SEBA (Hong Kong) Limited (SEBA Hong Kong) is set to become the first licensed corporation in Hong Kong with crypto capabilities backed by a Swiss crypto bank, SEBA Bank AG (SEBA Bank), providing it with the platform to operate regulated activities in virtual assets. HONG KONG–(BUSINESS WIRE)–SEBA Bank, a full-service, global crypto bank providing financial solutions for the digital age (wealth management, investment, trading, and advisory services), has today announced that an approval-in-principle (AIP) from the Securities and Futures Commission (SFC) in Hong Kong has been issued to its regional subsidiary, SEBA Hong Kong. SEBA Hong Kong has received the AIP for its licence application to operate regulated activities in Hong Kong to deal in securities, including virtual assets-related products, such as OTC derivatives and structured products; advise on securities and virtual assets; and conduct asset management for discretionary accounts in both traditional securities and virtual assets. This licence, when issued, will pave the way for SEBA Hong Kong to be part of the first group of licensed corporations in Hong Kong to conduct investment services with crypto capabilities in the market, making the Switzerland-headquartered bank a significant frontrunner in Hong Kong’s burgeoning crypto economy. Amy Yu, CEO APAC, SEBA Hong Kong, commented: “It is exciting to be at the forefront of innovation in one of the world’s leading financial and technological centres, Hong Kong. This AIP signifies that all our efforts are heading in the right direction –– SEBA group wants to service crypto investors in jurisdictions that recognise the value of digital assets. We see enormous potential in Hong Kong’s journey to becoming a global crypto market leader and look forward to contributing to that trajectory. SEBA Hong Kong commends the example Hong Kong sets for regulatory standards worldwide, and values the role of this licence in expanding our regulated footprint across Asia Pacific.” Obtaining an AIP is the first step in SEBA Hong Kong’s path to acquiring an official licence that will allow it to operate as a licensed entity once all the SFC conditions have been met. The AIP marks a significant leap forward in SEBA group’s mission to secure the future of the global crypto economy and, in turn, validates SEBA Hong Kong’s position in the market as a trusted and regulated partner. Franz Bergmueller, Group CEO, SEBA Bank, commented: “SEBA Hong Kong’s AIP is a reflection of our team’s commitment towards compliance and due diligence — essential pillars of tomorrow’s digital economy. Complementing SEBA group’s established licences in Switzerland (FINMA) and Abu Dhabi (FSRA), the Hong Kong AIP significantly extends our global regulatory footprint. SEBA group aligns itself with the Hong Kong government and its financial regulators in facilitating an environment that supports the responsible growth of the digital assets industry.” SEBA Hong Kong’s licence will be an important milestone in its Asia Pacific strategy — to be on the ground providing wealth management, investment, and advisory services for investors with the security and customer experience that accompanies a regulated institution. To find out more, visit seba.swiss. ### Amy Yu, Chief Executive Officer APAC, SEBA Hong Kong, is available for interview. About SEBA Bank – Crypto.Banking.Simplified. Founded in April 2018 and headquartered in Zug, SEBA Bank is a pioneer in the financial industry and is the only global regulated crypto bank providing a fully universal suite of banking services in the emerging digital economy. In August 2019, SEBA Bank received a Swiss banking and securities dealer licence. The broad, vertically integrated spectrum of services, combined with the highest security standards, make SEBA Bank’s value proposition unique. CVVC Global Report and CB Insights named SEBA Bank as Top 50 Companies within the blockchain ecosystem. Aite Group awarded SEBA Bank their 2021 Digital Wealth Management Impact Innovation Award in the “Digital Startup of the Year” category, and LinkedIn listed SEBA Bank as one of the Top Startups 2021 in Switzerland. In 2022, SEBA Bank won the Digital Assets Offering or Service at the WealthBriefing Swiss EAM Awards, and the bank was also recognised for its product offering SEBAX and won the Best ETP of the Year award in Swiss ETF Awards 2022. In 2023, SEBA Bank won the European WealthBriefing Award in the Digital Assets Solution, Fund Manager category. For more information about SEBA Bank, please visit our website. — This document is for information only and is not intended as an offer, or a solicitation of an offer, to buy or sell any investment or other specific product/service. SEBA Bank is not licensed to conduct banking and financial activities in Hong Kong nor is SEBA Bank supervised by banking and financial authorities in Hong Kong. Contacts Media contact: Wachsman Matt Turner, Senior Consultant [email protected] SEBA Bank AG Yves Longchamp Managing Director [email protected]

The Bitcoin price trades close to the $26,000 level during today’s trading session, as it has since last week. However, new data points to a potential breakout out of the current range and into previously unexplored territory in 2023. As of this writing, Bitcoin trades at $25,950 with sideways movement across the board. Other cryptocurrencies in the top 10 by market capitalization display similar price action as the sector enters another period of low volatility. Bitcoin On The Verge Of Making A Decision? The co-founder of crypto analytics firm Glassnode, Yann Allemann, recently shared data that could hint at a potential rebound. Via social media X, Allemann pointed at Bitcoin’s Relative Index Strength (RSI), a metric used to measure when an asset has entered overbought or oversold territory. BTC’s recent downside price action pushed the RSI to a historical oversold level, 28. The chart below shows that almost every August with a negative RSI and a BTC monthly return north of 10% leads to a sideways September but to a green October. If the price of Bitcoin moves in tandem with its history, this decline in performance and RSI could hint at massive gains for the cryptocurrency in the coming two months. The Glassnode co-founder stated the following: Also, the chart shows that Bitcoin rarely sees two Octobers in the red following a bear market as the one experienced in 2022. This fact adds to the bullish thesis for Bitcoin as 2023 enters its final months, and new narratives increase their influence over the price action. On the other hand, Allemann pointed at the increasing Open Interest (OI) for Bitcoin as prices trend sideways. The analyst believes that most OI comes from traders opening long positions. As the OI rises, BTC will likely see another aggressive move. Short liquidation could push the cryptocurrency back into its previous range if the price trends to the upside. However, if the opposite occurs, the high amount of long positions could push BTC into crucial support.

Shiba Inu’s (SHIB) community’s resolution was tested following Shibarum’s launch, as the network didn’t get off to the best start, dragging SHIB’s price down in the process. However, the community’s faith didn’t waiver, and now, it is in celebratory mode as Shibarium marks a major milestone just a day after its relaunch. Shibarium Wallets Cross 100,000 Members of the SHIB community have stormed social media to celebrate this major milestone, with many users on the X (formerly Twitter) platform posting several tweets in this regard with the hashtag “#SHIBARMYSTRONG.” According to data from block explorer Shibariumscan, over 100,000 wallets have been created on the Shibarium network since going live. This figure signifies an increase of over 35,000 wallets created since Shibarium relaunched yesterday. Shibarium’s lead developer, Shytoshi Kusama, announced on August 28 that the network was ready for “prime time” and that the network was going to be reopened to the public. As part of the announcement, he noted that Shibarium had accumulated over 65,000 wallets before the relaunch. Since then, new users have flocked to the network, with the total number of wallet addresses on the network standing at around 101,658 (at the time of writing). That represents more than a 50% increase in the number of users on the network since it relaunched. This figure may not surprise the SHIB community, considering that Kusama had earlier credited them for the “massive influx of transactions and users” that overwhelmed the network upon launch. Such a milestone suggests that the SHIB community remains bullish on the layer-2 network despite the difficulties it experienced upon launch. Shibarium is projected to become a major player in the decentralized finance (DeFi) space as demand for the network increases. The network’s success is also expected to significantly impact the Shiba Inu token, considering that it is one of the governance tokens on the network. As such, its value should rise as trading activity on Shibarium increases. More To Come, Says Shiba Inu Lead Dev In his update on Shibarium’s restart, Kusama noted that there was more to come for the network as it continues to build. He further stated that the team would keep providing Shibarium updates on their official channels. As part of these updates, Kusama announced on their official Telegram channel that the official WBone will be launched shortly, stating that the contract verification “should be up early this week.” He also mentioned that there are plans to renounce BONE’s token contract. BONE is one of the governance tokens on the Shibarium network. With this development, the token’s developer will no longer be able to make future changes in a move that strengthens holders’ confidence. Shibaswap, Shiba Inu’s decentralized exchange (DEX), will also be moved to Shibarium. The DEX is currently built on the Ethereum network. This marks part of the efforts to move all Shiba Inu-related products to the layer-2 network. Kusama noted that Shibarium was still “very early” and had a long way to go. However, he will continue to focus on “building decentralized systems and showcasing projects.”

In a refreshing ruling on August 29, the United States District of Columbia Court of Appeals said the stringent Securities and Exchange Commission (SEC) was, after all, wrong in denying Grayscale to convert their over-the-counter (OTC) Bitcoin Trust (GBTC) into a Bitcoin spot exchange-traded fund (ETF). The regulator had previously barred the conversion of the GBTC to an ETF, citing an alleged absence of measures to prevent price manipulation, forcing Grayscale to sue. Before this ruling, the presiding judge said SEC needed to elaborate on why they denied Grayscale’s application. Litecoin Rebounds Following today’s court statement, Bitcoin prices soared, and the aftermath of this pump has positively impacted Litecoin. As it is, BTC is up roughly 10%, sharply rebounding from around $25,800 support recorded last week. Meanwhile, LTC, the bitcoin “silver,” is up 7% when writing, aiming to reverse losses of August 17. Litecoin is changing hands at around $70, with a noticeable increment in trading volumes. Typically, in crypto trading, a spike in volumes, regardless of trend direction, can point to engagement and provide a “hint” of traders’ sentiment. With rising volumes and expanding prices, it could suggest that bulls are positioning themselves for even more gains in the sessions ahead. Meanwhile, sharp losses with increasing volumes may mean bears are unloading, and prices may drop. Post-Halving Rally On? The expansion in LTC trading volumes, as visible in the daily chart, could translate to a possible bottom for the digital asset that has been under pressure in the past few sessions. To illustrate, LTC is down 26% in August 2023 alone. This dump is despite news of the Litecoin network halving its miner rewards to 6.25 LTC in early August. In crypto, halving events has historically been associated with fresh cycles of increasing demand for the underlying coin. For Bitcoin, past performances indicate that the coin tends to rally months after the halving event. Meanwhile, in Litecoin, it has been mixed, but spot prices are generally higher than in 2019 when it halved. With Grayscale igniting demand in Bitcoin and other proof-of-work altcoins like Litecoin, it is yet to be seen whether bulls will build on this and push prices, especially of LTC, higher. LTC prices are currently trending inside the August 17 bear candlestick. Technically, this is bearish from volume analysis. A sharp reversal and rally, ideally above $75, peeling back August 17 losses, might catalyze more demand, potentially setting the base for a relieving post-halving rally. If this is the case, August 17’s losses could be the climactic end of the leg down as LTC establishes a triple bottom at around the $60 and $65 support zone. Previously, LTC found support in this region in March 2023 and December 2022.

TORONTO–(BUSINESS WIRE)–$CBIT #Bitcoin–(Block Height: 805,355) – Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQB: CBTTF) (“Cathedra,” the “Company,” or “we”), is pleased to announce the results of our operations for the second quarter and six months ended June 30, 2023 (“Q2 2023”). Second Quarter 2023 Financial Highlights Our mining operations produced 77.15 gross bitcoin during Q2 2023, compared to 57.65 bitcoin during Q2 2022, an increase of 19.50 bitcoin. The increase was due primarily to the expansion of our hash rate from 231 PH/s as of June 30, 2022, to 382 PH/s as of June 30, 2023. This expansion of our hash rate more than offset an increase in network hash rate, from 214 EH/s as of June 30, 2022, to 370 EH/s as of June 30, 2023. We recorded revenue of C$2.9 million during Q2 2023 compared to C$2.5 million during Q2 2022, an increase of $0.4 million. The increase was due primarily to the expansion of our hash rate, which more than offset the increase in network hash rate and a decrease in the average price of bitcoin from US$32,492 during Q2 2022 to US$28,038 during Q2 2023. We settled C$2.5 million of the outstanding principal amount of our 3.5% senior secured convertible debentures into approximately 18.5 million common shares of the Company, which were issued at a deemed price of C$0.135 per share. As of August 29, 2023, the convertible debentures have an outstanding principal balance of C$19.9 million, which is due upon maturity on November 11, 2024. As of August 29, 2023, we held approximately C$3.7 million of cash and approximately C$744,300 of bitcoin (19.55 BTC) for total cash and bitcoin liquidity of approximately C$4.4 million. Second Quarter 2023 Operational Highlights We completed the deployment of the remaining Bitmain Antminer S19J Pro and XP machines that we purchased in Q4 2021 at our leased data centers in Washington and a third-party hosting facility in Kentucky. We renewed our hosting agreement with an existing partner in Tennessee for another 12-month term which began on July 1. Under the terms of the renewed agreement, we pay a fixed rate of US$72.50 per megawatt hour for electricity and hosting services for 1,129 Bitmain Antminer S19J Pro machines and retain the ability to underclock these machines without losing rights to the full power capacity. On August 17, 2023, we informed the hosting partner of our intention to begin underclocking these machines on September 1, 2023. Through underclocking, we will reduce the break-even hash price on these machines by 12% to approximately US$46.00/PH/s/day, ensuring these machines continue to produce positive cash flow. We announced a strategic partnership with 360 Mining, an off-grid bitcoin mining company with a presence in Texas. With the partnership, we have expanded our operating footprint to a fourth US state and have become the only publicly listed bitcoin miner with operations utilizing both on- and off-grid energy sources. We have deployed the first of our proprietary bitcoin mining Rovers—which are mobile data centers we design and manufacture in-house—at 360 Mining’s off-grid location in Texas, with 360 Mining providing natural gas and power generation infrastructure to supply continuous electricity to our bitcoin mining infrastructure. We pay an effective rate of US$45.80 per megawatt hour for power consumed, plus 10% of gross bitcoin mined at the site. Using underclocked machines which we have repurposed from our previous partnership with Great American Mining in 2021-22, the initial deployment currently produces approximately 5 PH/s and is expected to improve to 8 PH/s in the coming weeks as we implement further optimizations. The partnership gives us the right to up to 2.0 megawatts of total power capacity, which we expect to produce at least 54 PH/s of total hash rate if fully utilized. As of August 29, 2023, the Company’s active bitcoin mining hash rate totaled 387 PH/s across four states and six locations in the United States. Management Commentary “Recent weeks have seen the improved bitcoin mining conditions of H1 2023 regress to levels comparable to most challenging periods of Q4 2022. During this time, we remain focused on finding creative, capital-efficient ways to create value for our shareholders. This focus is exemplified by our recent partnership with 360 Mining, under which we will continue to deploy idle hash rate and infrastructure with minimal capex, as well as our ongoing efforts to underclock our machines using custom firmware to ensure profitability. As always, we thank our shareholders for their continued support.” About Cathedra Bitcoin Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQB: CBTTF) is a Bitcoin company that believes sound money and abundant energy are the keys to human flourishing. The Company has diversified bitcoin mining operations which produce 387 PH/s across four states and six locations in the United States. The Company is focused on managing and expanding its portfolio of hash rate through a diversified approach to site selection and operations, utilizing multiple energy sources across various jurisdictions. For more information about Cathedra, visit cathedra.com or follow Company news on Twitter at @CathedraBitcoin or on Telegram at @CathedraBitcoin. Cautionary Statement Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company, are forward-looking information. Other forward-looking information includes but is not limited to information concerning: the intentions and future actions of senior management, the intentions, plans and future actions of the Company, as well as the Company’s ability to successfully mine digital currency; revenue increasing as currently anticipated; the ability to profitably liquidate current and future digital currency inventory; volatility of network difficulty and, digital currency prices and the resulting significant negative impact on the Company’s operations; the construction and operation of expanded blockchain infrastructure as currently planned; and the regulatory environment of cryptocurrency in applicable jurisdictions. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The Company has also assumed that no significant events occur outside of the Company’s normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law. Contacts Media and Investor Relations Inquiries Sean Ty Chief Financial Officer [email protected]

The exchange’s role in evading international financial scrutiny is likely behind this move. Similar actions were taken with Russian banks last week by the crypto exchange. Binance no longer accepts Banco de Venezuela as a funding source for its P2P trading service. Similar actions were taken with Russian banks last week, so this is certainly an attempt to comply with international financial crackdown. Users in Venezuela claim that Binance has removed Banco de Venezuela as a P2P payment option this week, following a similar pattern of withdrawals of Russian banks. The exchange’s role in evading international financial scrutiny is the clear impetus for this move. Complying With Sanctions Grupo Santander, a private holding corporation, handed over it to the state for around $1 billion in 2009. In 2018 and 2019, the U.S Treasury Department levied sanctions on leaders and connected entities in the Venezuelan government in reaction to the suppression of protesters in 2014 and 2017. The WSJ reported last week that Tinkoff Bank and Sberbank were available as transfer methods on Binance, sparking a renewed interest in whether or not sanctioned institutions were included on crypto P2P payment alternatives. On the same day, Tinkoff and Sberbank disappeared from the Binance P2P platform. Reporters on August 25 cited a representative for Binance as confirmation that the sanctioned institutions had been completely removed off the list. Also, on August 28, OKX and Bybit, two other prominent cryptocurrency exchanges, followed Binance’s lead and stopped accepting deposits from Russian banks under sanctions. Based on the results of the most recent assessment, Binance stated on Sunday that it would disable 39 liquidity mining pools this week. On September 1, 2023, it is anticipated that these 39 liquidity pools would cease operations due to their alleged inability to pass this evaluation. Highlighted Crypto News Today: Crypto Market Rallies on Grayscale’s Victory Against U.S SEC

The platform may now legally provide crypto wallet services in Rhode Island. It’s interesting to speculate how DOGE will fit in with the Twitter crypto wallet ambitions. X (twitter), the social media network owned by Elon Musk has been granted permission to provide crypto wallet services in one US state. A recent filing indicated that the firm has been issued a Currency Transmission License by the state of Rhode Island. The platform may now legally provide crypto wallet services after receiving a license in Rhode Island. The ability to store, transfer, and receive other cryptocurrencies is a potentially game-changing addition to X’s payments infrastructure. Financial Markets Ecosystem Expanding the crypto market to include more consumers, this action would also help promote cryptocurrency to a wider audience. Musk’s regular tweet related to Dogecoin is well known to all, so it’s interesting to speculate how the memecoin will fit in with the Twitter crypto wallet ambitions. Musk may be able to use the success of the crypto wallet launch to provide further cryptocurrency-related financial services to the platform. This is in addition to Musk’s plan to include a financial market ecosystem within the platform. During Twitter’s X rebranding announcement in 2023, he had previously announced ambitions to include the financial markets ecosystem. The payment processing corporation PayPal had recently introduced its own stablecoin called PYUSD. Also, there was talk at the time that the dollar-backed stablecoin may integrate with the X platform. Highlighted Crypto News Today: CoinDCX Leads Investment Round in BitOasis Crypto Exchange

On-chain data shows the Ethereum sharks and whales have continued to sell for four months now, a sign that the asset may not recover soon. Ethereum May Not Be In The Best Situation Right Now In a new insight post, the on-chain analytics firm Santiment has looked into how the various metrics related to Ethereum look like at the moment to get hints about the asset’s future outcome. First, the analytics firm has discussed the asset’s “transaction volume,” that is the daily total number of tokens that are being transferred on the network. Here is a chart that shows the trend in this indicator: As is visible in the graph, the Ethereum transaction volume has gone down recently and has hit some low levels, suggesting that the network isn’t observing much usage currently. “Though not necessarily a red flag for any asset, this is indicative of the crowd simply showing disinterest during a time when many traders really can’t decide whether the $1,650 price level is overvalued or undervalued,” explains Santiment. The firm further notes that the $1,500 level has had quite a bit of psychological support around it, so if the cryptocurrency declines toward this level, the volume might bounce back. While the volume can provide hints about the interest among the general investors, it may not necessarily reflect the sentiment of the largest of holders. So, the second indicator Santiment checked is the total amount of holdings belonging to investors carrying between 10 and 10,000 ETH in their wallets. The investors with address balances in this range are the sharks and whales, entities that can carry some influence because of their large holdings. From the chart, it’s apparent that these cohorts as a whole have been continuously selling since around four months ago when ETH hit its top above $2,100. Prior to this, these large investors had been accumulating, but it would appear that these investors gave in to the allure of profit-taking once ETH rose to high enough levels. The selloff has slowed down a bit recently, but these holders are still continuing to shed a net portion of their holdings. “This continued tailslide in supply held by sharks and whales is something we need to monitor,” says the analytics firm. “Prices can still rise as they take profit, and their holdings are far from a perfect correlation. But in terms of a signal for an immediate return to $2K and above, it certainly isn’t being perpetuated by whales.” Finally, Santiment has looked into the “development activity” of the asset, to see how much work the developers have been putting into the project’s public GitHub repository. Generally, this metric can be one of the things to look out for to see if a project has long-term potential or not. As the Ethereum developers haven’t stopped working hard recently, it’s safe to assume that they are still committed to the asset. So, at least this is one of the indicators not bleak for ETH right now. ETH Price Ethereum has been unable to break out of sideways movement recently as its price continues to trade around the $1,600 level.

Bitcoin price has thus far made a 7% intraday move following news that a US court ruled in favor of Grayscale against the SEC. At the same time, the stock market is surging. Could a perfect storm for the top cryptocurrency by market cap be building? Back At $28,000: Grayscale Court Ruling Causes BTC To Bounce In an asset class as volatile as crypto, prices — and moods — can change in a flash. That’s exactly what we’ve witnessed on a small scale today, moments after news broke that a US court is forcing the SEC to reconsider Grayscale’s Bitcoin ETF. The news is significant because not only does it increase the chance Grayscale can move ahead with an ETF, but it also improves the likelihood of other ETFs like BlackRock getting the green light. Green is definitely the color of the day, with BTCUSD climbing back to $28,000 per coin on the heels of the news. Bitcoin Price Could Benefit From A New Stock Market High It isn’t just crypto getting a major boost today. US stock indexes are also soaring today. The S&P 500 is up over 1.2%, the tech-heavy Nasdaq over 1.88%, and the Dow Jones Industrial Average at 0.63%. The latest bounce in stocks puts traditional markets within striking distance of a new all-time high. This is important because if Bitcoin price is already turning bullish in the wake of the Grayscale news, then a simultaneous stock market all-time high could cause crypto to go ballistic. Cryptocurrencies have a ton of catching up to do relative to the stock market. Furthermore, back in 2020, after the S&P 500 made a new all-time high, Bitcoin price followed in the weeks to come and set a record of its own. Is this what we can expect if the stock market sets new record highs, and a slew of ETFs are approved?

On-chain data shows the Bitcoin exchange netflow has remained at negative values recently, which could play in the favor of the asset. Exchanges Have Been Seeing Net Bitcoin Outflows Recently An analyst in a CryptoQuant Quicktake post explained that investors have been withdrawing their coins from exchanges recently. The relevant indicator here is the “exchange netflow,” which measures the net amount of Bitcoin currently moving into or out of the wallets of all centralized exchanges. The metric’s value is calculated as the outflows subtracted from the inflows. When this indicator’s value is positive, the inflows are more significant than the outflows right now; hence, a net number of coins is moving into these platforms. As one of the main reasons holders may want to deposit their coins to exchanges is for selling-related purposes, such a trend can have bearish consequences for the cryptocurrency. On the other hand, negative values suggest the holders are making net withdrawals currently. This kind of trend, when sustained, may be a sign that accumulation is going on in the market, which can naturally have bullish effects on the price in the long term. Now, here is a chart that shows the trend in the Bitcoin exchange netflow over the last few months: As displayed in the above graph, the Bitcoin exchange’s netflow had been positive during the crash earlier in the month, implying that net deposits had occurred. These inflows would have been from the investors taking part in the selloff and from those panic selling just after the selloff had occurred. This indicator tracks the combined data for both spot and derivative platforms, so a chunk of these inflows is bound to be coming from those looking to speculate on the futures market. It wasn’t long, however, before the netflow turned negative, and the metric has since maintained in this region. This would suggest that the holders have continuously taken their coins off these central entities during the last few days. As analyst James V. Straten has pointed out on X, many of these outflows have come from the Bybit platform alone. The total balance on the exchange has plunged as a massive $300 million outflow has occurred. These latest withdrawals are the largest the exchange has ever witnessed. Bitcoin Surges After News Of Grayscale’s Success Grayscale has found success in its lawsuit against the US Securities and Exchange Commission (SEC). The Bitcoin market has quickly reacted, as the cryptocurrency has shot up towards the $27,500 mark. If the market-wide negative netflows that had been occurring were true because of buying taking place in the market, then this sharp rebound could have holding power, as it would mean that it has built up off a strong accumulation foundation.

A recent report from Bitfinex has shed light on a trend in the Bitcoin market. The report shows despite the unpredictability of the crypto market; long-term Bitcoin holders appear to be playing the patience game, signaling a buoyant outlook on the digital currency. This resilience and sense of optimism come to the fore as Bitfinex’s Alpha report reveals roughly 40% of Bitcoin’s total supply has remained untouched for over three years, marking an all-time high. Bitcoin Dormant Supply Hits Record Highs The latest Bitfinex report illuminates that about 40% of Bitcoin’s supply has not witnessed any movement for more than three years. Based on the Coin Days Destroyed metric, the findings further highlight that this portion of the BTC has remained inactive on-chain. Analysts at Bitfinex, in a note, deduced that this pattern highlights a prevailing mood of confidence, hinting at possible stability in the face of usual market fluctuations. The analysts noted: It is worth noting that such a trend can be interpreted as a clear indication that long-term Bitcoin enthusiasts are maintaining a bullish perspective. Contrasting Metrics: Narrower Timeframes Hint At Bearish Sentiments While the three-year metric paints a promising picture of enduring confidence, the picture is slightly different when the lens narrows to a one-year timeframe. Within this shorter period, the inactive supply metric points towards a bearish sentiment, hinting at potential price drops. Bitfinex’s report stated: “Our analysis indicated that movements on this timeframe preceded the price drop.” A case in point is the sudden major Bitcoin fall on August 17, which led to the loss of roughly over $1 billion in liquidations. This crash plunged BTC’s value momentarily to the $25,000 zone. The analysis by Bitfinex suggests that this crash can be attributed, in part, to the “newer” long-term holders. According to the report, these individuals, who secured their positions during the bear market, are now experiencing a sense of “unease without succumbing to panic.” Meanwhile, following the conclusion of the legal battle between the US Securities and Exchange Commission (SEC) and crypto asset manager Greyscale, in which the latter emerged victorious, Bitcoin experienced a notable surge. BTC is trading above $27,000 when writing and marking a 5.2% increase in the past 24 hours. This news is especially significant considering BTC was hovering just below $26,000 and moving sideways before the announcement. Featured image from Unsplash, Chart from TradingView

Wamda Capital and Jump Capital also participated in the most recent investment round. This new investment follows $30M in funding that BitOasis successfully obtained in 2021. BitOasis, a crypto exchange based in Dubai, has raised capital from a number of sources, one of which being the Indian trading platform CoinDCX. Bloomberg reported on Friday that details of the agreement, including its worth and the parties involved, remained undisclosed. Both Wamda Capital and Jump Capital also participated in the most recent investment round. Launched in 2016, BitOasis serves customers mostly in the Middle Eastern nations. Chainalysis data shows that between mid-2021 and mid-2022, the crypto market in the MENA region grew at double the rate of any other place. Strategic Move This new investment follows $30 million in funding that BitOasis successfully obtained in 2021. Gaining one of Dubai’s operational MVP license earlier this year, BitOasis is now ready to provide broker-dealer services for digital assets to accredited investors, marking a big step forward in the company’s development. Unfortunately, the firm was dealt a blow in July when it was penalized by Dubai authorities for failing to adhere to the regulations imposed by the governing body. There were continuing regulatory controls and enforcement measures against BitOasis. Dubai has been attracting crypto firms with its crypto-friendly rules but has a strict approach when it comes to compliance. On the other hand, after acquiring over $90 million from investors headed by B Capital Group, CoinDCX has become India’s first cryptocurrency unicorn. Amid the ongoing regulatory uncertainty in India in regards to the crypto sector, CoinDCX had laid off 12% of its workforce a week ago. Highlighted Crypto News Today: DCG and Genesis Agree on Preliminary Settlement for Creditor Claims

The Ripple community is currently at the edge of their seats after the company’s founder and CEO made announcements to officially host a party to commemorate the cryptocurrency’s triumph against the US SEC. Hosting A Grand Celebratory Bash Ripple, a leading global payments network, declared openly on Monday, August 28, its intentions to throw a dedicatory party to honor its win over the United States Securities and Exchange Commission (SEC). Ripple’s win against the US SEC is not only a positive result for the cryptocurrency, but a significant milestone for the cryptocurrency industry in regards to regulatory clarity and transparency. It’s understandable the relief the Ripple community feels after going through many hurdles that came with the SEC lawsuit, not just in monetary losses, but in its reputation and position as a cryptocurrency with as much potential as Bitcoin. Ripple has disclosed some information about the celebratory party on X (formerly known as Twitter). The cryptocurrency firm stated that the party will be hosted in New York City on Friday, September 29, emphasizing to the general public to “save the date” and look forward to a great celebration. “We’re hosting a community celebration on September 29 in New York City! Stay tuned for more details to come later this week,” Ripple tweeted. The CEO of Ripple, Brad Garlinghouse also took to X, enthusiastically informing the public of the date of the party and how he looks forward to properly commemorating the cryptocurrency’s victory against the US SEC. “As promised – it’s time for that proper victory party,” Garlinghouse said. “The last few years have been quite the journey and I look forward to sharing a celebratory toast on Sept 29 in NYC!” The Spin-Off From Ripple And SEC Lawsuit Ripple and the US SEC have been embroiled in a lawsuit for years. The SEC first filed a lawsuit against Ripple in 2020, alleging that the cryptocurrency firm was selling unregistered securities in its native token, XRP. Instead of accepting the SEC’s demands and paying the liabilities, Ripple responded to the allegations by engaging in a legal battle that has been ongoing for about three years. During those years, Ripple has lost hundreds of millions of dollars in its effort to defend against the SEC’s allegations. Its native cryptocurrency was delisted from several exchanges including Bitstamp. The token also suffered from massive liquidations in the XRP futures contract. It was only this year that things started turning around for the cryptocurrency after Judge Analisa Torres ruled in favor of Ripple and declared that programmatic XRP sales should not be labeled a security. XRP sales jumped following Ripple’s partial win against the SEC. The cryptocurrency firm also inked a new partnership with Mastercard and is poised to be listed on Gemini. Even though the SEC is not too happy with Ripple’s win over the case and has submitted an interlocutory appeal against the cryptocurrency firm, XRP’s price remains somewhat stable. The crypto firm has also remained strong and enjoyed the support of notable cryptocurrency enthusiasts including Pantera CEO, Dan Morehead who labeled Ripple’s victory as a “positive black swan.”

The ruling paves the path for the Grayscale spot Bitcoin ETF to be approved. The BTC price has jumped 5% and is now trading at $27,404 mark. Grayscale prevailed against the U.S SEC in a historic ruling over the conversion of the Grayscale Bitcoin Trust to a spot Bitcoin ETF in a lawsuit. The Grayscale legal win might be a crucial step toward getting the first ever spot Bitcoin ETF authorized in the United States, especially in light of multiple spot ETF flings by financial giants. Historic Judgment The ruling paves the path for the Grayscale spot Bitcoin ETF to be approved. The verdict has certainly built a clear road to the approval of spot ETFs in a precise schedule, but this does not always suggest that approval is close or guaranteed. Also, what happens next depends on whether or not the US SEC decides to challenge the Court’s ruling. In its ruling, the court said: Meanwhile, as a result of the ruling in the case, the price of Bitcoin surged. The BTC price has jumped 5% and is now trading at $27,404 mark. Moreover, the overall crypto market responded positively with almost all major cryptos trading in green. The main point of Grayscale’s defense was that the US SEC lacked justification for rejecting the spot ETF after approving the related futures ETF.

MATIC, the native token of the Polygon network, has experienced both sides of the crypto market volatility in the last day, with a temporary boost followed by a steady price decline. Over the past 24 hours, the prominent altcoin has had its price bounce between $0.55 and $0.56, forming a major consolidation zone. As many MATIC investors speculate on the token’s next movement, popular crypto analyst Ali Martinez has given an interesting prediction that implies an impending market loss. MATIC In Danger Of 27% Price Decline Via an X Post on Monday, Ali Martinez alerted the crypto space that the MATIC token was in a critical price zone, which could result in heavy investor losses. Related Reading: MATIC Social Sentiment Slides To Negative Territory – What’s The Impact On Price? Over the last seven days, MATIC has recorded both negative and positive movements, often finding support at the $0.53-$0.54 price zone. Interestingly, Martinez predicts that if the Polygon native token lost this support level, it would likely fall as low as $0.40, representing a potential 27% decline from MATIC’s current price. The analyst further emphasizes the importance of this support level, stating it is “guarded” by 3,770 wallet addresses that collectively own 70.19 million MATIC tokens. Looking at MATIC’s daily chart, investors may have real cause to pay attention to Martinez’s prediction as the token’s price movement forms a descending channel. Based on this pattern, MATIC could likely record little gains in the coming days, but its long-term outlook indicates the continuation of its current bearish trend. However, investors are reminded that all price predictions are speculative with no guarantees. MATIC Daily Active Address On the Rise On a more positive note for MATIC, the Polygon network has experienced a significant rise in its daily active addresses over the last few days based on data from market intelligence firm Santiment. Following a steady decline in mid-August that saw this metric fall to around 182,000 on August 20, there has been a notable recovery, with the daily active address count reaching about 264,000 on Monday, August 28. This indicates an increased interest in Polygon despite MATIC’s little price movement in the last week. Related Reading: Polygon (MATIC) At June Lows Again – Prospects For Bullish Recovery? In other news, Polygon co-founder Sandeep Naiwal has posted an update on Polygon 2.0 detailing the benefits of MATIC’s proposed upgrade, the POL token. According to data from CoinMarketCap, MATIC is currently trading at $0.55 with a 0.05% loss in the last day. However, the token’s daily trading volume is on the green side, rising by 0.52% to be valued at $248.56 million. With a market cap of $5.16 billion, MATIC is ranked as the 14th largest cryptocurrency.

In a significant turn of events for Bitcoin (BTC) and the overall market, cryptocurrency asset manager Grayscale has emerged victorious in its legal battle against the U.S. Securities and Exchange Commission (SEC). The U.S. District of Columbia Court of Appeals has ruled in favor of Grayscale, overturning the SEC’s lawsuit and potentially bringing the company one step closer to achieving Bitcoin Spot exchange-traded fund (ETF) status. Bitcoin Surges As Grayscale’s Legal Victory Boosts Market Sentiment The recent ruling by the U.S. District of Columbia Court of Appeals has dealt a significant blow to the SEC’s efforts to impede Grayscale’s progress in establishing a Bitcoin spot ETF. While this decision does not automatically convert Grayscale’s flagship product, the Grayscale Bitcoin Trust (GBTC), into a Spot ETF, it undoubtedly marks a crucial milestone toward achieving that goal. James Seyffart, Bloomberg’s renowned ETF expert, emphasizes that this legal triumph for Grayscale brings the company closer to attaining ETF status for Bitcoin. The court’s decision to vacate the SEC’s denial of GBTC’s conversion into an ETF opens doors for further discussions and advancements in the cryptocurrency market. As a result, Bitcoin has experienced a notable surge of over 4%, currently trading at $27,300, slightly above its 200-day Moving Average (MA). Initially, there were concerns that the MA could hinder Bitcoin’s recovery from recent setbacks. However, in light of the recent developments regarding Grayscale’s legal victory, BTC effortlessly surpassed the $27,000 mark and briefly reached $27,500. To sustain its recovery, Bitcoin must maintain the $27,000 level and avoid falling below the moving average once again. Establishing the MA as a new support level would safeguard against short-term price declines. Furthermore, it would position the cryptocurrency favorably for another attempt to overcome the resistance at $28,000, should it fail to breach this barrier in its initial efforts. This triumph for Grayscale against the U.S. regulatory bodies represents a significant victory for the entire cryptocurrency market, which has been grappling with an ongoing crackdown by regulatory authorities. The outcome of this legal battle sets a positive precedent that could reignite confidence in the market and reverse the recent trend of liquidity outflows.

Bulls and bears collide as Avalanche price breaches crucial $10 support. 99.5% of AVAX holders find themselves in a loss : IntoTheBlock. As another victim of the bearish crypto market, the smart contract blockchain, Avalanche (AVAX) has been grappling with bearish pressure for over a month. Over the past 30 days, AVAX’s price has plummeted by 21.52%. It hit an all-time low of over two years at $9.997 on August 28. However, the 3% surge in the past 24H has marked a recovery, with AVAX currently stabilizing at $10.45. Notably, the coin remains a substantial 93% away from its ATH. According to the latest insights from the crypto analytics platform IntoTheBlock, the alarming number of AVAX holders in profit has hit an all-time low. While similar levels were observed in June and December of 2022, followed by dual implosion of Terra’s UST and LUNA, and after FTX’s bankruptcy, yet this marks the first time that an overwhelming 99.5% of AVAX holders find themselves in a loss. In contrast to this downtrend, there has been a notable 25.75% increase in trading volume, reaching $128 million in 24H. Analyzing recent developments The token analytics dashboard has unveiled that Avalanche unlocked 9.54 million tokens on August 26, accounting for 2.77% of the total supply and valued at $103 million. This allocation includes 2.25 million AVAX tokens for strategic partners, 1.67 million for foundation, 4.5 million for team. And 1.13 million for airdrops. Moreover, Throughout the year, the AVAX ecosystem has undergone several significant developments. These include a collaboration with Alibaba Cloud, a subset of the prominent Chinese e-commerce conglomerate Alibaba, aimed at deploying metaverses on the layer 1 blockchain. Additionally, Avalanche joined forces with MasterCard, part of an effort to fortify the payment giant’s presence in the Web3 space. More recently, the Avalanche Foundation introduced the $50 million Avalanche Vista initiative, focused on investing in real-world asset (RWA) tokenization. Also, a brief depeg of the USDC stablecoin in the first quarter of 2023 triggered increased transactions. And user activity on Avalanche. However, these ecosystem advancements have yet to make a substantial impact on the coin’s price performance. Will The AVAX Bulls Stage a Comeback? A detailed analysis of Avalanche’s recent price movements reveals a consolidating pattern, with bears seemingly maintaining control. The daily Relative Strength Index (RSI) hovers around the cusp of oversold territory, registering a value of 33. AVAX Price Chart , Source : TradingView It’s possible that Avalanche’s price could continue consolidating in a flag formation, awaiting a potential crossover above the 9-day and 21-day moving averages. However, a closer look suggests that the AVAX price might dip towards the $9.5 support level before any upward movement. A weaker $10 support level could trigger a price breakdown. It will lead bears to target subsequent supports at $8, $7, and $6. Conversely, if a bullish momentum prevails, the price may rally towards resistance levels of $13, $14, and $15.

Genesis filed for Chapter 11 bankruptcy protection in January 2023. Gemini claims that Genesis owes them around $1 billion in client money. According to a court filing made on August 29th, the Digital Currency Group (DCG) and insolvent cryptocurrency lender Genesis have reached an in-principle agreement to settle the claims of the creditors. With a severe liquidity problem ensued with the demise of cryptocurrency exchange FTX. Genesis filed for Chapter 11 bankruptcy protection in January 2023. According to DCG, the parent company of Genesis, the insolvent cryptocurrency lender has $630 million in unsecured debts due in May 2023. It also owns an unsecured promissory note for $1.1 billion that is due in 2032. Relief for Creditors The DCG plans to enter into additional financing facilities and a repayment arrangement as per the terms of the in-principle contract reached. There will be a first-lien facility of $328.8M with a maturity of 2 years. There will also be a second-lien facility for $830M that has a maturity of 7 years. According to the statement, DCG intends to pay its creditors $275 million over the course of four instalments. According to the filing, if the proposal is implemented, unsecured creditors might get returns of between 70% and 90% in USD and between 65% and 90% in-kind, depending on the denomination of the digital asset. Since Genesis was the custodian for Gemini’s Earn Product, the crypto exchange took the worst hit when Genesis declared bankruptcy. Gemini claims that Genesis owes them around $1 billion in client money. Gemini sued Genesis parent company DCG after it refused to return the money. To counter this, DCG has filed a move to dismiss the action. Highlighted Crypto News Today: 2M Curve Tokens Withdrawn From Binance in 40 Minutes

Paypal’s Ethereum-based stablecoin PYUSD has failed to capture crypto investors’ interest. According to data from Nansen, 90% of the stablecoin’s total supply still remains with its issuer Paxos’ wallet. Paypal’s PYUSD Adoption Setback The payment giant Paypal’s recently launched stablecoin PYUSD continues to struggle with adoption and has failed to gain traction since its official launch on August 7, 2023. Despite PayPal having over 350 million users worldwide, on-chain data from Nansen has shown that only a small percentage of its user base is currently using and holding the PYUSD in self-custody wallets. “On the surface there’s a lack of demand from crypto users for PYUSD when other alternatives exist,” said Nansen in a report. However, it is believed that lack of enthusiasm might involve the stablecoin’s lack of utility and not being able to earn interest on the stablecoin, as highlighted by an X (formerly Twitter) user in a post on August 26, 2023. The stablecoin’s holdings on crypto exchange wallets are also low, accounting for just about 7% of the stablecoin’s total supply. This percentage takes into account the balances on centralized exchanges such as Kraken, Crypto.com, and Gate.io. Despite the high expectations in the crypto industry following the release of the stablecoin that it would actually promote wider adoption and introduce cryptocurrencies to the masses for the first time, the stablecoin has failed to live up to expectations and smart money investors seem perfectly comfortable to circumvent the stablecoin. The largest holder of the stablecoin holds less than $10,000 worth of PYUSD after the holder sold about 3 meme coins to purchase the stablecoin. Excluding contracts or exchanges, not more than 10 holders have a balance surpassing $1,000. According to Coinmarketcap, PYUSD has a total supply of 43 million PYUSD tokens and pools in decentralized exchanges like Uniswap’s PYUSD/USDC and PYUSD/wETH accounts to only 50,000 PYUSD tokens respectively. The PYUSD tokens have been criticized for being overly centralized, as the majority of its total supply turns out to be stored on centralized exchanges, resulting in difficulty in growing its circulation. Despite such a high total supply, the collective total number of the stablecoin’s holders according to Etherscan is merely 324 at the time of this writing. Expectations On Ethereum For The Stablecoin According to JP Morgan analyst Nikolaos Panigirtzoglou, following the first week of Paypal’s stablecoin launch, Ethereum enjoyed no benefit from PYUSD when looking at things such as increased network activity, increased Total Value Locked (TVL), and enhancing Ethereum’s network utility as a stablecoin/DeFi platform. Crypto experts and enthusiasts have also criticized PayPal for choosing Ethereum for its stablecoin due to the blockchain’s high transaction fees. Co-founder of Sei Network Jayendra Jog said, “The gas fees of using PYUSD will be ridiculous, which will disincentivize its usage.” He further added, “To help make the user experience better, PayPal will either need to subsidize transaction costs or will need to help support PYUSD on other networks with cheaper gas fees.”

DYDX, the native token of a decentralized exchange (DEX) with the same name, has been on a good run in the past few days. According to CoinGecko data, the cryptocurrency’s price jumped by 10.7% in the past week, reflecting a positive performance after an unfavorable start to August. However, there has been rising concern that this spurt of bullish momentum may be short-lived. And the upcoming token unlock event is the primary source of this skepticism. dYdX To Unlock $13.8 Million Worth Of Token In Single Event Token unlock events are not a strange phenomenon in the cryptocurrency space, as many blockchain networks and decentralized finance (DeFi) protocols have a portion of their token supply locked – to be released periodically. DYDX is one of those tokens with a locked supply and its next token unlock event is happening on Tuesday, August 29. In the latest iteration, the decentralized exchange will unlock $13.82 million worth of its native token to be distributed to its community treasury and rewards for liquidity providers and traders, according to data from Token Unlocks. The token tracking dashboard shows that the DEX will release 6.52 million DYDX tokens, which accounts for 3.76% of the token’s current circulating supply. Breaking this figure down, 2.49 million tokens – equivalent to $5.279 million at the current market price – will be allocated to the community treasury, which funds contributor grants, community initiatives, liquidity mining, and so on. Meanwhile, the remaining 4.03 DYDX tokens will be distributed between trading rewards (2.88 million tokens worth roughly $6.11 million) and liquidity provider rewards (1.15 million tokens worth an estimated $2.44 million). This is the second time the DEX will be carrying out an unlock event in August 2023. On August 1, 2023, dYdX executed an identical unlock event, distributing the same amount of tokens to the community treasury, liquidity providers, and traders. Upon completion of this forthcoming event, over 25% of the total token supply will be unlocked, while less than 75% of the supply will still be locked. Could This Event Hamper DYDX’s Rise? Given that a considerable chunk of the 6.52 million DYDX tokens will be going to liquidity providers and traders, the chances are that a substantial portion of the tokens will be offloaded in the open market. As such, the DYDX price could suffer due to increased selling pressure. The signs are not particularly positive from a historical perspective, either. Price action data reveals that the price of DYDX struggled after the identical unlock event on August 1. The token lost nearly 10% of its value in a few days, reaching $1.91 by August 4. Although the token has witnessed an impressive turnaround, investors could see DYDX fall below the $2 level again if history were to repeat itself. As of this writing, the DYDX token changes hands for $2.12, reflecting a 1.7% price dip in the last 24 hours. CoinGecko data shows that there has been a 36.2% decline in the token’s daily trading volume, signaling a recent fall in market activity.