Cryptocurrency News by Tradecoind2

[tradecoind2]

Bankrupt crypto lender Celsius is set to undergo a pivotal vote on its proposal to sell its assets to the Fahrenheit consortium. The plan, which has gained court approval, suggests that could potentially recover anywhere between 67% and 85% of their holdings.

This approval signifies a significant milestone in Celsius' year-long journey towards emerging from bankruptcy and restituting funds to its clients. This period has been marked by considerable turbulence within the cryptocurrency markets, along with the arrest of the former CEO, Alex Mashinsky, on charges of fraud, which he vehemently denies.

Currently, Chris Ferraro is at the helm of the company as interim CEO, and he stated via email that their primary focus is on securing the best possible outcomes for both clients and creditors. This process is being conducted under the framework of Chapter 11 bankruptcy, initiated in July 2022, under the oversight of New York Bankruptcy Judge Martin Glenn.

Creditors will be dispatched ballots to cast their votes on the asset sale proposal, which involves partnering with entities like Arrington Capital and U.S. Bitcoin Corp. The voting period is to take place between August 24 and September 22. The potential returns for scheduled debt, preeminent in the form of bitcoin (BTC) and ether (ETH), could vary from 67% for holders of Earn Accounts to 85.6% participants in Celsius' Borrow Program. In contrast, opting for an asset liquidation would only yield 47%, as per information contained in court filings.

Historically, other bankruptcy resolutions in the crypto realm have overwhelmingly supporting restructuring plans. For instance, in the case of crypto lender Voger, a significant 97% of voted in favor of a sale Binance.US. However, this deal was ultimately abandoned by the buyer due to legal delays.

In July, Alex Mashinsky faced multiple charges, including securities fraud, commodities fraud, wire fraud, and conspiracy to manipulate Celsius' token CEL's price, leveled against him by various government agencies. Although the company itself was not prosecuted, as it admitted responsibility and cooperated, it disclosed that the $4.7 billion fine imposed by the Federal Trade Commission would not impede its plans to reimburse customers.

 

[tradecoind2]

Checkout.com Severs Ties with Binance Amid Compliance Concerns: A New Chapter Unfolds

In a recent revelation brought to light by Forbes, London-based credit card processing firm Checkout.com has taken a decisive step by terminating its collaboration with the world's largest cryptocurrency exchange, Binance. The move, underpinned by apprehensions surrounding money laundering and compliance, marks a pivotal development in the cryptocurrency landscape.

The decision was communicated through a series of correspondences from Checkout's CEO, Guillaume Pousaz, dated August 9 and 11. These letters underscored the company's deep-seated unease regarding regulatory actions in relevant jurisdictions and the inquiries emanating from partners. Notably, the second letter, sent merely two days after the first, accentuated further concerns, delving into issues related to Binance's anti-money laundering protocols, sanctions adherence, and overall compliance controls. As of August 17, the contract's termination has been executed.

Binance Reacts and Contemplates Legal Action

Interestingly, Checkout.com's move to disassociate itself from Binance closely follows Binance's recent decision to discontinue its crypto trading arm, Binance Connect—a venture that had previously garnered support from Checkout.com.

In response to this consequential development, Binance disputes the justifications cited for contract termination and is actively considering pursuing legal avenues. It asserts its dedication to the establishment of a robust compliance framework while concurrently fostering a sense of trust with regulators and collaborators. Dewi Mustajab, a spokesperson for the exchange, articulated this stance:

"Our journey towards building an industry-leading compliance program has been arduous, and we remain steadfast in our aim to earn regulators' and partners' confidence. Checkout's departure will not hinder our service provision."

However, the implications of this unfolding scenario cannot be downplayed. This juncture marks a significant setback for Binance, given that Checkout.com, formerly its largest patron, facilitated the processing of substantial Binance transactions amounting to billions of dollars.

Beyond its impact on Binance, the partnership held a pivotal role in elevating Checkout.com's stature as one of Europe's premier payment entities. It is noteworthy that Binance's engagement with other payment providers, including European firm PaySafe, was also cut short in June amidst regulatory scrutiny across various jurisdictions.

While the precise implications of this decision remain in the realm of speculation, it undeniably signifies a crucial turning point within the dynamic realm of crypto payments.

Binance's Challenge and Checkout.com's Crossroads

The tale of Binance's ongoing engagement with regulatory bodies takes on a new layer of complexity with the severing of ties with Checkout.com. This latest development only serves to deepen the challenges Binance faces in its efforts to rebuild trust and solidify its position within the market.

Conversely, Checkout.com now navigates the aftermath of its decision to part ways with a once-prominent client. As the cryptocurrency sector continues its evolutionary journey, the significance of compliance and security considerations in shaping its trajectory becomes increasingly evident.

BNB’s downtrend following the overall market crash, declining 5% in the past 24 hours on the daily chart. Source: BNBUSDT on TradingView.com

 

[tradecoind2]

Starting from August 24, will be provided ballot with votings, and they will have September 22 to express their support or opposition to the proposal. This timeframe of just under a month will determine whether the plan garners their approval.

Celsius Network is poised to hold a vote regarding its strategy to transfer its assets to the Fahrenheit consortium. This decision follows the court's endorsement of its disclosure statement and voting strategy on August 17.

This court approval marks a significant milestone in Celsius' year-long journey, which saw the company navigating the unpredictable shifts in the cryptocurrency market and grappling with the arrest of its former CEO, Alex Mashinsky, on fraud charges. Mashinsky has maintained his innocence against these allegations.

The court's ruling revolves around the disclosure statement linked to the joint reorganization proposal, asserting its alignment with the required standards. This document plays a crucial role in informing stakeholders about the plan, enabling them to make an educational choice before casting their vote.

The court has also given the green light to the procedures associated with collecting and requesting votes for the proposal. Part of this process involves delivering essential documents, including the voting ballots, to the relevant parties.

The structure of the ballots and the accompanying notifications has been meticulously refined, tested a clear and standardized voting procedure. Additionally, the court has approved the reimbursement of specific fees and expenses to the plan's sponsor.

The asset sale strategy by Celsius predicts returns ranging from 67% for Earn Account affiliates to about 85.6% for participants in the Celsius Lending Program. prediction, a liquidation of assets is projected to yield approximately 47% of the complete' initial investment in the company.

Creditors will be handed their ballots beginning August 24, and the final day for casting votes has been scheduled for September 22. This timeframe affords slightly less than a month to decide whether to endorse or oppose the plan.

According to the plan, the company will predominately receive payouts in cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

 

[tradecoind2]

Most crypto industry heavyweights have been bullish about the new decentralized social media app friend.tech, but some critics warn it’s getting too hot too quickly.
Friend.tech, a new decentralized social media (DeSo) app has rapidly become one of the hottest new things in crypto, with over 64,000 new users and more than 24,000 ETH in trading volume since its beta version launch of Aug. 11.
While many crypto industry heavyweights have praised the app for bringing thousands of people on-chain and inspiring sign-ups from even non-crypto figures — such as gaming YouTuber Faze Banks and Russian protest group Pussy Riot — some have warned it’s at risk of burning out.
Built on Coinbase’s layer-2 network Base, friend.tech is a platform that allows users to purchase shares of their friends and influencers, which in turn grants them access to a private chat with that user.
Speaking to Cointelegraph, crypto commentator Yazan pointed out a number of troubling factors that led him to believe the app has between six and eight weeks before both share prices and general activity begin to nosedive.

https://twitter.com/x/status/1693086023058694222

Yazan prices there has been an unsustainable rate at which share prices have increased.

“The fucked up market makes that guarantee that the app makes the most money along with creators — the price goes up too fast,” he said.

“How come there’s 100 holders and the price is 1 ETH — 1 ETH to be able to see a private chat?”

According to pseudonymous software engineer Cygaar in an Aug. 20 X thread, the price of someone's shares on friend.tech is proportional to the square of the outstanding supply. As the supply increases, the price increases exponentially.

https://twitter.com/x/status/1693030039816733143

Drawing parallels to BitClout — a predecessor DeSo app from 2021 — pseudonymous Web3 marketer Legendary shared his bearish prediction on the of longitude Friend.tech.

“Absolutely not. I think the platform will collapse as BitClout did. We are in a bear market, and there's nothing to do. Everyone jumps on an opportunity to make money, but I think the platform will be done within the next weeks to months,” he wrote.

The bull case for friend.tech
Others however, shared a far more positive outlook on the new decentralized social media platform, praising it for its novel developments in UX for crypto applications — something that crypto app developers have long quarreled to get right.

David Phelps, cofounder of Jokerace and EcoDAO, describes Friend.tech’s UX as the “greatest crypto has seen,” pointing to three main factors as to why the app was such a significant breakthrough for crypto.

First, the app doesn't require users to download via an app store account, which points more strongly to the idea of decentralization. Secondly, it bridges the funds to the app automatically, reducing the need for convoluted transactions.

Finally, the app allows users to deposit their ETH once and then buy and sell shares without ever having to sign a transaction again. The constant need to verify transactions via Metamask signatures has been a major criticism of many DApps in the crypto space.

Regardless of the varied predictions concerning the app's future success or failure, there's no denying that it has taken crypto by storm.

On Aug. 19, Friendtech announced that it had received seed round funding from crypto venture capital firm Paradigm, sparking a wave of speculation over a future airdrop and potential token launch.

https://twitter.com/x/status/1692588652172640666

According to data from DefiLlama, Friend.tech has generated $1.42 million in fees in the last 24 hours, and $4.2 million since its public launch.

Total Friend.tech fees and revenue since launch. Source: DeFiLlama

At the time of publication, the total revenue for the project stands at $1.88 million, and has witnessed over 724,000 transactions from more than 64,500 unique traders.

 

[tradecoind2]

Play-to-earn game Axie Infinity has seen an uptick in active wallets and transaction counts in the last month. However, this does not mean all is well with the struggling dApp.

Leading play-to-earn (P2E) blockchain game Axie Infinity [AXS] has seen a sharp increase in active wallets and transactions volume in the last month, according to data from DappRadar.

According to the on-chain data provider, the number of active wallets interacting with the decentralized application (dApp) increased by 60% in the last month, reaching 88,210. Likewise, the total number of transactions completed between these unique active wallets and the dApp’s smart contracts rallied to 1.13 million, jumping by 72.39% within the same period.

The increase in activity on Axie Infinity in the last 30 days is attributed to the series of ecosystem updates that have been introduced during that period, with the most notable being the reintroduction of its Streamer Rewards Program.

https://twitter.com/x/status/1692076211525267687

Axie Infinity relaunched this program after its first test pilot in February when it saw around 200 Axie creators logging a cumulative of 1,500+ stream hours. To drive traction, Axie Infinity increased the total prize pool from 300 AXS to 600 AXS.

The signs of ailing remain​

Despite the surge in active wallets and transactions count in the last month, a closer look at the protocol revealed a decline in transaction volume during the same period. Although the number of transactions completed on Axie Infinity increased by almost 75%, the fiat value of these transactions declined by 8.05%, data from DappRadar showed.

As a result, within the period under review, the total fiat value of assets in the dApp’s smart contracts fell by 17.37%.

Source: DappRadar

The significant decline in interest in P2E games has resulted in a sustained drop in the count of monthly new accounts on Axie Infinity. According to Dune Analytics, the number of new accounts created monthly on Axie Infinity plummeted by 9% between January and July.

Source: Dune Analytics

AXS needs help

Languishing under the control of the bears, the protocol’s governance token AXS also logged a 24% decline in value in the last month. At press time, the altcoin traded at $4.91, per data from CoinMarketCap.

Source: CoinMarketCap

An assessment of its price movements on a daily chart revealed that AXS remained oversold amongst daily traders. At press time, key momentum indicators rested below their respective center lines.

Its Relative Strength Index (RSI) was 25.83, while its Money Flow Index (MFI) was 20.34. At these values, sell-offs amongst AXS holders exceeded accumulation.

With the negative directional index (red) resting above the positive directional index (green), AXS bears had control of the market at press time.

Source: AXS/USDT on TradingView

 

[tradecoind2]

Bitcoin slightly increased on Monday morning, surpassing the US$26,000 mark after experiencing a decline of over 10% throughout the week. Ether also saw a rise, but it remained below the US$1,700 level following its losses from the previous week. Among the top 10 non-stablecoin cryptocurrencies, there was a mixed performance. Despite the U.S. Securities and Exchange Commission (SEC) intending to contest a June court ruling in favor of Ripple Labs, XRP emerged as a top gainer. However, the Forkast 500 NFT index dropped due to OpenSea's announcement that it would cease enforcing creator royalties starting from August 31. U.S. stock futures displayed little change following Wall Street's weekly losses at the end of last week.

Bitcoin's value increased by 0.28% in the last 24 hours, reaching US$26,178.36 at 07:30 a.m. in Hong Kong. However, it experienced a weekly loss of 10.68%, with the cryptocurrency hitting a two-month low of US$25,409.11 on Friday. Nevertheless, it managed to maintain its position above the US$26,000 support level during the weekend.

The surge in Bitcoin exchange-traded fund (ETF) expectations in the U.S. might be behind the recent decline. James Butterfill, the head of research at CoinShares, a European alternative asset manager, proposed this perspective. He mentioned that the market was adjusting to the realization that an immediate SEC approval for a Bitcoin ETF in the U.S. is unlikely. The stabilization of Bitcoin prices at pre-announcement levels was noted in contrast to the spike in June, driven by BlackRock's application for SEC approval of a Bitcoin ETF.

Various factors, including low volume and volatility in Bitcoin, rising U.S. treasury yields, and concerns about China's economy, contributed to the substantial weekly decline in Bitcoin's value, according to a CoinShares report.

The future outlook for the markets is a combination of opportunities and challenges. An expectation that the U.S. Federal Reserve won't raise rates further in September could positively impact Bitcoin's prospects. However, the delay of decisions on Grayscale ETF and BlackRock applications by the SEC might lead to investor disappointment, as per Butterfill.

Ether also experienced a rise of 0.85%, reaching US$1,683.57. Nonetheless, it maintained a weekly loss of 8.50%.

https://twitter.com/x/status/1692668467122487627

Reports suggest that the U.S. SEC could potentially approve several ETFs based on Ethereum futures by October 2023. Volatility Shares, Bitwise, Roundhill, and ProShares are among the investment firms that have applied for Ethereum ETF licenses.

The total market capitalization of the crypto market increased by 0.45% in the past 24 hours to reach US$1.06 trillion. However, trading volume declined by 13.09% to US$21.67 billion.

 

[tradecoind2]

Significant holders of Dogecoin (DOGE) have swiftly transferred substantial amounts of the meme-inspired cryptocurrency as it rebounds from its lowest value this month.

The blockchain tracking platform, Whale Alert, detected substantial Dogecoin transactions amounting to 776,351,068 DOGE valued at $48.47 million.

Among these notable transactions, the most substantial involves a crypto whale moving 308,390,532 DOGE worth $19.22 million from Binance to an undisclosed wallet. Interestingly, the transfer incurred negligible fees.

Another transaction saw a large sum of 253,419,377 DOGE valued at $16.05 million transferred from the retail trading platform Robinhood to an unknown wallet. This transaction incurred a processing fee of about $0.28.

In a separate transfer, a prominent Dogecoin holder moved 129,673,539 DOGE worth $7.90 million from Robinhood to a wallet of undisclosed origin. This transaction carried a fee of $0.57.

Additionally, 84,867,620 DOGE valued at $5.30 million was moved from an unidentified wallet to Robinhood, with the processing fee being less than $0.10. This particular movement might indicate a potential intention to sell the DOGE on the open market, given that it was transferred to an exchange.

These notable Dogecoin transactions coincide with the cryptocurrency's effort to recover from the market challenges it faced the previous week. On August 18th, Dogecoin dropped to a monthly low of $0.059 during a broader crypto market decline. However, DOGE has since rebounded and is currently trading at $0.064 as of the time of writing.

 

[tradecoind2]

Bankman-Fried is scheduled to be tried in October.
The U.S. Department of Justice provided jury instructions for Sam Bankman-Fried's October trial.
Prosecutors submitted the document, titled “the government’s requests to charge,” on Monday.
The filing adapts from past statements from Judge Lewis Kaplan, who oversees Bankman-Fried's case.
FTX founder is facing seven charges, including wire, securities, commodities fraud conspiracy, and money laundering.
The filing explains the distinctions between “substantive crimes” and “crimes of conspiracy.”
“Substantive crimes” involve actual or attempted offense, while conspiracy charges entail an agreement with another individual.
The proposed jury instructions outline key considerations for a conviction, including a fraud scheme, defendant's knowing and willful participation, and use of interstate wires (including the internet).
Bankman-Fried's trial is scheduled for early October.
He was recently jailed for violating bail conditions by contacting FTX.US general counsel Ryne Miller and sharing information from former Alameda Research CEO Caroline Ellison’s diary with the New York Times.

 

[tradecoind2]

The total value locked (TVL) in Starknet, a layer-2 scaling solution for Ethereum using ZK-Rollup, has decreased by nearly 50%, according to L2Beat data on August 21.

The contraction in Starknet’s TVL stands at around $98 million, down from over $203 million on August 16.

Starknet Activity: L2Beat

Starknet employs zero-knowledge (ZK) in its rollups for improved privacy. It is not ZK-EVM, requiring the use of Cairo, a language designed for ZK-Rollups, for deploying general-purpose smart contracts.

StarkNet’s activity has been increasing, but its transaction processing speed (TPS) is relatively lower than Ethereum’s. As of August 21, StarkNet had a TPS of 4.8 compared to Ethereum's 10.9.

Despite lower TPS, StarkNet processed over 9.2 million transactions in the past 30 days. Ethereum averages over 1 million transactions daily.

Starknet Activity: L2Beat

The reason for StarkNet’s TVL decline is unclear, with no reported hacks or platform weaknesses.

There might be a correlation between Ethereum price drops and the contraction in StarkNet’s TVL, as price drops tend to affect on-chain activity.

Starknet decentralized its feeder gateway on August 20, allowing nodes in Papyrus, Pathfinder, and Juno to take over. This move aims to enhance reliability and security and improve user experience by supporting JSON RPC protocol for interactions with the Starknet state.

 

[tradecoind2]

Thailand’s digital minister has expressed his intention to obtain a court order for the shutdown of Facebook in the country unless the platform addresses the issue of alleged scams.

The Thai government plans to secure a court-issued shutdown order against Facebook if the social media giant does not take effective measures to combat the proliferation of fraudulent investment and cryptocurrency scam advertisements on its platform.

As of August 21, the Ministry of Digital Economy and Society (MDES) revealed that more than 200,000 individuals had fallen victim to deceptive Facebook ads promoting crypto-related scams, false investment opportunities, and counterfeit government entities like the Securities and Exchange Commission.

The fraudulent actors behind these schemes utilized a range of tactics, including promoting crypto investment and trading scams. Some of these ads reportedly employed images of celebrities and notable financial figures, coupled with promises of daily returns as high as 30%, in order to entice unsuspecting individuals into the fraudulent schemes.

MDES Minister Chaiwut Thanakamanusorn stated that the ministry had engaged in discussions with Facebook, which is owned by Meta, and had sent a letter regarding the matter. However, the ministry alleges that the platform is not adequately screening its advertisers.

Chaiwut Thanakamanusorn at an Aug. 21 press conference regarding the ministry’s planned court action against Facebook. Source: MDES


Currently, the ministry is in the process of compiling evidence related to the scam ads, which are said to number over 5,300. By the end of the month, the ministry intends to petition the court for permission to shut down Facebook within a seven-day timeframe.

In light of these scams, the ministry issued a warning to consumers, advising them to exercise caution when encountering promises of unusually high and guaranteed returns. Additionally, ads featuring images of well-known figures should be viewed skeptically.

Investment opportunities that exert pressure or offer incentives to make swift investments with limited time frames should also be approached with caution. Similarly, businesses or platforms lacking verifiable information should raise red flags.

Cointelegraph attempted to reach out to Meta for comment but did not receive an immediate response.

 

[tradecoind2]

Bitcoin and Ether experienced stabilization during Tuesday morning in Asia after a drop below the key US$26,000 support level overnight. Ether also maintained its position above the US$1,600 mark. However, other top 10 non-stablecoin cryptocurrencies either traded flat or showed lower values. Among them, Polygon's Matic token saw the most significant decline.

CoinShares, an alternative asset manager, reported a digital asset investment product outflow of US$55 million in the previous week. This comes as the U.S. Bitcoin exchange-traded fund (ETF) applications have been stuck in a stalemate, which has impacted market sentiment.

The Forkast 500 NFT index continued its downward trend due to NFT marketplace OpenSea's decision to stop enforcing creator royalties. U.S. stock futures were also trading lower following a mixed performance on Wall Street the previous day.

Bitcoin experienced a slight 0.10% dip over the past 24 hours, reaching US$26,133.35 as of 07:30 a.m. in Hong Kong. This extended its weekly loss to 11.12%. While it briefly dropped to a low of US$25,846.09, it managed to climb back above US$26,000 later in the night.

Justin d’Anethan, head of Asia-Pacific business development at Keyrock, a crypto market maker based in Belgium, mentioned, "Many investors were understandably spooked by last week’s rapid rise in volatility and the subsequent price fall, which now means that a positive mood will only be just enough to keep crypto markets where they are."

Matteo Greco, a research analyst at Fineqia International, attributed the recent Bitcoin price decline to a correction after the hype surrounding ETFs in the U.S. Greco also noted the disappearance of the fear-of-missing-out (FOMO) sentiment that followed the Blackrock filing for their BTC Spot ETF.

The crypto market's low liquidity played a role in the slide, as limited trading volume prompted market makers to temporarily reduce their activities.

Ether's price also fell by 0.84% to US$1,667.73, resulting in a 9.55% drop over the past week.

The rest of the top 10 non-stablecoin cryptocurrencies experienced declines in the past 24 hours. Matic, the token associated with Polygon, recorded the largest loss with a 3.53% decrease to US$0.5589, contributing to a weekly loss of 17.81%.

According to a CoinShares report, digital asset investment products saw a US$55 million outflow in the week ending on August 18, following a US$29 million inflow the previous week. Bitcoin-linked investment products accounted for most of the outflow, totaling US$42 million. Ethereum, Polygon, Litecoin, and Polkadot also experienced outflows, while XRP-linked inflows amounted to US$1.2 million.

The total crypto market capitalization declined by 0.62% over the past 24 hours to reach US$1.05 trillion. However, trading volume increased by 35.31% to US$29.31 billion.

 

[tradecoind2]

In a recent development, THORChain (RUNE), the liquidity network, has unveiled its lending feature, enabling users to leverage their native Layer-1 (L1) assets, such as Bitcoin (BTC) and Ethereum (ETH), to secure loans denominated in TOR, a USD equivalent stablecoin.

According to the announcement, this move opens up new avenues for financial participation, allowing users to borrow funds without the “burdens” of interest, liquidations, or expiration.

THORChain Introduces Interest-Free Loans​

The lending process is designed to be user-friendly and “straightforward,” focusing on minimizing cognitive burden.

Depending on prevailing market conditions, borrowers can collateralize their assets within a range of collateralization ratios (CR), ranging from 200% to 500%. The CR determines the amount of debt borrowers can receive in proportion to their collateral.

One of the critical advantages of THORChain’s lending protocol is the absence of interest charges. By eliminating interest, the protocol encourages borrowers to hold onto their loans for extended periods, thereby increasing the equity value of the protocol.

This approach aims to align the interests of borrowers with the protocol itself, fostering a mutually beneficial ecosystem.

Furthermore, THORChain’s lending system does not involve liquidations. In traditional lending models, borrowers risk having their collateral forcibly sold if its value falls below a certain threshold. However, THORChain’s design eliminates this risk by treating the collateral as equity (RUNE IOU).

Consequently, if the collateral falls below the debt value, it does not pose a problem, as the stored equity acts as the liability. Per the report, this approach ensures a more user-friendly experience and eliminates the need for borrowers to monitor asset prices constantly.

The loans issued through THORChain’s lending feature have a minimum period of 30 days, providing borrowers with flexibility.

Repayment can occur anytime after the initial 30-day period, allowing borrowers to manage their debt according to their circumstances. Partial repayments are also possible, although the collateral is not released until the debt is fully repaid.

THORChain’s Circuit Breaker System​

To enhance security and protect against inflation, THORChain has implemented a circuit breaker mechanism.

In the event of a drastic drop in RUNE’s price-native token of the THORchain network- against collateral assets such as BTC and ETH, which could lead to net inflation of RUNE, the system will pause new loans and disable the lending feature.

At this point, no further inflation of RUNE can occur, and the protocol’s reserve will cover the remaining collateral payouts.

Initially, the lending feature will support BTC and ETH collateral, with plans to expand to other Layer 1 gas assets, including Binance Coin (BNB), Litecoin (LTC), Avalanche (AVAX), and DOGE.

According to the announcement, this expansion will further diversify borrowing options, accommodating a broader range of users and assets.

Overall, with the introduction of the lending feature, THORChain takes a significant step toward expanding financial opportunities within its liquidity network.

RUNE’s decline on the daily chart. Source: RUNEUSDT on TradingView.com


As of the latest update, THORChain’s native token, RUNE, has experienced a decline of nearly 8% within the past 24 hours, currently trading at $1.694, despite the anticipation surrounding the announcement of the new lending protocol.

Nevertheless, the token has successfully maintained substantial gains of 20% and 80% over the past seven and fourteen days, respectively, attributed to a simultaneous increase in the social volume of the THORChain cryptocurrency.

Featured image from iStock, chart from TradingView.com

 

[tradecoind2]

The Reserve Bank of Australia (RBA) has recently concluded its pilot program for a central bank digital currency (CBDC) and highlighted four key areas that could benefit from the introduction of such a digital currency.

During the pilot, the RBA explored various use cases for a potential digital version of the Australian Dollar (e-AUD), identifying four primary areas where a CBDC could have a positive impact. These areas include facilitating complex payments and the tokenization of assets.

In collaboration with the Digital Finance Cooperative Research Center (DFCRC), the RBA released a report on August 23 summarizing their findings. The report not only discussed scenarios where a CBDC was advantageous but also presented instances where a CBDC might not be the exclusive solution for achieving a particular use case.

One of the key findings was the potential for a tokenized CBDC to enable more sophisticated payment arrangements that were not feasible within the current payment systems. This suggests that a CBDC could lead to the facilitation of more intricate payment processes.

Furthermore, the report highlights the possibility of a CBDC supporting innovation within financial markets, especially in areas like debt securities markets. It also notes that the introduction of a CBDC could drive innovation within emerging sectors of private digital currency and contribute to resilience and inclusivity in the overall digital economy.

It's worth noting that the CBDC pilot program took a unique approach by structuring the digital currency as a real legal claim on the RBA, rather than just a proof-of-concept. This approach raised questions about the legal status and regulatory treatment of the pilot CBDC, creating uncertainty for participants.

The pilot found a CBDC could be useful in four main areas, including for some payments and asset tokenization. Source: RBA

The report acknowledges the challenges arising from this approach, with some participants unsure whether they were engaged in custody services or regulated financial product activities due to their involvement with the pilot CBDC. The report emphasizes the issues of anticipating and resolving such through legal and regulatory issues before the application of a CBDC.

In conclusion, the RBA's CBDC pilot program examined potential use cases for a central bank-issued digital currency and identified four main areas where it could offer benefits, including complex payments and asset tokenization. The findings, released in collaboration with DFCRC, highlighted both the advantages and challenges associated with CBDC implementation.

 

[tradecoind2]

According to findings from Lookonchain, a blockchain tracker, a trader using the decentralized exchange (DEX) GMX managed to generate profits exceeding $1 million through accurate predictions of Ethereum's (ETH) price movements over recent weeks.

On July 14th, when Ethereum was trading near its recent peak at approximately $2,000, the trader executed a short position on ETH. Subsequently, as the market experienced a crash last Thursday, the trader closed this short position, resulting in a nearly $1 million gain.

Following this success, the trader entered a long position on Ethereum at an entry price of $1,624. As of the current moment, this position has yielded a profit of $145,721.

At present, Ethereum is valued at $1,667. Over the last 24 hours, the cryptocurrency, ranked second by market capitalization, has dropped by 0.75%. Additionally, it has seen a decrease of over 9.6% in the past seven days.

GMX specializes in perpetual futures and aims to provide users with minimal swap fees and trades that have a low impact on prices. The DEX is operational on the Ethereum scaling solution Arbitrum (ARB) and the smart contract platform Avalanche (AVAX).

Although the aforementioned trader achieved substantial gains, Lookonchain highlights that not all GMX traders experienced similar success. Another trader, for instance, took a long position on Bitcoin (BTC) before the recent market crash and, at the time of reporting, had incurred losses of approximately $1.07 million. Data from GMX indicates that this trader is still holding onto the position despite being in the negative.

 

[tradecoind2]

Shytoshi Kusama, the lead developer of Shibarium, Shiba Inu’s Ethereum-based Layer 2 scaling solution, has shared his latest update on his efforts to relaunch the protocol following the crash.

According to Kusama, the core team has been testing Shibarium for the past two days, while also paying attention to tweaking L2’s parameters to bring it into a “ready” state, where it is currently being improved and optimized.

Shibarium struggled on its first day of launch last week, when the chain stopped producing blocks that the team said was due to heavy traffic they didn’t prepare for.

With the disappointment following Shibarium’s launch, the team started to do better and even called on other project engineers to join the effort to scale Shibarium.

Based on the current update from Kusama, the protocol is still in beta, although it is still generating blocks. He noted that a new monitoring system has been activated along with “additional safety measures including rate limiting at the RPC level and automatic server reset in case of high levels of traffic recorded. .”

Kusama promises that Shibarium is almost ready to reopen and emphasizes that there are plans to bring additional validators online, creating more space for BONE holders to stake their tokens.

Second chance is better ​

The dramatic launch and pause of Shibarium is an uncommon occurrence in the Web3.0 ecosystem as most projects, especially the Layer 2 network on Ethereum, often go to great lengths to exceed expectations. community.

Shibarium is getting a second chance of its own, the SHIB army is anticipating whether the protocol will truly reach its full potential, as has been demonstrated over the past few months.

 

[tradecoind2]

Bitcoin price has plummeted in the past 24 hours after reports emerged that Elon Musk’s SpaceX had recorded a drop of over $370 million in Bitcoin holdings.

News of this large-scale sell-off caused a widespread shockwave in the crypto market, prompting many to rush to sell their $BTC.

On the other hand, many Bitcoin investors are now looking for alternatives with a more stable price outlook – and two names emerging to make this possible task are Sonik Coin and Wall Street Memes.

Bitcoin Price Dropped Below Important EMA During Downtrend​

The Bitcoin price dropped nearly 10% yesterday, and is currently hovering around the $26,000 mark – a low not seen since June 16.

At the time of writing, the Bitcoin price has recovered somewhat and is trading just above the $27,000 price point.

However, during the coin’s price decline, this is the first time since March that its price has fallen past the important 200-day Exponential Moving Average (EMA).

Historically, the 200-day EMA has been an important indicator for Bitcoin, often acting as a support or resistance line that traders often keep a close eye on.

SpaceX sell-off and rising bond yields send $BTC price down​

A number of factors have combined to drive Bitcoin’s ongoing sell-off, although the main driver for the drop this time around seems to be reports suggesting that SpaceX has sold a large amount of BTC.

As noted in a news article from Cointelegraph, SpaceX recorded a staggering $373 million Bitcoin price drop throughout 2021 and 2022.

While it is not possible to confirm whether all of the Bitcoins have been sold, the mere possibility is that it has caused concerns in the crypto market.

Elon Musk – CEO of SpaceX and who previously bought Bitcoin for Tesla but also chose to sell off a significant portion of the company’s BItcoin holdings by 2022.

With Musk’s pro-crypto stance, this move by SpaceX has surprised many investors and led to heightened market volatility.

This volatility was further fueled by a spike in US bond yields, suggesting that investors are leaning towards traditional safe-haven assets.

Naturally, this has impacted the crypto market. Bitcoin and other major altcoins are also experiencing price declines as investors seek stability in the face of ongoing macroeconomic uncertainty.

Exciting Coin Meme Sonik Launches Presale & Targets $100K Milestone as Supported by Traders Despite Bear Market​

However, amid the current chaos, an up-and-coming player called Sonik Coin ($SONIK) has attracted the attention of many investors.

Emerging as a potential alternative to Bitcoin, $SONIK presents a playful brand, with ambitions to reach a $100 million market cap the fastest.

Currently, the Sonik coin is in a limited-time pre-sale, aiming to raise over $2 million in capital.

Investors can purchase $SONIK through this presale for $0.000014, before the $SONIK token is listed on Uniswap.

Crucially, the Sonik coin team has a plan to bring the world’s utility to the $SONIK token by introducing staking, with 40% of the total token supply going to be used as rewards by the token holders. staking.

As noted on the Sonik Coin staking dashboard, the APY is currently 522%, with over 4.5 billion SONIK tokens already staking.

Sonik Coin’s unique brand and built-in utility have caught the eye of some prominent names in the crypto space.

YouTube analyst Jacob Bury with nearly 21,000 subscribers has uploaded a video of himself about the $SONIK token, stating that Sonik is one of his top 5 cryptocurrencies worth buying. in August 2023.

Sonik pre-sale access

Wall Street Memes Community Continues to Grow as Pre-Sell Nears $25 Million – This Token Expected to Grow 10x​

Wall Street Memes is another new meme coin, and it has been gaining traction recently in the crypto community.

The project’s pre-sale has now raised close to $25 million, while investor talk is also growing about the prospect of $WSM as it hits the open market.

The Wall Street Memes pre-sale is currently in its penultimate stage, with tokens being offered for sale for

Much of the initial success of Wall Street Memes has been attributed to the project’s massive online community of more than 1.1 million followers globally.

This community of “degens” spans platforms like Twitter and Instagram, and it has helped draw significant attention to the $WSM project.

Tech mogul Elon Musk even interacted with Wall Street Memes on Twitter, which further cemented the project’s credibility.

Going forward, the developers of Wall Street Memes plan to launch the token on Tier 1 exchanges after the pre-sale ends.

The developers expect $WSM to reach a market cap of $1 billion – an ambitious goal that reflects their faith in the project.

As Wall Street Memes continue to gain traction, many believe the project is positioning itself as an important player in the coin meme space. Many traders, including the likes of Michael Wrubel, also backed the $WSM token to see it gain 10x and more when it was first listed on the exchange.

 

[tradecoind2]

Over the past few months, Bitcoin traders seem to have gotten more used to the low volatility of the market. But historically, it is not uncommon for the price of the market leading cryptocurrency to fluctuate by 10% in just two or three days. The recent 11.4 percent correction from $29,340 to $25,980 in three days, August 15 to August 18, caught many by surprise, resulting in the largest liquidation since the FTX crash in November 2022. But the question is: Is this adjustment significant in terms of market structure?

Some experts point to reduced liquidity as the cause of the recent spike in volatility, but is that the case?

https://twitter.com/x/status/1692068747874373632

As indicated by the Kaiko Data chart, Bitcoin’s 2% drop reflects the market’s decreasing volatility. It is possible that market makers have adjusted their algorithms to match prevailing market conditions. Therefore, diving into the derivatives market to gauge the impact of BTC’s drop to $26,000 seems reasonable. This assessment is intended to determine whether whales and market makers are exhibiting bearish sentiment. Or are they asking for higher premiums for their hedging strategies.

Traders should identify similar cases in the recent past, and two events stand out:

Bitcoin/USD Price Index, 2023 | Source: TradingView

The first drop took place between March 8 and March 10, causing Bitcoin to plummet 11.4% to $19,600, marking its lowest level in more than 7 weeks at the time. This correction comes after the collapse of Silvergate Bank, a key operating partner of many crypto companies.

The next major move occurred between April 19 and April 21, resulting in a 10.4% drop in price. BTC has returned to $27,250 for the first time in more than three weeks after Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), testified before the House Financial Services Committee.

Not all 10% offs are the same​

Bitcoin quarterly futures often tend to trade at a slight premium when compared to the spot market. This reflects the seller’s tendency to receive additional compensation to delay settlement. In a healthy market, BTC futures contracts trade at an annual premium that ranges from 5 to 10%. This situation is known as “contango” and is not new to the cryptocurrency sector either.

Bitcoin Futures Premium 3 Months, March/April 2023 | Source: Laevitas

Prior to the March 8 crash, Bitcoin futures premium was at 3.5%, indicating a moderate level of comfort. However, as the Bitcoin price fell below $20,000, the feeling of pessimism increased, causing the premium to move to -3.5%. This phenomenon, known as “backwardation,” is typical of bear markets.

In contrast, the April 19 correction had minimal impact on the main Bitcoin futures metric, with the premium remaining around 3.5% as BTC price retraces back to $27,250. This implies that professional traders are very confident in the soundness of the market structure or are well prepared for a 10.4% correction.

The 11.4% BTC crash from August 15 to August 18 shows a marked difference from previous cases. The starting point for a higher Bitcoin futures premium, breaking through the 5% neutral threshold.

 

[tradecoind2]

“Shiba Inu’s Resurgence: A Glimpse into the Crypto Roller Coaster”

In the vast and unpredictable realm of cryptocurrencies, few tokens have captured attention and imagination like Shiba Inu (SHIB). A paragon of the meme coin phenomenon, SHIB has once again stormed into the headlines, hinting at a potential second act in its tumultuous journey. Recent data illuminates its remarkable comeback story, with SHIB surging beyond the $0.000008 threshold, presently hovering around $0.00000821. This spirited revival gains even more significance against the backdrop of a broader rally in meme coins, painting a compelling narrative of resilience and change.

At the heart of this resurgence lies not only market dynamics but also the bustling Shiba Inu ecosystem itself. The emergence of Shibarium, the coin’s Layer 2 scaling solution, has sparked a flurry of activity. However, this advancement encountered its own share of trials as over 1,000 ETH became ensnared in the bridge on its debut day. This hiccup triggered debates about the project’s technical robustness, a reminder that even in the midst of progress, challenges abound.

Nevertheless, beyond its internal ebb and flow, SHIB’s journey is interwoven with larger market forces. A recent ripple effect (pun intended) from the SEC’s victory over Ripple in a landmark appeal reverberated across the crypto sphere. This legal triumph recast XRP as a non-security, setting a precedent that could ripple out to other cryptocurrencies, including meme tokens like SHIB. XRP’s own tale has been one of courtroom drama and market volatility, trading now at approximately $0.519. The seesawing of XRP’s fortunes following the SEC ruling showcases the delicate balance between regulatory scrutiny and investor sentiment.

The narrative of XRP’s rise, fall, and impending SEC appeal adds a layer of uncertainty to the broader crypto tableau. The emotional roller coaster experienced by XRP holders underscores the nuanced relationship between market psychology and regulatory decisions. The Relative Strength Index (RSI), a gauge of momentum and price movement, enters the conversation as analysts pore over its fluctuations. The dip in XRP’s RSI suggests potential buying opportunities, a glimmer of hope for holders yearning for a resurgence.

Not far from this drama, Ethereum (ETH), the cryptocurrency giant, embarks on its own narrative arc. Emerging from a dip to $1,580, Ethereum orchestrated an inspiring rebound, nearing the $1,700 benchmark. This recovery breathed sighs of relief into the investing community, rekindling hope amidst uncertainty. As traders consult indicators like the Exponential Moving Average (EMA), Ethereum’s dance around the weekly 200 EMA at $1,618 is emblematic of the fine balance between support and resistance.

Yet, the crypto landscape remains as capricious as ever. EMAs, while informative, are not infallible predictors; they reflect historical averages and sometimes lag behind rapidly changing market dynamics. Ethereum’s dance above the $1,618 EMA presents an enticing possibility, but the digital realm’s capricious nature necessitates cautious optimism.

In a space where volatility is the norm and narratives shift like the wind, Shiba Inu’s resurgence, XRP’s legal tussle, and Ethereum’s rebound form a trifecta of stories. The crypto arena, a theater of innovation, speculation, and regulation, continues to captivate and confound, leaving observers and participants on the edge of their digital seats.”

 

[tradecoind2]

In spite of Bitcoin's loss of its legal tender status, the Central African Republic (CAR) is unwavering in its commitment to the realm of cryptocurrencies.

Despite a lukewarm reception towards Sango Coin, the domestically developed digital currency, CAR has set the stage for a pioneering move towards tokenizing its abundant natural resources.

https://twitter.com/x/status/1693681573776826473

Recently disclosed by the Sango project team, this initiative heralds what they proclaim as a "new era of financial empowerment through blockchain technology." CAR's legislative authority has given the green light for the tokenization of its land and valuable resources, aiming to position the nation as a favorable business destination within the African continent.

This legislative measure also paves the way for a more streamlined process of acquiring online business licenses and electronic visas, catering to both local and international enterprises. Once these licenses are procured, businesses can seamlessly operate within the Sango platform, harnessing the potential of blockchain, as highlighted by the Sango team.

The Sango project, initiated in the past year, was conceived with resource tokenization as its core objective. The project's focal point is enabling investment in CAR via Sango Coin, a state-backed token intricately tied to Bitcoin on an independent sidechain network that stands apart from the concept of a Central Bank Digital Currency (CBDC).

However, CAR's Constitutional Court ruled the purchase of land and citizenship using the token to be unconstitutional merely two months after the commencement of the token's Initial Coin Offering (ICO).

The ICO itself faced underwhelming reception. Despite the offering of 200 million Sango Coins at an initial price of $0.10 during its initial phase, the government managed to sell less than 8 million coins to its citizens during that period.

In April of the following year, CAR garnered attention by becoming the second nation, after El Salvador, to recognize Bitcoin as a legal tender alongside the CFA Franc. However, this legislation was overturned roughly a year later.

Nevertheless, President Faustin-Archange remains steadfast in his enthusiasm for cryptocurrencies, with the Sango project attributing the adoption of the new law to his leadership.

The resolute stance of President Faustin-Archange mirrors that of El Salvador's President Nayib Bukele, who consistently pushed back against external criticisms of adopting Bitcoin as legal tender in his own country. In the wake of this decision, El Salvador has initiated Bitcoin-focused education and mining programs, while the President has enlisted well-known Bitcoin advocates as personal advisors.

 

[tradecoind2]

NFT aggregator Rarible said by October it would cut off aggregate orders from competitors that don’t enforce royalties, such as OpenSea.
Nonfungible token (NFT) marketplace Rarible has seen a substantial uptick in trading volume over 24 hours following a public statement in support of maintaining NFT creator royalties.
It comes as competitor NFT marketplaces such as OpenSea have rewound support for royalties and royalty enforcement — prompting other NFT projects to also begin rewinding support for OpenSea.
Data from the analytics platform DappRadar shows that 24-hour fiat trading volume on Rarible reached $1,500 across 38 sales for Aug. 23, clocking a 653% increase from the day before.

https://twitter.com/x/status/1694377531070189665

While the figures are small relative to its competitors over the same period, Rarible’s 653% volume increase beat out OpenSea — which saw a 15% trading volume drop over 24 hours — and LooksRare and X2Y2 with respective 24-hour volume increases of 5.8% and 14%.
Rarible’s volume rise follows co-founder Alex Salnikov stating on Aug. 22 that it “will no longer support marketplaces that neglect royalties” and by Sep. 30 it won’t aggregate orders from OpenSea, LooksRare or X2Y2.

https://twitter.com/x/status/1693953129656496514

“This space is about redefining the paradigm in which creativity is valued and compensated,” Salnikov said. “We cannot continue to standby as that promise is taken away.”
In February, OpenSea scrapped enforcing NFT creator royalties — admitting it lost ground to Blur, another popular NFT marketplace that doesn’t enforce creator royalties.
On Aug. 17, OpenSea announced it would shutter its royalty enforcement tool allowing creators to blacklist non-royalty enforcing marketplaces due to a lack of adoption.
Meanwhile, royalties earned by Ethereum-based NFT projects hit a two-year low according to July data from analytics firm Nansen.