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Crypto, Bitcoin and Blockchain News Admin: @wanwangg More Crypto News: @BitcoinBreaking
💰 Cleanspark’s $27.5M expansion to boost Bitcoin mining power by 22%
CleanSpark is set to acquire seven Bitcoin mining sites in Tennessee, along with associated properties, for $27.5 million, according to a Sept. 11 statement. The miner stated that these facilities have a combined power capacity of 85 megawatts (MW), which means the deal equates to about $324,000 per MW.
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📊 Global crypto investment products record largest weekly outflows since March, totaling $726 million: CoinShares
Crypto funds at asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares and 21Shares registered net outflows totaling $726 million globally last week, according to CoinShares’ latest report. “We believe this negative sentiment was driven by stronger-than-expected macroeconomic data from the previous week, which increased the likelihood of a 25 basis point interest rate cut by the U.S. Federal Reserve,” Butterfill said.
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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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📊 DeFi and social dApps lead in monthly unique wallets for August – DappRadar
DeFi and social dApps saw a notable rise in daily unique active wallets (dUAW) in August, as the overall dApp industry hit a record 17 million average dUAWs, up 9% from the previous month, according to a DappRadar report. Decentralized exchanges Raydium and Uniswap v2 had 18.8 million and 4.8 million monthly unique active wallets, respectively, in August, granting them the second and fourth most active applications in the blockchain sector in the period.
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💰 Bitcoin perpetual futures reflect market pessimism as funding rates stay below neutral: K33 Research
The bitcoin perpetual futures market is showing considerable pessimism, with funding rates remaining below neutral for an extended period — similar to the significant price drop the digital asset experienced in November 2022 — according to an analyst. "We’re in the deepest funding rate environment since bitcoin’s 80% drawdown in November 2022," K33 Research analyst Vetle Lunde said.
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💰 SEC Warns FTX Over Legality of Crypto Asset Distribution in Chapter 11 Plan
The FTX bankruptcy saga is moving along, with creditors now faced with the choice of pursuing claims through either the Bahamas or U.S. processes. Most customers are on track to get their full money back, plus an extra 9% interest for the trouble. For those with smaller claims under $50,000, the process is set to be even quicker, with 98% of customers likely to see their full repayment within 60 days after court approval. As for the bigger distributions, they’re expected to start rolling out in late 2024 or early 2025.
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🧿 Cardano shifts to decentralized governance as Chang hard fork goes live
Cardano, the Layer 1 blockchain founded by Ethereum co-founder Charles Hoskinson, has officially undergone the first stage of its Chang hard fork, becoming the first major blockchain to transition its centralized governance structure to a token-based decentralized governance system. Over the next 90 days, Cardano will undergo a full transformation to a community-led governance model overseen by an interim committee.
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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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🟠 Binance CEO Addresses Allegations of the Exchange Seizing All Palestinian Funds
The CEO of Binance has responded to allegations that the cryptocurrency exchange seized all funds from Palestinians at the request of the Israeli Defense Forces. Ray Youssef, CEO of Noones, criticized Binance, accusing it of yielding to external pressures and engaging in discriminatory practices. He called for a boycott of Binance and supported platforms that prioritize user privacy and autonomy.
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🪙 Memecoin launched by address connected to Ethereum Genesis block rockets to top of Uniswap charts
A wallet connected to the Ethereum network’s Genesis block appears to have launched a memecoin, according to blockchain data sites DEX Screener and Etherscan. The token peaked at a market capitalization of over $125 million after launching around 8:15 a.m. ET. The so-called PHIL token is currently trading on the decentralized exchange Uniswap V2, changing hands for about $0.08 — down from a peak price of $0.10 about an hour after launch.
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💰 Bitcoin crashes over 6% to $58k before attempting recovery
Bitcoin (BTC) fell over 6% on Aug. 27 to a low of $57,880 before marking a slight recovery. The majority of the losses were recorded in less than an hour after Bitcoin lost the key $61,000 support level and continued sliding until finding a new floor. The wider market echoed the bleeding, with large caps down significantly from the highs reached over the past weekend.
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🇷🇺 Russia Set to Launch Crypto Payment Trials Next Week, Report
Russia is reportedly set to start trials for cryptocurrency exchanges and digital token payments on Sept. 1 to mitigate payment difficulties caused by international sanctions. These trials will involve the National Payment Card System and could lead to the establishment of crypto trading platforms if successful. Legislation was recently passed to legalize crypto mining and regulate digital tokens for cross-border transactions under the central bank’s oversight.
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👑 WazirX says external parties are attempting to prolong its restructuring efforts
Indian cryptocurrency exchange WazirX said external parties not invested in the platform may try to prolong its restructuring process for their gains. In a post on X, the exchange said these parties intend to create and maintain “uncertainty” rather than find a resolution.
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🇮🇳 India Expected to Release Consultation Paper on Cryptocurrency Regulations in Coming Months, Report
The Indian government, through a panel headed by the Secretary of the Department of Economic Affairs (DEA), is expected to release a consultation paper on cryptocurrency regulations. The paper, scheduled for release between September and October 2024, will seek input from stakeholders to gather feedback on effective regulation. India is emphasizing the importance of international consensus in shaping its policy.
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🏦 Crypto exchange Kraken’s motion to dismiss US SEC case denied
U.S. crypto exchange Kraken has failed to dismiss the case against it brought by the Securities and Exchange Commission. “[T]he SEC has plausibly alleged that at least some of the cryptocurrency transactions that Kraken facilitates on its network constitute investment contracts, and therefore securities, and are accordingly subject to securities laws,” U.S. District Judge William H. Orrick wrote in an opinion published Friday in San Francisco federal court.
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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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🪙 Tether addresses $102 million agricultural investment: land is "crucial asset class"
The latest business that caught the eye—and the capital— of Tether, issuer of the world's largest stablecoin and the most valuable company in crypto, has been revealed. Between July 29 and August 16 of this year, Tether's investment division purchased shares worth about $102 million in South America-based agricultural giant Adecoagro SA, which trades on the Nasdaq stock exchange as AGRO, filings show.
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🇯🇵 Japan’s three major banks to test cross-border stablecoin transfer platform
Japan’s three megabanks — MUFG, SMBC and Mizuho — are set to trial a cross-border stablecoin transfer platform, aiming to offer faster international settlement for enterprises. The pilot test, dubbed “Project Pax,” will leverage the stablecoins issued via Progmat, a blockchain startup backed by these three banks, SBI Holdings and Japan Exchange Group, according to a Thursday press release.
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🏦 Kamala Harris turns to Coinbase for crypto campaign donations, CFO reveals
Coinbase CFO Alesia Haas revealed that Vice President Kamala Harris‘s campaign is using Coinbase Commerce to accept crypto donations, Fortune reported Sept. 4. Haas made the revelation during a conversation with Citigroup‘s director of payments, Peter Christiansen, at the lender’s 2024 Global TMT Conference in New York.
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🥇 Terraform Labs moves $62.81M in BTC amid final wind-down steps
On-chain data shows that a crypto wallet linked to the bankrupt Terraform Labs moved 1,075 BTC, valued at approximately $62.81 million, to a new address (bc1q5) on Sept. 2. While the firm has yet to comment publicly on the transfer, market analysts note that it aligns with Terraform Labs’ plan to wind down operations following its record settlement with the US Securities and Exchange Commission (SEC).
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⬜️ OKX wins Singapore license, former MAS official takes reins as regional CEO
Crypto exchange OKX’s Singaporean entity, OKX SG, has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) and appointed former regulator Gracie Lin as CEO, according to a Sept. 2 announcement. To qualify, companies must be registered in Singapore, maintain a permanent place of business with record-keeping, have a minimum capital base of $250,000, and include at least one director who is a Singaporean resident or citizen.
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🇸🇻 Bukele States Bitcoin Was an Effective Rebranding Tool for El Salvador
President Nayib Bukele pondered how El Salvador adopted the bitcoin banner and evaluated how it has fared for the country so far. In a recent interview given to Time magazine, Bukele admits that while Bitcoin adoption has not grown as he expected, adopting bitcoin as a legal tender worked as a rebranding for the nation.
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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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💰 Bitfarms Takes Control of Its First US Mega-Site to Expand Bitcoin Mining Capacity
Bitfarms Ltd., a bitcoin mining company, announced on Tuesday that it has taken control of its new data center in Sharon, Pennsylvania. “This site represents Bitfarms’ first mega-site in the U.S. with access to up to 120 MW,” the company said. Located in the Pennsylvania-New Jersey-Maryland (PJM) grid, the site offers low-cost, flexible power ideal for bitcoin mining, high-performance computing, and artificial intelligence (AI).
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🪙 Vitalik Buterin advocates blockchain identity for fairer crypto airdrops
Ethereum co-founder Vitalik Buterin sees crypto airdrops as a promising initial use case for blockchain-based identity frameworks. In an Aug. 28 post on X, Buterin outlined the goals of airdrops as distributing tokens to genuine community members, rewarding project contributions, and ensuring fairness. He suggested that projects could leverage ZK-based identity, credential, and attestation frameworks to achieve these aims.
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🇺🇸 US Bitcoin ETFs Surge by $202M While Ethereum ETFs Bleed $13M in Outflows
U.S. spot bitcoin exchange-traded funds (ETFs) saw inflows of $202.51 million on Monday, marking the eighth consecutive day of gains. In contrast, spot ethereum ETFs experienced a loss of $13.23 million during the same trading session.
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🟠 Binance Prevents $2.4 Billion in Potential Losses from Scams in 2024
Binance announced that it has prevented over $2.4 billion in losses from potential scams and fraudulent activities that could have impacted more than 1.2 million users from January to July 2024 owing to its risk management measures. According to the official press release shared with CryptoPotato, Binance employs an internal risk engine that provides 24/7 real-time monitoring using a combination of artificial intelligence (AI) and manual reviews.
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❄️ Telegram founder Pavel Durov arrested in France, TON price drops 16%
Pavel Durov, the 39-year-old founder and CEO of the encrypted messaging app Telegram, was arrested around 8 PM on Saturday at Le Bourget airport in France. Durov, a French-Russian national, was detained by the Air Transport Gendarmerie (GTA) upon disembarking from his private jet. He was accompanied by a bodyguard and a woman.
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🇸🇻 Arkham Intelligence reports that the wallet that is attributed to the El Salvador government, now holds 5,851 Bitcoin, valued at roughly $356.4 million 🔥
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🇷🇺 Russia to launch crypto exchanges for global trade in Moscow and St Petersburg
Russia is reportedly exploring the establishment of two crypto exchanges to facilitate foreign economic activities, local media outlet Kommersant reported on Aug. 23. Mikhail Uspensky, a member of the State Duma’s legislative committee on crypto regulation, stated that these exchanges will initially be available to a limited number of users. However, they will eventually be made available to major firms, including exporters and importers in the country.
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