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17/09/2023

There are hopes that the United States could see a new crypto resurgence after several rulings this year have seen court judges “rein in the SEC,” according to a digital asset lawyer from K&L Gates.

On Aug. 31, Jeremy McLaughlin, a partner at the global law firm, noted that multiple U.S. court cases have stomped on arguments from Securities and Exchange Commission Chair Gary Gensler, who has said that almost all digital assets are securities.

Dimitropoulos (center-left), McLaughlin (center-right) and Leung (right) speaking on a panel regarding crypto regulation. Source: Tom Mitchelhill/Cointelegraph

17/09/2023

U.Today - Stories about savvy whales and investors making have become a usual part of the cryptocurrency industry, but what about those who do not have the Midas touch but still manage fairly large sums of ?

One such Ethereum investor has been grabbing attention for all the wrong reasons. This individual seems to have a knack for making poor choices when it comes to perpetual contracts, and their recent moves have left many in the crypto world utterly baffled.

16/09/2023

Crypto exchange Binance has encouraged users to start converting their Binance USD (BUSD) stablecoin holdings into other available assets, including a newly listed stablecoin, amid plans to wind down support for BUSD.

In an Aug. 31 statement from Binance, the crypto exchange confirmed prior speculation that it will gradually stop support for BUSD by February 2024 — a decision in line with Paxos' plans to end BUSD redemption at that time.

16/09/2023

Researchers behind the well-known Cambridge Bitcoin Electricity Consumption Index (CBECI) have officially revised its methodology to enhance the accuracy and reliability of the Index’s estimates for the first time since its inception in 2019.

The CBECI was launched in July 2019 in an effort to provide reliable data-driven insights to questions about Bitcoin mining’s energy-intensive nature and associated environmental impact.

CBECI looked at U.S. import records on Bitcoin mining equipment (left) and estimated computing power derived from import data (right). Researchers used the hash rate (in TH/s) and gross weight stated by the manufacturer and applied an equally weighted mix of the following models from Canaan’s Avalon A1246, Avalon A1266, Avalon A1346 and Avalon A1366

15/09/2023

Crypto analytics platform Arkham Intelligence has revealed financial services company and crypto trading platform Robinhood (NASDAQ:HOOD) as a leading holder of Ether (ETH) and the owner of the fifth-largest ETH wallet, which contains about $2.54 billion of the cryptocurrency.

Arkham stated on X (formerly Twitter) that its recognition of Robinhood possessing the third-largest Bitcoin wallet garnered significant attention. However, it said less attention has been paid to its identification of Robinhood as the holder of the fifth-largest ETH wallet. In a separate update, Arkham emphasized that these funds are user balances under custody.

15/09/2023

Crypto.news - Non-fungible token (NFT) sales have witnessed a significant surge after taking a downward curve between Aug. 25 and 29.

According to CryptoSlam, NFT sales grew by 36.5% in the past 24 hours, reaching roughly $14.25 million. Per the data aggregator, the total trades are still down by 19% from its local top of $17.61 million on Aug. 17.

Moreover, the total number of transactions and the average sale have also registered 9.05% and 32.33% hikes. Per CryptoSlam, the number of transactions has reached 277,997 while the average value of a sale grew to $51.

On the other hand, the total amount of wash trades has also risen with the NFT uptrend. According to the data provider, the NFT wash volume has risen by 4.45%, reaching $4.51 million in 28,207 wash transactions.

Per CryptoSlam, Ethereum (ETH) remains the preferred blockchain for NFT trades, with a total sales volume of $8.4 million. Polygon (MATIC) comes second with a notable share of $1.2 million.

13/09/2023

The biggest new memecoin of 2023, Pepe (PEPE), suffered one of the worst possible fates that can befall a new crypto asset — a partial rug pull after its anonymous developers abruptly sold nearly $16 million worth of the token on Aug. 24.

The official Pepe X (formerly known as Twitter) account explained the drop was due to “three ex-team members” going behind their back and selling the tokens without their knowledge — a move that saw the price of Pepe plummet as much as 26% in the days following, without much respite.

Pepe liquidity held strong despite the sudden plunge. Source: Kaiko

12/09/2023

The U.S. dollar edged higher in early European trade Tuesday, reversing some of the previous session’s sharp losses as traders revised their positions before data showing a potential rise in U.S. inflation.

At 03:10 ET (07:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher to 104.332, after falling 0.5% in the prior session, retreating from last week's six-month high of 105.15.

U.S. inflation release the main focus
The focus of the foreign exchange market this week is squarely on U.S. consumer inflation data due on Wednesday, which is expected to set the tone for a Federal Reserve meeting next week.

The central bank is widely expected to keep rates on hold in September, but signs that inflation is proving sticky could prompt another hike before the end of the year.

“The FOMC has already entered the pre-meeting blackout period, but the latest indications clearly pointed to a pause in September. Can inflation change policymakers’ minds? It would probably need to be a materially stronger than expected print, but from an FX perspective, expect the bullish pass-through to the dollar to be felt anyway,” said analysts at ING, in a note.

U.K. wage growth remains high
GBP/USD traded largely flat at 1.2505, as traders digested the latest U.K. employment data.

The U.K. unemployment rate rose to 4.3% in the three months to July from 4.2% a month earlier, its highest since the three months to September 2021, with the labor market showing signs of cooling.

However, wages excluding bonuses were 7.8% higher than a year earlier in the three months to July - the joint-fastest rate since records began in 2001 - putting more pressure on the Bank of England to tighten monetary policy further.

BOE policymaker Catherine Mann warned late Monday that it's too soon to stop raising rates, and the central bank is widely expected to hike by another 25 basis points.

12/09/2023

Most Asian currencies moved little on Tuesday, while the dollar steadied close to a six-month peak as investors hunkered down before data showing a potential rise in U.S. inflation.

Markets were also holding out for more economic cues from China, as recent data showed some improvement in inflation and loan activity through August. But the overall outlook for the Chinese economy still deteriorated, with a Reuters poll now forecasting 2023 GDP growth of 5%- in line with China’s official forecast, but lower than forecasts from investment banks.

The yuan remained resilient through this, with the Chinese currency rebounding from a near 10-month low this week as the People’s Bank rolled out a series of strong daily midpoints. The bank was also seen intervening in currency markets to buoy the yuan.

Uncertainty over China kept the Australian dollar trading in a tight range on Tuesday, while a private survey also showed that Australian consumer sentiment deteriorated further in early-September.

Other China-exposed currencies moved little, with the South Korean won and Taiwan dollar both trading less than 0.1% in either direction.

The Indian rupee fell slightly after rebounding from near record lows on Monday. Markets were also awaiting consumer inflation readings from the country, which are expected to show continued resilience in prices through August.

Japanese yen rebounds amid hawkish BOJ talk
The Japanese yen steadied on Tuesday after rebounding sharply from a near 10-month low overnight. The currency was boosted chiefly by comments from Bank of Japan Governor Kazuo Ueda, who said that an end to the BOJ’s negative interest rates could be close.

Ueda said that the BOJ’s 2% inflation target was within sight, which would give the bank more impetus to begin raising rates after nearly a decade of ultra-loose monetary policy.

But while such a scenario bodes well for the yen, the currency was still nursing steep losses for the year, hit chiefly by a widening gap between local and international interest rates.

Worsening risk sentiment and fears of a BOJ pivot also diminished the yen’s appeal for carry trade this year.

11/09/2023

The price of Solana (SOL) has plunged more than 6% the last 24 hours, amid fears that bankrupt crypto exchange FTX may soon liquidate its significant portions of the token and other Solana-affiliated crypto assets.

The price of Solana has fallen 6% to $18.38 in the last 24 hours. Source: CoinGecko
According to a combination of data from Solscan, which has added up the value of the three publicly available FTX cold storage wallets, the FTX estate holds a combined $1.5 billion in crypto assets on the Solana network.

11/09/2023

Crypto.news - Texas Senator Ted Cruz has voiced support for Bitcoin (BTC) mining operations in the U.S., emphasizing its potential to enhance the resiliency of energy grids during times of crisis.

Cruz, a Republican, expressed his bullish stance to Fox News Radio.

Cruz lauded the beneficial influence of Bitcoin mining on the energy industry, specifically focusing on its positive impact in the Lone Star State. But the former GOP presidential candidate’s endorsement comes at a critical time for Texas, which recently experienced its second-hottest summer on record.

Texas subsequently suffered an energy crisis, exacerbated by the sector’s high electricity consumption. Riot Platforms and other large-scale miners like Marathon Digital Holdings were forced to halt operations during past emergencies, affecting their profitability and sparking debates over their role in the state’s energy landscape.

The state’s power grid operator awarded Riot $31.7 million in energy credits to incentivize the Bitcoin miner to reduce its operations.

Cruz, however, maintains that Bitcoin can play a pivotal role in conserving energy resources. He noted that Bitcoin mining machines can swiftly power down in crisis, effectively becoming emergency reservoirs of power.

He explained that Bitcoin miners’ ability to divert energy resources to essential needs, such as hospitals and homes, makes them necessary.

Positive reactions from Bitcoin advocates
Dennis Porter, CEO of the Satoshi Act Fund, a non-profit organization advocating for favorable Bitcoin mining policies, praised Cruz’s stance on Bitcoin.

Porter further highlighted the growing acceptance of Bitcoin among politicians, describing it as a winning issue. He noted that politicians recognize the potential of aligning with Bitcoin to attract new voters and donors while positioning the U.S. as a leader in innovative technologies.

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