LONDON & HAMBURG, Germany–(BUSINESS WIRE)–Frankfurt listed, German Fintech company The NAGA Group AG (XETRA: N4G, ISIN: DE000A161NR7), operator of the All-in-One Financial Super App, announces a ground-breaking partnership with Rezolve AI Limited. The integration of Rezolve’s AI platform, ‘Brain’, into NAGA’s proprietary technology and its social trading app, ‘NAGA Trader’ as well as ‘NAGA Pay’ is set to redefine NAGA current and new users experience, provide real time personalised and intelligent market analysis, enhance trading proficiency as well as automate payments across multi languages. NAGA provides an online social trading platform (both Web and App) for Social Trading, allowing its users to invest in different assets such as currencies, stocks, ETF’s, commodities and crypto all together with its own unique ePayments solution. Rezolve’s ‘Brain’, with its advanced AI algorithms, machine learning, and its NLP engine (natural language processing) capabilities, will enhance NAGA’s ability to offer NAGA users a unique AI experience that is set to revolutionise the traditional way of experiencing online social trading and mobile payments. NAGA users will be able to converse with ‘Brain’ in any one of 95 languages, as naturally as communicating in real time to a human stockbroker over the phone. They can gain a deep understanding and personalise market trends and insights, receive invaluable guidance for making smart investment decisions, and learn how to optimally use NAGA’s social trading platform. This multilingual capacity not only enhances NAGA user experience but also widens NAGA’s global user base. Benjamin Bilski, CIO of NAGA comments: “The timing for this partnership is just perfect. We have been preparing our data infrastructure and indexing capabilities to plug it in with advanced AI language models for months and using ‘Brain’ transforms our vision into reality. Implementing ‘Brain’s AI into NAGA will further automate our client’s journey and lead to the highest degree in personalization. Users will intuitively understand NAGA social trading platform and their own trading performance better than ever before. In addition, NAGA’s unique social graph allows traders to benchmark their performance with other traders automatically. From this day on, our ability to connect real-time market data, economic events, and news intelligently with our users’ portfolios, positions us and gives us a genuine USP over competitors.” Michael Milonas, CEO of NAGA, expresses his enthusiasm about this partnership, stating: “By integrating Rezolve’s ‘Brain’ into NAGA, we are enhancing our platform with unprecedented intelligence and accessibility. This is a significant step towards our mission to build a truly unique, global, tech based and now AI driven financial All-in-All Super App that is second to none and in doing that, strive to deliver shareholder value. The future is truly, NAGA!” Dan Wagner, CEO of Rezolve, echoes this sentiment, adding, “Our collaboration with NAGA is a testament to our commitment to revolutionising industries with AI. With ‘Brain’s integration, NAGA users can engage in intuitive, conversation-based interactions, unlocking insights and making data-driven decisions. We’re excited about setting a new standard in the online trading landscape.” The introduction of Rezolve’s ‘Brain’ into NAGA social trading platform marks an exciting development in the fintech sector, as AI and human insights converge to offer superior multilingual trading experiences. For more information about NAGA and its use of Rezolve’s ‘Brain’, which is expected to go live in Q4 2023, please visit www.group.naga.com. ### About NAGA NAGA is an innovative fintech company that seamlessly connects personal finance transactions and investments through its social proprietary trading platform. The company’s platform offers a range of products from stock trading, investments and cryptocurrencies to a physical VISA card. Additionally, the platform allows for exchanges with other traders, provides relevant information in the feed, and autocopy features for successful members’ trades. NAGA is a synergistic total solution that is easily accessible and inclusive. It provides an improved foundation to trade, invest, network, earn and pay. This applies to both fiat and crypto products. Language: English Company: The NAGA Group AG Hohe Bleichen 12 20354 Hamburg Germany E-mail: [email protected] Internet: www.naga.com ISIN: DE000A161NR7 WKN: A161NR Indices: Scale 30 Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Hamburg, Munich, Stuttgart, Tradegate Exchange EQS News ID: 1698675 Contacts Press contact: Andreas Luecke The NAGA Group AG [email protected] www.naga.com

PEPE is trading at $0.000001203 post a 12.70% pump. A whale purchased 807B PEPE tokens by selling 1M USDC. On Wednesday, PEPE, a deflationary memecoin faced a sudden pump of around 10.78% according to CoinMarketCap, a crypto analytics platform. This surge is despite the fact that a recent whale dumped a huge amount of PEPE when it was trading at $0.000001121. Overall, the whale sold 2.26 trillion PEPE worth $2.53 million over a $707K loss. On the other hand, the same whale has purchased BALD tokens by selling over 1.1K Ethereum (ETH) worth $2.01M. Considerably, the current status of PEPE seems bullish and the investors are rushing harder for PEPE purchase. From the reports of DeBank, it is noted that another whale acquired a whole of 807B PEPE tokens when the trading price hit $0.000001239. Spending a million of USD Coin (USDC), this transaction has been reported with a gas fee of about 0.033 ETH. Current Status of PEPE Being launched on April 2023, PEPE has gained massive popularity among the crypto community next to the other popular memecoins like Shiba Inu (SHIB), and Dogecoin (DOGE). As per CoinMarketCap, PEPE is trading at $0.000001225 with a market capitalization of around $464.32M in the last 24 hours. PEPE 24H Price Chart (Source: CoinMarketCap) The trading volume has crossed more than 100% at the time of writing. Moreover, the circulation supply of the PEPE is around 93% which is 391.79 trillion PEPE of its total supply. Also, PEPE remarks as the top gainer of the day across other cryptocurrencies. The buyers are held in large purchases of PEPE and there is no surprise of spotting yet another whale appearance in the market. Again, the technical stats depict a huge buying signal with a green dominance showing growth. Highlighted Crypto News Today: Pepe (PEPE) Price Prediction 2023

BTC shows a calm but narrow range; low volatility, $28.6K–$31K range. Long-term HODLing, bullish signs hint at historical gains. Bitcoin, the dominant cryptocurrency by market capitalization, recently surged to $30,144 just a few hours ago, sparking excitement within the community after two weeks of anticipation. However, this surge was short-lived as the price swiftly plummeted to $29,940 within half an hour. Notably, this was followed by Novogratz, a cryptocurrency authority, sharing that insiders at BlackRock and Invesco indicate the approval of Bitcoin ETFs. Currently, BTC is trading at $29,751, reflecting a 1.78% decrease in the past 24 hours, showcasing a battle between bullish and bearish sentiments. Curiously, Bitcoin’s price is experiencing an unusual period of calm, with volatility indicators nearing record lows. Yet, the upward BTC price movement remains constrained within a range of $28,670 to $31,000. Though BTC has experienced similar sideways trading in 2016 and 2019, 2023 volatility has hit multi-year lows, with the one-year realized volatility metric at levels not seen since December 2016. Meanwhile, Analysts predict a continued bullish trend, given the established pattern and the upcoming halving. Notable figures like Adam Back, Blockstream‘s CEO, have expressed confidence in Bitcoin’s trajectory, engaging in a million-dollar wager, predicting a $100,000 BTC price by March 31, 2024. Where Is the BTC Price Moving Ahead? Analyzing the daily price chart reveals a temporary dip above the short-term 50-day simple moving average (50 SMA), underlining prevailing bullish sentiment, positioned at $29,406. If the price sustains below $28,861, it could indicate a bearish resolve. This could prompt the BTC/USDT pair to decline to $26,000 and potentially $24,800. BTC Price Chart, Source: TradingView And the daily relative strength index (RSI) is at 53, potentially indicating an oversold condition. Currently, BTC trading volume is up 32.19%, totaling $18,255,572,664. Moreover, Bitcoin recently formed its third golden cross on the 3D time frame, where the 50-day moving average (50MA) surpasses the 200-day moving average (200MA). Historically, this pattern has signaled substantial gains, as seen with BTC surging 5178% in 2016 and 700% in 2019. Different analysts and maximalists persist in recording their distinct values for Bitcoin (BTC) price prediction. Investors HODLing A notable shift in investment behavior is observed in recent data from leading blockchain data and intelligence provider Glassnode. It revealed that 13.3 million BTC, valued at $388.7 billion, have been inactive for over a year. It will potentially reshape the crypto market. Bitfinex, one of the leading exchange analysts, emphasizes a strong preference among investors for long-term Bitcoin holdings. With a notable peak of 69.2%, though some dormant supply may include lost coins. In conclusion, BTC navigates a phase of price volatility and historical indicators. Market participants remain watchful for potential bullish trends. Will BTC be able to sustain its bullish momentum? Share your thoughts by tweeting us at @The_NewsCrypto

Renowned analyst Josh Olszewicz has shared some compelling insights on Ethereum’s price trajectory. Drawing parallels from historical patterns, Olszewicz’s analysis suggests that Ethereum might be gearing up for a significant rally in the coming months. Historical Pattern: Ethereum Forms Ascending Triangle Olszewicz starts by highlighting Ethereum’s current price pattern, jokingly stating, “Ethereum: ascending triangle 450 million years in the making w/fib extensions to $3k.” This ascending triangle, characterized by a flat top and rising bottom, has been forming since May 2022, and if history is any guide, it could be a bullish sign for Ethereum. Descending volume, another feature of this pattern, further strengthens the bullish bias. However, Olszewicz cautions that the “bias remains bullish until price breaks below diagonal support.” He also points out the psychological resistance at $2,000, noting it as an “extremely obvious signal that it’s go time, which should help the breakout.” To bolster his analysis, Olszewicz draws parallels from Bitcoin’s past. He recalls, “take BTC in 2015/2016 [the price formed an ascending triangle for 210 days with descending volume] and BTC in 2018/2019 [ascending triangle for 130 days with descending volume] as examples.” In both instances, Bitcoin surged towards the Fibonacci extension levels post the breakout. Ethereum itself isn’t a stranger to such patterns. Olszewicz cites, “ETH has also had previous examples in 2017 (bullish continuation) and 2019 (bullish reversal).” Each ascending triangle pattern lasted 180 days. Both times ETH surged towards the 2.618 Fibonacci extension level. Drawing from these historical patterns, Olszewicz suggests that Ethereum is currently holding the potential to overshoot the 1.618 Fibonacci level and possibly reach the 2.618 level, which translates to a price of $3,800. However, he wisely advises, “but don’t get out the imaginary profit calculator just yet, let’s break $2k first.” ETH vs. BTC: Which One Is The Better Trade? While Ethereum’s potential rally is intriguing, Olszewicz also delves into its performance relative to Bitcoin. He observes that Ethereum has underperformed Bitcoin year-to-date, attributing this to the ETF narrative and Bitcoin’s dominance as hard money. He speculates, “the better trade may continue to be BTC/USD, especially with initial spot ETF inflows favoring BTC.” However, if the ETH/BTC pair can break and sustain new highs, it might hint at a runaway trade for Ethereum. But Olszewicz remains skeptical, stating it’s “unlikely based on ETF flows.” Olszewicz also doesn’t shy away from discussing potential bearish scenarios. He’s closely watching certain bearish ETH/BTC levels, including the current local low at 0.050 and the previous inverse head and shoulders neckline at 0.039. For Bitcoin, he suggests a potential move to $42,000, provided it maintains certain bullish conditions. He notes, “as long as we can maintain prices above the midline of the PF & stay in the cloud, we have a decent shot at reaching $42k before halving.” Wrapping up his analysis, Olszewicz envisions a dream trade where Bitcoin breaks bullish first, possibly due to technicals or a spot ETF approval. In this scenario, Ethereum breaks $2,000 but lags behind Bitcoin, leading to ETH/BTC getting “crushed, allowing for an eventual profit taking rotation from Bitcoin to Ethereum”. However, he concludes with a word of caution: “without inflows, we ain’t movin.” At press time, ETH traded at $1,860.

As of now, 68 digital currencies are accused by the SEC of being securities. The exchange is now in talks to acquire additional funding, eyeing further expansion. U.S. consumers will soon no longer be allowed to engage in trading in seven cryptocurrencies, according to the notice made on August 8. This is possibly due to recent regulatory updates by the U.S SEC. Beginning on August 29th, Bitstamp will no longer allow users in the United States to trade Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), Near (NEAR), Sandbox (SAND), or Solana (SOL). SEC Crackdown Effects Although the company gave no explanation for the suspension, it is possibly related to the SEC filing charges against Binance and Coinbase alleging that seven tokens traded on both platforms are unregistered securities. As Bitstamp put it: Moreover, other fintech companies like Revolut have voluntarily delisted them for U.S. citizens in light of the SEC’s lawsuit against Binance and Coinbase. As of now, 68 digital currencies are accused by the SEC of being securities. As the sector as a whole comes under more regulatory scrutiny throughout the world, the exchange is now in talks to acquire additional funding. According to the global CEO of the exchange, Jean-Baptiste Graftieaux, the firm has been actively seeking investors since late June, with guidance from Galaxy Digital Holdings and Mike Novogratz. The funds will be utilized to expand the reach of the exchange in the European and Asian regions. Highlighted Crypto News Today: Federal Reserve Requires Approval for Banks Engaging in Stablecoin

LFi, a leading player in the blockchain industry, is thrilled to announce that its LFi tokens are set to soar with the introduction of CloudX Minting. This revolutionary system for minting tokens is a testament to LFi’s commitment to leveraging the power of blockchain technology to create secure, efficient, and user-friendly solutions. “CloudX Minting represents a significant milestone in our journey,” said Luiz Góes, CEO of LFi. “It is a testament to our vision for the future of blockchain technology, where minting tokens is seamless, efficient, and accessible to all.” Equipping Smartphones with Minting Capabilities One of the key features of CloudX Minting is its integration with smartphones. Recognizing the ubiquity of smartphones in today’s digital age, LFi has designed CloudX Minting to be fully compatible with these devices, thereby enhancing the user experience. “Smartphones are an integral part of our lives, and integrating CloudX Minting with these devices is a natural progression,” said Góes. “This integration not only enhances the user experience but also opens up new possibilities for the use of blockchain technology.” Improving Security and Efficiency through Improved Minting Tools CloudX Minting also provides robust and efficient tools for minters. By making the minting process more efficient and secure, LFi aims to contribute to the growth and development of the blockchain ecosystem. “Minters are the backbone of the blockchain ecosystem, and at LFi, we are committed to providing them with the tools they need to succeed,” said Góes. “CloudX Minting is a testament to this commitment.” With the introduction of CloudX Minting, LFi is set to embark on a journey of innovation and growth. The company is excited about the future and looks forward to revolutionizing the blockchain industry. This new offering marks a notable milestone in the expansion of LFi’s product line, which includes the groundbreaking LFi One token-minting smartphone and a top-of-the-line collection of LFi Minting Machines. This innovative breakthrough reinforces LFi’s position as a key player in the ongoing pursuit of genuine democratization within the realm of digital finance. Discover more about LFI, its products and offerings, and its founding principles by visiting their website LFi.io. You can also stay up to date on the latest news and information about the company by following their socials. About LFi LFi is a technology company that aims to empower the global fintech movement with new and innovative offerings that combine cutting-edge hardware with next-generation software. Leveraging the power of advanced computing and blockchain technology, LFi seeks to realize a future of financial independence through integrated products and solutions. YouTube Facebook Telegram Twitter Medium Blog Instagram Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

Revenues of $81.8 million were announced for Q2 2023 by Marathon on August 8. Marathon’s 2023 revenue increased by 73.3% from the first half of 2022. The results for the second quarter of 2023 for crypto mining company Marathon Digital fell short of analyst forecasts for both profit and revenue. Revenues of $81.8 million were announced for Q2 2023 by Marathon on August 8, below the Zacks Investment Research forecast of $83.2 million. The crypto miner had a net loss of 13 cents per share, which was far worse than the 3 cents per share loss predicted by Zacks. The mining company’s revenue climbed by 228% from the second quarter of 2022, despite missing revenue estimates. Overall Positive Growth Marathon’s 2023 revenue increased by 73.3% from the first half of 2022 to $132.8 million because of the higher second quarter. The mining company attributed some of its income growth to the fact that it was generating 32 Bitcoins per day on average, up 314 percent from the second quarter of 2022. Marathon’s Q2 was particularly challenging in June, when their BTC output dropped by 21% from May. The company said that the decline was due to bad weather at its Texas plant. Moreover, Marathon’s share price consolidated after the market closed, dropping 1.65% in after-hours trading to roughly $15.50 per share. In a statement, Marathon’s CEO and chairman Fred Thiel boasted about the company’s rapid quarterly growth in hash rate and efficiency. The number of active hashes increased by 54% during the second quarter, from 11.5 to 17.7 exahashes, as reported by Thiel. He also said that Marathon had mined a record 2,926 Bitcoins during the quarter, or around 3.3% of the total network payouts. Highlighted Crypto News Today: BlackRock Bitcoin ETF Approval Inches Closer: Industry Insiders Share Insights

Ethereum’s fee revenue surpasses ETH price, echoing 2020’s surge. The Ethereum price climbed over 2% to near the $1900 range. Ethereum’s fee revenue has outpaced the ETH price year-to-date (YTD), signaling a significant shift in the cryptocurrency market. This development marks the first time in two years that fees have exceeded the price of Ethereum, indicating a return to the unprecedented surge witnessed in 2020. According to insights provided by Bloomberg Intelligence analysts, Ethereum’s fee revenue has experienced a substantial increase in the current year. In a revealing comparison, it’s apparent that the momentum behind Ethereum’s activity is expanding independently of speculative price trends. The data reveals a striking parallel between the current state of affairs and the events of 2020. (Source: Twitter) The year 2020 saw Ethereum’s price hovering around $52.471, while the cumulative fee revenue amassed an impressive total of $176.141. Fast forward to 2023, and the ETH price has now soared to the $1900 range. As of July, the fee revenue had surged to $6.103 million, a clear testament to the burgeoning activity within the Ethereum network. Ethereum (ETH) Market Status As dawn breaks on the trading floor, Ethereum finds itself comfortably nestled between $1800 and $1900. At the time of writing, Ethereum was trading at $1,857 with a 24-hour trading volume of $5.8 billion, up 7%. However, after a week, the price of ETH soared by about 2%. Ethereum (ETH) Price Chart (Source: TradingView) Analyzing the daily price chart, it indicates that the Ethereum price currently hovers slightly above the 50-day Exponential Moving Average (EMA), suggesting a favorable position in the market. Additionally, the Relative Strength Index (RSI) for ETH stands at 49.56, indicating a balanced momentum between the buying and selling states.

The Federal Reserve is starting a new program to oversee the bank’s crypto activities. The Fed’s move doesn’t change any rules for crypto banking. In recent days, the Federal Reserve has issued more guidance on cryptocurrencies. Adding to that, the FED released a press release announcing that it requires approval before the state bank can issue, hold, and transact stablecoin payments. These new rules on stablecoins come after PayPal announced its new stablecoin, PYUSD. In addition, the board will also supervise activities that involve crypto assets and novel activities, including complex, technology-driven partnerships with non-banks to provide banking services to customers. Moreover, the state banks must follow the new rules before engaging in stablecoin activity. The U.S. Federal Reserve is starting a new program to oversee the bank’s crypto activities, focusing on partnerships. The banks must demonstrate that they have appropriate safeguards to reduce the risks. According to the statement, the goal of the novel activity supervision program is to foster the benefits of financial innovation. And also recognizes the risks and ensures the safety of the banking system. The Federal Reserve’s move doesn’t change any rules for crypto banking. The new program just defines how the banks intend to handle oversight and make deals with the crypto sector under the new novel activity supervision program.

EMURGO Africa and Changeblock to Drive an Additional $630M Value Surge for the Cardano Token. The Partnership will Enable Unique Carbon Asset IDs on Cardano, boosting transparency through specialized digital identity. The Partnership Enables Monetizing Climate Actions, Creating Traceable Environmental Credits DUBAI, United Arab Emirates–(BUSINESS WIRE)–EMURGO Africa, the Africa and Middle East-focused venture arm of EMURGO, a prominent founding entity behind the Cardano blockchain, invested USD 250,000 in Changeblock. This investment marks EMURGO Africa’s commitment to supporting and promoting innovative blockchain-based solutions in the region. Changeblock, a pioneering carbon market technology company, aims to revolutionize the carbon trading landscape by leveraging the power of blockchain technology. With this investment, EMURGO Africa aims to foster sustainable development and environmental responsibility while driving transformative change within the carbon market. “Our investment in Changeblock is in line with our commitment to foster the development of climate change reversal technologies and impactful solutions on Cardano’s third-generation and environmentally-sustainable blockchain.” Said Ahmed M. Amer, CEO of EMURGO Africa and Executive Director of EMURGO MEA. “Together with Changeblock, we hope to bring the world’s regulators, business leaders, and global changemakers to foster and double down on their commitment to a global net zero strategy that is both economically viable and monetizable” Amer added. “Our shared vision with EMURGO Africa is to turn sustainable action into a valuable, tradeable asset for Africa. By leveraging the power of blockchain, we’re creating a transparent and efficient market that incentivizes sustainable practices and attracts climate-focused investments.” said Billy Richards, CEO of Changeblock Through this strategic alliance, EMURGO Africa intends to contribute to the growth of Changeblock’s innovative solutions and strengthen their position in the carbon market technology space. This investment aligns with EMURGO Africa’s overarching vision of advancing blockchain adoption and fostering economic growth and social progress in Africa and the Middle East. About EMURGO Africa EMURGO Africa invests and partners with Africa-focused enterprises, startups, and accelerators to foster the development of socially impactful solutions on Cardano’s third-generation and environmentally-sustainable blockchain. About Changeblock Changeblock, a global carbon market tech firm, creates trustworthy tradeable offsets using innovative transparent tech. Our data-to-credit solution speeds financing and project outcomes, linked with Changeblock’s Exchange—where users trade high-integrity environmental credits. Contacts Louisa Hesse Email address: [email protected]

In the last 24 hours, Bitcoin has experienced a 2% surge, pulling the broader crypto market along with it into a bullish trajectory. Leading the charge among altcoins are PEPE with an 8% gain, followed closely by SHIB and HBAR both at 6.3%, TON at 5.6%, SNX at 5.4%, and SOL at 5.3%. The overall crypto market capitalization has swelled to $1.18 trillion(+1.63%), while Bitcoin’s dominance in the market has edged up to 50.63%. Why Is Bitcoin And Crypto Up Today? The market’s euphoria was initially triggered by a news piece which was shared by Bloomberg’s Eric Balchunas. He conveyed that insider sources from BlackRock and Invesco suggest that the approval of a Bitcoin ETF is more a question of ‘when’ rather than ‘if’, likely materializing within the next four to six months. The source for this information was Galaxy Digital CEO Mike Novogratz who made these revelations during a recent earnings call. This news, hinting at the imminent approval of a Bitcoin ETF, sent ripples across the Bitcoin and crypto community, igniting optimism and speculation. Following the news, whale activity has also been a notable driver behind the surge. Ki Young Ju, CEO of CryptoQuant, tweeted: “Bitcoin whales opened giga long positions at $29k.” He also shared screenshots of the taker buy sell ratio on BitMEX, ByBit, Deribit and Huobi Global. Each chart shows an extremely high and sudden jump in buying volume, presumably from whales, as Ju said. Ali Martinez, a renowned analyst, chimed in on the significance of open interest. He pointed out that the Open Interest, which represents the total number of open long and short positions across all crypto derivative exchanges, has reached a remarkable year-to-date peak of $10.086 billion. This metric is particularly noteworthy given its historically strong correlation with Bitcoin’s price. The recent dip in Bitcoin to $28,700 seems to have presented an opportune moment for traders to adopt a bullish stance, suggesting that Bitcoin’s price might be poised for an upward trajectory Julio Moreno, from CryptoQuant, noted a sharp rise in Coinbase’s premium, indicating strengthening Bitcoin demand in the US. This observation aligns with the narrowing discount of GBTC, which many see as a proxy of Grayscale’s potential success against the US Securities and Exchange Commission (SEC) in its lawsuit for a spot ETF, but also as an indicator of the likelihood of a Bitcoin Spot ETF being approved. The GBTC discount fell to -27% yesterday. From a technical market perspective, the euphoria in the market has led to a short squeeze. A total of $37.19 million was liquidated in BTC shorts yesterday, $65.46 million in the overall crypto market. The short liquidations for Bitcoin were the highest since July 13 when the price rose to its yearly high at $31,820. Nevertheless, it is worth noting that while short-sellers were gradually liquidated while there was a premium on spot markets and funding rates on futures markets were falling. This means that the rise move was primarily driven via the spot markets rather than over-leveraged long positions. Remarkably, whales played a key role. At press time, the Bitcoin price faced critical resistance between $29,900 and $30,000.

In a new development, a trader who placed a substantial $10 million bet against LUNA in May 2022 before the then native currency and UST—the algorithmic stablecoin, collapsed is now setting his sight on Reddit Moons. Going by the moniker “GCR,” on-chain data on August 8 showed the trader moved 450,000 MOON from MEXC Exchange to Kraken. Moons Rallying Moons, the ERC-20 token associated with the r/CryptoCurrency forum on Reddit, is firm and on an uptrend, looking at current price action. At spot rates, the token is up 400% from late July and changing hands at $0.47, hovering near 2023 highs. Based on price action from MEXC trade data, the immediate resistance level is at $0.65, which was printed in late July 2023. However, with the revival currently visible across the crypto market, prices will likely continue increasing. To illustrate, Moons is already up 90% in August alone, rebounding from $0.25 and surging to spot rates. Several factors are believed to be fanning demand. One of these is the influence of traders like GCR, who are acquiring Moons and potentially improving sentiment on altcoins considering the recent lower lows recorded in the better part of July. However, looking at how MOON prices reacted after Kraken’s listing on August 7, the community appears more buoyant and confident of improving liquidity. Kraken Listing As trackers reveal, before the Kraken listing, most Moons trading activity was concentrated on MEXC Exchange. On August 7, Kraken announced its listing of Moons alongside Bricks (BRICK). Alongside the announcement, Kraken said users could deposit MOON and BRICK from the Arbitrum Nova network. Moons and Bricks are also available for trading on Kraken and Kraken Pro accounts. From Kraken Pro, clients can trade MOON and BRICK perpetual derivatives. MOON has been described as a “community-driven” token since its launch in May 2020. Within the r/CryptoCurrency subreddit, it serves multiple functions, including rewarding users who contribute positively. Reddit said Moons’ holders can access premium features, including badges and custom emojis, and tip fellow community members. Moreover, holding Moons grants voting power in subreddit polls, affording holders a say in shaping the subreddit’s future. Arbitrum data on August 8 shows over 121 million Moons in circulation. Out of this, more than 206,000 holders have generated over 670,000 transfers. All Moons are stored on Vault, the mobile-based wallet launched in 2022.

In recent weeks, Ethereum has demonstrated a downtrend in shorter timeframes, where the bulls struggled to maintain the critical $1900 support zone. This allowed the bears to gain dominance. However, there appears to be a change in price sentiment during recent trading sessions. On the daily chart, ETH experienced a 2% climb. A positive movement is observable on the weekly chart, although it remains relatively modest. Despite the upward movement, there is a potential risk of waning bullish momentum if Ethereum fails to sustain its price above the immediate trading zone. From a technical standpoint, the altcoin is leaning toward bullishness, with increased buying strength apparent in recent trading sessions. Both accumulation and demand have played a role in this positive shift. Furthermore, Ethereum’s market capitalization has grown, indicating heightened demand during the past trading sessions. At the time of writing, ETH was priced at $1,840. It is currently nearing its immediate resistance level of $1,850, which has previously functioned as a liquidity pocket. Approaching this level might trigger a price decrease. However, if the altcoin successfully surpasses $1,850 and establishes a trading position above the subsequent resistance at $1,870, it could signal a more prolonged period of bullish activity. On the flip side, the support level is $1,780, followed by another at $1,760. Falling within this range might lead to further downward movement in the price. The trading volume of ETH in the previous session was lower. However, the fact that it was in the green indicates that buyers were gradually entering the market. Technical Analysis Regarding buyer activity, there has been increased demand for the altcoin following a notable dip within the past 48 hours. The Relative Strength Index (RSI) climbed above the 60 mark, suggesting a revival for the altcoin and signaling buyer engagement surpassed seller activity. Furthermore, the price remained above the 20-Simple Moving Average (SMA) line, indicating that buyers were the driving force behind the market’s price momentum. Another observation is that ETH remained above the 200-Simple Moving Average (SMA) line (green). This suggests a substantial price surge could be anticipated before the bullish momentum wanes. Correlating with the increase in demand, ETH exhibited buy signals on the daily chart. The Moving Average Convergence Divergence (MACD), which signifies price momentum and potential shifts, showed green histograms aligned with buy signals. These buy signals also suggest a potential upward movement in the price over the subsequent immediate trading sessions. Additionally, the Bollinger Bands appeared wide from each other, indicating the likelihood of price volatility, although not overly significant as the bands mainly remained parallel. These parallel bands coincide with the immediate resistance level.

The cryptocurrency market has experienced a period of stagnation, with Bitcoin (BTC) trading within a narrow range for the past week. However, according to market analyst Ali Martinez, there is a glimmer of hope on the horizon as Open Interest, a key indicator of market sentiment, has skyrocketed to a year-to-date high. Correlation Between Open Interest And Bitcoin Notably, the correlation between Open Interest and Bitcoin’s price has historically been significant, suggesting that this surge may herald a potential reversal in the leading cryptocurrency’s fortunes. Martinez believes the recent dip to $28,700 prompted crypto traders to take long positions, fueling optimism for a Bitcoin resurgence. Over the past week, the overall crypto market has experienced a period of stagnation, with Bitcoin trading within a tight range of $28,900 to $29,200. This consolidation follows a continuous decline from its yearly high of $31,800, which has also set the tone for other major cryptocurrencies. The lack of significant price movement has left investors and traders eager for a catalyst that could propel the market forward. Nevertheless, the number of open long and short positions on crypto derivative exchanges has surged to a remarkable year-to-date high of $10.086 billion. This surge in Open Interest is significant, indicating heightened market activity and trader engagement. One crucial aspect to consider is the historical correlation between Open Interest and the price of Bitcoin. This relationship has often been strong, with Open Interest as a leading indicator for potential price movements. As Open Interest reaches new highs, it suggests that market participants are actively taking positions in anticipation of a significant market shift. While the crypto market has been characterized by stagnation and decline in recent times, the surge in Open Interest to a yearly high provides hope for a bullish reversal. Bearish Divergence Signals Potential Pullback For BTC Bitcoin has recently exhibited some intriguing patterns that warrant attention from both technical analysis and on-chain analysis perspectives. According to Baro Virtual, CryptoQuant author and analyst, a bearish divergence on the BTC Average Return Index suggests a possible pullback to $26,000. Simultaneously, on-chain analysis indicates a weakening return index performance alongside a rising Bitcoin price, potentially signaling a phase of re-accumulation that may benefit investors seeking lower prices. The transition of the return index into the negative zone suggests a shift in market sentiment towards re-accumulation. Re-accumulation typically occurs when long-term investors or institutions acquire Bitcoin at lower prices, anticipating future price appreciation. This behavior can be seen as a positive sign for the market’s long-term health, reflecting increased interest from strategic investors. As of the current update, BTC has broken out of its range which has persisted since the beginning of August. It is trading at $29,600, reflecting a 2.5% increase over the past 24 hours. However, the upward price movement of BTC in the short term may not be sustained unless accompanied by substantial trading volume. Several significant resistance levels lie ahead, posing challenges for BTC’s attempt to reclaim the $30,000 milestone. To begin with, the $29,700 zone presents a formidable barrier, followed by subsequent resistance walls at $30,000, $30,700, $31,200, and $31,500. In the short and mid-term, BTC, the largest cryptocurrency in the market, will need a compelling catalyst to push beyond these levels. Without such, a retracement is possible in the coming weeks. Featured image from iStock, chart from TradingView.com

The Bitcoin price has experienced a slight uptick in the past 24 hours as bulls defended critical support. The number one cryptocurrency by market cap might try another run north of critical resistance, but recent data points towards further sideways price action. As of this writing, Bitcoin trades at $29,400 with a 2% profit in the past day. Over the past week, the cryptocurrency has recorded similar profits while the rest of the market stalls or sees losses. Key resistance stands at around $30,000, but BTC failed to breach it on every recent occasion. Bitcoin Price Prepares… For Monotony? Over the past two years, the Bitcoin price has been moving in tandem with macroeconomic forces. In particular, BTC reacts to the tension from the U.S. Federal Reserve (Fed) and its interest rates hike program. The financial institution is entering a quiet period due to summer vacations. As a result, according to crypto analysis firm Blofin, Bitcoin and the crypto market will likely stay within their current range until September. Over this period, price movements and volatility spikes will continue to decline as the low liquidity environment impacts price action, and institutions hedging their positions impact volatility, Blofin stated. Furthermore, the report claims that potential interest rate hikes are “somewhat priced in” and could be inefficient in propelling BTC above $30,000. The current macroeconomic landscape could persist until May 2023 as inflation, the key reason behind the interest rates hike, becomes sticky. The above could translate into sideways price action until that period or until the U.S. Fed decides to cut interest rates paving the way for more risk appetite across the sector. Blofin stated: Bitcoin Investors Brace For Impact The chart below shows monthly trading volume across crypto exchanges has declined since July 2022. The report stated that this status quo reflects investors’ lack of interest in crypto, with BTC recording intraday price movements of around 0.1%, a first for the cryptocurrency in such an extended period. In that sense, the crypto research firm believes that, due to the lack of strength around BTC and ETH, prices are likely to see a dip: Cover image from Unsplash, chart from Tradingview

In recent developments, Hong Kong regulators have issued cautionary warnings to crypto investors, asking them to be careful of potential investment risks. According to the city’s chief regulatory agency, some cryptocurrency trading platforms have been making erroneous claims about meeting the regulatory requirements for digital assets. Investors Beware Of False Claims From Crypto Firms The Securities and Futures Commission (SFC), the chief regulatory body of Hong Kong, released the alert on August 7. In the statement, the commission noted that some unlicensed exchanges in the city were engaging in “improper practices.” According to the body, unlicensed Virtual Assets Trading Platforms (VATPs) are falsely claiming to have submitted license applications to the body, which would enable them to conduct transactions legally in the special administrative region of China. Such fraudulent claims were designed to “give the public a false sense of assurance” and were targeted at “inducing another person to trade in virtual assets.” Making such claims amounts to a punishable offense under the city’s Anti-Money Laundering and Counter-Terrorist Finance Ordinance, the regulatory body said. Furthermore, the SFC will consider any likely misrepresentation made by an unlicensed Virtual Asset Trading Platform when deciding whether or not to grant them a license. The SFC may view as unfavorable any non-compliant actions that would need the reversion of client withdrawal or transactions that could have been reasonably avoided. The Securities and Futures Commission said it will evaluate a Virtual Asset Trading Platform’s application based on its ability to show genuine intention to correct previous non-compliant actions, including the gradual unwinding of impermissible transactions. Virtual Assets Trading Platforms that do not meet the agency’s requirements must make efforts to meet the regulatory and legal obligations of licensed VAPTs, the SFC clarified. Hong Kong’s Regulatory Framework Hong Kong’s Securities and Futures Commission (SFC) recently released guidelines for Virtual Asset Trading Platform operators in the country to provide more regulatory certainty for the crypto industry in the country and help protect investors’ interests. The SFC laid down rules that would enable centralized exchanges to provide services to retail clients, provided they are authorized by a license obtained from the Securities and Futures Commission. Under Hong Kong’s VASP regime, which kickstarted on June 1, 2023, a one-year grace period commencing from June 1, 2023, allowed exchanges with an existing large presence in the city to continue operations while making changes to their businesses to ensure compliance with the new SFCs rules. Platform operators that had not commenced operations before June 1, 2023, had to be SFC-licensed before they could operate. However, it seems that certain exchanges are already violating the rules provided under the new regime. According to SFC, investors participating in trading on unregulated virtual asset exchanges are likely to face “losing their entire investment” on the exchange if it “ceases operation, collapses, is hacked,” or “suffers from any misappropriation of assets.” Following this, many exchanges have publicly pledged to submit licensing applications with the SFC, including Huobi and OKX, two popular exchanges in Asia.

Bitcoin price has been ranging around $30,000 for most of 2023, taking even the highest timeframes down to a record low volatility state — something highly unusual for cryptocurrencies. As a result, Historical Volatility in the 6W BTCUSD chart has fallen to the second lowest ever reading. The last time this signal appeared, it awakened a behemoth rally. Prices soared in the short- and long-term. Keep reading to find out by how much. Low Volatility Suggests Behemoth Bitcoin Rally Could Be Coming NewsBTC has extensively covered the lack of volatility in Bitcoin using the Bollinger Bands. The Bollinger Bands are part of a trend-following, band-breakout trading system that also can be used to measure volatility. But it’s not the only way to read it. Other volatility metrics include Implied Volatility, which uses the VIX to potentially predict future volatility, and Historical Volatility (HV). HV, just like it sounds, looks at volatility from the past. The 6W Historical Volatility in BTCUSD is now at its second-lowest level ever. This is important because when an extended sideways phase ends, it ends by awakening a monster rally or decline. Is Another Monster 4,000% Move In BTCUSD Possible Considering it’s only happened once before, the sample size is too small to come to a conclusion about which direction prices might head. However, the last time the 6W Historical Volatility got this low, and then broke out, the direction was up. Not only was it up, but it was an immediate more than 60% move higher in a single 6W candle. The move that began around March 2016 also kicked off a more than year-long bull market that ended with more than 4,000% ROI following the period of inactivity. The power of volatility once it returns to an asset long trending sideways cannot be understated. Another 4,000% is unlikely after seven years of adoption, but something massive is waking up regardless of the final numbers and direction.

ARK Invest CEO Cathie Wood has sparked speculation with her recent prediction that the United States Securities and Exchange Commission (SEC) may potentially grant approval for multiple Spot Bitcoin exchange-traded funds (ETFs) simultaneously. Deviation From The Norm For Spot Bitcoin ETFs In a recent interview with Bloomberg on August 7, Cathie Wood shared her insight that the SEC might opt for a groundbreaking strategy by approving more than one Bitcoin ETF at the same time. Wood’s assertion, “I think the SEC, if it’s going to approve a Bitcoin ETF, will approve more than one at once,” has captured attention, especially given her prior assurance that her firm would lead in securing approval for a spot Bitcoin ETF. Wood’s projection deviates from the conventional practice of sequential ETF approvals. By envisioning a simultaneous approval scenario, she introduces a novel approach that could streamline the regulatory process. This potential shift aims to foster a balanced and inclusive investment landscape, catering to an expected demand of over $50 billion. Implications For The Cryptocurrency Industry Historically, the SEC has not granted approval for spot Bitcoin ETFs, while permitting the listing of ETFs tied to crypto futures. Wood’s forward-looking statement emerges amidst a surge in applications from major players like BlackRock Inc, Fidelity, WisdomTree, VanEck, and Invesco, all vying for the approval of similar crypto ETFs as ARK. Wood’s forecast also emphasizes the significance of strategic marketing. Given the anticipated resemblance among various funds, Wood suggests that issuers’ marketing prowess will be crucial in setting them apart as a race for dominance is expected. This insight underscores the competitive edge sought by applicants in a rapidly evolving sector. As Cathie Wood’s prediction reverberates through the financial realm, industry observers await SEC’s response. With a significant deadline for ARK’s application looming on August 13, amidst speculation of potential delays, Wood suggested that the deadline might pass and be extended but then the date will be eagerly waited on. Although Ark Invest filed for its spot Bitcoin ETFs application on May 15, earlier than others like BlackRock who filed its application on June 15, this was thought to be a race for winners or losers according to Cathie’s “first in line” phrase to favor Ark Invest. However, her revised view makes the race for Spot Bitcoin ETFs and SEC ruling more interesting. This innovative forecast accentuates the intersection of forward-thinking and regulatory dynamics, highlighting an era where digital assets are increasingly integrated within traditional financial frameworks, especially the recent push for ETFs. Wood is known for her unwavering conviction in disruptive innovations and the companies behind them with her investment management firm ARK Invest boasting numerous high-value stocks like CoinBase Global (COIN), Tesla(TSL), and Block (SQ), among others. Wood also reportedly bought $100,000 worth of Bitcoin years ago when it was sold for $250 apiece and the CEO revealed that she has never sold a single BTC.

Decentralized gaming platform, The Sandbox is set to execute a SAND token release valued at $133.86 million. According to data from TokenUnlocks, Sandbox will release 332.55 million SAND tokens into circulation on August 14, representing 16.16% of the token’s maximum supply. New SAND Tokens In 2023 To Rise Over 700 Million With the upcoming SAND release, the total number of new SAND tokens in 2023 is expected to rise to 705.3 million. This latest unlock will add to the 372.75 million SAND released earlier during the last token unlock in February. Based on more data from Token Unlocks, the newly released tokens will be allocated to various parties, including the Sandbox’s development team, project advisors, strategic and seed investors, and the project’s reserve. SAND functions as the utility token of the Sandbox metaverse, serving as the platform’s payment medium and governance token. According to its design, SAND is expected to undergo a token unlock every six months until 2025. Currently, the number of circulating SAND tokens is 2.05 billion, representing 68.6% of SAND’s total supply. With the projected release on August 14, these figures are expected to jump to 2.39 billion and 84.76%, respectively. Potential Impact of Token Release on SAND’s Price Token unlocks are common events in the crypto space, usually accompanied by fears of a bearish market. This is because the sudden introduction of massive tokens to the market creates a higher supply-to-demand ratio, which drives down asset prices. Looking at on-chain data, this is one likely effect of SAND’s upcoming token unlock on its market price due to declining network growth on the Sandbox platform. Based on data from blockchain analytics firm IntoTheBlock, the number of new addresses on Sandbox is down by 66.87% in the last month, falling from a peak of 649 in July to its current value of 215. The continuance of this trend means Sandbox may lack the necessary traction to counter the upcoming inflationary pressure, which may ultimately lead to a fall in price. Related Reading: Aptos (APT) Gains By 10% Ahead Of July Token Release Following SAND’s last token release on February 14, SAND’s price movement was fairly positive, opening at $0.68 to trade as high as $0.72 and close at $0.71. In the subsequent days, SAND would record more gains, reaching a market value of $0.88 on Feb 20. While token unlocks are widely expected to precipitate bearish pressure, their effects are still unpredictable. Investors are advised to watch out for major developments on Sandbox regarding network growth and whale movement. At the time of writing, CoinMarketCap data shows that SAND is trading at $0.40 with a 0.62% gain on the last day. However, the token is down on the weekly chart losing about 2.98% of its value.

PayPal and Paxos dominated the news cycle on Monday with the announcement of the launch of the PayPal (PYUSD) stablecoin, but concerns have been raised about the possibility of user assets being frozen in their wallets, as is the case with USDT. Crypto Community Adverse to Paxos Wallet Freeze Feature The PYUSD stablecoin issued by Paxos has a condition that is not too welcomed by the crypto community, which has dulled the initial excitement for the launch of the PayPal stablecoin. According to reports, Paxos, a blockchain infrastructure firm that issued the PYUSD has several centralization issues which give them a certain amount of control over user’s wallets. Information published on its GitHub account reveals that Paxos can freeze or suspend users’ wallets and transfer functions on PYUSD authorization in the case of a security threat. The Paxos freeze feature is quite similar to Tether’s USDT which is able to freeze/blacklist users’ addresses involved in fraudulent activities. Additionally, Paxos can withhold users’ funds and assets, as well as wipe the account clean if the law requires it. The reactions from the crypto community were instant and not too favorable as investors’ anxiety spiked at the thought of possibly losing their substantial digital assets or having their wallets on lock. Centralization has always been a touchy subject for the crypto community as decentralized networks are often believed to be more secure and distribute control among network participants rather than a central body. Paxos has stated that freezing accounts is unlikely to happen often, and the company itself would not execute the process. PayPal Launches PYUSD Stablecoin Global payment giant PayPal recently unveiled its latest innovation, the PayPal USD (PYUSD) stablecoin, on August 7, in collaboration with Paxos, a New-York based blockchain infrastructure company. The news comes as a significant development for the Paxos ecosystem, as the integration of cryptocurrencies into the financial industry continues to grow. The crypto community has largely welcomed this new development, as investors and traders are gearing up to take advantage of the token and its conveniences. Analysts also predict that popular cryptocurrencies like Bitcoin and Ethereum prices will also benefit significantly from the new stablecoin. The PYUSD is an ERC-20 token developed on the Ethereum blockchain backed by the US dollar. Launching PayPal’s stablecoin is expected to help make crypto trading and offerings easily accessible on the payment platform. With PayPal’s user base reaching 400 million in 2022, the PYUSD stablecoin launch will also help facilitate crypto adoption and awareness, exposing a significant portion of the global population to digital currencies. President and CEO of PayPal, Dan Schulman, commented, “The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar. Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.”