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- We are here to help the crypto community and provide the recent crypto news and market analysis by the experts. We have been in the market since 2013. ⚡️ Owner: @napoleon
NEW: 🟠 $6B in shorts will be liquidated when #Bitcoin hits $65K 👀
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VC Monthly Report in August, Number of Financing Decreases by 1%, Amount Decreases by 22%
Bitfarms will acquire its competitor Stronghold Digital for $175 million in stock and debt. PIP Labs, the developer of the Layer1 IP blockchain Story Protocol, announced it has completed an $80 million Series B funding round led by a16z crypto. Read more — link
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Vitalik published an article discussing a modern computing trend characterized by dividing tasks into "business logic" and "expensive work," managed through a "glue and coprocessor" architecture. This structure separates general, less intensive tasks handled by the glue, and specific, highly intensive tasks managed by coprocessors, enhancing efficiency. This architecture optimizes performance while maintaining security and openness, benefiting fields like cryptography and making computing more accessible and modular. — link
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Binance previously announced that it has completed the Frontier (FRONT) token swap and rebranding to Self Chain (SLF). The community criticized that the total token supply increased from 90 million to 360 million, and 1 FRONT = 1 SLF was still retained. The value held by users was diluted by 75% relative to the total supply. — link
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Daniel, the first investor of the recently popular AAA game Black Myth Wukong, said: I have seen a lot of game industry entrepreneurs working on Web3 after Web3 came out, and I will never invest in those people. First of all, they don’t love games, so how can they make good games? — link
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Last week (August 26 to August 30, EST), Ethereum spot ETFs had a net outflow of $12.6 million. Grayscale ETF ETHE had a net outflow of $27.86 million, BlackRock ETF ETHA had a net inflow of $8.4 million, and Grayscale mini ETH had a net inflow of $3.57 million. — link
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The United States will release multiple employment data this week, including the August non-farm payrolls report and the August unemployment rate data. In addition, the United States will release the July JOLTS job vacancies and the August ADP employment report this week. These data will affect the extent of subsequent interest rate cuts this year. — link
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SEC warns FTX against paying creditors back in stablecoins and other crypto: The Block
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The Week Ahead: Sept ☻
Macro:
⥼ BOC Meeting on 4
⥼ US Jobs Report on 6
⥼ Japan GDP (QoQ) on 8
Crypto:
∾ Cardano’s Chang Hard Fork, will introduce governance features (Sep 1)
∾ Arbitrum's Stylus Upgrade, will enable Rust, C, C++ smart contracts (Sep 3)
∾ MATIC to POL Migration (Sep 4)
∾ Russia begins trials of crypto exchanges and cross-border digital token transactions (Sep 1)
∾ Fantom's Sonic Testnet goes live (This week)
Event:
∾ Korea Blockchain Week, Seoul: 01-07
Speakers: Vitalik B., Richard Teng, Brad Garlinghouse and Founders from: Mysten Labs, BitGo, Polygon, Aptos, Aave, Animoca Brands, Berachain, LayerZero, Monad, MakerDAO, Worldcoin, Sahara AI, Ritual, MegaETH, Wintermute, Ethena, etc etc
Token Unlocks: $380M
⊷ TAIKO: $19M: 19% on 5
⊷ IMX: $43M: 2.1% on 6
⊷ MODE: $6M: 38.5% on 6
Earnings/Charts/Articles ⬎
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Galaxy Research said that since launch, the Ethereum ETFs are trading significantly less volume than the Bitcoin ETFs, well below the ETH/BTC CEX volume & market cap ratios. This is the result of several factors, not the least of which is that prime trading desks don't yet offer margin on the ETH ETFs. — link
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Looking at "unique contracts" deployed, most unique contracts on Base were created recently, with >1.2M in July and >650K in August — link
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The Japanese Financial Services Agency issued tax reform requirements for fiscal year 2025, specifically mentioning the tax treatment of virtual currency transactions for the first time. Many investors have called for the current maximum tax rate of 55% for cryptocurrencies to be changed to a unified 20% single tax rate. — link
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“Pretty soon, $44 billion won’t be worth that much anyway.”
- Elon Musk on fiat money
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QCP: Historically, September seasonality is bearish with 6 of the last 7 Septembers in the red and with an average return of- 4.5% (which would take us to ~55k if we see the same this month). We expect BTC to find strong support around 54k which is the level it bounced from in July before touching 70k. — link
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According to CoinShares, digital asset investment products saw a total net outflow of $305 million last week. Bitcoin saw outflows of $319 million. Ethereum saw outflows of $5.7 million, with trading volume stagnating. Solana saw inflows of $7.6 million. Blockchain stocks saw inflows of $11 million. — link
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Cardano shifts to decentralized governance as Chang hard fork goes live — link | tl;dr
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Last week (August 26 to August 30, Eastern Time), Bitcoin spot ETFs had a net outflow of $277 million. The Bitcoin spot ETFs with the largest net outflows last week were Ark Invest and 21Shares' ETF ARKB, with a weekly net outflow of $220 million. Grayscale ETF GBTC had a weekly net outflow of $119 million. — link
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Bitcoin miners' revenue in August hit a new low this year, generating a total of $851.36 million, a decrease of $99.75 million from July, and a decrease of $4.14 million from the previous month in on-chain fees. Foundry USA mined 1,248 blocks, accounting for 29.10%, and Antpool mined 1,074 blocks, accounting for 25.04%. — link
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SEC warns FTX against paying creditors back in stablecoins, other crypto — link | tl;dr
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SEC warns FTX against paying creditors back in stablecoins, other crypto — The SEC didn't outright state that such an action would be illegal, writing, "The SEC is not opining as to the legality, under the federal securities laws, of the transactions outlined in the Plan," but notes that the agency, "...reserves its rights to challenge transactions involving crypto assets.": TheBlock
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🟠 $5.5 TRILLION Fidelity says that Bitcoin could go as high as $1 BILLION by 2038 🚀
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WuBlockchain Podcast EP-23 Gyroscope: Navigating the Complex World of Stablecoins
Gyroscope is a decentralized stablecoin designed to manage various risks within the stablecoin ecosystem. Ariah Klages-Mundt, co-founder of Gyroscope, discusses its origins, the innovative mechanisms for minting and redeeming GYD, and how Gyroscope uses oracles and a diversified reserve strategy to maintain stability. Youtube Spotify Apple
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According to Whale Alert, at 10:50 UTC+8 today, 1 billion XRP were unlocked from the rDqGA...mKxEsF in three transactions, with a value of over $560 million dollars. The address: rDqGA...mKxEsF was marked as an official Ripple address by XRPSCAN and bithomp. — link
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According to Cryptoslate, investment immigration consulting firm Henley & Partners released a report showing that in terms of global cryptocurrency adoption, Singapore ranks first in the world due to its robust regulatory environment and widespread public adoption, Hong Kong ranks second, and the UAE ranks third. The UAE surpasses Singapore and Hong Kong in terms of tax friendliness. — link
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