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Coin Trading News: Essential source for crypto market news & analysis. Stay ahead with updates on Bitcoin and altcoins. Admin 📩 @nftmaxcoll"
🔵 Coinbase's Base Layer 2 shatters transaction records with over 4.5 million in a single day
Coinbase's Layer 2 solution continues to dominate the scaling race, shattering records with over 4.5 million transactions on Saturday. The surge in transactions represents a significant leap from Base's already impressive performance, highlighting its rapid adoption and scalability. This growth trajectory puts Base far ahead of other Layer 2 solutions, demonstrating Coinbase's successful strategy in the competitive scaling landscape.
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🏦 Kraken challenges SEC’s authority, demands jury trial over #crypto asset disputes
Kraken has requested a jury trial in response to the US Securities and Exchange Commission’s (SEC) lawsuit, according to a Sept. 12 court filing. The move comes after a federal judge rejected Kraken’s bid to dismiss the case, which centers on claims that the platform operated an unregistered securities exchange. In its filing, Kraken denied any illegal activity and criticized the SEC’s approach to the crypto industry.
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🏦 Coinbase’s cbBTC launches seeking DeFi boom on Base and #Ethereum
Coinbase has officially launched its wrapped Bitcoin token, cbBTC, on its layer-2 network, Base, and Ethereum mainnet, according to a Sept. 12 statement. According to Coinbase, cbBTC is an ERC-20 token fully backed by Bitcoin and custodied on the platform. When users send BTC from Coinbase to Base or Ethereum, it automatically converts to cbBTC and vice versa.
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🇺🇸 Record $4.68 billion fines mark SEC’s toughest year on crypto
The US Securities and Exchange Commission (SEC) imposed $4.68 billion in fines against crypto companies in 2024, marking the most aggressive regulatory year in the agency’s history, according to a report by Social Capital Markets. This brings the total fines levied by the regulator since 2013 to $7.42 billion, with 2024 accounting for 63% of the total. The steep rise reflects the SEC’s intensified scrutiny of the crypto sector as it seeks to enforce securities regulations in the growing digital asset market.
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🏦 Coinbase scores partial victory in legal battle against the SEC
Crypto exchange Coinbase secured a partial victory in federal court this week in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). In a filing dated Sept. 5, the US District Court for the Southern District of New York, Judge Katherine Failla partially granted Coinbase’s motion to compel the SEC to hand over documents related to the agency’s categorization of crypto tokens as securities.
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🪙 Ethereum Underperforms Bitcoin 2 Years After The Merge, According to Cryptoquant Data
Ethereum has underperformed bitcoin by 44% since The Merge, according to research from Cryptoquant. Despite significant upgrades and the recent approval of ethereum spot exchange-traded funds (ETFs), the cryptocurrency continues to face challenges relative to bitcoin.
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💰 Bitcoin short-term holders' unrealized losses emerge as market weak spot: Glassnode
The average new bitcoin investor is holding an unrealized loss, which could lead to substantial sell-side pressure in the event of a further market correction, analysts at Glassnode said in a report published Wednesday. Although the total unrealized losses among all bitcoin holder cohorts remain historically low, this week's Glassnode report said short-term holders are an exception and could face significant market pressure.
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🪙 Ethereum’s network revenue plunges by 99%, sparking ‘death spiral’ concerns
Ethereum’s layer-1 network has witnessed a drastic decline in revenue, plummeting by 99% since March 2024. Data from Token Terminal reveals that network revenue peaked at over $35 million on March 5. However, by Sept. 2, daily revenue had plunged to a yearly low of around $200,000. Market observers attribute this decline to the growth of layer-2 (L2) networks and the March Dencun upgrade, which reduced fees for L2 transactions and reshaped Ethereum’s revenue structure.
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📊 Crypto exchange trading volumes continued upward trend in August
Trading volumes on centralized cryptocurrency exchanges increased in August, extending the growth that began in July after hitting a multi-month low in June. The Block's Data Dashboard reveals that monthly spot market volumes across global cryptocurrency exchanges, including Binance and Coinbase, reached $1.2 trillion in August, up from $1.12 trillion in July—a 6.6% increase. Binance captured the largest market share in August, with a trading volume of $448.45 billion.
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💰 Bitcoin volatility likely to ease as market anticipates Fed rate cuts, says QCP Capital
Bitcoin price volatility is expected to decline as market participants prepare for the potential start of a rate-cutting cycle by the U.S. Federal Reserve next month. "In the lead-up to next week’s U.S. non-farm payroll report, we expect market volatility to continue its downtrend as the market positions itself for potential rate cuts by the Fed." QCP Capital analysts said.
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🇸🇻 El Salvador’s Bukele says ‘Bitcoin hasn't had the widespread adoption we hoped for'
Nayib Bukele, the president of El Salvador who passed the bill to legalize bitcoin as legal tender in the Latin American nation, said the monetary experiment has had mixed results so far. “Bitcoin hasn't had the widespread adoption we hoped for. Many Salvadorans use it. The majority of large businesses in the country have it,” Bukele said in a wide-ranging interview with TIME Magazine when asked if bitcoin monetization has “been a success.”
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💰 Bitcoin exchange depositing addresses at lowest level in years, indicating potential relief in selling pressure: CryptoQuant
Bitcoin centralized exchange depositing addresses are at their lowest level since 2016 which could indicate a reduction in selling pressure. The number of bitcoin exchange depositing addresses has dropped to 132,100, a multi-year low, according to a recent CryptoQuant research note. This metric represents the number of addresses sending inflow transactions to exchanges, and the analysis suggests that a multi-year low indicates a decrease in the number of investors selling coins on spot exchanges.
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🟠 US authorities pressure Nigeria to release detained #Binance exec Tigran Gambaryan
The U.S. government is pushing Nigerian officials to release Tigran Gambaryan, the Binance executive who has been detained in the country for the past seven months, according to The New York Times. The move comes amid deteriorating health conditions for Gambaryan and mounting pressure from onlookers advocating for his release.
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🇬🇧 UK Parliament proposes legislation to recognize digital assets as personal property
The Law Commission of the United Kingdom (UK) Parliament introduced the Property (Digital Assets, etc.) Bill on Sept. 11 to recognize digital holdings legally. The proposed legislation deems crypto, non-fungible tokens (NFTs), and carbon credits personal property under British law. This marks the first time in British history that assets will be definitively included in the scope of English and Welsh property law.
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💰 Bitcoin Layer 2 Protocol Stacks Achieves New High in Smart Contract Deployments
Stacks, the Bitcoin Layer-2 protocol, has achieved a new high in smart contract deployments, with a 30% month-over-month increase. This growth reflects the ongoing efforts of developers to enhance the Bitcoin ecosystem, making Bitcoin a more productive network. The increase in deployments highlights the potential for decentralized finance (defi) on Bitcoin and the innovative projects being built on the layer-2 solution.
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Ethereum Foundation to release financial report, holds roughly $650 million in main wallet: Justin Drake
The Ethereum Foundation will release a financial report “relatively soon,” as the foundation’s spending has recently been a burning issue among the community. In an ask-me-anything (AMA) on the r/ethereum subreddit, Justin Drake, an Ethereum researcher, wrote under the nickname “bobthesponge1” that the foundation is preparing to publish a financial report similar to one released in April 2022.
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🇳🇬 Nigerian court defers bail for ailing Binance executive to October
A Nigerian court has postponed the decision on the bail application for detained Binance executive Tigran Gambaryan until Oct. 9. Judge Emeka Nwite issued the ruling on Sept. 4 after hearing arguments from both Gambaryan’s lawyer, Mark Mordi, and the prosecuting counsel, Ekele Iheanacho, who opposed the bail request.
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🔵 Ethervista launches on Ethereum, aims to outshine Pump.fun with secure liquidity locks
Ethervista is a decentralized exchange (DEX) that introduces a novel approach to liquidity management and token launches on the Ethereum network. One of its key features is the 5-day liquidity lock for creators, which helps prevent rug pulls that often occur within the first four days of a project’s launch on platforms like Pump.fun.
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📊 Global crypto investment products see $305 million in weekly outflows: CoinShares
Global crypto investment products at asset managers such as Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares and 21Shares returned to net outflows last week, totaling $305 million, following net inflows of $543 million the week before, according to CoinShares' latest report. “We continue to expect the asset class to become increasingly sensitive to interest rate expectations as the Fed gets closer to a pivot,” Butterfill added.
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💰 SEC warns FTX against paying creditors back in stablecoins, other crypto
Throughout the FTX bankruptcy, many different avenues have been explored or proposed to maximize creditor recovery, from relaunching the FTX exchange in order to make money back for creditors to distributing claims as tokens in a new venture that can be traded. Some decentralized marketplaces such as Found.xyz and Figure Markets even launched support for tokenized FTX claims trading this summer, in a move that one crypto CEO called "one of the most crypto things" he's ever seen.
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🇺🇸 Trump’s pro-Bitcoin stance helps secure 12-point lead over Harris, FDU poll finds
Former President Donald Trump’s engagement with the crypto community is significantly bolstering his chances to win the 2024 presidential race, according to a Fairleigh Dickinson University (FDU) poll released on Aug. 30. The FDU poll indicated that Trump holds a notable lead among voters who own crypto or related assets, outpacing Vice President Kamala Harris by 12 points in the 2024 US Presidential race.
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💰 Bitcoin falls back to $59k after bulls fail to sustain momentum
Bitcoin (BTC) lost the momentum seen over the past day and slid below $59,000 after bulls failed to push prices past the key $61,000 price, which has previously acted as a support and resistance level. The flagship crypto fell to a low of $58,866, erasing almost all of the 3.2% gain recorded over the past day within an hour. As of press time, BTC was trading at $59,200 — roughly back where it started the brief rally earlier this week.
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🪙 Spot Ethereum ETFs end nine-day outflow streak with $5.8 million in net inflows
Spot Ethereum exchange-traded funds in the U.S. reported daily net inflows of $5.84 million on Wednesday, ending a nine-day streak of outflows. The Grayscale Ethereum Trust (ETHE) recorded a daily net outflow of $3.81 million, countered by inflows of $8.4 million into BlackRock’s spot ether fund and $1.26 million into Fidelity’s FETH, SoSoValue data showed.
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❄️ TON activity halted twice in a single day, surpassing ten-hour downtime
The Open Network (TON) is facing another block production halt after nearly six hours of downtime experienced earlier today. According to on-chain data, the latest block was produced four hours ago. In an X post, the official TON profile attributed the disruption to the minting of DOGS, a token distributed to Telegram users as a reward. Additionally, the post stated that users’ funds were not at risk.
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