoin if they so choose.

Diar: $4 Billion Currently Staked in PoS Cryptocurrencies

Roughly $4 billion in investor capital is currently locked in proof-of-stake (PoS) networks, according to the latest report by crypto market research firm Diar.

In the report, Diar reveals that over 70 projects currently rely on some type of PoS format, with an average of 40% of the total token supply across the projects delegated or engaged in staking.

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CEO Behind EOS Predicts Bitcoin (BTC) Will Replace Gold as the Leading Store of Value

Brendan Blumer, the CEO and co-founder of Block.one, the company behind EOS (EOS), believes that Bitcoin…

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