Bitcoin-ETFs break records: $263 million in a day and is this just the beginning?

Friday, September 13, was a significant day for U.S. bitcoin-ETFs. For the first time since July 22, the funds recorded a record inflow of $263.2 million, despite the fact that market leader BlackRock decided to take a break and not participate in this race.

What caused such a stir among investors? Perhaps it's the fact that bitcoin is once again flirting with the $60,000 mark. Or maybe it's all about the anticipation of an interest rate cut by the U.S. Federal Reserve next Wednesday?

So who broke the bank?

While BlackRock is resting, other funds have decided to waste no time. Fidelity's FBTC and Ark & 21Shares' ARKB were the real stars of the show, raising $102.1 million and $99.3 million respectively.

Bitwise's BITB was not far behind with $43.1 million in inflows. Bitwise CEO Hunter Horsley couldn't contain his emotions and wrote in X: “I've never been more optimistic about the future of bitcoin and crypto. Glad to be a part of this community.”

Ethereum isn't slumbering either

While all eyes are on bitcoin, Ethereum has decided to keep up as well. After two days of outflows, ether ETFs managed to raise a modest but still positive $1.5 million on Friday.

Of course, Grayscale's ETHE tried to spoil the party by withdrawing $7.4 million, but Bitwise's ETHW and BlackRock's ETHA quickly remedied the situation by raising $5.2 million and $3.7 million, respectively.

What's next.

All eyes are now on next Wednesday's Fed meeting. Traders are betting on an interest rate cut, which hasn't changed in over a year. FedWatch predicts an equal probability of a 25 or 50 basis point cut.

It looks like the cryptocurrency market is starting to gain momentum again. Investors are clearly optimistic, but how justified their hopes are will show next week.

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Santiment: Bitcoin whales prepare for high volatility in the market -

Experts at analytics platform Santiment reported that large holders of the first cryptocurrency are preparing for high volatility in the market - the number of transactions of bitcoin whales fell by 33.6% by mid-August.

Since the beginning of last month, the number of transactions above $100,000 has held between 55,000 and 59,000 per week.

“Large key participants have chosen a new strategy - they prefer to wait to make their next move during periods of extreme greed or extreme fear,” Santiment noted.

Analysts predict that a rise in bitcoin's value to $70,000 will be accompanied by extreme greed, while a drop in BTC to $45,000 will trigger extreme fear.

According to the estimates of another analytical company Glassnode, now the most vulnerable group is short-term holders of cryptocurrency - they can provoke a collapse when selling assets.

Earlier, specialists of the company Matrixport published a forecast of changes in the price of the first cryptocurrency after the results of the presidential elections in the United States. According to experts, bitcoin will show growth regardless of the results of the vote.

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The U.S. will consider a bill to create a joint SEC and CFTC committee on cryptoassets

-- Congressman John Rose advocated the creation of a joint SEC and CFTC advisory board.
-- It is designed to bring the private sector and the authorities together.
-- It is expected to include representatives from crypto companies.

A member of the Committee on Financial Services of the U.S. House of Representatives John Rose introduced the BRIDGE bill. It aims to create a joint committee of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The full title of the bill is Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets. The congressman believes that the joint advisory committee will allow for cooperation between the private sector and authorities.

“The United States must ensure a future in which digital assets can thrive. The current heavy-handed approach of regulation through enforcement is not working and instead encourages investment in this key innovation overseas,” the politician said in an official statement on his website.

According to the bill, the committee will comprise 20 “non-governmental stakeholders” with a term of two years. It will meet at least twice a year. Among the members of the committee must necessarily include representatives of issuers and users of cryptoassets.

The issue of industry regulation by the SEC or CFTC depends on the classification of individual cryptocurrencies and derivative products. For example, bitcoin is a commodity and therefore under the jurisdiction of the CFTC.

The SEC, in turn, claims to oversee most altcoins. These include, for example, Solana, Polygon, Cardano and others. This appears in the regulator's lawsuits against cryptocompanies.

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Bitcoin-ETFs in the US received $39.02 million in capital inflows, Ethereum-ETFs recorded outflows of funds

-- Bitcoin and Ethereum-ETFs saw different dynamics on September 12.
-- Bitcoin-ETFs recorded $39.02 million in inflows.
-- Ethereum-ETFs lost $20.14 million.

On September 12, 2024, the U.S. spot bitcoin-ETF sector saw a net daily inflow of $39.02 million. Ethereum-based products saw an outflow of $20.14 million, according to SoSo Value.

Six bitcoin funds received inflows on Sept. 12, according to the platform, namely:

-- ARKB - $18.34 million;
-- FBTC - $11.47 million;
-- BTC - $5.18 million;
-- HODL - $4.95 million;
-- EZBC - $3.38 million.

Grayscale's GBTC product recorded an outflow of $6.51 million, while five other ETFs saw no movement of funds.

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USDC Circle issuer adds Arbitrum to Web3 platform

Circle Internet Financial, which manages the dollar-backed USD Coin (USDC) stablecoin, has integrated the Arbitrum layer 2 blockchain into its Web3 infrastructure platform, according to a Sept. 12 blog post.

The Web3 platform brings USDC-centric programmable wallets, smart contract tools and gas fee abstraction to Arbitrum, according to the blog post. With a total blockchain value (TVL) of about $2.5 billion, Arbitrum (ARB) is Ethereum's largest second tier, according to DefiLlama.

Nikhil Chandhok, Circle's chief product officer, said in a post on Platform X that the platform helps developers “create seamless wallets in applications that support USDC for global payments, e-commerce [and] gaming,” among other use cases.

Circle's Web3 toolkit is also integrated with blockchain networks including Avalanche, Ethereum, Polygon and Solana, according to the blog post.

The integration is Circle's latest attempt to accelerate the adoption of USDC as the stablecoin competes for market dominance with Tether (USDT). USDC's total market capitalization of about $35 billion lags far behind rival USDT, which is worth more than $118 billion, according to CoinMarketCap.

Stablecoin PayPal US (PYUSD), launching in 2023, has joined the competition. In August, its total market capitalization reached $1 billion.

In 2023, Circle made USDC natively available on Arbitrum, allowing apps to issue USDC directly on Layer 2 instead of having to connect USDC to other blockchains. It also integrated Arbitrum into its cross-chain transfer protocol, effectively allowing the free movement of USDC between blockchains by managing issuance and burn-in.

Arbitrum is a particularly important platform for Circle because of its status as the de facto hub for decentralized finance (DeFi) among Layer 2. According to DefiLlama, Arbitrum is home to nearly $4.7 billion worth of stablecoins used in applications ranging from lending to decentralized exchanges (DEX) and perpetual leveraged trading.

Arbitrum is also gaining traction in tokenized real-world assets (RWAs), which could become a market worth several trillion dollars in the coming years, an executive at rival blockchain network Polygon said in August.

On Aug. 27, Ondo Finance, an RWA protocol, announced it was expanding access to the Ondo US Dollar Yield Token (USDY) to Arbitrum. On August 8, asset manager Franklin Templeton announced the expansion of FOBXX for blockchain scalability.

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Toncoin (TON) is becoming more profitable

The picture around Toncoin (TON) continues to look bullish and promising. Now even more token holders have found themselves in the profit zone

Let's break down what's happening with Toncoin (TON) and what to expect from the cryptocurrency's price in the near future.

Toncoin is getting more profitable

The market sentiment towards Toncoin is becoming more and more positive. The price of the cryptocurrency is rising, and with it the share of TON tokens, which are now profitable for investors, is also increasing. The indicator reached a weekly high at 53%, and the number of TON in profit has increased to 6.13 million tokens. This means that most of the circulating supply of Toncoin is now worth more than the purchase price.

The rise began after Telegram founder Pavel Durov spoke out about the allegations against him for the first time since his arrest on September sixth.

Amid the change in profitability, the strategy of short-term holders of the cryptocurrency has also changed. According to IntoTheBlock, many addresses who bought Toncoin last month are now holding it against the urge to sell and lock in profits.

This investor behavior can be called another bullish signal. Apparently, TON holders believe in the token's potential and seek to capitalize on its future growth.

TON forecast: continued growth

At the time of writing this analysis, TON is trading at $5.54, having added 3.5% overnight. At the same time, the cryptocurrency has gained 16% over the past seven days.

The moving average convergence/divergence indicator (MACD) confirms the growth in demand for the altcoin. This indicator helps to track the trend direction and identify potential reversal points in the price of the cryptocurrency.

In the chart below, you can see that the MACD line (blue) is now above the signal line (orange) and moving towards zero. When the MACD line rises above the signal line, it is traditionally considered a bullish signal. Such a crossover means that the short-term momentum is becoming stronger than the long-term one. At the same time, a break above the zero line will be an additional confirmation that the rally will continue.

If the uptrend really continues, the next target of TON will be the resistance at $6.8. However, in case of active profit taking, the rally may slow down. Then Toncoin risks to slip to $4.46 under selling pressure.

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Why Shiba Inu (SHIB) will not grow in 2024

The altcoin segment is still in a slump, which has not bypassed the popular memcoin Shiba Inu (SHIB). This year, we may not see the cryptocurrency grow anymore

Let's find out what exactly is preventing Shiba Inu (SHIB) from starting a rally and whether the memcoin has a chance to rise to $0.000025.

Shiba Inu vs FUD

In a fresh report, Santiment Chief Analyst Brian Quinlivan noted that Shiba Inu is unlikely to grow significantly while the rest of the altcoins are in decline. He also emphasized that bitcoin (BTC) has the potential to affect memcoin's future performance.

“Average 30-day trading profits are down just -1.1%, while long-term returns have fallen by as much as -31.7%. This puts the 13th-ranked memcoin in a potentially very favorable position once bitcoin stabilizes and altcoins start to thrive again,” the analyst said.

Meanwhile, onchain data has signaled that SHIB's level of social dominance has been falling since as early as May. This metric measures how much a particular cryptocurrency is talked about on social media. A decline in social dominance means that fear, uncertainty and doubt (FUD) is beginning to dominate sentiment on the asset.

Another sign of FUD is the distribution of tokens between retail and large investors. According to Santiment, SHIB owners who hold between 100 million and 1 million tokens in their accounts are hoarding coins.

At the same time, those who hold between 100 million and 1 billion tokens have recently reduced their positions significantly. This distinction between large and retail investors underscores the uncertain mood in the market.

Unless whales start accumulating Shiba Inu, memcoin's upside potential will be significantly limited this year.

SHIB outlook: repeat past success

At the time of writing this analysis, SHIB is trading at $0.000013, up 2% over the past 24 hours. That said, the weekly chart shows that memcoin seems to be repeating the pattern of April 2022. Back then, the cryptocurrency struggled to rise to $0.000027 after a sharp drop.

Now, the Shiba Inu Relative Strength Index (RSI) indicates that the momentum is weakening. This may suggest that the bulls' strength is not enough to support the cryptocurrency.

In addition, at levels near $0.000018, SHIB risks meeting serious resistance. Such an obstacle may prevent the token from growing to $0.000025 during the current year.

In the near term, SHIB's price could fall below $0.000010. Although it may meet the end of 2024 at higher levels, reaching $0.000025 still looks very unlikely in the current market conditions.

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Bitcoin rate approached $60,000

At about 18:00 (Kiev/IOC), the first cryptocurrency showed rapid growth, approaching $60,000. Over the day, the asset went up by 3.2%.

At the time of writing bitcoin is trading around $59,600 with a capitalization of $1.17 trillion. The indicators have returned to the marks of late August.

Other assets from the top 10 by capitalization have also entered the green zone. Ethereum grew by 3.3%, breaking $2400.

According to Coinglass, over the past 24 hours, the volume of liquidations reached $109.5 million. Most of them ($87 million) came from short positions.

TON added 6.2% and returned to the top 10 largest crypto assets. DOGE grew by 6.4%.

The positive dynamics of bitcoin coincided with the growth in the stock market. Since the opening of today's session, the S&P 500 index has increased by 0.47%.

Recall, economist Steve Hanke allowed “selling on the news” after the meeting of the US Federal Reserve. In his opinion, a potential rate cut of 25 bps has already been taken into account by the market.

In Standard Chartered concluded that bitcoin is able to renew the record by the end of the year, regardless of the results of the American presidential election.

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Long-awaited debut: SEC approved the launch of spot Ethereum-ETFs

Spot Ethereum-ETFs will begin trading on July 23 on U.S. stock exchanges. The Securities and Exchange Commission (SEC) has given final approval for the launch of these innovative financial products, opening a new chapter in the history of cryptocurrency investments.

The approved applicants include giants of the financial world such as BlackRock, Fidelity and Grayscale. Experts predict that the emergence of these ETFs will attract billions of dollars to the Ethereum ecosystem.

The spot Ethereum-ETFs will be traded on leading U.S. exchanges including Nasdaq, New York Stock Exchange and Chicago Board Options Exchange. This SEC decision comes two months after the approval of 19b-4 filings authorizing the listing and trading of spot Ethereum-ETFs on the respective exchanges.

Most issuers have set base fees ranging from 0.15% to 0.25%. Some companies, including Fidelity, 21Shares, Bitwise, Franklin and VanEck, have offered temporary fee waivers until certain net asset targets are reached.

Industry analysts expect that spot Ethereum-ETFs will only be able to attract 25% of the volumes that spot bitcoin-ETFs saw in the first six months after their launch.

Interestingly, the approval of the Ethereum-ETF coincided with an important political event - the withdrawal of US President Joe Biden from the 2024 election. Josh Gilbert, market analyst at eToro, characterized the decision as a “win for cryptoassets,” noting, “The longer we see Trump leading in election predictions, the more cryptoassets will factor his potential victory into their price.”

The launch of the spot Ethereum-ETF marks a new stage in the development of the cryptocurrency market. The move should be a catalyst for further integration of digital assets into the traditional financial system.

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Stablecoin capitalization rose to $166 billion with USDT leading the way

Over the last week, the market for stablecoins has shown significant growth, thanks to which the market capitalization of these cryptocurrencies rose to $166 billion.

The top steblecoins include Tether (USDT), USDC, DAI, FDUSD, and USDD. Tether took the top spot among the steiblcoins with a market capitalization of $114 billion.The 24-hour trading volume of the steiblcoin, which currently stands at $38.78 billion, has markedly declined by about 35%.

Circle's USDC stablecoin is in second place with a total value of $34 billion and a daily trading volume of $3.8 billion.

In third place is DAI, issued on the Ethereum blockchain. Its market capitalization is $5 billion and DAI's trading volume has plummeted 66% in the last 24 hours.

First Digital USD, or simply FDUSD, launched by Hong Kong-based First Digital Labs in 2023, is a US dollar-backed stablecoin. With a market capitalization of $1.9 billion, FDUSD is ranked as the 4th best steiblcoin. A notable drop in trading activity is demonstrated by a 45% drop in volume to $2 billion.

The fifth most valuable steblecoin in terms of total value was USDD, an algorithmic dollar-linked steblecoin issued by Tron DAO. Its market capitalization is $740,134,481 with a 24-hour trading volume of $4 million.

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EU releases cryptoasset classification tools for MiCA compliance

European Union regulators have issued new guidelines to allow relevant market participants to classify cryptocurrencies and digital assets under the Markets in Cryptoassets Regulation (MiCA).

On July 12, three European supervisory authorities - the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority - published a consultation paper to standardize and clarify the classification of digital assets across the region.

Cryptocurrency Classification under MiCA

The newly released guidelines provide a structured approach to classifying different types of cryptoassets.

This includes determining whether a token falls under MiCA by using prompts based on questions such as who the issuer is, whether it is blockchain-based, or whether it is a type of financial instrument.

This also helps to determine whether the token in question qualifies as a standard crypto asset under MiCA or whether it can be classified as another asset type, such as an electronic money token (EMT) or asset-backed token (ART).

ART issuers must include in their official documents a legal opinion that clearly explains the classification of these tokens. The opinion must confirm that the tokens are neither EMTs nor any other type of cryptoasset excluded from MiCA coverage.

For cryptoassets that do not fall under the ART or EMT categories, official documents should include an explanation stating their classification.

MiCA compliance in the EU

The guidelines invite market stakeholders to submit any comments related to the consultation paper by mid-October, with a virtual hearing to be held on September 23.

Patrick Hansen, senior director of EU strategy and policy at Circle, posted on X, calling the guidelines “very useful” and said he has already seen “a lot of people misclassify tokens under MiCA.”

Circle was one of the first stablecoin issuers to comply with MiCA, meaning that USD Coin (USDC) and Euro Coin (EURC) are now compliant under the new rules.

The first set of MiCA rules came into effect on June 30 and are focused on stablecoins and their issuers. The next set of MiCA rules is expected to come into force by December 2024.

The Cardano Foundation (ADA), published sustainability metrics for the upcoming MiCA requirements six months before they come into effect.

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GODS token exchange rate soared 115% in a week

According to data, several cryptocurrency projects that topped CryptoDiffer's Weekly Gainers List showed significant growth last week. The digital currency Gods Unchained (GODS) showed impressive growth. Its rate jumped by 115% in 7 days. Note that the current price is $0.326, and the trading volume reached $9.01 million in 24 hours.

Alephium (ALPH) got the 2nd place in the rating with the growth rate of 92.1% for the week. The current price of ALPH is $2.03, with the daily volume of transactions amounting to $12.17 million. The cryptocurrency Probase (PROPS), jumped in value by 87.9% during the reporting period. The current price of the virtual asset is $0.136 with a trading volume of $1.42 million per day.

AIT Protocol (AIT) token increased in value by 82.2% during the reporting week, despite a monthly decline of 6.31%. The current rate is $0.111 and transaction volumes reached $33.17 million in the last 24 hours. Maple Finance (MPL) also had an impressive performance and is up 74.8% for the week. The current value of MPL is $21.7 and the trading volume for the last 24 hours is $7.28 mln.

Zeus Network (ZEUS) increased in value by 69.9%. This cryptocurrency can be purchased at $0.306. Daily transaction volumes amounted to $12.59 million. The popular project Popcat (POPCAT) showed an increase of 59.8% for the week. Note that over the past 30 days, quotes of this digital asset soared by 261%. The current price is $0.92. The trading volume for 24 hours is $72.41 million.

Orca (ORCA) recorded a 59.7% increase in value over the reporting time period. The current price is $2.36 and the trading volume is $13.48 mln. ChainGPT (CGPT) rose in price by 42.5%. The quotes reached $0.184. Finally, Helium (HNT) completes the list with a 41.5% week-over-week rate hike. The current price reached the value of $4.55.

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Fink's appointment to the US Treasury Department will be good for cryptocurrencies

A well-known cryptocurrency analyst under the pseudonym Ali suggests that the cryptocurrency industry could be in for a major change if rumors published this week are confirmed. Recently, the media reported that Donald Trump may nominate BlackRock CEO Larry Fink to be U.S. Treasury Secretary. This will happen if the billionaire wins the presidential election this November.

If Fink is appointed, it could significantly affect financial markets, including the cryptocurrency sector. Larry, as the head of the world's largest asset management company BlackRock, has enormous influence in this area.

BlackRock manages trillions of dollars (USD) worth of assets and is actively involved in various financial initiatives and innovations. Fink is known for his cautious and pragmatic approaches to investing. However, his views on cryptocurrencies have undergone significant changes in recent years and even months.

Previously, Larry Fink was skeptical about digital currencies, calling bitcoin a “money laundering tool” and expressing doubts about its long-term value. However, he has recently changed his stance.

In 2021, BlackRock added bitcoin futures to its investment portfolios, and Fink recognized that cryptocurrencies could be an important asset for long-term investors. He also noted that institutional interest in digital currencies continues to grow, which could indicate that the market is stabilizing. He also recently supported the launch of the Ethereum ETF.

Larry Fink's appointment as U.S. Treasury Secretary could have a positive impact on the cryptocurrency sector. His experience and understanding of traditional financial markets, combined with his updated views, will help introduce a more balanced and sensible regulatory policy. This could reduce uncertainty and risks for crypto investors, which in turn could stimulate further growth and development of this market.

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Bitcoin price recovered to $68k

Bitcoin price remained well supported above resistance levels of $65,500 and $66,000. BTC started a new rise and was able to overcome the resistance at $66,500.

There was a clear move above the $67,200 level and the price even rose above $68,000. The maximum was formed at the level of 68,531 dollars and the price is now consolidating gains. There has been a move towards the 23.6% Fibonacci retracement level of the upward movement from the swing low of $65,857 to the high of $68,531.

Bitcoin price is now trading above $66,500 and the 100-hour simple moving average. A connecting bullish trend line is also forming on the hourly chart of the BTC / USD pair with support at the $66,500 level. The trend line is close to the 61.8% Fibonacci retracement level of the upward movement from the swing low of $65,857 to the high of $68,531.

If a new rise occurs, price could encounter resistance near the $68,500 level. The first key resistance is near the $68,800 level. A clear move above the resistance at $68,800 could trigger another rise in the coming sessions.

The next key resistance could be at $69,500. The next major hurdle is at the $70,000 level. A close above the $70,000 resistance could push the price even higher. In the stated case, the price could rise and test the resistance at $72,000.

Are BTC's declines limited?

If bitcoin fails to rise above the $68,500 resistance zone, a downward correction could begin. The nearest support on the downside is near the $67,600 level.

The first major support is at $67,200. The next support is now near $66,500 and the trend line. Any further losses could send the price towards the $65,500 support area in the near term.

Technical Indicators:

-- Hourly MACD - MACD is now gaining momentum in the bullish zone.

-- Hourly RSI (Relative Strength Index) - RSI for BTC / USD is now above the 50 level.

-- Major support levels are $67,200 followed by $66,500.

-- Major resistance levels are $68,500 and $68,800.

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Kamala Harris' meme coin soared to an all-time high after JOE Biden's departure

Crypto is once again betting on very serious matters of presidential politics with very silly meme coins, including ONE for Vice President Kamala Harris, whose price more than doubled on Sunday.

KAMA hit a record high of 2.4 cents minutes after President JOE Biden announced he was ending his re-election campaign. With a market capitalization of $24 million, KAMA is now nearly four times larger than BODEN, the Biden-inspired coin that was once the main Crypto so-called PolitiFi. BODEN fell nearly 50% after Biden's announcement.

The political shakeup prompted traders to create a wave of new tokens mocking Harris and Biden on the Pump.fun meme coin startup panel . If history is to be believed, the value of most of these tokens will likely fall as buyers and sellers play a game of “order book chicken” on the Solana (SOL) blockchain, where most meme coins are traded.

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TON, FET and ETH: what the whales were buying this week

This week, the cryptocurrency market has seen modest growth, with total market capitalization increasing by 3% over the past 7 days.

The growing optimism has prompted large investors to accumulate some altcoins - including Toncoin (TON), Ethereum (ETH), and the Artificial Superintelligence Alliance (FET).

Toncoin (TON)

The price of Toncoin began to rise a week after Telegram CEO Pavel Durov broke his silence regarding his arrest in France.

The altcoin is currently trading at $5.55, having added 16% over the past seven days.

The rise in price has naturally attracted the attention of whales. Santiment data shows that the number of addresses with balances between 1,000 and 100,000 TON reached a 30-day high of 1,219.

Ethereum (ETH)

Net inflows of large Ethereum holders rose 109% this week. Large holders are defined as addresses holding more than 0.1% of the asset's current supply. Net inflows reflect the difference between their purchases and sales over a given period.

Interestingly, whales continued to accumulate ETH despite the unimpressive dynamics of the asset price.

If the trend continues, ETH will overcome the resistance level of $2,386 and head towards $2,783.

Artificial Superintelligence Alliance (FET)

FET's price is up 25% this week. The AI altcoin became even more attractive to market participants after reports that OpenAI plans to raise $6.5 billion in funding.

According to Santiment, the number of addresses that hold between 10,000 and 1,000,000,000 FETs rose 11%. There are now 763 wallets in this category, an all-time high.

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Latin American crypto exchange Ripio introduces DeFi credit card with Visa

-- Ripio announced the DeFi credit card in partnership with Visa, which jointly introduced a prepaid debit card in 2022.
-- Users will be allowed to use up to 30% of the amount locked in a Compound-based liquidity pool with multiple cryptocurrencies, including Bitcoin and ether.

The CEO of Latin America cryptocurrency exchange Ripio said Thursday that its CEO Sebastian Serrano is testing a blockchain-linked Visa credit card that allows users to make payments using a portion of the funds locked in the DeFi liquidity pool .

Ripio users will be able to make purchases using up to 30% of the amount locked in a Compound-based liquidity pool that will support Bitcoin (BTC), ether (ETH), USDC, USDT and Ripio's dollar-linked stablecoin, the crypto-dollar (UXD), Serrano said at the Ripio Modular Summit event in São Paulo, local newspaper Valor reported.

“First we will do a test with users and then the time will come when we will open it up to everyone. It's a proof of concept where we will have to test a lot of things,” he said. Customers can join a waiting list to access the map.

In 2022, Ripio introduced the Visa prepaid debit card , which allows purchases using cryptocurrencies and issues cash rewards in Bitcoin.

Ripio operates in Argentina, Brazil, Uruguay, Colombia, Chile, Mexico, Mexico, Spain, Uruguay and the United States. The company claims to have reached more than 10 million users and 2,000 institutions.

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Hong Kong is considering new OTC trading licensing regulations

The Hong Kong Securities and Futures Commission has addressed the decentralized trading industry. This was an important step towards the introduction of new legislative rules that will govern the industry. The amendments suggest that the regulator will interact with the Customs and Excise Department.

In parallel, the SFC regulator released a list with suspicious platforms providing services in the decentralized trading segment. Hong Kong continues to implement the strategy, according to which the strata intends to become one of the key global centers in the industry of digital assets.

Since the beginning of this summer, the activities of unlicensed trading platforms have become illegal. Representatives of such platforms may even face criminal prosecution. Now there are only 2 licensed platforms operating in the region: Hash Blockchain and OSL Digital Securities.

Earlier, former Republican presidential candidate Vivek Rimaswamy harshly criticized the activities of the SEC regulator. According to him, the agency's approach negatively affects the digital asset segment in the country. This, in turn, significantly limits the potential for the development of financial innovation in the United States.

The expert emphasized that all the actions of American regulators fit into the concept of banal coercion. According to Rimaswamy, Donald Trump can radically change the current situation. Trump himself, during a recent speech at the Bitcoin 2024 conference, emphasized that the flagship crypto asset should become a key part of the US strategic financial reserve. According to him, the country's authorities should not sell it. On the contrary, an active accumulation of coins will be a strategically advantageous goal.

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Sony's Soneium blockchain has integrated Chainlink

Technology giant Sony has partnered with cryptocurrency project Chainlink in order to improve the scalability of its new Layer 2 (L2) blockchain, Soneium

Soneium is the result of a joint effort between Sony Group and Startale, which has set up its own Sony Block Solutions lab to develop the L2 network.

Soneium partners with Chainlink

As part of the partnership, Soneium will integrate the Chainlink Scale program, whose main goal is to drive sustainable growth of various blockchain ecosystems, including Layer 2 solutions. The program provides access to a broad list of quality data oracle services.

Sony Block Solutions Lab has developed Soneium to solve pressing problems through innovative approaches. The goal of this project is to make blockchain more understandable and useful for everyone.

“Soneium is built for developers; the network is capable of handling high traffic, supporting complex applications and providing seamless commissioning. Chainlink's industry-standard infrastructure ensures that we are providing the best possible experience for the Soneium ecosystem,” said Sony Block Solutions lab chairman Jun Watanabe in a comment for BeInCrypto.

Soneium will launch on a test network in partnership with Astar (ASTR). Known for its multichain capabilities, the project will provide initial liquidity and create a user-friendly environment for developers and users.

Soneium's technical infrastructure will be built on the Superchain platform using Optimism's OP Stack technology.

Chainlink's price jumped 10%

According to Santiment, mentions of LINK on social media increased significantly following the news of Chainlink's integration into Soneium. The figure has surpassed the peak recorded in December last year.

“LINK's share of social media discussions peaked in 2024. At the same time, the number of holders declined, which is generally considered a bullish signal if the market stabilizes next week,” the analysts wrote.

The growing interest in LINK isn't just due to the hype surrounding Soneium, however. In recent months, at least seven blockchains, including Arbitrum, Base, BNB Chain, Ethereum, Polygon, Sonic Labs and StarkNet, have implemented Chainlink-developed products.

Other integrations include Ambit Finance, Borderless, Euler Finance, Jojo Exchange, Tadle and zkLend. Chainlink's Cross-Chain Interconnection Protocol (CCIP) currently supports more than nine networks.

“Now that CCIP is available on the mainnet for everyone, it has become much easier for developers to implement it as a reliable mechanism for cross-blockchain communication,” Chainlink co-founder Sergey Nazarov shared with BeInCrypto.

According to CoinGecko, the price of LINK has increased by almost 10% over the last week. At the time of writing, the asset is trading at $10.84, having risen by 2.4% over the past 24 hours.

The capitalization of Chainlink exceeds $6.5 billion. According to this indicator, LINK ranks 18th among the largest cryptocurrencies on the market.

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Keith transferred $14.3 million in SOLs to the exchange

Earlier on September 13, Whale moved a large sum in SOL tokens to the centralized crypto exchange Binance. This could mean that the investor is planning to sell off his savings in Solana

Breaking down what's going on with Solana (SOL) and what to expect from the cryptocurrency's dynamics in the coming days.

Solana whales are thinking about security

Earlier today, an unknown whale took 106,213 SOLs worth $14.3 million out of the staking and transferred them to the Binance cryptocurrency exchange. This is reported on Lookonchain. Usually, such large transfers to the CEX can hint that the holder of these assets may be preparing to sell them. By doing so, it could significantly affect the market price of the cryptocurrency.

Such actions on the part of the whale could well have been provoked by the outbreak of volatility on the Solana market. Confirm this thesis and Bollinger Bands (Bollinger Bands). The chart below shows that the gap between these two bands has increased significantly over the last month.

Meanwhile, the activity of traders on the SOL derivatives market is decreasing. Over the past 24 hours, trading volume is down 40% and open interest is down 2%.

Those who do continue to trade are now opting to open long positions. This is hinted at by the funding rate, which is now at 0.0049%. Positive values signal that more market players are now waiting for the cryptocurrency to grow rather than fall.

SOL Forecast: bearish picture

At the time of writing this analysis, SOL is trading at $132.64, down almost 2% overnight.

The SAR indicator on the cryptocurrency paints a bearish picture. As you can see in the chart below, its points are now above the price of Solana. This location could indicate a possible fall in the near future.

In addition, the Directional Movement Index (DMI) shows that the negative directional indicator (-DI) exceeds the positive one (+DI). This also signals a bearish narrative around SOL and bodes further downside for the token.

If the decline continues, Solana risks sagging below support at $133.64 and possibly even falling to $110. However, if the market sentiment improves, the bulls will be strong enough to defend this level. Then SOL will be able to start climbing to $160.90.

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Bitcoin miner Marathon Digital has accumulated $1.5 billion worth of BTC

One of the largest mining companies continues to accumulate bitcoins. In August, Marathon Digital Holdings acquired more than 5,000 bitcoins and now has 26,200 BTC worth about $1.5 billion in its reserves.

Acquiring bitcoins is a marathon, not a sprint,” the mining giant wrote on its official page.

Marathon Digital Holdings has been buying bitcoins throughout 2024. However, it was August that proved to be the most productive. On August 14, the miner announced the purchase of 4,144 BTC, adding about 1,200 more coins by the end of the month.

Marathon Digital Holdings now holds almost 0.12% of the total bitcoins in circulation. This makes one of the largest miners the second largest public holder of the flagship asset, behind only investment firm MicroStrategy. Like Michael Saylor's firm, the miner is pursuing a hodl strategy, meaning it plans to continue to grow its reserves rather than sell them.

According to Bitcoin Treasuries, an analytics platform, public companies are increasingly investing in bitcoin. Thus, their total reserves of the flagship cryptocurrency increased from 272,770 BTC at the beginning of 2024 to 333,329 BTC.

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3 AI tokens that distinguished themselves this week

he beginning of September turned out to be difficult for a number of AI tokens. However, the second week of the month markedly changed the situation

The current resurgence in the AI token segment can be attributed to prominent OpenAI-related events. Here are the 3 AI segment coins that performed the best in the outgoing week.

NodeAI (GPU)

NodeAI is a decentralized platform that provides access to AI and GPU resources. It uses blockchain technology to allow users to connect to AI nodes and rent nodes to access AI servers. The project also supports GPU token steaking.

Between September 8 and September 12, the price of GPUs rose 26%. The increase coincided with news of OpenAI's intentions to raise $6.5 billion in investment, which would increase its valuation to $150 billion. The price of the AI token reached $0.74, but then fell to $0.71 at the time of writing.

However, according to the moving average convergence-divergence indicator (MACD), the asset could be poised for a rebound. The daily chart shows that the MACD remains in positive territory. If this momentum continues, GPU could move up to $0.85. However, if profit taking begins, this prediction could prove wrong, causing the price to drop to $0.62.

Bittensor (TAO)

TAO, the token of decentralized machine learning protocol Bittensor, is up 26%. On September 6, TAO was trading around the key support level of $231.24. According to the daily chart, a rebound from that support helped the coin take the next barrier at $255.46. It is now trading around $288.97. Meanwhile, the Relative Strength Index (RSI) is above the signal line, indicating a rising bullish momentum.

If this trend continues, the TAO price could rise to $312.17. However, if the bulls cannot sustain the momentum, the uptrend could stall. This would potentially lead to a price drop back to the underlying support level.

Aleph.im (ALEPH).

Aleph.im is a decentralized blockchain project focused on file identification and storage. Recently, its native currency ALEPH grew 28%, making it one of the leaders in the AI token segment

ALEPH is now worth $0.16. The Bull Bear Power (BBP) indicator is showing a strong positive value, saying that buyers are controlling the market. A positive BBP, coupled with news about the new ChatGPT model, could help drive the price up.

If the trend continues, ALEPH could rise to $0.23. However, a decrease in buyer interest may turn the price around and send it to $0.13.

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This week will be marked by 4 important events in the crypto industry

The cryptocurrency market is gearing up for a very significant week, during which four major events are expected.

On Tuesday, July 23, the first reading of the bill on legalization of mining is expected in Russia, which may introduce a ban on the circulation and advertising of cryptocurrencies in the country. Noting the unpredictability of the decision, Andrey Tugarin, founder of GMT Legal, admits that the bans listed in the document may be softened.

On July 23, spot exchange-traded funds based on Ethereum should also start trading, as the U.S. regulator gave its in-principle approval in May this year.

Last week, the Chicago Board Options Exchange (CBOE) confirmed the listing of five Ethereum-ETFs for Tuesday, July 23. This is quite a significant event for Ethereum, as institutional investors will have access to the second largest cryptocurrency by market capitalization.

Additionally, the bitcoin community is very excited about former and possibly future US President Donald Trump's speech at the Bitcoin Conference 2024 in Nashville. This will be the first time that a prominent and high-profile politician will publicly address the global bitcoin community.

Rumor has it that Trump may declare bitcoin a strategic reserve in the United States, which would dramatically strengthen the cryptocurrency's position both in the U.S. and around the world.

XRP supporters have grown weary of watching the sluggish course of the legal standoff between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). Recently, Ripple CEO Brad Garlinghouse expressed optimism that the years-long legal battle will be resolved very soon.

This statement was echoed by Fred Rispoli's attorney, who suggested that a final decision could be heard on July 31, just eight days from now.

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SEC chief could step down in early 2025

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler is likely to step down. According to 10X Research founder Marcus Thielen, this will happen within the first 2 months of 2025 after President Joe Biden completes his term in the White House.

In a recent report on the crypto market, the specialist stated that the SEC chairman usually resigns after a new administration is elected. He added that Donald Trump taking office would be a real disaster for Gensler as head of the regulatory agency.

Thielen noted current US President Joe Biden's sudden decision to abandon his campaign. According to Thielen, this almost certainly means that Donald Trump will turn out to be the winner of the upcoming election and lead the United States.

“With Joe Biden out, no credible candidate will be able to challenge Trump. It appears that the outcome of the November election has been decided now. As for Bitcoin, an administration that supports the cryptocurrency will enter the White House,” Thielen emphasized.

Earlier, Trump's running mate J.D. Vance, who recently became the main candidate for the future vice president of the United States if Trump is elected, vehemently criticized Gensler. He called him the “worst person” to regulate the cryptocurrency market. The politician said Gary has a “backward approach to digital currency policy.”

Thielen also noted a number of potential positives for the cryptocurrency market in the coming weeks. He stated that Donald Trump could make a number of unexpected statements at the upcoming conference in Nashville. The politician's speech has the potential to be a catalyst for further upward market movement. “There are rumors that he will declare bitcoin a strategic reserve asset, which could trigger a parabolic rise in the price of BTC,” Thielen said.

Thielen cautioned numerous investors against profit taking in BTC ahead of Trump's speech. He noted that bitcoin's previous historical bull market high of $68,300 will be a key mark, after overcoming which, quotes of the flagship digital coin could soar to new heights.

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OKX Wallet integrates with Umami Finance to increase DeFi accessibility

Leading global cryptocurrency platform OKX today announced that it is integrating its exclusive wallet service with Umami Finance, a decentralized ecosystem of financial applications.

The development brings significant change to the cryptocurrency industry as it helps to expand customer access and make revenue-generating products easily accessible through OKX Wallet.

Over time, OKX has not only established itself with an impressive array of cryptocurrency offerings, but has also expanded to cater to different types of users ranging from retail and institutional investors.

The integration with Umami Finance, especially known for its pioneering efforts in the Arbitrum network, is in line with OKX's strategic vision to increase user engagement and satisfaction by offering more reliable investment tools and resources.

Leveraging DeFi's innovative solutions

This collaboration marks Umami Finance's debut as a provider of top-tier non-custodial income products with specific expertise in the 'vault' space. The investment options available here have been designed with an eye on how to best profit from the underlying major cryptocurrencies such as USDC, BTC and ETH using advanced automated strategies that eliminate much of the typical complexities of growing a yield. Umami, with its wide range of offerings, helps a wide range of investors utilize DeFi on simple terms.

For OKX Wallet users, this integration not only expands their investment horizons but also increases convenience and efficiency. By accessing Umami's GM holdings directly through the OKX Wallet interface, users can utilize a number of advanced yield strategies. These strategies include automated hedging and internal netting processes aimed at maximizing returns while managing the associated risks.

Optimized interaction with DeFi

The collaboration between OKX and Umami Finance comes against a backdrop of growing demand for more accessible and user-friendly DeFi services.

The partnership addresses market demand for sophisticated financial products that work in tandem with passive and active investment strategies, seamlessly combining OKX's powerful wallet technology with Umami's advanced solutions.

The result of this merger is more than just easy access to yield-boosting opportunities - the infusion creates a new reality where traditional and decentralized financial services complement rather than compete with each other.

It's part of OKX's broader strategy as a Web3 platform that can do it all in crypto space. The partnership means Umami Finance will expand its scale and influence in the DeFi sector, driving wider adoption of specialized financial products.

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Market capitalization did not change over the day

Yesterday, July 21, 2024, the cryptocurrency market turned out to be quite stable. It demonstrated no changes in market capitalization and a slight increase in trading volume. The total value of all coins and tokens amounted to $2.55 trillion and remained at the same level compared to the previous day. The volume of transactions in the last 24 hours reached $59.82 billion, which emphasizes the high activity of traders.

Among the growth leaders over the past 24 hours, Covalent stands out, rebounding 593.7% in price. FEAR NOT also impressed market participants, increasing its value by 370.3%. Lingose and Non-Playable Inu posted gains of 271.5% and 169.1%, respectively. Trilly also entered the top five with a 157.6% result. These projects are attracting investors' attention and showing high volatility.

The fear and greed index is now at 62, indicating the prevalence of greed in the market. Among the most popular cryptocurrencies were TIA, APT, PYTH, PEPE, ARKM and JUP. TIA and APT showed slight price declines of 3.15% and 2.02%, respectively.

In the market capitalization and dominance distribution chart, bitcoin leads the way with a 0.2% increase. Efirium showed a slight decline of 0.3%, while BNB's share rose by 0.1%. The data emphasizes that BTC continues to be the main cryptocurrency on the market.

There have also been some interesting developments in cryptocurrency project funding. Recent funding rounds include CryptoManufaktur, Zkex, JOJO Exchange and Allium, the latter of which raised $16.5 million. These events show that investors continue to actively support new initiatives in the cryptocurrency sphere despite the overall market stability. Overall, the market is showing stability with minor price fluctuations.

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A big US bank bought units of a bitcoin-ETF issued by Bitwise

Bitwise CEO Hunter Horsley has announced a capital raise in a likely bitcoin-based ETF issued by his firm.

I learned from a report I received today about a large U.S. bank, 20% of whose branch wealth managers (several hundred) hold units in the ETF from Bitwise. Bitcoin and cryptocurrencies are becoming mainstream,” Horsley wrote.

Bitwise has launched six ETFs based on cryptocurrencies and blockchain projects, but many thought Hunter was referring specifically to a bitcoin ETF called the Bitwise Bitcoin ETF (BITB) when he talked about investing in an exchange-traded fund. The amount and timing of the investment in the derivative is also not known for certain.

Horsley reported the report on July 20, so we can assume that the bank bought BITB during the uptrend in the bitcoin market that started last week.

The chart shows that the amount of assets invested in Bitwise's bitcoin-ETF began rising on July 8 and by Friday had increased 23% to $2.68 billion. The iShares Bitcoin Trust (IBIT) marketplace, created by BlackRock, saw a similar pattern. The volume of capital inflows into this bitcoin fund intensified on July 8 and did not dry up until July 18.

The interest that institutional investors are showing towards bitcoin-ETFs shows their confidence in the bright future of the cryptocurrency. Obviously, they are counting on the start of a new bull rally scheduled for the fall of 2024.

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Top 7 token unlocks in the last week of July

This week will see the unlocking of significant amounts of tokens of various projects, which may affect the cryptocurrency market. According to CryptoRank, the total volume of unfrozen digital currencies will amount to about $488 million. For example, AltLayer (ALT) developers will unfreeze assets worth $106.63 million.

According to the data, 683.96 million ATL tokens will be unlocked on July 25. This represents 6.84% of the total volume. The fully diluted capitalization of the project (FDV) reaches $1.56 billion.

Project Ronin (RON) will unlock 35.71 million tokens on July 27, worth $82.97 million. This represents 3.57% of the total volume of tokens. The total asset supply (FDV) reaches $2.32 billion. The share of unlocked tokens will reach 49.2%.

Axelar (AXL) will unfreeze 25.81 million tokens on July 27 for $19.45 million, representing 2.23% of the cryptocurrency's total volume. FDV reaches $871 million. The percentage of unlocked tokens will be 49.1%.

GateToken (GT) will unfreeze 2 million tokens on July 26, worth $15.77 million. This will account for 0.67% of its total assets. The total capitalization (FDV) reaches a value of $2.36 billion. The percentage of unlocked tokens will be 34.3%.

Project Maverick (MAV) will float 51.87 million tokens on July 28 for a value of $11.91 million. This equates to 2.59% of the total volume with an FDV of $457 million. The percentage of unlocked assets will be 15.2%.

SPACE ID (ID) will unfreeze 18.49 million tokens on July 22 for $8.85 million, which equates to 0.93% of the total volume. The total cryptocurrency supply (FDV) reaches $956 million. The percentage of unlocked tokens is 31.7%. Finally, the Worldcoin (WLD) project completes the list with 3.2 million tokens unlocked on July 21 for $8 million, representing 0.03% of the FDV of $25.1 billion. The percentage of unlocked tokens will be 16.6%.

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Crypto News Digest for July 15 - 21, 2024

Last week, from July 15 to July 21, 2024, there were quite a few interesting developments. The main topic of discussion was the rumors that the U.S. Securities and Exchange Commission (SEC) will allow Ethereum ETF issuers to bring their products to trading as early as July 23.

In addition, a survey of Mt.Gox users showed that 260 out of 467 participants (55%) do not plan to immediately sell off their bitcoins (BTC) they receive as compensation. Following the assassination attempt on Donald Trump, Bitcoin Magazine CEO David Bailey reported that the billionaire still plans to give a speech at the Bitcoin 2024 conference in Nashville, Tennessee.

Vitalik Buterin has published a new article. In it, he stated that while digital currencies are becoming an increasingly important topic, focusing too much on it can run counter to the values that originally drove people to enter the space.

Co-founder of venture capital firm a16z Marc Andreessen said: having been a Democrat for most of his life, he will still support Donald Trump in the US presidential election. In his view, Joe Biden's administration has “stifled tech startups through over-regulation and potentially unnecessary taxation”.

BlackRock CEO Larry Fink admitted that his views were previously wrong. He stated that “bitcoin is a legitimate financial instrument.” His organization's assets under management (AUM) reached $10.6 trillion in Q2 2024. Meanwhile, Grayscale management has officially launched Grayscale Decentralized AI Fund LLC. This Fund aims to advance artificial intelligence (AI) technology in the cryptocurrency sector.

Finally, blockchain security expert ZachXBT reported that Indian cryptocurrency exchange WazirX was hacked by hackers. They managed to steal more than $235 million in digital assets. Presumably, the North Korean group Lazarus Group is behind the attack.

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Brad Garlinghouse has hinted at the imminent conclusion of his litigation with the US SEC

Recent comments from Ripple's CEO have sparked rumors that the company's long-running legal battle with the SEC may be coming to an end, leading to an increase in the price of XRP due to increased activity on the network.

While declining to comment on possible settlement talks with the SEC, Brad Garlinghouse said he expects outstanding legal issues to be resolved “very soon.”

Ripple's chief legal officer Stuart Alderoti, for his part, commented on the one-year anniversary of Judge Analisa Torres' controversial ruling:

While our case is not yet fully concluded (remedies have yet to be chosen), the court's ruling that XRP is not a security will not change (even the SEC has told the court it will not challenge this finding).

Santiment analysts noted that user activity on the XRP Ledger may have increased following these remarks, with active addresses and new address creation on Thursday reaching the highest daily level since March of this year.

The SEC's closed-door meeting scheduled for last week has been rescheduled for next Thursday, July 25, with the topic stated as “Instituting and Settling Administrative Proceedings, Litigation Resolution, and Other Examination and Enforcement Matters.”

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