Gala Games CEO alleges $130 million theft, and license misappropriation on the co-founder. The price of GALA is down 5.15% in 24 hours amid legal turmoil. In a shocking turn of events, the blockchain gaming platform Gala Games, renowned for its play-to-earn (P2E) games, is now embroiled in a legal battle, leaving the crypto community bewildered. On August 31, Gala Games’ CEO Eric Schiermeyer, and co-founder Wright Thurston filed lawsuits against each other in a Utah District Court for alleged theft. Schiermeyer alleges that Thurston and his investment firm, True North United Investments, misappropriated approximately $130 million worth of GALA tokens linked to the Gala Games ecosystem. According to Schiermeyer, these tokens were initially held securely by Thurston but were mysteriously moved into 43 different wallets. Thurston’s explanation—that he was safeguarding the tokens for Gala—soon crumbled as he allegedly engaged in a series of obscure transactions between September 2022 and May 2023. It involving the GALA tokens. Gala Games Into the Negative Limelight Moreover, Thurston pilfered licenses required to operate Gala ecosystem nodes sold them, and pocketed the proceeds, resulting in accusations against him. Simultaneously, Thurston’s True North filed a lawsuit against Schiermeyer, asserting that he squandered Gala’s assets. And diverted millions for personal use. The lawsuit claims that Schiermeyer created Gala entities in Switzerland and Dubai, essentially sidelining Thurston’s involvement in Gala’s decision-making processes. Schiermeyer is seeking Thurston’s removal as Gala director and damages, including the return of stolen GALA tokens. On the other hand, Thurston is demanding Schiermeyer’s removal and $750 million in damages. Meanwhile, These lawsuits, combined with a prior legal entanglement involving the United States Securities and Exchange Commission (SEC) suing Thurston. And True North for an alleged fake crypto mining scheme, has cast a dark cloud over Gala Games’ reputation. Impact of the Lawsuits In response to these lawsuits, the community has expressed its deep frustration. Investors and supporters are disheartened by the internal strife. With some lamenting how the ongoing legal battles are eroding confidence in the Gala platform. As one Gala investor said, “Your tokenomics suppress the price, and now you’re all suing each other?” Amidst this turmoil, the price of GALA token plummeted by 5.15% in the past 24 hours. Currently stands in at $0.0168, as per CMC data. However, this ongoing turmoil positively impacted the rivals of GALA, including PYR, MYRIA, and NAKA. All of which have seen double-digit percentage gains over the past 24 hours. These platforms serve as game launchers, publishers, studios, and infrastructure providers. As the Gala Games’ internal legal battle intensifies, the mounting concerns that the ongoing FUD (Fear, Uncertainty, Doubt) might negatively impact GALA increase.

Bitcoin’s (BTC) price has again fallen below the $26K mark. BTC has been oscillating between $25,000 and $26,000. Bitcoin (BTC), the world’s largest cryptocurrency, has experienced a strong bearish momentum for the past few weeks. Recently, BTC has shown a slight recovery of 0.50% after staying below $26,000 for the past few weeks. With this price surge, BTC surpassed the $26K mark. However, it didn’t stay for long, and the price dropped to below $26K again. In recent days, Bitcoin’s price has been oscillating between $25,000 and $26,000. And BTC is struggling to gain momentum to break this cycle. Moreover, the U.S. SEC’s delay in the Bitcoin ETF filing added more pressure on the trading price. Recently, former SEC chairman Jay Clayton stated that the approval of the Bitcoin ETF is inevitable and that the SEC may announce its decision in mid-October. The approval of the Bitcoin ETF is expected to be reflected in the trading price of BTC. Bitcoin (BTC) Price Analysis – 24-Hour Timeframe At the time of writing, Bitcoin has fallen below the $26K mark and is trading at $25,983, with an increase of over 0.41% in the past 24 hours. The daily trading volume of BTC has experienced a surge of around 6.92%, according to CoinMarketCap. Ethereum (ETH) Daily Trading Price Chart ( Source: TradingView) The daily trading chart shows that Bitcoin continues its bearish momentum as its current price is below the 50-day exponential moving average (50 EMA). Meanwhile, the daily relative strength index (RSI) is at 33.25, denoting that the largest cryptocurrency is on the border of the oversold zone. If the current trend reverses, BTC will experience a bullish trend and surpass the nearest resistance of $26,500. If the trend continues, it will breach the $27K mark and even advance to surpass the $28K mark. On the other hand, there is a possibility that Bitcoin may experience a further downtrend. If it occurs, the price will breach the nearest support level of $25,500. In the worst-case scenario, the downtrend will potentially bring it below the $25K range. Do you think BTC will break the bearish momentum soon? Tweet to us at @The_NewsCrypto and let us know your thoughts.

The upcoming biography of Elon Musk, set to be published on September 12, is shedding light on some previously unknown facets of the billionaire’s involvement in the crypto and especially Dogecoin world. According to a report by the Wall Street Journal, the biography discloses that Musk has been discreetly funding the development of Dogecoin. The tech entrepreneur Musk has been “quietly funding” the development of Dogecoin, the biography unveils, further emphasizing the significant influence Musk has had on the meme coin’s popularity. This revelation comes amidst previous suspicions that Musk’s comments on Dogecoin have been instrumental in swaying its market dynamics. Earlier this year, a class-action lawsuit accused him of insider trading and artificially inflating the cryptocurrency’s price. Musk, however, defended his stance, asserting that his tweets in support of Dogecoin were not illegal. The biography, penned by Walter Isaacson, also highlights Musk’s consideration of launching a blockchain-based social media platform with integrated payments. The idea came from his brother Kimbal, who suggested starting a completely new social media platform based on blockchain. Musk humorously contemplated using Dogecoin as the platform’s payment system. Remarkably, Musk recently clarified that X, the rebranded version of Twitter which he acquired for $44 billion, would “never” introduce its own token. Interestingly, the biography also delves into a failed investment attempt by Sam Bankman-Fried (SBF), the former CEO of the insolvent crypto exchange FTX. SBF had reportedly proposed a $5 billion investment to aid Musk’s acquisition of Twitter. However, following the collapse of FTX, Musk clarified that neither he nor Twitter had ever accepted investments from SBF or FTX. Dogecoin Price Is Unimpressed Despite the intriguing revelations from Musk’s biography, Dogecoin’s price trajectory seems to remain unaffected. Currently trading at $0.0633, DOGE’s price movement on the 4-hour chart appears to be in a tight range, oscillating between the 23.6% ($0.0626) and 38.2% Fibonacci retracement levels ($0.0667), displaying a sideways trend in the lower time frame (LTF). However, a look at the higher time frame (HTF), the 1-day chart, paints a different picture. Dogecoin’s price has been ensnared in a persistent downtrend since December of the previous year. This downtrend, characterized by a descending trend channel, has remained intact. In late July, DOGE experienced a bounce off the upper trendline of this channel, only to resume its steady decline. Concerningly, pivotal support levels, including the 200-day EMA, have been breached, signaling potential bearish momentum. Based on the current chart patterns, there’s a looming possibility that DOGE might retest its annual low at $0.05593. In a more pessimistic scenario, a descent to the lower boundary of the descending channel, pegged roughly at $0.05, seems possible. Nevertheless, if DOGE manages to staunchly defend its current price level, it might present a lucrative entry point for prospective investors. For a significant price rally to materialize, it’s crucial for DOGE to rebound from this (new potential) low with substantial buying volume, setting its sights on a price target above $0.058.

Toncoin (TON) has taken the crypto market by storm, but its meteoric rise has also cast a spotlight on Telegram-bot tokens, drawing attention to the historical affiliation between TON Network and the instant messaging giant, Telegram. Crypto enthusiasts have long regarded Telegram as a pioneer in exploring blockchain technology. Toncoin’s genesis lies in the “Telegram Open Network” (TON) project which, after facing legal hurdles, rebranded as “The Open Network” in 2020. In recent months, TON has witnessed a surge in investor interest, evident from on-chain data and Santiment’s TON Social Dominance chart, which recorded a significant spike in June 2023. This heightened attention has played a pivotal role in propelling TON’s price upwards, with its current value at $1.89, as reported by CoinGecko. Notably, TON has gained 1.8% in the last 24 hours and an impressive 28.9% over the past seven days. Telegram-Affiliated Tokens Outshine The Crypto Market While the global crypto market cap has seen a contraction of nearly 10% since August 1, Telegram-affiliated tokens have defied the trend, delivering consistent double-digit gains during the same period. This intriguing correlation hints at the emergence of yet another thriving sector within the crypto market. What adds to the intrigue is the fact that these bot tokens have yet to find their way onto mainstream exchanges. As a result, the fear of missing out (FOMO) could intensify among strategic investors eager to capitalize on potential gains once these tokens hit the exchange listings. Toncoin Breakout Signals Market Shift September 1 marked a significant turning point for Toncoin, as its price broke free from the resistance trendline that had held it in a downtrend for over eight months. This breakout signifies a change in market dynamics, where participants may transition from selling on rallies sentiment to buying on dips. The road ahead for TON appears promising, with price targets set at $2, $2.37, and $2.64. These milestones represent the evolving landscape of Telegram-affiliated tokens and the growing influence of the TON Network within the crypto ecosystem. In the midst of Toncoin’s solid ascent, Telegram-bot tokens have come into focus, rekindling interest in the TON Network’s close ties with Telegram. This newfound attention has triggered a significant surge in TON’s value, while the broader crypto market grapples with fluctuations. As these tokens await mainstream exchange listings, strategic investors eagerly eye potential gains in this burgeoning sector, fueling the ever-expanding crypto narrative. (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

There have been talks about the US Securities and Exchange Commission (SEC) and Ripple Labs reaching a settlement following the ruling that XRP isn’t a security. Following this, Pro-XRP lawyer John Deaton has stated a key factor that could lead to a settlement between both parties. Coinbase’s Motion Key To Settlement In a tweet released on the X (formerly Twitter) platform, Deaton stated that the “only way” the SEC and Ripple can settle this year is if Judge Failla grants Coinbase’s motion to dismiss the SEC’s lawsuit against it. The lawyer believes that the key is for Judge Failla to find that token sales on an exchange as part of a programmatic sale do not fall under US securities laws. If that happens, the Commission and its chair, Gary Gensler, may have no choice but to “pivot,” according to Deaton. He further noted that Judge Failla’s ruling may be final as he doubts the Solicitor General would allow an appeal as the case could end up reaching the Supreme Court, which could “strip away” the SEC’s powers and that of other federal agencies. The SEC had filed a lawsuit against Coinbase, alleging that the biggest crypto exchange in the US was operating as an unregistered securities exchange by offering several cryptocurrencies on its platform without first registering with the SEC. In response, Coinbase filed a motion to dismiss the case, stating that the regulator was stepping outside its jurisdiction with such an action. The exchange said the token sales weren’t investment contracts but more commodity sales, with “obligations on both sides discharged” once the transaction occurred. Interestingly, Coinbase cited Judge Torres’ ruling in favor of Ripple that programmatic sales, such as ones on exchanges, didn’t constitute investment contracts. How Deaton’s Ripple Settlement Theory Could Play Out Going by Deaton’s theory, it is believed that the SEC would want to settle with Ripple if the court ruled that the Commission has no jurisdiction over token sales on exchanges. This is plausible because Judge Failla granting Coinbase’s request represents a setback for the Commission in its case against Ripple. The SEC argues that Ripple’s programmatic sales constituted an investment contract, making XRP a security. However, a win for Coinbase ultimately makes the programmatic sales argument baseless, and it can no longer further the argument since token sales on exchanges are outside its purview. Regarding the SEC and Gensler wanting to “pivot,” as mentioned by Deaton, this could mean the Commission solely focusing on Ripple’s sale to institutional investors, which the court ruled constituted an investment contract. Considering that the regulator still has a long way to go to prove which institutional sales were made to domestic investors (the only ones the SEC has jurisdiction over), it may settle with Ripple rather than prolong a case it may eventually lose.

Pepe Coin, the meme-inspired cryptocurrency, has faced a recent setback as it failed to sustain support at $0.00000078, casting doubts on its short-term rally prospects. The sellers’ inability to follow through on their downward pressure hints at some wavering in their conviction. The crucial question now is whether the uncertainty will pave the way for buyers to reclaim higher ground this month. As of the latest data from CoinGecko, PEPE currently trades at $0.000000807186, reflecting a 2.8% increase in the past 24 hours. However, over the past seven days, the coin has experienced a 7.6% decline in value. Price analysts suggest that if the daily candle manages to close above the critical level of 0.00000078, the recent breakdown could be deemed a “bear trap,” that might offer a glimmer of hope for PEPE enthusiasts. A bear trap is a situation in trading where the price of an asset appears to be entering a bearish (downward) trend but then reverses and moves upwards instead. It “traps” or tricks traders who were expecting further price declines into selling their positions, only to see the price rise. Challenges Ahead For PEPE While the bullish momentum appears promising, PEPE’s recovery remains constrained within a falling channel pattern that has persisted for the past two months. To gain more confidence in the revival, buyers must breach the upper trendline of this channel. Such a breakout has the potential to catapult the meme coin past the coveted $0.000001 threshold. In a separate report, worrying statistics emerge regarding the health of the PEPE network. Santiment’s latest data reveals an 83% drop in active addresses associated with Pepe (PEPE) over the past quarter. Additionally, both transaction volume and transaction count have experienced a significant downturn. Despite the recent price rally and bullish sentiment, PEPE faces challenges ahead, primarily due to the persistent downward trend within the falling channel pattern. The failure to break free from this pattern could see the meme coin continue its downward trajectory. User Exodus Spells Trouble For Pepe Coin Date from Santiment cited in the report paints a bleak picture for PEPE as the network grapples with a sharp decline in active users. This alarming 83% decrease in active addresses highlights the waning interest in the cryptocurrency, possibly undermining its long-term viability. Moreover, the decrease in transaction volume and transaction count further compounds the network’s woes. PEPE’s recent struggle to maintain support at $0.00000078 raises questions about its near-term prospects. While there is hope for a recovery, the coin remains trapped within a falling channel pattern. The critical breakout point lies ahead, and the crypto community watches eagerly to see if buyers can reclaim higher ground. Simultaneously, the exodus of active users and declining transaction metrics pose additional challenges for the future of PEPE, emphasizing the need for a sustained and robust recovery strategy. (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

In a recent blog post, Kaal Dhairya, one of the key developers behind Shibarium, the layer 2 protocol of the Shiba Inu network, revealed a series of significant upgrades aimed at bolstering the network’s capabilities. The announcement comes at a time when Shibarium has crossed the 1 million wallet mark, a milestone that underscores its growing adoption and utility. “First of all, congratulations to the ShibArmy for reaching a milestone of 1 million wallets and soon, 1 million transactions. We have achieved—and aim to maintain—our status as one of the fastest and cheapest L2 networks out there,” said Dhairya. Upgrades And Progress On Shibarium One of the most notable updates is the integration of a hosted version of the Blockscout explorer on Shibariumscan. Dhairya emphasized the importance of this development, stating, “This allows our small yet dedicated protocol team to focus on the network and its upgrades, while the fantastic Blockscout team ensures the explorer remains operational and the chain is 100% indexed.” The Blockscout integration also serves as a tool for developers to “Do Your Own Research” (DYOR) and verify new or existing contracts deployed on Shibarium. Dhairya urged developers to make use of the Blockscout contract verification system, as the team plans to promote projects built on top of Shibarium in the near future. He also unveiled the verified WBONE contract. Shibarium has also expanded its token bridge capabilities, adding support for several new tokens, including USDT, USDC, DAI, WBTC, and XFUND. “We are also collaborating with numerous third-party bridges to ensure they can assist in bridging many other tokens into Shibarium,” Dhairya added. Moreover, the Shibarium team plans to renounce the Bone contract and add more validators to the network in the coming week. “Shibarium is open for everyone to develop upon. The SHIB team’s primary focus in the future will be to innovate and build technologies on top of Shibarium, empowering our community to lead a self-sovereign life,” Dhairya concluded. Shiba Inu Price Retracement Could Continue The recent upgrades to Shibarium come amidst a period of retracement for the SHIB token. After peaking at a 4-month high of $0.00001195 on August 12, the meme coin is on a downward trajectory. In the 1-day chart, SHIB slipped below the 61.8% Fibonacci retracement level at $0.00000796 yesterday. This level has served as extremely strong support on the daily chart since mid-August. The drop below the level could now mean that SHIB retraces lower to the 78.6% Fibonacci retracement level at $0.00000688. At the current price of $0.00000771, this could mean another 10% slide. However, if the bulls surprisingly manage to turn the tide, the price level of $0.00000796 would be the first important step. To retake the mid-August high, SHIB will have to overcome a maze of resistances, notably the 20, 50 and 100-day EMAs, all of which lie ahead of the 50% Fibonacci retracement at $0.00000872. If SHIB manages to overcome this price on a daily basis, it would be a strong bullish sign. Then, the 200-day EMA at $0.00000921 would be another tough challenge.

Ethereum price tested the $1,600 zone and is currently recovering against the US Dollar. ETH is facing many hurdles near $1,650 and $1,670. Ethereum started a recovery wave from the $1,600 support level. The price is trading below $1,650 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase unless there is a close above the $1,700 level. Ethereum Price Faces Key Resistance Ethereum’s price extended its decline below the $1,650 support zone. ETH price even spiked below the $1,620 and tested the $1,600 handle, like Bitcoin. A low was formed near $1,600 and the price recently started an upside correction. There was a move above the $1,620 and $1,630 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,748 swing high to the $1,600 low. Ether is still trading below $1,650 and the 100-hourly Simple Moving Average. Besides, there is a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH/USD. On the upside, the price might face resistance near the $1,650 level and the 100 hourly SMA. The next resistance is near the $1,660 level and the trend line. It is close to the 50% Fib retracement level of the downward move from the $1,748 swing high to the $1,600 low. Source: ETHUSD on TradingView.com A close above the $1,665 level might send the price toward the $1,700 zone. To start a fresh increase, Ethereum must settle above the $1,700 pivot level. The next resistance might be near $1,750. Any more gains might send the price toward the $1,800 resistance. Another Decline in ETH? If Ethereum fails to clear the $1,665 resistance, it could start another decline. Initial support on the downside is near the $1,630 level. The first key support is close to $1,600. The next major support is near the $1,580 level. If there is a downside break below $1,580, the price could extend its decline toward the $1,540 level. Any more losses might send the price toward the $1,480 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,600 Major Resistance Level – $1,665

Chainlink’s LINK price is holding the $5.75 support zone. The price could start a fresh increase if it clears the $6.25 resistance zone. Chainlink token price is showing positive signs above $6.0 against the US dollar. The price is trading above the $6.05 level and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $6.10 on the 4-hour chart of the LINK/USD pair (data source from Kraken). The price could gain bullish momentum above the $6.25 resistance zone. Chainlink (LINK) Price Eyes Fresh Recovery After a major decline, LINK price found support near the $5.75 zone against the US Dollar. A low was formed near $5.74 and the price is now attempting a recovery wave, like Bitcoin and Ethereum. There was a decent move above the $5.85 and $6.00 levels. LINK is now trading above the $6.05 level and the 100 simple moving average (4 hours). However, there are many hurdles on the upside starting with $6.10. Besides, there is a key bearish trend line forming with resistance near $6.10 on the 4-hour chart of the LINK/USD pair. The current price action suggests that the price is struggling near the trend line and $6.10. The first major resistance is near the $6.25 zone. It is close to the 23.6% Fib retracement level of the downward move from the $7.91 swing high to the $5.74 low. Source: LINKUSD on TradingView.com A clear break above $6.25 may possibly start a fresh increase toward the $6.65 and $6.80 levels. The next major resistance is near the $7.10 level, above which the price could revisit $7.50. Another Decline Losses? If Chainlink’s price fails to climb above the $6.25 resistance level, there could be a downside extension. Initial support on the downside is near the $6.00 level. The next major support is near the $5.75 level, below which the price might test the $5.60 level. Any more losses could lead the price toward the $5.35 level in the near term. Technical Indicators 4 hours MACD – The MACD for LINK/USD is losing momentum in the bearish zone. 4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level. Major Support Levels – $6.00 and $5.75. Major Resistance Levels – $6.25 and $6.80.

Bitcoin price tested the $25,350 zone and is currently recovering. BTC must clear the $26,200 resistance to start a decent increase in the near term. Bitcoin is attempting a recovery wave from the $25,350 zone. The price is trading below $26,200 and the 100 hourly Simple moving average. There was a break above a major bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a decent increase if it clears $26,200 and the 100 hourly SMA. Bitcoin Price Faces Hurdles Bitcoin price remained in a bearish zone below the $27,000 resistance zone. BTC extended its decline and traded below the $26,000 level. There was also a spike below $25,500 and the price tested $25,350. A low was formed near $25,333 and the price is now attempting a recovery wave. There was a minor increase above the $25,800 resistance. The price climbed above the 23.6% Fib retracement level of the downward move from the $28,150 swing high to the $25,333 low. Besides, there was a break above a major bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair. However, Bitcoin is still trading below $26,200 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $26,200 level and the 100 hourly SMA. The first major resistance is near the $26,750 level or the 50% Fib retracement level of the downward move from the $28,150 swing high to the $25,333 low. Source: BTCUSD on TradingView.com The main resistance is now forming near the $27,000 level. A clear move above the $27,000 level might send the price toward $27,500. The next major resistance is near $28,000, above which there could be a decent upward move. In the stated case, the price could test the $28,800 level. Another Decline In BTC? If Bitcoin fails to clear the $26,200 resistance, it could start another decline. Immediate support on the downside is near the $25,650 level. The next major support is near the $25,350 level. A downside break below the $25,350 level might send the price further lower. In the stated case, the price could drop toward $24,800. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $25,650, followed by $25,350. Major Resistance Levels – $26,200, $26,750, and $27,000.

The price of GALA is trading at $0.01669, down 10% in the last 24 hours. The firm was unable to prevent the transfer of funds until it was too late as per the lawsuit. As a result of Gala Games CEO Eric Schiermeyer and co-founder Wright Thurston dragging themselves to court, the GALA token is in the midst of a severe downturn. Eric claims that Thurston and True North United Investments, LLC stole 8,645,014,077 GALA tokens from the corporation, according to documents filed in the U.S District Court for the District of Utah. The 76-page document states that Thurston knowingly engaged in a “complex web of obfuscatory transactions” to conceal the true value of the tokens he bought and sold. According to the complaint, the firm was unable to prevent the transfer of funds until it was too late. Struggle Continues At a time when the Web3.0 ecosystem is harmonizing in order to jointly battle the U.S SEC in the larger attempt to bring in a complete regulation for the sector, this case seems to be unprecedented. Conflicts within the Gala Games team highlight an issue the company has had with the regulatory body in the past, following on the heels of Thurston and True North’s Green Boxes crypto initiative, which is optimistically based on improving energy efficiency. The action exposed all of Thurston’s prior crypto ventures, most of which had been subject to litigation in the past, providing a precedent for suing him even before Gala Games. The lawsuit is seeking a variety of remedies, including monetary damages and Thurston’s removal as a director of the firm. According to CMC, the price of GALA is trading at $0.01669, down 10% in the last 24 hours. Moreover, the price is down 28% in the last 30 days. Highlighted Crypto News Today: Turkey Sees Surge in Crypto Adoption Amid Inflation Crisis

Females make up about half of the 18-to-30-year-old crypto investment population. 71% of investors reported holding Bitcoin while Ethereum came in second. According to a report by crypto exchange KuCoin, cryptocurrency usage is on the increase in Turkey, a nation experiencing significant inflation. Adoption rates in Turkey have risen rapidly over the last year and a half, from 40% to 52% of the population. This information was compiled by KuCoin, and is included in their newest “Understanding Crypto Users” study. A KuCoin representative stated: Long Term Investment Inflation is a major concern in both Brazil and Nigeria, as the KuCoin representative mentioned. It was found that 58% of respondents’ “primary reason” for making investments in cryptocurrencies is to “accumulate wealth over the long term,” while 37% want to utilize it as a store of value. Due to the country’s economic difficulties, such as a weakening lira and excessive inflation, cryptocurrency investing and asset preservation strategies have become more appealing. When it comes to cryptocurrency investments, Bitcoin is far away the most popular option. 71% of investors reported holding Bitcoin, while 46% reported holding Ethereum or similar stablecoin. While males are still more inclined to put money into cryptocurrency, young women in Turkey are becoming more active investors. Females make up about half of the 18-to-30-year-old crypto investment population. According to the survey, 57% of those who invested did so because of recommendations from others. Highlighted Crypto News Today: French Authorities Visit Worldcoin’s Office Amid Data Privacy Concerns

Regulatory pressure is mounting globally on the crypto project over data privacy. A probe into Worldcoin’s “questionable” biometric data collection was announced in July. According to Reuters, the Worldcoin’s headquarters in France’s capital city has been subject to “checks” by the National Commission on Informatics and Liberty (CNIL). These occur at a time when regulatory pressure is mounting throughout the world on the crypto project. CNIL is an independent French government agency responsible for enforcing the country’s data privacy legislation. A probe into Worldcoin’s “questionable” biometric data collection was announced in July. The project has generated criticism since it asks individuals to have their irises scanned in return for a digital “World ID”. It says this is done to combat fake online identities created with the use of AI technology. A CNIL representative confirmed on Thursday that “checks took place at the Worldcoin offices,” confirming an earlier story by Politico that the inspection had occurred the previous day, on Wednesday. Rising Regulatory Scrutiny Worldcoin, according to the company’s response to CNIL’s first inquiry in July, was created with privacy protection in mind. The project was dedicated to complying with applicable regulations as well. The project claims that over two million users have already joined up. Kenya’s government said on August 2 that it would temporarily suspend Worldcoin operations while it assessed the cryptocurrency’s security. The United Kingdom also initiated an investigation as per a statement on July 31. Worldcoin (WLD) price has lost significantly over the last 30 days as a result of regulatory concerns. According to CMC, the price is down 50 percent in the last 30 days, trading at $1.13. Highlighted Crypto News Today: Cathie Wood’s Positive Outlook on Bitcoin-AI Confluence Sparks Excitement

XRP’s on-chain volume was at a seven-month high to start the month of September. Ripple Labs has recently released 1 billion XRP tokens from its escrow accounts. Early indicators for XRP for the month of September suggest promising things to come. According to Santiment, an on-chain analytics company, XRP’s on-chain volume was at a seven-month high to start the month of September, its circulation was at a three-month high, and development activity was very strong. The analytics firm said that the start of the month had the highest on-chain transaction volume for XRP (4.8 billion XRP) since February 1. Santiment stated that development activities are also on the rise, after record highs in on-chain transaction volume (4.8 billion XRP) and circulation (2.03 billion XRP). Ongoing SEC Lawsuit This is because even if the price of XRP has dropped, trading volume has not. According to CMC, the price of XRP is $0.5027 at the time of writing. Following the historic judgement in the Ripple SEC complaint on July 13, which determined that XRP tokens traded on cryptocurrency exchanges cannot be classified as securities, Coinbase relisted XRP. The SEC has been attempting to establish an interlocutory appeal, but Ripple Labs Inc. and its top executives have fought back hard. Now that the SEC has submitted its application for an early appeal, Ripple has responded by submitting its opposition. Moreover, Ripple Labs has released 1 billion XRP tokens from its escrow accounts in order to maintain liquidity. The total amount of the released XRP was $510 million, and the release was carried out in four separate transactions. Highlighted Crypto News Today: Cathie Wood’s Positive Outlook on Bitcoin-AI Confluence Sparks Excitement

The crypto market has lost its sparkle lately, with bitcoin futures trading volume drying up as the flagship cryptocurrency struggles to stay afloat. Bitcoin futures open interest, which measures the buzz around upcoming contracts, has dropped to a 5-month low of $11.3 billion, according to data from Glassnode. This suggests traders are closing out positions and reducing exposure to volatile crypto assets. Bitcoin’s Struggles Below $26K: Is The Crypto Craze Losing Steam? The disinterest comes as bitcoin prices dropped below $26,000 for the first time since August, dampening spirits across the crypto sphere. “It seems the market is running out of steam,” said Lee Reiners, professor of cryptocurrency law at Duke University. “Investors are realizing these assets don’t just go up forever.” Analysts said that the drop in open interest appears related to the expiration of monthly and quarterly futures contracts, which drained trading activity and liquidity. But the decline also signals fading confidence in Bitcoin’s upside potential amid mounting regulatory scrutiny, environmental backlash, and competition from alternative cryptos like ether. “The promise of quick riches that lured many retail investors now seems a distant dream,” said Jamie Dimon, CEO at JP Morgan. “The crypto craze appears to be losing momentum fast.” Bitcoin has struggled to regain traction since its record high of nearly $69,000 in November 2021. Though some crypto bulls remain hopeful, continued lackluster performance could stall wider adoption. Exploring The Factors Behind Bitcoin’s Declining Fortunes One significant factor is the regulatory scrutiny that has intensified worldwide. Governments and financial authorities are increasingly concerned about the potential risks associated with cryptocurrencies, including money laundering and tax evasion. This regulatory uncertainty has made some investors wary and hesitant to enter or remain in the market. Bitcoin has faced backlash due to its environmental impact. Critics argue that the energy-intensive process of mining Bitcoin is unsustainable and contributes to carbon emissions. As environmental concerns take center stage, some investors and institutions may reevaluate their support for Bitcoin in favor of more environmentally friendly cryptocurrencies. While Bitcoin pioneered, newer cryptocurrencies like Ethereum have gained traction, offering innovative features such as smart contracts and decentralized applications. These alternatives have attracted both developers and investors, diverting attention away from Bitcoin. Bitcoin’s Future: Crossroads For The Original Crypto For diehard believers, bitcoin’s funk may present a buying opportunity if prices continue drifting lower. But others argue that “digital gold” has lost its luster for good. “It’s yet to be seen whether Bitcoin can reclaim its role as the crypto market’s flagship,” said Chen Alicia, a student of blockchain studies at NYU. With futures interest shrinking, bitcoin is at a crossroads. Does the original crypto still have a bright future, or will up-and-comers displace it?

GALA, the native token of Gala Games, is under immense selling pressure as of early September 2023. Trackers show that the token is down 72% from 2023 peaks when it soared to $0.062 in late January 2023. From there, the token has been edging lower, sinking to $0.017 at spot rates, unwinding over 95% of gains posted in early 2023. To illustrate, GALA is cents away from retesting all-time lows registered in late 2022 at around $0.016. GALA Plunging The drawdown could be pinned to the unfavorable market-wide bear market conditions that have seen top coins, including Bitcoin and Ethereum, surge before dumping, dragging altcoins even lower. The slowdown across Bitcoin has been mirrored in GALA as the token edges lower, reversing gains posted on August 29. On this day, Bitcoin rose after a US Court of Appeal ruled in favor of Grayscale, the issuer of GBTC. Even though the court didn’t direct the Securities and Exchange Commission (SEC) to convert GBTC trust to an exchange-traded fund (ETF), the judge didn’t provide clear reasons why they denied Grayscale’s request. BTC prices rallied as odds of the US approving a spot Bitcoin ETF rose, lifting altcoins, including GALA. However, bears have successfully peeled back losses, as the daily chart shows. CEO Versus Co-Founder Beyond market factors, GALA may plunge to all-time lows primarily because of internal wrangles that could heap more pressure on the token that’s already struggling against unrelenting bears. Court documents show that CEO Eric Schiermeyer and co-founder Wright Thurston filed lawsuits against each other. Filings show that Schiermeyer blames the co-founder for illegally obtaining and selling $130 million of GALA. The CEO also claims the co-founder stole node licenses for operating nodes within the Gala game ecosystem. He also cites Thurston’s history of founding companies that often in bankruptcy. The CEO wants the co-founder replaced as director. The co-founder and his investment vehicle, True North Investments, accuse the CEO of wasting millions of dollars in company assets and engaging in fraudulent practices that harmed the company. The co-founder claims the CEO misused millions, including $600 million of assets, and lending millions of dollars from Gala Games to himself. They also alleged that the CEO created entities in Switzerland and Dubai that, in reality, should belong to Gala Games. The co-founder wants to kick out the CEO, who has held the office since 2021.

Over the past 24 hours, the majority of the crypto market has been moving slowly, with the premier cryptocurrency Bitcoin falling below the $26,000 mark again. Toncoin, on the other hand, continues to defy the current market conditions, registering a significant price climb in the past day. The TON price experienced a substantial increase on the first day of September, which is consistent with its overall trend in August. TON Soars By 11% In A Single Day Toncoin currently leads the altcoin market as one of the top gainers following an 11% price rise in the past 24 hours. In the same period, altcoins such as ETH and XRP appear to have succumbed to general market sentiment, suffering a 1% and 2% price dip, respectively. Interestingly, TON’s latest price spike only underscores its impressive performance in the past few weeks. According to data from CoinGecko, the value of the cryptocurrency has swelled by more than 35% in the last seven days. A broader look at Toncoin’s price history shows that the token has been on an ascent since the start of August. After plunging to a year-to-date (YTD) low of $1.18 on the 4th of August, TON is currently on a nearly 64% price rally. The TON token is currently valued at $1.93, according to CoinGecko data. If this bullish momentum and the buying pressure continue to build, investors could see Toncoin return to the $2 mark. However, technical indicators do not seem to be in favor of the bullish momentum continuing. The daily Relative Strength Index (RSI), an indicator that tracks the balance between the buying and selling pressure of a token, is currently in the oversold region. The daily RSI in the oversold zone can be an indication of a potential trend reversal. In this situation, this means that investors could see Toncoin reverse all its gains and embark on a downward trend. Can Toncoin Break Into The Top 10 Crypto Ranking? This recent positive performance has catapulted Toncoin onto the verge of becoming one of the top 101 largest cryptocurrencies by market cap. According to CoinGecko data, TON is the 12th-largest cryptocurrency with a market cap of roughly $6.64 billion. This puts it ahead of Polkadot, Polygon, and Litecoin, who occupy the 13th, 14th, and 15th positions, respectively. If TON continues its current price rally in this existing market condition, breaking into the top 10 ranking might be a possibility. Interestingly, a significant 92% increase in the token’s daily trading volume adds further optimism to this scenario. An increase in trading volume can be a signal that investors are still dabbling into an asset. With this, it would only be short-sighted to rule out more gains for the altcoin in the coming weeks.

Wood’s tweet alluded to the revolutionary perspective of AI and Bitcoin. Ark Invest’s findings and Wood’s tweet highlight the significance of AI in the financial markets. Cathie Wood, CEO of Ark Invest, recently tweeted her positive outlook on the confluence of Bitcoin and AI. Wood’s tweet alluded to the revolutionary perspective of AI and Bitcoin, highlighting the opportunities it brings for many businesses and the economy at large. Wood’s excitement about these two promising areas of innovation is evidence of how quickly the crypto and AI industries are changing. The tweet also promotes a podcast on Bitcoin’s development and scalability, Bitcoin Brainstorm, hosted by Ark Invest and Blockchain Park and featured Cathie Wood. Banking on AI and Crypto A white paper titled “Investing In Artificial Intelligence” by ARK Invest corroborates Wood’s optimistic outlook. Cathie Wood and Ark Invest have shown clear signs in the study report that they are thinking about how AI may affect their investing strategy. Cathie Woods’s long-term investments in artificial intelligence (AI) companies demonstrate her confidence in the sector. The ARK Invest Bitcoin ETF developments show that Cathie Wood is interested in Bitcoin for reasons other than the growth of related technologies. ARK Invest has not just invested in Bitcoin, but also in the cryptocurrency exchanges Coinbase and Robinhood. Ark Invest’s initiatives that capitalized on the rise of the AI technology sector are also discussed in the study. Through the first half of the year, the ARK Disruptive Innovation ETF (ARKK), which invests primarily in artificial intelligence and other creative technologies, had a higher return on investment (ROI) than the NASDAQ 100 Index (QQQ). Together, Ark Invest’s findings and Wood’s tweet highlight the increasing significance of AI in the financial markets. Bitcoin and AI together may cause a revolution in business practices, reshaping various strategies. Highlighted Crypto News Today: Yes Bank Boosts Digital Rupee Usage in India With UPI Integration

The swapped 350 ETH was then transferred to the address 0x3f6. The sale could also be related to the recent statement by MakerDAO founder. Prominent independent reporter with the twitter handle @WuBlockchain revealed an unexpected sale by Ethereum co-founder Vitalik Buterin: he swapped 500 MKR tokens for 350 ETH, a deal worth around $581,000. The swapped 350 ETH was then transferred to the address 0x3f6. Buterin’s sale of MKR tokens, the first in two years, has raised suspicions in the cryptocurrency industry. This news follows a short spike in the trading price of MKR tokens, which some speculate may have been caused by whale activity. There has been a notable uptick in MakerDAO’s core functionality. Nonetheless, the MakerDAO community’s statement on August 28 announcing the establishment of SubDAOs in South Korea looks to be a major driver behind the increasing price of MKR tokens. This method has generated a lot of buzz in the blockchain space as it seeks to unleash DAOs’ full potential. Migration from Ethereum As investors and enthusiasts wonder what prompted Vitalik to sell his MKR tokens for the first time in two years, the market as a whole may have corrected, which might explain the decline in value. Moreover, the sale could also be related to the recent statement by MakerDAO founder. The fifth and last phase of the Endgame was described by MakerDAO creator Rune Christensen in a blog post for the MakerDAO community recently. This step entails rebuilding the MakerDAO protocol on a new, separate blockchain. Despite the fact that MakerDAO has been built on Ethereum from day one. Instead of utilizing the Ethereum Virtual Machine (EVM), the next native chain will be built on a fork of the Solana codebase. Highlighted Crypto News Today: Token Transfers by Insolvent FTX Raises Questions Amid Uncertainty

The mistake, which led to the plan being rejected, severely impacted the price of CYBER. CYBER is still up 89% in the last 7 days despite the recent downturn. The price of CYBER token has witnessed severe decline after the shocking news that CyberConnect’s official Twitter account had acknowledged a major blunder in the emergency proposal CP-1. The mistake, which led to the plan being rejected, severely impacted the price of the CYBER token. From the Community Treasury, 1,088,000 CYBER tokens were planned to be distributed through the snapshot proposal CP-1. A considerable overestimate was included in the proposal due to a typing error. The CyberConnect management saw and recognized this disparity right away. Struggle Continues The major goal of the proposal that was shot down was to use tokens from the Community Treasury to facilitate trading in pairings like CYBER-ETH, CYBER-BSC, and CYBER-OP. There was a mistake in the plan; only 1,088,000 tokens were really available for the Community Treasury. Although it said that 7,000,000 CYBER-BSC and 3,888,000 CYBER-ETH will be utilized. The price of the CYBER token dropped by almost 46% as per data from CMC. The sudden shift in circumstances had investors and traders scratching their heads. Source: CoinMarketCap The CYBER token, however, has not shown resilience in the face of this uncertainty since the price continues to trade in red. Over the last week, CYBER’s price has increased by more than 160%, and is still up 89% in the last 7 days despite the recent downturn. According to CMC, the price of CYBER is now trading at $7.23 and is down 46.88% in the last 24 hours. Moreover, the trading volume is up 109%. Highlighted Crypto News Today: Bitcoin Price Faces Strong Challenge Amid Bear Dominance