Ethereum price is struggling to recover above $1,650 against the US Dollar. ETH is showing bearish signs and might dive below the $1,600 support. Ethereum failed to gain strength for a move above the $1,650 zone. The price is trading below $1,640 and the 100-hourly Simple Moving Average. There are two bearish trend lines forming with resistance near $1,630 and $1,640 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate lower if the bears push it below the $1,600 support. Ethereum Price Remains At Risk Ethereum’s price attempted a recovery wave from the $1,600 support zone. ETH price climbed above the $1,630 level but the bears were active near the $1,650 zone, like Bitcoin. The price is again moving lower and showing bearish signs. There are also two bearish trend lines forming with resistance near $1,630 and $1,640 on the hourly chart of ETH/USD. Ether is now trading below $1,640 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,630 level and the first trend line. The next resistance is near the $1,640 level, the second trend line, and the 100 hourly SMA. It is close to the 23.6% Fib retracement level of the downward move from the $1,750 swing high to the $1,600 low. A close above the $1,640 level might send the price toward the $1,670 zone. The main resistance is now forming near $1,700 or the 61.8% Fib retracement level of the downward move from the $1,750 swing high to the $1,600 low. Source: ETHUSD on TradingView.com To start a fresh increase, Ethereum must settle above the $1,700 resistance zone. The next resistance might be near $1,750. Any more gains might send the price toward the $1,800 resistance. More Losses in ETH? If Ethereum fails to clear the $1,640 resistance, it could continue to move down. Initial support on the downside is near the $1,610 level. The first key support is close to $1,600. The next major support is near the $1,580 level. If there is a downside break below $1,580, the price could accelerate lower toward the $1,540 level. Any more losses might send the price toward the $1,480 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,600 Major Resistance Level – $1,640

BNB price (Binance coin) failed to settle above $225 and trimmed gains against the US Dollar. The price could decline heavily if it trades below $210. Binance coin price tested the $235 resistance before the bears appeared against the US Dollar. The price is now trading below $220 and the 100 simple moving average (4 hours). There was a break below a key bullish trend line with support near $220 on the 4-hour chart of the BNB/USD pair (data source from Binance). The pair might gain continue to move down unless there is a close above $225. Binance Coin Price Fails Again In the last analysis, we discussed the chances of BNB price recovering toward the $235 resistance zone. The price did climb higher toward the $235 resistance but failed to extend gains. It started a fresh decline from the $235 zone. There was a break below a key bullish trend line with support near $220 on the 4-hour chart of the BNB/USD pair. The pair is now showing bearish signs below $220 and the 100 simple moving average (4 hours), like Bitcoin and Ethereum. A low is formed near $211.1 and the price is now consolidating losses. On the upside, it is facing resistance near the $216.5 level and the 100 simple moving average (4 hours). It is close to the 23.6% Fib retracement level of the recent decline from the $235 swing high to the $211 low. Source: BNBUSD on TradingView.com A clear move above the $217 zone could send the price further higher. The next major resistance is near $225 or the 61.8% Fib retracement level of the recent decline from the $235 swing high to the $211 low, above which the price might rise toward $235. A close above the $235 resistance might set the pace for a larger increase toward the $250 resistance. Another Decline in BNB? If BNB fails to clear the $217 resistance, it could start another decline. Initial support on the downside is near the $211 level. The next major support is near the $210 level. If there is a downside break below the $210 support, the price could drop toward the $202 support. Any more losses could send the price toward the $184 support. Technical Indicators 4-Hours MACD – The MACD for BNB/USD is losing pace in the bearish zone. 4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. Major Support Levels – $211, $210, and $202. Major Resistance Levels – $217, $225, and $235.

Bitcoin price is struggling to recover above $26,200. BTC is again moving lower and there could be a sharp decline below $25,500 in the near term. Bitcoin failed to recover above the $26,200 and $26,500 levels. The price is trading below $26,000 and the 100 hourly Simple moving average. There is a major bearish trend line forming with resistance near $25,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate lower below the $25,500 and $25,400 levels in the near term. Bitcoin Price Resumes Slide Bitcoin price attempted a recovery wave from the $25,350 zone. However, BTC struggled to recover above the $26,200 pivot level and remained in a bearish zone. The price is again moving lower and trading below the $26,000 level. There are a lot of bearish signs emerging below $26,000 and the 100 hourly Simple moving average. Besides, there is a major bearish trend line forming with resistance near $25,650 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $25,650 level and the trend line. The first major resistance is near the $26,000 level or the 23.6% Fib retracement level of the downward move from the $28,150 swing high to the $25,332 low. Source: BTCUSD on TradingView.com The next major resistance is now near the $26,200 level. A clear move above the $26,200 level might start a decent recovery wave toward $26,500. The next major resistance is near $27,000, above which there could be a decent increase. In the stated case, the price could test the $27,800 level. More Losses In BTC? If Bitcoin fails to clear the $26,000 resistance, it could continue to move down. Immediate support on the downside is near the $25,350 level. The next major support is near the $25,000 level. A downside break below the $25,000 level might send the price further lower. In the stated case, the price could drop toward $24,500. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $25,350, followed by $25,000. Major Resistance Levels – $25,650, $26,000, and $26,200.

Renowned crypto expert and market analyst, Doctor Profit, has made bold predictions around Bitcoin (BTC), asserting that the cryptocurrency is poised for a significant bullish rally in the coming months. Despite recent market uncertainties, Doctor Profit remains confident in BTC’s long-term potential, emphasizing the importance of zooming out and considering broader market trends. Bitcoin Surge To $90,000? Bitcoin is currently trading at $25,800, displaying a stagnant pattern within a narrow range of $25,700 to $26,200. The cryptocurrency’s recent attempt to consolidate above $27,000 and surpass its strongest resistance at $28,000 proved unsuccessful. Furthermore, the BTC market has exhibited signs of fear and outflows in recent weeks, characterized by low volatility and trading volume. As a result, Bitcoin has lost its previous bullish momentum, awaiting a catalyst that could reignite its upward trajectory. On this matter, while acknowledging the possibility of further market manipulations, pump-and-dump schemes, and the dissemination of fear, uncertainty, and doubt (FUD), Doctor Profit advises investors to maintain resilience and navigate through these challenging conditions. According to Doctor Profit, two crucial factors will drive Bitcoin’s surge to new heights. Firstly, the upcoming halving event, a phenomenon occurring every four years that historically triggers a bull cycle in BTC with remarkable accuracy. Secondly, the anticipated approval of a BlackRock exchange-traded fund (ETF), which could attract institutional investors and fuel the BTC frenzy. Doctor Profit points out an interesting correlation between the BlackRock ETF approval and the BTC halving. The deadline for the BlackRock ETF falls in March, just one month before the anticipated halving. This synchronicity, in Doctor Profit’s view, sets the stage for the “ETF, Institution, BTC FOMO” bull market, potentially igniting a period of significant upward momentum. Based on his analysis and historical trends, Doctor Profit forecasts a sudden BTC pump above $30,000, with initial targets ranging from $40,000 to $45,000 in 2023. He further predicts a consolidation period followed by a surge in July or June 2024, projecting conservative targets of $90,000 and optimistic targets exceeding $150,000. BTC’s Price Set For Sideways Consolidation In the short term, Doctor Profit anticipates a sideways consolidation in Bitcoin’s price until the following week. With lower trading volume and fewer data releases, the market is expected to remain calm. He identifies two liquidity pools around the $28,500 region, aligned with the daily MA50 and MA100, as critical levels to monitor. Additionally, he points out a liquidity pool at around $25,200 that could be utilized for quick profit-taking through short-term long scalps. Drawing upon historical data, Doctor Profit highlights September’s reputation as a challenging month for both stocks and Bitcoin. He warns against disregarding this historical trend, cautioning investors against assuming that the current market conditions are different. The chart patterns, liquidity dynamics, psychological factors, and Bitcoin’s cycle all point towards a downward trajectory, suggesting the need for caution and preparedness. Featured image from iStock, chart from TradingView.com

A fresh perspective on Bitcoin has recently surfaced courtesy of prominent crypto enthusiast and YouTuber Lark Davis. Davis offers an interesting parallel between Bitcoin’s potential fate and gold’s historical performance, especially spotlighting the transformative year of 2004 for the latter. Reflecting on gold’s journey in the early 2000s, a period marked by the introduction of a gold Exchange Traded Fund (ETF), Lark Davis suggests that Bitcoin may be on the brink of a similar breakout. While this is a bold claim, its rationale, centered on the anticipated launch of a Bitcoin spot exchange-traded fund (ETF), warrants a closer look. Gold’s 2004 Surge: A Prelude To Bitcoin’s Future? 2004 was transformative for gold, with its price trajectory reflecting a notable paradigm shift. The catalyst for this change was the launch of the first gold ETF – SPDR Gold Shares (NYSE: GLD) by State Street Corporation. A chart shared by Davis vividly encapsulates this: the price of gold began its ascent from a modest $400 per ounce towards the end of 2004 and reached a pinnacle of $1,939 by 2011. Although a decline to $1,184 followed this meteoric rise, the overall trend showcased the profound impact of ETFs on asset prices. If history were to serve as a guide, Davis’s analogy suggests Bitcoin might follow a similar path. A potential Bitcoin spot ETF could usher in a flurry of new investments, changing the market’s supply and demand dynamics. As Davis showed from the gold example, introducing such an ETF for Bitcoin could potentially attract between $20 billion and $30 billion. Assuming today’s prices, this would be equivalent to newcomers snapping up approximately half of the available Bitcoin on exchanges. ‘Supply And Demand Don’t Lie’ While Davis’s projection is rooted in past trends, it’s crucial to understand the broader dynamics at play. His assertion that “supply and demand don’t lie” underlines the fundamental economic principle that when demand exceeds supply, prices generally rise. The launch of a Bitcoin ETF would invariably boost demand by offering a more accessible and regulated way for investors to gain exposure to Bitcoin without owning the underlying asset directly. This surge in demand and Bitcoin’s capped supply might push prices higher, just as it did for gold in 2004. However, as with all financial forecasts, there’s a degree of speculation involved. While the parallel between gold’s 2004 trajectory and Bitcoin’s potential future is compelling, only time will reveal the actual course of events. Despite this forecast, Bitcoin has seen a slight dip over the past 24 hours, with a current market price of $25,867, at the time of writing. Featured image from iStock, Chart from TradingView

Less than a week after Vitalik Buterin, one of the co-founders of Ethereum, sold his Maker (MKR) stash for ETH, one crypto whale has done the opposite. On-chain data on September 4 shows that one Ethereum holder sold 694 ETH, worth roughly $1.13 million when writing, for 1,010 MKR. At the time of the swap, MKR was changing hands at $1,122. Whale Swaps ETH For MKR As of September 4, the address, “0x3737,” had over $20.37 million worth of assets. While the whale trades against Vitalik and doubles down on MKR, zooming in on the address’s portfolio shows that the largest holding is ETH. The address holds 10,000 ETH worth $16.3 million at spot rates, representing over 75% of the total portfolio. Meanwhile, some of his other major holdings include Arbitrum (ARB), worth $2.9 million, and MKR, worth $1.1 million. MKR, the token issued by MakerDAO, the decentralized autonomous organization (DAO) that controls the minting of DAI, a stablecoin on Ethereum, has been ripping higher in the last few months. MKR plays a key role in stabilizing DAO and is used as a last resort. Holders participate in governance, voting on proposals that best stabilize the algorithmic stablecoin, deciding collateral types accepted, stability fee adjustments, and others. From June, MKR has more than doubled, rising 125% to peak at around $1,300 in early August. It is now trading at over $1,100, up 13% from August lows. Maker Presents Endgame The token’s surge has been attributed to multiple factors, specifically the release of the “Endgame” roadmap. Under this plan, MakerDAO plans to, among other things, release their blockchain, rebrand, and introduce two more tokens. This move is significant because MakerDAO is among the first decentralized finance (DeFi) protocols. According to DeFiLlama data, the protocol has a total value locked (TVL) of over $5 billion. It is the largest decentralized money market in the world. Meanwhile, DAI, its algorithmic yield-earning stablecoin, has been stable recently and is the largest in Ethereum. At press time, DAI had a market cap of $5.3 billion, perched at 12th on the leaderboard. At this pace, DAI is the third-largest stablecoin after USDT and USDC. Vitalik Buterin, despite the stellar performance of MKR relative to the broader crypto market, liquidated $580,000 worth of MKR after MakerDAO’s co-founder, Rune Christensen, said it was considering launching a new blockchain bridging to Ethereum that’s based on Solana’s code. The new blockchain, dubbed NewChain, is part of MakerDAO’s roadmap, “Endgame”.

In the last crypto bull market spanning from 2020-2021, the price of Shiba Inu ran as high as $0.00008. Due to the high euphoria at the time, expectations rose rapidly around the meme coin, leading to calls for SHIB at $0.001. However, this target remains as unrealistic today as it was back then and this report dives into the reason why. Not Enough Of SHIB Supply Is Being Burned The Shiba Inu community officially kicked off its burning initiative back in 2022 which SHIB tokens being sent to dead addresses weekly. However, despite being roughly a year in the making, the total number of SHIB tokens burned so far has been next to negligible in the grand scheme of things. Shibburn, a Shiba Inu burn tracking website, shows that a total of 410,658,326,324,061 tokens have been burned since the first burn. This accounts for a little over 46% of the maximum total supply of more than 999 trillion tokens. But even more interesting is the fact that the community burn makes up less than 1% of the total burned figure. The vast majority of the burned figure mentioned above comes from the burn carried out by Ethereum founder Vitalik Buterin. The Shiba Inu founders had sent half of the token’s supply to Buterin, who then donated 50 billion SHIB to an Indian COVID relief fund and sent the rest to a burn address. Buterin’s transaction carried over 410 trillion tokens and was the first-ever recorded SHIB burn event. Given that the SHIB burned so far is sitting at 410,658,326,324,061, it means the community burn over the last year makes up around 0.15% of the total burned tokens. Can’t Drive Shiba Inu To $0.001 The point of the Shiba Inu community burn was to encourage the rapid reduction of the SHIB supply. With the supply of the token so high, it has served as a hindrance for it to reach higher prices compared to its fiercest rival Dogecoin. The community burn is not removing tokens from circulation as fast as is needed, stalling the potential of SHIB’s price hitting $0.001. Realistically, for SHIB to rise as high as $0.001, at least 80% of its supply would have to be burned to make this an attainable goal. This means removing hundreds of trillions of tokens from circulation just like Buterin did with his burn. However, given that most of the remaining SHIB supply is already in circulation, meaning in the hands of millions of holders, such a large burn is impossible. This is because investors would not want to burn large chunks of their holdings, which is the same as throwing dollar bills in an open flame. Unfortunately, this means the price of the meme coin will likely not reach $0.001 given that its current circulating supply sits at over 579 trillion, even more than the portion of supply already burned.

The consultation process has been given the go-ahead to resume. The Economics Legislation Committee has been hard at work post submission of the bill. The Economic Legislation Committee of the Australian Senate has voiced strong opposition to a Bill that would support regulation of crypto trading platforms in Australia. InnovationAus.com, a public policy and commercial innovation think tank, said that the Committee’s rejection was based on the perception of internal strife within any movement to enact the measure. Since pro-crypto Senator Andrew Bragg submitted the Bill. The Economics Legislation Committee has been hard at work, as highlighted in their report. Although it was claimed that the goals were well-intentioned (protecting investors from frauds). Participants were split on whether new regulation or tweaks to current regulation was more important for digital assets. Consultation Process Restarted There were also noted disagreements from important parties including FinTech Australia. It had issues with the lack of specificity in regards to the governance and digital asset exchange standards. While the legislative body as a whole is of the opinion that the sector needs more oversight. The remarks highlighted the fact that the measure did not do much justice in giving appropriate specifics that it corresponds with the country’s goals in regard to its wide expectations. Despite the fact that one of its primary intentions is to assist safeguard consumers and to also encourage the digital asset sector. It is worth noting that Senator Andrew Braggs and other advocates are not happy with the latest development. But the consultation process has been given the go-ahead to resume. The crypto sector has been facing strict regulatory scrutiny across the globe in order to safeguard users. Highlighted Crypto News Today: Lido Finance’s Dominance Sparks Ethereum Decentralization Concerns

Cardano (ADA) has witnessed an increase of over 1700% in its on-chain transaction volume since late January. Cardano (ADA) is trading at $0.2575, with a modest 0.87% increase in the last 24 hours. Cardano (ADA), one of the leading blockchain in the cryptocurrency market, is defying broader market trends as it experiences a remarkable surge in its on-chain transaction volume, with an increase of over 1700% since late January. Despite a comparatively gloomy market value when compared to its April highs, Cardano’s performance showcases the power of utility and social dominance in the crypto space. According to market intelligence platform Santiment, the surge in ADA’s weekly on-chain transaction volume underscores the blockchain’s growing popularity and adoption. This substantial increase comes at a time when the cryptocurrency market has witnessed volatility and fluctuations. Santiment stated: Furthermore, Cardano’s discussion rates remain indicative of high trader interest, reinforcing the notion that the crypto community continues to find value in the project. Cardano (ADA) Price Track However, it’s essential to note that Cardano’s (ADA) daily price chart currently shows a bearish trend. ADA’s price has fallen below both the 50-day and 200-day moving averages (MA), and the Relative Strength Index (RSI) stands at an oversold state, registering a value of 37. Cardano (ADA) Price Chart Source: TradingView) At the time of writing, ADA is trading at $0.2575, marking a modest increase of 0.87% in the last 24 hours. This price movement suggests that while Cardano’s utility and on-chain activity are growing, short-term market sentiment remains challenging.

The speedy new meme coin Sonik Coin (SONIK) has exploded past $1.35 million in its presale after launching less than three weeks ago. Now, investors are poised with just 20 hours remaining to buy $SONIK at its presale price or face buying it on the open market after its initial exchange offering (IEO). With little time remaining, investors have begun piling into the presale at sonikcoin.com, opening the door to a possible sell-out due to its $2,098,547 hard cap. The project will be listed on Uniswap, with rumors circulating it could go live as early as next week. One of the main reasons for Sonik Coin’s successful presale is its unique Stake-to-Earn mechanism offering holders passive rewards with a generous annual percentage yield (APY) on their $SONIK tokens. What Is Sonik Coin? Sonik Coin is a newly launched meme coin inspired by the Sonic the Hedgehog franchise. The project has no official affiliation to the franchise but simply pays homage to it, establishing a nostalgic allure. According to its website, Sonik Coin aims to be the fastest meme coin to reach a $100 million market cap. Considering the giants that stand before it, like Pepe and Shiba Inu, this is no easy task. However, Sonik Coin’s growing presale success signifies a thriving and engaged community, which will likely carry over following its IEO. Visit the Sonik Coin Telegram channel to stay updated on the project’s latest announcements. Stake-to-Earn Sonik Coin’s premier feature is its Stake-to-Earn mechanism, offering holders passive rewards by simply staking tokens in the project’s smart contract. When writing this, the project offers an impressive 56% APY on staked tokens. Furthermore, the Sonik Coin staking dashboard shows that over 42,000,000 $SONIK are staked, almost 25% of its current circulating supply. As the amount of $SONIK tokens staked increases, the APY will drop. However, the project has a four-year vesting schedule to ensure its long-term health. Also, more tokens in the staking pool will add to the token’s scarcity, potentially benefitting its price. Stake-to-Earn has proved a hot topic lately, with the popular Stake-to-Earn BTC20 doing a 6x following its presale. Analysts Forecast 100x Gains As well as catching the eye of meme coin investors, Sonik Coin has been touted by many prominent industry analysts. According to YouTube analyst and trader Michael Wrubel (300K subscribers), Sonik Coin could do a 100x following its presale. The video highlights that Sonik Coin is well-positioned to pump due to the ongoing broader market conditions. Another popular analyst, Jacob Bury (21K subscribers), predicts a 10x for Sonik Coin, calling it a Pepe alternative and highlighting its Stake-to-Earn feature as its main draw. Meanwhile, Crypto Gains (107K subscribers) estimates a 20x for the meme coin. The analysis compared Sonik Coin to HarryPotterObamaSonic10Inu, which recently exploded to a $140 million market cap a couple of months after launching. Community-Focused Tokenomics The final piece to the Sonik Coin project is its long-term, community-centric tokenomics. It has a total supply of 299,792,458,000 (incidentally the speed of light), with 50% of tokens available in the presale, 40% allocated to staking, and 10% for liquidity to enable seamless trading. Sonik Coin’s entire presale has taken place at a single price of $0.000014, providing all investors an equal opportunity to buy $SONIK and encouraging community solidarity. Finally, 0xGuard conducted a Sonik Coin audit to test the project’s security. Ultimately, the auditor reported that Sonik Coin is safe due to no malicious findings. With just 21 hours until the presale ends, potential investors must be quick to secure their $SONIK tokens. Alternatively, you can buy them on the open market after its Uniswap exchange launch, but at a potentially higher price. Visit Sonik Coin Presale

XRP, the fifth-largest cryptocurrency in the market, has entered a phase of macro consolidation following a significant decline that began on July 20. This consolidation has maintained the token’s price within a range of $0.4858 and $0.5505, before Ripple Labs’ legal victory against the US Securities and Exchange Commission on July 13. XRP Consolidation Continues Despite Strong Trading Activity According to insights from crypto market data provider Kaiko, XRP demonstrated extreme trade volume during the summer. XRP’s average trade volume in the previous month reached $462 million, four times higher than the following most prominent altcoins by trade volume. The question arises as to why XRP failed to sustain its price gains despite its impressive trade volume. Analyzing the average share of sell volume for XRP provides some insights. Notably, the largest Korean exchange, Upbit, and OKX experienced significant selling pressure, while buying activity was more prominent on US-based Coinbase throughout the previous month. Another interesting observation is the rise in average trade size for XRP on Coinbase, surpassing all other top ten altcoins. This suggests that buying demand may have been driven by large traders in the United States, as investors regained access to the token following the July court ruling. However, it is essential to note that even though XRP tops the list on offshore markets, its share of trading volume in the United States remains lower, ranking it as the sixth most traded altcoin by cumulative trade volume. Currently, XRP is trading at $0.5063, displaying a stable price within 24 hours. Moreover, the token has maintained a consistent consolidation phase, experiencing a slight decrease of 2.7% and 1.4% over the past seven and fourteen days, respectively. This raises whether XRP’s uptrend will prevail or if further downside movements are looming. Is A Bullish Resurgence Or Downtrend Imminent? Crypto analyst Egrag Crypto recently took to the social media platform X (formerly known as Twitter) to present two contrasting scenarios for XRP’s price movement. The first scenario suggested a potential dip to $0.43 or even $0.35, which could be seen as a shakeout before a rebound. The second scenario proposed a more optimistic outlook, with XRP potentially aiming for heights of $0.60 and $0.67 before skyrocketing to new levels. To gain further insights into the likelihood of these scenarios, it is crucial to examine XRP’s resistance and support lines on the daily chart above. The chart reveals that while surpassing the next resistance level of $0.5401 and regaining bullish momentum, XRP could potentially experience a substantial 27% uptrend toward $0.6700, as predicted by Egrag Crypto. However, the token currently faces two significant hurdles in achieving this. XRP’s 200-day and 50-day Moving Averages (MAs) can act as solid resistance levels if the token’s trading volume is not accompanied by sufficient buying pressure. Presently, XRP is trading below these two lines, which adds to the challenge of surpassing the resistance. If XRP fails to overcome these resistances and sustain its consolidation phase, another correction may soon be on the horizon for the token. On the other hand, bullish investors will need to defend the nearest support floor for XRP at $0.4524. If this level is breached, the token could decline further to the $0.3495 zone or even the $0.2854 line, representing XRP’s one-year support. Considering the various scenarios and the resistance and support lines depicted in the chart, the absence of catalysts that could propel XRP to higher price territories, coupled with a failed attempt to maintain its macro consolidation zone, may lead XRP towards continuing its downtrend and potentially reaching a new yearly low. Featured image from iStock, chart from TradingView.com

The web3 Global Hackathon 2023 will begin on September 30 as announced by Hakuhodo Inc., a leading integrated marketing and innovation organization with its headquarters in Tokyo. It is the second in a series of hackathons organized by HAKUHODO KEY3 in collaboration with Mazda Motor Corporation (Masahiro Moro, Representative Director, President and CEO), based in Hiroshima, and Mitsubishi Estate Co., Ltd.,(Atsushi Nakajima, President & Chief Executive Officer) based in Tokyo. Hakuhodo is actively involved in the web3 market and, in collaboration with Sota Watanabe of the Astar Network, established HAKUHODO KEY3 INC. (Toshinori Shigematsu, CEO), a Tokyo-based firm, in December 2022. This company is committed to creating web3 services with customers while organizing and hosting web3 hackathons. The next iteration of the internet, known as web3, is expected to depend on decentralized systems like blockchains. To encourage sei-katsu-sha* to use web3 in their everyday lives, HAKUHODO KEY3 organizes and manages web3 hackathons with the goal of creating experiences and services that pique their interest. To that purpose, in collaboration with Mazda and Mitsubishi Estate, HAKUHODO KEY3 will host the web3 Global Hackathon 2023, which will begin on September 30. With prizes given out for every category, the hackathon offers specific development themes that represent the qualities and capabilities of Mazda and Mitsubishi Estate. The top teams will also collaborate with the businesses after the hackathon to implement services in society and will get investment, collaborative development, and growth assistance from the businesses. Mazda’s theme, “Drive to Earn, Use for Fun,” aims to create the first web3 service in the world that makes driving more enjoyable. More precisely, the goal is to provide entertainment services utilizing web3 technology for both drivers and passengers. The DAO Building in Tokyo is the subject of Mitsubishi Estate. The idea is to employ web3 technology to create a service that enables people to communicate naturally, using the TOKYO TORCH district as the backdrop, in order to assist in transforming the region surrounding Tokyo Station into a cutting-edge web3 city. The hackathon’s live proceedings will be streamed online with simultaneous interpretation open to engineers and makers from all around the globe. In order to provide world-class web3 services in Japan with the support of sei-katsu-sha insight and innovation, HAKUHODO KEY3 collaborates with its business partners to create a society where more sei-katsu-sha may interact with web3. Web3 Global Hackathon 2023 Outline Dates: September 30–December 9, 2023 Place: MY Shokudo Hall & Kitchen, 3rd Fl., TOKYO TORCH Tokiwabashi Tower and online Prizes: Totaling more than 11 million yen in Astar. Joining Fee: No entry cost (one to four members per team). Registration: To register, visit the webpage below. https://key3.eventos.tokyo/web/portal/744/event/7845 The preliminary registration cutoff time is September 30 at 23:59 JST. The hackathon is open to engineers working for corporations as well as freelance engineers. The hackathon is available to business developers, designers, and marketers in addition to engineers. Schedule Entry period: September 4 until November 24. Kickoff event: September 30 Development period: September 30 – November 24 Event Mazda in North America: October 28 — Information will be released individually. The submission deadline is November 24 at 23:59 JST. Teams for the pitch round will be revealed on December 1. Pitch event: December 9 — Teams that won prizes will be revealed that day. Prizes Mazda Grand Prize (one project): Astar equivalent of 3 million yen. Five projects will receive Mazda Excellence Prizes, each worth one million yen in Astar. Mitsubishi Estate Grand Prize (one project): 1 million yen equivalent in Astar. Mitsubishi Estate Excellence Prize (one project): 500,000 yen in Astar. Astar Grand Prize (one project): Astar equivalent of one million yen. Two projects will receive Astar Excellence Prizes for a combined 250,000 yen apiece. Biconomy & Astar Prize (one project): 500,000 yen equivalent in Astar. Astar Moon Prize (one project): An invitation to the Spark innovation program. VeryLongAnimals Prize (one project): 150,000 yen equivalent in Astar. Principal Partners: Mitsubishi Estate and Mazda Technology Partners Startale Labs Japan, Biconomy, Bunzz, Ginco, Solidity-Jp, Astar Foundation, and UNCHAIN. Community Partners AKINDO, bitbank, IVS / IVS Crypto, Moon Creative Lab (Mitsui & Co. Group), Skyland Ventures, TEAMZ, TechFeed, VeryLongAnimals, WebX / CoinPost, and Web3 Foundation.

Tokyo, Japan, September 4th, 2023, Chainwire TOKYO BEAST FZCO, headquartered in Dubai, United Arab Emirates; General Manager: Tomoe Mizutani; (hereinafter “TOKYO BEAST FZCO”) has announced the crypto entertainment project “TOKYO BEAST, gumi Inc. Headquartered in Shinjuku-ku, Tokyo; Hiroyuki Kawamoto, CEO; (hereinafter “gumi”) as the developer, Turingum K.K., headquartered in Minato-ku, Tokyo; Hiroki Tahara, CEO; (hereinafter “Turingum”) as the technology and financial advisory, using the Polygon protocols as the blockchain network for implementation, to release several modular projects worldwide in 2024. The announcement was made today, September 4th 2023, at the Korea Blockchain Week conference held in Seoul, Korea. What is “TOKYO BEAST” all about? “TOKYO BEAST” is a crypto entertainment project that challenges to create a new entertainment experience by integrating crypto assets. It is a completely original large-scale project with many experienced staff members who have developed and operated famous Japanese games, and a development budget unparalleled for a web3 game. The company will provide an innovative and exciting entertainment experience that only “TOKYO BEAST” can provide, evolving Web3 games to a new stage. ・Promotion movie： Features of TOKYO BEAST Pursuing pure fun The team believes that it is important to be able to enjoy the game itself, outside of its web 3 features, so the emphasis was to create an authentic worldview, attractive characters, an enthusiastic battle system, and more. The quality of the game is comparable to that of today’s leading smartphone games. The gaming experience is easy and seamless as the team eliminated barriers to starting the game, such as the initial NFT purchase and wallet connection, and aims to enable a wide range of participation, including general smartphone game users, and not just those confined to the Web3 world. A series of characters that are attractive both as game characters and as NFT collections The characters are designed to be interactive with an active role in the game and at the same time, to be recognized outside of the game as an NFT collection with a sophisticated visual style and high rarity. The project founders aim to create something that will be loved widely beyond borders and languages, just like “TOKYO BEAST”. A fusion experience of the worldview and the crypto ecosystem “TOKYO BEAST” emphasizes the importance of synchronizing the experience of immersing oneself in the worldview of the game with the real-world crypto ecosystem. “TOKYO BEAST” will provide an experience that unites each modular project and stakeholder in a single worldview, something that has not been done in existing web3 games. Creating a new entertainment experience by predicting the winner of battles Under a legitimate scheme, there will be a win/loss prediction function that can be enjoyed inside and outside the game. Users will be able to enjoy predicting the winner of battles using data. Battles will be streamed live simultaneously around the world, and users will be able to enjoy the excitement and frenzy of the experience by watching the battles with other users around the world. The world of “TOKYO BEAST” continues to expand All the module projects to be released in the future will be organically intertwined to deliver an unexplored entertainment experience through the synergy of crypto x content. Moreover, the team aims to continue expanding the world of “TOKYO BEAST” and the utility of $TBZ(*1). As a first step, the following core module projects will be released sequentially worldwide in 2024. * “BASE”, a function to experience the unique economy of the “TOKYO BEAST” token “$TBZ * “FARM”, a function that allows users to experience NFT owner by cultivating “BEAST,” which will serve as data for NFT(*2). TRIALS”, a function that allows users to experience being a hero who fights with dreams and romance on his/her shoulders. During the second phase, a module project to provide new entertainment from various aspects to further expand the world of “TOKYO BEAST” and the utility of $TBZ will be mapped out and executed. Campaign and Event Early Entry Campaign Date: September 4, 2023 – October 31, 2023 To celebrate the release of the information, three “Early Entry Campaigns” will be held, in which users can win a “Mystery Box” containing “TOKYO BEAST” tokens and NFTs by following the official X (former Twitter, hereafter “official X”) account, etc. ① Follow Me Campaign The highest rarity “Mystery Box” will be given away by drawing among those who follow the official X account. The earlier users follow us, the higher your chance of winning. ② Weekly Prediction If users follow the official X account and participate in the weekly prediction quiz of “TOKYO BEAST” on the official X account, they can receive a high rarity “Mystery Box” by lottery. ③ Strike Jackpot A jackpot-style campaign will be held during the “Early Entry Campaign”. Each time a target number of live streaming viewers or Official X followers is reached, a prize will be added to the jackpot, and a drawing will be held on Official X to determine who will win the jackpot. If the jackpot is not opened, the rewards in the pot will be carried over to the next drawing. If the jackpot is opened, the winner will be drawn from the followers of the Official X account and will receive the rewards including those that have been carried over. *For details on each of the “Early Entry Campaign” campaigns, please refer to the following link: ・Polygon × TOKYO BEAST Livestreaming Polygon and TOKYO BEAST will hold a live streaming event. Title: Polygon × TOKYO BEAST Livestreaming Schedule: 2023/9/8 20:00（EST）／ 17:00～ (PST) URL: Speakers：Yoriko Beal (Polygon Head of Business Development Japan) Naoki Motohashi (TOKYO BEAST Producer) Shuhei Mise (TOKYO BEAST Global Head) (*1) $TBZ is TOKYO BEAST’s proprietary IP token. (*2) NFT stands for Non-Fungible Token. Blockchain technology is used as digital data with a certificate of ownership, making it impossible to tamper with or forge. ＝＝＝＝＝＝＝＝＝＝＝ Service Name:TOKYO BEAST Company name: TOKYO BEAST FZCO Location: 001 – 33228 IFZA Business Park, DDP, Dubai, United Arab Emirates Representative: Tomoe Mizutani Official site: http://tokyo-beast.com/ Official X (Twitter): https://twitter.com/TOKYOBEAST_EN Playable: App Store、Google Play、PC For inquiries about the press release, please contact TOKYO BEAST FZCO Public Relations：[email protected] Contact BD Manager Tomoe Mizutani TOKYO BEAST FZCO [email protected]

The success of the Shibarium blockchain so far has led to Shiba Inu whale activity rising once more. These whales have been making large transfers carrying trillions of SHIB tokens worth tens of millions of dollars. This heightened activity, while interesting on its own, is also leading to positive sentiment around them due to their destinations. Shiba Inu Whales Moving Away From Centralized Exchanges A number of large Shiba Inu transactions were highlighted by the popular whale tracking account on X (formerly Twitter) called Whale Alert. The first transaction took place on Saturday, September 2, a couple of days after the Shibarium blockchain went public and started growing. The transaction saw a total of 4.36 trillion SHIB tokens moved from the Bitvavo exchange to an unknown wallet. This transaction was worth roughly $37 million at the time and was speculated to be moved to a private wallet for holding. This is because when crypto users move tokens toward centralized exchanges, it is often to sell due to the deep liquidity. While moving tokens from centralized exchanges to private wallets is often for holding while investors wait for the market to recover. Another similar transaction was then flagged on Monday, September 4, carrying almost the same number of SHIB. The 4.615 trillion SHIB worth $35.69 million was also moved from the Bitvavo exchange to an unknown wallet, presumably for safekeeping. These transactions could signal that the whales are expecting the Shibarium network to grow and positively affect the price of SHIB. The meme token is already showing signs of this recovery its trading volume rose 14% in the last day. Shibarium Continues To Grow Shibarium was launched in late August but despite an initial rocky start, the network seems to have taken it in stride and bounced back stronger. The activity on the network saw its Total Value Locked (TVL) quickly surpass $1 million. This was brought about by high activity in decentralized finance (DeFi) protocols such as DogSwap and MARSWAP. The former currently boasts over 50% of Shibarium’s TVL with the latter not too far behind at 26%. The network has also crossed the 1 million wallet market in addition to transactions on the blockchain reaching the same figure. However, the TVL has taken a hit to fall from the $1.42 million figure recorded on August 30 to be sitting at $1.05 million at the time of this writing. While the figures may be slowing for Shibarium, it may not mean a total lack of interest. Shibarium was launched in a deep bear market climate, which is one factor that could now be limiting its growth as prices fall.

LSE Group has shared that it is planning to introduce a blockchain-based platform. It became the first exchange to host traditional finance on the digital asset platform. The London Stock Exchange (LSE) Group has shared that it is planning to introduce a blockchain-based platform to offer traditional financial assets as a part of its digital business plans. This will make it the first exchange to host traditional finance on the digital asset platform. On September 4, the Financial Times released a report announcing that the London Stock Exchange plans to create a blockchain-based platform for traditional financial assets. According to the report, using blockchain technology would make the process easier, smoother, cheaper, and more transparent. Murray Roos, LSE Group’s head of capital markets, has stated that the company’s plans for a blockchain-based platform have reached an inflection point and will move forward. According to Ross, the plans include offering the blockchain technology that powers the cryptocurrencies, including Bitcoin, and the traditional currencies. LSE Group Became First to Offer Blockchain-Based Platform The report also mentioned that the exchange did not build anything around the cryptocurrencies. However, the company will use blockchain technology to increase the efficiency of holding, buying, and selling traditional assets. And also noted the need for regulation around the new blockchain-based trading options. Roos also added that LSE Group will wait until investors are ready and the public blockchain is good enough before proceeding with the project. Moreover, with the new project, LSE Group became the first major stock exchange to offer traditional assets on a blockchain-based platform. The plans will involve a separate legal entity to capture the digital marketer’s interest in the LSEG. This also comes at the time of the UK’s drive to promote global asset trading and innovative ideas. At the same time, other traditional financial infrastructure plans include integrating blockchain technology.

The total crypto market volume surges 16% in 24H. RPL surges 12% in the past 24H. In the current bear market climate, where red charts seem to dominate, it’s a rare sight to witness a shift towards green. Attributing to it ,The global crypto market cap currently stands at $1.04 trillion, reflecting a marginal 0.06% decrease over the last day. Despite this overall dip, there’s an intriguing surge in the total crypto market volume, which has surged by a significant 16.32% in the last 24 hours, reaching $22.29 billion. Bitcoin’s dominance has experienced a slight decrease of 0.05% within the day, settling at 48.33%. What’s particularly fascinating is, a select group of cryptocurrencies has managed to achieve remarkable double-digit gains, bucking the downward trend set by Bitcoin, Ethereum, and the majority of altcoins. Stellar (XLM) XLM has experienced an 8% surge over the past 24 hours. After a month of high volatility that included a 13% decline, it is now showing signs of recovery, with a 3% surge in the past 7 days. Currently priced at $0.123, XLM is still 86.91% away from it’s all-time high set six years ago. Notably, the trading volume has witnessed a remarkable 173% increase, and the market capitalization has surged by 7.10% in the past 24 hours. Looking at its daily price chart, it’s evident that the bulls are in control, and the RSI stands at 48, indicating that it is approaching an oversold condition. Sources suggest that Stellar has teased “something cool” to be released within 10 days from September 2, creating anticipation within the Stellar community, potentially driving this surge. Synthetix (SNX) SNX, the native token of the decentralized liquidity platform Synthetix, experienced an impressive 11.32% increase on Monday, coinciding with significant outflows from the leading digital assets exchange, Binance. Over the past 24 hours, trading volume has soared by more than 250% to reach $96 million, according to CoinMarketCap. Notably, a newly-created wallet withdrew $7.7 million worth of SNX tokens from Binance, and this action also prompted a 17.5% surge in livepeer tokens (LPT), totaling $3.9 million. The market capitalization of SNX has risen by 11.43% in the past 24 hours. Analyzing its daily price chart, it’s clear that the bulls are in a strong position, and the RSI is at 52, indicating a neutral market sentiment. Rocket Pool (RPL) Today’s top gainer in the crypto market is Rocket Pool, with an impressive 12% surge. After enduring a bearish month with a 15% decline and relatively flat chart patterns in recent weeks, RPL finally turned green today. The trading volume witnessed a significant surge of 278% in the past 24 hours, reaching $105 billion. RPL’s current price stands at $2.22, still 92.32% below its all-time high. Analyzing its daily chart, it’s evident that bullish momentum has returned after a month-long wait, with the RSI at 46, indicating it is approaching oversold conditions. In summary, while the overall crypto market may be facing challenges, certain cryptocurrencies like Stellar (XLM), Synthetix (SNX), and Rocket Pool (RPL) have shown remarkable resilience and notable surges, driven by various factors and market dynamics.

On September 4th, during their KBW side event called “Luniverse Rising Web3 in Seoul,” Lambda256, the blockchain division of South Korean finance pioneer Dunamu, announced a strategic alliance with APTOS. The announcement was made during the prestigious “Rising Web3 in Seoul” event, which was held at the Google Startup Campus in Seoul. The Lambda256 Business Lead, Jae-hong Kim, unveiled the revolutionary “Luniverse NOVA” public chain extension for their Luniverse platform. Kim also said that Luniverse would support APTOS, the newest blockchain network to be incorporated into the platform, in the second part of the year. By incorporating APTOS into their own blockchain service platform Luniverse, Lambda256 hopes to further the development of the global and Korean Web3 service ecosystems. It will prioritize offering node services, technical education, and community support beginning with APTOS. Since the beginning of the year, Luniverse, known for its simple-to-use blockchain infrastructure platform, has been progressively growing its support base by accepting EVM-based network nodes including Ethereum, Polygon, and Arbitrum. As the first integration of Non-EVM based chains into the platform, the integration of APTOS into Luniverse is significant.

On-chain data shows exchanges have seen net Bitcoin withdrawals during the past three months, the longest streak in the asset’s history. Exchanges See Bitcoin Withdrawals Exceed Deposits For Three Consecutive Months An analyst on X explained that the total number of Bitcoin exchange withdrawals has been more than the deposits recently. The number of deposits and withdrawals and the number of such transactions are referred to here. All transfers on the network that go from a self-custodial wallet to a central exchange entity would count as deposit transactions, while those that go the opposite way would be withdrawals. Now, here is a chart that shows the trend in the Bitcoin exchange withdrawals and deposits over the last few years: As displayed in the above graph, the Bitcoin exchange withdrawal transactions have been higher than the deposit transactions for around three months. This streak is a record for the cryptocurrency, as deposits have usually surged back above withdrawals before long whenever this pattern forms. There could be multiple interpretations of what this unusual run of withdrawals might say about the market. The analyst has listed a few hypotheses that may explain this trend. First and perhaps the most obvious one could be that the holders choose to hold their Bitcoin for extended periods instead of participating in trading or selling (which they generally use exchanges for). The second explanation may be that the investors have become more cautious of central entities, so they opt for the security that self-custodial wallets provide. This would make sense in light of several bankruptcies the sector has seen during the past year, where known names like FTX have gone down. Another hypothesis is just the reverse of the first one: the withdrawals are normal, but the deposits are muted, a result of holders not wanting to sell their coins through these platforms, so they aren’t making that many deposits anymore. Finally, the analyst notes, “given the recent regulatory changes in the US, investors prefer to keep their assets off exchanges to avoid potential complications.” Binance, the largest exchange in the world in terms of trading volume, has particularly been under fire lately. Another analyst has looked at the individual exchange reserves (the total amount of Bitcoin sitting in a platform’s wallets) of Binance and Coinbase in a CryptoQuant Quicktake post, to see how they have shifted over the years. Binance had been seeing growing Bitcoin reserves for a good chunk of the past year (despite factors like the bear market), but the exchange has been seeing net withdrawals recently. Coinbase, on the other hand, has been seeing withdrawals for quite a while now, implying that the platform has constantly been bleeding coins. BTC Price Bitcoin has remained stagnant recently as the asset is still priced around the $25,900 level.

Following the FTX crash back in November 2022, there was still a good chunk of crypto running into the billions left in the exchange’s wallets after the new team’s recovery efforts. These tokens have sat idle for a long time in the wallet as the legal battle between the exchange and its creditors waged on. The time of idleness for these assets may now be over though as recent activities show that a large chunk of tokens from the FTX wallets are now on the move. FTX Wallets Come Alive The FTX wallets are still holding large amounts of various tokens worth over $3.5 billion. These tokens include Solana (SOL) which makes up a large portion of the funds. This is because the exchange was one of the biggest backers of the Layer 1 blockchain and received a significant amount of vested SOL tokens in return. Given the large amount that the wallets currently hold, it is a cause of concern when the entity begins moving tokens. This is what happened when on Sunday, an X (formerly Twitter) user raised awareness of the large amounts being moved out of the wallet. The tokens being transferred out, starting from August 31, include Ethereum’s ETH, FTX’s FTT Token, Sushiswap’s SUSHI, and Uniswap’s UNI, among others. In total, around $14 million have been moved. Amid this, the X users asked community members to keep an eye on the around $200 million in Wrapped Bitcoin (WBTC) on the Solana network that the wallets hold. The assets were transferred to what looks to be another holding wallet using the Wormhole Bridge. However, while the destination of these tokens was not a crypto exchange, it has not stopped speculations about a potential sell-off from happening. “Looks like they’re gearing up for potential sell-offs,” the X user said. Where Are The Tokens Headed? A development that unfolded toward the end of August could tell where the tokens being transferred from the FTX wallet are headed. The exchange had filed a motion with the court on August 24 to allow it to employ the services of asset manager Galaxy Digital to help hedge its remaining assets against volatility. The Investment Services Agreement would see Galaxy Digital take control of FTX’s assets. This way, FTX plans to protect the value of the remaining assets, as well as profit from the investment decisions made by the Asse management. Given that the asset transfers started a week after this filing, it is plausible that the exchange is moving assets into the custody of Galaxy Digital. Nevertheless, such a move would still result in a possible sell-off since it would have to “seek and obtain the most favorable terms reasonably available” and would be authorized to sell up to $100 million in tokens a week. The coin movements are also happening just one month until FTX founder Sam Bankman-Fried is expected to face trial on fraud and mismanagement charges. The courts have said that SBF’s defense could file to postpone the trial date which would be considered. But for now, it seems the former CEO is set to go to trial on October 3.

On-chain data from Santiment suggests that the stablecoin whale supply could be the metric to watch for the likelihood of a Bitcoin bounce. Whale Supply Of Stablecoins Could Hold Key To Bitcoin Rebound In a recent post on X, the on-chain analytics firm Santiment discussed the percentage of the total stablecoin supply that the whales in the sector are holding right now. The “whales” here refer to entities that are carrying at least $5 million worth of stablecoins in their addresses. Naturally, all stablecoins that are in circulation are included in this metric, regardless of their market caps. “A tried and true method for predicting where crypto heads next is analyzing big wallets to see the ratio of stablecoins they hold,” explains the analytics firm. Here is a chart that displays the data for the holdings of these humongous investors: The reason that the stablecoin supply of this cohort may be relevant for the rest of the cryptocurrency sector is that it provides a look into the buying power available to these whales. Generally, these holders use stables to store their capital away from the volatility of coins like Bitcoin, but once they feel that the time is right to jump back in, they deploy these fiat-tied tokens back into the other coins, providing a bullish boost to their prices. This can be seen working in action in the chart as well. Back in May-June, these investors had been accumulating, and once their supply had hit a peak and they had started distributing instead, the Bitcoin price had observed a rally. Given the close timing, it would seem likely that the whales had been shedding their stablecoin holdings in order to buy assets like BTC, thus acting as fuel for the uplift. As displayed in the graph, the stablecoin holdings of the whales haven’t changed much recently, suggesting that these investors haven’t been taking part in either accumulation or distribution. This could indicate that the whales don’t have any extraordinary buying capacity currently. An uplift in this indicator, however, would imply that the purchasing power of this cohort is going up, which could then lead towards a rebound for the rest of the market. One positive sign forming in the market may be the fact that the market cap of the six largest stablecoins is slowly starting to turn around. The combined market cap of these large stablecoins has been in a perpetual downtrend since early 2022, suggesting a constant drainage of capital from the sector. In the past couple of weeks, though, these fiat-tied assets have seen a combined growth of $663.2 million, which may be one of the early signs that a rebound could finally be taking place. Such small rises in the metric have already been seen a few times during this downtrend, though, so this latest one might as well turn out to be a temporary deviation like those previous ones. If, however, this recent increase is indeed a sign that things are finally changing, then it would mean that the cryptocurrency sector is seeing some constructive growth at last. BTC Price Bitcoin hasn’t moved an inch in the last few days as the asset continues to move around the $25,900 level.