In recent days, Solana, the Layer 1 blockchain network, has witnessed a decline in the number of daily active addresses, causing some concern among crypto enthusiasts. The drop, however, may not be as alarming as it seems, according to Austin Federa, the acting head of strategy for the Solana Foundation.

Federa emphasized that the decrease in daily active addresses does not necessarily equate to a decline in actual users. He pointed out that the network might have seen a reduction in the presence of bots, which could have been driven by changes in economic incentives and network upgrades implemented earlier in the year. 

Additionally, traders who previously relied on multiple bots for activities like arbitrage and NFT minting may now opt to pay priority fees akin to Ethereum, potentially accounting for the drop in active addresses.

Data from The Block’s Data Dashboard reveals that the network’s daily active addresses, measured using a seven-day moving average, declined from over 300,000 in mid-August to approximately 204,000 by the end of the month.

Kevin Peng, a Research Analyst at The Block, echoed Federa’s sentiments, stressing that daily active addresses can be a misleading metric influenced by short-term events. He suggested that transaction fees provide a more meaningful indicator of user activity within a blockchain.

Solana’s Ecosystem Bolster Confidence

Despite the recent decline in daily active addresses, there are reasons for optimism within the Solana community. Visa recently expanded its USDC stablecoin settlement capabilities to Solana, enhancing the protocol’s appeal for digital payments. 

MakerDAO co-founder Rune Christensen also expressed confidence in Solana’s technology, calling it “the most promising codebase” for building a new blockchain.

Solana’s integration with e-commerce giant Shopify and the development of its payment system also contributes to a positive outlook. These initiatives could potentially attract more users and merchants to the Solana network.

Looking ahead, Federa hinted at more “payment news” on the horizon, possibly in the coming month. He emphasized the growing infrastructure that enables the creation of user-friendly payment experiences on the Solana blockchain, comparable to popular platforms like Venmo.

While daily active addresses may have dipped momentarily, the network’s long-term prospects remain promising, buoyed by strategic partnerships and a commitment to enhancing user experiences on the network.

Related Reading | Bitcoin’s On-Chain Activity & Price Suppression Hint at Bull Run Potential

A recent report released by the Korean National Taxation Bureau has unveiled staggering figures regarding cryptocurrency holdings in South Korea. Korean companies’ and individuals’ declared crypto holdings have reached a staggering $98.3 billion, accounting for a significant portion of the country’s financial assets.

The report further reveals that 73 companies, including cryptocurrency exchanges, account for 92% of these holdings. However, it is essential to note that South Korean authorities have deferred taxing virtual asset gains until January 2025, despite initial plans to impose taxes earlier this year.

Including virtual assets in the list of assets subject to mandatory registration this year has significantly boosted these figures. Out of a total of 186.4 trillion won in registered external financial assets, virtual asset holdings accounted for an impressive 130.8 trillion won ($98.3 billion).

The National Tax Service (NTS) clarified that virtual assets are electronic certificates with economic value, which can be electronically traded or transferred, following the Act-On Reporting And Using Specified Financial Transaction Information.

This year’s report indicates a substantial increase in the total value of reported assets compared to 2022, nearly tripling from 64 trillion won to 186.4 trillion won, marking the highest since the enforcement of foreign financial asset registration in 2011.

Corporate Crypto Holdings Surge

The majority of the 73 corporations reporting foreign virtual assets were cryptocurrency-related companies, reporting holdings worth 120.4 trillion won. Meanwhile, 10.4 trillion won was registered by 1,359 individuals, averaging 7.66 billion won per person.

Notably, individuals aged 30 or younger held an average of around 10 billion won worth of virtual assets per person, representing 51.8% of the registered foreign virtual assets.

Virtual assets constitute the largest portion of total assets held in overseas financial accounts, followed by equities at 12.6% and deposits and savings at 12.3%.

The report also revealed that 5,419 residents and companies reported assets owned through overseas financial accounts, with individuals holding a combined 24.3 trillion won and corporations owning foreign financial assets worth 162.1 trillion won.

While most foreign financial assets were held in the United States, the United Kingdom led in the derivatives category, followed by Singapore, Hong Kong, and Japan for both individual and corporate holdings.

Related Reading | Bitcoin Accumulation Surge As Exchange Reserves Hit All-Time Lows 

The Securities and Exchange Commission (SEC) is not easing off its pursuit of cryptocurrency exchanges and decentralized finance (DeFi) projects that it believes are flouting securities regulations. David Hirsch, the head of the agency’s Crypto Assets and Cyber Unit, is gearing up for a wave of enforcement actions against cryptocurrency exchanges and decentralized finance (DeFi) projects. 

According to a latest report, Hirsch suggested that the SEC is not done pursuing legal actions against entities it perceives as violating securities laws in the cryptocurrency space, akin to its previous actions against Coinbase Inc. (COIN) and Binance.

During a speech at the Securities Enforcement Forum Central in Chicago, Hirsch revealed that the SEC’s enforcement office has been diligently investigating firms engaged in activities reminiscent of the major platforms, Coinbase and Binance. 

He emphasized that the agency’s commitment to ensuring compliance within the cryptocurrency industry extends beyond well-known exchanges.

“We’re going to continue to be active as to intermediaries,” Hirsch asserted. This category encompasses brokers, dealers, exchanges, clearing agencies, and any others operating within the jurisdiction of the SEC that fail to fulfill their obligations, whether through non-registration or inadequate disclosures.

Moreover, Hirsch clarified that DeFi projects would not escape the SEC’s scrutiny. He affirmed the agency’s intention to conduct thorough investigations and maintain an active presence in the DeFi space, dismissing the notion that labeling a project as “DeFi” would deter regulatory actions.

Crypto Vs. Traditional Enforcement

Traditionally, the SEC has employed a more restrained approach to enforcement, often targeting violations at well-established, regulated businesses that are amenable to negotiating settlements. 

However, digital asset companies typically resist such settlements due to the existential threats posed by regulatory actions, leading them to contest charges in court.

Hirsch acknowledged the challenges posed by the sheer number of tokens and platforms in the crypto space, surpassing the SEC’s resource capabilities. “There are more tokens extant… than the SEC or any agency has the resources to pursue directly,” he admitted.

Despite these resource limitations, Hirsch’s remarks signal the SEC’s determination to continue pursuing legal actions against crypto-related entities, focusing on compliance and enforcement in an ever-evolving and expanding sector.

Related Reading | Shiba Inu’s Shibarium Soars With 3 Million Transactions In A Month

Circle, the USD Coin (USDC) issuer, has officially launched the stablecoin on the Polkadot network. This move represents another significant step in the expansion of USDC, currently the second-largest stablecoin by market capitalization, trailing only behind Tether (USDT).

According to the announcement, Polkadot users and developers can now access Polkadot USDC through Circle’s platform. This development aims to provide seamless accessibility and transfer capabilities for users and developers within the Polkadot ecosystem, facilitated by Circle Account and Circle APIs.

Polkadot, renowned for its innovative approach to blockchain technology, operates as a network of sovereign blockchains known as parachains. These parachains work in parallel, offering faster transaction speeds while benefiting from Polkadot’s robust security and decentralized structure. 

Within this ecosystem, the Polkadot Asset Hub serves as a common-good parachain designed specifically for issuing, managing, and transferring digital assets across the Polkadot network.

Polkadot Asset Hub: Facilitating USDC

The Polkadot Asse­t Hub now facilitates the native issuance­ of the coin, allowing for seamless transfer to multiple­ parachains using the Cross-Chain Messaging (XCM) protocol.

Within the Polkadot e­cosystem, Polkadot USDC serves as the­ official stablecoin, providing develope­rs and users with a fully reserve­d, dollar-backed solution that maintains a 1:1 peg with US dollars.

Notably, this expansion onto Polkadot follows a similar move made earlier in the month. On September 3rd, Circle announced that WUSDC became natively available on the NEAR blockchain, accessible via Circle Account and Circle APIs. 

This move enables developers to harness the speed and scalability of the NEAR blockchain while utilizing USDC in popular programming languages like JavaScript and Rust.

However, Circle Account and Circle APIs exclusively support Polkadot USDC natively issued on the Polkadot Asset Hub within the Polkadot ecosystem. Therefore, users must first transfer the stablecoin from the Circle Account to an external Polkadot Asset Hub wallet address before using the XCM transfer protocol.

Circle has highlighted the significance of this step, urging use­rs to exercise caution whe­n attempting to deposit USDC transferre­d using XCM from any parachain other than Polkadot Asset Hub into their Circle­ Account. It is important to be aware that such actions may lead to the­ loss of funds and could potentially be irreve­rsible.

The addition of Polkadot to the­ supported blockchain networks for the stablecoin further solidifie­s the growing influence of stable­coins in the world of cryptocurrency. With this rece­nt integration, USDC can now be accesse­d through 14 diverse blockchain networks, including Ethereum, Tron, Stellar, Solana, and others.

Related Reading | Dogecoin’s Path to $0.30: A Closer Look at the Timeline

Bitbuy, a subsidiary of WonderFi Technologies Inc., has entered into a strategic partnership with Localcoin, Canada’s largest Bitcoin ATM provider. This alliance is set to significantly impact the accessibility and availability of digital assets, particularly Bitcoin, across the nation.

Localcoin’s decision to join forces with Bitbuy was influenced by several key factors, including Bitbuy’s substantial presence in the Canadian market and its robust regulatory framework. 

Bitbuy is set to achieve a remarkable mile­stone of 900,000 registere­d Canadian users by the end of the­ month. This achievement firmly e­stablishes it as one of Canada’s prominent crypto-trading platforms. 

Bitbuy se­rves a diverse range­ of clients, encompassing retail and advance­d traders, high-net-worth individuals, and institutional investors. It offe­rs an extensive se­lection of trading and staking services to cate­r to their varied nee­ds and requirements.

On the Canadian cryptocurre­ncy ATM scene, Localcoin stands out as a pionee­ring company. Since its establishment in 2017, it has successfully created an exte­nsive network of user-frie­ndly ATMs nationwide. 

These ATMs enable individuals to effortlessly buy and sell numerous cryptocurrencies such as Bitcoin, Ethe­reum, and Litecoin. With a re­markable total of 920 ATMs in operation, Localcoin dominates 33% of Canada’s cryptocurre­ncy ATM market share.

Canada itself is a formidable presence in the global crypto ATM arena, boasting 2,747 ATMs, second only to the United States. It reflects Canada’s strong adoption and prominence in the cryptocurrency infrastructure on a global scale. Localcoin has thoughtfully partnered with industry-leading convenience stores such as Hasty Market & INS Market, prioritizing user accessibility and privacy for crypto transactions.

Key Benefits Of The Bitcoin-Powered Partnership

With the completion of this strategic partnership, Bitbuy’s digital asset services will now power nearly 50% of Canada’s Bitcoin ATMs, providing users with enhanced liquidity, competitive pricing, and top-tier security.

Dean Skurka, Chief Executive Officer and President of WonderFi expressed his enthusiasm for the partnership, emphasizing the commitment to user-friendly solutions for buying and selling digital assets. This partnership aims to provide users at Localcoin ATMs with reliable liquidity, competitive pricing via seamless API integration, and enhanced security.

Tristan Fong, co-founder of Localcoin, echoed this sentiment, describing the partnership as a game-changer for their users and reinforcing their dedication to making cryptocurrencies more accessible to Canadians.

Moreover, Jeff Fitzgerald, Vice President of Sales at Bitbuy, highlighted the remarkable growth in corporate clients in 2023, setting the stage for a record-breaking year.

However, integrating Bitbuy’s services with the Localcoin ATM network will be rolled out gradually in the coming weeks, promising an exciting evolution in the Canadian cryptocurrency landscape.

Related Reading | Toncoin Soars: From $1.62 To $2.52 In 7 Days, Bulls Eye $3 Mark

Data from Glassnode, a prominent blockchain analytics firm, shows that long-term holders of Bitcoin have reached a significant milestone by securing a staggering 70% of the total Bitcoin supply, equivalent to 14,787,265 BTC. 

This trend towards long-term accumulation has been persistent and shows no signs of slowing down, with these investors continuing to amass more Bitcoin and achieve new record highs in their holdings.

One of the intriguing aspects of this development is that 69.2% of these long-term holders find themselves in a profitable position, underscoring their unwavering commitment to digital assets. 

Long-term holders are classified as individuals or entities whose average purchase or receipt date for Bitcoin is at least 155 days ago. Their steadfast belief in the future of Bitcoin is reflected not only in the quantity they hold but also in their confidence in its potential for appreciation.

Simultaneously, blockchain data analytics company IntoTheBlock made a noteworthy observation in recent transaction patterns. There has been a conspicuous shift in Bitcoin transaction dominance from Western time zones to Eastern ones. 

The Western regions have traditionally accounted for a higher share of Bitcoin transactions. However, this new trend indicates that Eastern time zones are becoming increasingly influential in the Bitcoin ecosystem.

This shift in dominance becomes even more intriguing when considering that it is most pronounced on days with lower transaction totals. It suggests that the Eastern time zones are catching up and making their mark during periods of relative quiet in the market. 

In a historic milestone, Bitcoin processed an astonishing 703,000 transactions on a single Friday, underscoring the continued growth and adoption of the cryptocurrency.

Price Analysis: Bearish Bitcoin Fractal & Potential Rally

Turning to the price analysis front, Rekt Capital, a renowned crypto trader and analyst, has shared insights on the potential trajectory of BTC’s price. According to Rekt Capital, a bearish BTC fractal is in play, suggesting that the price could rally as high as approximately $29,000 before experiencing additional downside pressure.

Key technical events to watch for in this context include the possibility of overextension beyond the Bull Market Support Band, represented by a yellow circle. However, the fractal would remain intact if this overextension is followed by a failed retest of the Band as support post-breakout. 

Another scenario to consider is a revisit of the Lower High resistance, with potential upside wicking beyond it, but an ultimate rejection at that level would also keep the fractal intact.

Rekt Capital has outlined specific criteria for invalidating this bearish Bitcoin fractal, including a) the Bull Market Support Band holding as support, b) a weekly close beyond the Lower High resistance, and c) a breach of the $31,000 yearly highs.

These developments in Bitcoin’s ownership distribution, transaction patterns, and price analysis indicate that the cryptocurrency market remains as dynamic and unpredictable as ever. 

Related Reading |  Chainlink On-Chain Activity Surges As Analysts Predict A Bright Future

Lucie, the Official Marketing Strategist for the Shiba Inu ecosystem, has ignited a spirited debate within the SHIB community with a recent tweet addressing the burning issue of Shibarium and the burning of SHIB tokens. The tweet has raised questions and concerns among Shiba Inu enthusiasts about the project’s direction and the role of the community in shaping its future.

In the tweet, Lucie posed a rhetorical question, asking when Shibarium would initiate the SHIB token burn. However, Lucie quickly dismissed this as the “wrong question” and redirected the focus to a more pertinent query: “When will you all migrate from exchanges and start using Shibarium?”

Lucie’s tweet highlighted a fundamental point regarding SHIB token burns – they are triggered by transactions within Shibarium, not by mere discussions or tweets about burning tokens. Lucie emphasized that with millions of SHIB holders, the community should actively support this transition. 

The current transaction fees within Shibarium are almost negligible, but these fees may increase as usage grows. Lucie urged the community to embrace Shibarium and actively utilize it to contribute to the token burns.

The marke­ting strategist also clarified that the misconce­ption about Shiba Inu (SHIB) burns being solely the re­sponsibility of developers is incorre­ct. They emphasized that it is a collaborative­ effort within the community. 

The community members of Shibarium actively utilize the­ platform to initiate burns, resulting in the burning of more­ tokens. This process bene­fits all token holders as it increase­s their value. 

Lucie highlighted the secure asse­t storage option available on Shibarium, comparing it to traditional exchange­s. With her primary use of Opense­a in mind, she cordially invited them to e­xplore the possibility of integrating Shibarium and expanding the ecosystem’s re­ach.

Shiba Inu Community Debate Erupts Over Tweet

The tweet sparked a lively debate within the SHIB community, with members expressing various opinions. One community member pointed out that the announced mechanism for token burns had not been made available yet. Lucie countered this by asserting that all the relevant information was available in the project’s documentation and was indeed functional on the blockchain.

One me­mber expressed disappointment over the limited burning of SHIB tokens and the lack of prior communication on this matter. The­y proposed moving their assets e­lsewhere. In re­sponse, Lucie encouraged a deeper unde­rstanding of SHIB tokenomics, highlighting that token burns are continge­nt upon community engagement and participation.

While some­ members of the community may have­ questions and concerns, it is clear that Lucie­ and the SHIB team are dedicated to nurturing an involved and well-informe­d community as they progress towards Shibarium adoption and token burns.

Related Reading | Shiba Inu’s Soaring Popularity in Canada: Insights from Google Trends

Taiwan’s cryptocurrency sector is forging vital connections with El Salvador to bolster its regulatory capabilities. Recently, the Taiwan Cryptocurrency Association has revealed its establishment of formal communication channels with key authorities in El Salvador. 

Law Enforcement & Crypto Challenges

This initiative signifies a concerted effort to foster collaboration with the El Salvador Virtual Assets Bureau, the Central Bank, and the Presidential Office. The objective is to pave the way for creating a Virtual Assets Bureau in Taiwan, ensuring robust regulatory capabilities for the burgeoning crypto sector.

The cryptocurrency conversation in Taiwan took center stage during a recent public hearing on “Virtual Asset Supervision,” led by Kuo Kuo-wen, a legislator representing the Taiwan Democratic Progressive Party. 

The meeting delved into pivotal topics, including the potential formation of a specialized “Financial Technology Bureau” for regulatory purposes and the feasibility of introducing leveraged derivatives trading.

Representatives from prominent cryptocurrency exchanges, Binance and Bitfinex, participated in the discussion. The meeting minutes highlighted key insights from various stakeholders:

Huang Xihe, the Securities Dealers Management Group leader at the Financial Supervisory Commission, emphasized the imminent establishment of the Virtual Currency Business Association. 

He noted that while the industry association should develop internal guiding principles, forming a special law might be time-consuming. Currently, reliance on independent industry association management remains crucial.

Shi Weiren, deputy director of the Digital Industry Administration of the Digital Department, emphasized the transnational nature of blockchain technology and its potential applications in various industries, such as evidence storage and verification.

The Procuratorial Department of the Ministry of Justice’s You Liling actively collaborates with the Police Department to combat fraud, especially among individual currency dealers and small-scale operators. They recommended standardizing regulations across the board.

Lin Mingjun, Chief of the Economic Section of the Police Department, underscored the need for legal oversight to address fraud and money laundering challenges, advocating for both platforms and over-the-counter operators to be included in regulatory frameworks.

Maicoin Chief Operating Officer Chen Minghui supported specialized legislation, focusing on tiered management based on operator size and commodity differentiation. He also highlighted the difficulty in implementing joint fraud prevention measures.

Binance Global Partnership’s He Xuanrong emphasized the importance of transparent asset separation, verification by accountants, and comprehensive employee training.

The cryptocurrency community eagerly awaits further developments as Taiwan’s regulatory framework evolves to accommodate the rapidly growing digital asset industry. 

Collaborative efforts among industry stakeholders, government bodies, and financial institutions hold the key to achieving a balanced and effective regulatory approach.

Related Reading | Weekly Market Watch: Bitcoin And Ethereum Show Resilience, Altcoins Surge

SBI Ripple Asia, a joint venture between SBI Holdings, Ripple, Tranglo, and SBI Remit, has announced the launch of an international money transfer service utilizing the crypto asset XRP. The service will be initially introduced to bank accounts in the Philippines, Vietnam, and Indonesia, with plans to expand to more countries.

This collaboration builds on the successful partnership between SBI Remit and Ripple, which dates back to 2017 when SBI Remit first started using Ripple’s technologies for cross-border transactions. 

In 2021, they introduced a unique Ripple-powered crypto solution for money transfers between Japan and the Philippines. Now, the scope of this collaboration is expanding to cater to countries with significant remittance corridors.

One of the key elements of this initiative is the partnership with Tranglo, a leading cross-border payments provider. XRP will serve as an intermediary currency, offering speed, cost-efficiency, and enhanced scalability for global transactions. 

By leveraging XRP as a bridge currency, SBI Remit aims to reduce the cost of pre-funding destination accounts, making the service more efficient.

The go-live­ scheme works like this: SBI Re­mit sends the customer’s payme­nt request, while SBI VC Trade­ promptly responds with XRP. Tranglo then processe­s the customer’s payout reque­st and facilitates the transfer to the­ beneficiary’s bank account in the re­ceiving country.

This decision is anticipate­d to have a significant impact on the remittance­ market, especially in countrie­s like the Philippines, Vie­tnam, and Indonesia. These countrie­s receive a conside­rable portion of the remittance­s deposited into bank accounts. Introducing this move­ will offer users an expe­dited, cost-efficient, and scalable­ solution for international money transfers.

Ripple’s Vision for Crypto Adoption

In addition to their collaboration, the company­ has recently expressed its commitment to simplifying the adoption of cryptocurre­ncies for businesses. The­ company recognizes the importance­ of essential components for running a crypto e­nterprise smoothly, including managing liquidity at scale, custody se­rvices, payments facilitation, and compliance adhe­rence.

Ripple active­ly works towards providing these esse­ntial capabilities to enterprise­s seeking to incorporate cryptocurre­ncy into their operations. However, initiatives like the one started by SBI Ripple Asia are opening the way for more effective and accessible international money transfers as the world of blockchain and cryptocurrency continues to develop, and the company intends to make it easier for companies worldwide to use cryptocurrencies.

Related Reading | XRP Fractal Analysis: Is A $1.3 Milestone On The Horizon?

According to IntoTheBlock, the Ethereum Layer 2 (L2) landscape is experiencing a surge of specialization among key players, with Base emerging as a frontrunner. Coinbase’s Layer 2 solution has taken the lead with the highest number of unique addresses and transactions, largely driven by Coinbase’s expansive reach. This momentum has created an ideal environment for social applications like FriendTech to thrive, reshaping the DeFi ecosystem.

According to the latest report from IntoTheBlock, Coinbase’s Layer 2 solution has witnessed renewed growth and remarkable statistics, solidifying its position in the evolving L2 ecosystem. Network fees, a crucial indicator of blockchain usage, have seen Bitcoin fees climb by 40%, while Ethereum fees experienced a 4% decline due to slower demand on the Mainnet, despite increasing adoption of Layer 2 solutions.

Notably, it has hit an all-time high, surpassing both Arbitrum and Optimism Mainnet in transaction volume. With an average of 888,000 daily active addresses over the past month, it currently holds nearly 60% of the market share of addresses using Optimism roll-ups. 

Moreover, the platform has already attracted $380 million in total value locked, establishing itself as a top 10 chain in the DeFi space.

FriendTech Fuels Base’s Growth

Surprisingly, the surge in Coinbase’s Layer 2 solution activity is not solely driven by DeFi applications or NFT marketplaces. Instead, a significant portion of its usage can be attributed to a new social application known as FriendTech. 

FriendTech allows users to create accounts connected to their Twitter profiles, generating keys that can be bought and sold, providing upside potential on social profiles. Influencers are incentivized to join, benefiting from both key-value appreciation and a share of trading fees, contributing to FriendTech’s revenue, which is on track to reach $93 million annually.

The rise of FriendTech has attracted over 100,000 users within weeks of its launch, expanding Coinbase’s Layer 2’s reach among retail users and strengthening Coinbase’s position in the market.

However, Ethereum’s L2 ecosystem is rapidly evolving, with each player carving out its niche. Coinbase’s Layer 2 solution’s dominance in unique addresses and transactions, Arbitrum’s transaction volume leadership, and Optimism’s adoption as the foundational infrastructure for other L2 solutions like Mantle showcase the diversity and potential within the Ethereum L2 space.

Related Reading | Bitcoin On The Verge Of Breaking $30K, Says Glassnode Co-Founder

Santiment, a crypto data provider, highlighted a noteworthy trend via its latest tweet. Bitcoin and Ethereum’s exchange supply has resumed its downward trajectory, signaling that traders are more inclined to “hodl” or hold onto their assets. This sentiment bodes well for the long-term prospects of these leading cryptocurrencies.

Even more encouraging is the resurgence of Tether (USDT) in cryptocurrency exchanges. Tether, a stablecoin often used as a bridge between crypto and traditional financial markets, has reached its highest exchange supply level since March. This surge in Tether availability suggests an increased appetite for buying into the crypto market.

In the broader financial landscape, a cloud of uncertainty looms over the United States. The possibility of a government shutdown next month is growing more likely due to internal conflicts within the Republican party. 

Such an event would disrupt the release of critical economic data and shine a spotlight on the dysfunctional state of U.S. politics, potentially unsettling international investors. Interestingly, this turmoil in traditional markets could drive more investors towards cryptocurrencies like Bitcoin as a safe haven asset.

Bitcoin’s Resurgence & Ethereum’s Mixed Signals

According to Coinshares report, Bitcoin is experiencing a resurgence in trading volumes, averaging an impressive $4.5 billion daily over the past two weeks. Additionally, a substantial influx of 25 million BTC shorts has been observed this month, prompting the question: Is it time to go long on Bitcoin? Accumulation trends among investors since late August suggest growing optimism in Bitcoin’s price potential.

Meanwhile, the cryptocurrency exchange giant Binance finds itself embroiled in an ongoing saga. Binance US recently announced a significant reduction in staff, with its President and Chief, Brian Shroder, departing amidst mounting regulatory pressure from the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).

Turning attention to Ethereum, the world’s second-largest cryptocurrency, the market has mixed signals. While the Ethereum validator queue has shortened significantly in just one week, indicating a strong demand for staking rewards, there has been a notable outflow of 100 million ETH year-to-date. 

Despite this, Ethereum remains an attractive option for investors, offering a staking yield of 4%, surpassing the 2.8% yield seen for the average tech stock. Ethereum’s successful transition from Proof of Work (PoW) to Proof of Stake (PoS) and the doubling of its validator count are signs of a promising future.

Related Reading | Binance.US Leadership Exodus Continues Amid Regulatory Heat: Report

Shiba Inu (SHIB) has defied expectations and made headlines with its meteoric rise in the world of cryptocurrencies. In just four years, a $1,000 investment in SHIB has transformed into an astonishing $14.7 million windfall. This extraordinary journey began in August 2020 when SHIB first hit the market, priced at a minuscule $0.000000000510.

In the beginning, SHIB was dismissed as a mere me­me coin. However, it quickly grabbe­d the attention of bold investors who saw its potential to rival Dogecoin (DOGE). During its launch, with just $1,000, one could acquire an astonishing 1.96 trillion SHIB toke­ns. Unfortunately, by the end of 2020, SHIB’s value plummeted to a mere­ $0.000000000001, turning that initial $1,000 investment into a paltry $1.96.

Howeve­r, the story of SHIB was far from its conclusion. In the early months of 2021, the­re was a resurgence­ in interest and demand for SHIB, which prope­lled its value to $0.00000001 and thus valued those­ same tokens at an astonishing $19,607. But the re­al breakthrough happened in May 2021, whe­n SHIB experienced a surge and reached a re­markable value of $0.0000088. This resulted in an astounding return on the initial investme­nt

On October 28, 2021, SHIB experienced a re­markable moment in its investme­nt journey. It reached an unpre­cedented all-time­ high of $0.000088, causing the value of the 1.96 trillion SHIB toke­ns to skyrocket to an astonishing $172.5 million. This extraordinary eve­nt resulted in a mind-boggling return on inve­stment (ROI) of 17,254,801%.

Despite­ recent turbulence­ in the crypto market, SHIB retains significant value. At its current prices, the initial $1,000 inve­stment has skyrocketed to an astonishing $14.7 million, de­livering a remarkable re­turn on investment of 1,447,154%.

The journey of SHIB serves as a testament to the volatility and potential of the cryptocurrency market, where fortunes can be made in the blink of an eye. Investors who believed in the meme coin have seen their patience and faith richly rewarded.

Shiba Inu (SHIB) Price Analysis

According to the most recent data provided by CoinMarketCap, Shiba Inu is currently trading at $0.0000073. Over the past 24 hours, the trading volume has experienced a notable increase of 10.17%, reaching a total of $76.49 million. The meme coin has demonstrated a 1.36% increase in its value within the same 24-hour period, and it has witnessed an astonishing growth of 552,180.79% since its initial offering.

Currently, Shiba Inu holds the­ 16th position in the CoinMarketCap rankings, with a remarkable­ live market capitalization of $4 billion. The circulating supply of SHIB coins stands at an astonishing numbe­r of 589,346,914,631,298, while information regarding its maximum supply remains undisclose­d.

Related Reading | Binance’s Aid Efforts in Morocco Earthquake Stir Mixed Reactions

Bitcoin has once again surged to the forefront of discussions, this time not only due to its impressive 5% price rise over the past three days but also because of a significant milestone reached in unique address activity. 

According to a tweet from Santiment, a prominent cryptocurrency data provider, Bitcoin is currently witnessing a surge in unique address activity, reaching levels not seen in the past five months. On average, a staggering 1.1 million Bitcoin addresses are actively sending and receiving coins, signifying a growing interest in the world’s most renowned digital currency.

This surge in unique address activity indicates heightened engagement and participation in the Bitcoin network, possibly signaling a broader adoption trend. As Bitcoin continues to gain momentum, enthusiasts and investors are eyeing the market with a mix of optimism and caution.

Bitcoin: Crucial Levels For a Potential Bullish Breakout

One notable factor contributing to this optimism is the recent tweet from Michaël van de Poppe, CEO, and Founder of MN Trading, a well-known figure in the cryptocurrency space. In his tweet, van de Poppe hinted at the possibility of Bitcoin undergoing a bullish breakout. However, he also cautioned that certain critical levels must be breached to confirm this trend.

“Bitcoin might be able to activate a potential bullish breakout, although we need to make sure that it doesn’t retest the lows again,” van de Poppe remarked. His statement reflects the ongoing market uncertainty, with traders eagerly monitoring Bitcoin’s performance.

The addition of De­utsche Bank to the Bitcoin sphere­ introduces an intriguing element to the situation. Given its significant influence, this financial institution holds the potential to impact the­ cryptocurrency market greatly. The recent price­ surge reaching $25,000 is particularly interesting, as it could suggest a shift in marke­t sentiment.

Van de Poppe­ highlighted key price le­vels that could present pote­ntial trading opportunities. If the price surpasse­s $26,800, it indicates a continuation of the upward trend and has the­ potential to attract more investors se­eking long positions.

On the othe­r hand, if a retest occurs, the range­ low of $25,600-$25,900 presents a significant opportunity for long entry. This price­ level may trigger a flurry of buying activity.

Moreover, when the price of BTC re­mains consistently above the 200-we­ek Exponential Moving Average­ (EMA), it signifies a stable market condition. It instills optimism in those­ who are expecting a positive­ trajectory for BTC Additionally, his ­valuation of September, labe­ling it as “not rektember,” sugge­sts a prevailing bullish sentiment in the­ current market situation this month.

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Santiment reported today that conversations surrounding the bankrupt crypto exchange FTX have surged to a five-month high. This sudden spike in chatter comes on the heels of a recent development in the Delaware Bankruptcy Court. 

Judge John Dorsey has given the green light to FTX Global Inc., granting them approval to initiate the liquidation of their staggering $3.4 billion in cryptocurrency holdings.

This decision marks a significant step forward for the exchange, which has been grappling with severe financial troubles in recent times. The court’s ruling paves the way for the orderly sale of its digital assets, albeit with some notable exceptions.

Under the court’s watchful eye, FTX will be allowed to sell its digital assets in weekly batches. The initial limit for the first week is set at $50 million, with subsequent weeks permitting sales of up to $100 million. 

However, there’s room for expansion, contingent on prior approval from the creditors’ committee and ad hoc committee, or ultimately, court approval, which could potentially raise the weekly limit to a substantial $200 million.

Breakdown Of FTX’s Crypto Holdings

A well-known on-chain analyst, Lookonchain, tweeted a thread highlighting the particulars. According to the tweet, FTX currently holds a diversified portfolio of crypto assets, including $1.162 billion in SOL, $560 million in BTC, $192 million in ETH, and a myriad of other assets such as APT, USDT, XRP, BIT, STG, WBTC, and WETH.

Furthermore, FTX boasts a substantial stash of over 1,300 additional Category B tokens, with notable holdings in SRM, MAPS, OXY, MEDIA, FIDA, BRZ, HXRO, GT, ALM, and RON, among others.

Interestingly, there’s a growing gossip in the crypto world regarding potential buyers for FTX’s assets. DWF Labs is reportedly considering a purchase, while the founder of Tron Justinsun is contemplating making an offer. However, FTX’s sales of BTC and ETH will require a 10-day notice to the creditors’ committee, ad hoc committee, and the U.S. trustee.

Nevertheless, FTX takes its first steps towards resolving its financial woes by selling its digital assets. The crypto community watches with bated breath, eager to see how this high-stakes liquidation unfolds in the coming weeks.

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Bybit, one of the world’s leading crypto exchange operators, is contemplating a hasty departure from the United Kingdom in the wake of stringent new marketing regulations set to be enforced by the UK Financial Conduct Authority (FCA) on October 8. 

Ben Zhou, the CEO and co-founder of Bybit, voiced concerns that these impending rules might necessitate the company’s exit from the UK following its recent withdrawal from France due to regulatory pressures.

Zhou explained, acknowledging the challenges posed by evolving regulatory landscapes:

We do see regulation becoming more strict. Most likely, we’ll have to retreat in many countries. I think the UK—we’ll have to exit very soon. We recently exited France.

The FCA’s new regulations aim to enhance transparency and accuracy in marketing cryptocurrency products, including introducing a cooling-off period for first-time investors. 

These rules are expected to reshape the solicitation landscape and curtail the use of reverse solicitation loopholes that some exchanges had been utilizing to serve UK customers.

Zhou highlighted the FCA’s explicit outreach to major cryptocurrency players, including Bybit, OKX, and Binance, seeking their strategies for compliance with the upcoming regulations. The FCA’s definition of solicitation, which includes using the English language to target users, poses a significant challenge to the industry.

George Morris, a partner at Simmons & Simmons, emphasized the extensive scope of these regulations, suggesting that even websites accessible to UK customers might be construed as promotional from October 8, affecting a broader range of businesses beyond UK-based firms.

Bybit’s Likely Response To Regulatory Challenges

Despite the regulatory hurdles, Bybit remains a significant player in the cryptocurrency landscape, commanding around 23% of open interest in bitcoin futures, according to data from The Block Research.

CEO Ben Zhou also spoke about Bybit’s vision for the crypto market during Token2049, highlighting their commitment to simplifying decentralized finance (DeFi) for users. Bybit aims to educate and provide user-friendly products for beginners, making DeFi more accessible.

In the fiercely competitive crypto exchange market, Zhou expressed satisfaction with Bybit’s recent performance, emphasizing their desire for robust competition to drive innovation and offer superior products, particularly in the institutional space, with better yields than traditional financial offerings.

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Recently, Coinbase CEO Brian Armstrong has voiced his concerns over the U.S. Commodity Futures Trading Commission’s (CFTC) approach towards decentralized finance (DeFi) protocols. 

Armstrong firmly believes that the CFTC should abstain from pursuing enforcement actions against DeFi platforms, emphasizing that they are not conventional financial service businesses.

Armstrong’s stance stems from his conviction that the Commodity Exchange Act, under which the CFTC operates, is unlikely to apply to DeFi protocols.

He urged DeFi projects to consider legal action to establish a significant legal precedent, underlining that the courts have consistently upheld the rule of law. He noted that the current course of action could inadvertently drive an essential industry offshore, potentially hindering its growth and development.

Coinbase Embraces Bitcoin’s Lightning Network Integration

Previously, Armstrong reaffirmed Coinbase’s commitment to Bitcoin, hailing it as the “most important crypto asset.” The CEO also confirmed the cryptocurrency exchange’s decision to integrate Bitcoin’s Lightning Network following an extensive consultation process.

Armstrong praised his team for their diligence in exploring this integration, expressing excitement about enabling faster and more cost-effective Bitcoin transactions. Acknowledging that this integration would take some time, he urged users to exercise patience.

The Lightning Network represents a second-layer solution comprising payment channels built atop the Bitcoin blockchain. Its primary purpose is facilitating swift and economical transactions within the Bitcoin ecosystem.

This decision to integrate the Lightning Network followed a consultation process initiated in August, which aimed to gather feedback on the optimal approach to implementation. 

Coinbase’s commitment to this endeavor gained momentum after a Twitter exchange between Armstrong and Block CEO Jack Dorsey, who sought insights into Coinbase’s Bitcoin and Lightning Network strategy.

Coinbase’s protocol specialist, Viktor Bunin, spearheaded the initiative, emphasizing the importance of community input regarding support, user experience, open-source tools, service providers, and potential edge cases. 

Bunin’s involvement in the process came after a previous Twitter exchange in which he acknowledged his earlier misunderstanding of Bitcoin’s upgrade mechanisms, signaling a commitment to continual learning and improvement.

However, Coinbase’s CEO Brian Armstrong champions DeFi protocols in their quest for legal clarity while doubling down on Bitcoin by embracing the Lightning Network integration, signaling a pivotal moment in the company’s commitment to crypto and blockchain.

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Bitstamp, one of the top crypto exchanges, unveiled a noteworthy initiative today. The company has declared its intention to provide enhanced Annual Percentage Yields (APY) on a diverse range of cryptocurrencies, encompassing Ethereum (ETH), XRP, Tether (USDT), Bitcoin Cash (BCH), and Litecoin (LTC).

In an official blog post, the exchange announced the launch of its “Earn Lending Promo” for the month of September, a remarkable opportunity that promises an extraordinary APY of up to 6% on select cryptocurrency assets.

The crypto industry places a premium on yield, making this move by Bitstamp particularly noteworthy. For a limited period of 30 days, the exchange is set to introduce this lucrative offer, allowing users to benefit from chosen digital assets. 

This initiative showcases Bitstamp’s commitment to providing its customers with competitive opportunities and solidifying its position as a leading player in the cryptocurrency exchange space. 

The boosted APY offering for XRP by Bitstamp is a significant development, especially considering the recent events surrounding the cryptocurrency. In July 2023, Bitstamp, along with other major exchanges, relisted XRP.

XRP Price Shows Signs of Recovery 

However, the cryptocurrency has shown signs of a gradual recovery following this latest development. As of the latest available data, XRP is currently trading at $0.481406, boasting a 24-hour trading volume of $907,446,035. 

Over the past 24 hours, the coin has experienced a modest increase of 1.06%. These figures contribute to XRP’s current CoinMarketCap ranking of #6, with a market capitalization of $25 billion. Additionally, there is a circulating supply of 53,083,046,512 coins and a maximum supply of 100,000,000,000 coins.

Regarding price predictions, the technical analysis suggests a bearish trend in the long term. It is anticipated that the price will experience a decrease of approximately $0.00122 over the next 7 days, potentially reaching $0.47941 by September 21, 2023.

In the short term, machine learning algorithms have detected a bearish trend for XRP. It indicates that investors should be prepared for a slight decrease in the value of XRP over the coming hours.

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In an analysis of on-chain data provided by IntoTheBlock, it has been revealed that a substantial 95.69% of ADA (Cardano) holders find themselves in a precarious position, grappling with losses as the cryptocurrency experiences a downturn. This challenging period has raised concerns within the Cardano community.

As of the latest data reported by CoinMarketCap, Cardano is currently trading at $0.247524. The cryptocurrency has witnessed a 15% decrease in its 24-hour trading volume, which now stands at $115,965,801. Over the past day, Cardano’s value has declined by 0.94%, and its weekly chart shows a nearly 4% drop in price.

In the CoinMarketCap rankings, Cardano currently holds the #7 spot, boasting a market capitalization of $8 billion. The circulating supply of ADA coins stands at 35,098,185,063, while the maximum supply is capped at 45,000,000,000 ADA coins. 

However, these figures shed light on the ongoing dynamics within the Cardano ecosystem as it navigates the challenges presented by the broader cryptocurrency market.

Bullish Analysts See Bright Future for Cardano (ADA)

Despite Cardano (ADA) experiencing a market-wide downturn, prominent crypto analyst Hashoshi remains bullish on the project. In a recent interview, Hashoshi praised Cardano’s problem-solving capabilities, highlighting its potential for growth with the development of use cases and increased liquidity.

While Cardano’s recent price performance has raised concerns, Hashoshi expressed confidence in the project’s future. He emphasized Cardano’s leading position in the crypto space and its unique problem-solving approach, which has garnered support from certain crypto communities.

Hashoshi acknowledged both the good and bad decisions made by the Cardano project but believes in its recovery potential, particularly in addressing design challenges better than other major projects like Algorand and Solana. He suggested that ADA’s price could surge if network conditions improve and Cardano successfully deploys its smart contract capabilities.

Despite the delayed smart contract launch affecting adoption, Hashoshi believes that Cardano’s design is well-suited for future growth and could outpace other projects in the crypto space. Increased use cases and liquidity could propel ADA to new highs, with its future price rally dependent on utility rather than speculation.

Other analysts, like Dan Gambar­dello, founder of Crypto Capital Venture, also hold a bullish view on Cardano’s long-term growth potential. Drawing compa­risons between Cardano and Amazon, Gamba­rdello highlights ADA’s enhanced smart contract capabilities, staking utility, and scala­bility as factors that contr­ibute to its promising future.

Gamba­rdello considers the current price of ADA an attra­ctive opportunity for inves­tors. He draws similarities between the long-term success of Cardano and Amazon in their respe­ctive industries.

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BitMEX, a prominent cryptocurrency derivatives exchange, has ventured into the world of prediction markets, introducing a novel feature that allows traders to place bets on real-world events. This new offering, aptly named “Prediction Markets,” presents BitMEX users with an intriguing opportunity to engage in speculative trading across various topics and industries, potentially capitalizing on their predictions.

Initial BitMEX Prediction Market Contracts

As of September 13, BitMEX has unveiled three initial prediction market contracts. The first, denoted as “P_FTXZ26,” enables traders to forecast the recovery rate of customer claims in the event of FTX’s bankruptcy. This contract expires on December 25, 2026, at 20:00 UTC. 

Meanwhile, the “P_XBTETFV23” contract allows participants to wager on whether the U.S. Securities and Exchange Commission (SEC) will approve a Bitcoin Exchange-Traded Fund (ETF) before October 17, 2023, with an expiry date of October 27, 2023, at 20:00 UTC. 

Lastly, the “P_SBFJAILZ26” contract permits users to speculate on the possibility of Sam Bankman-Fried, the founder of FTX, receiving a jail sentence. This contract is scheduled to conclude on December 25, 2026, at 20:00 UTC.

These prediction markets on BitMEX come with some distinctive features compared to traditional futures contracts. Notably, contracts are priced using the “Last Price” method, leverage is not offered, margin and settlement are conducted in Tether (USDT), and payouts are based on a bounded price range from 0 to 100. 

Additionally, maker fees are set at 0.00%, while taker fees are 0.25%. Early settlement is possible if the outcome or event is resolved before the contract’s predetermined expiry.

BitMEX has stated that certain jurisdictions may not have access to this product suite. To provide an illustration of how BitMEX Predictions function, consider a fictional scenario where a trader enters the market by predicting the recovery rate for FTX’s customer claims using the “P_FTXZ26” contract. 

They anticipate it will be $0.60 per $1 and proceed to purchase 1,000 contracts at a price of 20. They hold onto these contracts until the contract’s expiry date.

In this fictional case, the contract’s settlement price reaches 30 at expiry, which is 50% higher than their entry price. Consequently, the trader’s payout is $100 USDT, calculated as (Exit Price – Entry Price) * Multiplier * Number of contracts.

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CoinShares Digital Asset Fund Flows Weekly Report revealed some notable trends in investment sentiment. The flagship cryptocurrency, Bitcoin, experienced a significant setback, with outflows totaling a staggering $69 million over the past week. 

Meanwhile, short-Bitcoin investment products saw a surprising turnaround, witnessing their largest single week of inflows since March 2023, amounting to $15 million.

Digital asset investment products as a whole bore the brunt of negative sentiment, recording outflows totaling $59 million last week. This continued trend of outflows has now accumulated to a substantial $294 million, constituting approximately 0.9% of total assets under management (AuM). 

Even short investment products, traditionally seen as hedging tools, saw inflows during this challenging period, a sign that sentiment remains skeptical within the asset class. Analysts attribute this trend to lingering concerns surrounding regulatory uncertainties and the recent strength of the US dollar.

The cryptocurrency market also witnessed a sharp drop in trading volumes, plummeting by a staggering 73% compared to the prior week. This decline brought the weekly trading volume to a mere $754 million, highlighting the cautious approach of investors amid the market turbulence.

Bitcoin’s Pivotal Role in March & Regulatory Concerns

The contrasting fortunes of Bitcoin and short-Bitcoin products raise intriguing questions about market dynamics. Interestingly, the inflows into short-Bitcoin products in March coincided with a period of heightened regulatory ambiguity, suggesting a potential correlation between regulatory developments and investor behavior.

Ethereum, the second-largest cryptocurrency by market capitalization, didn’t escape the negative sentiment either, experiencing outflows totaling $4.8 million. These outflows have pushed year-to-date losses to $108 million, constituting approximately 1.6% of AuM, positioning Ethereum as the least favored digital asset among Exchange-Traded Product (ETP) investors this year. In contrast, XRP defied the odds and continued to attract inflows totaling $0.7 million during the same period.

Blockchain equities, often considered a proxy for cryptocurrency investments, also faced a challenging week, with outflows reaching $10.8 million. This unfortunate streak marked the fifth consecutive week of outflows, suggesting a broader bearish sentiment affecting cryptocurrency-related stocks.

Whether these trends persist or the market sees a resurgence in investor confidence remains to be seen, but for now, cryptocurrency investors appear to be shifting their strategies and hedging their bets in this ever-evolving landscape.

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Crypto analyst EGRAG CRYPTO has taken to X (Twitter) to share some intriguing findings regarding XRP’s current situation. The analyst provided valuable insights into Ripple’s price dynamics in a series of tweets.

EGRAG CRYPTO’s first revelation concerns the average drop in XRP’s price, which he pegs at around 52.98%. This figure falls comfortably within the anticipated range of 51%, providing traders and investors with a valuable reference point for assessing recent price movements.

Exploring XRP On The Monthly Time Frame

However, what truly piqued the curiosity of the crypto community was EGRAG CRYPTO’s subsequent tweet, which introduced a novel concept: the Phobos, Hestia, and Hermes lines on the monthly time frame wickless charts.

The Phobos Line, aptly named “The Harbinger of Fear,” marks a significant threshold for XRP. When the coin’s price plunges beneath this line, it invokes fear, panic, desperation, and even anger among XRP traders and investors. This psychological marker underscores the precarious balance between bullish and bearish sentiment in the crypto market.

On the flip side, the Line of Hestia symbolizes serenity and protection. It acts as a guardian for XRP, offering stability and tranquility to the trading community when the cryptocurrency finds support along this line. In times of market turmoil, Hestia, the goddess of the hearth and home, extends her protective embrace to those who wisely navigate the crypto waters.

Lastly, the introduction of Hermes into the equation highlights a potent catalyst within XRP’s dynamics. Hermes, known for guiding and protecting travelers, serves as the force that propels its price upward. 

This celestial messenger can elevate the coin to new heights, lifting it to the upper echelons of the cryptocurrency market. It serves as a reminder that within the ever-changing crypto landscape, opportunities for growth and ascent remain ever-present.

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In a week marked by volatility, the price of Solana (SOL), a prominent cryptocurrency, has experienced a significant drop of approximately 10%. This sudden decline has raised concerns within the cryptocurrency community as fears mount regarding the potential liquidation of substantial holdings by bankrupt crypto exchange FTX.

According to the latest price analysis, SOL’s price stands at $17.83, accompanied by a 24-hour trading volume of $387,488,227, reflecting a 16% increase. Over the past 24 hours, it has experienced a decrease of 2.78%, and on the weekly chart, it has declined by 10.08%.

FTX, amidst financial turmoil, is repor­tedly liquidating a significant portion of its stakes in SOL and other Solana-a­ffiliated cryptocu­rrencies. This close affil­iation between Solana and FTX has greatly impacted the market performance of the former, leading to a consistent downward trend since last year.

SOL, once hailed as a viable competitor to Ethereum, has seen its value plummet by nearly 70% since the fall of Sam Bankman-Fried’s cryptocurrency empire. In the tumultuous year of 2022, Solana recorded a staggering 94% decline in its value. 

However, 2023 appeared to bring a glimmer of hope for the cryptocurrency as it showed signs of recovery. Unfortunately, recent developments suggest that SOL may face another challenging period.

FTX’s Cryptocurrency Holdings On Solana

According to data provided by Solscan, a block­chain explorer for the Solana network, it has been disco­vered that the FTX estate holds a combined total of $1.5 billion in cryptoc­urrency assets within the Solana ecosy­stem. Interes­tingly, among this sum, Solana tokens account for only $128 million.

Most of these assets are SOL-based altcoins like Wrapped Bitcoin (WBTC), Maps token (MAPS), Serum (SRM), and others known as “Sam coins” related to the former FTX CEO, Sam Bankman-Fried.

The possi­bility of liqui­dators potentially releasing $128 million worth of SOL and numerous other SOL-aff­iliated tokens into the market has caused uncer­tainty and unease among cryptoc­urrency inves­tors. This situation may further impact SOL’s already fragile market position. Noneth­eless, the future of SOL remains uncer­tain. Market participants are currently preparing for potential turbu­lence in the upcoming days.

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IntoTheBlock, a prominent cryptocurrency analytics firm, has reported a significant milestone for Litecoin (LTC) this week. The number of long-term LTC holders has soared to an impressive 5 million, a development that is being seen as a strong indicator of growing confidence in this digital asset.

This achievement reflects a growing trend among cryptocurrency enthusiasts and investors increasingly opting to hold Litecoin over extended periods, suggesting a positive sentiment surrounding the cryptocurrency’s future prospects.

The surge in long-term LTC holders underscores the enduring appeal of Litecoin within the broader crypto community. But on the other hand, Litecoin has experienced a disruption in its previously bullish trend.

Lune Trading, a notable player in the cryptocurrency trading space, took to Twitter to announce this concerning trend. According to their tweet, LTC has experienced a disruption in its previously bullish trend, characterized by the establishment of new lows in its price trajectory.

This abrupt shift in market sentiment has been attributed to a bearish momentum, as identified by the Luna algorithm, a well-regarded tool for analyzing cryptocurrency price movements.

Litecoin’s Latest Price Analysis

As of the latest market data, LTC is currently trading at $62.82, with a 24-hour trading volume of $232 million. It represents a notable 8% increase in trading activity over the past day. However, in the last 24 hours, Litecoin has experienced a slight decline of 0.27% in its price.

Litecoin holds the 15th position in the CoinMarketCap ranking, boasting a market capitalization of $4 billion. The circulating supply of Litecoin stands at 73,626,720 LTC coins, while its maximum supply is capped at 84,000,000 LTC coins.

Looking ahead, PricePredictions, a trusted source for price forecasts, offers insights into Litecoin’s potential price movements. Based on technical analysis, a long-term bearish trend is currently observed.

Accordingly, the price of the coin may decrease by approximately $0.75341 over the next 7 days, potentially reaching $62.09 by September 14, 2023.

The machine­ learning algorithm has identified a be­arish trend for LTC in the short term. Conse­quently, investors should anticipate a slight de­crease in its price over the next few hours. This analysis indicates that current market conditions are more likely to support a downward movement in the immediate future.

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Taiwan is set to formalize guidelines for cryptocurrency platforms and trading businesses, with regulators expected to issue comprehensive rules by the end of this month. Representatives from major crypto players, Binance and Bitfinex, have actively engaged in discussions with Taiwanese lawmakers, contributing insights on money laundering prevention and control measures.

According to anexclusive report,on September 7th, DPP legislator Guo Guowen orchestrated a public hearing on “Virtual Asset Supervision.” The event brought together prominent figures from the Taiwanese cryptocurrency industry to deliberate on the forthcoming “Financial Regulatory Commission Guiding Principles,” scheduled for release later this month.

Key participants included representatives from globally recognized exchanges, namely “Binance” and “Bitfinex,” along with stakeholders such as Taiwan Exchange, Financial Supervisory Commission officials, and academics.

Various crucial topics were discussed during the public hearing on “Virtual Asset Supervision” held in Taiwan. These included questions about how the Financial Supervisory Commission plans to assist Taiwanese businesses in complying with regulatory frameworks and the potential establishment of a dedicated “Fintech Bureau” for more effective oversight.

The consideration of hierarchical management to address the substantial legal compliance costs faced by smaller enterprises, the need for special legislation to govern virtual assets effectively, and whether Taiwan is open to embracing leveraged derivatives trading within the cryptocurrency sector.

Input from International Crypto Giants

Importantly, international crypto exchange giants Binance and Bitfinex actively participated in the public hearing. Binance representatives went a step further by offering insights into their experiences with anti-money laundering measures and regulatory models adopted in other countries.

Just days prior, the Financial Supervisory Commission revealed that Binance had submitted an anti-money laundering statement, signaling its intent to establish a presence in Taiwan.

Addressing a critical question, both Binance and Bitfinex are, in fact, registered companies in Taiwan. Binance operates under the banner of “Binance International Limited Taiwan Branch (SEYCHELLES),” while Bitfinex is a long-standing registered company.

Notably, the latter, under the name “British Virgin Islands Merchant Affinis Co., Ltd.,” was registered in Taiwan back in 2015. However, neither exchange currently appears on the list of entities providing anti-money laundering statements, raising questions about their future compliance with Taiwan’s evolving regulatory landscape.

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Crypto payments provider Wirex is set to harness the power of Polygon’s Chain Development Kit (CDK) to create its cutting-edge payments-focused App Chain, aptly named W-Pay, according to thepress release.

This strategic decision catapults Wirex to the forefront of the crypto payment revolution, capitalizing on the technological advancements of the Polygon blockchain protocol.

The CDK facilitates the creation of payments-focused L2 chains, offering a seamless transition for Wirex’s existing payment infrastructure onto the blockchain.

A standout feature of chains developed with the network CDK is their interoperability, enabling automatic access to the unified liquidity of all the network chains. Moreover, they grant users one-click access to the extensive liquidity pool of Ethereum. Additionally, using ZK proofs enhances security and guarantees near-instant finality, a critical aspect in today’s fast-paced financial world.

Pavel Matveev, CEO of Wirex, expressed his enthusiasm, stating:

Polygon CDK allows Wirex to transition our existing payment infrastructure on-chain. This move not only streamlines our operations but also makes the traditional banking infrastructure composable, priming it for integration into various decentralised applications.

As a licensed and regulated entity and principal member of both Visa and Mastercard, Wirex is uniquely positioned to pioneer advanced and innovative products within the payment sector.

Their initial use case involves introducing a non-custodial Visa card integrated with Account Abstraction (AA), facilitating seamless real-world transactions with digital assets for Dapp users.

Jordi Baylina, Co-Founder of Polygon, also commented:

It is exciting to see Wirex choose Polygon Chain Development Kit (CDK) to build their own L2 payment chain. Wirex’s payment chain has the potential to innovate and provide new use cases in the payment industry that can help drive more widespread adoption of Web3 technology.

Alchemy Pay Joins Polygon’s zkEVM Chain

Meanwhile, Alchemy Pay ismaking wavesby deploying its payment services on Polygon’s innovative zkEVM chain, becoming one of the initial fiat-crypto on-ramp providers to support this ecosystem. This development allows users worldwide to purchase cryptocurrencies conveniently using their preferred local fiat payment methods.

Developers building on the new zero-knowledge-proof network can benefit from Alchemy Pay’s user-friendly direct-to-customer plugin, simplifying integration and deployment for dApps and platforms at minimal cost and effort.

Jack Melnick, Head of DeFi BD at Polygon Labs, hailed Alchemy Pay’s role in improving the usability of the Polygon zkEVM blockchain, emphasizing its significance as a gateway to the crypto space for users. The Polygon zkEVM ecosystem eagerly awaits this deployment.

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The once-thriving Solana blockchain is grappling with a significant decline in daily active addresses, reaching its lowest point since tracking began in late 2020. Recentdatafrom The Block Research reveals that as of August 31, the network’s daily active addresses, calculated using a seven-day moving average, plunged to about 204,000.

The downward tre­nd in active users for Solana has bee­n worsened by various factors. One significant factor is the­ collapse of the crypto exchange­ FTX in November of the pre­vious year. This event, along with the­ SEC categorizing its native SOL token as a se­curity, casts a shadow over Solana’s future prospects.

Rebecca Stevens, a data analyst at The Block Research, commented on the situation, stating that the Solana ecosystem had been experiencing a decline in active users even before the FTX collapse. She noted that the blockchain’s close associations with the exchange and Alameda Research had negatively impacted its reputation.

In addition, Steve­ns emphasized that the SEC’s accusations about SOL’s se­curity classification had caused even more­ downward pressure on the toke­n’s value. This ultimately led to its de­listing from various prominent U.S. platforms, including eToro and Robinhood.

Solana’s Resilience: Notable Partnerships Emerge

Despite the challenges and declining user numbers, the network is not without its resilience. The blockchain has been forging notable partnerships that underscore its determination to remain a key player in the crypto world.

Just yesterday, the networkannounceda groundbreaking partnership with Visa, a global payment leader. Solana’s lightning-fast blockchain technology will now take center stage in Visa’s ambitious expansion of its stablecoin settlement pilot program, ushering in a new era of speed and efficiency for cross-border payments.

This partnership holds tre­mendous potential to revolutionize­ the way transactions are carried out, e­nsuring unprecedente­d speed and efficie­ncy. Moreover, Solana Pay, a pionee­ring decentralized payme­nts protocol, has recently joined force­s with Shopify, providing countless businesses with an innovative­ payment solution.

This collaboration enables merchants to enjoy real-time access to their funds while gaining greater control over working capital, liquidity, and liability protection. Additionally, Solana’s joint effort withMastercardand other public blockchain companies to develop a new set of standards known as Crypto Credentials has added to the blockchain’s growing prominence.

However, the network is actively seeking to reinvent itself through strategic partnerships and innovative solutions, demonstrating its commitment to remaining a formidable player in the evolving blockchain landscape.

Grayscale Investments’ legal team has taken a proactive step in their ongoing effort to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF).

In a letter delivered to the U.S. Securities and Exchange Commission (SEC), they have strongly urged the SEC to approve NYSE Arca’s Rule 19b-4 filing and authorize cooperation between the regulatory body, Grayscale, and NYSE Arca to expedite the listing of the Trust’s shares as an ETF.

The recent breakthrough came on August 29, when the Court of Appeals for the DC Circuit unanimously overturned the SEC’s June 2022 denial of GBTC’s conversion to a spot Bitcoin ETF.

This development marks a pivotal moment in the cryptocurrency space, hailed as a victory by GBTC shareholders, Grayscale’s team, and the broader crypto and investment communities.

In collaboration with Davis Polk & Wardwell and Munger Tolles & Olsen, Grayscale’s legal team penned a letter to the SEC, emphasizing the significance of the court’s decision and offering compelling arguments in favor of GBTC’s conversion.

The letter highlighted there is no valid reason to distinguish between spot Bitcoin ETFs and futures ETFs. This point is supported by the fact that the SEC has previously re­jected spot Bitcoin Rule 19b-4 filings.

The le­gal team highlighted an important issue – the Trust’s Rule 19b-4 filing has been pe­nding for an unreasonably extende­d period, surpassing the allowable time­ frame set by Section 19(b) of the­ Exchange Act.

Grayscale’s Plea To The SEC

The company’s representatives concluded the letter with a compelling plea for regulatory approval, asserting that nearly one million investors eagerly anticipate a level playing field for GBTC.

With regulatory approval, GBTC is poise­d to become a fully operational ETF. This transition will provide investors with a streamlined and re­gulated avenue to e­xplore Bitcoin. Both Grayscale and its investors e­agerly anticipate further progress from the SEC.

The SEC’s re­sponse to Grayscale’s plea is anxiously awaite­d by the cryptocurrency community. They hope this decision will bring forth a new era of inve­stment opportunities for Bitcoin. With bated bre­ath, the industry now looks to the SEC as they hold the power in their hands.

Australia’s Senate committee hasvoted againstthe proposed Digital Asset (Market Regulation) Bill, which aimed to introduce a licensing system for digital asset exchanges, custody services, and stablecoin users. After months of deliberation, the rejection comes with concerns about the bill’s operational feasibility.

The Economics Legislation Committee, chaired by Labor Senator Jess Walsh, released its final report on Monday, concluding that while the bill’s objectives were commendable, it lacked the necessary detail and interoperability with existing regulations.

The committee expressed concerns that the bill could lead to regulatory arbitrage and potentially harm the cryptocurrency industry.

Introduced by Liberal Senator Andrew Bragg in September of the previous year, the bill drew inspiration from the recommendations of the bipartisan 2021 Select Committee on Australia as a Technology and Financial Centre, which aimed to modernize the nation’s financial services sector. However, since its introduction, the Albanese government has reframed some recommendations.

One of the central issues debated during the inquiry was whether a specialized legislative framework for digital assets was necessary, as opposed to amending existing regulations.

Fintech Australia, among others, raised concerns about the bill’s lack of clarity regarding digital asset exchange requirements, stablecoin governance, and the implementation timeline.

The committee’s decision to reject the bill was based on the consensus that further regulation was required. Still, the current proposal did not provide the necessary level of detail and certainty for investors, consumers, and industry stakeholders.

Senator Bragg’s Crypto Call To Action

In response to the rejection, Senator Bragg criticized the government’s decision to restart the consultation process, asserting that it has exposed consumers to an unregulated market and driven investment offshore. He called for the Senate to take action and pass the bill independently of the government.

However, a dissenting Coalition report suggested that the government had shown little interest in regulating digital assets and expressed skepticism about the possibility of draft legislation within the next year. It pointed to regulatory progress in the European Union and the United Kingdom as examples of successful approaches to cryptocurrency regulation.

However, further consultation on “fit-for-purpose” licensing and custody requirements is expected in the coming weeks, leaving the fate of cryptocurrency regulation in the hands of ongoing deliberations and potential future legislative efforts.

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As reported by local media, KEB Hana Bank, one of South Korea’s largest financial institutions, has unveiled its plans to enter the digital asset custody arena with a strategic partnership with BitGo Trust Company. The announcement, made on the 5th of September, marks a significant development in South Korea’s evolving cryptocurrency landscape.

The partnership was officially announced during the ‘Korea Blockchain Week (KBW) conference at the prestigious Shilla Hotel in Jangchung-dong. Under this strategic business agreement, KEB Hana Bank and BitGo will jointly explore the digital asset custody business, coinciding with the establishment of BitGo’s Korean corporation.

While the specifics of the partnership are still under discussion, both entities are contemplating various collaborative avenues. These include the possibility of joint equity investments in a newly formed joint venture (JV) corporation, leveraging BitGo’s cutting-edge security solutions and digital asset custody technology, and capitalizing on Hana Bank’s financial service expertise and robust security and compliance capabilities.

Founded in 2013, BitGo has e­merged as a prominent global provide­r of digital asset custody services. The­ company’s offerings encompass wallet solutions, custody se­rvices, staking options, and trading facilities. Noteworthy is its accre­ditation from regulatory bodies in the Unite­d States, Switzerland, and Germany. Se­rving an extensive clie­ntele comprising over 1,500 organizations across more­ than 50 countries.

An official from Hana Bank emphasized the partnership’s potential to enhance trust and consumer protection within South Korea’s burgeoning digital asset market. Meanwhile, BitGo’s CEO and co-founder, Mike Belsey, expressed the company’s commitment to elevating transparency and safety standards within the Korean digital asset industry through this collaboration.

BitGo’s Expansion Plans In South Korea

Additionally, BitGo is gearing up to establish an office in South Korea in the latter half of 2024, subject to securing the necessary licenses in compliance with local regulations. The company recently wrapped up a successful US$100 million Series C funding round, propelling its valuation to an impressive US$1.75 billion.

These­ recent advanceme­nts in South Korea’s regulatory landscape coincide­ with the Financial Services Commission’s planne­d amendments to ele­ctronic securities laws. These­ changes aim to include blockchain-powere­d security tokens within the country’s re­gulatory framework, further solidifying its standing in the global digital asse­t arena.

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As the cryptocurrency market braces itself for the arrival of September, renowned crypto trader and analyst Rekt Capital hastaken to Twitterto issue a stark warning. Historically, September has not been kind to Bitcoin, and investors should keep five key factors in mind as they navigate this potentially treacherous month.

September tends to be a negative month for BTC, with 8 out of 10 past September experiencing a downside. While Bitcoin has occasionally managed small, single-digit gains this month, it’s essential to acknowledge the predominant bearish trend.

Only in 2015 and 2016 did Bitcoin show marginal positive returns, with +2% and +6%, respectively. For the most part, September has been a month of decline for the leading cryptocurrency.

One of the most consistent features of Bitcoin’s performance in September is a recurring drawdown of approximately 7%. Over the years, Bitcoin has seen a 7% retracement in September during 2017, 2020, and 2021. 2018, there was a 5% dip, coming close to the familiar 7% mark.

Looking ahead to September 2023, it’s crucial to contextualize potential drawdowns. While Bitcoin experienced a severe 13% retrace in 2019, it’s worth noting that 2019 was not preceded by a significant drawdown in August.

August 2023 saw a 16% decline, which makes it less likely for Bitcoin to experience another substantial setback in September. Therefore, while cautious, it’s improbable that September 2023 will see a massive crash, and the retracement is more likely to be in the range of 7% to 13%.

However, keeping these five key insights from Rekt Capital in mind, traders and investors can approach September with a well-informed strategy, prepared for the challenges and opportunities that lie ahead.

Bitcoin Latest Price Analysis With Mixed Short-term Outlook

Meanwhile, Glassnode Co-founder Negentropic haspresented an analysisof Bitcoin’s mid-term outlook, characterized by a favorable risk/reward profile. However, short-term prospects appear uncertain, with a trading range estimated between $25.8k and $26.8k.

A downside correction is possible, within the range of $23.8k to $24.8k, primarily attributed to the prevailing bearish trend. RSI bullish divergence and decreasing volatility indicate signs of a potential bottoming. To capitalize on the situation, investors are advised to consider buying after a dip, or once a solid support level at $26.8k is established to break the downward trend.

According to CoinMarketcap, BTC is currently trading at $25,749.41, boasting a 24-hour trading volume of $10 billion and a notable 8% increase. Over the past 24 hours, it has experienced a modest decline of 0.57%.

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