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💰 Bolivian crypto transactions soar after lifting Bitcoin ban
According to a report from the Central Bank of Bolivia (BCB), virtual asset transactions in Bolivia more than doubled in the last three months after the country lifted its ban on Bitcoin in June. Between July and September, the average monthly trade volume soared to $15.6 million, compared to $7.6 million in the first half of the year. This sharp rise brought the total transaction value for the quarter to $46.8 million, surpassing the previous six months.
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🪙 #Bitcoin’s correlation with global liquidity outshines gold and stocks
Bitcoin (BTC) moves in sync with global liquidity 83% of the time, surpassing all other major asset classes, according to a report by venture capitalist Lyn Alden. According to the report, Bitcoin has shown a strong correlation with global liquidity over the years, with the flagship crypto generally rising when liquidity expands and correcting when global liquidity shrinks. The report added that this makes Bitcoin the “purest liquidity barometer.”
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💰 BlackRock’s head of digital assets says #Bitcoin is risky, but still a ‘risk-off’ asset
BlackRock head of digital assets Robbie Mitchnick believes the crypto industry has made a marketing blunder when it comes to Bitcoin (BTC). Mitchnick said during an interview with Bloomberg that Bitcoin is a risky asset, but calling it a “risk-on” asset is a mistake akin to an “own goal.”.
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🇨🇳 China persists as 💰 #Bitcoin mining giant despite crypto ban – CryptoQuant
China continues to control 55% of the global Bitcoin network’s hashrate, despite a ban on crypto mining and trading that has been in effect since 2021. According to CryptoQuant data, the country’s significant presence in Bitcoin mining persists, but its dominance is now being challenged as other countries, such as the US, increase their share of hashrate.
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💰 Maryland Police Warn Gmail Users of Phishing Scam Demanding Bitcoin
Maryland State Police have warned of a scam targeting Gmail users, using phishing tactics to extort money through unsettling threats. Scammers are sending victims emails with Google Maps photos of their homes and demanding bitcoin payments, falsely claiming they possess incriminating evidence. The police are investigating, urging caution and providing resources for reporting these incidents.
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💰 KPMG calls for stronger custodial practices to boost Bitcoin adoption
Global accounting firm KPMG believes that strong custodial practices are key to boosting Bitcoin (BTC) adoption among institutions and businesses. According to its recent report titled “The Importance of Custodians in Bitcoin Adoption and Ownership,” custodians play a crucial role in safeguarding Bitcoin holdings and are vital for the industry’s growth.
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🇺🇸 SEC Takes Action Against Fake Crypto Platforms Using Social Media to Deceive Investors
The U.S. Securities and Exchange Commission (SEC) has cracked down on two crypto investment scams, targeting platforms Nanobit and Coinw6. Involving fake relationships to deceive victims via social media, these schemes siphoned millions from unsuspecting investors. The charges mark the first SEC enforcement actions against such scams.
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💰 #Polygon's POL token surges after Binance listing, marking end of MATIC migration
Polygon's POL token spiked higher by more than 15% Friday morning. The move appears to be related to POL being listed on Binance, the world's largest crypto exchange, and marks the unofficial end of the MATIC migration. In July, Polygon announced the MATIC token would upgrade to POL on Sept. 4 after a year of community-led discussions.
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💰 Grayscale launches new #XRP closed-end fund, token jumps 8%
Grayscale said Thursday it's planning to launch an "closed-end" fund that will allow investors to gain exposure to the popular token. The firm once managed an XRP fund it then shut down in 2021 after the U.S. Securities and Exchange Commission sued Ripple and argued that the digital asset XRP is a security under U.S. law. Ripple, which utilizes XRP, the native asset of the XRP Ledger, is the company most closely associated with the token.
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🥇 Jim Bianco says Bitcoin ETFs have failed to attract TradFi or ‘boomer’ investors
Jim Bianco, a macro expert, recently shared his views on why Bitcoin ETFs have failed to drive adoption among TradFi investors, or “boomers.” He highlighted several factors explaining this shortfall while highlighting the shift from inflows to outflows and record losses for ETF holders. Bianco noted that Bitcoin ETF holders are facing a substantial $2.2 billion in unrealized losses, as the average purchase price for BTC ETFs stands at $61,000, based on Friday’s Spot BTC close of $52.9k.
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🚀 Join the Ultimate Crypto Meme Channel! 🚀
Are you tired of the serious side of crypto? 🧠
💼 Need a daily dose of laughter to lighten up your trading day? 😂💸
Look no further!
Our Crypto Meme Channel is here to brighten your day with the funniest, most relatable, and fresh-off-the-blockchain memes! 🤖🔥
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🪙 Vaneck Reveals Plans to Close Ethereum Futures ETF
On Sept. 6, Vaneck announced its decision to close and liquidate the Vaneck Ethereum Strategy exchange-traded fund (EFUT). The liquidation comes after evaluating key factors, including performance and investor interest. The firm noted that shareholders will have until September 16, 2024, to sell their shares before delisting.
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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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💰 BlackRock’s #Bitcoin ETF options approval set to enhance market liquidity and participation
The US Securities and Exchange Commission recently approved listing options on BlackRock’s iShares Bitcoin Trust (IBIT) spot ETF. This development provides investors additional tools for hedging or speculating on Bitcoin price movements. According to a recent report by CryptoQuant, the approval could increase liquidity and investor participation in the Bitcoin market, marking a further step toward broader institutional adoption.
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💰 Friday's end-of-month #bitcoin options expiry could trigger significant market volatility: Deribit
September’s end-of-month bitcoin options expiry, the second-largest in open interest on the exchange, could lead to significant market volatility, according to Deribit CEO Luuk Strijers. "The end-of-month September bitcoin options expiry is the second largest in open interest we currently have on Deribit. Friday's upcoming options expiry that will see over $5.8 billion expiring could trigger significant market activity and volatility after the expiration," Strijers said in an email sent to The Block.
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🟠 Binance leads the pack with $100 trillion in all-time trade volume
Binance has surpassed a major milestone, processing over $100 trillion in crypto trades since its 2017 launch. The figure is double the total market capitalization of the US stock market, cementing Binance’s dominance in the crypto industry. The significant amount reflects the platform’s dominance and its central role in the emerging industry.
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💰 Woman Sentenced to 8 Years in Prison After Failed Bitcoin Murder-for-Hire Plot
A woman has been sentenced to over eight years in prison after her murder-for-hire plot using bitcoin fell apart. Melody Sasser attempted to use the dark web to hire a hitman to kill an Alabama resident. She paid nearly $10,000 in cryptocurrency and tried to make the murder look like an accident. Authorities discovered incriminating evidence in her home, leading to her arrest and conviction.
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💰 Bitcoin set for rally after Federal Reserve rate cut, Standard Chartered says
Bitcoin and the broader digital asset market are poised for a sustained boost following the U.S. Federal Reserve’s recent decision to cut interest rates by 50 basis points, according to Standard Chartered's Geoff Kendrick. The bank's head of forex and digital assets research suggested that macroeconomic factors will drive digital asset prices higher, irrespective of the outcome of the upcoming U.S. presidential election in November.
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🔥 BREAKING: 🇺🇸 Federal Reserve cuts interest rates by 50bps for the first time in 4 years.
🤝 @Cryptocurrency_Inside ✅
🟠 Binance reiterates assertion it never owned or controlled WazirX amid ongoing $230 million hack fallout
Crypto exchange giant Binance reiterated its claim that it does not own, control or operate WazirX in any way and accused a director of its parent company of making “misleading statements” to the contrary on Tuesday. WazirX suffered an exploit resulting in the unauthorized transfer of over $230 million worth of crypto assets on July 18. The exploit targeted the exchange’s multisig wallet on the Ethereum network, potentially resulting from a private key compromise, and drained the funds.
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🪙 ETH's underperformance tied to current crypto market structure: Coinbase
Apart from declining network activity and token inflation, ether's recent underperformance compared to its peers likely stems from broader market factors following the deleveraging event in early August, according to an analyst at Coinbase. "#Ethereum’s network activity and supply inflation are important factors to consider in its underperformance, but we also think the price action has been driven by the current market structure," Coinbase Global Head of Research David Duong said in a report.
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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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💰 World’s 4th Largest Power Company Looks into Bitcoin Mining Through Subsidiary
Agile Energy X – a company incorporated in Tokyo, Japan, and a subsidiary of the Tokyo Electric Power Company (TEPCO), is reportedly tapping into Bitcoin mining. According to recent coverage, the firm looks to expand its capabilities through Bitcoin mining, banking that it can prevent waste of excess renewable energy. It’s important to note that TEPCO is the largest electric utility company in Japan and also the 4th largest in the world.
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🇯🇵 Ripple CEO: Japan's Leaders Committed to Advancing Crypto and Blockchain Technology
Ripple CEO Brad Garlinghouse discussed Japan’s potential in blockchain technology with Japanese lawmaker Taira Masaaki during XRP Community Day. Garlinghouse praised Japan’s commitment to advancing crypto, highlighting the country’s “clear frameworks and constructive policy” that encourage innovation while ensuring consumer protection. Taira, a Web3 and AI advocate in Japan’s House of Representatives, noted that the meeting focused on maximizing Japan’s capabilities through blockchain.
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🪙 Analysts predict that US companies will buy $10 billion worth of Bitcoin over the next 18 months
Traditional corporate investment strategies rely on fiat and other short-term cash equivalents, which are poor stores of value because they often fail to outpace inflation !
🤝 @Cryptocurrency_Inside ✅
💰 US spot bitcoin ETFs saw $211 million in outflows, extending streak of negative flows
Spot bitcoin exchange-traded funds in the U.S. saw $211.15 million in net outflows on Thursday, recording their seventh consecutive day of negative flows. Fidelity’s FBTC saw the largest amount of outflows among spot bitcoin ETFs, with $149.49 million, according to data from SoSoValue. Bitwise’s BITB followed with $30 million in net outflows. Both Grayscale’s GBTC and mini trust recorded outflows on Thursday.
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🪙 Ether has underperformed bitcoin by 44% since switch to proof-of-stake: CryptoQuant
Ether has underperformed bitcoin by as much as 44% since the Ethereum blockchain's 'merge' to proof-of-stake almost two years ago, according to analysts. "Next week will mark two years since Ethereum switched to a proof-of-stake network, an upgrade known as The Merge. Since then, Ethereum has underperformed bitcoin by 44%," CryptoQuant analysts said.
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🪙 Grayscale unlock hindered Ethereum ETFs but inflows suggest brighter future
The US-traded spot Ethereum (ETH) exchange-traded funds (ETFs) registered $476 million in negative net flows during the first month of trading, failing to overcome the outflows stemming from the unlock of Grayscale’s ETHE. Bloomberg senior ETF analyst Eric Balchunas the “heroic” performance of the Newborn Nine spot Bitcoin (BTC) ETFs, which recorded enough inflows to heavily overshadow the massive outflows experienced by GBTC.
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