Earlier today, XRPL Labs divulged its latest development: Xahau Ledger, a smart contract sidechain integrated into the XRP Ledger (XRPL) ecosystem. This is said to enhance the capabilities of the XRP Ledger, pushing it a step closer to widespread retail adoption. The announcement by XRPL Labs, the brain behind the XRP Ledger’s self-custody wallet named Xumm, has reignited excitement within the community, pointing toward significant advancements for this altcoin. However, so far, the altcoin remains in red down by 1% in the past 24 hours. An Introduction To Xahau Ledger On August 28, XRPL Labs conveyed its integration with the Xahau Ledger, characterizing it as an “ambitious move” to introduce multifaceted features to the XRP Ledger. This integration is seen as a catalyst, propelling the adoption of the altcoin and its foundational ledger. Such progress firmly positions the XRP Ledger protocol to break new ground in the retail sector. Furthermore, XRPL Labs is in the phase of rolling out a comprehensive whitepaper for the Xahau Ledger. As emphasized by the developers, this sidechain’s primary purpose is to infuse the XRPL ecosystem with smart contract capabilities. The Vision For The Smart Contract Sidechain For XRP Ledger Wietse Wind, the founder of XRPL Labs, in a recent update on X (formerly recognized as Twitter), disclosed the collaboration with prominent names, including GateHub, Alloy Networks, and EvernodeXRPL. According to Wind, their joint efforts have led to the Xahau whitepaper’s publication, underscoring the potential of the Ledger-powered smart contracts. Wind envisions these contracts as pivotal in crafting solutions for daily life challenges. The XRPL founder further disclosed his commitment to the XRP Ledger ecosystem. In his words: He further expressed his optimism for a multi-chain XRPL Protocol ecosystem, emphasizing the combination of XRPL Mainnet’s proven resilience with the limitless potential of Hooks. Furthermore, Wind dropped hints about future updates to the Xumm wallet, indicating support for multiple XRPL Protocol networks, notably XRPL Mainnet and Xahau. According to the founder, this is a move aimed at achieving the overarching vision of XRP retail adoption. To add to the anticipation, Wind hinted that Xahau might become operational before the year concludes. Featured image from Unsplash, Chart from TradingView

In a disheartening turn of events, the decentralized finance (DeFi) protocol Balancer (BAL) confirmed a hack just days after warning about a critical vulnerability impacting multiple Pools. The attack, which took place on August 27, resulted in a loss of nearly $1 million for Balancer. Previously, on August 22, NewsBTC reported that Balancer had discovered a critical vulnerability affecting its protocol. However, despite efforts to mitigate the risks and caution users, Balancer could not pause the affected pools. In response, the protocol urged users to withdraw from the impacted liquidity pools to prevent further exploits. Balancer Exploit Unveiled On Sunday, Balancer took to X (formerly known as Twitter) to acknowledge the existence of an exploit related to the previously disclosed vulnerability. While mitigation measures were implemented to reduce risks, they were insufficient to halt the affected pools. Consequently, users were advised to withdraw their funds from the vulnerable liquidity pools to safeguard their investments. Meir Dolev, a Web3 security expert, shed light on the situation, revealing that the attacker was persistently carrying out their operation. Approximately $900,000 was affected, with over $600,000 already transferred to the address 0xB23711b9D92C0f1c7b211c4E2DC69791c2df38c1. On the same note, Blockchain security firm Beosin further divulged that the hack was executed through multiple flash loan attacks. Flash loans, a feature enabling users to borrow funds without collateral, have been increasingly utilized as tools for exploitation in the DeFi space. The Balancer exploit underscores the ongoing challenges DeFi platforms face in ensuring user funds’ safety. As the industry continues to innovate and attract significant capital, securing protocols and addressing vulnerabilities must remain a top priority. BAL Price Plunges, Exploit Triggers 20.81% Decline In the aftermath of the recent exploit that targeted Balancer, the project’s native token, BAL, has experienced significant market repercussions. The exploit, which resulted in a loss of approximately $1 million, has had a noticeable impact on BAL’s price and various key metrics, reflecting the challenges faced by the platform, according to Token Terminal data. As a consequence, BAL’s price has witnessed considerable volatility. Over the past 30 days, the token has experienced a sharp decline of 20.81%, as seen in the chart below. This downward trend is further highlighted by the token’s performance over a longer period of 180 days, during which it has plummeted by 51.69%, underscoring the impact of the exploit on investor sentiment and market confidence in BAL. Furthermore, BAL’s all-time high (ATH) stands at $74.45, serving as a reminder of the token’s previous price peak. However, the all-time low (ATL) of $3.36 reveals the extent of the token’s decline following the exploit. The exploit’s aftermath has also affected Balancer’s market capitalization metrics. The circulating market cap, representing the value of BAL tokens in circulation, currently stands at $150.06 million. However, this metric has suffered a notable decline of 22.60%, indicating a decrease in token valuation and investor confidence. Another critical metric the exploit impacts is Balancer’s total value locked (TVL). TVL represents the amount of capital locked within the protocol. In the aftermath of the exploit, Balancer’s TVL has declined by 33.86%, signaling a shift in investor sentiment and potential reallocation of funds to more secure platforms. Featured image from iStock, chart from TradingView.com

On Sunday, Binance announced that it will halt 39 liquidity mining pools this week following the latest assessment. As a result of a supposed failure to pass this assessment, these 39 liquidity pools are expected to stop operating on September 1, 2023. Liquidity Pools Stopped By Binance This decision was made due to the platform’s recent liquidity mining performance. The announcement said Binance Liquid Swap will “periodically review listed liquidity pools to concentrate liquidity for our users and ensure optimized trading experience, price and slippage.” As a result of the most recent review, the 39 liquidity pools listed below are expected to cease operation on Friday: For now, users will not be able to add liquidity to these liquidity pools from today. However, the liquidity of the liquidity pools listed above will still remain accessible to ensure that users are provided with a trading experience. Users will also still be able to redeem and withdraw their assets from the respective pairs on Binance Spot before the closing date on September 1, 2023. User deposits in the liquidity pool will be calculated following the current composition of the respective pool and then it will be converted to the user’s Spot wallet automatically. According to the announcement, the removal of the liquidity pools listed above will not hinder other trading respective pairs on Binance Spot and users will still be able to trade on other liquidity pools that are currently available on Binance Liquid Swap. This marks the second time Binance has eliminated liquidity pools this month. On August 9, 2023, Binance also announced that the exchange would stop about 38 liquidity pools on August 18, 2023. Multiple Charges Hinder Binance’s Business Amid these developments, the Binance crypto exchange continues to deal with regulatory pressures that seem to be affecting its business. Firstly, Visa and Mastercard are slowly cutting their ties with Balance due to the multiple regulatory actions from the US Securities and Exchange Commission (SEC) against the exchange. One of the allegations brought against Binance is that the exchange has been operating under an unregistered business and misled investors about the company’s risk. Also, the US Commodity Futures Trading Commission (CFTC) in May brought multiple charges against the exchange for what it calls a “willful evasion” of US law. Among the hurdles the exchange is also facing include allegations that the US Department of Justice is looking into the exchange and is considering charging Binance for fraudulent activities. On August 23, 2023, Binance announced on X (formerly Twitter), that the exchange’s card known as the Binance Card will no longer be available to users in Latin America and the Middle East.

On-chain data shows a Bitcoin metric is forming a pattern that may hint that a bull run could be coming next for the asset. Bitcoin HODLer Growth Rate Has Seemingly Reached The “Plateau” Stage In a new post on X, the analyst Charles Edwards shared a chart highlighting a pattern that the BTC “HODLer Growth Rate” indicator may be forming. This indicator keeps track of the 1-year growth in the holdings of the Bitcoin investors who have been keeping their coins dormant (unmoved) in their wallets since at least two years ago. Generally, an investor who holds onto their coins for at least six months is termed a “long-term holder” (LTH). The LTHs are market participants with a high resolve who don’t usually sell quickly, regardless of whatever happens in the rest of the market. Statistically speaking, the longer an investor keeps their coins still, the less likely they become to sell at any point. Thus, the holders who make it to the 2-year mark, which is the segment of interest in the current discussion, would then be the most persistent investors, even among these LTHs. Therefore, whatever these holders are doing can be worth keeping an eye on, as it may have ramifications for the rest of the market. Naturally, these holders aren’t too likely to exert influence in the short term (as they usually remain silent), but in the long term when the effects of their behavior could emerge. Here is a chart that shows the trend in the Bitcoin HODLer Growth Rate for this particular segment of the LTHs over the past decade: As Charles has marked in the above graph, there appears to be a specific pattern that the Bitcoin HODLer Growth Rate has followed throughout the cycles. It would seem that during bear markets, the indicator’s value remains positive and in an uptrend, suggesting that these investors expand their holdings in such periods, and as prices dip further, they only up the pace of this accumulation. As the bear market approaches its end and a transition towards a bull market takes place, the metric’s value goes flat, implying that these investors still accumulate, although at a constant rate, rather than an accelerating one. Then, as the bull run starts, these Bitcoin HODLers slowly stop the accumulation entirely and begin to participate in distribution instead. The analyst notes that the Bitcoin HODLer Growth Rate now appears to have finished up the rapid bear market expansion phase and is now starting to plateau sideways. Naturally, if the pattern of the previous cycles is anything to go by, it can mean that the Bitcoin market is now in the middle of the transition towards the next bull run. BTC Price Bitcoin remains stuck in a range as its price still trades around the $26,100 level.

This is an important step in the city’s larger strategy to establish itself as a crypto hub. HashKey’s goals are simple: they want to sign up 10 million retail customers by 2025. Hong Kong, a major financial center on the world stage, has taken a major step forward in fortifying its crypto position. One of the first exchanges to get a license from the city’s SFC, HashKey Exchange, officially welcomed retail investors on Monday. This is an important step in the city’s larger strategy to establish itself as a hub of the expanding crypto market. This move affects the city’s fintech scene in ways that go well beyond the immediate effects on retail traders. In addition to allowing investors to buy crypto in USD directly, HashKey’s launch also paves the way for transactions in Hong Kong dollars, which are expected to be live “within a week or two,” as stated by HashKey Group COO Livio Weng. HashKey’s goals are simple: they want to sign up 10 million retail customers throughout the world by 2025. This year, they want to sign up 500,000. Setting High Benchmark Strict licensing standards imposed by the SFC in areas including asset custody, cybersecurity, and corporate governance further demonstrate the SFC’s dedication to providing a safe trading setting to investors of all experience levels. However, obstacles exist, as they do with any new financial paradigm. Recently, the SFC has issued warnings to platforms that make false promises of compliance. Traders should exercise caution by dealing only with authorized exchanges. As a result, the world is keeping a close eye on Hong Kong’s crypto initiatives, and the region’s commitment to combining innovation with security. The establishment of the HashKey Exchange is a reflection of the city’s readiness to embrace the crypto and blockchain realm. Highlighted Crypto News Today: US Crypto Community Divided Over Biden’s New Tax Reporting Rules

The IRS unveiled new guidelines aimed at tightening crypto tax reporting and closing loopholes. However, crypto industry leaders strongly oppose the changes, arguing they will stifle innovation and privacy in the US compared to other countries. Critics believe the rules need to be tailored specifically to crypto, not just copied from traditional asset reporting. The US Internal Revenue Service (IRS) recently unveiled a set of new tax reporting guidelines. Endorsed by President Joe Biden, these rules aim to tighten the noose on tax evasion in the digital asset space. However, the proposal has been met with a mix of skepticism and outright opposition from key industry figures. On August 25, the IRS proposed that crypto brokers adopt new forms designed to streamline tax filing and curb tax evasion. The U.S. Department of the Treasury further clarified that the objective is to align digital asset reporting with that of traditional assets. US Industry Leaders Voice Concerns Ryan Selkis, CEO of Messari, was quick to express his disapproval. Selkis warned that if Biden secures a second term, the U.S. could become an inhospitable environment for the crypto industry. Chris Perkins, president of CoinFund, echoed Selkis’ sentiments. Perkins argued that the U.S. is already lagging behind other nations in crypto innovation, and these new rules would only widen the gap. He advocated for “simple and detailed rules” that would foster, rather than stifle, innovation. The new rules have also ignited debates over privacy. Critics argue that the U.S.’s focus on income tax means that private transactions on public ledgers would be subject to intrusive tax and sanction surveillance. Kristin Smith, CEO of the Blockchain Association, expressed reservations about lumping digital asset reporting with traditional assets. She emphasized that the crypto ecosystem operates differently and that any rules should be “tailored accordingly.”

Mukesh Ambani, highlighted JFS’s strategic orientation during the annual general meeting. JFS intends to include blockchain-based platforms and CBDC into their products. Jio Financial Services (JFS), a subsidiary of Reliance Industries Ltd, is taking a technologically-driven approach in expanding its product offerings by exploring blockchain-based platforms and CBDC. Mukesh Ambani, Chairman and MD of RIL, highlighted JFS’s strategic orientation during the company’s annual general meeting. Ambani said JFS wants to become a household brand in the payments industry by serving customers and businesses alike and promoting digital adoption. Strategic Move Most notably, JFS intends to include blockchain-based platforms and CBDC into their products. Using a digital-first approach, the newly listed subsidiary’s primary objective is to broaden access to financial services. The goals of this plan are to make goods easier to use, save costs, and reach more people. Jio Financial Services, which was spun out from RIL’s financial services division last year and became public earlier this month, is the vehicle via which the company has entered the financial services industry. To join the Indian asset management market, JFS has already formed a crucial agreement with investment behemoth BlackRock. As a result of this collaboration, Jio and BlackRock have joined forces to establish Jio BlackRock, a digital-first company in which each company owns 50%. Moreover, in February of this year, Reliance Retail, a division of RIL, began accepting retail payments in digital rupee, a move that might help accelerate the spread of India’s newly adopted CBDC. In light of Reliance’s declaration, India is delving further into the crypto and blockchain scene. Indian PM Narendra Modi recently emphasized the need for international collaboration in setting cryptocurrency legislation during his speech at the Group of 20 (G20) summit. Highlighted Crypto News Today: XRP August Outlook: Predicted Plunge Amidst Legal Battle After July’s Rally

Georgetown, Cayman Islands, August 28th, 2023, Chainwire Stargate, the leading omnichain liquidity layer, and native asset bridge with over $18 billion in lifetime transaction volume, has now deployed on Kava Chain, the Cosmos-Ethereum interoperable Layer 1. This integration will expand the reach of Tether’s Cosmos-native USDt issued exclusively on the Kava Chain, to the Ethereum ecosystem and beyond. Stargate’s success in connecting Ethereum networks is unmatched, with 300x more TVL than the next most-used bridge. Deploying Stargate on the Kava Chain gives DeFi users the most secure and efficient way to move USDt between the Cosmos and Ethereum ecosystems. The integration ensures that users from any of Stargate’s chains have access to USDt on Kava Chain and every app-chain on Cosmos’s Internet of Blockchains. Ease-of-use features like single-click transfers and swaps, combined with unified liquidity and instant guaranteed finality, make traversing USDt capital efficient and simple. Stargate’s native asset transaction capabilities ensure a more direct and efficient connection to the Cosmos ecosystem. “Kava Chain’s growth since becoming the exclusive native USDt hub for Tether has been impressive, with 90 million native USDt issued,” said Scott Stuart, Kava Chain Co-founder. “With Kava Chain now on Stargate, both retail and institutional users who previously had restricted access to certain features on Kava, now have an even broader spectrum of opportunities with USDt.” Stargate’s involvement, combined with the Kava Chain’s USDt integration, promises to drive growth, increase exposure to liquidity, and open the Kava Chain and Cosmos ecosystems to wider markets, unprecedented usage for the first time. About the Kava Chain The Kava Chain is a secure, lightning-fast Layer-1 blockchain that combines the developer power of Ethereum with the speed and interoperability of Cosmos in a single, scalable network. Committed to fostering innovation and growth, the Kava Chain is a trusted choice for developers and users worldwide. For more updates, follow Kava Chain on X (fka Twitter). About Stargate Stargate is a fully composable liquidity transport protocol that lives at the heart of Omnichain DeFi. With Stargate, users & dApps can transfer native assets cross-chain while accessing the protocol’s unified liquidity pools with instant guaranteed finality. Contact Media manager guillermo carandini Kava [email protected]

The Bitcoin price has barely moved a few hundred dollars since late last week, but a vital metric hints at another aggressive move. In the meantime, the cryptocurrency is likely to keep trading sideways until another liquidation event flips momentum into a specific direction. As of this writing, Bitcoin trades at $26,100 with sideways movement in the last 24 hours. In the previous seven days, BTC recorded similar price action while other tokens in the top 10 moved in tandem except for Binance Coin (BNB) and Solana (SOL). Bitcoin Price On Brink Of New Liquidation Event? As the Bitcoin spot price trends sideways, most of the action turns to option contracts where “smart money” is positioning for a big move. According to a report from derivatives platform Deribit, traders in the sector are betting on the long side solely based on the potential approval of a Bitcoin price spot Exchange Traded Fund (ETF) in the US. Thus, most traders have been buying call (buy) contracts for Bitcoin to rise above $30,000 by the end of the year. These might have been betting on the regulator and courts to announce a decision from the many petitions or because of the case filed by asset manager Grayscale. Neither of these events has come to fruition, which has led to a decline in the overall sentiment across derivatives. As the spike in call buyers suggested, this sentiment has been primarily bullish but will likely turn negative as the US stalls its Bitcoin price spot ETF decision. Deribit stated: These hedges might have contributed to the Bitcoin price’s recent action as operators sell their spot position to cover their call contracts with late expiration. In that sense, the main catalyzer was the liquidation cascade that the cryptocurrency experienced when moving around $29,000. At that time, as BTC trended sideways, open interest across the derivatives sector trended to the upside. As pointed out by an analyst, a similar situation is taking place currently and could lead to another aggressive move with a downside potential. Cover image from Unsplash, chart from Tradingview

The price of Bitcoin has taken a beating in the past month. The leading cryptocurrency by market cap is down by more than 11% from its price in July and has lost more than $50 billion in market cap since then. While the price plunge has been painful for investors, Bitcoin miners have also been feeling the sting as mining revenue per computing power has been dwindling for the past few months. On the other hand, Bitcoin’s hashrate has soared to high levels as mining farms continue to come online. Bitcoin Hashrate Reaches All-Time Highs Despite Bear Market Over the last year, Bitcoin’s hashrate (the total combined computing power of miners) has almost doubled. Data from Blockchain.com shows that the Bitcoin network hash rate surpassed 414 terahashes per second (TH/s) for the first time on August 16. This metric has since retraced to 390 TH/s, but it is expected to rise further in the coming weeks as miners bring on more computing power to break even on their mining operations. The higher the hashrate, the more difficult it becomes to mine BTC and earn rewards. This means that miners are now making less BTC per terahash of computing power than ever before. Data from Hashrate Index shows this figure is now at $0.06016 per terahash/second per day. In comparison, this figure was at $0.08124 on May 8 during the rise of Bitcoin Ordinals and Inscriptions. A further decline from here would see mining revenue fall below the lowest point in November 2022. How Miners Are Adapting To Stay Profitable The Bitcoin mining industry has proven itself resilient, even during the depths of the crypto winter. According to data from investment information platform MacroMicro, the current average cost to mine a BTC stands at $45,877 with the current price of BTC now at $25,936. To remain profitable with the rising hash rate, Bitcoin miners have had to adjust their operations. Publicly traded mining companies like Marathon Digital and Riot Platforms have had to raise about $440 million through stock sales. Bitcoin miners have also avoided selling their $900 million BTC, as it could trigger a major selloff from investors. While previous on-chain data have shown miners sending a significant amount of coins to exchanges, miners have been expanding their reserves recently. BTC Mining Outlook The outlook for Bitcoin mining economics in the coming months is uncertain but potentially promising if the hashrate continues to increase. The next Bitcoin halving is expected to take place in April 2024, slashing block reward by 50%. When the halving occurs, things could even get tighter for miners, as they would have to increase mine more blocks to break even. Nevertheless, big BTC mining companies are already on track for this adjustment. Marathon Digital, for example, was able to achieve a 54% boost in its hashrate during the second quarter but reported a net loss of $21.3 million.

Bitcoin price is currently trading at slightly above $26,000 per coin, but is still reeling after last week’s 10% single day selloff. The situation looks dire for crypto bulls who were hoping for a more significant recovery to begin after such prolonged sideways. However, the bullish market structure remains unbroken. Let’s take a closer look at what exactly this means and why the 2023 uptrend is still intact. Recapping Recent BTCUSD Volatility After a solid start to 2023 – certainly a year that’s been kinder to the king of cryptocurrency than 2022 – BTCUSD has bears celebrating and bulls kicking their wounds. Several months of sideways price action and dwindling volatility ended with a bang as expected, but the move was down and not what bulls had been hoping for. A sharp, 10% intraday selloff caused more long liquidations than the FTX collapse, and sent the Relative Strength Index immediately into the most oversold territory in all of 2023. But even with all the carnage, Bitcoin remains in a near-term uptrend with a bullish market structure. Why Bitcoin Price Remains In A Structural Uptrend By pure definition, an uptrend is a series of higher highs and higher lows. Which is precisely what is still happening in BTCUSD price action throughout 2023. Currently, the FTX collapse in November 2022 was the local “low” of the downtrend. In contrast, a downtrend is a series of lower lows and lower highs. Once a new high was made in early 2023 and then a higher low was put in, the downtrend was considered over. The recent 2023 uptrend in Bitcoin hasn’t yet made a lower low after a lower high. Even a possible lower low beyond here is still without a proper lower high. This means that the top cryptocurrency by market cap could potentially bounce here, or even lower, and still maintain an overall bullish market structure. A lower low would still be important, potentially warning that the market structure is turning back bearish. If a lower low happens below the $25,000 low from June 2023, then it will be all eyes on if a lower high is to follow. The 2023 uptrend in Bitcoin has been muted compared to what the cryptocurrency is capable of. BTCUSD is up roughly 50% during the first roughly nine months of the year. The final nine months of 2020, for example, had over 900% ROI by comparison. Could this type of returns soon be on the way? Or will the cryptocurrency market fall back into the clutches of bears? This chart originally appeared in Issue #18 of CoinChartist VIP. Subscribe for free.

XRP surged 47% in July after a favorable court ruling but now faces its biggest ever August price. XRP’s market cap already sank $10 billion in August, currently sitting around $27 billion. History shows September is also weak for XRP, so it remains to be seen if bullish momentum returns. XRP rallied strongly in July, surging 47.6% on the heels of a favorable court ruling in Ripple’s ongoing legal battle with the SEC. But the winds have now shifted for the fourth-largest cryptocurrency by market capitalization. Despite logging its second-best July price performance on record, Ripple appears on track for its worst-ever August returns based on data from CryptoRank. The analytics firm predicts that it could plunge 25.4% this month, exceeding its prior August downturn record of 23% set back in 2018. XRP market cap plunged below $10 billion XRP’s market capitalization has already sunk by $10 billion since August began, now totaling $27.49 billion. With August nearing its end, the looming question is whether XRP can avoid cementing a new monthly loss record. History shows September often concludes weakly for XRP as well, with returns frequently in negative territory, barring some past outliers. The coming monthly close will determine whether bulls can muster a rally to counter bearish technicals. For XRP investors, the abrupt change in fortune following July’s court-fueled euphoria spotlights the unpredictable volatility inherent to crypto markets. Despite fundamentals remaining strong, unpredictable forces like broader macro conditions and speculative trader sentiment can rapidly shift the winds from tailwind to headwind. With the SEC lawsuit set to intensify in the coming months, uncertainty still dominates the outlook. But dedicated XRP supporters remain confident the crypto asset’s utility and legal standing will win out over time, regardless of intermittent volatility.

The on-chain analytics firm CryptoQuant has discussed how the Bitcoin market has changed during the past year. Bitcoin Has Been Going Through Some Changes Recently In a new post on X, CryptoQuant has broken down the changes that the cryptocurrency’s landscape has observed recently. The first would be that the US-based exchanges have been registering withdrawals, while the global platforms have seen growing holdings. The relevant on-chain indicator here is the “exchange reserve,” which keeps track of the total amount of Bitcoin stored inside the wallets of a centralized exchange or a group of exchanges. First, here is a chart that shows the trend in this metric for the foreign platforms: The above graph shows that the Bitcoin exchange reserves for Binance, Bitfinex, and OKX have increased during the past year. In total, the indicator’s value for these non-US platforms has increased by 10% in this period. This increase would naturally suggest that these exchanges have seen net deposits in the last year. However, the exchange reserve for the US-based platforms paints a different picture. While the foreign exchanges have seen deposits, the platforms based in the US, such as Coinbase, Gemini, and Kraken, have observed declining reserves during the past year. In general, the reserves of these platforms have dropped by at least 30%, which is a very significant value. The opposite trends being followed by the two groups of exchanges could imply a migration of coins between them, with investors increasingly preferring the non-US platforms. The second change in the BTC market is that institutional investors have started displaying an accumulation behavior. “Considering the amount withdrawn and the deposit and withdrawal records of the wallets, institutions are continuously buying Bitcoin,” explains the analytics firm. CryptoQuant notes that in August alone, Gemini has seen a huge withdrawal of more than 20,000 BTC, which can be a sign that institutional investors are buying. Finally, there is a change in how market participants have been looking at the futures sector recently, as they have increased their exposure to derivative products. The ratio of the trading volume of the asset between spot and derivative platforms has dropped to pretty low values recently, a sign that activity on the derivative exchanges is overwhelmingly more than on the spot ones. The open interest, a measure of the number of positions open on the derivative market, also showcases this change, as the metric’s value hit very high just recently. The chart shows that while the open interest was at highs just a while ago, it has since observed a plummet. The reason behind this plunge was the latest Bitcoin crash, which resulted in a cascade of liquidations in the market. BTC Price Bitcoin is trading around the $25,900 level, unchanged from one week ago, showing how stagnant the cryptocurrency has been recently.

The cryptocurrency market has been in a declining trend for years. However, reports reveal a possible recovery and bullish turn for popular cryptocurrencies in the space. JP Morgan has predicted a possible price rebound for Bitcoin, saying that long-term liquidations are “largely behind us.” JP Morgan Sees Upside For Bitcoin Price JP Morgan, an American multinational financial services firm published an interesting research report on Thursday, August 24. Analysts led by Nikolaos Panigirtzoglou, Managing Director at JP Morgan indicated that crypto markets are likely to emerge from the declining trend from liquidations and market turmoil and move into a correction phase completely. They believe that the crypto market has been able to overcome a significant amount of negative factors that push the market to a “limited downside.” Their predictions are also based on the indications of a decline in open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange (CME), a global derivatives marketplace. The crypto market has been on a severe declining trend while Bitcoin’s progress has been muffled after experiencing devastating market blows, and regulatory hurdles. The stunning fall of Terra stablecoin was one of the major challenges the industry faced, wiping over $200 billion worth of cryptocurrency assets from the space. FTX’s collapse has also pushed the evolution of cryptocurrencies back by a couple of years, shattering investor’s confidence in the crypto space and hinting at the lack of a better regulatory framework in the industry. The United States Securities and Exchange Commission (SEC) has also been in hot pursuit of new victims, throwing lawsuits against prominent exchanges and crypto firms like Binance, and Coinbase. All things considered, Bitcoin’s fight against evolutionary pressures has yielded positive results. A crypto analyst provided compelling insights on Bitcoin’s network, revealing that the spikes in on-chain transfers seen in Bitcoin’s network activity are a great indicator for a probable macro uptrend for the cryptocurrency. Bitcoin Price On The Verge Of Recovery Following Positive Developments In Crypto Space There have been a significant number of positive developments that have pushed the price of major cryptocurrencies, including Bitcoin upwards. Ripple’s victory against the SEC is among said developments. The XRP ruling by Judge Annalise Torres has brought new optimism in the space and has also provided essential regulatory clarity for cryptocurrencies. Additionally, the increase in applications for Bitcoin spot exchange-traded funds (ETFs) has also boosted its price considerably. World-leading financial services providers like Blackrock, Ark Investment, Hashdex, Grayscale, and others are already competing for a spot in Bitcoin ETF. There are also reports of a potential collaboration between Bitcoin and Elon Musk’s SpaceX to enable cross-border payments for space-linked activities. Overall, the crypto landscape is showing signs of stability as it navigates through major industry hurdles. Crypto investors are also eagerly anticipating the potential recovery of Bitcoin and other cryptocurrencies.

OnlyFans, the well-known adult content subscription platform, has made a bold move into the world of cryptocurrencies. Its parent company, Fenix International, recently revealed its significant investment of nearly $20 million in Ether (ETH) in 2022. According to official financial filings submitted to the UK corporate registry, Fenix International acquired nearly $20 million worth of ETH over a two-year period. While the company’s investment in Ether demonstrates its progressive approach, it wasn’t immune to the market’s inherent volatility. By the end of November 2022, the value of Ether had plummeted by $8.5 million, leading to an impairment loss on the investment. The remaining carrying amount of Ethereum stands at $11.434 million, reflecting the broader trends and uncertainties in the cryptocurrency market. OnlyFans Ventures Beyond Traditional Offerings The move to invest in Ether aligns with OnlyFans’ broader strategy of diversification and technological innovation. Investing in intangible assets with an “indefinite useful life” showcases the company’s willingness to embrace emerging technologies like blockchain, positioning itself at the forefront of industry trends. The disclosure about Fenix’s acquiring a substantial amount of Ether has not seemed to provide a lift yet to the price of the crypto. At the time of writing, ETH was trading at $1,636, down -0.8% in the last 24 hours, and sustaining a slight 2.2% loss in the last seven days, data from crypto market tracker Coingecko shows. The financial filings offer a glimpse into OnlyFans’ multi-faceted performance. Despite the challenges posed by its cryptocurrency investment, the company reported impressive financial results for the year ending November 2022. With revenue surpassing the $1 billion mark, driven by an influx of over 50 million new users and more than a million content creators, OnlyFans solidified its position as a revenue-generating powerhouse. Users collectively spent an astounding $5.5 billion on the platform. OnlyFans Pioneers NFT Integration And Celebrity Trading Cards Leonid Radvinsky, the visionary entrepreneur of Ukrainian origin who acquired OnlyFans in 2018, has reaped the rewards of the platform’s surging popularity. The filings unveil that Radvinsky amassed dividends approximating $485 million since the inception of the previous year, in line with the escalating demand for OnlyFans’ offerings. This recent crypto venture is not the company’s first stride into the digital asset domain. In early 2022, OnlyFans facilitated a pioneering move by enabling verified creators to replace their profile pictures with Ethereum-based non-fungible tokens (NFTs). Moreover, in June of the same year, former OnlyFans executives unveiled Zoop, a celebrity trading card platform leveraging the Ethereum scaling solution Polygon. Zoop allowed users to trade 3D digital playing cards depicting their favorite celebrities. The disclosure of Fenix International’s Ethereum holdings dovetailed with an industry-wide trend, as adult content creators began flocking to Friend.tech, a decentralized social media platform rooted in the cryptocurrency realm. This rush underscores how crypto’s recent surge has not only captured financial markets’ attention but also influenced sectors far beyond conventional investments. Featured image from Verità e Affari

The native token of Orbs, a public blockchain infrastructure network, has been launched on Arbitrum, an Ethereum rollup. Users will enjoy lower gas fees and faster transaction times while engaging with the asset thanks to the ORBS token’s entry on the prominent Layer-2 solution. Axelar, a Turing-complete interchain network, is assisting Orbs expansion from Ethereum to Arbitrum. Users may begin transferring their ORBS tokens from Ethereum to Arbitrum utilizing Axelar’s Satellite Bridge by clicking the following link. So far, over 700,000 cross-chain swaps totaling over $1.8 billion have been made possible thanks to the Axelar network. “This strategic move represents a significant milestone for Orbs. By expanding our ecosystem to Arbitrum, we are taking a momentous step towards enhancing user experience and addressing long-standing scalability challenges,” said Ran Hammer, Vice President Of Biz Dev at Orbs. “Integrating with Arbitrum aligns perfectly with our vision. While Ethereum remains the network of choice for many, we want to make it as easy as possible for people to interact with Orbs without having to contend with prohibitive gas costs.” With a TVL of over $2 billion, Arbitrum has developed into a thriving ecosystem for decentralized apps (dApps), and since the start of the year, more new wallets have started transactions on the network. This statistic even allowed Arbitrum to overtake Ethereum on certain days in Q2. Orbs’ choice to connect with Axelar and add its token to the Arbitrum network shows that it is in line with the network’s recent advances, such as the integration of Y2K’s DeFi Notifications and dTWAP and dLIMIT on Chronos DEX.

XRP, the cryptocurrency tied to Ripple, found itself entangled in a familiar tussle with the $0.55 resistance level as bearish forces thwarted its early attempts at a rebound. While last month’s pivotal summary judgment offered a glimmer of regulatory clarity for XRP, the ongoing specter of the SEC appeal and an impending trial slated for the first half of 2024 are fostering an air of skepticism among the investor community. Despite the much-needed legal clarity provided by the recent summary judgment, a cloud of uncertainty still hangs over XRP’s trajectory. The forthcoming SEC appeal and the looming trial timeline have combined to cast doubt on the cryptocurrency’s immediate future. The ripple effect of these uncertainties is palpable as investors remain cautious about diving back into the XRP market. XRP Bearish Sentiment Prevails Price analysis indicates that the prevailing bearish sentiment pervading the broader cryptocurrency market is acting as a significant impediment to XRP’s upward breakout. Santiment’s Network Value to Transaction Volume (NVT) ratio, which gauges the relationship between a blockchain network’s transactional activity and its recent price performance, reveals the extent to which bearish undercurrents are hampering XRP’s ascent. As of now, XRP’s price hovers around $0.513, marking a decline of 2.8% over the last 24 hours. The past week has seen the cryptocurrency grappling with losses amounting to 1.6%, CoinGecko data shows. The struggle to break through the $0.55 resistance level seems to mirror the broader market sentiment, reflecting the challenges that lie ahead. A Glimmer Of Positivity Coinalyze’s data presents a somewhat brighter aspect. XRP’s funding rates turned green on August 25, signifying an improved stance. Moreover, the Open Interest (OI) rates, which indicate the total number of outstanding derivative contracts, have risen from approximately $340 million to surpass $360 million. This increase could signal growing interest among traders and investors, adding a dash of optimism to the otherwise cautious outlook. In addition, seasoned crypto investor Austin Hilton offers a contrarian view, suggesting that XRP is poised for a significant 20% breakout in the short term. Hilton points to various indicators and fundamental factors underpinning his projection. Notably, his argument centers around a Tradingview indicator that tracks momentum shifts on the daily timeframe, helping traders determine optimal entry and exit points. XRP’s journey forward remains intricate, marked by legal battles, market sentiment, and technical indicators. As the cryptocurrency navigates these multifaceted challenges, investors and enthusiasts alike eagerly await the next chapter in XRP’s tumultuous saga. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from LinkedIn

Decentralized social networks have always faced significant challenges to gain mainstream adoption. Such is the apparent case of Friend.tech, a new decentralized app that enjoyed explosive growth earlier this month. Just barely two weeks after its launch, Friend.tech saw its trading fees grow to rival top cryptocurrencies like Bitcoin and Tron. However, the euphoria is starting to subside, as activity and trading fees on the social media app have crashed by 94%. Friend.tech Records Massive Fall In Trading Activity Friend.tech’s model had raised concerns from some crypto investors, with some arguing about its long-term viability. Their criticism has been proven to be accurate as the situation at Friend.tech has started to deteriorate. Friend.tech allows users to buy and sell shares of influential accounts and social media profiles, and the platform reportedly registered over 35,000 and 4,400 ETH ($8.1 million) in trading volume in its first 24 hours. However, data from Dune Analytics show that trading volume has fallen since then, with less than $200,000 in fees generated in the past 24 hours. Trading activity has also been down from over 35,000 to less than 6,000 users. This has been reflected in trading costs, as revenue has decreased by more than 94% since the exchange first opened its doors. Friend.tech’s business model relied heavily on charging users a 10% fee for every buy and sell of shares. Friend.tech surpassed Bitcoin in terms of trading fees, recording almost $1.4 million in revenue during the height of the platform’s trading activity. However, data from DeFiLlama shows that trading fees are now at $160,000 in the past 24 hours. Friend.tech also incorporates Maximal Extractable Value (MEV) bots, which are automated trading bots designed to exploit rapid price movements. Although these bots have generated over $2 million in profits, they have been credited with discouraging content creators and users. The Plight Of Decentralized Social Media Platforms Decentralized social media have been touted to be the future of the internet. However, platforms have been faced with many challenges and have struggled to gain a firm footing in the market. One of the challenges is the expansion of the user base. Overcoming these challenges will be key to disrupting the status quo and achieving the promise of decentralized social media. At the time of writing, Friend.tech has a TVL of $6.4 million and has generated fees of over $7.8 million to date. But while Friend.tech is still operating, critics have likened its imminent failure to the fall of BitClout, another decentralized social media app.

LAS VEGAS–(BUSINESS WIRE)–$AGREE #3D_gaming—Ault Alliance Inc. (“Ault Alliance” or the “Company”) announced today that the metaverse platform, BitNile.com (the “Platform”), will be expanding its social gaming experience with the launch of Blackjack expected on September 1, 2023. The Platform is owned and operated by BitNile.com, Inc. (“BNC”), a wholly owned subsidiary of BitNile Metaverse, Inc. (Nasdaq: BNMV), which is a consolidated minority beneficially owned subsidiary of Ault Alliance. BNC believes that the popular casino game will increase revenue from the sale of in-world coins that are required to play its new and exciting Blackjack sweepstakes-based game. BNC previously introduced social gaming on the Platform with the release of roulette, offering users an opportunity to play for fun or real money prizes through a sweepstakes model. The introduction of coin packages in the Platform, which users can purchase in varying denominations, has generated a revenue opportunity for BNC. BNC looks forward to adding other games in the future that are currently under development. “We are very pleased that the Platform will be launching Blackjack as a part of its social gaming experience. I am excited to see the team at BNC harnessing its potential to generate significant revenue. More importantly, this new addition underscores BNC’s commitment to deliver a rich, engaging metaverse experience. While it’s still early in the ramp-up cycle, there is tremendous potential for future growth. There is a world of opportunities yet to be explored,” stated Milton “Todd” Ault, III, Executive Chairman of the Company and BNC. Users can access and explore the early-access version of the Platform and receive updates by visiting https://BitNile.com. Sweepstakes are only open to residents of the United States (other than residents of Idaho and Washington) who are at least eighteen years old or the age of majority in their jurisdiction (whichever occurs later) at the time of entry. Participation is void where prohibited by law. For more information on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, investors, and any other interested parties read Ault Alliance’s public filings and press releases available under the Investor Relations section at www.Ault.com or available at www.sec.gov. About Ault Alliance, Inc. Ault Alliance, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, Ault Alliance owns and operates a data center at which it mines Bitcoin and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries, and provides mission-critical products that support a diverse range of industries, including metaverse platform, oil exploration, crane services, defense/aerospace, industrial, automotive, medical/biopharma, consumer electronics, hotel operations and textiles. In addition, Ault Alliance extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Alliance’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.Ault.com. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.Ault.com. Contacts Ault Alliance Investor Contact: [email protected] or 1-888-753-2235

Chan predicted that new forms of Web3-based entertainment will dominate. Hong Kong’s special administrative area established a Web3 task group earlier. Paul Chan Mo-po, the finance secretary of Hong Kong, has stated his continued belief in blockchain technology, which he predicts will usher in a period of remarkable growth for the digital technology sector. Chan predicted that new forms of Web3-based entertainment will dominate the next generation of digital media in a blog post published on August 27. The Finance Secretary stated: Chan made these comments after attending the Digital Entertainment Leaders Forum, a blockchain-focused event held at Hong Kong’s Cyberport. Cyberport is a 25-hectare, multi-use technology and media hub that supports a diverse variety of businesses in the IT, media, and financial industries via grants, financing, and office space. Global Crypto Hub The establishment of a “vigorous” Web3 ecosystem is a priority for the government, and earlier this year, Chan discussed allocating an extra $50M from this year’s budget to Cyberport to assist speed up the process. So far, Cyberport has attracted approximately 180 Web3-related IT enterprises, from startups to established exchanges, according to Chan. Also, Hong Kong has announced new crypto-friendly laws to establish itself as a global crypto hub. In order to provide informed suggestions on how to best invest in the industry’s further growth, Hong Kong’s special administrative area established a Web3 task group. Highlighted Crypto News Today: Ethereum Struggles to Gain Momentum as Whale Moves 24K ETH to OKX