🐶119 Million DOGE Sent to Robinhood, Market Impact Feared
🚨 Over 119 million Dogecoin, worth $11.7 million, was transferred from an unknown wallet to Robinhood. This large move raises concerns of a potential sell-off, increasing bearish sentiment in the DOGE market.
📉 Dogecoin is down 2.87% in the last 24 hours, trading at $0.09629. The overall market has dropped 3.6%, with the crypto market cap falling below $2 trillion.
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📊 Global crypto investment products see $305 million in weekly outflows: CoinShares
Global crypto investment products at asset managers such as Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares and 21Shares returned to net outflows last week, totaling $305 million, following net inflows of $543 million the week before, according to CoinShares' latest report. “We continue to expect the asset class to become increasingly sensitive to interest rate expectations as the Fed gets closer to a pivot,” Butterfill added.
Source
@TradeCryptoNow
🧿 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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🌏 Asia leads in global crypto adoption due to progressive regulatory approach
Singapore has emerged as the global leader in crypto adoption due to its progressive regulatory approach toward the industry, according to the Henley Crypto Adoption Index 2024. The report, published by investment migration consultancy Henley & Partners, highlighted the city-state’s robust regulatory environment, innovation in financial technology, and widespread public adoption as key factors propelling it to the top of the list.
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💰 Bitcoin's Latest Difficulty Rise Challenges Miners Already Facing Revenue Slump
Bitcoin’s difficulty ticked up 2.99% on Wednesday, reaching 89.47 trillion, where it will stay until Sept. 10, 2024. The network’s difficulty metric essentially functions like a self-adjusting thermostat for the Bitcoin network, maintaining a consistent pace of block creation regardless of fluctuations in mining power. Simply put, if hashpower increases and blocks are mined too quickly, the difficulty rises.
Source
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❄️ TON resumes operations after traffic surge from $550M DOGS airdrop disrupts network
The Open Network (TON), the blockchain network linked to Telegram, has resumed operations following a significant outage that lasted nearly six hours due to a spike in network traffic. Some community members speculated that the outage might be linked to Telegram CEO Pavel Durov‘s recent arrest in France.
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🟢 MakerDAO rebrands as Sky, unveils new USDS stablecoin and SKY governance token
MakerDAO has rebranded to Sky and announced the names of its upcoming upgraded tokens, USDS and SKY, set for September 18. The release of the names follows its recent confirmation of upgrades to its token ecosystem. The rebranding is part of MakerDAO’s “Endgame Plan,” a vision laid out by co-founder Rune Christensen aimed at transforming the structure of the DAO to enhance DeFi’s growth, accessibility, and resilience.
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⚪️ Gate.io Announces Official Sleeve Partnership with Inter
Gate.io, a world’s leading cryptocurrency exchange, is proud to announce a partnership with FC Internazionale Milano (“Inter” or “Club”), one of the most prestigious football clubs in the world and the reigning champions of Serie A. Starting from the 2024/25 season, Gate.io will become the Official Sleeve Partner for Inter, which will see its logo on the sleeves of the playing kits for both Men’s and Women’s teams, in addition to the Club’s U20 teams.
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🇺🇸 US Court Denies Kraken's Motion to Dismiss SEC Crypto Securities Lawsuit
The U.S. District Court for the Northern District of California has denied Kraken’s motion to dismiss a lawsuit by the U.S. Securities and Exchange Commission (SEC). The court determined that the SEC “has plausibly alleged” that certain crypto tokens traded on the Kraken exchange could be considered securities, thereby allowing the case to proceed.
Source
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👑 WazirX to resume phased fiat withdrawals after $235M hack
India-based crypto exchange WazirX announced that it will begin a phased resumption of fiat currency withdrawals on Aug. 26, following a month-long suspension due to a cyberattack, according to an Aug. 23 press release. The attack forced the platform to suspend all trading and withdrawal activities while it assessed the damage and developed a recovery plan. The stolen assets have created a significant shortfall, preventing the exchange from meeting its crypto obligations to users.
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🏦 Coinbase exec confirms talks with Kamala Harris campaign on crypto policy direction
Vice President Kamala Harris‘ team has been reaching out to key players in the crypto industry as part of an effort to mend the strained relationship with the rapidly growing sector, according to Coinbase’s Chief Policy Officer, Faryar Shirzad. In an Aug. 21 post on social media platform X, Shirzad revealed that he has participated in several discussions with the Harris team, covering topics such as fostering innovation, job creation, and consumer protection in the US.
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💰 El Salvador launches Bitcoin training for 80,000 public servants
El Salvador’s National Bitcoin Office (ONBTC) has launched a Bitcoin training and certification program for 80,000 public servants. In an Aug. 20 statement, ONBTC confirmed that Bitcoin education is now a vital component of a governance initiative designed for public sector employees. This program is part of the Higher School of Innovation in Public Administration (ESIAP), established by President Nayib Bukele in 2021 to elevate governance standards.
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💰 Bitcoin ETFs see $287.8 million outflow, largest since May 1
Farside data shows that Bitcoin ETFs experienced a significant outflow of $287.8 million on Sept. 3, marking the largest outflow since May 1, when $563.7 million exited the market. Eight ETF issuers recorded outflows, highlighting a broad retreat from Bitcoin ETF investments. Among the hardest hit was Fidelity’s FBTC, which saw a $162.3 million outflow, and Grayscale’s GBTC, with $50.4 million leaving the fund. Bitwise’s BITB ETF lost $25.0 million, while ARK’s ARKB ETF experienced a $33.6 million outflow.
Source
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🇰🇵 FBI warns of North Korean threat to crypto, cautions against potential ETF-related attacks
The Federal Bureau of Investigation (FBI) issued a warning about North Korea’s aggressive targeting of the crypto industry on Sept. 3. The agency detailed the sophisticated social engineering campaigns conducted by North Korean actors against employees of crypto-related businesses, notably DeFi applications.
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📊 Crypto exchange trading volumes continued upward trend in August
Trading volumes on centralized cryptocurrency exchanges increased in August, extending the growth that began in July after hitting a multi-month low in June. The Block's Data Dashboard reveals that monthly spot market volumes across global cryptocurrency exchanges, including Binance and Coinbase, reached $1.2 trillion in August, up from $1.12 trillion in July—a 6.6% increase. Binance captured the largest market share in August, with a trading volume of $448.45 billion.
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🇸🇻 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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💰 Bitcoin miner wallet balances continue to shrink
Bitcoin miners’ wallet balances have been on a steady decline since 2011, with the trend continuing into 2024. The first chart illustrates a significant reduction from an all-time high of over 2.5 million BTC in late 2011 to under 2 million BTC by mid-2024. This decline has been influenced by miners liquidating assets to cover operational costs, especially during periods of market volatility and post-halving events.
Source
@TradeCryptoNow
💰 Cipher Mining Boosts Bitcoin Data Center Portfolio With 300 MW Texas Site Purchase
Cipher Mining Inc. revealed that it has acquired a sprawling 250-acre property in West Texas, which includes a 300-megawatt (MW) data center. The company also highlighted that this location is ideal for high-performance computing (HPC) services.
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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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🪙 Ethereum Foundation reveals spending after speculation over massive transfer
Ethereum Foundation (EF) contributor Josh Stark posted a breakdown of the organization’s expenditures for the past two years on social media on Aug. 27. Stark shared the information after growing speculation that the foundation might plan to sell a large amount of Ethereum. The rumors sprang up after a wallet linked to the foundation made a large transfer.
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🇺🇸 SEC Charges Abra With Unregistered Sales of Crypto Asset Securities
The U.S. Securities and Exchange Commission (SEC) has filed settled charges against Plutus Lending LLC, operating as Abra, for failing to register the offers and sales of its crypto asset lending product, Abra Earn. The SEC also accused Abra of operating as an unregistered investment company, further complicating the firm’s regulatory standing.
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@TradeCryptoNow
🪙 Ethereum Foundation Defends $96.9M Transfer Amidst Criticism
On Aug. 23, 2024, the Ethereum Foundation made a significant transaction by transferring 35,000 ETH, valued at approximately $96.9 million based on current ether rates. The transaction sparked some criticism from the crypto community, with a few voices raising concerns about the foundation’s transparency. However, the foundation’s executive director quickly clarified that the transfer was simply a routine part of the nonprofit’s “treasury management activities.”
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@TradeCryptoNow
💰 Bitcoin accumulation addresses see steady rise
Bitcoin’s accumulation addresses have experienced a notable decline in 2024. Historically, these addresses steadily increased, reflecting long-term holder confidence as Bitcoin’s price appreciated over the past decade. By 2022, accumulation addresses almost surpassed 800,000, growing further in 2023 to a peak of around 846,000 at the start of 2024.
Source
@TradeCryptoNow
💰 Bitcoin dominance surges to 60% amid crypto market downturn
Bitcoin dominance, a term used to describe the total market share that bitcoin maintains relative to other cryptocurrencies, has surged to a yearly high amid a wider pullback among digital assets and global equities markets. Bitcoin’s total market cap now represents nearly 60% of the total amount of capital in the crypto industry, according to The Block’s data page. This is up from a bitcoin dominance of about 51% on Friday.
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@TradeCryptoNow
🇮🇳 India gears up for sweeping crypto regulations with new consultation paper
The Indian government is preparing to introduce comprehensive regulations for the crypto sector, local media reported on Aug. 22. Sources familiar with the matter said the first step of the plan is to release a consultation paper in the coming weeks that will invite feedback from stakeholders. The initiative highlights the government’s commitment to establishing a regulatory framework for digital currencies in India.
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@TradeCryptoNow
🚨 Hackers compromise McDonald’s Instagram account to conduct $700k rug pull
Fast food chain McDonald’s’ Instagram profile promoted a scam memecoin deployed on Solana (SOL) after being compromised. The token — called GRIMACE — hit a $25 million market capitalization within two hours of its launch before it was rugged and lost more than 95% of its value. The scammers, who identified themselves as “India_X_Kr3w,” claim to have snagged roughly $700,000 from investors who believed the memecoin was an official McDonald’s’ token.
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@TradeCryptoNow
💰 VanEck’s Solana ETF Plans Remain Active Despite Cboe’s Filing Removal
Asset manager VanEck remains committed to launching a Solana exchange-traded fund (ETF) despite recent developments that have sparked speculation about the project’s future. He acknowledged that the 19b-4 for the VanEck Solana ETF has been taken off the CBOE website but confirmed that the S-1 prospectus for the product is still active. This indicates that the company is continuing with its plans, and the ETF remains in play.
Source
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