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🔔 MARKET MOVING NEWS! (13/08/24)
1️⃣ Singapore’s Biggest Bank DBS Rolls Out Blockchain-Powered ‘Treasury Tokens’ Pilot 🎙
Singapore’s largest bank by assets ‘DBS Bank’ has reportedly launched a pilot of “DBS Treasury Tokens” - a new blockchain-based treasury and liquidity management solution developed in collaboration with Ant International, the international division of Alibaba’s fintech affiliate Ant Group.
As part of the pilot, Ant International will use the solution for instant and multicurrency treasury and liquidity management in various markets. DBS explained that this pilot operates on its permissioned blockchain and that it aims to help Ant International reduce the settlement of intra-group transactions “from potentially days to seconds.”
Source
2️⃣ Canto Blames ‘Secondary Effects’ as Chain Halts Again 90 Mins After Restart ❌
Cosmos-based Layer-1 blockchain Canto has reportedly halted block production again after briefly coming back online. Specifically, the blockchain restarted block production at about 12:35 pm UTC on Aug. 12 after applying its scheduled fix, running for about 90 minutes before halting again on block 10,848,199. The team flagged “unforeseen secondary effects” as a fresh problem. The project’s official X page noted that its core development team, B-Harvest, is now building and testing a new version, v8.1.0, and expects validators to be able to resume producing blocks in about 15 hours from the time of the X post.
Source
3️⃣ SEC Files Fraud Charges Against Promoters of NovaTech, Alleged $650M Crypto Pyramid Scheme ▶️
The U.S. Securities and Exchange Commission (SEC) has reportedly filed a lawsuit against an alleged crypto pyramid scheme, NovaTech, and eight of its promoters. The regulator charged them with fraud and multiple violations of federal securities laws. The lawsuit claims NovaTech scammed investors out of around $650 million over four years. Notably, the lawsuit comes two months after New York Attorney General Letitia James filed a similar suit against NovaTech, its founders, and another alleged pyramid scheme with ties to NovaTech.
Source
4️⃣ Optimism Is Developing A Native Interoperability System For Layer 2 Chains ⚡️
Optimism, a layer-2 blockchain ecosystem atop Ethereum, has revealed a roadmap plan to introduce native interoperability across layer-2 chains in the ecosystem. This includes layer-2s such as Optimism Mainnet, Zora, Base and others. The objective of the interoperability solution is to make the Superchain operate like a single blockchain — allowing users, assets, and developers to move seamlessly across networks.
Source
5️⃣ Coinbase Calls For SEC To Rethink Rule On Decentralised Exchanges, Calling It 'Irrational' 🔍
In a new letter sent to the United States Securities and Exchange Commission (SEC), crypto exchange Coinbase’s Chief Legal Officer Paul Grewal urged the SEC to withdraw its rule proposal that requires decentralised exchanges to fall under the agency's remit. The letter argued that the SEC’s proposed rule depended on irrational arguments and lacked the necessary information to conduct a cost-benefit analysis. Specifically, Grewal stated the SEC "irrationally assumes" that decentralised exchanges can comply in the same way as more traditional exchanges. It asked the SEC to withdraw the proposal and start over again after it had done its research.
Source
6️⃣ DEF Buys Patent To Stop Lawsuits Against MakerDAO And Compound ‼️
The DeFi Education Fund (DEF) has reportedly purchased a patent owned by True Return Systems (TRS). The patent was for an oracle-like system for “separation and linkage of stacked modular data storage and processing.” Notably, TRS used this patent as the basis to file infringement lawsuits against MakerDAO and Compound Protocol. DEF characterised TRS as a “patent troll” and dedicated the patent to the public - preventing the patent from being used in similar suits in the future. DEF declined to disclose the settlement amount, citing the “confidential” nature of the negotiations.
Source
https://www.youtube.com/watch?v=axD79ybeUhc
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🔔 MARKET MOVING NEWS! (12/08/24)
1️⃣ Canto Blockchain Suffers Two-Day Outage Amid Consensus Issue ❌
Cosmos-based layer-1 blockchain Canto has been offline since it experienced a “consensus issue” following its ‘Callisto’ upgrade on Saturday. The outage took the mainnet down at about 18:43 UTC and the price of the CANTO token dropped by almost 21% immediately after. While the price of CANTO has recovered over the course of the weekend, activity on the chain is yet to resume.
Canto said in an announcement on X,
Canto chain is currently experiencing an issue with consensus that has caused the chain to halt. An upgrade to address this issue will be carried out on Monday, August 12 UTC 12:00. All funds are safe. Once the chain resumes, users will be able to access all activities as usual.
The base fee is at a multi-year low of ~0.8 GWEI. 23.9 would be required to offset staking rewards. In my opinion, Ethereum needs to increase L1 activity again, and even if it sounds counterintuitive at such low rates, raising the gas limit can be part of a strategy.
https://www.youtube.com/watch?v=rl39fj6nrJk
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🔔 MARKET MOVING NEWS! (11/08/24)
1️⃣ BitGo Set To Transition Wrapped Bitcoin Business To Multi-Jurisdictional Custody 💸
Cryptocurrency custody platform BitGo is reportedly planning to ramp up security efforts for its Wrapped Bitcoin business by transitioning it to a multi-jurisdictional and multi-institutional custody structure. Currently, BitGo’s Wrapped Bitcoin (WBTC) custody operations and cold storage are based solely in the United States.
As part of its multi-jurisdictional strategy, BitGo has formed a joint venture with BiT Global. Bitgo is planning to transfer control of the WBTC product to the joint venture and has begun a 60-day transition period to diversify its custodial locations for the underlying BTC. The jurisdictions for the new custodial locations include Hong Kong and Singapore. BitGo CEO Mike Belsche acknowledged that the partnership for this joint venture includes BitGo, Justin Sun and the Tron ecosystem. He reiterated that Tron founder Justin Sun will not “have the ability to move funds.”
Source
2️⃣ Crypto.com, Gemini Join Coinbase In Opposing CFTC Proposal That Could Ban Prediction Markets ☄️
Several notable industry leaders across crypto and fintech have reportedly joined Coinbase in declaring their opposition to a proposed rule change that could see political prediction markets banned in the United States. The new wave of supporters includes Gemini, Crypto.com, Robinhood and influential blogger Scott Alexander.
Gemini co-founder Cameron Winklevoss stated,
Rather than forging ahead and denying Americans access to these powerful markets, the CFTC should withdraw this Proposed Rule and go back to the drawing board with industry stakeholders. This would be the trust-building move.
🚨 New Video Alert!! 🚨
Keeping an eye on activity levels on major centralised exchanges is a great way to monitor the state of the market. In fact, it’s probably one of the more underrated indicators out there. Put simply: the more successful a large exchange is performing, the higher the chances are that we’re in a bull market.
As it so happens, Coinbase - one of the largest crypto exchanges in the world - has just announced its Q2 earnings. Not only does it unveil what’s been happening over the past few months, but it also gives an indication of how the future is shaping up for the company - and by extension - the broader crypto ecosystem.
Today, we’ll be diving into this earnings report, telling you how Coinbase has performed in recent market conditions, what they’re planning for Q3 and beyond, and what this all means for the market.
Enjoy!
🔔 MARKET MOVING NEWS! (10/08/24)
1️⃣ IRS Updates Crypto Brokerage Tax Form, Appears to Remove Request for Wallet Addresses ▶️
The United States Internal Revenue Service has reportedly updated the draft of its crypto taxation form 1099-DA for crypto brokerage accounts. For context, this is the form that 'brokers' and investors are required to start using in 2025 to report digital asset transactions to customers. Crypto investors will in turn use this form to report certain crypto sale and exchange transactions to the IRS as taxable events. The updated draft of this form appears to have removed, among other things, wallet addresses, transaction IDs and time acquired. The changes come after investors raised significant privacy concerns when the form was first unveiled.
Source
2️⃣ Ripple Begins Testing Its Stablecoin on Ethereum and XRP Ledger ⚡️
Cross-border payment firm Ripple has reportedly begun testing its Ripple USD stablecoin (RLUSD) on the Ethereum mainnet and XRP Ledger. The firm stated that it plans to deploy the fiat-backed token on additional blockchain networks in the future. RLUSD is backed by short term U.S. Treasuries, dollar deposits and cash equivalents. Ripple stated that it will offer both RLUSD and XRP for global payments services to clients. The stablecoin is yet to receive regulatory approval.
Ripple stated,
Ripple USD is currently in its beta phase and is being rigorously tested by our enterprise partners. This phase is crucial for ensuring that the stablecoin meets the highest standards of security, efficiency, and reliability before it becomes widely available, and after receipt of regulatory approval.
🔔 MARKET MOVING NEWS! (09/08/24)
1️⃣ WazirX To Undo All Trades Following $230 Million Hack-Related Withdrawal Freeze ▶️
Indian crypto exchange WazirX is planning to undo all trades that occurred on the platform following its withdrawal freeze on July 18. Affected users will receive an email notification on the affected trades.
The exchange stated,
All users will have their portfolio balances on the WazirX platform restored to what they were on 18 July, 2024, 1 p.m. IST […] This decision has not been made lightly and aims to protect the integrity of our platform and facilitate an equitable outcome for users following the abnormality arising as a result of the cyberattack which occurred on 18 July, 2024.
https://www.youtube.com/watch?v=tuiNVNJ3tJg
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Yesterday, United States District Judge Peter Castel officially approved a consent order for defunct crypto exchange FTX and its sister trading firm Alameda Research to pay back $12.7 billion to FTX creditors as part of a settlement with the United States Commodity Futures Trading Commission (CFTC). While the order doesn't include civil penalties, it bans FTX and Alameda from trading digital assets and acting as intermediaries in the market
Source
🔥 Rally Report 🔥
XRP
The price of XRP has rallied by 18% in the past 24 hours.
WHY?!
🔍 The rally comes as the years-long case between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) reached a milestone settlement yesterday.
▶️ Notably, a federal judge ordered Ripple to pay $125 million in civil penalties and imposed an injunction against future securities law violations. Investors are bullish since the fine amount is lower than the SEC's proposed $2 billion.
If you want to buy or trade XRP, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
What on earth is going on with the markets? Are we likely to see continuing turmoil or was this a golden opportunity to BTFD? And, if so, which altcoins should you be looking into?
All of this was covered in a recent interview that we did with Arthur Hayes, one of the most well known crypto OGs in the space.
Topics covered included the collapse of the Yen carry trade, Yellen’s behind the scene machinations, Bitcoin & Ethereum price predictions and hot alts to watch.
Don’t miss out on some of that legendary Crypto Hayes Alpha!
🔔 MARKET MOVING NEWS! (07/08/24)
1️⃣ Blockchain Protocol Nexera Suffers $1.8M Exploit, NXRA Tumbles 40% 🥶
According to crypto security firm Cyvers, blockchain infrastructure protocol Nexara (formerly known as AllianceBlock) suffered an exploit that resulted in the loss of $1.8 million in crypto assets. Blockchain sleuth ZachXBT revealed on Telegram that the attacker is connected to a string of recent compromised private key incidents, including the OKX DEX hack. The NXRA token contract has been paused and trading has been halted on decentralised exchanges. The attacker currently holds 32.5 million NXRA tokens worth $1.23 million and $555,000 worth of tether's USDT stablecoin.
Source
2️⃣ Ronin Bridge Paused, Restarted After $12M Drained in Whitehat Hack 🧐
On Tuesday, the Ronin network paused its bridging service after a whitehat hack drained $12 million in tokens from the platform. A total of 4,000 ETH (worth about $9.8 million) and $2 million worth of USDC were withdrawn from the bridge. Both the ETH and USDC have since been returned to the team. The Ronin team thanked the white hats for their vigilance and promised to pay a reward of $500K under their bug bounty program. The exploit reportedly occurred after the team introduced a new upgrade, leading the bridge to misinterpret the required bridge operators vote threshold to withdraw funds.
Source
3️⃣ Bitcoin Miner Core Scientific To Deliver Additional 112 Megawatts To CoreWeave ▶️
Bitcoin miner Core Scientific has reportedly signed an extension of its earlier high-performance computing contract with artificial intelligence cloud provider CoreWeave. Core Scientific announced that it will be modifying its infrastructure to supply an additional 112 MW in power to host CoreWeave’s high-computing operations. CoreWeave will now be receiving a total of 382 MW of high-performance computing infrastructure. The new agreement also contains provisions for two five-year renewal terms. CoreWeave also retains the option to further expand the deal with up to 118 MW of infrastructure at another Core Scientific site.
Source
4️⃣ Trump Meme Coin DJT Falls to Nearly Zero as Dev-Linked Wallet 'Rugs' 🔽
The price of TrumpCoin (DJT), a Solana-based memecoin that controversial figure Martin Shkreli allegedly helped launch, plummeted 90% after a single wallet sold $2 million worth in one transaction. This caused the token's market capitalisation to plummet from $55 million to $3 million in mere minutes. On-chain data curated by crypto social platform 0xPPL shows that the wallet ‘4UGm6’ held 20% of the DJT token supply before swapping it for 15,500 SOL. These proceeds have since been transferred to four different wallets.
Source
5️⃣ Nasdaq Asks To List Options On Spot Ethereum ETFs 🔍
According to recent regulatory filings, the Nasdaq International Securities Exchange has submitted a proposal to the Securities and Exchange Commission, seeking permission to list and trade options on spot Ethereum ETFs. Nasdaq’s proposed rule change would apply exclusively to BlackRock’s iShares Ethereum Trust (ETHA), which is the only ETH ETF listed on Nasdaq’s electronic exchange.
Source
6️⃣ Indian Crypto Exchange CoinDCX Starts Investor Protection Fund With $6M ☄️
Indian crypto exchange CoinDCX has announced the launch of the ‘Crypto Investors Protection Fund’ (CIPF). The launch of the CIPF follows the $230 million hack of fellow Indian crypto exchange WazirX. CoinDCX founder Sumit Gupta stated that the investor protection fund is designed to "compensate users for losses incurred in extremely rare scenarios such as security breaches" and that it will hold nearly $6 million (INR 50 crore) at its inception. These funds reportedly come solely from the exchange’s profits.
Gupta stated,
https://www.youtube.com/watch?v=ccvymFg5lY0
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Lawyers for the U.S. Securities and Exchange Commission (SEC) have requested a New York court to deny Coinbase’s subpoena to compel the agency to provide documents related to crypto assets. They describe Coinbase’s subpoena as “breathtakingly broad” encompassing “essentially all documents that in any way relate to crypto assets.”
Source
🔥 Rally Report 🔥
SATS
The price of 1000SATS has rallied by 16% in the past 24 hours.
WHY?!
🔍 The rally seems to be led by the speculative trading activity of crypto traders in Asia.
☄️ Notably, investors in Asia appear to be bullish due to developments in Fractal Bitcoin – a Bitcoin sidechain being developed in collaboration between the Unisat team, BSF, Uniworlds, and Asset Bridge.
If you want to buy or trade 1000SATS, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
It’s been a crazy 7 days in the crypto market. First, BTC fell below $50k, taking the whole crypto market down almost 20%. Then, BTC recovered, but it seems that ETH is still struggling to get into the spotlight.
Regulators also seem to be increasing their scrutiny of crypto predictions markets like Polymarket which isn’t surprising given that they tend to give a better read of sentiment than any mainstream media poll.
In the background, the BoJ has been dealing with the aftermath of the yen carry trade unwind, which may or may not have been planned. In the midst of it all, a handful of altcoins saw epic gains.
Be sure to stick around until the end to find out which ones those were and where they’re headed next!
🔥 Rally Report 🔥
SUI
The price of SUI has rallied by 11% in the past 24 hours.
WHY?!
🔍 Mechanism Capital founder Andrew Kang recently posted an X thread that provided insights into SUI’s recent price rally. Kang suggested that the bullish trend could be attributed to several factors, including Raoul Pal’s recent endorsement, substantial OTC bids and a recent technical upgrade that could pave the way for innovative applications on the SUI platform.
📈 AI-powered research platform Kaito AI also notes that social mentions for SUI have been 8 times higher than average this past week. One possible factor could be the project’s upcoming presence at crypto conferences in Asia.
If you want to buy or trade SUI, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
Is the US in recession? Like most questions, the answer is complicated, but that hasn’t stopped everyone from simplifying the data with a single indicator which is flashing a big warning signal.
This indicator is the Sahm Rule, and it was recently triggered after unemployment data for July came in higher than expected. However, it’s just one side of the recession equation. GDP is the other.
Interestingly, it appears that unemployment and GDP could start showing increasing divergent signals, making it possible for the powers that be to simultaneously claim all is fine while justifying stimulus.
This is a video you can’t afford to miss.
https://www.youtube.com/watch?v=dyaqTv0sPuE
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Sportswear giant Adidas has reportedly partnered with Ethereum NFT collection Doodles to sell virtual swag packs that could let buyers claim exclusive physical apparel. Specifically, each limited-edition collectable pack, which will be available for purchase until August 16, includes two items and retails for $4,99. Prices for bundles containing between two and 100 packs range from $8.49 and $374.99 respectively. Some co-branded kits reportedly include physical collectables (Tracksuit and Shoes) emblazoned with Deysi, the digital mascot from Pharrell Williams and Coi Leray’s new song, “Not in the Store.”
Source
🔥 Rally Report 🔥
HELIUM
The price of HNT has rallied by 11% in the past 24 hours.
WHY?!
‼️ Helium’s official X page recently revealed that two large unnamed US carriers have initiated tests to offload their traffic onto the Helium MOBILE Network.
☄️ Users can now enable their Hotspot to be a part of Helium’s Offload Beta in the Builder App or Hotspot Dashboard. This will allow subscribers from several other carriers to connect and transfer data through the user’s Helium Mobile Hotspot.
If you want to buy or trade HNT, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🔥 Rally Report 🔥
SUI
The price of SUI has rallied by 28% in the past 24 hours.
WHY?!
☄️ Crypto asset manager Grayscale announced the launch of the Grayscale Sui Trust – a single-asset fund that will offer exposure to the asset for eligible individual and institutional accredited investors.
🔍 The project’s upcoming presence at crypto conferences in Asia may also be contributing to the pump. Notably, South Korean crypto markets are known to pump the prices of crypto tokens during such conferences.
If you want to buy or trade SUI, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
There’s no question that Solana is one of the top altcoins of this cycle. The question is how you can maximise your gains given SOL is already up 20x since the lows.
The answer is the top crypto project’s in Solana’s ecosystem. Most of these have been lagging, and if history repeats, they could rally even more than SOL when all is said and done.
That’s why today we take you through the top crypto projects on Solana, tell you why they’re the best, and exactly how high they could all go. Enjoy!
🔔 MARKET MOVING NEWS! (08/08/24)
1️⃣ Grayscale Launches New Crypto Investment Trusts for SUI And TAO 🚀
Yesterday, crypto asset manager Grayscale announced the launch of two new crypto funds that will invest in the native tokens of the decentralised AI project Bittensor Protocol (TAO) and layer-1 blockchain Sui (SUI). The funds, which are single-asset funds, will be called The Grayscale Bittensor Trust and Grayscale Sui Trust. Access to the funds will be limited to eligible individual and institutional accredited investors.
Rayhaneh Sharif-Askary, Grayscale’s head of product and research, stated,
We are excited to add Bittensor and Sui to our product suite and believe Bittensor is at the centre of the growth of decentralised AI, while Sui is redefining the smart contract blockchain. With the launch of Grayscale Bittensor Trust and Grayscale Sui Trust, we continue to provide investors with familiar products that enable access to tokens at the cutting edge of the crypto ecosystem’s continued evolution.
https://youtu.be/OKdEAGqiD2k?si=yEU6kCCqdFZSRh0-
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This is approximately 1.8% of the roughly $350 million customer funds we hold and we intend to continue to increase it over time. We will contribute 2% of whatever monthly brokerage income we make. The thought was to start somewhere and then continue to re-evaluate this number moving forward. International exchanges have done this. But in India we want to at least take the lead and start this as a standard.
🔥 Rally Report 🔥
POPCAT (SOL)
The price of POPCAT has rallied by 39% in the past 24 hours.
WHY?!
📈 Part of a larger rally seen among Solana-based memecoins.
☄️ The memecoin rally follows a recovery in the price of SOL. Notably, Solana network volumes more than doubled to over $3.3 billion from Monday’s $1.5 billion. The SOL/ETH ratio also reached a new all-time high yesterday.
If you want to buy or trade POPCAT, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
Has crypto left you feeling a bit underwhelmed these last few months? Well, you’re not alone. While the first quarter of this month was bullish AF, things have since calmed down… a lot. Unless you’ve spent the last few months in the memecoin casino, you’ll have probably noticed just how quick things have changed.
Getting to grips with exactly what’s been happening can be a little challenging. Thankfully, the good folks over at CoinGecko have us covered. They’ve just released their Q2 roundup, and it’s safe to say that it makes for some interesting reading.
So, come with us as we break this report down for you, tell you what’s been going on in the market lately, and tell you where we could be heading next. Don’t forget to smash that like button on the way in!
🔔 MARKET MOVING NEWS! (06/08/24)
1️⃣ Bitcoin Dominance Surges To 60% Amid Crypto Market Downturn 📈
According to The Block’s data page, Bitcoin dominance has surged to a yearly high amid a wider pullback among digital assets and global equities markets. Bitcoin dominance is a term used to describe the total market share that Bitcoin maintains relative to other cryptocurrencies. Specifically, Bitcoin’s total market cap now represents nearly 60% of the total amount of capital in the crypto industry. This marks its highest level since April 2021.
Source
2️⃣ Fed Must Make Emergency Rate Cut to Avoid US Turmoil, Says Top Economist 🤔
Jeremy Siegel, a prominent economist and professor emeritus of finance at Wharton School of Business, is reportedly urging the U.S. central bank to start cutting interest rates at a pace far faster than markets expect. Specifically, he called on the Fed to make an emergency 75 basis-point cut in the federal funds rate and another 75 bps cut in September. He believes the Fed funds rate should already be between 3.5% and 4%—1.5% below its current 5.25% to 5.5% target range.
Siegel stated,
If they're going to be as slow on the way down as they were on the way up—which, by the way, was the worst policy error in 50 years—then we're not in for a good time with this economy.
[The outflows] were a reaction to fears of a recession in the US, geopolitical concerns and consequent broader market liquidations across most asset classes. The price correction from Friday’s close saw $10 billion wiped off total ETP AUM.
Election gambling fundamentally cheapens the sanctity of our democratic process. Political bets change the motivations behind each vote, replacing political convictions with financial calculations. Allowing billionaires to wager extraordinary bets while simultaneously contributing to a specific candidate or party, and political insiders to bet on elections using non-public information, will further degrade public trust in the electoral process. We urge you to promptly finalise and implement this rule to prevent the commodification of U.S. elections.