A prominent cryptocurrency analyst, Bluntz, has expressed skepticism about the recent uptrend that increased Bitcoin and Ethereum prices by more than 5%. The pseudonymous analyst told his over 224,000 Twitter followers that the flagship crypto assets may face more downturns. Applying the Elliott Wave theory in his analysis, Bluntz predicted that Ethereum is about to complete a five-wave pattern. According to him, Ethereum will decline to $1,450 on completing the wave pattern marked 1, 2, 3, 4, and 5. Bitcoin And Ether Could Face More Downturn Before A Bounce In Bluntz’s technical analysis, the five-wave chart pattern exists within a larger three-wave pattern marked A, B, and C. And this three-wave pattern is also on a downtrend. He noted that ETH and BTC must complete this wave pattern before a bullish upturn. However, while this analysis projects a bearish trend for ETH and BTC, Bluntz believes there is potential for a bullish breakout. He said the theory becomes invalid if ETH breaks above $1,804 or Bitcoin surpasses the $28,770 price level. Bluntz noted: Bears Intent On More Downturns For ETH And BTC; Any Hope For A Rebound? Meanwhile, Bitcoin and Ethereum are exhibiting a slightly bearish outlook at press time. Bitcoin trades at $27,211, with a nearly 1% decline, while Ethereum price is down by 0.89%, at $1,704. Bitcoin had also been under bearish pressure over the past seven days after slipping off the $29,000 support level on August 16. As the bears pressed on, the flagship cryptocurrency traded within the $26,000 price level, occasionally regressing to $25,900. The downturn was in tune with the bearish sentiment in the cryptocurrency market over the past few days. However, on August 29, the news of the court ruling in favor of Grayscale Investment in its case against the US SEC broke out. This news generated a buzz in the crypto market, leading to an uptick in market capitalization. As a result, Bitcoin recorded a sharp spike that returned its value to the $28,000 price mark. At the time, BTC’s price surged 8%, climbing from a week low of $25,860 to a high of $28,010. But the bulls couldn’t sustain the momentum as Bitcoin quickly regressed, dipping to $27,394. Bitcoin now consolidates around the $27,000 price zone, awaiting a bullish turn to trigger a rally. Ethereum Market Outlook Ethereum also met a similar fate as Bitcoin, exhibiting the same chart pattern and price movement in the last week. The second-largest cryptocurrency by market cap remained on a bearish trend in line with the broader crypto market. Ether’s price slipped off the $1,800 support on August 17, accompanied by a prolonged bearish momentum that pushed it to $1,600. Just like Bitcoin, Ethereum reacted to the brief market recovery, pushing above $1,740 on August 29. While ETH’s rally has relapsed, it maintains a price level above $1,700, holding over 2% of its past week’s gains. However, ETH’s latest strides suggest the bulls are up for a recovery.

Bitcoin eyes $30k as the next key level based on on-chain data showing underwater holders between current prices and $30k. These underwater clusters could drive volatility both ways – selling if bearish but upside if bull momentum builds. IntoTheBlock data shows $30k is the critical make-or-break level to watch for Bitcoin’s next major move. Bitcoin has regained the spotlight following a legal victory by Grayscale this week. And now, $30,000 emerges as the next key milestone, according to on-chain analytics by IntoTheBlock. Approximately 6.2 million Bitcoin addresses acquired coins between the current price and $30k. This represents around 2.6 million BTC worth of ‘underwater’ holders who are still at a loss on their positions. These clusters of holders waiting to break even are significant levels that could fuel price moves in either direction. Bitcoin depicts two-way breakout potential On one hand, bearish sentiment could trigger a rush of underwater holders to dump coins and try to recoup losses, adding momentum to the downside. On the other hand, strong enough bullish catalysts could see Bitcoin blast through these underwater walls without issue on the way to higher highs. An ETF approval is one potential accelerant cited. The on-chain data highlights the precarious balance Bitcoin finds itself in currently. Though the bulls are still building momentum, the next major test will come as they attempt to break above the $30k resistance zone. Bitcoin has seen a steady grind higher since its June lows but still remains nearly 50% below its all-time high. The clusters of holders in loss could slow down and temper any parabolic rise. However, the Grayscale ETF ruling does appear to have improved sentiment around Bitcoin’s outlook. If bullish momentum builds, BTC could swiftly leave the ‘bubbles’ of underwater holders behind as it reaches toward $30k and beyond. Time will tell whether bearish or bullish forces exert themselves as Bitcoin makes its next move. But on-chain insights highlight the $30k level as the critical battleground to watch. A decisive breakout above could signal a new bull market is underway.

Disgraced FTX Founder Sam Bankman-Fried’s (SBF) trial is set to begin on October 3. However, a recent development suggests that his trial date could be pushed back. Judge Kaplan Could Delay FTX Founder Trial Date According to a Reuters report, Judge Lewis Kaplan, the judge in charge of SBF’s case, said he could consider delaying the trial slated for October 3 to give SBF and his lawyers more time to review discovery documents and prepare their defense. Judge Kaplan told SBF’s lawyers they could ask for a postponement if they needed more time. However, he clarified that there is no guarantee that he would grant it as the defendant must prove there is “a need” to postpone the trial date. To prove this, they must go beyond just stating the number of discovery materials they need to review. According to the Judge, there has to be “more meat on those bones.” A virtual hearing had taken place on August 30 to rule on the pending requests by the FTX founder’s lawyers. They had earlier asked that the government be precluded from using certain documents as evidence when the trial commences. The defense counsel had alleged the government had produced “an additional 4 million pages of discovery” on August 24, which they believe their client won’t be able to finish reviewing before his trial begins. However, the judge denied this request, noting that the government had clarified that they would obtain information continuously. Interestingly, before his bail was revoked, SBF had access to the Google documents, which form part of the documents the defense asks to be precluded as evidence. The judge stated that the defense’s alleged “deluge of documents” was “seriously exaggerated.” SBF and his lawyers will have to file a motion by the end of this week if they intend to ask for a postponement. The Judge also suggested that any postponement would likely move the trial date to March 11, 2024, subject to approval by the Bahamas government. Lawyers Ask For Temporary Release For Sam Bankman-Fried During the hearing, SBF’s lawyers asked for a temporary release for their client, stating that they had no faith in the provisions the government had made for SBF. Meanwhile, the prosecutors argued that they had made enough provisions for SBF as he had 70 hours a week to do discovery. Furthermore, his lawyers were allowed to visit him seven days a week, and they provided him with a laptop that he could use every day from about 8 AM to 7 PM Judge Kaplan stated he wasn’t going to rule on the defendant’s application just yet and asked for a joint report to be presented to him by September 5 as to the “exact situation” at the Brooklyn Metropolitan Detention Center (MDC) where SBF is being held.

XRP has been one of the most controversial cryptocurrencies since its creation by Ripple Labs in 2012. Its close ties to traditional finance have alienated parts of the crypto community. However, it retains a loyal following for its fast and cheap transactions. This XRP price prediction guide examines the coin’s outlook using technical analysis methods. What is XRP? XRP is a cryptocurrency created by the Ripple payment network to facilitate fast cross-border payments. Ripple Labs founders Arthur Britto, David Schwartz, and Chris Larsen designed it to overcome Bitcoin’s scalability issues while enabling seamless transfers between different currencies. Some key features of XRP include: Speed Settlement of XRP transactions takes 3-5 seconds, far faster than Bitcoin’s 10+ minutes. Low cost XRP transaction fees are a fraction of a penny, making it affordable for micropayments. Fixed supply The total supply of 100 billion XRP was created at launch, unlike Bitcoin’s limited issuance schedule. Bank partnerships Ripple has partnered with over 300 banks and financial institutions to use XRP for settlement. Controversies XRP has been mired in controversy regarding everything from centralization to securities classification. XRP is designed for use by financial institutions, though it trades publicly on exchanges. Its adoption rate will likely depend significantly on the outcome of Ripple’s ongoing SEC lawsuit. Factors Influencing XRP Price Numerous factors impact XRP prices, leading to high volatility: Ripple Company Developments and XRP Regulatory Status Ripple’s partnerships, service offerings, and legal issues have significant ramifications for XRP’s price action. For example, the SEC deeming XRP kept the asset from making new all-time highs during the 2020 and 2021 bull market in crypto. Now that Ripple has won the case against the SEC and a US judge deeming XRP not a security, new all-time highs could arrive during the next bullish cycle. Cryptocurrency Market Trends Like most altcoins, XRP’s price tends to follow Bitcoin’s price movements overall. When Bitcoin rises or falls sharply, so does XRP. Bitcoin itself has been struggling recently due to the US Federal Reserve raising interest rates. Mainstream Adoption XRP gaining transactional adoption from banks and payment providers would establish real-world utility and boost prices. But it faces stiff competition from private blockchains. Decentralization Efforts Lessening Ripple Lab’s control over XRP supply and the ledger through further decentralization could enhance XRP’s appeal and value to the crypto community. Burn Rate Ripple periodically burns XRP supply to manage circulation. Higher burn rates decrease available XRP which can positively impact prices. XRP Price History XRP’s price history has been defined by major announcements, partnerships, and controversies. 2012-2014: The Early Years XRP traded for a fraction of a penny initially. Prices remained relatively flat between $0.002 to $0.02 till 2017 as Ripple focused on building partnerships rather than exchanges. 2017: Crypto Bubble Peak As crypto mania peaked in late 2017, XRP saw massive speculative gains, rising from $0.006 in April to an all-time high of $3.84 in January 2018 – an incredible 63,000% return within 9 months! However, this meteoric rise was fueled by hype rather than fundamentals. XRP came crashing down as Bitcoin collapsed, declining over 90% within a year after the peak. 2018-2020: Building Products Between 2018-2020, XRP stayed afloat better than most altcoins, trading between $0.20 to $0.60 as Ripple doubled down on establishing real-world utility. Major developments included: Ripple launched On-Demand Liquidity (ODL) allowing financial institutions to use XRP for instant cross-border payments. Over 300 banks signed up for RippleNet to connect payment channels globally. Remittance firms including MoneyGram began using ODL for transferring funds. This suggested future adoption could be driven by Ripple’s offerings. 2021 – 2022: Legal Woes and a Bear Market Emerge After starting 2021 strongly with XRP exceeding $1 again thanks to crypto resurgence, Ripple was hit by an SEC lawsuit in December 2020 alleging XRP was an unregistered security. Many exchanges delisted XRP while its price collapsed due to negative sentiment. XRP failed to set a new all-time high while Bitcoin, Ethereum, Dogecoin, and several others as a result. Each of these other cryptocurrencies set a peak during this time, entering a bearish market in 2022. This lowered the chances of XRP making a recovery during the year. Recent XRP Price Action 2023 has been a difficult year for most cryptocurrencies, which are only starting to recover from the prolonged crypto winter. XRP, however, has outperformed most cryptocurrencies this year thanks to Ripple winning its legal battle with the SEC. A US court judge ruled that XRP is not a security when sold to retail investors. This caused several exchanges to relist the asset, and prices spiked from under $0.50 to $1 in 48 hours after the decision. The SEC plans to appeal the decision, which prompted a full retrace of the rally. Now what’s next for XRP price? Short-Term XRP Price Prediction for 2023 With XRP fully retracing the SEC court case ruling rally, sentiment is back to scared across the crypto market. Combined with other altcoins setting new lows, investors are fearful that the bear market might return. XRP, however, could be performing a throwback retest of ascending triangle resistance turned support, which is common in financial markets. If support holds, price could ultimately approach over $1 in the next attempt. Meanwhile, if price were to fall back through the bottom of the ascending triangle pattern, it would indicate failure and lead to a retest of bear market lows. Medium Term XRP Price Prediction for 2024 – 2025 If XRP can continue with its bullish market, then 2024 and 2025 could see the final move in the first major bull market sequence. Elliott Wave Principle believes that bull markets move in what’s called a motive wave, which is a five-wave upward sequence, where odd numbered moves are in the direction of the primary trend, while even numbered moves move against the trend. Corrections are typically labeled as ABC, unless the correction is a triangle, in which it is labeled ABCD and E. More complex corrections can evolve over time. Triangles represent the consolidation before the final thrust in a sequence. Price projections put XRP above $10, between $14, and $17 depending on momentum and supporting environment. Long-Term XRP Price Prediction for 2030 XRP’s long term forecast is a lot more difficult to predict using traditional technical analysis techniques. In this case, we’ve chosen to draw a price mean through years of price action in an attempt to project a linear trend line. Peaks and troughs would occur above and below the mean, providing the potential for mean reversion trades. The trajectory puts XRP upwards of $20 per coin in the future if the mean line is accurate. XRP Price Prediction FAQs Let’s look at some commonly asked questions regarding XRP price forecasts: What was XRP’s lowest price? During its initial couple years after launch, XRP hit lows between $0.002 to $0.005. Its recent low was $0.24 in July 2022. What was XRP’s highest price? XRP’s all-time high was $3.84 reached in January 2018 during the crypto bubble. It also briefly exceeded $3.60 in the same time frame. How high can XRP realistically go? Based on its fundamentals and adoption risks, a realistic best-case high for XRP by 2025-2030 is likely in the $10 to $20 range if it gains widespread utility. Reaching triple digits appears very unlikely. Can XRP’s price crash to zero? If Ripple suffered an existential threat, XRP could potentially crash below $0.01. But delisting risks have reduced after a US court deemed XRP not a security, making a complete collapse improbable without a catastrophic event. Why is XRP price volatile? As a cryptocurrency exposed to speculative trading, XRP experiences high volatility from hype cycles and shifts in investor confidence amplified by its low liquidity relative to larger cryptos. When will XRP’s price stabilize? XRP volatility should stabilize and gravitate closer to currency-like fluctuations once it establishes a reliable demand baseline among commercial users and institutions. But this remains dependent on Ripple’s success.

Data shows that Bitcoin investors may be close to embracing greed as market sentiment has surged into neutral territory. Bitcoin Fear & Greed Index Points At Neutral Trader Sentiment The “Fear & Greed Index” is an indicator that tells us about the general sentiment among the investors in the Bitcoin and wider cryptocurrency sector. According to the index’s creator, Alternative, the metric takes into account multiple factors for calculating this sentiment. The five factors it currently uses in the indicator’s value are namely: volatility, trading volume, social media sentiment, market cap dominance, and Google Trends data. Earlier, the index also made use of surveys, but for now, they are on pause. To represent the market sentiment, the fear and greed index uses a numeric scale that runs from 0-100. All values above the 54 mark suggest greed among the traders, while values below 46 imply fear. The in-between region means the presence of a neutral mentality. Besides these three basic sentiments, there are also two extreme sentiments, called “extreme fear” (taking place below 25) and “extreme greed” (occurring above 75). Historically, these two regions have been quite significant for Bitcoin, as cyclical bottoms and tops have usually formed in the respective zones. Now, here is what the Fear & Greed Index looks like for the market right now: According to the index, the investors as a whole are sharing a neutral sentiment, meaning that they aren’t leaning one way or the other. Although, at the current 52 value, the metric is certainly closer to the greed territory than the fear one. Earlier in the month, when BTC witnessed a crash from the $29,000 level to below the $26,000 mark, the sentiment in the market naturally plummeted. Investors had become fearful and had remained so for the duration that the asset consolidated around these lows. After the rally spurred by Grayscale’s lawsuit victory, though, the sentiment rapidly registered an improvement and surged toward the current neutral values. The below chart represents how the Fear & Greed Index’s value has changed recently: While the sentiment in the market has seen a rapid improvement with the latest rally, the investors haven’t quite yet made up their minds if they want to give in to greed or not. It’s possible that more positive price action would need to happen before the investors are able to fully embrace the bullish momentum. Nevertheless, a break into the greed territory would naturally be a green signal for any surge’s sustainability, as it would mean that the majority of the investors are ready to support the move. BTC Price After observing a pullback since the rally high, Bitcoin is currently trading around the $27,200 level, with investors still enjoying profits of about 3% over the past week.

In a new development in the ongoing case between crypto exchange Binance.US and the Security and Exchange Commission (SEC), the Court has approved Binance’s request for a new attorney. Following approval from Judge Amy Jackson, attorney Andrew Rhys Davies can now appear in court for Binance.US. Approval From US Judge According to a previous filing, attorney Andrew Rhys Davies had initially filed to represent Binance pro hac vice in the lawsuit. However, the federal judge had asked Davies to file a notice of appearance. In the latest filing details on August 30, Davies filed a notice of appearance for BAM Management US Holdings and BAM Trading Services – the company behind Binance.US. Granting the motion would mean Davies can now represent Binance in court pro hac vice, as the attorney is not licensed to practice in the jurisdiction. The pro hac vice is usually applied when an attorney who has not been admitted to practice in a certain jurisdiction can participate in a particular case in the jurisdiction. Davies’ addition to Binance’s legal team comes with years of experience in cross-border cases involving securities, banking, and financial regulation. “MINUTE ORDER granting 99 Motion for Leave of Andrew Rhys Davies to Appear Pro Hac Vice only upon condition that the lawyer admitted, or at least one member of the lawyer’s firm, undergo CM/ECF training, obtain a CM/ECF username and password, and agree to file papers electronically,” the court approval document read. Details Of The SEC – Binance.US Lawsuit The ongoing lawsuit between crypto exchange Binance and the SEC has dragged on for a while, with both parties filing different motions. In its latest move, the SEC filed a motion for leave to file documents under seal in the ongoing case. According to law experts, this could imply that the filing was made to protect details of a criminal investigation into Binance. Additionally, it could have also been filed to protect the safety or identity of a witness or company involved in the case. Binance also previously filed a protective order motion against the SEC. Details of the court filing show that the exchange wanted relief from the regulators’ “fishing expedition” and requests for communications that have become “overboard.” However, Federal Judge Amy Jackson has since passed on the protective order motion to Magistrate Judge Faruqui. The crypto industry is closely watching how the SEC vs. Binance case unfolds as the outcome could set a precedent for how the regulator approaches the entire crypto industry.

Binance users need to convert their BUSD to other available crypto assets. Users can manually convert their BUSD to FDUSD in a 1:1 ratio. Binance, the world’s largest crypto exchange, has released an announcement stating that users should convert their Binance USD (BUSD) into other cryptocurrencies, including the newly listed stablecoins, before February 2024. This announcement comes after Paxos halted the minting of the new BUSD. On August 31, the crypto exchange shared that it would remove support for the stablecoin BUSD. Users need to convert their BUSD to other available crypto assets. However, the crypto exchange will continue to support multiple stablecoins and digital assets on its platform. Paxos Halted Minting Binance USD On February 13, 2023, the stablecoin issuer Paxos announced that it would stop minting new BUSD tokens. This news comes after the legal action thread from the U.S. Securities and Exchange Commission for selling BUSD as an unregistered security. Following that, Paxos ended its relationship with Binance for BUSD. According to the Binance statement, BUSD will always be backed by 1:1 USD. Moreover, users have to convert their BUSD before February 2024. The crypto exchange is delisting the BUSD as a loanable asset on September 6 and will cease the withdrawals of Binance-pegged BUSD tokens via the BNB chain, Avalanche, Polygon, and Tron on September 7. The deposits can be supported until further notice. In this statement, the crypto exchange also mentioned that the crypto exchange encourages users to convert their BUSD balance for First Digital USD (FDUSD), which had its first listing on the crypto exchange. Moreover, users can manually convert their BUSD to FDUSD in a 1:1 ratio using Binance Convert until further notice. It was also mentioned that the 1:1 conversion rate is only applicable for BUSD to FDUSD.

Maker (MKR) has climbed over 11% in the last 24 hours. The price movements of Maker reveal a consolidating pattern with bullish control. While August is concluding, the altcoin market has witnessed a remarkable surge in Maker (MKR), the governance token of the decentralized finance (DeFi) giant MakerDAO. Amidst an array of price fluctuations across the global cryptocurrency market, Maker stands out with an impressive 11% gain, reaching a value of $1,155. This ascent comes at a time when the market leader, Bitcoin, struggles in the red. Notably, Maker’s trading volume has skyrocketed by 40.62% within a single day, showcasing the heightened interest in this altcoin. Over the past week, Maker has demonstrated its performance with a 6% increase in value. Maker (MKR) Technical Analysis On August 1st, the token surged to a one-year high price, solidifying its position as a leading player in the global crypto market, and recorded $1,342. Following that, MKR traded in the $1200 to $1000 range. However, Maker’s recent price movements uncover a consolidating pattern, with bullish forces seemingly in control. The daily Relative Strength Index (RSI) hovers around the inflection point of neutral territory, marking a value of 55.53. Maker (MKR) Price Chart (Source: TradingView) A promising scenario unfolds if Maker’s price continues its upward trajectory in a flag formation, potentially crossing above both the 50-day and 200-day moving averages. In the daily trading pattern, it becomes evident that MKR’s price could scale the heights of the $1,200 resistance level before observe any downward retracement. This upward momentum could then propel the bulls towards their next goal—the $1,350 resistance. If bearish momentum takes control, the price of MKR could experience a decline towards support levels. The initial support sits at $1,044, followed by a potential dip further down to $826.

ALPHARETTA, Ga.–(BUSINESS WIRE)–Bakkt Holdings, Inc. (NYSE: BKKT) announced today that it will participate in three upcoming investor forums in September. Management will attend: 3rd Annual Needham Virtual Crypto Conference on September 7, 2023. Chief Executive Officer, Gavin Michael, will participate in a presentation beginning at 10:40 AM ET. Management will also be hosting one-on-one investor meetings. H.C. Wainwright 25th Annual Global Investment Conference on September 11, 2023. CEO, Gavin Michael, will participate in a presentation. Management will also be hosting one-on-one investor meetings. Rosenblatt 16th Annual Global Exchange Leader Conference on September 21, 2023. CEO, Gavin Michael, will participate in a panel discussion. Management will also be hosting one-on-one investor meetings. Interested parties can listen to any available live audio webcast presentations from the investor relations section of the company’s website at www.bakkt.com. A replay will also be available after the events. About Bakkt Founded in 2018, Bakkt builds solutions that enable our clients to grow with the crypto economy. Through institutional-grade custody, trading, and onramp capabilities, our clients leverage technology that’s built for sustainable, long-term involvement in crypto. Bakkt is headquartered in Alpharetta, GA. For more information, visit: https://www.bakkt.com/ | X (Formerly Twitter) @Bakkt | LinkedIn https://www.linkedin.com/company/bakkt/. Bakkt-C Contacts Investor Relations Ann DeVries, Head of Investor Relations [email protected] Media [email protected]

CYBER trading volume is down 27% in 24H. Bullish trend indicated by EMA, RSI at 71, facing $9.326 resistance. Launched on August 15th, the new cryptocurrency, CyberConnect, is causing a stir with its remarkable surge. Although all coins received a boost from the Grayscale Bitcoin Trust (GBTC) victory over the SEC, they eventually retracted back into the red zone on the chart. However, CYBER, which surged from $3.5937 to $8.0475, is defying this trend and continues to ride high as it kick-starts its bullish rally. As of now, its price stands at $8.48, reflecting a 19% surge over the past 24 hours. According to CoinMarketCap, it has taken the top spot in the trending chart due to its performance. The platform offers developers the opportunity to create social tools that prioritize user ownership of digital identities, content, and interactions. Notably, it reached a peak of $18 on August 15th, only to drop to $1.81 on the same day. Amid this volatile start, the currency still needs to establish trust among investors. The trading volume has dipped by 27%, currently resting at $462 billion, while the market capitalization is surging by 17.19%, reaching $94 billion. The circulating supply stands at 11.08%, with 11 billion CYBER tokens in circulation. Will CYBER Continue its Bullish Momentum? An analysis of CYBER’s recent price movements reveals an ongoing bullish trend on the daily chart. The short-term 9-day exponential moving average (EMA) at $6.047 signals the prevailing bullish sentiment. The Relative Strength Index (RSI) hovers at 71, suggesting that the asset is overbought. CYBER 1D Price Chart, Source: CoinMarketCap Analysts indicate that CYBER currently encounters resistance at $9.326, while finding support around $7.99. It’s worth noting that the current levels lack significant volume, making the sustainability of the rally challenging.

Shiba Inu (SHIB) enthusiasts are keeping a watchful eye on the coin’s price movements as it inches closer to a crucial juncture in the last day of August. The latest indications from the market suggest that a potential breakout opportunity might be on the horizon, hinting at an imminent directional shift. The ongoing consolidation phase is taking the form of a symmetrical triangle pattern. This pattern, marked by two converging trendlines, signifies a period of uncertainty in the market, often followed by a notable price movement. On August 29, a notable surge in Bitcoin’s price set off a chain reaction across the crypto market, prompting a 2.8% jump in Shiba Inu’s value. This push aimed to break the coin free from its protracted consolidation phase. However, the rally faced resistance near the $0.00000845 mark, forcing the meme coin back into the confines of the triangle pattern. As of the latest data, the SHIB price stands at $0.00000816, with a 1.0% decline in the past 24 hours and a 2.0% loss over the past seven days. Shiba Inu Triangle Pattern Unveiled The triangular pattern taking shape on the charts is a recurring technical formation in the world of trading. It signals a period of indecision among investors as the price fluctuates within the converging trendlines. This phase is often followed by a breakout, where the price ventures beyond one of the trendlines with significant momentum, indicating the potential for a new trend to emerge. Amidst the price contemplation, Shiba Inu enthusiasts have found reason to rejoice with the relaunch of Shibarium, the Layer 2 blockchain associated with the SHIB ecosystem. Within days of its official reactivation, Shibarium is already making great strides, sparking enthusiasm within both the SHIB community and generating anticipation for a potential surge in SHIB’s value. In a tweet, Lucie, a prominent figure within the Shiba Inu team, predicts that Shibarium’s impact will become evident over the next eight to 12 months. Shedding light on the details, Lucie emphasizes how Shibarium’s functionalities will aid in reducing the circulation of SHIB tokens. Anticipating The Meme Coin’s Next Move As SHIB clings to the edge of the symmetrical triangle, traders and enthusiasts alike are bracing for the impending breakout. The crypto community’s gaze is fixed on the emerging trendlines, waiting to witness whether the price momentum will gather enough strength and hit $0.00001. (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 Rumble via Yahoo!

Shibarium has only been live for a few days but is already showing early signs of success. The Ethereum layer-2 scaling solution, which hopes to provide lower gas fees and faster transaction times for the Shiba Inu community, has seen some impressive growth numbers in terms of Total Value Locked (TVL). TVL Crosses $1.4 Million Since Shibarium launched its mainnet, the total value deposited in the network has skyrocketed. The TVL recently crossed $1.4 million, indicating strong interest in the new chain. Data from DeFi TVL aggregator DeFiLlama shows that the total TVL in Shibarium has grown to $1.42 million in the past two days. While this amount is small when compared to the total DeFi TVL of $38.731 billion, the rapid growth demonstrates the potential that Shibarium possesses. A look through DeFiLlama shows that Shibarium currently has seven protocols. The DEX DogSwap with a TVL of $794,582 accounts for most of the total TVL. Other protocols on the chain are MARSWAP, Woof Finance, WoofSwap, Shibex, LeetSwap, BoneDex, and yield farm ChocoInu. Shibarium’s growth piggybacks on the vast community Shiba Inu has gathered in the past few years. But the network did witness some hiccups before its launch, as PeckShield reported that a total of $1.7 million was stuck on the bridge. Just hours after its launch, the network witnessed a flurry of user traffic, causing it to be temporarily shut down. However, this has been resolved as Shibarium developer Kaal Dhairya explained this was a fail-safe to ensure the safety of the funds. As of the time of writing, block explorer Shibariumscan shows that there have been a total of 599,554 transactions from 444,134 wallets averaging a daily transaction count of 68,402. Will Shibarium Translate To A Higher Price For SHIB? SHIB’s price has always reacted positively to Shibarium developments. Prior to its launch, the Shiba Inu ecosystem witnessed massive withdrawals from exchanges as many investors opted for self-custody in hopes of what the Shibarium launch might bring. SHIB also saw a jump in price after lead developer Shytoshi Kusama teased Shibarium’s launch on a social media post. It would appear, however, that the launch of Shibarium hasn’t really translated into a price spike for SHIB. At the time of writing, the token is trading at $0.000008178 and is down by 1.28% and 1.73% in the past 24 hours and seven days respectively. With the recent slump in crypto markets, Shibarium’s early success is a bright spot. This early success of Shibarium could potentially boost the price of Shiba Inu. As investors see the rapid growth in total value locked (TVL) on Shibarium, interest in the supporting SHIB token may increase.

MIAMI–(BUSINESS WIRE)–U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC” or “the Company”), a leading operator of large-scale data centers for new-age workloads such as digital asset mining, is thrilled to announce that it has secured a deal with Celsius Network LLC (“Celsius”) to host an initial 8,500 miners with an estimated sticker hashrate of 820 petahash (PH) at the USBTC Alpha Site. This significant agreement represents a robust advancement in the Bitcoin mining industry and continues the strong collaboration between USBTC, and Celsius, with support from the Fahrenheit, LLC coalition (“Fahrenheit”) which includes USBTC, Arrington Capital, Proof Group Capital Management, Steven Kokinos, and Ravi Kaza. Asher Genoot, USBTC President, shared his thoughts on this new venture, saying, “The opportunity to manage the Celsius assets marked a defining milestone. As we drive forward in conjunction with Fahrenheit, we’re embarking on a new chapter that builds upon that success. The synergy between USBTC, Celsius, and Fahrenheit represents our commitment to redefining the mining industry. Together with Fahrenheit, we envision a future where Bitcoin mining is not just profitable but sustainable and industry-advancing.” The Alpha Site has been selected for its environmentally-friendly energy profile and strategic geographical location, allowing for an efficient and eco-friendly mining operation. This new arrangement supplements the existing hosting agreements with companies like Teslawatt, Marathon Digital, Foundry USA, Sphere 3D, and Decimal Group. In aggregate, the Company anticipates managing a fleet of more than 310,000 bitcoin miners including miners owned by Celsius, other clients, and its own machines. The parties are working diligently to complete the implementation of the deal and begin operations as soon as possible, reflecting a shared dedication to capitalizing on this partnership leveraging experience gained from management of its infrastructure operations (MIO) business. Celsius Mining Operations On May 25, 2023, the Company, as part of the Fahrenheit LLC coalition, was selected as the winning bidder in the official auction in Celsius’ chapter 11 cases to manage and operate the assets owned by Celsius, which includes a lending portfolio, digital assets, and approximately 122,000 mining machines, subject to the approval of the bankruptcy court and confirmation of a chapter 11 plan. In addition, the Company, acting separately through its USMIO business, won the right to enter into one or more operating and services agreements with the restructured company, which is also subject to the approval of the bankruptcy court. The Company previously announced that it had secured hosting agreements for approximately 150,000 bitcoin miners. These companies include Teslawatt, Marathon Digital, Foundry USA, Sphere 3D, and Decimal Group. In aggregate, the Company expects to manage a fleet of more than 310,000 bitcoin miners across Celsius and hosted assets. Merger with Hut 8 On February 7, 2023, the Company announced an all-stock merger of equals (the “Transaction”) with Hut 8 Mining Corp. (Nasdaq, TSX: HUT), one of North America’s largest, innovation-focused digital asset mining pioneers and high performance computing infrastructure providers. The combined company will be named “Hut 8 Corp.” (“New Hut”) and will be a U.S.-domiciled entity. The Transaction is expected to establish New Hut as a large-scale, publicly traded Bitcoin miner focused on economical mining, highly diversified revenue streams, and industry leading environmental, social, and governance (ESG) practices. About US Bitcoin Corp Founded by a team of visionary entrepreneurs and experienced executives, USBTC is an efficient, eco-friendly, and large-scale North American mining company. Through cutting-edge technology and a relentless commitment to operational excellence, USBTC seeks to set the standard for what is possible in its industry. With campuses in New York, Nebraska, and Texas, USBTC aims to monetize electrons at scale, operating hundreds of megawatts of Bitcoin mining infrastructure both independently and on behalf of clients. USBTC prides itself on deploying next-generation software and hardware innovations to deliver results across its self-mining, hosting, and site management verticals. To learn more, visit https://usbitcoin.com/ or contact Matt Prusak at [email protected] About Celsius Celsius is a global cryptocurrency platform and a well-recognized leader in Bitcoin mining. For additional information on the company, please visit http://www.celsius.network. For additional information on Celsius’ ongoing chapter 11 cases, please visit http://www.cases.stretto.com/celsius. Cautionary note regarding Forward–Looking Information This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward looking information”). All information, other USBTC or Hut 8 Mining Corp. (“Hut 8”) expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of each company’s businesses, operations, plans and other such matters is forward-looking information. Forward looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. In addition, any statements in this communication that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information and include, among others, statements with respect to: (i) the expected outcomes of the transaction, including New Hut’s assets and financial position; (ii) the ability of Hut 8 and USBTC to complete the transaction on the terms described herein, or at all, including, receipt of required regulatory approvals, shareholder approvals, court approvals, stock exchange approvals and satisfaction of other closing customary conditions; (iii) expectations related to the Celsius transaction, including the closing thereof and any required legal approvals and the expected impact on our business and miners and hashrate under management (iv) the expected synergies related to the transaction in respect of strategy, operations and other matters; (v) projections related to expansion; (vi) expectations related to New Hut’s hashrate and self-mining capacity; (vii) acceleration of ESG efforts and commitments; and (viii) the ability of New Hut to execute on future opportunities, among others. Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by USBTC and Hut 8 as of the date of this communication, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the ability to obtain requisite shareholder approvals and the satisfaction of other conditions to the consummation of the transaction on the proposed terms or at all; the ability to obtain necessary stock exchange, regulatory, governmental or other approvals in the time assumed or at all; the anticipated timeline for the completion of the transaction; the ability to realize the anticipated benefits of the transaction or implementing the business plan for New Hut, including as a result of a delay in completing the transaction or difficulty in integrating the businesses of the companies involved (including the retention of key employees); the ability to realize synergies and cost savings at the times, and to the extent, anticipated; the potential impact on mining activities; the potential impact of the announcement or consummation of the transaction on relationships, including with regulatory bodies, employees, suppliers, customers, competitors and other key stakeholders; security and cybersecurity threats and hacks; malicious actors or botnet obtaining control of processing power on the Bitcoin network; further development and acceptance of the Bitcoin network; changes to Bitcoin mining difficulty; loss or destruction of private keys; increases in fees for recording transactions in the Blockchain; internet and power disruptions; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; climate change; currency risk; lending risk and recovery of potential losses; litigation risk; business integration risk; changes in market demand; changes in network and infrastructure; system interruption; changes in leasing arrangements; failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to New Hut’s mining sites; failure of the Celsius transaction to receive the necessary legal approvals or failure of the Celsius transaction to otherwise close; and failure to achieve the intended benefits of the Celsius Transaction and expected impact on USBTC’s business and miners and hashrate under management. Contacts Matt Prusak [email protected]

Bitcoin Trading Volume dips below 55% in the past 24H. Bloomberg analysts see a 75% chance of Bitcoin ETF approval this year. After celebrating a significant victory against the United States Securities and Exchange Commission (SEC), which aimed to transform the Grayscale Bitcoin Trust (GBTC) into a publicly listed Bitcoin exchange-traded fund (ETF), the charts of the major crypto Currencies turned green. However, in a surprising turn of events, the coins quickly reverted to their previous red chart days. This was especially noticeable in the case of Bitcoin, the leading coin by market capitalization , which surged by over 5.67% yesterday, only to decline by 0.82% in the past 24 hours. Despite this decline, the bullish momentum gained on August 29 from the victory which let itsurge from $25,912 to $28,089 ,helped Bitcoin maintain its overall positive trajectory. It’s important to note that Bitcoin had been under the influence of strong bearish dominance for over two months. Meanwhile, shockingly, Bitcoin’s trading volume, which ranks second on the chart just after Tether, experienced a significant decline of 55% in the past 24 hours. Analysts suggest that Bitcoin’s inability to break the $30,000 mark might have negatively affected investor sentiment. It leading to confusion about whether the bullish surge triggered by the victory could potentially be overcome by bearish forces. Bullish Hope On the other side, within the community, a strong sense of bullish optimism persists. This is particularly fueled by the imminent approval of a Bitcoin ETF, which has garnered favor and anticipation. Industrial experts contribute to this bullish sentiment through their analyses and opinions. Notably, analysts at Bloomberg have increased the likelihood of an approved spot Bitcoin ETF by the end of 2023 following Grayscale’s victory over the federal securities regulator. In an August 30 post on X (earlier Twitter), Bloomberg senior ETF analyst Eric Balchunas mentioned that the probability had been raised from 65% to 75% due to the unanimous and decisive nature of the recent United States Court of Appeals Circuit decision in favor of Grayscale. Bloomberg analysts James Seyffart and Elliot Stein added in a separate note that the judges’ unanimous rejection of the SEC’s arguments. And the agency’s potential struggle to justify further denials contribute to this increased likelihood. Furthermore, United States presidential candidate Vivek Ramaswamy applauded Grayscale’s victory He criticized the “shadow” U.S. government. And attributed the victory to the U.S. courts’ role as a last line of defense to retain cryptocurrency innovators within the country. Will Bitcoin Experience a Bullish Rally? An analysis of Bitcoin’s recent price movements highlights an ongoing bullish trend on the daily chart. The short-term 9-day exponential moving average (EMA) at $26,850 indicates prevailing bullish sentiment, similar to Bitcoin priced at $27,237. The Relative Strength Index (RSI) hovers at 47, suggesting a neutral zone. BTC Price Chart, Source: TradingView Bitcoin’s recent breakout on August 29 has resolved its range to the upside. This suggests that the price may fluctuate within the wide range between $24,800 and $31,000 for some time. If buyers can defend the breakout level of $26,833 and convert it into support, this will signal bullish strength. The BTC/USDT pair might initially rise to the 50-day simple moving average (SMA) at $28,689. And then attempt a rally towards $31,000. On the other hand, if bears manage to push the price below $26,833, it would indicate their dominance. And a tendency to sell during recovery attempts. In this scenario, the pair could potentially retest the robust support level at $24,800. Will BTC be able to sustain the bullish momentum? Share your thoughts by tweeting us at @The_NewsCrypto

SEC chair Gary Gensler has already called all cryptocurrencies except Bitcoin as security. Both the SEC and the CFTC have earlier argued over authority. In dismissing a class action lawsuit against the DEX, Uniswap, a judge in the United States District Court described Ether as a commodity. On August 30, Judge Katherine Polk Failla dismissed a lawsuit filed by Uniswap users who claimed they lost funds on the platform owing to scam tokens by declaring ETH and BTC to be “crypto commodities.” The judge mentioned that she was not persuaded by a dispute that Uniswap’s token sales were within the purview of the Exchange Act because of this difference. Judge Failla, interestingly, is also presiding over the SEC’s case against crypto exchange Coinbase. She has also managed other cryptocurrency concerns before, such as the one between Tether and Bitfinex. Moreover, other justices have already reached rulings on cryptocurrencies, such as a July order that categorized XRP as not a security when sold on the secondary market. Dispute Over Authority In recent years, the SEC and the CFTC, have argued over which agency has authority in regards to cryptocurrencies. SEC chair Gary Gensler has already called all cryptocurrencies except Bitcoin as security. The Commodity Futures Trading Commission (CFTC) on the other hand has sued Binance for violating the Commodities Exchange Act, claiming that ETH and other cryptocurrencies are commodities. U.S. legislators have not yet decided whether the SEC or CFTC would be given jurisdiction over cryptocurrencies. There are a number of proposals making their way slowly through Congress with the goal of providing legislative certainty in regards to the sector. Highlighted Crypto News Today: Ethereum Price Consolidates Around $1700; Traders Await Breakout

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]