Davies’s application to appear pro hac vice was granted by Judge Amy Berman Jackson. The SEC earlier has asked the court for permission to submit a sealed document. A new attorney for Binance.US has been granted by a federal court in the U.S. SEC case involving Binance, its U.S subsidiary and CEO Changpeng Zhao. On August 30, Andrew Rhys Davies, an attorney representing Binance.US, filed a notice of presence in the ongoing SEC litigation. Davies’s application to appear pro hac vice in the case was granted by Judge Amy Berman Jackson. In the case of Binance v. SEC, Judge Jackson previously requested that Davies make an appearance by filing a notice of presence. An attorney has reportedly been brought in as Binance.US files for a restraining order against the SEC for going beyond the terms of the consent decree. Judge Amy Jackson submitted Binance.US’s request for a protective order to Magistrate Judge Faruqui for adjudication. Struggle Continues for Binance While this is going on, the SEC earlier has asked the court for permission to submit a “document under seal,” which many in the industry think pertains to claims of money laundering or other possible criminal activity. Since Binance and its U.S. subsidiary have disregarded the previously agreed upon terms, the securities regulator is likely planning to increase its action against them. John Reed Stark, a former SEC official, speculates that the SEC may announce a criminal investigation or prosecution by the U.S. DOJ against Binance. It might endanger a firm or a witness as well. However, these are just speculations, and no official information has been shared. Highlighted Crypto News Today: Bitcoin’s Upward Trend Faces Hurdle as Trading Volume Shrinks

Despite the introduction of Shibarium, the value of Shiba Inu (SHIB) is falling. Similarly, EOS (EOS) is also experiencing a decline after showing support for its community members amidst allegations of misconduct by Block.one. On the other hand, VC Spectra (SPCT) continues to outpace the well-established projects by offering an expected 220% ROI despite the prevailing bearish market conditions. >>BUY SPCT TOKENS NOW<< Shiba Inu (SHIB) Plummets Amidst Market Volatility On August 16, 2023, Shiba Inu (SHIB) announced the introduction of Shibarium, a layer-2 blockchain aimed at enhancing the Shiba Inu (SHIB) ecosystem. Shibarium seeks to tackle challenges such as high gas fees and scalability limitations, with a specific focus on metaverse and gaming applications. However, despite the launch of Shibarium, the price of Shiba Inu (SHIB) did not experience any significant impact. Instead, Shiba Inu (SHIB) continued to decline amidst prevailing market volatility. Between August 16 and August 23, the price of Shiba Inu (SHIB) dropped from $0.000009965 to $0.000008404, marking a loss of approximately 15.67%. The downward momentum continued up until August 28 when Shiba Inu (SHIB) surged 2.34% to $0.000008237 in light of the Shibarium’s second launch (re-launch). Several crypto experts attribute Shiba Inu’s (SHIB) decline to its classification as a meme coin. This classification suggests that Shiba Inu (SHIB) lacks robust tokenomics to support its scalability promises and long-term viability, leading to a lack of investor confidence. If the overall market sentiment remains bearish, it is expected that Shiba Inu (SHIB) will continue falling, and vice versa. EOS (EOS) Rejects Block. one Settlement Offer On August 8, 2023, the EOS Foundation took to social media to urge the EOS community to reject Block.one’s proposed $22 million settlement. Block. One is the company responsible for the EOS initial coin offering (ICO) that raised $4 billion in 2018. The EOS Foundation argues that the current settlement offer fails to adequately compensate EOS community members for the losses they suffered as a result of Block. one’s misleading statements and unethical behavior. Following this announcement, the price of EOS experienced a brief surge, climbing from $0.72 to $0.73. However, EOS has recently been subjected to significant market volatility, with a drop from $0.73 to $0.59, representing a 19.18% decrease between August 9 and August 28. Many crypto experts predict that if the overall cryptocurrency market remains bearish, similar to SHIB, EOS is likely to continue its downward trend. VC Spectra’s (SPCT) Expected 220% ROI Allures Investors Despite the bearish downturn in the market, the public presale of VC Spectra (SPCT) continues to experience remarkable growth, potentially offering an impressive 220% ROI to investors. This groundbreaking decentralized hedge fund offers a unique range of benefits to its users. VC Spectra (SPCT) rewards its users with quarterly dividends and buybacks, which are derived from the profits generated through its innovative investment strategies. Additionally, users gain access to exclusive initial coin offerings (ICOs) in seed and private sales, as well as voting rights within the platform. At the heart of this ecosystem lies the VC Spectra token (SPCT), which adheres to the BRC-20 standard. VC Spectra (SPCT) token serves as the primary medium of exchange, facilitating decentralized trading, asset management, and transaction fees on the Spectra platform. By harnessing the robustness and security of the Bitcoin blockchain, the VC Spectra (SPCT) token is designed to be deflationary, gradually reducing the circulating token supply over time through a burn mechanism. VC Spectra (SPCT) is currently in Stage 3 of its public presale, offering tokens for $0.025. It is worth noting that Stage 1 investors have already experienced an impressive return on investment (ROI) of 212.5%, while Stage 2 investors have enjoyed a notable 127.27% return. By purchasing VC Spectra (SPCT) tokens at the current price of $0.025, investors have the potential to capitalize on a substantial surge of 220% by the conclusion of the presale when the value of SPCT reaches $0.08. Learn more about VC Spectra (SPCT) and its presale: Buy Presale: https://invest.vcspectra.io/login Website: https://vcspectra.io Telegram: https://t.me/VCSpectra Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend 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.

Bloomberg senior analysts Eric Balchunas and James Seyffart have raised their approval odds of the first Bitcoin spot exchange-traded fund (ETF) in the United States (US) to 75%. This development comes after the US District of Columbia Circuit ruled against the US Securities and Exchange Commission (SEC), stamping out the regulator’s denial of Grayscale’s conversion of its Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. Court “Unanimity And Decisiveness” Unexpected, SEC Now In Tight Spot, Analysts Say According to his X post on August 30, Eric Balchunas explains that the new stance from him and his colleague was based on certain developments in Grayscale’s case against the SEC. Related Reading: US Bitcoin ETF Approval Could See North America’s ETF Volume Rise To 99.5% Although the Bloomberg analyst stated that a Gracyscale victory had been factored into their last 65% approval odds of a Bitcoin spot ETF, the court’s “unanimity and decisiveness” in ruling against the SEC was quite unanticipated. Furthermore, Balchunas explains that the SEC now faces a PR loss as Grayscale’s victory received media coverage from top media firms across the country. Combining this situation with the recent court defeat, the commission’s denial of the Bitcoin spot ETF will be “politically untenable.” In their official report, both Balchunas and Seyffart also highlighted that the SEC’s dilemma worsens as it faces its first deadlines on seven Bitcoin spot ETF applications between September 1 and September 4. However, following the recent court ruling, the Bloomberg analysts believe the securities regulator will likely give a delayed order. Finally, if the SEC is somehow able to deny all applications, the analysts state the financial agency will struggle to reject Hashdex’s unique proposal. On August 25, the Brazillian asset manager filed to introduce a mixture of Bitcoin spot and futures ETF, secured by the Exchange for Physical (EFP) transactions, instead of a surveillance-sharing arrangement (SSA) with a crypto exchange. Based on all the factors listed above, Balchunas and Seyffart rate the approval chances of a Bitcoin spot ETF in 2023 at 75%, with the potential of these odds rising to 95% at the end of 2024. Bitcoin Poised For Massive Gains If Spot ETF Gains Approval Following the influx of Bitcoin spot ETF applications in June, there has been much optimism about the potential effects these trading products could have on the premier cryptocurrency. A Bitcoin spot ETF tracks the price of BTC, granting investors indirect exposure to the asset without the risks of direct investment in the cryptocurrency itself. According to hedge fund expert Tom Lee, a spot ETF will likely create a high demand-to-supply ratio of the largest crypto asset, pushing its prices of BTC as high as $185,000. Related Reading: Ethereum ETF Race Gets Hotter As SEC Receives 11 Filings In One Week The market leader rose by over 7% following Grayscale’s court victory to trade at $27,974.42, according to data from Coingecko. However, BTC soon experienced a price correction, finding support around the $27,000 price zone. At the time of writing, Bitcoin is trading at 27,229.89 with a 0.9% loss in the last day.

Polkadot (DOT), the innovative cryptocurrency known for its interoperability-focused blockchain platform, displayed a surge in buying pressure, indicating a potential short-term bullish trend. Despite this optimism, cautious conditions still prevail for prospective buyers in the volatile crypto landscape. While DOT faced a 2.1% slump in the past 24 hours and a marginal 0.2% decline over the past week, its overall outlook remains influenced by both market dynamics and broader technological advancements. Undoubtedly, Polkadot’s performance in the crypto market has been buoyed by widespread innovation and increased adoption. Currently priced at $4.50 according to CoinGecko, the coin’s value reflects not just its market position but also its underlying technological progress. Polkadot Driving Factors Santiment, a reputable on-chain data firm, recently unveiled that the Polkadot project has exhibited robust development activity throughout 2023. Impressively, it secured a place among the top three projects with the highest GitHub submissions, signaling a thriving developer community and continuous improvements. The Polkadot Deep Dive report emphasized pivotal advancements in its staking mechanism. Features like the fast unstake mechanism have bolstered adoption rates, streamlining the user experience and increasing engagement. This progress showcases Polkadot’s dedication to refining its ecosystem and addressing user concerns. DOT Chart Analysis And Market Insights A detailed analysis of the 1-day chart unveils crucial support and resistance zones. The $4.5 region emerges as a bullish order block, instilling optimism for potential price gains. Conversely, the $5.5 area stands out as a bearish order block, suggesting a level where selling pressure might intensify as August ends. These distinct zones imply a potential trading range for DOT in the coming weeks, presenting both opportunities and challenges for traders and investors alike. Zooming into lower timeframe charts provides further insights. A notable market structure break occurred on Monday, as DOT managed to surpass the recent lower high at $4.56. Notably, this break coincided with the higher timeframe order block, enhancing the likelihood of bullish momentum driving prices upwards. Esteemed crypto trader Toni Bitcoin also weighed in on the situation, highlighting DOT’s breach of a significant volume resistance barrier. The key now lies in the coin’s ability to maintain the $4.57 price level. Should this support hold, a strong bullish continuation could unfold in the ensuing days, potentially reshaping the short-term trajectory for Polkadot. Navigating Volatility With Caution And Optimism The recent surge in buying pressure and the ongoing development activity signify a potential short-term bullish trend for DOT. However, the inherent risks within the crypto sphere remind us that market dynamics can swiftly shift, underscoring the importance of informed decision-making and risk management strategies. (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 Marine Corps Times

VICTORIA, Seychelles–(BUSINESS WIRE)–#blockchain–KuCoin, one of the top 5 crypto exchanges in the world according to CoinMarketCap, has released the 15th report in its “Understanding Crypto Users” series of Turkey.” This report sheds light on the crypto ecosystem in Turkey and provides insights into the trends, preferences, and behaviors of adult crypto investors in Turkey. The survey reveals a significant increase in crypto investors among Turkish adults, with more than half of the population participating in crypto investments. The percentage of crypto investors among the Turkish population aged 18 to 60 has increased by 12% in the last 18 months, rising from 40% in November 2021 to 52% in May 2023, despite the market condition. This indicates an increasing interest and acceptance of crypto as a hedge against inflation, especially with the Turkish lira losing over 50% of its value against the US dollar. The report provides valuable insights for crypto enthusiasts, investors, and businesses considering expanding into the Turkish market. The following are key data points excerpted from the report: Significant Increase in Crypto Investors Among Turkish Adults: 52% are Crypto Investors, with Growing Participation from Young Women According to the survey, Crypto investors among Turkish adults has significantly increased in the last 18 months, rising from 40% to 52%. While male investors still dominate at a rate of 57%, there is a rising trend of women’s participation, particularly among the younger generation. Almost half (47%) of crypto investors aged between 18 and 30 are female. This indicates a decrease in the gender gap as crypto adoption becomes more widespread, with female crypto investors over the age of 45 accounting for only 37% of the total. Young Generations Triggering Crypto Growth: 31% of Investors Joined in the Last Quarter and 36% Investing Above 100,000 Liras Younger generations are prominent among crypto investors, with investors between the ages of 31 and 44 making up the majority at 48%, followed by investors between the ages of 18 and 30 at 37%. According to the survey, 31% of overall crypto investors made their first crypto investment in the last three months, with 54% of investors under the age of 30 joining the market last year, indicating the influence of young people. Additionally, 37% of investors over the age of 45 have been investing in crypto for more than two years, indicating that crypto has undergone a stable adoption process. The results show that 33% of investors under the age of 30 have invested over 100,000 TL. The high interest of the younger generation and the participation of other age groups indicate that crypto is increasingly accepted in the country. Crypto Investment Motivations: 58% for Future Wealth, 37% for Value Storage, 25% for Portfolio Diversification, 34% for Ease of Transfers, and 17% for Quick Profit and Excitement Interested Crypto Investment Targets: Bitcoin Dominates at 71%, Followed by Ethereum and Stablecoins which gains 45% of overall interest and 52% among young investors. Stablecoins reflect a demand for reliable digital assets for trading, transferring, and preserving value, attracting interest from 33% of investors. Crypto Trading Dominates in Turkey: 70% of Turks Use Crypto for Trading and 22% for Buying NFTs The Power of Personal Connections: Friends and Communities Support Crypto Adoption, 57% of participants became familiar with crypto through their family or friends, highlighting the importance of such relationships. Johnny Lyu, the CEO of KuCoin, commented on the report, stating, “We are excited to present this comprehensive report that sheds light on the dynamic crypto community in Turkey. Through ‘Into the Cryptoverse: Understanding Crypto Users in Turkey,’ we aim to contribute to a more informed crypto landscape and encourage the responsible adoption and use of cryptocurrencies. We hope this report triggers meaningful discussions and contributes to the collective knowledge of the global crypto community.” The full report on “Understanding Crypto Users in Turkey” can be accessed on KuCoin Blog here. The survey participants were individuals who completed an online survey between May 5 – May 12, 2023. The data presented in this report is based on surveys conducted by KuCoin using the SurveyMonkey Audience tool. About KuCoin Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community action reach, it offers over 700 digital assets and currently provides spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending to its 29 million users in more than 200 countries and regions. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap. In 2023, KuCoin was named one of the Best Crypto Exchanges by Forbes and recognized as a highly commended global exchange in Finder’s 2023 Global Cryptocurrency Trading Platform Awards. To find out more, visit https://www.kucoin.com Contacts For media inquiries, please contact: [email protected]

Amid the recent bull run, the price of ETH surged all the way to the $1740 level. The price will likely decline if it breaks the $1695 short-term support. Bitcoin formerly had the highest number of long-term investors. However, a new infographic by IntoTheBlock claims that Ethereum has flipped BTC by a difference of nearly 40 million. Both of them had improvements in this statistic when comparing results from the previous year to the present, but Ethereum leads with a 44.2% YoY rise. When it comes to Ethereum (ETH) holdings, a digital wallet affiliated with Robinhood is the fifth largest. The on-chain analytics company Arkham Intelligence estimates that Robinhood holds 1.72 million ETH, which is worth approx. $2.93 billion. Consolidation Phase Amid the recent bull run, the price of ETH surged all the way to the $1740 level. However, it could not maintain the momentum and retracted to the $1700 level. Moreover, the price has been consolidating ever since and is eyeing for a breakout. Traders need confirmation of a clear breakout in either direction in order to gauge the trend. Source: CoinMarketCap According to CMC, the price of ETH at the time of writing is $1704 and is up 1.84% in the last 24 hours. If the price wants to start a fresh rally then it needs to break the $1740 barrier. Post which it will likely test the $1800 zone. On the other hand, the price will likely decline if it breaks the $1695 short-term support. Moreover, the price will then likely test the $1640 level. Investors are closely watching the upcoming core PCE inflation and employment data this week. Both of which has the potential to significantly affect the crypto market.

Hoskinson doesn’t own any NFTs from Cardano ecosystem initiatives on a personal level. The founder clarified that he values the NFT artwork he’s received. Cardano’s founder, Charles Hoskinson, recently released a video in which he elaborated on his position about his involvement with NFT initiatives inside the Cardano ecosystem. When asked about the Apes Society artwork prominently displayed in his Colorado office, Hoskinson said it was a gift and that he had not been paid for or endorsed by the organization. He continued by saying that he doesn’t own any NFTs from Cardano ecosystem initiatives on a personal level. Hoskinson clarified that although he values the NFT artwork he’s received. He does not intend for his display of the work of any one project to be seen as a promotion of that project. Unbiased Approach Hoskinson emphasized that his decision to abstain from these NFT initiatives is motivated by a desire to maintain objectivity. Even though he has been offered several opportunities to obtain NFTs. The founder has stressed that he has never made his address public. His lack of bias towards any one NFT project in the Cardano ecosystem eliminates any appearance of favoritism. In addition, he spoke on the tribalism and close-knit communities that exist inside the Cardano NFT ecosystem. Hoskinson encouraged the NFT industry’s numerous stakeholders to meet and discuss their mutual requirements. The founder recently said during an event that ADA will become the most valuable cryptocurrency in the world, surpassing both Bitcoin and Ethereum. According to CMC, the price of ADA is $0.2649 and is up 0.08% in the last 24 hours. Highlighted Crypto News Today: Crypto Exchange OKX Releases 10th Proof-of-Reserve (PoR) Report

Metaverse is evolving and users seek to explore excitingly innovative content. Opportunities and strategies such as democratized asset creation and content monetization are beginning to lure more players into the space. TheNewsCrypto struck up an all-inclusive conversation with George Wong, Head of Singapore, on the upcoming updates of the Sandbox, the strategies for upgrading the metaverse space, and the optimistic regulations in Singapore. George is genuinely grateful for the optimistic and pro-Web3 regulatory landscape that is evolving in Singapore. He highlights the goal of onboarding regional brands into the virtual world. Certainly, The Sandbox has been lining up a series of thrilling launches for the metaverse community! We are eager to know about the Self-Publishing of Experiences in the Metaverse. Could you share more about it? George Wong (GW): If you have been a follower of the Sandbox for the last few years, a lot of people who purchased our land were only owning the asset of the land, and a lot of experiences were curated because the platform was still on alpha. But with the introduction of ‘self-publishing’ in the fourth quarter of this year, anyone with LAND can now start to build. And that’s important because, in the metaverse, the most important thing is actually content. So if you have an experience on your LAND, then people will come and then there’ll be traffic. Without content, there’ll be no traffic, digital media could also relate to this. So in the metaverse, the logic is the same. So that’s why self-publishing is very important. We have seen some incidences where other platforms or metaverses receive more hype from a lot of people, but they don’t focus on the content. And without content, those metaverses eventually start to die out because there’s nothing there. You can’t go into a metaverse and, and just look at its lands and nothing else. You need something to do something. You need some experiences to spend with your friends in the virtual world. This is also why self-publishing is important. It’s the enabler for all these creative studios and individuals to come onto the metaverse and very easily develop their own experience in the Sandbox. Because our tools are no code. So those who don’t have any coding background can still come into the Sandbox, build NFT assets, monetize them, and build games based on their vision. So that’s why for us, it’s very exciting as we move into 2024. We hope to focus all our attention on getting amazing content into the platform. What benefits will be unlocked for LAND owners, creators, and metaverse enthusiasts after the successful implementation of Self-Publishing by the end of Q3? GW: There are a few layers. Let’s say you are an investor and you have invested and bought LAND. Now the whole idea of location, where your land is, that value comes in. ’cause a lot of people don’t see that value right now when it comes to being in The Sandbox. They just buy land anywhere and then they think that the value will be all the same. But even in the metaverse, location is very important, like in the real world. So one of the things that investors will start to see is that if you are next to a very interesting experience, you’re more likely to have spillover traffic. A LAND that has an ‘experience’ built will have more value. The growth in valuations also relies on content. So valuations will eventually go up with building good content. So that’s one thing for investors. Now, when it comes to gamers, it becomes more attractive because you can now try as many indie and professional games that have been built. There will be many more games coming up sooner. Since we’ve launched, many people have started launching their own experiences onto our platform. We believe when it is fully public in the fourth quarter, we’ll get a lot of exciting content. So gamers enjoy and win because they have much more content to engage with in the metaverse. And the same goes for creators. Now we open up the monetization opportunities by having your own experiences and being able to issue your own NFTs. We have now democratized and monetized NFT Asset Creation in the Metaverse for the long run. This wasn’t possible previously. We wanted to manage the quality, but I think that now with this launch, anyone can just jump into the platform, and emerge to be a creator that does monetize their value. Look at X (Twitter), which recently announced monetization for creators with ample followers. It drew so much interest back into X (Twitter) because monetization is there. While many people do not think that platforms should incorporate monetization, the reality is that monetization is indeed important for supporting good content creators in the digital space. What is the impact of recent regulatory actions implemented in the macro economy on the metaverse industry? GW: It majorly depends on the market. At the moment, certain markets have most of their regulatory actions focused on confirming whether crypto tokens & NFTs are securities or not. The worst scenario in Southeast Asia is that a lot of markets have unclear regulations. This uncertainty confuses people about whether they can proceed with certain actions or not. I’ve seen it in certain markets that I’ve been in where they became over-regulated. But I’m fortunate and happy that the regulators in Singapore have a very positive stance. I would say in the context of Southeast Asia, Singapore is leading the way. The regulators comparatively hold a very positive approach. They are regulating to the extent that it protects investors, but at the same time, they are also encouraging innovation. This is the point where something most regulators suffer. When they solely focus on protecting investors, they cannot innovate or test out new use cases. They would do extensive fact-finding for clearer regulations. They will find a way to protect investors without affecting the diversification of innovation. For example, because of the issues with stablecoins, they have come up with a policy on how to regulate stablecoins. So I don’t see it as a major issue unless they do blanket policies. I think blanket policies are the issue. When certain policymakers just say that all tokens are securities, that’s when a problem is created in the market. So, ultimately, I believe that clarity in regulations is the most crucial aspect that every market needs right now. Can you give an overview of details highlighting the major global brand collaborations onboarding the Lion City, the popular metaverse neighborhood within The Sandbox? GW: Since we started the project of building the Lion City neighborhood in the Sandbox, we have about 35 brands now in total — a mix of international and local brands. But I think the one that is worth highlighting and will be introduced very soon is ONE Championship. Now, for those of you who are not familiar with ONE Championship, it is the fourth-largest property in the world. This Singaporean-based entity is niched in the Mixed Martial Arts (MMA) industry. It’s very refreshing to see such a big brand on a global scale in Sports so committed to a Web3 strategy. Whenever we meet every week, they discuss with us what can they do in Web3. They are looking to build various types of games, and engagements, and it’s not about money. I think certain major brands are only looking at Web3 space because they think it’s quick money. But when you look at brands like ONE Championship, they’re more like, how do we use this technology as a way to build a strong community in the digital space? How do we build fandom? I hope this is what more big brands globally could be working on with us. So that’s one example of brand collaboration for the Lion City that I would highlight. Of course, globally, we have many international brands that are working with us. You are going to see a lot more in 2024. We are going to continue expanding in Southeast Asia and our goal is to make as many big Southeast Asian brands global. What’s your bullish forecast on Singapore transforming into a leading global hub for Web3 and the Metaverse? GW: Right now, we are at a crossroads, building a good foundation. We have collaborated with a lot of big brands that have a good regional and global reach. But I feel that we could do a lot more as more brands are coming into the space right now. What we need is a good population of players and users. So Singapore, a small country, is a very small domestic market. So the user base actually will come from the widest Southeast Asia. So how do we tackle that? Doing a lot of cross-country collaborations. That is why, if you look at The SandBox, unlike other metaverses, we have local companies. We have a base in Singapore and Thailand for Southeast Asia. We also are in many parts of East Asia like Korea, Japan, Hong Kong, Taiwan, and most hopefully China very soon. So you see, we have a regional presence and it’s not just a representative, but the whole company. I think that strategy is something that a lot of Web3 does not do. Currently, Web3 likes to be one place and tries to cater to the global market. However, having a local development team allows us to establish cost-effective collaborative opportunities across markets, enabling us to go deeper and engage with brands that are relevant to the local market, while building a community in the local space. And I think Metaverses needs to grow that way. I strongly believe that with an effective strategy, we have built a good foundation for Singapore and are going into other markets. The next markets that we are looking at to aggressively grow are the Philippines, Indonesia, Thailand, and Vietnam for Southeast Asia. In the Web3 context, we collaboratively work in a very decentralized way to achieve the goal of making Singapore and the rest of Southeast Asia into the “Sea-verse” or “Southeast Asia-verse.” How was your time in Coinfest Asia 2023 and what is that one unique factor you look out for in events like these that unite the web3 ecosystem? GW: It was fun and the setup was really cool. It’s a bit different than the others as in Asia you worry about rain having a fair outdoor experience. What I look for in events like these is a genuine convergence of the Web3 ecosystem with solid business fundamentals. Events like this need to have this convergence as you know, now everybody’s got the tech, the tech is maturing, and people are adopting. We need to find out how to grow even in bear markets and build sustainable projects. As you know bear market cycles are way shorter. So we need to fast at events like this. It’s fascinating to witness the evolution of the previous cycles. In the bullish times, the focus was on concepts like DJs, NFTs, and the like. Conversely, during bear markets, the corporate presence dominated with a more cautious approach. The fusion of technology and business at events is what I believe will drive the Web3 ecosystem forward. My time at Coinfest Asia has been both enjoyable and enlightening, and I’m looking forward to more events that continue to strike this essential balance. Disclaimer: The information provided in this interview article is for informational purposes only. It is not intended to be, nor should it be construed as, investment advice, financial guidance, or a recommendation to make any specific decisions. Readers are encouraged to conduct their own research and consult with appropriate professionals before making any investment or financial decisions.

Bitcoin Cash crossed the $200 mark again after two weeks. Investors gained a notable profit with this sudden surge for the first time in 10 weeks. The Bitcoin Cash (BCH) price has experienced ups and downs over the past few weeks. After staying below the $180 mark for two weeks, BCH has surpassed the $200 range. According to the Santiment report, short- and long-term investors gained a notable profit with this sudden surge for the first time in 10 weeks. Santiment, the crypto market and transaction analyzer, reported that BCH investors have gained a healthy profit for the first time since mid-June. Bitcoin Cash showed a significant price increase of 15% on August 30 after showing a downtrend for the past few weeks. The sudden price surge boosted investors’ confidence in Bitcoin Cash. Bitcoin Cash Shows Surge in Whale Activity Santiment’s report also mentioned that BCH whale activity has experienced a mild resurgence in recent days. Additionally, returns from active BCH trading for the past 30 and 365 days are once again above the range. Following the whale activity, BCH showed a significant surge that resulted in a profit for the short and long-term investors. The surge in whale activity is expected to be the key to a further price increase. Bitcoin Cash has been trading between $180 and $190 for the past few days. The sudden price surge helped BCH cross the $200 mark again after two weeks. However, the price surge in BCH didn’t last for long. The trading price of BCH started declining after the sudden surge. Even with the price drop, BCH is still trading above the $200 range. At the time of writing, Bitcoin Cash has been trading at $213, with a decline of over 3.03% in the last 24 hours. The daily trading volume of BCH has experienced a drop of around 56.53%, according to CoinMarketCap. Do you think BCH will show a price surge soon? Tweet to us at @The_NewsCrypto and let us know your thoughts.

DUBAI, United Arab Emirates–(BUSINESS WIRE)–The United Arab Emirates (UAE), which has an impressive 99% internet penetration rate according to a McKinsey study, welcomes Bitay, a cryptocurrency platform from Turkey. This move aligns with the UAE’s growing stature as a global digital hub and its emphasis on blockchain technology and cryptocurrency. Kickstarted by a government research grant, Bitay has been operational in Turkey since 2018 and expanded its services globally in 2021. The platform is licensed as a Money Services Business (MSB) in 16 US states and offers services in multiple countries across Europe, Asia, Africa, and the Americas. Niyazi Yılmaz, General Manager of Bitay Technology, stated, “The UAE provides a stable regulatory environment for crypto exchanges. It will serve as more than just a market for Bitay; it will be our technology base, central to our global blockchain strategy.” The AEDD coin offers a competitive edge Bitay offers a diverse portfolio with over 350 crypto assets. Unique to Bitay is AEDD, a stable coin pegged to the AED. It aims to provide a competitive edge by offering a low bid/ask price difference. Yılmaz added, “AEDD is not just a stable coin, but a testament to the investment and trust we place in the UAE’s digital future.” Bitay prioritizes user satisfaction, key differentiator in a competitive market. Its Bitay+ loyalty programme offers users benefits such as low commission rates, personalized campaigns, and even crypto staking with APR rates that adjust based on the user’s level. Launch campaign features 25% off Bitay Coin The platform also plans to launch an “Advantageous 2nd Sales Period” campaign to mark its entry into the UAE and celebrate the first anniversary of Bitay Coin. This limited-time offer features up to 25% off the current Bitay Coin price and up to 30% bonus earnings on USDT investments, highlighting Bitay’s ambition to be a dominant player in the region. Bitay Coin, the native asset of Bitay’s ecosystem, has recorded a 330% gain in its first year, outperforming notable assets like Bitcoin, gold, and even shares of global brands like Apple and Tesla. Bitay’s entry into the UAE amplifies the region’s robust digital and crypto landscape. As the UAE continues to attract young, tech-savvy populations and major players in the crypto sector, it solidifies its role as a focal point for financial innovation. Contacts Niyazi Yılmaz [email protected]

In the intricate dance of global finance, traditional economic indicators and the burgeoning Bitcoin and crypto market are becoming increasingly intertwined. Recent macroeconomic data from the US suggests a cooling economy, and this could have profound implications for Bitcoin and other cryptocurrencies. Macro Data Snapshot: A Cooling US Economy Yesterday’s data release paint a clear picture of a slowing US economy: Job Openings: The July JOLTS report indicated a significant drop in job openings, falling to 8.827 million from the previous 9.165 million, and notably below the expected 9.5 million. US ADP Nonfarm Employment Change (August): Actual figures came in at 177K, missing the estimate of 195K and showing a sharp decline from the previous 324K. US GDP (QoQ) (Q2): The actual growth rate was 2.1%, slightly below the estimated 2.4% and just above the previous 2.0%. PCE Prices (Q2): The actual figure was 2.5%, marginally below the 2.6% estimate and a significant drop from the previous 4.1%. Core PCE Prices (Q2): The actual data showed 3.7%, just below the 3.8% estimate and down from the previous 4.9%. Real Consumer Spending (Q2): The actual figure was 1.7%, slightly above the 1.6% estimate and down from the previous 4.2%. Pending Home Sales (July): The month-on-month data showed an increase of 0.9%, defying the -0.60% estimate. Pending Home Sales Index (July): The index stood at 77.6, slightly above the previous 76.9. Implications For Bitcoin And Crypto The cooling US economy, as indicated by the recent macro data, might be setting the stage for a (last) significant surge in BTC and crypto prices before a recession. Why? Because bad news is good news for the currently short-sighted financial world. Bad data means that the US Federal Reserve will not raise interest rates further and that Quantitative Easing (QE) is getting closer. The long-term consequences in the form of a recession are being overlooked. Joe Consorti, a renowned Bitcoin Layer analyst, highlighted the significant drop in job openings and the slowing job growth in August. He stated, “US job openings are at 8.827 million, the lowest level since September 2021. Worse yet – last month’s data was severely overestimated. Cracks are spreading in the labor market. Rate hikes’ impact finally hitting.” He further emphasized the paradox of weak economic data driving stock market surges, suggesting, “Bad news is good news right now. Sour data relaxes investor fears of a hawkish Fed – igniting hopes of relaxed policy to support asset prices. I don’t make the rules.” Michaël van de Poppe delved deeper into the relationship between traditional economic indicators and Bitcoin’s performance. According to him, the most likely case are no more rate hikes as the economic data is coming in terribly, through which Gold, Silver and Bitcoin will be running upwards. He pointed out the inverse correlation between the Yields markets and Bitcoin, suggesting that as Yields show signs of peaking, Bitcoin could be poised for a surge. “The 2-Year Yields are even more apparent than the 10-Year Yields, indicating a potential top in the making, said van de Poppe. He explained that the previous top in November of 2018 marked the low on Bitcoin. Afterwards BTC broke down, but the top of the Yields resulted into the bottom of the bear market for Bitcoin. The continuation of the selloff on the Yields resulted in more and more strength on the Bitcoin markets. Van de Poppe added: Macro analyst Mortensen Bach’s predictions for the next 6-10 months also suggests a potential downturn for the USD, a decrease in rates, and an uptick for both stocks and crypto. According to him, the expansion phase of financial markets is coming to an end. However, there’s one last leg up for markets. While he believes that the soft landing narrative is nonsense, he warned of the repercussions of the Federal Reserve’s aggressive rate hikes, stating, “FED jacked up rates by 500bp in 12 months, in order to try and manipulate the economy to cool off. This was a big mistake and we will pay the price for it, likely in 2024.” Crypto trader Daan emphasized the looming recession fears and the potential for rate cuts and increased money printing in the near future. He commented, “Recession fears will be all over the media soon. Bring on the Rate cuts & Money printing! (Not yet but doubt it takes much longer than ~6 months).” At press time, BTC traded at $27,264.

Ripple’s token price is showing bearish signs below $0.550 against the US Dollar. XRP price could start another decline if it trades below $0.500. Ripple’s token price is struggling to recover above $0.540 and $0.550 against the US dollar. The price is now trading below $0.550 and the 100 simple moving average (4 hours). There is a major bearish trend line forming with resistance near $0.540 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair might start another decline if there is a break below $0.500. Ripple’s Token Price Eyes Fresh Increase After a sharp decline to $0.40, Ripple’s XRP started a recovery wave against the US Dollar. The price recovered above the $0.48 and $0.50 resistance levels, like Bitcoin and Ethereum. The price was able to surpass the $0.520 resistance as well. Finally, there was a spike above the 50% Fib retracement level of the key drop from the $0.6655 swing high to the $0.3995 low. The bulls are now facing an uphill task near $0.550. XRP is still trading below $0.540 and the 100 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $0.540 on the 4-hour chart of the XRP/USD pair. Source: XRPUSD on TradingView.com Initial resistance on the upside is near the $0.540 zone and the trend line. The next major resistance is near the $0.550 level or the 61.8% Fib retracement level of the key drop from the $0.6655 swing high to the $0.3995 low. A successful break above the $0.550 resistance level might send the price toward the $0.60 resistance. Any more gains might call for a test of the $0.625 resistance. Another Drop in XRP? If ripple fails to clear the $0.550 resistance zone, it could start another decline. Initial support on the downside is near the $0.505 zone. The next major support is at $0.500. If there is a downside break and a close below the $0.500 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.435 support zone. Technical Indicators 4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.505, $0.500, and $0.435. Major Resistance Levels – $0.540, $0.550, and $0.600.

If the United States Securities and Exchange Commission (SEC) ends up approving a spot Bitcoin exchange-traded fund (ETF) anytime in the coming days or weeks, one expert is confident BTC prices will explode more than 6x to $185,000. As of August 30, BTC is changing hands below $30,000 but remains firm. Bitcoin To $185,000? In a recent CNBC interview, Tom Lee, who regularly comments on Bitcoin prices, said a spot ETF will mop up all daily supply of the world’s most valuable cryptocurrency, creating an “imbalance” that will inevitably drive prices higher. Based on this, demand will significantly outstrip supply, driving prices to $185,000 or higher. Bitcoin remains the world’s largest cryptocurrency by market cap despite the sharp contraction throughout the past 20 months. At peaks, BTC surged to over $69,000 only for sentiment to shift in 2022, triggering a sell-off that saw prices declined more than half, bottoming up from below $16,000 in November 2022. While prices have since recovered, surging over 50% from November 2022 lows to peaking at over $31,000 in late July 2023, the crypto and Bitcoin communities have their eyes on the SEC. The stringent regulator has been adamant, dismissing previous applications for a complex ETF derivative directly tracking Bitcoin prices. While the SEC has approved a Bitcoin Futures ETF that tracks an index aggregating prices from multiple regulated exchanges, the nascent industry demands an spot BTC ETF. SEC Likely To Approve Spot ETF? Following August 29’s court ruling that supported Grayscale’s assertion that robust measures are in place for their Bitcoin spot ETF to be free from market manipulation, the community has been ecstatic. The ruling was a loss for the SEC, but the court didn’t mention or guide the regulator in approving a Bitcoin ETF. Nonetheless, following the sharp expansion of Bitcoin prices from around $25,800 to as high as $28,000, there is a section of optimists who believe the SEC has little wiggling space and have no option but to greenlight a Bitcoin ETF in the coming weeks if not months. On August 30, Eric Balchunas and James Seyffart, two of Bloomberg’s senior ETF analysts, increased their odds of the SEC approving a spot ETF in 2023 to 75% (up from 65%). If it doesn’t get approved this year, they estimate that the regulator will likely allow entities to create this product next year since their probability is 95%. Their confidence stems from the fact that the “unanimity and decisiveness” of the recent court ruling in the SEC versus Grayscale case was “beyond expectations and leaves SEC with “very little wiggle room.” Moreover, in their assessment, the SEC has suffered a “PR” loss since the ruling was widely covered.

Bitcoin price is correcting gains from $28,000. BTC could correct further lower toward the $26,800 zone before the bulls take a stand. Bitcoin started a downside correction from the $28,150 resistance zone. The price is trading above $26,600 and the 100 hourly Simple moving average. There is a declining channel forming with resistance near $27,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend its decline toward $26,800 before it attempts a fresh increase. Bitcoin Price Starts Downside Correction Bitcoin price started a decent increase above the $27,000 resistance zone. BTC even climbed toward the $28,000 resistance zone before the bears appeared. A high was formed near $28,150 and the price started a downside correction. There was a move below the $28,000 and $27,500 levels. The price even spiked below the $27,400 level. However, it found support near the 50% Fib retracement level of the key increase from the $25,928 swing low to the $28,150 high. Bitcoin is still trading above $26,600 and the 100 hourly Simple moving average. Besides, there is a declining channel forming with resistance near $27,250 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $27,200 level and the channel trend line. The first major resistance is near the $27,400 level. A clear move above the $27,400 level might send the price toward $28,000. The next major resistance is near $28,150, above which there could be a sustained increase. Source: BTCUSD on TradingView.com In the stated case, the price could test the $29,200 level. Any more gains might set the pace for a larger increase toward $30,500. What’s Key Support In BTC? If Bitcoin fails to clear the $27,400 resistance, it could continue to move down. Immediate support on the downside is near the $27,000 level. The next major support is near the $26,800 level or the 61.8% Fib retracement level of the key increase from the $25,928 swing low to the $28,150 high. A downside break below the $26,700 level might put a lot of pressure on the bulls. In the stated case, the price could drop toward $26,000. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. Major Support Levels – $27,000, followed by $26,700. Major Resistance Levels – $27,400, $28,000, and $28,500.

Ethereum price is correcting gains from the $1,750 resistance against the US Dollar. ETH is trading above the $1,680 support and might start a fresh increase. Ethereum started a downside correction below the $1,720 level. The price is trading above $1,690 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance near $1,705 on the hourly chart of ETH/USD (data feed via Kraken). The pair could soon start a fresh increase above $1,720 and $1,750. Ethereum Price Eyes Fresh Increase Ethereum’s price started a decent increase above the $1,700 level. ETH climbed toward the $1,750 zone before the bears appeared, like Bitcoin. A high was formed near $1,747 and the price recently started a downside correction. There was a move below the $1,720 level. It even traded close to the 50% Fib retracement level of the key increase from the $1,640 swing low to the $1,747 high. However, the bulls are active above the $1,680 level. Ether is now trading above $1,690 and the 100-hourly Simple Moving Average. Besides, there is a connecting bearish trend line forming with resistance near $1,705 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com On the upside, the price might face resistance near the $1,700 level and the trend line. The next resistance is near the $1,710 level. A close above the $1,710 level might send the price toward the $1,750 zone. If there is a clear move above $1,750, Ethereum could rise toward the $1,800 resistance. Any more gains might send the price toward the $1,850 resistance. More Losses in ETH? If Ethereum fails to clear the $1,710 resistance, it could continue to move down. Initial support on the downside is near the $1,690 level. The first key support is close to $1,680 or the 61.8% Fib retracement level of the key increase from the $1,640 swing low to the $1,747 high. The next major support is near the $1,665 level. If there is a downside break below $1,665, the price could extend its decline toward the $1,620 level. Any more losses might send the price toward the $1,540 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,680 Major Resistance Level – $1,710

The crypto industry echoed the news of Grayscale Investments’ groundbreaking victory over the United States Securities and Exchange Commission (SEC) yesterday. This landmark lawsuit has established intriguing possibilities concerning approving a much-anticipated spot Bitcoin ETF product. A Win Bigger Than Just Approval? John Deaton, the renowned lawyer representing XRP holders, is among the voices adding to this discussion. As the industry ponders the ramifications of Grayscale’s lawsuit triumph, Deaton provides insights into the prospects and timeline of the highly anticipated Bitcoin ETF. Deaton’s commentary arrives hot on the heels of a Bloomberg report. The report underlined that even if the lawsuit’s outcome doesn’t lead directly to the greenlighting of a spot Bitcoin ETF, the very nature of this win holds substantial implications for the overarching crypto environment. The victory, according to the report, particularly stands as a testament to BTC, its miners, Coinbase, and the entirety of the cryptocurrency domain, the XRP lawyer added: The Bitcoin ETF Timeline While the hope surrounding the Bitcoin ETF’s approval is palpable, the attorney provides a reality check to the community. Grayscale’s aspirations for the BTC ETF remain high, but immediate approval seems unlikely. Contrary to the gist of the Bloomberg news report, Deaton is confident about the eventual establishment of a spot Bitcoin ETF. Yet, the timeline remains uncertain. On August 29, Judge Rao of the Columbia Circuit approved Greyscale’s petition to transform their financial product into a Bitcoin Exchange Traded Fund (ETF). This marked a significant victory for Greyscale in its legal battle against the US SEC, which had previously denied the firm’s application to convert its Grayscale Bitcoin Trust (GBTC) into an ETF on June 29, 2022. The court filing by the US District of Columbia Circuit noted: Grayscale’s CEO, Michael Sonnenshein, quickly took to his X account (formerly known as Twitter) to celebrate the decision. He expressed gratitude to the community and concluded by updating that the firm’s legal team is actively reviewing the Court’s opinion to asses the next steps. Featured image from iStock, Chart from TradingView

Cardano (ADA) enthusiasts are eagerly watching the charts as the cryptocurrency’s price forms a distinctive triangle pattern, suggesting an imminent breakout that could mark a significant shift in its trajectory. This technical formation occurs when the price fluctuations of an asset are confined within converging trendlines, creating a triangle-like shape on the chart. Traders interpret this pattern as a period of consolidation, often preceding a substantial price movement. As Cardano’s price coils within the confines of the triangle pattern, traders are bracing for a potential decisive breakout in the days to come. The prevailing trend, in this case, supports the notion of a likely price ascent, and that is to make it to the $0.3 region. However, market sentiment hints at the possibility of sellers breaching the bottom trendline, leading to an extension of the ongoing corrective trend. A report suggests that a retreat below the pattern’s support trendline might trigger an approximate 8.5% downturn. Current Scenario And ADA Price Analysis At present, Cardano’s price stands at $0.265, as reported by CoinGecko. The cryptocurrency has experienced a modest 1.2% gain over the past 24 hours and a 3.0% increase in value over the course of the last week. Nevertheless, the current triangle pattern indicates that these gains might be overshadowed by a potentially more significant movement. Reflecting on its history, Cardano reached its all-time high price of $3.09 on Sept. 2, 2021, accompanied by a market cap of around $95 billion on the same day. Notably, a separate report underscores the consistent need for increased demand for Cardano in order to align with its historical price levels. This necessity arises due to the cryptocurrency’s unique monetary expansion model, which introduces a fixed rate of 0.3% every five days for circulating the remaining tokens from the ‘reserve.’ This approach effectively curtails the rate at which ADA is injected into the supply over time. Future Possibilities And Investor Prospects Analysts speculate that the current ADA price could potentially present an opportunity for investors to secure substantial gains, if the layer-1 blockchain manages to match its previous demand. This projection rests on the assumption that historical demand for ADA could surge once again. As Cardano’s price tightens within the triangle pattern, market participants hold their breath for the anticipated breakout. Traders remain cautious, aware that a breach below the pattern’s support trendline could lead to a notable downward movement. (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 FX Empire

Coinbase and other crypto-related companies witnessed a significant rise in stock prices following reports that Grayscale has emerged victorious in its lawsuit against the United States Securities and Exchange Commission (SEC). On Tuesday, August 29, the US District of Columbia Court of Appeals ruled that the SEC did not provide a “consistent justification” for rejecting Grayscale’s request to convert its Bitcoin Trust (GBTC) into a spot exchange-traded fund (ETF). This decision brings the asset management firm closer to offering a spot Bitcoin ETF in the US. The price of Bitcoin reacted positively to this development, breaking above and beyond the $26,000 mark. According to CoinGecko data, the premier cryptocurrency is currently valued at $27,136, reflecting a 3.8% price gain in the past week. Coinbase (COIN) Rally 15% After Grayscale’s Win The value of Coinbase’s stock COIN stood at $84.70 by the close of the trading session on Tuesday, representing a 15.2% increase from the day’s opening price. The crypto company’s stock surged by nearly $13 per share, climbing from $73.5 per share to almost $86 during the day, according to Coinbase’s stock information. Coinbase, the largest cryptocurrency exchange in the United States, became publicly listed on Nasdaq in 2021. This price jump is believed to have been triggered by the success of Grayscale’s appeal against the United States SEC, as mentioned above. While the court’s decision doesn’t automatically convert the asset manager’s Bitcoin Trust to a spot ETF, it is still perceived as a significant milestone in launching the financial product in the North American country. If spot Bitcoin ETFs receive approval from the Securities and Exchange Commission, Coinbase could become one of the biggest winners due to its surveillance-sharing agreements with some applicants, including the world’s largest asset manager, Blackrock. These arrangements aim to mitigate potential market manipulation risks – a concern raised by the SEC after the initial Bitcoin ETF submissions. Marathon and Riot Witness Surge In Stocks Price Coinbase was not the only cryptocurrency company that enjoyed the ripple effect of Grayscale’s legal triumph. Bitcoin mining companies, like Marathon Digital Holdings (MARA) and Riot Platforms (RIOT), also felt a positive impact on their stock prices. Favorable judgments, such as the latest Grayscale victory, often boost the interest and optimism of investors in the cryptocurrency industry and crypto-related products. As a result, companies operating in the cryptocurrency space, including Bitcoin mining firms, are likely to receive increased attention from investors. According to TradingView, the value of MARA soared by about 30% on Tuesday, closing at $13.69 per share by the end of the day’s trading session. Likewise, the RIOT price experienced an 18.2% rally, climbing from $10.39 per share to almost $12.3 at the end of the day. As of this writing, the Marathon Digital Holdings stock is trading at $12.94 per share, reflecting a 5.2% decrease since the opening of Wednesday’s (30th of August) trading session. Meanwhile, Riot Platforms’ stock has currently declined by 4% to trade at $11.8 per share.

Over the last couple of weeks, the Bitcoin open interest had been on a downtrend that sent it toward one-year lows. However, with the Grayscale victory against the SEC coming on Tuesday, August 29, and sending a positive wave across the entire region, open interest in the digital asset has begun to surge once more. Bitcoin Open Interest Pulls A Quick Reversal On-chain data tracking platform Kaiko reported on Tuesday, August 29, that the Bitcoin open interest had been on the decline for a while. In the chart shared by the tracker, it is obvious that this BTC metric had previously fallen significantly since 2022. As August drew to a close, the open interest in the digital asset eventually declined to levels not seen since the Terra network collapse back in May 2022. This suggested that it could be a good chance to get into Bitcoin and it would be proven true not too long after. On the same day, news broke that Grayscale had triumphed over the United States Securities and Exchange Commission (SEC) in court over its bid for its Spot Bitcoin ETF filing to be reconsidered. This triggered a rapid uptrend in the price of the digital asset and the open interest followed suit. According to data from Coinglass, the Bitcoin open interest is seeing double-digit growth on some exchanges already. The open interest on the dYdX exchange is up over 35%, and the cumulative open interest across all exchanges is now in the green, rising 9.55% in the last 24 hours. Does This Mean BTC Will Continue The Uptrend? For now, the price of Bitcoin is still purely driven by the hype from the Grayscale victory. This means that there is no telling how long the uptrend will last and when it will start correcting downward. However, as long as investors remain optimistic about the victory, BTC will continue to enjoy green days. As for open interest, a recovery isn’t always a good thing as it opens up an avenue for shorters to enter the market. For example, a look at Keiko’s chart shows open interest was high leading up to the FTX collapse in 2022. Then in early 2023 when the price of Bitcoin was rallying, open interest fell before picking up steam once more. For now, BTC is still enjoying the spike in attention. The price of the cryptocurrency is up 5.35% in the last 24 hours to trade at $27,349.

The Bitcoin price is on the move as bulls take over the market and reclaim previously lost territory. While the rally signals potential, BTC still needs to overcome significant resistance at higher levels. As of this writing, Bitcoin (BTC) trades at $27,300 with a 5% profit in the last 24 hours. In the previous seven days, BTC recorded similar profits as other cryptocurrencies in the top 10 see gains for the first time in over two weeks. $30,000 Are The $12,000, A Bitcoin Bull Run In The Making According to Bloomberg Intelligence’s Mike McGlone, the current Bitcoin price action is akin to that display before the 2020 bull run. At that time, macroeconomic forces influenced the crypto market as BTC prepared for a Halving event. The cryptocurrency also struggled to reclaim a critical level of around $12,000. McGlone believes that $30,000 is similar to that level and that breaching it would open the door for further gains, but are the conditions given for such an event? NewsBTC has reported that the biggest catalyzer for a Bitcoin bull run lies with the US Securities Exchange Commission (SEC). The cryptocurrency might have a massive capital inflow if the regulator approves a spot BTC Exchange Traded Fund (ETF). Yesterday, asset manager Grayscale scored a victory against the Commission, and a US judge ruled in favor of the company in their Bitcoin ETF lawsuit. The expert commented the following on this development and how it can pave the way for a BTC rally: Of course, McGlone doubts the cryptocurrency can push above $30,000 in the short term. Despite the similarities between the current price action and 2020, there are two significant obstacles: the Fed’s monetary policy and the low liquidity in the financial markets. As a result of these conditions, the chart below shows the BTC price trending to the downside, with volatility moving in the opposite direction. The expert believes this dynamic potentially sets the stage for Bitcoin to drop into the $12,000 region. While these factors remain, Bitcoin will likely move sideways around its current levels, but the cryptocurrency will keep its bullish structure even if this scenario plays out. Cover image from Unsplash, chart from Tradingview