Brian Armstrong Says Crypto Lobbying Needs To Become Powerful and Sophisticated Before 2024 Election
The chief executive of top US-based digital asset exchange Coinbase says that crypto lobbying needs to be bolstered before the upcoming 2024 election. In a new interview with Ryan Selkis, the founder of market intelligence firm Messari, Coinbase CEO Brian Armstrong says crypto firms based in the US are facing an “unfair” regulatory environment. According […]
Crypto traders shift focus to these 4 altcoins as Bitcoin price flatlines
Bitcoin’s tight range trading points to a potential range expansion and that could trigger a trending move in LINK, MKR, ARB, and THETA.
Bitcoin (BTC) has been trading in a tight range for the past three days even as the S&P 500 fell for the last four days of the week. This is a positive sign as it shows that cryptocurrency traders are not panicking and rushing to the exit.
Bitcoin’s supply seems to be gradually shifting to stronger hands. Analyst CryptoCon said citing Glassnode data that Bitcoin’s short-term holders (STHs), investors who have held their coins for 155 days or less, hold the least amount of Bitcoin supply in more than a decade.
In the short term, the uncertainty regarding Bitcoin’s next directional move may have kept traders at bay. That could be one of the reasons for the subdued price action in several large altcoins. But it is not all negative across the board. Several altcoins are showing signs of a recovery in the near term.
Could Bitcoin shake out its slumber and start a bullish move in the near term? Can that act as a catalyst for an altcoin rally? Let’s study the charts of the top-five cryptocurrencies that may lead the charge higher.
Bitcoin price analysis
The bulls have managed to sustain the price above the 20-day exponential moving average ($26,523) but they have failed to start a strong rebound. This indicates a lack of demand at higher levels.
The flattish 20-day EMA and the relative strength index (RSI) near the midpoint show a status of equilibrium between the buyers and sellers. A break below the 20-day EMA will tilt the advantage in favor of the bears. The BTC/USDT pair could then descend to the formidable support at $24,800.
Alternatively, if the price rises from the current level and climbs above the 50-day simple moving average ($26,948), it will signal that buyers are back in the driver’s seat. The pair may then attempt a rally to the overhead resistance at $28,143.
BTC has been trading below the moving averages on the 4-hour chart but the bears have failed to start a downward move. This suggests that selling dries up at lower levels. The bulls will try to propel Bitcoin price above the moving averages. If they manage to do that, the pair could rally to $27,400 and subsequently to $28,143.
If bears want to seize control, they will have to sink and sustain BTC price below $26,200. That could first yank it down to $25,750 and then to the $24,800-support.
Chainlink price analysis
Chainlink (LINK) surged above the downtrend line on Sep. 22, indicating a potential trend change in the near term.
The moving averages have completed a bullish crossover and the RSI is in positive territory, indicating that the buyers have the upper hand. On any correction, the bulls are likely to buy the dips to the 20-day EMA ($6.55). A strong rebound off this level will suggest a change in sentiment from selling on rallies to buying on dips.
The bulls will then try to extend the up-move to $8 and eventually to $8.50. If bears want to prevent the up-move, they will have to sink and sustain the LINK/USDT pair below the 20-day EMA.
Both moving averages are sloping up on the 4-hour chart and the RSI is in the positive zone. The bulls have been buying the dips to the 20-EMA indicating a positive sentiment. If LINK price rebounds off the 20-EMA, $7.60 will then be the upside target to watch.
Contrary to this assumption, if Chainlink’s price continues lower and skids below the 20-EMA, it will signal profit-booking by the bulls. LINK may then retest the breakout level from the downtrend line. The bears will have to sink it below $6.60 to be back in control.
Maker price analysis
Maker (MKR) turned down from the overhead resistance at $1,370 on Sep. 21, indicating that the bears are trying to defend the level.
The 20-day EMA ($1,226) is the support to watch for on the downside. If the price rebounds off this level, it will suggest that lower levels continue to attract buyers. The bulls will then make one more attempt to drive MK price above the overhead resistance. If they can pull it off, the MKR/USDT pair could accelerate toward $1,759.
Conversely, if the bears sink the price below the 20-day EMA, it will suggest that the bullish momentum has weakened. That could keep the pair range-bound between $980 and $1,370 for a few days.
The moving averages on the 4-hour chart have flattened out and the RSI is just below the midpoint, indicating a balance between supply and demand. If buyers shove the price above $1,306, MKR pric could sprint toward $1,370.
Instead, if the price turns down and breaks below $1,264, it will suggest that the selling pressure is increasing. That could clear the path for a further decline to $1,225. A slide below this support may tilt the short-term advantage in favor of the bears.
Arbitrum price analysis
Arbitrum (ARB) is in a downtrend. The bears are selling on rallies to the 20-day EMA ($0.85) but a positive sign is that the bulls have not ceded much ground. This suggests that the bulls are trying to hold on to their positions as they anticipate a move higher.
The RSI has risen above 40, indicating that the momentum is gradually turning positive. If buyers kick the price above the 20-day EMA, it will suggest the start of a sustained recovery. The ARB/USDT pair could first rally to the 50-day SMA ($0.95) and thereafter to $1.04.
The support on the downside is $0.80 and then $0.78. Sellers will have to drag ARB price below this zone to make room for a retest of the support near $0.74. A break below this level will indicate the resumption of the downtrend.
The 4-hour chart shows that the bears are selling the rallies to the downtrend line. The bears pulled the price below the moving averages but could not sink ARB pric below the immediate support at $0.81. This suggests that the bulls are trying to form a higher low.
Buyers will again try to propel the price above the downtrend line. If they succeed, Arbitrum price is likely to start a strong recovery toward the psychological level of $1. Contrarily, a break below $0.81 can tug ARB price to $0.78 and subsequently to $0.74.
Theta Network price analysis
Theta Network (THETA) soared above the 20-day EMA ($0.61) on Sep. 23, indicating that the bulls have absorbed the supply and are attempting a comeback.
The bears have pulled the price back below the 50-day SMA ($0.64) but the bulls are expected to defend the 20-day EMA. If THETA price turns up from the current level and climbs above the 50-day SMA, it will enhance the prospects of a retest of $0.70.
This is an important level to keep an eye on because if it is scaled, the THETA/USDT pair may reach $0.76. This positive view will invalidate in the near term if the price turns down and plunges below the 20-day EMA. That opens the door for a potential retest of $0.57.
The 4-hour chart shows that the bears are protecting the overhead resistance at $0.65. If buyers want to sustain the bullish momentum, they will have to drive THETA price above $0.65. If they do that, the pair is likely to start a new up-move toward $0.70.
The 20-day EMA is the important support to watch for on the downside. If bears sink the price below this support, it will indicate that the bulls are closing their positions. The pair may then descend toward the support at $0.58.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Classic Bitcoin Indicator Suggests 2024 Bull Run, Says Trader Who Called May 2021 Collapse
A trader known for making several accurate calls on Bitcoin says a classic indicator suggests that BTC is on schedule for a bull run next year. Pseudonymous trader and analyst Dave the Wave tells his 140,000 followers on social media platform X that Bitcoin’s monthly moving average convergence divergence (MACD) has fully reset into underbought, […]
Analyst Willy Woo Says This ‘Enemy’ of Bitcoin (BTC) Rearing Its Ugly Head Again
Popular Bitcoin analyst Willy Woo says BTC faces a large obstacle that could foil the king cryptocurrency’s potential for future growth. Woo shares a chart with his 1 million followers on the social media platform X showing the ratio between “paper” Bitcoin, or derivatives that represent BTC, and actual liquid coins. “This is a slide […]
Miss Universe denies link with recently unveiled coin project
The Miss Universe Organization said that there is no Miss Universe cryptocurrency or blockchain offering involved with the Miss Universe or Miss Universe Philippines.
The Miss Universe Organization has denied any association with the Miss Universe Coin project announced at the Philippine Blockchain Week (PBW) event held earlier this month. PBW said that they are in contact with all involved parties and will post an update soon.
Earlier this month, a project called Miss Universe Coin was announced at PBW. Donald Lim, the founder of the organization managing the PBW, said during the event that the PBW will “launch the Miss Universe Coin.” However, weeks after the announcement, the official organization behind Miss Universe has denied any association with the coin project and called it a fraud.
On Sept. 22, the Miss Universe official Facebook page announced that the Miss Universe Organization and JKN Global Group, the company behind the pageant, are not associated with the coin project that was unveiled at the PBW event. According to the organization, it will be pursuing “all legal options with regards to this infringement.”
“There is currently no Miss Universe cryptocurrency or blockchain offering, and these products are in no way involved with the voting or selection process for Miss Universe or the Miss Universe Philippines pageants,” they wrote.
In a statement sent to Cointelegraph, a representative from the Miss Universe Organization claimed that the Miss Universe Coin is a “fraud,” and they expect it to be further announced in other events across the globe. “We suspect that people may be planning to mention this at upcoming blockchain conferences in Dubai and Singapore. If you see it there, please do not cover, it’s a fraud,” they said.
In a statement on X (formerly Twitter), PBW said that they are currently in contact with all of the parties involved and will announce an update as soon as possible. Cointelegraph reached out to the Philippine Blockchain Week but did not get an immediate response.
Experience zero tax on crypto trades — find out how to buy Bitcoin in Dubai.
Dubai is a magnificent city to live and work in. But how can someone buy Bitcoin in Dubai? Is it legal to buy Bitcoin in Dubai? Is Dubai crypto-friendly?
Here’s a quick guide with the answers. The great news is that, yes, buying Bitcoin (BTC) in the United Arab Emirates is permitted, and the country is actually one of the most welcoming to cryptocurrency exchanges and investors.
Is Dubai crypto-friendly?
The thriving metropolis of Dubai in the UAE has long been deemed a crypto-friendly city. Some describe the UAE as the most crypto-friendly country.
What’s more, there is zero tax to pay on cryptocurrency trading in the UAE, as well as zero income or capital gains tax. This combination has made the Middle Eastern country massively attractive to cryptocurrency and blockchain companies and the users of these technologies. There are many UAE crypto traders and plenty of crypto investment options in the UAE.
But is it legal to buy Bitcoin in Dubai? Dubai and the UAE have some regulations on cryptocurrencies, including policies to protect investors. Cryptocurrencies are not licensed or recognized as legal tender; however, there are no laws against buying Bitcoin in the UAE or owning or trading Bitcoin or other crypto.
How to buy cryptocurrency in Dubai
Buying Bitcoin in Dubai and anywhere in the UAE is quite straightforward; it starts with choosing a crypto exchange, registering and creating an account, and then adding the funds needed to buy the cryptocurrency of choice.
Bitcoin is available on any exchange, and other leading cryptocurrencies are available on most major exchanges. Investors who plan to hold on to Bitcoin usually want to move their Bitcoin away from an exchange into a Bitcoin wallet or to more secure Bitcoin storage like a hardware wallet. Let’s look at the steps to buying Bitcoin in the United Arab Emirates:
1. Choose an exchange
The first priority when choosing an exchange is security; crypto buyers should always research the exchange and check online reviews, then review the coins, the exchange lists and the fees.
Registering with an exchange starts with an email, a password and any other security authentication available. Cryptocurrency exchange users should always make full use of any additional security options. New exchange users will usually need to provide the exchange with an image of a piece of photo ID to complete its Know Your Customer (KYC) checks.
3. Fund and buy
Once an account has been created, funds can be added from fiat accounts. After that, it’s possible to buy BTC with UAE dirhams easily this way or to select another trading pair.
Which crypto exchanges operate in Dubai and the UAE?
The intriguing thing is that there are many leading exchanges that operate in the UAE; investors can pick from the most well-known, the best-reviewed, those thought of as the safest, and those with the highest availability of leading cryptocurrencies.
Some of the crypto exchanges and Bitcoin trading platforms in Dubai and the UAE are eToro, OKX, HTX (formerly Huobi) and Binance. Bitcoin brokers in the UAE, such as Rain, OKX, Uphold, Bybit and Binance, are regulated by the UAE Financial Services Regulatory Authority (FSRA) or the Abu Dhabi Global Market (ADGM).
How to choose Bitcoin wallets in Dubai
Just like Bitcoin trading platforms in Dubai, there are lots of options for Bitcoin wallets in Dubai to store crypto safely. The first step is to choose a Bitcoin wallet suitable for investor plans or behavior.
Online wallets or wallet applications aren’t as safe as hardware wallets, but they can be more suitable for investors planning to move their cryptocurrency holdings or use them on a regular basis. Hot wallets to choose from include Trust Wallet or Electrum.
More valuable Bitcoin holdings or funds left idle for some time are best stored in safer hardware wallets, such as Trezor or Ledger Nano.
Can you buy Bitcoin in Dubai with cash?
It’s possible to buy Bitcoin in Dubai with cash straight from an account or by using a credit card. After an account has been set up with an exchange, the next step is to add fiat money funds to the account and then go on to purchase Bitcoin.
Does Dubai have Bitcoin ATMs?
The UAE is so welcoming to crypto that it is one of the countries to have Bitcoin ATMs, and Dubai’s first Bitcoin ATM was installed at the five-star Rixos Premium Dubai Hotel in 2019. At the kiosk, visitors can insert cash and buy Bitcoin instantly.
Is buying Bitcoin via P2P in Dubai common?
Peer-to-peer (P2P) cryptocurrency exchanges allow users to trade Bitcoin directly with one another, unlike centralized or decentralized exchanges. On a P2P exchange, it’s possible to look at a seller’s list of assets for sale and choose accordingly. Buyers and sellers agree on the price of the cryptocurrency for sale before the sale is made.
P2P exchanges can be more common in countries with greater restrictions on cryptocurrency exchanges; in Dubai, that’s not the case. The major exchanges operating in Dubai often have P2P functionality as well as standard trading options, which provides the best of both worlds. The exchanges offering P2P trading in Dubai include Binance, Paxful, OKX, HTX, Bybit and KuCoin.
Are there crypto-friendly banks in the UAE?
It is interesting to know how banks in Dubai and the UAE view cryptocurrencies and crypto users. The UAE doesn’t fail the crypto entrepreneur, and there are a number of crypto-friendly banks in the UAE that will allow crypto businesses to open and use fiat accounts.
First Abu Dhabi Bank (FAB) has no policies restricting its customers from buying and selling crypto. Although it doesn’t offer crypto trading, it’s possible to link an FAB account with a crypto exchange to fund Bitcoin purchases. FAB also has future plans to leverage Web3 and digital assets for its users.
Exercise caution while dealing with cryptocurrencies
It is fortunate for Dubai residents to have access to a vibrant financial environment that enables them to engage with the world of cryptocurrencies.
However, it is important to remember that the value of Bitcoin and many other cryptocurrencies is extremely volatile and subject to significant price swings in either direction. Therefore, before entering the cryptocurrency market, careful research and knowledge of the risks involved are crucial.
Chamath Palihapitiya Warns Stocks and Risk Assets Could See Major Repricing Amid Fed’s ‘Higher for Longer’ Policy
Billionaire venture capitalist Chamath Palihapitiya says that risk assets like stocks will likely see major turbulence amid the Federal Reserve’s tight monetary policies. In a new episode of the All-In Podcast, Palihapitiya says that market participants were expecting Fed Chair Jerome Powell to start cutting rates imminently. Last week, however, stocks and Bitcoin (BTC) slid […]
Couple mistakenly sent $10.5M by Crypto.com to face October plea hearing
Thevamanogari Manivel was sentenced to 18 months of community corrections with six months of unpaid community work while her husband will face a plea trial in October.
The Melbourne couple who accidentally received 10.5 million Australian dollars (AUD), or almost $6.6 million, will be facing a plea trial in October for a theft charge after spending the funds that they received by mistake in 2021.
In May 2021, Thevamanogari Manivel transferred funds to her partner Jatinder Singh’s Crypto.com account. However, the exchange detected that the bank account did not match the exchange account. Therefore, a refund was issued, but instead of refunding the 100 AUD that the couple tried to put in, the exchange mistakenly sent 10.5 million AUD to Manivel’s bank account.
The mistake was not discovered until December 2021, when the exchange conducted its annual audit. After the exchange filed a lawsuit in the Victoria Supreme Court, the judge ruled that the funds should be given back to the crypto trading platform.
However, the couple had allegedly already gone on a spending spree before the mistake was discovered. The couple had reportedly bought four houses, vehicles and many other items and sent around 4 million AUD to a Malaysian bank account. One of the houses is a five-bedroom property in Craigieburn worth 1.35 million AUD, which was ordered by the court to be sold and the funds returned.
In October 2022, the couple argued in court that they thought they had won a prize from the crypto exchange. Singh claimed that he had previously received a notification from the company regarding a competition. However, Crypto.com compliance officer Michi Chan Fores denied that such a competition existed. Fores noted that the exchange did not send such notifications to their users.
Manivel, who was charged with theft, has recently pleaded guilty to recklessly dealing with the proceeds of crime in September 2023. She was sentenced to an 18-month community corrections order which includes six months of intensive compliance and unpaid community work after she already spent 209 days in custody. Meanwhile, Singh is set to face a plea trial on Oct. 23.
Top Trader Says Bitcoin Bottom Not in Yet, Predicts New Six-Month Lows for BTC – Here’s His Downside Target
A top trader who nailed Bitcoin’s (BTC) 2018 bear market bottom is predicting another leg down for the crypto king. Pseudonymous analyst Bluntz tells his 224,800 followers on the social media platform X that BTC has likely printed a bearish lower-high setup after it failed to take out its resistance at $27,000 last week. According […]
Terra Classic community elects to cease USTC minting
The community strongly backs stopping TerraClassicUSD (USTC) minting and reminting in favor of burning tokens to restore its US dollar peg.
The Terra Classic community has voted in favor of ceasing all minting and reminting activities related to TerraClassic USD (USTC), with the objective of reestablishing a stable peg between USTC and the U.S. dollar.
In a recent proposal, the community voted with 59% in favor of discontinuing the minting of USTC, while approximately 40% were opposed to the change.
The move aims to safeguard the interests of both the community and external investors by reducing the supply of USTC, thereby contributing to the goal of a repeg.
In May 2022, USTC detached from the U.S. dollar. Subsequently, it caused Terra to experience a catastrophic decline, as Luna Classic (LUNC) was closely tied to USTC.
LUNC’s value plummeted by nearly 100%, setting off a broader downturn in the crypto markets, resulting in the loss of approximately $40 billion in total market capitalization.
It notes that the proposal will prompt major crypto exchanges to commence the USTC elimination process.
“Most importantly, this proposal opens the door for institutions like Binance to start burning USTC knowing that the minting and reminting is over,” the statement noted.
FTX’s former external legal team disputes involvement in fraud allegations
In a recent court filing, a United States law firm that had previously offered services to FTX challenged allegations of assisting Sam Bankman-Fried in his alleged unlawful activities.
A law firm that previously provided services to the now-defunct cryptocurrency exchange FTX has refuted a class-action lawsuit brought against them claiming that it assisted in the exchange’s alleged fraudulent activities.
According to a Sept. 21 court filing, Fenwick & West, a United States law firm, denies all accusations of misconduct related to the provision of legal services during FTX operations:
“It is black-letter law that an attorney cannot be held liable for conspiracy or aiding and abetting a client’s wrong “‘as long as [his] conduct falls within the scope of the representation of the client.’”
They further argued that Fenwick exceeded the norm in its service offerings to FTX.
“Plaintiffs allege that Fenwick can nevertheless be held liable because Fenwick purportedly “provided services to the FTX Group entities that went well beyond those a law firm should and usually does provide,” the filing noted.
It was further claimed that employees of Fenwick chose to depart from the firm and join FTX voluntarily.
Additionally, the filing reiterated that Fenwick assisted in establishing corporations used by Bankman-Fried in his fraud, and advised FTX on regulatory compliance in the evolving crypto landscape.
However, Fenwick argued that it should not bear liability, as it was not the sole law firm representing FTX. It asserts that it played a relatively minor role in providing various aspects of legal advice to the bankrupt exchange.
“If Plaintiffs’ allegations were sufficient to state a claim against Fenwick for conspiracy and aiding and-abetting liability, then any lawyer could be hauled into court and forced to answer for his client’s misconduct. That is not the law.”
This comes after the FTX debtors filed a lawsuit against former employees of the Hong Kong-incorporated company Salameda, which was previously affiliated with the FTX group.
FTX initiated legal action to reclaim $157.3 million, alleging that the funds were illicitly withdrawn shortly before the exchange’s bankruptcy filing.
Coinbase secures AML registration from the Bank of Spain
The Anti-Money Laundering (AML) registration will allow cryptocurrency exchange Coinbase to offer its services to both retail and institutional investors within Spain.
Cryptocurrency exchange Coinbase has secured an Anti-Money Laundering (AML) compliance registration from Spain’s central bank, as part of its ongoing expansion across Europe.
According to a Sept. 22 statement, the registration with the Bank of Spain now means that Spanish users will be able to retain custody of their crypto assets on Coinbase, as well as buy and sell crypto assets in Spain’s legal tender, the Euro.
“This registration will allow Coinbase to offer our full suite of products and services to retail and institutional users in Spain, all in compliance with the national legal framework”
It highlighted that almost one-third of individuals in Spain have a positive outlook on digital assets. “29% of adults in Spain believe crypto is the future of finance,” it stated.
Additionally, it noted that crypto has now become the second most preferred payment method in Spain, surpassing traditional bank transfers.
Nana Murugesan, vice president of international and business development at Coinbase, stated that the exchange continues to seek regulatory compliance across the world:
“In the last year alone we have obtained VASP registrations in Italy, Ireland, and the Netherlands, as well as in-principle approval and launching in Singapore, launching in Brazil, and, most recently, launching in Canada.”
Excited to announce another major international milestone for Coinbase with today’s VASP registration from the Bank of Spain
Crypto regulatory clarity in the EU is helping to accelerate our expansion efforts in the region! https://t.co/W78LHKzcB5
This follows shortly after crypto exchange Crypto.com obtained regulatory approval in Spain. On June 23, Crypto.com announced that it had been granted a virtual asset service provider (VASP) registration from the Bank of Spain.
In October 2021, the Bank of Spain provided guidance on the steps crypto service providers can take to achieve Anti-Money Laundering (AML) compliance within the country.
The instructions specified that crypto exchanges must submit reports detailing efforts to prevent illicit activities such as money laundering and terrorism financing.
Meanwhile, recent reports indicate that Coinbase is aiming to establish a strong presence in Europe.
On September 22, Cointelegraph reported that Coinbase attempted to buy FTX Europe, the now-defunct crypto exchange, two times. It first tried in November 2022 when FTX filed for bankruptcy, and then again in September 2023.
This comes amid the European Parliamentary Research Service (EPRS) recently emphasizing the need for non-European regulators to exercise stricter oversight in the global crypto market.
As the Markets in Crypto-Assets Regulation (MiCA) Act progresses toward its December 2024 implementation deadline, an EPRS report urges the establishment of a more rigorous regulatory framework in non-EU jurisdictions.
“There are yet several channels through which the EU’s financial system and autonomy is still at risk as it remains dependent on non-EU countries’ policy actions in the context where the MiCA is applicable.”
Bank Refuses To Reimburse $32,000 Stolen From Grandma With Terminal Illness in Text Message Scam: Report
A grandmother with a terminal illness says an Australia-based bank should have been able to stop a scam as it unfolded in real time. Lyn Reads says she’s a victim of a scammer who stole about $50,000 AUD – worth about $32,000 USD – from her bank account, reports the Australian Broadcasting Corporation. Reads initially received […]
Low-Cap Ethereum Competitor Skyrockets by 61% This Week Amid Flurry of Futures Contract Listings
An under-the-radar, low-cap Ethereum (ETH) competitor surged by more than 61% this week as a flurry of exchanges launched perpetual futures contracts for its native asset. Ark (ARK) is an open-source, typescript-based, layer-1 blockchain protocol that aims to be simple and efficient. The project’s native token is trading around $0.607, up from $0.375 one week […]
Binance.US scores against SEC, Mt. Gox delay repayments, and other news: Hodler’s Digest, Sept. 17-23
Binance.US scores temporary win against the SEC, Mt. Gox repayments delayed to 2024, and Tether’s $1B liquidity to Tron network.
Top Stories This Week
SEC sees temporary setback in request to access Binance.US software
The United States Securities and Exchange Commission has failed to win immediate access to Binance.USs software, with the judge saying he isnt inclined to allow the inspection at this time. The hearing was held on Sept. 18 to discuss the SECs motion to compel Binance to hand over detailed information and make its executives more available for depositions. In a hearing, Judge Faruqui said that he wasnt inclined to allow the inspection at this time. Alternatively, he proposed that the SEC should come up with more specific requests for discovery and speak with a broader range of witnesses. In another headline, Binance global and its CEO Changpeng CZ Zhao requested dismissal of the SEC’s lawsuit filed against them in June, claiming the regulator overstepped its authority in the case.
Mt. Gox trustee changes repayment deadline to October 2024
Mt. Gox trustee Nobuaki Kobayashi has officially changed the deadline for paying back the exchanges creditors from Oct. 31, 2023, to Oct. 31, 2024. Presently, the Mt. Gox estate holds some 142,000 Bitcoin (BTC), 143,000 Bitcoin Cash (BCH), and 69 billion Japanese yen. Mt. Gox was one of the earliest cryptocurrency exchanges, once facilitating more than 70% of all trades made within the blockchain ecosystem. Following a major hack in 2011, the site subsequently collapsed in 2014 due to alleged insolvency; the fallout affected about 24,000 creditors and resulted in the loss of 850,000 BTC.
Tether authorizes $1B USDT to replenish Tron network
Tether’s Treasury is set to provide a $1 billion near-term liquidity for the Tron network. The billionaire authorization was flagged by blockchain tracker WhaleAlert, which drew a quick-fire response from Tether chief technology officer Paolo Ardoino, who said that the USDT tokens would be used as inventory to replenish the Tron network. Authorizing USDT in the Tether Treasury allows the company to issue USDT instantaneously once customer funds are received to ensure that the issuer maintains 100% of its reserves. Ardoino added that the event was an authorization and not an actual issuance, with the allocated amount set to serve as inventory for upcoming issuance requests and chain swaps from the Tron network.
FTX founders parents sued, accused of stealing millions from crypto exchange
Debtors of FTX have launched legal action against the parents Sam SBF Bankman-Fried, alleging that they misappropriated millions of dollars through their involvement in the crypto exchange. The plaintiffs argued that Joseph Bankman and Barbara Fried exploited their access and influence within the FTX empire to enrich themselves at the expense of the debtors in the FTX bankruptcy estate. The debtors alleged that SBFs parents were very much involved in the FTX business from inception to collapse, contrary to what SBF has claimed. According to the complaint, Bankman and Fried extracted significant unearned rewards from their involvement in FTX Group, including a $10-million cash gift and a $16.4-million luxury property in the Bahamas.
Grayscale files for new Ether futures ETF Official
Digital currency investment company Grayscale is the latest firm to file with the Securities and Exchange Commission for a new Ether (ETH) futures exchange-traded fund (ETF).
Grayscale Ethereum Futures Trust will hold Ether futures contracts with a “roughly constant expiration profile,” according to the filing. The trust will “never carry futures positions to cash settlement.” The nature of the Ether futures contracts in the ETF will not require the trust to use an Ether custodian. Grayscale’s application comes a few weeks after Valkyrie also filed for an Ether futures ETF with the SEC in mid-August, following several other firms filing for ETH futures ETFs.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $26,525, Ether (ETH) at $1,590 and XRP at $0.51. The total market cap is at $1.05 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Immutable (IMX) at 27.07%, Curve DAO Token (CRV) at 16.16%, and Aave (AAVE) at 15.92%.
The top three altcoin losers of the week are Gala (GALA) at -8.57%, Axie Infinity (AXS) at -7.42%, and Optimism (OP) at -7.52%.
Bitcoin fails to recoup post-Fed losses as $20K BTC price returns to radar
Bitcoin circled lower after the United States Federal Reserve decision on interest rates, with $20,000 BTC price predictions resurfacing.
The aftermath of the Fed interest rates pause on Sept. 20 offered little for Bitcoin bulls, BTC/USD having dipped almost $700 the day prior. Data from Cointelegraph Markets Pro and TradingView covered a lackluster 24 hours for BTC price action, with $27,000 fading from view.
Now, market participants returned to a more conservative outlook in the absence of tangible volatility. Something like this over the course of October would be perfect i would say, popular trader Crypto Tony told X (formerly Twitter) subscribers.
Slow grind up to $28,500, followed by hype and FOMO, to then dump it once more.
FUD of the Week
Balancer blames social engineering attack on DNS provider for website hijack
Ethereum-based automated market maker Balancer believes a social engineering attack on its DNS service provider was what led to its websites front end being compromised on Sept. 19, leading to an estimated $238,000 in crypto stolen. Blockchain security firms SlowMist and CertiK reported that the attacker employed Angel Drainer phishing contracts. SlowMist said the exploiters attacked Balancers website via Border Gateway Protocol hijacking a process where hackers take control of IP addresses by corrupting internet routing tables. The hacker has already bridged some of the stolen Ether (ETH) to Bitcoin (BTC) addresses.
Crypto influencer arrested in Hong Kong for JPEX association
A Hong Kong-based social media influencer has reportedly been arrested after investigations around the liquidity crisis of the crypto exchange JPEX traced back their involvement. According to a local report, the Securities and Futures Commission of Hong Kong recently issued a statement blaming JPEX for actively promoting the platforms services and products to the public through online celebrities and over-the-counter money changers. Another unconfirmed report suggests that Lin Zuo presented schemes to a chat group created for cryptocurrency investment. Also related to this story, Hong Kong regulators are looking to tighten regulations around the crypto market following the failure of JPEX, which led to the arrest of over six individuals.
CoinEx hack: Compromised private keys led to $70M theft
Hong Kong-based cryptocurrency exchange CoinEx has revealed that compromised private keys allowed hackers to steal over $70 million worth of tokens. According to CoinEx representatives, the amount represents a small percentage of its total assets under management. CoinEx stated that affected users will be compensated entirely for any lost funds. The exchange explained that a preliminary investigation pinned the root cause to a compromised private key for its hot wallets. These were used to store exchange assets for carrying out deposits and withdrawals.
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Hacker Breaches Nansen’s Third-Party Vendor, Exposes Some of the Crypto Data Firm’s Customer Details
A hacker managed to steal a significant chunk of customer information from the crypto data firm Nansen after breaching one of the company’s third-party vendors. Nansen acknowledged the attack in an announcement on the social media platform X on Friday, noting that the vendor breach allowed the hacker to access admin rights to an account […]
Distressed Debt Investors Pounce on $250,000,000 Worth of Bankrupt Crypto Exchange FTX’s Claims: Report
Distressed debt investors are reportedly gobbling up hundreds of millions of dollars worth of bankrupt crypto exchange FTX’s claims. According to a new Bloomberg report, an analysis of their records indicates that investment firms such as Silver Point Capital, Diameter Capital Partners, Attestor Capital, Hudson Bay Capital Management and others have bought $250 million worth […]
Australian Financial Regulator Sues Kraken Subsidiary for Allegedly Violating Margin Trading Regulations
Australia’s financial regulator has launched a civil lawsuit against a subsidiary of the crypto exchange Kraken for allegedly failing to comply with regulations for its margin trading product. The Australian Securities and Investments Commission (ASIC) alleges that Bit Trade, Kraken’s arm of operations in the country, failed to make a “target market determination” for its […]
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Trader Says Dogecoin Rival Has Additional Upside Potential, Updates Outlook on Bitcoin and Worldcoin
Widely followed pseudonymous trader Altcoin Sherpa says one Dogecoin (DOGE) rival could make a bigger move to the upside. Altcoin Sherpa tells his 196,400 followers on the social media platform X that after breaking through a key resistance level, memecoin Pepe (PEPE) may not be done rallying. “PEPE: nice move today, I didn’t really see […]
What are Bollinger Bands, and how to use them in crypto trading?
Bollinger Bands are volatility indicators utilizing price bands. Traders buy near the lower band and sell near the upper band.
A technical analysis tool called Bollinger Bands uses price volatility to provide probable entry and exit opportunities in trading. They are made up of two outer bands or lines and a centerline (the simple moving average for a 20-day period), which enlarges and contracts in response to changes in price. For thorough market analysis, they are frequently utilized in conjunction with other technical indicators.
Bollinger Bands, explained
Bollinger Bands were created by John Bollinger in the 1980s. They are a useful technical analysis tool used in cryptocurrency trading and other financial markets to evaluate price volatility, pinpoint probable reversal points, and make trading decisions.
The three bands that help construct a Bollinger Band include:
The upper band is created by multiplying the middle band by the price’s standard deviation. A price’s volatility is quantified by the standard deviation. Traders often use a multiplier of 2 for the standard deviation (SD), but this can be changed depending on the state of the market and personal preferences.
Middle band (SMA)
The middle band typically represents the price of the asset over a given period as a simple moving average (SMA). It serves as the axis and depicts the average price of the cryptocurrency within the selected time frame.
From the middle band, a multiple of the standard deviation is subtracted to determine the lower band.
The purpose of Bollinger Bands in cryptocurrency trading
In cryptocurrency trading, Bollinger Bands serve as a crucial technical analysis technique that allows traders to:
Assess price volatility
Traders can assess the degree of price volatility in the cryptocurrency market using Bollinger Bands. When the bands widen, there may be trading possibilities because it suggests higher volatility. On the other hand, a contraction of the bands denotes less volatility and the potential for price consolidation or trend reversals.
Identify overbought and oversold conditions
Bollinger Bands are used to detect possible overbought and oversold scenarios, helping traders identify them. A potential sell opportunity arises when the price reaches or exceeds the upper band, which is a sign that the price is overbought. On the other hand, if the price reaches or drops beneath the lower band, it can be considered oversold, indicating a potential purchase opportunity.
Determine trend direction
Traders may use Bollinger Bands to ascertain the prevailing trend direction. The price may indicate an uptrend if it constantly moves along the top band. On the other hand, if it frequently touches or remains close to the lower band, it can be a sign of a downtrend.
Generate reverse signals
Bollinger Bands can be used to create reversal signals, which are indicators of possible trend reversals. For instance, a possible reversal from an overextended condition may be indicated when the price moves outside the bands and then reenters (below the lower band for a downtrend or above the upper band for an uptrend).
How are Bollinger Bands constructed?
The simple moving average and standard deviation are the two basic building blocks of Bollinger Bands and are used in their construction. These bands offer insightful information on price volatility and possible trading opportunities in the cryptocurrency markets.
Here’s a step-by-step guide to constructing Bollinger Bands:
Step one: Calculate the SMA
Depending on their trading technique, traders choose a particular time frame for analysis, such as daily, hourly or another timeframe. For the selected time frame, previous closing prices for the cryptocurrency under examination are gathered. Since it indicates the last traded price at the conclusion of each time period, the closing price is frequently employed.
By adding up the closing prices for the chosen time period and dividing the total by the number of data points, the SMA is calculated. For instance, if traders were examining a cryptocurrency’s daily closing prices over a 20-day period, they would add up the closing prices from the previous 20 days, divide by 20, and then find the SMA for that day.
Step two: Calculate the SD
Traders determine the standard deviation of the closing prices during the same time period after computing the SMA. The standard deviation, which is crucial for assessing price volatility in cryptocurrency markets, quantifies the dispersion or variability of prices from the SMA.
Step three: Construct the upper and lower Bollinger Bands
The higher Bollinger Band is created by multiplying the SMA by the standard deviation. A typical multiplier is 2, although (as mentioned) this can be changed depending on the preferences of the traders and the state of the market. The same multiple of the SD is subtracted from the SMA to arrive at the lower Bollinger Band.
Step four: Plotting the Bollinger Bands on a price chart
Traders can plot the SMA, standard deviation, upper Bollinger Band and lower Bollinger Band on a price chart after calculating them. The centerline of the Bollinger Bands and the SMA is represented by the middle line. Plotting the upper and lower bands above and below the SMA creates a channel that encircles the price chart.
Step five: Interpretation
To understand how to use Bollinger Bands to trade cryptocurrencies, it is vital to interpret the price signals. For instance, when the price reaches or swings outside the upper band, it may signal an overbought condition and an opportunity to sell.
On the other hand, if the price touches or swings outside the lower band, it can be a sign that the market is oversold, presenting a potential buying opportunity. The bands’ breadth provides information on market volatility; broader bands denote higher volatility, while narrower bands denote lesser volatility.
The Bollinger Band Squeeze approach is based on the idea that times of low volatility in crypto prices (referred to as a “squeeze”) are frequently followed by periods of high volatility (referred to as an “expansion”). It works as follows:
Find the squeeze: Watch for times when the Bollinger Bands narrow and move in closer proximity, a sign of decreased price volatility.
Prepare for a breakout: After a squeeze, traders expect a strong price change. They don’t foresee the breakout’s direction, but they do get ready for it.
Entry points: Traders enter positions following price breakouts from Bollinger Bands (above upper band for up, below lower band for down), often using additional confirmation indicators, such as volume.
When the price reaches or breaks below the lower Bollinger Band, indicating an oversold scenario, traders might seek buy signals. In contrast, they view overbought conditions as sell signals when the price reaches or exceeds the upper Bollinger Band. However, it could be necessary to do more technical investigation and validation.
Bollinger Bands can be used by traders to determine when to close out a position. For instance, it may be an indication to take profits if traders are long on a cryptocurrency, and the price is approaching the upper band. In contrast, it might be time to close out the trade if they are short, and the price is getting close to the lower band.
Combining Bollinger Bands with other trading indicators
Bollinger Bands are frequently used by traders together with other indicators to complement their trading strategies.
Bollinger Bands and RSI
Combining Bollinger Bands and the relative strength index (RSI) might aid traders in spotting probable reversals. A probable slump may be indicated, for instance, if the price is nearing the upper Bollinger Band and the RSI shows overbought circumstances.
Bollinger Bands and analysis of trading volume can be used to corroborate price fluctuations. An increase in volume during a Bollinger Band breakout might strengthen the signal’s validity.
Bollinger Bands and moving averages
Moving averages are used in combination with Bollinger Bands by traders to add more context to trend analysis. Bollinger Bands and a moving average crossover approach, for instance, can support the confirmation of trend changes.
Limitations of Bollinger Bands for crypto traders
Bollinger Bands are a useful tool for cryptocurrency traders, but they also have some drawbacks. Firstly, they might produce false signals during times of minimal volatility or in markets that are moving strongly, which could result in losses. Secondly, traders must utilize other indicators or analysis techniques to confirm trend direction since they do not provide directional information on their own.
The efficacy of Bollinger Bands might also vary across different cryptocurrencies and timeframes. Additionally, unexpected market news or occurrences may result in price gaps that aren’t necessarily reflected in the bands, which may catch traders off guard.
Risk management strategies when using Bollinger Bands
As with any technical indicator, Bollinger Bands must be used by cryptocurrency traders in conjunction with thorough risk management and analysis. To reduce possible losses in the event that transactions go against them, traders should set up explicit stop-loss orders.
Position sizing is also essential; to avoid overexposure, traders should also allocate a certain amount of their cash to each trade. Moreover, risk can be reduced by diversifying among different cryptocurrencies and limiting the percentage of one’s entire capital that can be lost in a single trade.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Finally, Bollinger Bands should always be used in conjunction with other indicators for confirmation, as well as larger market patterns. Long-term success with Bollinger Bands depends on maintaining discipline and following a clear risk management strategy.
Over $440,000,000,000 in Bitcoin and Other Cryptos Could Be Wiped Out Before Market Bottoms Out: Nicholas Merten
A widely followed crypto analyst is warning that the total market capitalization of Bitcoin (BTC) and other digital assets could collapse. In a new strategy session, DataDash host Nicholas Merten tells his 512,000 YouTube subscribers that the total crypto market cap could see a whopping $440 billion decline from its current value. He also says […]
Coinbase holds 5% of all Bitcoin in existence: Data
While Coinbase holds $25 billion in BTC, the exchange only owns around $200 million of Bitcoin in its wallets.
Blockchain intelligence platform Arkham recently identified that crypto exchange Coinbase holds almost 1 million Bitcoin (BTC) in its wallets. The coins are worth more than $25 billion at current market prices for BTC.
According to Arkham, the exchange’s holdings amount to almost 5% of all existing Bitcoin. Arkham said that Coinbase holds a total of 947,755 BTC. At the moment, Bitcoin’s circulating supply is around 19,493,537, according to coin information website CoinGecko.
Arkham has now identified $25B of Coinbase Bitcoin reserves (~1M BTC) on chain.
This makes Coinbase the largest Bitcoin entity in the world on Arkham, with almost 5% of all BTC in existence – about as much as Satoshi Nakamoto. pic.twitter.com/7sDOczS7WT
Furthermore, Arkham also noted that it tagged and identified 36 million Bitcoin deposit and holding addresses used by the exchange. According to Arkham, Coinbase’s largest cold wallet holds around 10,000 BTC. Based on the exchange’s financial reports, the intelligence company believes that Coinbase has more Bitcoin that are not yet labeled and could not be identified.
While Coinbase holds over $25 billion in BTC in its wallets, the exchange only owns around 10,000 of all the Bitcoin it holds, which is worth roughly $200 million, according to recent data.
Meanwhile, community members expressed varying reactions to the news about the amount of Bitcoin the centralized exchange holds. Some believe it’s a sign to withdraw their BTC from exchanges, warning holders not to wait until exchanges start to halt withdrawals. Others say that since there are legitimate concerns over cold wallets, there’s no good way to store their assets.
When it comes to Bitcoin ownership by companies, business intelligence firm MicroStrategy still owns the most BTC. In earnings results posted on Aug. 1, the firm’s co-founder Michael Saylor declared that the company owns 152,800 BTC, worth over $4 billion at the time of writing.
This Catalyst Will Catapult Bitcoin and Have a ‘Dramatically’ Positive Impact on Altcoins: Anthony Scaramucci
SkyBridge Capital founder Anthony Scaramucci is detailing how one catalyst could have a bullish impact on Bitcoin (BTC) and other crypto assets. In an interview with The Wolf of All Streets’ Scott Melker, Scaramucci says that a spot Bitcoin exchange-traded fund (ETF) could be approved in the first quarter of 2024. According to the SkyBridge […]
Coinbase CEO warns against AI regulation, calls for decentralization
Coinbase CEO Brian Armstrong said decentralization and open-sourcing AI is a better alternative to regulating the space.
Brian Armstrong, the CEO of crypto exchange Coinbase, expressed his stance on artificial intelligence (AI) regulation in a recent post on the social media platform X (formerly Twitter).
On Sept. 23, Armstrong explained that he believes that AI should not be regulated. According to the Coinbase CEO, the AI space needs to develop as soon as possible because of reasons such as national security. In addition, Armstrong also noted that despite the best intentions of regulators, regulation “has unintended consequences,” arguing that it kills innovation and competition.
Count me as someone who believes AI should not be regulated
We need to make progress on it as fast as possible for many reasons (including national security). And the track record on regulation is that it has unintended consequences and kills competition/innovation, despite best…
The Coinbase executive cited the internet as an example. Armstrong believes there was a “golden age of innovation” on the internet and software because it was not regulated. The Coinbase CEO suggested the same should be applied to AI technology.
Furthermore, Armstrong also presented an alternative to regulation in terms of protecting the AI space. According to the executive, it would be better to “decentralize it and open source it to let the cat out of the bag.”
Meanwhile, various jurisdictions across the globe have either started to regulate AI or express concerns about its potential effects. On Aug. 15, China’s provisional guidelines for AI activity and management came into effect. The regulations were published on July 10 and were a joint effort between six of the country’s government agencies. This is the first set of AI rules implemented within the country amid the recent AI boom.
In the United Kingdom, the competition regulator studied AI in order to identify its potential impact on competition and consumers. On Sept. 18, the U.K.’s Competition and Markets Authority concluded that while AI has the potential to change people’s work and lives, the changes may happen too fast and could have a significant impact on competition.
Bitcoin miners double down on efficiency and renewable energy at the World Digital Mining Summit
Bitmain rolled out its efficiency-focused Antminer S21 at the WDMS and Bitcoin miners shared their plans for boosting productivity via green energy.
Bitmain rolled out its next generation Antminer S21 and S21 Hydro ASIC miners at the World Digital Mining Summit in Hong Kong on Sept 22, revealing the crucial performance stats that the entire industry has been waiting for. The S21 has a hasrate at 200 TH/s and an efficiency at 17.5 J/T while the S21 hydro hashes at 335 TH/s and 16 J/T which is notable given that until recently, most Bitcoin ASICS were operating above the 20 J/T level.
With electricity costs continuing to rise year-over-year and the Bitcoin halving projected to occur in April 2024, ASIC efficiency is quickly becoming the paramount focus of miners and many are also pivoting toward folding in renewable energy sources as a core component of their operations.
Bitcoin miners focus on efficiency and renewable energy
Sustainable development in the mining industry was a core theme discussed in a majority of the panels at the WDMS and in the opening roundtable team members from Terrawulf, Core Scientific, CleanSpark and Iris Energy shared their perspectives on how further integration of renewable energy sources will become a critical strategy to implement for many miners after the April 2024 Bitcoin supply halving.
According to Nazar Khan, Terrawulf COO,
“There’s a significant transition going on in the supply side of the generation process, there’s a concerted effort to decarbonize the entire supply stack and so when we talk about Bitocin miners consuming more renewable energy that’s part of a broader theme that’s happening across the United States without Bitcoin mining as well. The role that we play is locating our Bitcoin mining loads in places where that’s happening and how do we facilitate that decarbonization process.
One impact of the upcoming supply halving is that miners will maintain the same capital and operational costs, plus the need to pay down any revolving debts, while essentially seeing their block reward distribution cut in half.
For this reason, miners will either need to increase the percentage of their hashrate that is derived from sustainable energy sources or make efficiency adjustments to their ASIC fleet in order maintain or increase their profitability.
Regarding the rollout of the Antminer XP 21 and its potential impact on the mining industry, BMC founder Justin Kramer said:
“The S21, if reliable, fairly priced, and readily available, and yes,that’s a lot of if’s with Bitmain’s history, could revolutionize the crypto mining landscape with its efficiency. It is basically packing the power of two S19 100T miners into one unit. Despite this, the burgeoning aftermarket firmware market, coupled with hydro/immersion systems, give miners more tools to keep older generation miners, such as the S19, profitable also. Thus, while the S21 represents a notable advancement, it may not render sub 110 TH/s miners entirely obsolete.”
When asked about the more exciting aspects of the new S19 XP, Kramer noted that:
“I like that Bitmain is rewarding environmentally friendly mining farms with better pricing and advanced delivery with their new Carbon Neutral Certificate. But, I’ll add that, it was a little surprising when I noticed that both new S21 models offer 33% more hashrate (S21 200T versus 151T on S19j XP; S21 hydro is 335T versus the S19 XP Hydro at 257T). Is this a coincidence? I’m doubtful and it likely signals more of the same systematic model releases from Bitmain where a slight tweak to the firmware and maybe a few other items that are adjusted results in a moderate increase in hashrate and a brand-new miner.”
Bitcoin is en route to becoming an ESG asset
A theme of the past few years has been an increase in Bitcoin miners and BTC advocates pushing back against the assertion that Bitcoin mining is bad for the environment and that the industry’s reliance on carbon based energy production accelerates emissions.
Countering this perspective, Hong Kong Sustaintech Foundation Professor in Accounting and Finance, Haitian Lu bluntly announced that:
“Bitcoin mining is promoting renewable energy adoption in many areas.”
Lu explained that, “ver the years, Bitcoin mining has become more efficient and is also using cleaner energy. History tells us that human development from an agricultural society, to industrialization, to the the future of digitalized economy goes with every increasing energy consumption per capita. What makes the difference is human’s ability to use renewable energy increases, thus achieving sustainable development.”
Similar to the perspectives shared by other panelists, Lu said that Bitcoin miners participation in demand response agreements with power producers and distributors leads to energy grid efficiency and they “provide an economic incentive for the development of renewable energy “promotion and development of renewable energy projects.”
In addition to Bitcoin mining tapping into stranded energy, encouraging the development of renewable energy projects and helping to balance electric grids, the efficiency advancements of next generation ASICs like the Antminer S21 reduce miners’ energy consumption while also allowing them to boost their profits.
DeFi activity on the decline, but investment rolls in: Finance Redefined
The total value locked in DeFi plunged by nearly $5 billion in the past week, falling to $44 billion, according to DappRadar data.
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.
A new analysis by investment management fund VanEck revealed that economic activity in the DeFi sector dropped 15.5% in August. Blockchain Capital, on the other hand, announced two new crypto-focused funds totaling $580 million.
Balancer protocol blamed its recent exploit on its DNS service provider, claiming that a vulnerability in the code allowed the exploiters to hijack the front end, and Chainlink and Arbitrum have teamed up on decentralized application (DApp) development on Ethereum layer-2 scaling solution Arbitrum.
The top 100 DeFi tokens had a bearish week due to the market decline after the United States Federal Reserve’s interest rate pause, with most tokens trading in the red.
DeFi economic activity drops 15% in August —VanEck
The DeFi ecosystem suffered more setbacks in August as on-chain economic activity dwindled. According to an analysis from investment manager firm VanEck, exchange volume declined to $52.8 billion in August, 15.5% lower than in July.
The findings are based on VanEck’s MarketVector Decentralized Finance Leaders Index, which tracks the performance of the largest and most liquid tokens on DeFi protocols.
Blockchain Capital closes funds totaling $580 million for investments in crypto gaming, DeFi
Venture capital group Blockchain Capital announced two new funds, totalling $580 million, for investment in infrastructure, gaming, DeFi, and consumer and social technologies.
The funds will operate as Blockchain Capital’s sixth early-stage fund and its first “opportunity fund,” with the latter serving as an inroad to companies that have already secured major funding elsewhere.
Chainlink hits Ethereum layer-2 Arbitrum for cross-chain DApp development
Blockchain oracle network Chainlink has tapped into Ethereum layer-2 scaling protocol Arbitrum to drive cross-chain DApp development.
The two protocols announced the mainnet launch of the Chainlink Cross-Chain Interoperability Protocol (CCIP) on Arbitrum One on Sept. 21, giving developers access to Chainlink’s solution, which taps into Arbitrum’s high-throughput, low-cost scaling.
Balancer blames “social engineering attack” on DNS provider for website hijack
The team behind Balancer, an Ethereum-based automated market maker, believes a social engineering attack on its DNS service provider led to its website’s front end being compromised on Sept. 19, leading to an estimated $238,000 in crypto stolen.
“After investigation, it is clear that this was a social engineering attack on EuroDNS, the domain registrar used for .fi TLDs,” the firm explained in a Sept. 20 X (formerly Twitter) post. Approximately eight hours after the first warning of the attack, Balancer said its decentralized autonomous organization was actively addressing the DNS attack and was working to recover the Balancer UI.
Discord crypto trading bot shuts down after “critical exploit”
None Trading, a trading tool for cryptocurrencies and nonfungible tokens built on Discord, has shut down due to a “critical exploit” within its infrastructure.
In a Sept. 20 announcement, None Trading said it had “lost a significant amount of funding” as well as “team tokens” crucial for its operations. “Alongside this, we have lost three core team members who are required to keep the project running healthily. This unfortunate incident has put us in a financial and infrastructural position that makes it simply impossible to continue running the company effectively.”
Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a bearish week, with most tokens trading in the red on weekly charts. The total value locked into DeFi protocols reached $44 billion.
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
Is Ethereum Bottom In? Top Analyst Reveals the ‘No Questions Asked’ Level He Will Start Reaccumulating ETH
A top crypto analyst is detailing his outlook on Ethereum (ETH) amid tepid price movements in the crypto market. In a new video, pseudonymous analyst Bluntz says that Ethereum is likely witnessing the final stage of a corrective move while trading within an ascending triangle pattern. According to the analyst, Ethereum could print a bullish […]
Nifty News: Murakami to step back from NFTs, Dan Harmon’s NFT Show debut and more…
Takashi Murakami said he might step back from NFTs but stay involved in different ways, Krapoplis is set to debut on FOX this month and an NFT artist won a multi-million dollar contract dispute.
Murakami to wind back from NFTs
Acclaimed Japanese contemporary artist Takashi Murakami says he may not release anymore nonfungible tokens moving forward, after first jumping into the market in late 2021.
Murakami is a world-renowned artist that has a career spanning back to the late 1980s. He has released two NFTs collections to date, firstly with the Clone X collection in partnership with RTFKT in December 2021, and then with the Murakami.Flowers collection in May 2022.
Speaking with The Guardian in a Sept. 20 interview at the Asian Art Museum as part of his new solo art exhibition dubbed Unfamiliar People, Murakami simply stated:“Maybe I’m done releasing NFTs.”
Murakami.Flowers in particular proved to be a challenging project for the artist, as he delayed its launch to fine tune the project before eventually rolling it out May 2022, right as the crypto and NFT markets crashed.
With floor prices and sales being stagnant after launch, Murakami ultimately apologized to the people who bought his NFTs. However the community seemed to understand at the time, given that broader market factors were at play.
Still despite this, Murakami.Flowers has generated 26,713 Ether (ETH) or $42.52 million worth of secondary trading volume to date, with an NFT floor price of 0.36 ETH ($573) according to data from OpenSea.
NFT artist wins multi-million dollar contract dispute
NFT artist Danny Casale, also known as Coolman Coffeedan, has won a multimillion-dollar profit-sharing related contract dispute with Web3 art curators DigiArt.
As per a Sept. 22 report from ArtNet, Casale signed on to be repped by DigiArt back in May 2021, with the firm helping him gain exposure in exchange for a 50-50 split of his NFT sales and the exclusive “right to market and offer for sale all non-fungible tokens created by Casale” up until the contract expired on May 2, 2022.
However, DigiArt sued Casale in March 2023 over an alleged breach of contract after the artist launched an NFT project by himself on Dec. 21, 2021 called Coolman’s Universe.
The project consists of 10,000 cartoon avatar NFTs and to date, has gone on to generate 26,399 ETH ($42 million) worth of secondary sales according to data from OpenSea.
DigiArt alleged that Casale “wholly ignored his contractual obligations” by launching the project, but failed to list any specific monetary damages in the complaint. The firm also admitted to not attempting to enforce the agreement until months after the project had launched.
Additionally, DigiArt also did not provide a written start date on the contract with Casale, along with several other important details.
This ultimately led Judge Wendy Berger of the U.S. District Court for the Middle District of Florida, Orlando division to rule in favor of Casale and dismiss the case.
“The draft contained several blanks, including the effective date, the name of the artist, and the allocation of net sale proceeds…in the body of the e-mail, [DigiArt’s] representative stated that the profit split would be ’50/50’ ‘on initial NFT drops,’” the court document read.
Krapopolis’ long awaited debut
Krapopolis, the NFT-linked animated series from Rick and Morty co-creator Dan Harmon is finally set to air this month, after first being announced back in June 2021.
The show is set to debut with the first two episodes on FOX on Sept. 24, and will then feature on FOX’s Animation Domination series block alongside The Simpsons, Family Guy and Bob’s Burgers, starting from Oct. 1.
Krapopolis is a comedy set in ancient Greece that follows a “flawed family of humans, gods and monsters that try to run one of the world’s first cities without killing each other.”
The show’s NFTs are called “Krap Chickens,” and depict cartoon chicken avatars in the same art style as the show. There are 10,420 NFTs in total, and holders are given benefits such as voting rights for certain aspects of the show and exclusive rewards, content and experiences.
NFTs help rural artists gain exposure
While mainstream media outlets have recently captured attention by claiming that NFTs are “finally totally worthless,” a digital artist from rural Victoria, Australia has highlighted a key use-case for the tech; expanding the exposure of regional/remote creatives.
Speaking with the ABC on Sept. 22, Warracknabeal-based artist Ben Fowler emphasized that tokenizing his art work enabled him to reach a global audience and help his career grow from home, without ever having to move cities like Melbourne that are almost four hours away.
“I listed my piece Astral Travel Sickness … that sold in a matter of like three days, and at the equivalent of 0.34 Ether which at the time was worth about $930,” he said, adding that: “Then I added another one and it sold, and another … people kept resonating and buying it and I started meeting new people and it just took off.”
“[It] definitely empowers people from regional places who won’t be able to get out to places like Melbourne to create a career for themselves […] Artists don’t make much money unless they’re at a really high level, but it empowers low-level artists and creatives to cash in on some of this and earn what they’re worth, and that’s a beautiful thing.”
Proof of Play, a company led by Farmville co-creator Amitt Mahajan, raised $33 million to create Web3 games, according to a Sept. 21 announcement. Majahan is the CEO of Proof of Play, and Twitch co-founder Emmett Shear is a board member.