X (formerly Twitter) owner Elon Musk is known to have an underlying interest in politics and cryptocurrencies. And this time around, the world’s richest man has showered praises on a pro-crypto candidate. Elon Musk Compliments Pro-Crypto Ramaswamy Elon Musk revealed his admiration for Republican Presidential Candidate Vivek Ramaswamy in response to a clip of Ramaswamy’s appearance on Tucker Carlson’s online show posted on the X platform. In the tweet, Musk labeled him “a very promising candidate.” This isn’t the first time the world’s richest man has shown public support for a pro-crypto candidate, as Florida Governor Ron DeSantis was meant to announce his presidential bid during a chat with the Tesla CEO. Meanwhile, Ramaswamy is known to have taken a pro-crypto stance since the beginning of his campaign. As part of his campaign, he has promised to create a more viable environment for the crypto industry in the US. The presidential candidate has gone as far as incorporating Bitcoin donations into his campaign funds. During a Bitcoin 2023 conference in May, he announced that his campaign committee was “officially” accepting Bitcoin donations. Interestingly, another presidential candidate Robert F. Kennedy also announced that his team was accepting Bitcoin donations during this conference. Crypto A Focal Point Ahead Of Next Year’s Elections Cryptocurrencies have continued to gain more attention in the political sphere ahead of the 2024 US elections. This isn’t surprising, considering that many US voters are said to be actively invested in digital assets. Last year, a poll conducted by the crypto-focused political group GMI PAC revealed that 44% of US voters own or are considering owning digital assets. As such, it is expected that politicians will be looking to target this group of voters. Presidential candidates like Ramaswamy and Kennedy have shown their inclination toward crypto. Kennedy, for one, has described cryptocurrency as a “symbol of democracy and freedom.” Republican Presidential Candidate Ron DeSantis is another huge fan of Bitcoin. The Governor has promised to end “Biden’s War on Bitcoin” if elected. He also believes every citizen should have the right “to do Bitcoin,” as he mentioned during an X space with Elon Musk. Furthermore, there is reason to believe that the outcome of the 2024 elections could significantly impact the crypto industry going forward. Former SEC Attorney John Reed Stark has predicted that the SEC’s clampdown on crypto firms could become a thing of the past if a Republican gets elected as President next year. This prediction may not be far-fetched considering that two of the front runners for the Republican Presidential ticket (DeSantis and Ramaswamy) have publicly shown their support for cryptocurrencies.

Lawyers for SBF wrote to US District Judge Lewis Kaplan on Friday. The prosecution has indicated that they can provide SBF with data on removable media. FTX founder Sam Bankman-Fried (SBF) has asked to be released from jail for five days every week so that he and his attorneys may prepare their defense after the DOJ revoked his bail a week ago. Lawyers for SBF wrote to US District Judge Lewis Kaplan on Friday to complain that their client’s imprisonment at the Metropolitan Detention Center in Brooklyn prevented him from examining the massive document pileup in the case. Attorney Christian Everdell of SBF stated: Preparation Ahead of Fraud Trial Everdell argued that the proceedings would go more quickly if SBF were allowed to bring his legal team and use an internet-connected laptop inside the courtroom. The attorney says this is very important since his fraud trial starts in October. Prosecutors were dissatisfied and told the court in a letter late on Friday that SBF had not supplied sufficient details about his defense strategy. The prosecution argued that this defense should be excluded from the trial unless SBF quickly provides specifics about the counsel he received and its source. Moreover, the prosecution has indicated that they can provide SBF with data on removable media. The prosecution considered relocating Bankman-Fried to a more remote location upstate at first. He may access the internet on a laptop computer there. However, the jail administration did not agree with this plan and rejected it. Highlighted Crypto News Today: Shytoshi Kusama Provides Key Update on Scalability of Shibarium

Shiba Inu (SHIB), a meme-inspired cryptocurrency, has seen a notable increase in high-value transactions, with each one costing $1 million or more. Following a strong price increase in the first half of August, this spike in transactions clearly gathered traction. Following the coin’s price explosion, a notable pattern started to emerge: whales made significant volumes of crypto movement even as the meme coin’s prices saw a correction. A huge shift was recently revealed by data provided by Whale Alert, a website that tracks significant cryptocurrency transactions, and it was masterminded by a single entity that had a sizeable amount of Shiba Inu tokens. Shiba Inu Whale Moves $40 Million In Meme Coins This crypto whale carried out an unprecedented transfer of 4.65 trillion SHIB tokens, or about the equivalent of $40 million. This huge transfer occurred on August 17, precisely, during a single day. The mystery surrounding the source and recipient of these enormous sums of SHIB tokens only heightens the interest in this circumstance. This implies that the crypto whale’s goals went beyond merely selling the tokens on an exchange. The Shiba Inu community’s joyous celebration of the Shibarium Mainnet launch, a milestone for the cryptocurrency’s ecosystem, coincides with these substantial transfers. However, there were some worries that accompanied the announcement of the Shibarium Mainnet, and these had an impact on the pricing of Shiba Inu. The day before the launch-related festivities, the price of SHIB dropped by 11%. The cryptocurrency eventually recovered some of its losses, and as of the time of this publication, its price had stabilized at roughly $0.0000086. It’s interesting to note how different “whales” and significant holders, or those with large holdings of Shiba Inu tokens, appeared to react despite the uncertainty caused by the Shibarium launch-related worries. This shows that the various strategies and viewpoints held by these important stakeholders about the current Shiba Inu ecosystem developments. Euphoria And Setback: Shibarium Mainnet Launch Meanwhile, the euphoria around the Shibarium Mainnet launch was short-lived due to an unforeseen glitch in the Bridge, which temporarily halted block production. This incident caused over $1.7 million worth of ETH to be stuck in the Shibarium cross-chain bridge, resulting in a decline in the prices of tokens within the Shiba Inu ecosystem, including SHIB, BONE, and LEASH. However, the developers of Shibarium swiftly addressed the issue. The community-appointed SHIB lead, Shytoshi Kusama, reassured the community through an official blog post that Shibarium is running smoothly. (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 Altcoin Investor

Bitcoin Ordinals, once the shining star of the NFT world, is experiencing a significant downturn in both sales volume and transactions, igniting discussions about the lasting appeal of these digital collectibles. According to a recent report from DappRadar, the fervor that propelled Bitcoin Ordinals to record-breaking heights earlier this year has dwindled, with sales volume plummeting by over 97% from its peak in May 2023. Ordinals: A Rapid Descent In Three Months The meteoric rise of Bitcoin Ordinals, which saw its sales volume soar to a staggering $452 million in May, has taken a sharp nosedive. This once-flourishing market has seen its sales volume dwindle to a mere $3 million in mid-August, marking a jaw-dropping 97% decline within a span of just three months. The data paints a stark picture: June witnessed a 76.5% plunge, with sales volume hitting $100 million, while July followed suit with a 66.9% drop, settling at $35 million. As August unfolds, a bleak 91.4% drop to $3 million in sales volume underscores the challenges facing Bitcoin Ordinals. Beyond The Numbers: Transaction Count And Its Implications While fluctuations in sales volume could be attributed to the ebbs and flows of the market, the report highlights another concerning trend: a consistent reduction in transaction count. Transactions have dwindled by a staggering 88.1% in August, sinking to a mere 20,571 compared to the robust 832,648 transactions witnessed just three months prior. This sharp decline in transactions suggests that the interest in trading Bitcoin Ordinals is diminishing, casting a shadow of doubt on its long-term viability and relevance within the competitive NFT landscape. Looking Ahead: A Temporary Setback Or Systemic Issue? The coming months are poised to be pivotal in determining whether this downward spiral is merely a temporary setback or indicative of more profound challenges for Bitcoin Ordinals and NFTs tied to the cryptocurrency. As the NFT ecosystem continues to evolve, the fate of Bitcoin Ordinals hangs in the balance. While its spectacular rise showcased the potential of NFTs within the world of digital art and collectibles, the current slump urges stakeholders to reevaluate strategies and adapt to the shifting dynamics of the market. The waning sales volume and transaction counts of Bitcoin Ordinals have raised pertinent questions about the enduring allure of NFTs tied to the cryptocurrency. As the NFT landscape navigates through these challenges, the industry watches closely, eager to discern whether this decline signifies a fleeting setback or signals a more profound reckoning. (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 Kyodo News/Getty

The last few days have been eventful for the crypto market following a major crash on Thursday that resulted in the loss of $1 billion in market cap. In another unnerving development, it appears that Binance, the world’s largest exchange, may be in some form of trouble as a crypto analyst shares some insight on the company. Binance To Record Heavy Losses If BNB Trades Below $212, Analyst Says According to an X post on Friday, a crypto analyst with the name MartyParty painted a rather gloomy picture for Binance and its 150 million users. The analyst began by stating there was a reason the Binance Coin (BNB) is yet to fall below $212. After Bitcoin tumbled on Thursday, BNB, like most cryptocurrencies, also plummeted in value, falling from $231.85 to $215.02. Although the token did attempt a market rebound on Friday, it soon fell again but found support at the $214 price zone. MartyParty believes there is a reason why BNB is gaining support at these levels away from the $212 price mark. According to the analyst, the Binance exchange has a BNB-backed loan set to liquidate at $212. Initially, the liquidation price for the said loan was $220, but it was later shifted in June. Although the analyst didn’t reveal the exact amount of this supposed loan, it seems massive as he stated it could lead to a “fatal margin call” for the Binance exchange upon liquidation. According to MartyParty, Binance is presently in “self-preservation mode” with its CEO Changpeng “CZ” Zhao selling BTC from a particular wallet to purchase TUSD, which in turn is invested in BNB to keep the Binance native token above $212. In addition, this crypto analyst also made another interesting theory behind Binance’s supposed problem. He stated that US financial regulators are allegedly selling crypto holdings of the US Marshals Service in order to forcibly liquidate Binance’s loan position and kick CZ out of the crypto industry. Crypto Community Reacts To Worrying Post On Binance Following MartyParty’s post, there have been multiple reactions, with some crypto users siding with the analyst and nudging investors to dump the BNB token, saying that Binance is currently in a similar position as the FTX exchange in 2022. The FTX exchange collapsed in November 2022 due to a cascade of events triggered by reports which stated that Alameda Research – FTX’s trading arm – held an unusually large amount of FTT – FTX native cryptocurrency similar to Binance’s BNB. During the hype of the debacle, an inside source revealed that Alameda Research was quietly collecting loans from FTX, which were collateralized by the FTT token. However, on the other hand, some other crypto analysts have disagreed with MartyParty’s post calling it false and only aimed at spreading FUD. A particular analyst with the handle Alice on X has described the whole report as a “bizarre conspiracy theory” as the loan in question was not taken out by the Binance exchange but rather by Venus Protocol, a lending protocol on the BNB chain. For now, Binance, CZ, or the US government are yet to issue any statement confirming or denying the post by the analyst MartyParty. At the time of writing, BNB is trading at $215.55, with a 1.59% decline in the last day, according to data from CoinMarketCap. Meanwhile, the token boasts a market cap of $33.16 billion and ranks as the fourth biggest cryptocurrency in the market.

Bitunix is actively venturing into Asian markets to capture the vast potential of the region’s crypto landscape. To bolster its expansion, Bitunix has added seasoned expert Slater to its team. The exchange focuses on fostering the mission of empowering users via education. Bitunix, a leading crypto derivatives exchange, recently announced its strategic collaboration with Coinify, a prominent cryptocurrency payment company. This partnership aims to revolutionize the way users engage with cryptocurrencies by allowing payments through credit cards, bank cards, and even Apple Pay. With this integration, Bitunix is poised to broaden its user base and offer seamless and convenient ways to participate in the crypto market. The collaboration comes at a time when Bitunix is making waves on the global stage, grabbing attention for its innovative approach to crypto trading. To further solidify its position, this Bitunix has strategically expanded its team with industry experts who possess profound insights into the field. One such addition to the Bitunix team is Slater, a seasoned professional with over a decade of experience in forex, Hong Kong stock, and Taiwan local securities trading. His early involvement in the blockchain and crypto space in 2018 paved the way for his role as Co-founder & Head of Asia Marketing at Bitunix in December of last year. Slater, Co-founder and Head of Asian Market at Bitunix, says that; Bitunix Steps to Strong Growth Bitunix continues its expansion into Asia, enabling its mission of empowering users through education and strategic insights. Also recently, the derivative exchange integrated Visa and Mastercard credit card options directly on its platform. Further, one of the remarkable strides that Bitunix is currently making is obtaining the Philippine Virtual Asset Service Providers (VASP) License. This achievement underscores Bitunix’s commitment to conducting operations in compliance with industry regulations ensuring a secure and transparent trading environment for its users. The growing momentum of blockchain applications and cryptocurrency assets in Asia is further fueled by unwavering support from governments across the region. Key players like Japan, Hong Kong, and Dubai are actively fostering the advancement and maturation of these technologies, solidifying Asia’s position as a thriving hub for the crypto industry.

The team is working towards increasing the scalability of Shibarium by 1500%. According to CMC, the price of SHIB is now trading at $0.0000085, up 0.62%. Today, Shiba Inu’s primary developer Shytoshi Kusama released a second update on the condition and scalability of the Shibarium network. After extensive internal testing, Shytoshi Kusama offers his thoughts on getting the Layer-2 chain ready for high volumes of traffic, scalability, and decentralization. After the network saw huge traffic after going live, the team achieved great headway in scaling efforts, Shytoshi Kusama stated on August 19. The Shiba Inu development team and its partners are increasing the capacity of Shibarium by 1500% to better handle the influx of users. In addition, it is coordinating with the decentralized team and validators to increase the capacity of the server infrastructure. Not the Ideal Start While developers are busy expanding Shibarium and avoiding problems, he said, the SHIB Army is out there combating FUD. Shibarium is touted as having a concentration on metaverse and gaming applications, in addition to its use as a low-cost settlement for DeFi apps developed on top of it. Post the highly anticipated launch of Shibarium, significant bridge issues were detected. The price of SHIB post-launch was down 9% as per data from CMC. Unfortunately, Shibarium’s launch didn’t get off to the strong start it had hoped for. But with the recent announcements from the primary developer, the SHIB army is excited to witness new milestones. According to CMC, the price SHIB is now trading at $0.0000085, up 0.62% in the last 24 hours. However, the trading volume is down by 40%. Highlighted Crypto News Today: Algorand (ALGO) Price Plummets to New All-time Low

The BTC community is split on whether NFTs should be on the network. The number of transactions likewise fell to 20,571. According to DappRadar, trading volume for the Bitcoin Ordinals NFT has plummeted by about 98% since May, indicating a severe decline in user engagement. DappRadar reported on August 17 that the overall sales volume of Bitcoin Ordinals has dropped from $452 million in May to under $3 million as of August 14. The number of transactions likewise fell, by almost the same percentage, to 20,571 over that time. The report stated: Perhaps a Temporary Setback DappRadar called it a gloomy scenario for the Ordinals market, but it stressed that more time is needed to establish if this is a “temporary setback.” The Q2 saw trading volumes and user engagement for Bitcoin Ordinals surge compared to the Q1 of 2023. According to DappRadar, the Bitcoin community is split on whether NFTs should be on the network, which isn’t a problem for Ethereum and other blockchains, and thus poses a threat to the long-term viability of Ordinals. The Bitcoin network has earned $14.6 million from 21,989 purchasers over the previous 30 days, placing it seventh in terms of NFT sales volume, according to statistics provided by CryptoSlam. Highlighted Crypto News Today: Algorand (ALGO) Price Plummets to New All-time Low

Injective (INJ) has defied the prevailing downward trend to secure significant gains. While most crypto assets experienced losses, INJ has emerged as the sole gainer among the top 100 cryptocurrencies. The cryptocurrency’s price climb comes as a welcome relief to investors navigating the tumultuous waters of the market. As the cryptocurrency market grapples with a bearish start to the day, Injective (INJ) stands out with a remarkable performance. With a 10.7% rally in the past 24 hours and seven-day gains of 2.0%, INJ has managed to buck the trend and secure positive momentum. Crypto market analysts and enthusiasts are keeping a close eye on INJ’s price movement, eager to see if it can maintain its upward trajectory. A Bright Spot In A Sea Of Red Market data from CoinGecko reports INJ’s current price at $7.82. A price analysis reveals that the cryptocurrency’s potential breakthrough of the $7.96 resistance level could trigger further upward movement, potentially setting the stage for a test of the next resistance at $8.50. However, should the bulls fail to breach this critical level, a period of consolidation or a minor correction might be on the horizon for the crypto. The technical analysis of INJ augments the optimistic outlook for the coin. TA indicators signal a bullish sentiment, with oscillators positioned at a ‘neutral’ level and moving averages aligned towards a ‘buy’ recommendation. Injective (INJ): A Closer Look This alignment of technical indicators suggests that INJ’s current performance is underpinned by robust market dynamics, reinforcing the notion of a potential sustained upward movement. What adds more intrigue to INJ’s ascent is its well-timed tokenomics upgrade. The rise in INJ’s value aligns closely with the blockchain company’s release of a major tokenomics overhaul. This upgrade includes a mechanism that increases the weekly burn rate of INJ through the Injective Token Burn Auction, effectively reducing the overall supply. Additionally, the company has eliminated the limits on how much decentralized apps (dApps) can burn from their transaction fees. This move could potentially enhance the scarcity of INJ and contribute to its current price surge. Amidst a market dominated by red, Injective shines as a beacon of positivity. Its remarkable gains, coupled with a bullish technical analysis and a well-timed tokenomics upgrade, have contributed to its standout performance. As investors and analysts continue to monitor the market, INJ’s trajectory will be a focal point, revealing whether it can sustain its momentum and potentially pave the way for a trend reversal in the broader cryptocurrency landscape. (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 National Geographic/Jimmy Chin

Litecoin (LTC), the altcoin often dubbed as “silver to Bitcoin’s gold,” has found itself caught in the downward spiral of the cryptocurrency market, mirroring the struggles of its larger counterpart. While LTC’s association with Bitcoin has long been a double-edged sword, the recent price crash is putting on the spotlight the intricate interplay between these digital assets. As Bitcoin (BTC) grapples with a precipitous decline, currently trading below $26,000, the impact reverberates across the broader crypto landscape. LTC, trading at $64.15 according to CoinGecko, has encountered a 1.5% drop over the last 24 hours, contributing to a week-long slump of 23.2%. Litecoin Loses Grip On The $70 Handle This downturn prompted a cascade of over $1 billion worth of position liquidations within a 24-hour window, a testament to the market’s heightened volatility. In the midst of intraday trading, Litecoin momentarily dipped to the $60 mark before staging a recovery. This decline has pushed LTC to year-to-date lows, ominously edging toward the lows witnessed in December 2022. Yet, understanding the dynamics behind LTC’s struggle requires delving into its intricate relationship with the alpha coin Litecoin Price Dependence On Bitcoin The intrinsic connection between Litecoin and Bitcoin has both bolstered and hampered LTC’s journey. Historically positioned as a complementary alternative to Bitcoin, Litecoin carved its niche by embracing faster transaction speeds and a different mining algorithm. However, the symbiotic relationship between these two cryptocurrencies also makes Litecoin susceptible to Bitcoin’s market movements. Litecoin’s recent setback underscores this interdependence. Analysts contend that Litecoin’s price trajectory has often mirrored Bitcoin’s, with downturns accentuated by its role as a secondary asset. While Litecoin offers distinct utility, its fate remains intertwined with the broader market sentiment and Bitcoin’s performance. This connection has led to LTC’s price behavior echoing Bitcoin’s, both in its drops and potential recoveries. Navigating The Path Ahead: Key Levels To Watch As Litecoin navigates this challenging terrain, crucial support and resistance levels come into play. Analysts are closely monitoring a potential consolidation of losses within the range of $56 to $70, contingent on Bitcoin’s further losses. The $70 mark represents a pivotal point, indicating bullish intent if breached, and an edge for the bulls only above $75. Key resistance levels lie at $70 and $78.5, acting as hurdles on LTC’s potential recovery journey. Conversely, essential support levels rest at $50.5 and $42, indicating the critical junctures that could either exacerbate LTC’s downturn or potentially pave the way for resilience. As the market continues to evolve, the lessons from these fluctuations offer valuable insights into the evolving nature of digital assets and the nuanced relationships that underpin their value fluctuations. (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 Coin Insider

Yuga Labs – creators of the popular Bored Ape Yacht Club (BAYC) NFT collection – has unveiled its plans to cut ties with NFT marketplace OpenSea. This comes as a response to the platform’s proposed shift to an optional royalty system. On Thursday, August 17, OpenSea announced that it is changing its creator fees framework, making royalties optional for new collections after August 31, 2023. The NFT marketplace also disclosed that it would disable the Operator Filter, a feature that enforces creator royalties. According to the announcement, NFT collections that utilized the Operator Filter up until August 31 will have their creator royalties enforced till February 29, 2024, when the fees will become optional. In the blog post, OpenSea explained the rationale behind its decision, saying the Operator Filter was designed to empower creators with greater control. However, the marketplace claims that it has not received the much-needed acceptance in the web3 ecosystem. Yuga Labs Responds To OpenSea’s Decision On Friday, August 18, Yuga Labs published an open letter on X (formerly Twitter), subtly criticizing OpenSea’s decision to make creator fees optional on all secondary sales for all collections by February 2024. The BAYC creator also disclosed its plans to wind down support for OpenSea’s SeaPort, a marketplace protocol that enables the buying and selling of NFTs. Daniel Alegre, CEO of Yuga Lab, said in the response: Alegre noted that while the purpose of NFTs has been to revolutionize true ownership of digital assets, it has also been about empowering artists and creators. “Yuga believes in protecting creator royalties so creators are properly compensated for their work,” he added. Yuga Labs’ stance will likely be a significant blow to OpenSea, but perhaps not one the marketplace wouldn’t have foreseen. In January, the BAYC creators blacklisted about four marketplaces – with an optional royalty model – from its Sewer Pass collection. OpenSea Halts Support For The BNB Smart Chain OpenSea also recently announced its decision to disable the minting and listing of NFTs on the BNB smart chain. According to the post on X, this move was informed by the marketplace’s “need to align resources with the most promising efforts”. The NFT platform wrote in the announcement: This latest development brings OpenSea’s total supported chains down to 10, including Arbitrum, Avalanche, Ethereum, Optimism, Polygon, Solana, and the recently-added Base and Zora.

The token’s value, however, hit a fresh record low of $0.0905 yesterday. According to CMC, ALGO is now trading at $0.09638 and is up 1.20% in the last 24 hours. Algorand (ALGO) hit a new all-time low of $0.09 yesterday, reflecting a general negative trend in the market according to statistics from CMC. Since breaking below the previous set level in June, the ALGO price has been trying to find a new support level. The token’s value, however, hit a fresh record low of $0.0905 yesterday as the market tumbled. Source: CoinMarketCap The prominent blockchain was formerly considered “great technology” by U.S. SEC chairman Gary Gensler. However, the token’s value has dropped significantly over the last few months, most likely because of its closeness to two high-profile litigation. Regulatory Scrutiny When it first filed accusations against cryptocurrency exchange Bittrex in April, the SEC said ALGO was a security. In June 2023, the token dropped to an all-time low as the U.S. regulator brought up ALGO in new proceedings against Binance. In the crypto market, ALGO wasn’t the only one to take a hit this week. Major cryptocurrencies were also trading in the red. After the bankruptcy filing of Chinese real estate company Evergrande on Friday morning, the price of bitcoin (BTC) plunged below $26,000 in a nose dive drop. Moreover, liquidations on the futures market had reached over $1 billion, according to statistics from Coinglass. According to CMC, ALGO is now trading at $0.09683 and is up 1.20% in the last 24 hours. On the other hand, the founder of Cardano, Charles Hoskinson last month suggested that Algorand migrate its code to Cardano. Moreover, in June this year, Algorand boasted about handling high transactions per second. The layer-1 network claimed to process an astounding 10,000 transactions per second. Highlighted Crypto News Today: Crypto Whale Saves Millions Selling Ethereum Before Market Drop

The US SEC files a motion to seek an interlocutory appeal in XRP ruling. Ripple CEO strongly upholds that “the law of the land right now is that XRP is not a security” The US Securities and Exchange Commission (SEC) has formally requested the court on Friday to grant an interlocutory appeal in relation to Judge Analisa Torres’s XRP ruling made on July 13. The current appeal serves as a reminder of the progression of the court’s judgment thus far and the notable steps that remain to be taken before arriving at a final verdict. The SEC reflects its dissatisfaction with specific aspects of the court’s ruling. As per the court filing, Ripple Labs are allowed to respond on or before September 1, 2023, to the motion filed by the SEC. However, this recent appeal by the SEC has not yet been authorized by Judge Torres. SEC’s Disagreements With the XRP Ruling An interlocutory appeal is lodged for the purpose of reviewing a specific court ruling while the case is still in motion. Through this appeal, the SEC continues to oppose and regard the following two key holdings from the order as “legally insufficient”: “Programmatic” offers and sales of XRP and the cryptocurrency’s “Other Distributions.” Though being held in other investigations on securities law infringements by crypto firms like Binance and Coinbase, the SEC is not giving up on Ripple. According to the SEC, the halt in between the appeal proceedings would lead to higher chances of settling the case without further trials in the Second Circuit. Notably, Brad Garlinghouse, Ripple CEO, and Stuart Alderoty, the firm’s Chief Legal Officer, persistently uphold the opinion that, “the law of the land right now is that XRP is not a security.” On the other hand, at press time, Ripple’s XRP trading at $0.5057 after a 24-hour price drop of over 0.48% as per CoinMarketCap. The daily trading volume of 52.84% XRP tokens in circulation fell 44.70% to $1.57 billion. And, this seems to be one of the lowest levels over the last month as the price has dropped by 36.19%.

The price of the XRP token dropped all the way to $0.49. A price drop to the next support level at $0.46 is expected if it breaches $0.49 support. On Friday, a day after the court stated that the U.S SEC may present its argument, the regulatory agency filed for permission to appeal the judge’s judgment that XRP sales via exchanges did not violate securities legislation. The filing read: Dramatic Bear Assault Moreover, the price of Bitcoin and other leading cryptocurrencies continued their downward trend on Friday. Bitcoin’s price dropped to a two-month low as the crypto market saw one of its biggest dives of the year. Even XRP couldn’t withstand the bear’s ferocious assault. The price of the token dropped all the way to $0.49. However, there was a brief recovery, and as of this writing, the price was trading at $0.51. The price has been consolidating, preparing for the next move, following the brief recovery. Source: CoinMarketCap A price drop to the next support level at $0.46 is expected if it breaches the current support level of $0.49. However, if it clearly breaks through the $0.52 short-term resistance level, a brief bullish rally is likely. In light of the current market downturn, a quick recovery for the XRP token seems doubtful. Investors may need to patiently await a definitive indication that this severe decline has bottomed out.

This week, we look at Huobi (HT)’s efforts to counter bankruptcy speculation, Cathie Wood’s firm predicting a BTC ETF in 2021, and the rise of Pomerdog (POMD)’s presale. Most notable is the Pomerdoge project, which stands to disrupt the meme market with its P2E platform. Let’s break down each story. Click Here To Find Out More About The Pomerdoge (POMD) Presale Pomerdoge (POMD): From Pomeranian-Inspired NFTs to a Global Gaming Platform Clear the pond, Frogs! The crypto world’s latest canine contender is barking up the tree of prominence. Meet Pomerdoge, a distinguished digital currency redefining the crypto landscape with its community-driven ethos, captivating gaming elements, and team spirit. Dive into Pomerdoge’s universe, and you’re met with a delightful mix of Pomeranian-inspired NFTs, an immersive play-to-earn (P2E) gaming platform, and a dynamic meme token pulsating with energy. The beating heart of this universe is its P2E game, a realm where players are plunged into riveting battles against global competitors. This arena promises thrills, spills, and most importantly, financial gains. And with its universal accessibility, it promises a gaming experience without borders or boundaries. For those ready to march with the Pomerdoge parade, the POMD tokens beckon with an alluring $0.008 price tag during the inaugural presale phase. However, prices are slated to climb in the upcoming phases so those wanting to get in on the action should act fast. Predictions suggest that the current price may price a whopping 3,000% before 2024. Such growth hints at Pomerdoge not just nipping at the heels of giants like Dogecoin and Shiba Inu, but potentially sprinting past them, capturing the crown of the meme crypto kingdom. Huobi (HT) Counters Bankruptcy Gossip Amid the Pomerdoge buzz, Huobi seems to be navigating rough waters with rumored liquidity issues and whispers about staff run-ins with the law. This turbulence was underscored when a staggering $64 million took flight from Huobi in just one weekend, driving its total value locked (TVL) down by nearly 20%. Starting July with a robust $3.13 billion, the TVL now dances around the $2.5 billion mark, as per DefiLlama stats. Justin Sun, the force behind Tron and a Global Advisor at Huobi, attempted to dispel the clouds of uncertainty. Terming the rumors as “FUD”, he voiced his confidence in the future arcs of both Tron and Huobi. But a glance at Huobi’s financial charts paints a different story. A descending triangle shows that the price of Huobi has been on a sharp downward path for two years now. Though there’s a shimmer of hope for a price rebound, scaling the daunting $3.00 resistance wall is a question mark. Some Huobi holders see the writing on the wall, especially with the move toward decentralization. As such, they are selling off their HT tokens in an attempt to secure POMD tokens before the first presale sells out completely. Cathie Wood’s Bitcoin (BTC) ETF Prophecy Amid Pomerdoge (POMD) Presale Surge Cathie Wood of ARK Investment Management is buzzing with anticipation, suggesting that the SEC might approve not just one, but multiple spot Bitcoin ETFs in one sweeping move. However, the SEC’s track record paints a different story. They’ve been cautious, only allowing futures-based Bitcoin ETFs, with Volatility Shares Trust being a notable beneficiary. ARK Invest’s own spot Bitcoin ETF proposal is on the SEC’s table, and the decision clock ticks away with a deadline of Aug. 13. The choices? Approval, rejection, or maybe just pushing the decision into overtime. Bitcoin rose from $24,800 to $31,800 due to the bullish news surrounding the possibility of a Bitcoin ETF. However, after a month of sideways price action, Bitcoin has dropped below the $30,000 support zone to a price of $29,300. The market is understandably hesitant and cautious, especially as Gensler, the new SEC Chair, is not shy about his hatred for Bitcoin. While Bitcoin waits for news, the Pomerdoge presale continues to move forward with no care for the ETF’s fate. Find out more about the Pomerdoge (POMD) Presale Today Website: https://pomerdoge.com/ Telegram Community: https://t.me/pomerdoge

According to Bloomberg, in a key development for the cryptocurrency industry, the US Securities and Exchange Commission (SEC) is reportedly set to allow the launch of exchange-traded funds (ETFs) based on Ethereum (ETH) futures. This move marks a significant win for numerous firms that have long sought to introduce such products. While the SEC has previously hesitated to approve ETFs directly tied to cryptocurrencies, the decision to greenlight an Ethereum futures ETF could have profound implications for Ethereum’s classification as a non-security. This development also holds potential ramifications for other cryptocurrencies, as the SEC’s stance on where the line between security and non-security lies becomes a subject of litigation. Ethereum Paradigm Shift According to Bloomberg’s report, sources familiar with the matter claim the SEC is unlikely to block the ETFs based on futures contracts for Ethereum, which is currently the second-largest cryptocurrency by market capitalization. Nearly a dozen companies, including prominent names like Volatility Shares, Bitwise, Roundhill, and ProShares, have filed applications to launch these ETFs. While it remains unclear which funds will receive approval, insiders suggest that several may be granted the green light as early as October. This anticipated approval of an Ethereum futures ETF by the SEC could have far-reaching implications for the regulatory treatment of cryptocurrencies. The SEC’s reluctance to approve ETFs directly tied to cryptocurrencies has spurred speculation that derivative-based products would offer a potential pathway to market access. On this matter, crypto analyst Adam Cochran has highlighted that the SEC potentially approving an ETF based on Ethereum futures contracts implicitly acknowledges that Ethereum itself is not considered a security. This decision challenges the notion that Ethereum should be regulated as a traditional financial security, considering its proof-of-stake mechanism, purpose, and usage. Cochran further believes that the SEC’s approval of an Ethereum futures ETF bolsters Ethereum’s non-security status and sets a precedent that could impact other cryptocurrencies facing regulatory scrutiny. The ongoing legal battle between the SEC and Grayscale Investments over rejecting their Bitcoin trust’s conversion into an ETF highlights the agency’s concerns regarding investor protection, manipulation risks, and price volatility. However, this approval could provide a compelling argument in favor of distinguishing between the underlying asset and how it is sold, bolstering the Torres Doctrine and potentially influencing the outcome of similar cases, such as the XRP appeal. The SEC’s approval of an Ethereum futures ETF holds tremendous significance for the cryptocurrency industry. If confirmed, it would mark a pivotal moment for Ethereum’s classification as a non-security, further solidifying its position as a commodity or currency. The decision also highlights the regulatory challenge of defining clear boundaries between securities and non-securities in crypto. As the industry evolves, approving an Ethereum futures ETF could shape the regulatory landscape, paving the way for increased adoption and investment opportunities in the cryptocurrency market. However, the news is not entirely favorable for ETH as it trades at $1,660, following a downward trend similar to Bitcoin and the overall cryptocurrency market. The market has experienced a substantial outflow of liquidity, leading to a significant decline in most digital currencies. Over the past 24 hours, ETH has declined more than 4% after breaking its previously established range between $1,895 and $1,830. Additionally, it has suffered a notable loss of 10% within the seven-day timeframe. Featured image from iStock, chart from TradingView.com

In a shocking twist, Bitcoin (BTC), the undisputed king of cryptocurrencies, has plunged to levels not seen since the early days of 2023. The battle-hardened Bitcoin bulls have suffered another crushing defeat, leaving investors on edge, anxiously pondering whether the dreaded sub $20,000 abyss will haunt them again. With relentless uncertainty gripping the market, the burning question lingers: Has Bitcoin truly hit rock bottom, or is BTC in for an even darker descent? Bitcoin Path Aligned With 1930 Stock Market Crash According to Mike McGlone, Bloomberg’s Senior Macro Strategist, Bitcoin’s current trajectory bears an uncanny resemblance to the US stock market crash of 1930. In his analysis, McGlone highlights the clear rollover pattern and downward trend evident in Bitcoin’s 100-week moving average (MA) graphic. The implications of this pattern, combined with the fundamental principle of “not going against” the Federal Reserve (Fed) and the potential for reversion of one of history’s best-performing assets, warrant serious consideration. Adding to the potential headwinds for Bitcoin, US Treasury two-year notes yield nearly 5%, marking a historic high in the crypto realm. Bitcoin, born in the aftermath of the 2008 financial crisis and during a period of highly low-interest rates, may now be facing an extended period of retracement. According to Mcglone, in an era of near-zero and negative interest rates, the allure of a digital equivalent to gold can be captivating. However, the landscape is shifting as the world’s safest securities offer approximately 10% total return over two years. This shift may pressure the prices of riskier assets, including Bitcoin. The significance of the US Treasury two-year note’s approximate 5% yield has historical parallels. It harkens back to before the financial crisis and the birth of Bitcoin. This correlation suggests potential headwinds for most risk assets. McGlone’s analysis, focusing on the 100-week moving averages, reinforces the prevailing downward biases observed in Bitcoin, particularly when compared to the steepest Treasury yield competition witnessed in almost two decades. Analyst Warns Of Potential Sub-$20,000 Levels Bitcoin’s recent price trajectory has left many investors uncertain about its future, with some analysts drawing parallels to historical price crashes. Material Indicators co-founder Keith Alan has shared insights on the current market conditions. Since the beginning of the bear market, Alan has been closely monitoring Bitcoin’s price movements and sharing a chart that suggests the potential for retesting sub-$20,000 levels. While acknowledging the possibility of short-term scalping opportunities, Alan advises caution and limited exposure to preserve capital for what he believes could be a generational buying opportunity. Notably, Alan emphasizes that he does not believe the bottom has been reached for Bitcoin. The chart highlights various downrange levels, showcasing Alan’s belief in the potential for further downside movement. As depicted in Alan’s chart, the Bitcoin market faces a critical juncture where the strength of support at $25,000 is crucial for the bullish case in the near term. Failure to hold this level could lead to a revisit of the December 2017 bull market peak at $19,800. Adding to concerns for Bitcoin, there is the possibility of continuing the downside momentum, potentially reaching a four-year low around the June 2019 bull market top of $13,800. This scenario would catch many bulls off guard, especially considering the prevailing belief throughout 2023 that the crypto winter was ending. The momentum has shifted for the most prominent cryptocurrency in the market, and the bulls must defend their remaining support levels to avert an extended decline throughout the remainder of the year. BTC has briefly reclaimed the $26,000 threshold; however, it remains down by over 7% in the past 24 hours. Featured image from iStock, chart from TradingView.com

Algorand’s (ALGO) performance on the charts has been nothing short of a rollercoaster. According to data from CoinGecko, yesterday, the asset’s value plummeted to a historical bottom, and it’s currently down by nearly 10% in the past 24 hours. Algorand Records New Low Just yesterday, amid the significant downturn in the crypto market, Algorand’s price fell below notable support. The asset dropped to a price of $0.0905 despite maintaining its stability and striving to hold its ground above the $0.11 mark over the past week. This price move resulted in more than $50 million being wiped away from the asset’s market capitalization in the past day. Algorand’s market cap stands at a valuation of $755 million, a 7.1% drop from its earlier record of $808 million on Thursday. Despite the bloodbath the asset’s market cap and price currently suffer, its trading volume has moved in the opposite direction. ALGO’s trading volume has surged from a low of $46.5 million yesterday to as high as sitting above $73 million at the time of writing. This isn’t surprising as it indicates a potential violent sell-off. Furthermore, it is worth noting that before ALGO’s current bloodbath, the US Securities and Exchange Commission Chairman once recognized Algorand as a “great technology.” However, despite receiving positive reviews, even from the SEC, the asset eventually became entangled in legal disputes, leading to its inability to maintain stability and ultimately hitting a historic low. Legal Complications Taking A Toll? Besides ALGO’s price action, the last few months have been tumultuous for Algorand. Two lawsuits have cast long shadows over its progress. In its suit against the cryptocurrency exchange Bittrex in April, the SEC hinted that ALGO is a security under US laws. This classification opened Pandora’s box of regulatory challenges for Algorand, impacting its perception among investors. Further complicating matters for Algorand was another SEC lawsuit aimed at the behemoth crypto exchange, Binance, in June 2023. This litigation mentioned ALGO, exacerbating its woes and dragging it to its recent historically low prices. When reviewing a potential cause for ALGO’s bearish moves in the past months, both of these high-profile legal disputes within a short time frame could be considered one of the reasons, as external factors such as regulatory challenges can significantly sway investor sentiment. Featured image from iStock, Chart from TradingView

At the time of writing, ETH is trading at $1659, down 4.69% in the last 24 hours. The whale however lost around $1.7M but could have lost more than $5 million. A crypto whale who had been sitting on $41 million worth of Ethereum (ETH) sold it out only days before the market plummeted, saving a possible $5 million loss. Blockchain research platform Lookonchain highlighted the transaction. The crypto whale made a deposit of 22,341 ETH to the crypto exchange Binance on August 18 and withdrew almost $41 million in USDT. The whale however lost around $1.7M, but could have lost more than $5 million if it would have not sold it. The market valuation of cryptocurrencies fell by 6% on August 18 to a two-month low of $1.1 trillion. ETH Price Struggles The price of ETH fell to roughly $1,597 recently. The same was the scenario with Bitcoin (BTC) which plummeted all the way to the $25,420 level. The decline in value came when WSJ reported that Elon Musk’s backed SpaceX, had written down $373 million worth of BTC between 2021 and 2022. Whether or not all of the assets were sold is still up in the air. Most cryptocurrencies kept their awful streaks going on Friday morning. Ethereum desperately needs a major trigger to reverse the market’s current trend and spark a new upswing. A lot rides on the SEC’s decision on an Ether futures ETF application, which has been submitted by a number of major financial institutions. At the time of writing, ETH is trading at $1659, down 4.69% in the last 24 hours as per data from CMC. The market cap is down 4.49% with the trading volume up 118% in the last 24 hours. Highlighted Crypto News Today: Why Did Bitcoin (BTC) Fall Below $26K After June?

600,000 payers now on Paystand Network and $6 billion in transactions highlight significant growth in the “real economy” during a period of economic hardship and a crypto bear market SCOTTS VALLEY, Calif.–(BUSINESS WIRE)–Paystand, the B2B payments company with the world’s largest commercial blockchain, has defied market conditions and experienced a more than 600% growth rate over the past three years. At a time when inflation is an ongoing issue, the stock market remains volatile, and crypto is still in the winter doldrums, Paystand and its customers are growing significantly. This extraordinary ongoing growth has catapulted the company to its fourth straight placement on the Inc. 5000 list of fastest-growing companies. A DeFi fintech unicorn, Paystand enables businesses to pay each other nearly instantly, with zero fees, automating more than $6 billion in payments on its commercial blockchain with more than 600,000 payers across the Americas. During 2023, interest rates continue to climb, and the recent string of bank failures have shaken the economy. At the same time, Paystand has helped companies—and, by extension, the U.S. economy—to grow. The company provides payments services to the ‘real economy’ – industries such as manufacturing, logistics, distribution, insurance, solar and renewable energy, and more. These industries have continued to show resilience and growth. “Since its founding, Paystand has had an unwavering commitment to revolutionize finance,” said Jeremy Almond, Paystand co-founder and CEO. “We have helped to radically transform how B2B organizations transact, catalyzing growth not just for us, but for our customers. Last year Paystand processed a full one percent of all U.S. direct account-to-account business payments, which is quite remarkable.” “Our mission is clear: to transform and democratize the global financial network. Our journey extends beyond rewriting financial infrastructure; it’s about propelling growth, contributing to American progress, and enabling businesses to defy market conditions with significantly better capital efficiency,” Almond said. “On the heels of Paystand’s acquisition of Yaydoo last year and continued expansion into LATAM, Paystand is poised to reshape the future of finance, not just in the U.S., but on a global scale,” continued Almond. Paystand’s ‘real economy’ customers experience a radically outsized impact on their bottom line when they process their payments through the blockchain-enabled Paystand Network. They are able to get their revenue (the lifeblood of their business) in a faster, more scalable way, and ultimately with much lower costs. With Paystand, businesses can avoid the transaction fees associated with credit card usage, which can be as high as 3%, as well as reinvest AR labor costs from staff mired down processing huge numbers of paper checks that are still rampant in the B2B economy. The decentralized Paystand Network transforms the way merchants transmit and manage money. The Payments-as-a-Service solution significantly streamlines the process and lowers costs; network transactions are zero-fee, settle within one banking day, and are automated with smart AR and AP accounting tools. According to Paystand customer Kristen Parisien, controller, Global Prescription Management at Covetrus, “Paystand allows us to free up resources, reduce costs, and expedite payments with real-time posting of transactions. It gives us the ability to grow with confidence because our AR process is equipped to handle the pace of our business.” In the past twelve months, Paystand has continued to innovate with the release of several products designed to help its customers prevail in the face of economic challenges. New Paystand products include: Smart Treasury Management for AR – Businesses can route receivables automatically as they come in, directing the funds to the bank accounts they deem appropriate. By enabling deposit routing between unlimited banks and financial networks, CFOs can diversify AR Deposits and Treasury, sweeping between multiple institutions and maximizing the FDIC insurance benefits they offer. Instant Bill Pay Using AR Funds – As receivables come in, merchants can immediately direct funds to their Paystand Spend Cards without leaving the Paystand Network. With no need to interact with bank accounts, they can use their cards to seamlessly pay vendors and manage operating expenses without the risk, delay or friction associated with first settling to a bank. Merchants also earn 1% back in bitcoin on every card purchase. Dynamic Discounting for AR Teams – Seller AR teams can offer early payment discounts, incentivizing buyers to pay sooner. This promotes earlier access to cash and reduces days sales outstanding (DSO), which is especially helpful to businesses during an inflationary period. “Running a business has only gotten harder since the end of the pandemic,” says Inc. Editor-in-Chief Scott Omelianuk. “To make the Inc. 5000—with the fast growth that requires—is truly an accomplishment. Inc. is thrilled to honor the companies that are building our future.” Complete results of the Inc. 5000 list—including company profiles and an interactive database that can be sorted by industry, region, and other criteria—can be found at www.inc.com/inc5000. To learn more about Paystand, schedule a demo here. About Paystand Paystand is on a mission to create an open commercial finance system, starting with a zero-fee network for B2B payments. Paystand is the largest B2B receivables, payables and payments network running on a commercial blockchain. The company makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. The AR/AP solutions are designed for both U.S. and LATAM businesses of all sizes. For more information about Paystand, visit us at paystand.com. Follow our blog, and connect with us on Twitter and LinkedIn. Contacts Erica Zeidenberg PR for Paystand Inc. [email protected] 925-518-8159