In the face of Bitcoin’s recent price stability, dedicated holders of the leading cryptocurrency maintain unwavering confidence in an imminent bullish rally. Their optimism is primarily driven by the potential approval of a spot BTC ETF by the U.S. Securities and Exchange Commission (SEC), with expectations ranging from late 2023 to sometime in 2024.

Over the past few months, the crypto market has witnessed Bitcoin’s price meandering sideways. Nonetheless, on-chain data from Glassnode reveals that the number of addresses holding 10 or more BTC has surged to an all-time high. This record-breaking achievement surpasses the previous peak of 157,572, noted on September 22, 2023, signaling a growing interest and confidence among cryptocurrency holders.

Crypto Community Awaits SEC Decision On Bitcoin ETF

Prior analyst predictions indicate that BTC might have strategically set a bear trap, strategically paving the way for its triumphant resurgence toward the coveted $27,000 mark, as the impending deadline for the SEC’s judgment on spot Bitcoin ETF applications, slated for October 16, 2023, approaches.

Traders Eagerly Awaiting the SEC’s Ruling on BlackRock’s Filing, Expected on October 17, 2023. Nevertheless, Considering the SEC’s History of Delaying Application Deadlines, the Prospect of Another Extension Lingers, Highlighted by the Agency’s Recent Prolongation in Early September

As of the latest update, the recent Bitcoin price is $26,093.26, accompanied by a 24-hour trading volume of $11,051,016,581. Over the past 24 hours, BTC has experienced a 1.83% decrease in value, leaving market participants keenly watching for the next move in this ever-volatile crypto landscape.

Related Reading:| Bitcoin ETFs Await SEC Decision As Second Deadline Nears

In a seismic event within the crypto realm, Brian Armstrong, the esteemed CEO of crypto exchange giant Coinbase, has definitively articulated his stance on regulating artificial intelligence (AI). Armstrong conveyed his anti-regulation stance on AI via X, formerly Twitter, advocating its unrestricted growth and development.

Armstrong’s central argument revolves around the belief that AI should remain unregulated. He passionately asserted that the AI sector must flourish without bureaucratic constraints, citing critical reasons such as national security. In his eyes, regulation, despite its well-meaning intentions, often spawns unintended consequences that stifle innovation and stymie competition.

Drawing an intriguing parallel, the Coinbase executive invoked the “golden age of innovation” that blossomed on the internet and in software during their unregulated infancy. Armstrong firmly advocates for applying the same laissez-faire approach to the burgeoning field of AI technology. Furthermore, Armstrong proffered an alternative strategy for safeguarding the AI realm.

Coinbase CEO Promotes Open Source For AI

Armstrong’s viewpoint is a persistent call for non-interference, numerous jurisdictions worldwide have taken a different path, either initiating AI regulations or expressing apprehension about its potentially disruptive influence. Rather than shackling it with rules and red tape, he champions the decentralization and open-sourcing of AI. He said, “The best protection is to decentralize it and open source it to let the cat out of the bag.”

China, a global tech powerhouse, recently implemented provisional AI activities and management guidelines on August 15. These regulations, a collaborative effort involving six of the country’s governmental bodies, mark China’s first comprehensive set of AI rules and come amidst the backdrop of a booming AI industry.

Across the pond, the United Kingdom’s Competition and Markets Authority conducted a comprehensive study on the implications of AI for competition and consumers. On September 18, the authority delivered its verdict, cautioning that while AI holds immense potential to transform lives and industries, the rapid pace of change may pose substantial challenges to competition.

Amid these global debates and regulatory maneuvers, Brian Armstrong’s outspoken stance against AI regulation adds a compelling voice to the ongoing discourse, leaving stakeholders and observers eagerly anticipating the evolving landscape of AI policy and innovation.

Related Reading:| Coinbase CEO Urges CFTC To Refrain from DeFi Enforcement Actions

In a startling turn of events, former Ethereum advisor Steven Nerayoff has launched a scathing attack on Vitalik Buterin, reigniting extortion charges that had previously rocked the crypto community. This comes on the heels of XRP lawyer John Deaton’s disclosure that he wields incriminating receipts exposing anomalies within Ethereum’s inaugural coin offering (ICO), an event in crypto history.

Nerayoff, in a video addressing allegations of fraud made by Vitalik Buterin, asserted that both Vitalik and his father, Dmitry Buterin, had orchestrated a coordinated character assassination against him. The video, which features Vitalik accusing Nerayoff of extensive fraud linked to an ICO company’s extortion, has sent shockwaves through the blockchain world.

Allegations On Vitalik Buterin Shake Ethereum

Nerayoff and Deaton had unveiled documents exposing alleged misconduct within the U.S. Securities and Exchange Commission (SEC) and concerning Ethereum’s ICO. Nerayoff cast further doubt on the Ethereum Foundation’s claims regarding the extortion incident, hinting at impending revelations and proclaiming, “The truth will come out, and we are getting closer.”

In another stunning revelation, the former Ethereum advisor accused Vitalik of abandoning Virgil Griffith, a senior researcher and developer within the Ethereum Foundation. Griffith had faced legal troubles and was convicted of aiding North Korea in evading sanctions. Nerayoff substantiated this claim by referencing a November 2019 article from Trust Nodes, highlighting the Foundation’s conspicuous silence during Griffith’s arrest.

As of the latest update, Ethereum (ETH) is trading at $1,592.70, with a 24-hour trading volume amounting to $2,835,366,154. Over the past day, Ethereum has experienced a minor decline, registering a 0.28% decrease in value.

The resurgence of these allegations has cast a shadow over Ethereum and its co-founder, raising questions about the past actions of key figures within the blockchain community. As the crypto world eagerly awaits further revelations, the controversy surrounding Vitalik Buterin and Steven Nerayoff unfolds, leaving stakeholders and enthusiasts on edge.

Related Reading:| Ethereum Co-Founder’s 2,000 ETH Shift To ‘0x5567’ Sparks Speculation

Bitcoin has been making headlines in Argentina with a remarkable surge in value over the past two years when priced in Argentine pesos. However, this impressive performance may not be as spectacular as it seems, as the country grapples with a staggering 300% inflation rate during the same period.

Argentina, a nation of 47 million people, has long been plagued by hyperinflation, largely attributed to failed economic policies and persistent budget deficits. The looming threat of a full-scale currency collapse has kept Argentinians on edge, leading some to explore alternative stores of value like Bitcoin.

According to a recent report, The Argentine government has historically resorted to inflating the money supply through various means, including bank deposits and government bonds. The country’s aggregate money supply M1, comprising currency, demand deposits, and checkable deposits, has skyrocketed from 2.81 trillion pesos in July 2019 to a staggering 10.66 trillion pesos, marking a jaw-dropping 277% increase over three years.

Bitcoin’s Resilience Amid Argentine Economic Challenges

Bitcoin’s price on domestic exchanges surged to 19.6 million Argentine pesos, up from 14.2 million when Bitcoin reached its all-time high in U.S. dollars in November 2021. Investors in Argentina have still managed to accrue gains of 38% when measured in the local currency, even after a 61.5% drop from its peak price of $69,000.

A price gap surfaces when checking Bitcoin’s value in Argentine pesos on CoinMarketCap. This variance stems from Argentina’s intricate official exchange rate system, particularly the “dollar BNA,” regulated by the central bank for governmental dealings and trade, a rate often divergent from a cryptocurrency exchange, leading to this price divergence.

Government efforts to bolster the official Argentine peso rate for stability inadvertently trigger inflation and spawn the clandestine “dollar blue” market. This market is notorious for illicit activities, diminished transparency, and discouraging foreign investment, resulting in volatile exchange rates influenced by market forces and government actions.

Analyzing Bitcoin’s performance on the Bitso exchange in Argentine pesos, it becomes evident that Bitcoin has indeed gained 150% over the two years ending Sept. 21, rising from 7.84 million pesos to 16.6 million pesos. According to a recent report, this gain pales compared to the staggering official inflation rate of over 300% during the same period.

In stark contrast, those who opted for U.S. dollars, whether in traditional form or stablecoins, have seen their holdings increase by 297% during this two-year window, effectively matching the inflation rate. This analysis specifically considers the period from September 2021 to September 2023.

The results may be disheartening for Bitcoin proponents, potentially driving the adoption of stablecoins in the region. However, it’s worth noting that this period has given Argentinian investors valuable lessons about self-custody and the importance of scarcity as the local currency continues to suffer from an ever-inflating supply.

Related Reading:| Bitcoin Network Sparks Intrigue As Block Fullness Reaches All-Time High

In a groundbreaking revelation, the Bitcoin network finds itself in uncharted territory as it grapples with the longest period of block fullness in its history, as per the latest data from Dune. Over 461,000 transactions are queuing up in the mempool, sparking intense curiosity and in-depth scrutiny within digital currencies.

James Check, widely acknowledged as ‘Checkmate, has emerged as a notable expert, highlighting the mysterious surge in blockspace demand. His analysis exposes a puzzling contradiction, even as critical indicators like new addresses and transaction counts reach unprecedented levels, there is a striking reduction in the on-chain settlement of BTC volumes, now approaching its lowest point in a year.

Checkmate’s revelations center on a relatively new phenomenon in the Bitcoin network, “Inscriptions.” Specifically, text-based inscriptions have been responsible for 50% to 60% of all confirmed transactions since mid-April, coinciding with the BTC mempool’s prolonged congestion.

Hidden Influencers Of Bitcoin’s Blockspace Dynamics

Despite their prevalence in confirming transactions, these inscriptions occupy an unexpectedly small portion of block sizes, representing just 10% of bytes and approximately 20% of transaction fees. This anomaly adds to the intrigue surrounding Bitcoin’s evolving dynamics.

According to Checkmate, this trend highlights a BASELOAD fee pressure, indicating an economic situation where users tend to favor more affordable blockspace. The Glassnode researcher points out, “Fee pressure has indeed eased since the peak in May. Bitcoin fees remain higher compared to the bear market but are a long way from the exuberance seen during the bull market.”

Although inscription transactions outnumber monetary transfers, the data indicates that more than 80% of the blockchain is still occupied by monetary transfers, which starkly contrasts with the declining frequency of such transfers in the current landscape.

Checkmate highlights a significant shift in average transaction sizes throughout Bitcoin’s history. Historically, the average transaction size fluctuated between 550 to 600 bytes. However, introducing image inscriptions in March 2023 led to a spike, pushing the average transaction size to over 1.4kb. Subsequently, with the prevalence of text inscriptions, the average size plummeted to 435 bytes, marking an unprecedented low.

Analyst reflects on the philosophical and cultural significance of these inscriptions. He perceives them as not just data inputs but as timestamps that encapsulate the essence of our society. In his view, these attributes elevate Bitcoin beyond its technical aspects, imbuing it with a more humanistic quality. Given its immutable and incorruptible nature, he regards Bitcoin as humanity’s golden record, a ledger that faithfully preserves the truth of our collective history.

The growing trend of inscriptions and their multifaceted implications for the future of the Bitcoin network promises to remain central topics of discussion, exploration, and innovation in the Bitcoin sphere.

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

In a heart-wrenching turn of events, a crypto investor finds themselves $4.46 million lighter after falling victim to a cunning USDT Approval mining scam. According to a damning report from the blockchain security platform Scam Sniffer, the incident unfolded a mere minute after the investor withdrew a substantial sum of 4.46 million USDT from the Kraken exchange.

Scam Sniffer, employing data from Etherscan, uncovered the sinister mechanics behind this crypto heist. The culprits lured their prey with a counterfeit wallet address, meticulously engineered to resemble one from the reputable Coinone cryptocurrency mining exchange.

Providing further insights into this audacious scam, Peckshield, another stalwart in blockchain security, divulged that the scammers had rapidly converted all pilfered USDT tokens into the stablecoin DAI via the Tokenlon decentralized exchange. Following this digital sleight, the malefactors divided the spoils, dispatching just over 1 million DAI to four distinct wallet addresses.

The scourge of USDT approval mining scams is fast evolving into a pandemic within the crypto realm, outpacing the growth of legitimate enterprises. These scams typically commence innocuously, with scammers initiating contact through emails or other online platforms. Subsequently, they endeavor to cultivate trust by offering tantalizing glimpses of a lavish lifestyle purportedly financed by assets. Sometimes, months are devoted to fostering this trust before coaxing victims into investing in fraudulent cryptocurrency schemes.

Crypto Scams Remain A Looming Threat

According to the report, scammers have successfully fleeced an astonishing $337.08 million from a staggering 21,953 victims via USDT approval mining scams, averaging roughly $21,953 per victim. This nefarious trend began to rear its ugly head on September 23, 2021 and has since spawned 49,427 transactions, each swiping an average of $6,820 per operation.

In a grim reminder of the perils lurking in crypto, scams continue to plague investors and enthusiasts. Recently, billionaire entrepreneur Mark Cuban fell victim, losing approximately $870,000 in assets to a phishing link. Back in August, the CEO of Binance, Changpeng “CZ” Zhao, took to the digital stage to sound the alarm on the escalating sophistication of scammers. He shed light on zero-transfer phishing attacks, imparting valuable advice on prevention and asset recovery to the crypto community.

The crypto world remains a high-stakes arena where the line between fortune and fraud is perilously thin, underscoring the importance of unwavering caution and cybersecurity awareness among all participants.

Related reading: | Crypto Crackdown Looms: SEC’s David Hirsch Signals Wave of Enforcement Actions

In a surprising turn of events, on-chain data reveals a striking trend in Bitcoin. With BTC prices experiencing a $27,106 dip, holders are not panicking but are accumulating. Exchange reserves have plummeted to their lowest levels this year, signaling a newfound confidence in the cryptocurrency.

Glassnode’s latest chart tracking active Bitcoin supply unveils an unprecedented phenomenon. Inactive BTC, coins that have remained motionless in a wallet for one, three, and even five years, have reached record highs since July 2023. This suggests that most of the BTC community is adopting a long-term perspective.

CoinMarketCap’s Bitcoin analytics echo these metrics, spotlighting wallet addresses based on their duration of BTC custody. Astonishingly, an estimated 69% of addresses, totaling 36.8 million, have clung to their BTC for over a year. This enduring commitment underscores a steadfast belief in the enduring value of cryptocurrency.

Bitcoin Exodus Amid Bullish Anticipation

CryptoQuant’s charts further affirm this narrative, illustrating a consistent decline in Bitcoin outflows from exchanges since July 2021. Currently, slightly over 2 million BTC remain on exchanges, indicating a collective decision to hold rather than hastily trade.

The CoinGlass Bitcoin exchange tracker delves deeper into the circulating BTC held by major centralized platforms. Binance emerges as the leader, boasting 543,281 BTC in its coffers. However, recent data unveils a remarkable trend of BTC exiting the exchange, with a substantial 21,645 BTC withdrawn in the last month alone.

Coinbase Pro secures the second spot with a balance of 435,530 BTC. Even this US-based giant has yet to be immune to the trend, experiencing 3,612 BTC leaving its platform in the past 30 days. The only outlier in the top 10 is OKX, which recorded a noteworthy inflow of 4,630 BTC in the same period.

Amidst this intriguing landscape, market commentators and analysts are rife with bullish predictions for Bitcoin’s potential value. Anticipation mounts for the highly-awaited mining reward halving slated for 2024, adding an extra layer of intrigue to the cryptocurrency’s trajectory. Holders seem committed, ready to weather the storms and emerge stronger in digital assets.

Related Reading:| Bitcoin’s 2023: Short-Term Holders Drowning With Over 97.5% In Losses

In a meticulous analysis shared on platform X, highly regarded crypto analyst Will Clemente thoroughly examines Bitcoin’s present position within the vast macroeconomic landscape. With precision, he uncovers significant correlations between ongoing fiscal trends and the projected trajectory of this digital asset.

Clemente starts by setting the Bitcoin stage, emphasizing its immense potential despite a near 70% drop from 2021 highs. He revisits its origin, born in the aftermath of the 2008 financial crisis by Satoshi Nakamoto, aiming to counter financial system risks. Supporting this, Clemente highlights the federal debt surge, from 60% to 120% of the US economy’s output in 15 years, sharply differing from real economic growth. He further details, 

“Even though the economy’s growth exceeded expectations, registering 2.4% (annualized) in the recent second quarter, public debt overshadowed it by swelling 2.7%, which annualizes to an unsettling 10.8%.”

Bitcoin’s Ascendance Amidst Economic Uncertainty

Clemente warns of the U.S. in a precarious position, requiring either a groundbreaking economic surge or an implausible debt clampdown driven by political popularity pressures. Shifting focus, Clemente addresses the financial impact of the aging baby boomer generation, with their social security programs burdening a financially strained younger workforce, intensifying fiscal strain.

Given the mounting debt, Clemente suggests the solution might lie in monetary debasement, an economic tactic intentionally reducing currency value. He clarifies, “By inflating the monetary base (by, for instance, printing more money), debt can be paid back in nominal terms, but its real value (adjusted for inflation or debasement) gets effectively reduced.”

Shifting the focus to assets in this environment, Clemente delves into which assets are poised to thrive in a continuously debasing economy. He scrutinizes options ranging from stocks exhibiting consistent growth to real estate, commodities, and venture capital. Clemente astutely observes that when adjusted for M2 money supply growth, returns of indices like the S&P 500 are less impressive.

He notes, Interestingly, relative to the M2 money supply, the S&P 500 has barely made new highs. This hints at stocks being susceptible to debasement that affects fiat currencies. Real estate, although a tangible hedge against inflation, grapples with illiquidity. Conversely, while potentially lucrative, venture and angel investing pose barriers that may deter average citizens.

Commodities like gold have historically shielded against financial turmoil. However, Clemente posits that Bitcoin emerges as a formidable contender in this realm. Following its next halving, Bitcoin’s stock-to-flow ratio, a measure of scarcity, will surpass gold and silver. Beyond metrics, Bitcoin’s intrinsic properties, such as portability and verifiability, solidify its status as a unique financial instrument.

Recent rate hikes affected Bitcoin’s short-term value, but Clemente stresses the enduring impact of unchecked fiscal policies. Bitcoin’s algorithmic scarcity could be a potent defense against central bank-induced devaluation in this scenario. Broadening his view, Clemente cites a UN report to highlight the global mood. A surge in negative news and declining global living standards paints a grim picture amidst heightened political polarization.

Delving into the underlying factors, Clemente pinpoints monetary debasement as a likely driving factor. He elaborates that the continual expansion of the money supply benefits asset holders but renders asset acquisition progressively unattainable for those without them. This growing divide, he suggests, fuels a societal shift towards disillusionment with the conventional system.

Related Reading:| Bitcoin Blazes Past $27.2K: Nomura’s Adoption Fund Ignites Institutional Interest

In the realm of cryptocurrencies, South Korean regulators have turned their attention towards the opaque landscape of over-the-counter (OTC) crypto trading. Their objective is to thwart nefarious activities intertwined with digital assets. Recent reports illuminate that the nation’s financial overseers are ramping up their vigilance regarding OTC crypto dealings.

At a high-profile session titled “Criminal Legal Issues Related to Virtual Assets,” South Korean authorities, including Deputy Chief Prosecutor Ki No-Seong and Park Min-woo from the Financial Services Commission (FSC), convened to address the pressing concerns surrounding the unregulated OTC crypto market. During the meeting, No-Seong stressed the urgency of imposing regulations on this sector, citing the alarming potential for money laundering.

For those unfamiliar with the term, the OTC crypto market comprises exchanges operating without official government recognition. This encompasses all digital currency transactions that transpire outside the confines of regulated platforms, including peer-to-peer (P2P) exchanges. The report reveals that Upbit, South Korea’s largest regulated crypto platform, boasts a selection of 172 cryptocurrencies, while OTC platforms provide access to a staggering 700 digital currencies.

Unveiling OTC Crypto Conduits In South Korea

The investigative report exposes instances where OTC platforms were conduits for converting digital assets into Korean won. In one case, the International Crimes Investigation Department of the Incheon District Prosecutors’ Office apprehended and indicted three individuals on charges of conducting illegal foreign exchange transactions from October 2021 to October 2022.

Shockingly, these suspects were found to have procured a whopping $70.9 million (equivalent to 94 billion won) worth of digital currencies from overseas OTC platforms at the behest of Libyan clients. Subsequently, they funneled these ill-gotten assets into South Korea for conversion into cash. According to official estimates by the Korea Customs Service, the total value of unlawful foreign exchange transactions facilitated through digital currencies reached an alarming $4 billion (5.6 trillion won) last year.

South Korea has steadily built a reputation for its stringent cryptocurrency regulations, boasting an array of measures designed to combat crypto-related criminal activities. The recent focus on OTC crypto markets underscores the nation’s commitment to tackling this evolving threat, with regulators displaying heightened vigilance after Terra’s dramatic collapse.

Related Reading:| South Korea’s Crypto Crackdown: Pursuing Illicit North Korean Funds

In a shocking turn of events, the renowned Chinese crypto blogger and journalist Colin Wu has revealed intricate details surrounding a recent crypto hack that has sent shockwaves through the digital currency industry. This audacious cyber attack targeted Fortress Trust, a prominent crypto custodian recently acquired by the blockchain giant Ripple.

The breach, unveiled through an investigation by software development firm Retool and reported by the hacker news, exposed a significant vulnerability in Fortress Trust’s security infrastructure. According to Colin Wu, the Achilles’ heel exploited by the hackers was linked to the additional security layer provided by a major authentication app.

Retool’s findings indicate that cybercriminals managed to infiltrate a staggering 27 accounts within the Fortress Trust crypto custody company. Their success hinged on a meticulously orchestrated SMS-based social engineering attack.

Crypto Security Alert Novel Attack Exposed in Google Sync

Fortress Trust confessed that the hackers leveraged a Google account cloud synchronization feature introduced earlier in the year. This San Francisco-based company, now under Ripple’s ownership, described this feature as a “dark pattern” that exacerbated the breach. Snir Kodesh, the head of engineering at Retool, referred to this form of synchronization as a “novel attack vector.”

Kodesh explained that the multi-factor authentication, once considered a robust defense, had been reduced to a single factor due to a critical update by the internet search giant in April. The attack unfolded on August 27, coinciding with Fortress Trust’s migration of logins to Okta.

The hackers cunningly posed as Fortress Trust IT team members, launching their SMS-phishing campaign. They lured unsuspecting recipients into following a seemingly legitimate link to resolve a payroll-related issue.

One unfortunate staff member took the bait, landing on a counterfeit webpage where they unwittingly divulged their login credentials. The hackers then took their deception to the next level by impersonating an IT team member, utilizing deep fake technology to alter their voice. They coerced the employee into revealing the multi-factor authentication (MFA) code.

Armed with this pivotal code, the hackers seamlessly integrated their device into the victim’s Okta account, enabling them to generate their personalized Multi-Factor Authentication (MFA) codes autonomously. This cunning maneuver granted them unmitigated access to all 27 compromised accounts.

In a final blow, the perpetrators altered the email addresses and passwords associated with these accounts, resulting in a staggering loss of $15 million worth of cryptocurrency assets. The methodology employed in this attack resembles the tactics used by a notorious hacker known as Scattered Spider, or UNC3944, renowned for their expertise in phishing attacks.

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In a groundbreaking development, the cryptocurrency sensation Shiba Inu is embarking on a transformative journey towards renouncing the Bone Token contract. Kaal Dhairya, a key developer within the Shiba Inu ecosystem, unveiled the latest updates on this pivotal plan in a recent blog post, marking a significant milestone with far-reaching implications for the future of this digital asset.

Shiba Inu team member Lucie turned to Twitter to provide a rundown of five impending advancements heading to the Shiba Inu ecosystem. These encompass the renouncement of the Bone contract, the evolution to Shibaswap 2.0, the introduction of the TREAT reward token, the debut of Shiba Hub, and the venture into the Metaverse.

The emphasis on transparency and security in digital assets has never been more crucial in the ever-evolving landscape of cryptocurrencies, characterized by its intricate nature. Shiba Inu’s Bone Token has undergone a substantial evolution in its minting and renunciation process, signifying a pivotal development in its journey.

Designed with a robust system to safeguard investor interests, Bone Token incorporated an additional layer of protection through a Timelock contract managed by a decentralized multisig wallet. However, this extra shield heightened the complexity of minting the remaining BONE supply and transferring contract ownership. Dhairya emphasized the need for meticulous testing, leaving no room for error on the mainnet.

Shiba Inu’s Path To Bone Token Renunciation

Enthusiasts of Bone Token have eagerly awaited this development, recognizing it as the key to potential listings on major exchanges. Shytoshi Kusama, Shiba Inu’s lead developer, previously assured the community that the contract would be renounced after minting the final 20 million BONE tokens in July. However, the community has awaited a concrete announcement regarding the renunciation since Kusama’s update.

Prominent developer Kaal Dhairya delved into the blogosphere to tackle this delay, shedding light on the safeguarding features of BONE. Although designed to protect investors, this added layer of security brought forth intricacies in the minting and renunciation process.

Dhairya elucidated the intricate steps in renouncing the contract, including creating a new liquidity pool, minting BONE to the desired value, and, ultimately, rejecting the agreement. Considering the operation’s complexity, the Shiba Inu team commits to rigorous testing before implementing the procedure on the mainnet. This approach leaves no room for error, emphasizing investor protection. Dhairya also noted the inclusion of a timelock contract with a delay mechanism for added safety.

While the journey towards renouncing the BONE contract has commenced, Dhairya stressed the need for caution. The process will unfold with utmost care and diligence as the team navigates the intricacies inherent in BONE’s unique design. Dhairya assured the community that, although time may be a factor, the team’s dedication to the task remains steadfast.

As Shiba Inu enthusiasts eagerly await the outcome, renouncing the BONE contract requires careful planning and an unwavering commitment to the community’s interests.

Related Reading:| Shiba Inu BONE Jumps 9% Following This Listing

In a turn of events reverberating across the crypto sphere, Base Network witnessed an astonishing surge in on-chain activity. Esteemed blockchain analytics firm IntoTheBlock has meticulously dissected the network’s metrics, unearthing intriguing revelations.

In a recent tweet from a notable crypto and blockchain community figure, IntoTheBlock highlighted the remarkable surge in on-chain metrics within Base Network. This surge encompasses a notable spike in daily transactions, a decrease in transaction sizes, and an impressively high active addresses ratio.

The most arresting revelation comes from an exponential spike in daily transactions. Starting at a 7-day average of 702,000, the network swiftly catapulted to an astronomical 1.88 million daily transactions. This surge signifies an unparalleled level of engagement within the Network, setting a new benchmark for blockchain networks.

Base Network’s Remarkable Growth Metrics

A pivotal discovery lies in the diminishing average transaction size. This development signifies an emergent trend of retail adoption and heightened smart contract interactions, symbolic of the network’s adaptability and user-centric approach.

Arguably, the most astounding statistic comes from the 30-day average active addresses ratio, boasting an impressive 64.50%. This figure starkly contrasts other Layer 2 solutions like Arbitrum (approximately 2%) and Optimism (4.5%), underscoring Base Network’s burgeoning prominence in the crypto landscape.

Investors and enthusiasts are now keeping a vigilant eye on Base Network’s growth trajectory, with rapt attention on its potential to disrupt the established order in the blockchain arena. The crypto world now fixates on this rising star, eagerly anticipating its next moves.

The Base Network’s extraordinary surge in daily transactions, with shrinking transaction sizes and an impressive active addresses ratio, validates its rapid ascent and affirms its growing significance in the crypto sphere. These trends point to a flourishing ecosystem, alluring retail users and developers alike. As Base Network continues its evolution, it remains a lodestar for crypto enthusiasts and investors seeking promising prospects in the blockchain realm.

Related Reading:| Friend.tech Phenomenon Elevates Base Network Activity Beyond Arbitrum and Optimism Levels

In a surprising turn of events, Bitcoin has displayed a glimmer of hope for traders as it paints three consecutive green daily candles, a pattern not witnessed since the early days of July. This resurgence echoes the rally from just below $25,000 to a high of over $31,000, marking a significant shift in market sentiment from bearish to bullish.

Market pundits are abuzz with discussions on the potential formation of a double-bottom pattern, a crucial technical indicator. This pattern, resembling the letter ‘W,’ signals a possible shift from a bearish to a bullish trend. It manifests as two distinct troughs or lows in the price chart, separated by a minor peak. Validity is confirmed when the price breaches the height or resistance level, hinting at a potential upward reversal.

Analysts Insights On Bitcoin’s Chart Patterns

Renowned crypto analyst Rekt Capital observes Bitcoin’s weekly chart pattern, drawing parallels to a double top formation, which typically signals a bearish reversal characterized by an ‘M’ shape. Confirmation of this pattern would require a breach below the crucial $26,000 support level, yet Bitcoin maintains resilience at $26,618, postponing the potential double-top confirmation.

Rekt Capital emphasizes the uncertainty surrounding the $26,000 support level and identifies various resistant barriers ahead. He emphasizes the significance of the $26,000 level, underlining the potential for a drop into the $23,000 region.

Bitcoin must overcome the robust resistance at $27,150 for the bullish scenario of a confirmed double-bottom pattern. However, further challenges are ahead before the crucial milestone of breaching $30,600 to establish the double-bottom formation.

On-chain analysis firm CryptoQuant sheds light on the role of short-term Bitcoin holders, key players in providing liquidity for significant price movements. Their data points to a critical break-even range between $27,500 and $29,000. Prolonged stagnation below these levels may induce these holders to sell, exerting downward pressure on the price.

“The more time we spend below these price levels, the more incentive there will be to exit liquidity from the market, and the basis condition for the return of the upward trend of Bitcoin depends on the price jump above the short-term realized prices.”

As the crypto arena holds its breath, all eyes remain fixed on Bitcoin’s journey, poised at the precipice of a potential trend-defining move. The next movements of the pioneer cryptocurrency will undoubtedly reverberate across the digital asset landscape.

Related Reading:| Bull Bitcoin’s Costa Rican Expansion Fuels Crypto Adoption Surge

In a groundbreaking move, Bull Bitcoin, the Canadian-based non-custodial Bitcoin exchange, has forged a strategic alliance with SINPE Movil, Costa Rica’s leading fiat payments system, and Bitcoin Jungle, a local crypto wallet solution.

According to a press release by Bull Bitcoin on September 14, this partnership will empower Costa Ricans and international visitors to convert their local currency, Colones, into Bitcoin seamlessly and vice versa. Additionally, Bull Bitcoin will facilitate conversions to and from bank accounts (IBAN) in both Colones and USD through conventional bank transfers.

Executing transactions through the Bitcoin Jungle wallet, users can acquire Bitcoin by sending their fiat currency to Bull Bitcoin via SINPE Movil, resulting in the corresponding BTC being deposited directly into their Bitcoin Jungle accounts. This streamlined process expedites Bitcoin-to-fiat conversions for merchants and fortifies confidence in accepting Bitcoin payments.

Bull Bitcoin’s Global Expansion

This venture for Bull Bitcoin into the Costa Rican market signifies the commencement of a broader international expansion. Over the next year, the company aims to extend its services to a global audience, targeting “over a billion people.” This marks a substantial leap from its decade-long exclusive presence in Canada, serving a population of 35 million.

Costa Rica joins the Latin American nations encompassed by Binance’s “Send Cash” initiative, unveiled in August. This innovative program introduced a revolutionary crypto-to-bank account payment solution for users in Honduras, Guatemala, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico. Leveraging Binance Pay, users can seamlessly transfer funds to recipients holding bank accounts in Colombia and Argentina.

The collaborative prowess of Bull Bitcoin, SINPE Movil, and Bitcoin Jungle promises to redefine cryptocurrency adoption in Costa Rica. This partnership marks a pivotal moment for the nation and underscores a broader trend toward augmented financial inclusivity within the region. With concerted efforts, cryptocurrency adoption and utilization potential are poised to surge, reshaping Costa Rica’s financial landscape.

Related Reading:| Bitcoin’s Bittersweet Journey In Canada: A Year Of Decline & Resilience

In a striking turn of events, a wallet tied to the renowned Ethereum co-founder, Vitalik Buterin, has sent shockwaves through the cryptocurrency community. As per a recent update from the reputable crypto analytics platform LookOnChain, this wallet has relocated a whopping 2,000 ETH, equivalent to a staggering $3.12 million, to an enigmatic destination labeled “0x5567”.

However, this hefty transfer is no isolated incident. Astonishingly, this wallet has channeled a total of 2,700 ETH, an approximate value of $4.77 million, to Bitstamp via the same cryptic “0x5567” in the past month alone. The underlying motive behind these substantial transactions remains in secrecy, leaving onlookers in speculation.

One plausible scenario is that Vitalik Buterin might reallocate funds for a specific venture or investment. Alternatively, it’s conceivable that he’s opting to liquefy some of his assets to shield against the capricious undulations of the market. While these are educated suppositions, the precise rationale still needs to be discovered.

Unraveling Ethereum’s Market Complexity

Shifting our focus to Ethereum’s present market conditions, the latest data indicates that ETH is trading at around $1610.72, marking a 1.57% increase over the past 24 hours. After Vitalik Buterin’s transfer of 2,000 ETH, the market fell below the $1,600 mark. Nevertheless, Ethereum’s price is now in the process of recovery. The recent transaction involving a wallet linked to Buterin injects additional complexity into Ethereum’s intricate market dynamics.

The timing of these transfers holds particular significance. With Ethereum navigating through turbulence, substantial movements originating from influential figures could either lend stability to the asset or further ignite prevailing volatility. It’s a precarious equilibrium, and the market is keenly attuned to forthcoming developments emanating from wallets linked to crypto luminaries such as Buterin.

While the impetus behind these substantial transfers remains veiled, they unarguably introduce a layer of intricacy to Ethereum’s existing market landscape. Whether these actions foreshadow something more substantial or are merely routine transactions, they’ve unquestionably seized the attention of seasoned investors and retail traders alike. The enigma surrounding these movements only serves to intensify the intrigue.

Related Reading:| Ethereum Co-Founder’s 3,000 ETH Transfer Raises Concerns Amid Recovery

In a recent development, Binance.US has struck back at the United States Securities and Exchange Commission (SEC), branding most of their requests as “unreasonable” and “unduly burdensome.” The crypto exchange’s response came just after both parties had concurred to file confidential information under seal.

Attorneys representing BAM Trading Services, the operator of the Binance.US cryptocurrency exchange, submitted documents on September 12 in opposition to the SEC’s quest for additional information. The SEC had previously sought many details from the Binance.US.

The defendants vehemently argued that the SEC’s demands for production and interrogatories extended far beyond reasonable boundaries, falling outside the consent order’s scope. BAM’s legal team contended that the SEC’s pursuit of absolute certainty, including the call for depositions of BAM CEO Brian Shroder and CFO Jasmine Lee, was utterly “unreasonable.”

In their counterargument, BAM’s legal representatives emphasized a crucial point: the SEC’s motion failed to provide any substantiating evidence implicating Shroder and Lee in overseeing customer asset custody and transfers within Binance.US.

Binance.US Challenges SEC And Enforces Protection

The legal team argued that BAM’s CEO and CFO need distinctive insights relevant to the specific areas specified in the expedited discovery clause of the consent order. They underscored BAM’s provision of more suitable witnesses, notably their Chief Information Security Officer, Erik Kellogg. The attorneys stated,

“The burden imposed by these depositions far outweighs their potential benefit, and the discovery sought is disproportionate to the needs contemplated by the consent order.”

The attorneys didn’t stop there. They contended that the SEC still needs concrete evidence to substantiate its unverified claims of asset diversion. According to the defendants, the SEC’s allegations forming the basis of their motion to compel are “misleading and mistaken.”

Moreover, BAM’s legal team emphasized a glaring disparity between the SEC’s “overbroad and abusive approach” and the constrained expedited discovery terms to which the regulator had previously agreed in the consent order.

Interestingly, BAM’s response came hot on the heels of a protective motion that both the SEC and Binance had concurred upon. This motion mandates submitting confidential information under seal, limiting access solely to parties such as the presiding judge, attorneys, plaintiffs, and defendants. This move signals a continued commitment from both sides to protect sensitive information while simultaneously battling it out in the legal arena.

The ongoing clash between Binance.US and the SEC remains a focal point for the cryptocurrency industry, as it could potentially set precedents for regulatory oversight in the United States. As both parties engage in this legal tango, the crypto community eagerly awaits the next twist in this high-stakes showdown.

Related Reading:| Binance.US Embraces Crypto-Only Exchange Model with USDT Transition

Zach Rector, a prominent member of the Ripple community, identified three significant events that may potentially increase the price of XRP. Given the Ripple community’s eagerness to see a price surge, Rector’s observations have sparked a debate within the community.

Rector’s first argument centers around the ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC). He posits that the US court’s refusal to grant the SEC permission to appeal the Ripple non-security status judgment could significantly impact XRP’s price. Typically, parties in a lawsuit can only contest court rulings once the case concludes. The SEC’s attempt to challenge this norm has sparked anticipation within the Ripple community. Ripple has also indicated its intention to file counter-appeals should the SEC’s bid be approved. For Ripple enthusiasts, denying the SEC’s request would mark a turning point for the digital asset.

XRP’s Potential Game-Changer

Rector’s second point revolves around adopting Ripple’s On-Demand Liquidity (ODL) product by a prominent US-based financial institution. Given the recent regulatory clarity surrounding Ripple, many within the community are hopeful that US banks will start integrating Ripple into their operations. This adoption could be a game-changer for Ripple’s value. It’s worth noting that Ripple’s previous XRP offerings to US institutions were seen as a significant stumbling block in the ongoing legal battle.

Lastly, Rector suggests that a settlement in Ripple’s legal battle with the SEC could ultimately catalyze XRP’s price surge. A settlement would signal the end of a protracted legal dispute over multiple years. Such a resolution would undoubtedly profoundly impact the Ripple market sentiment.

However, not everyone in the XRP community shares Rector’s optimism. One Ripple enthusiast, Chad, dismissed these events as mere ‘pump and dump’ opportunities. He argues that the utility of Ripple should be the primary driver of its price, not speculative events. Another user, Daren Black, concurred, emphasizing that true value would only materialize with increased utility and retail adoption, possibly after Bitcoin undergoes its halving.

As of the latest data, XRP is trading at 0.4708 and has experienced a 5.81% decline in the past 24 hours and a 6.12% drop over the past week. With XRP trading below the $0.5 mark, the community remains on edge, hoping that one of the mentioned events, or a combination of them, will reignite a rally akin to the surge witnessed after the victory ruling in XRP’s favor.

Related Reading: | Ripple Fights Back Against SEC Appeal Over XRP Security Status

In a significant legal development, the U.S. Department of Justice is poised to recover millions in Bitcoin from a teenage hacker who absconded four years ago with crypto executives’ digital assets. The authorities are also honing in on the sports cars procured with these unlawfully acquired gains, aiming for their retrieval.

Ahmad Wagaafe Hared, the now-notorious figure behind the heist, has been ordered by a federal judge to surrender $5.2 million worth of Bitcoin that he absconded with back in 2016. This revelation was brought to light in a report from The San Francisco Standard. The stolen Bitcoin and the luxury car were part of a SIM-swapping scheme masterminded by Hared and two accomplices between 2016 and 2018.

SIM-swapping involves a hacker manipulating a cell phone carrier into surrendering control of a victim’s cell phone by impersonating the owner. Hackers employ a classic social engineering ploy to gain access to personal information for theft or bypass text-message-based second-factor authentication.

Bitcoin Heist, Harred-Ditman Scam Unveiled

Young Harred, hailing from Tucson, Arizona, allied with his partner-in-crime, Matthew Gene Ditman of Nevada, back in 2016. Their collaborative efforts involved manipulating customer support representatives at mobile service providers, enticing them to disclose crucial details regarding the SIM cards connected to cryptocurrency executives in northern California.

While the executives remain unnamed, the region is renowned for being home to Silicon Valley, housing a thriving ecosystem of cryptocurrency enterprises and startups. Coinbase, the largest exchange in the U.S., once called San Francisco its headquarters before transitioning to a fully remote operation.

Harred, operating under the alias ‘winblo’ in the darknet community, was identified by independent cybersecurity journalist Brian Krebs as an “extremely active” and “revered” participant in an online marketplace where high-value social media accounts were traded. 

Employing a fraction of the unlawfully acquired cryptocurrency, Harred procured a BMW i8, estimated at around $150,000, as disclosed by Krebs. The prosecutors’ indictment further delineated that the duo reached out to certain victims post-account takeover, aiming to exert additional pressure for extortion.

In 2019, the operation faced its final reckoning, courtesy of a thorough FBI investigation that culminated in the identification and subsequent apprehension of both Harred and Ditman, as reported. The duo finds themselves in a legal quagmire, awaiting the impending sentencing phase.

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In a remarkable turn of events, the Layer-2 blockchain Shibarium has witnessed an unprecedented transaction surge over the past few days, as revealed by Shibariumscan explorer. Over the past few days, the network has catapulted to 1,582,853 transactions, marking a historic high for the Shiba Inu community.

This surge is a testament to the prowess of the Shibarium Layer-2 solution, a brainchild of the Shiba Inu development team within the Ethereum ecosystem. With 541,046 blocks already mined, the network is operating at peak efficiency, sheet to showest capabilities.

While transaction volumes are skyrocketing, the burn rate of SHIB, a vital metric for the community, has also experienced a meteoric rise. In a recent update, the Shibburn tracking service revealed a staggering 224.31% surge, catalyzed by 14 transactions. Such an impressive leap in burn rate underscores the dedication of Shiba Inu enthusiasts toward fortifying the ecosystem’s sustainability and long-term viability.

SHIB Record Burns, Fuels Shibarium’s Rise

These transactions are the incineration of colossal quantities of SHIB meme coins, with 20,514,086 SHIB, 14,447,005 SHIB, and 10,487,173 SHIB going up in flames. These monumental burns demonstrate a resounding commitment from the Shiba Inu community toward enhancing the ecosystem’s sustainability.

This surge in burn rate is particularly significant in light of recent trends. The burn rate percentage had languished at 65% just a day prior. In the days leading up to this surge, the community had faced challenges in achieving substantial SHIB burns, resulting in the indicator dipping into the red.

Shiba Inu is trading at $0.00000761 in the current crypto landscape, with a substantial 24-hour trading volume of $61,321,374. Over the past day, Shiba Inu has demonstrated a modest 0.48% increase in its valuation. Impressively, the circulating supply of SHIB coins stands at a staggering 589,346,914,631,298, cementing its presence in the market.

The Shibarium network stands at the forefront of innovation, propelling the Shiba Inu ecosystem to new heights. As transaction volumes and burn rates surge, the community’s dedication to the project’s success remains unwavering, setting the stage for a promising future.

Related Reading:| Shiba Inu Surges To 6th Place Among American Crypto Favorites

In the latest stride against money laundering, Singapore has granted operational licenses to cryptocurrency enterprises demonstrating robust Anti-Money Laundering (AML) controls. The move signifies the MAS’s unwavering commitment to maintaining the highest standards of financial integrity.

Contrary to recent criticisms, MAS asserted that businesses still need to meet the criteria for participation in its FinTech Regulatory Sandbox as cryptocurrency payment providers. Addressing concerns raised in a letter published by the Financial Times, the MAS clarified that Singapore does not possess a dedicated “crypto sandbox.” Instead, the nation boasts a versatile sandbox supporting various fintech innovations.

As per the recent report, the letter chastised Singapore for its purportedly unwise decision to grant crypto companies access to the Fast and Secure Transfers (FAST) interbank payment system. This electronic funds transfer system facilitates seamless dollar transactions between participating entities.

Singapore’s Inclusive Crypto Regulation

MAS stood firm, asserting that any entity equipped with a legitimate banking infrastructure can harness the power of the FAST system, extending this privilege to crypto enterprises. Their resolute position emphasizes inclusivity within the financial landscape, reinforcing accessibility for all sectors, including the burgeoning crypto realm. The regulator underscored, “Payments through FAST are in fiat currencies, not cryptocurrencies.”

The MAS unequivocally refuted a correlation between rising malware scams in Singapore and the cryptocurrency sector. They argued that such scams are more prevalent in the fiat economy, asserting that cryptocurrencies aren’t inherently more susceptible to fraud than traditional financial systems.

“These scams entail fraudsters taking control of customers’ mobile devices and effecting unauthorized transfers through the banking system in fiat currencies.”

The MAS has been actively engaging the public in soliciting feedback on comprehensive regulatory measures designed to mitigate potential risks posed by cryptocurrencies to retail customers. This demonstrates a proactive approach to ensuring a secure and well-regulated environment for crypto-related activities.

Former MAS Chair Tharman Shanmugaratnam, known for his cautious stance on crypto assets, secured victory in Singapore’s presidential race. Shanmugaratnam, who had previously labeled crypto assets as “highly volatile” and “highly risky as investment products,” offered a further indication of Singapore’s nuanced approach towards the crypto sphere. His election is significant in Singapore’s evolving relationship with digital currencies.

Related Reading:| Monetary Authority of Singapore Outlines Common Protocol For Digital Money

In a recent and alarming turn of events in the crypto sphere, a high-profile whale has fallen victim to a devastating phishing scam, losing assets worth more than $24 million. This event is a stark reminder of the ongoing risks within the crypto space, including scams and hacks. The perpetrator, with ties to ten phishing websites like coindroplet.net and trustpad.ca, adds intrigue to the story, a stark reminder of crypto’s inherent dangers.

The targeted crypto whale was a significant liquidity provider on the Uniswap Decentralized Exchange (DEX), where they contributed over $1.6 million worth of liquidity to the WBTC/USDT trading pool. This whale was also actively engaged in various decentralized finance (DeFi) protocols, such as Aave, Curve, 1inch, and multiple blockchains, including EOS and the OMG Network.

In a recent probe by the renowned watchdog PeckShieldAlert, the phishing scam’s mechanics came to light. It all began when the victim mistakenly authorized token access through “increase allowance” transactions. This misstep enabled the scammer to swiftly make off with roughly 4,851 $rETH and 9,579.2 $stETH, amassing a staggering $24.24 million.

Crypto Heist Thief Swaps Stolen Assets

The details about this audacious heist were uncovered by the blockchain security firm Peckshield, which confirmed that the scammer swiftly exchanged the stolen assets for around 13,785 ETH and 1.64 million DAI. Additionally, a portion of the ill-gotten gains, approximately 451,000 DAI, was transferred to FixedFloat, a crypto platform renowned for facilitating seamless token swaps at fixed rates.

Typically, in such phishing attacks, scammers employ deceptive tactics, often sending authentic-looking emails to lure potential victims into entering their wallet’s private keys on fraudulent websites. Armed with this sensitive information, the scammers can assume control of all assets associated with the compromised address.

In a separate development, Peckshield disclosed details of another recent crypto heist. On September 5th, the popular casino Stake suffered a security breach, resulting in losses exceeding $40 million, consisting of 9,620 ETH, 14.24 million MATIC, and 82,650 BNB.

As of September 7th, Peckshield reported that the Stake hacker had successfully swapped 3.376 million MATIC tokens for 72.29 BTC, valued at $1.8 million. Additionally, roughly 800,000 MATIC tokens were dispatched to two newly established wallets.

At the time of this report, the evil actor retains possession of 10.1 million MATIC, equivalent to $5.7 million, and 72.29 BTC within the Polygon network. These incidents are stark reminders that, alongside the tremendous opportunities, the crypto industry is rife with vulnerabilities and challenges.

According to a recent security report by Certik, crypto hacks and scams collectively accounted for losses exceeding $313 million in the second quarter of 2023. Investors and participants in the crypto space are urged to exercise extreme caution and employ robust security measures to safeguard their digital assets.

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In a bold condemnation of the U.S. Securities and Exchange Commission (SEC), Chris Larsen, the Executive Chairman of Ripple, and legal representatives for XRP have taken a strong stance against the regulatory body’s aggressive approach to overseeing the cryptocurrency sphere. Federal judges have openly questioned the SEC’s strategies, branding them as “arbitrary and capricious” during recent legal skirmishes.

Chris Larsen, the prominent figurehead of Ripple, boldly opposed the SEC’s strategy of enforcing regulation through punitive actions today. He highlighted the shifting tide favoring the cryptocurrency industry, with courts growing reluctant to endorse the SEC’s corrective measures. In a heartfelt appeal to the U.S. Congress, Larsen implored them to step in and end what he characterized as senseless lawsuits instigated by the SEC.

In the crypto sphere, XRP lawyer Bill Morgan joined the chorus, condemning the SEC’s persistent appeals despite a series of courtroom defeats. Morgan criticized the SEC’s approach, while judges in the Grayscale lawsuit called their claims erratic, and Judge Netburn, overseeing the Ripple case, deemed their positions hypocritical.

Ripple’s Confidence Amid SEC Regulatory Uncertainty

Despite the ongoing legal disputes, Ripple’s leadership remains optimistic about its chances against the SEC. Their argument centers around the SEC’s lack of clarity on the reasons for their lawsuits and their failure to specify whether the existing regulatory framework is adequate for supervising the cryptocurrency industry.

In an interview on Bloomberg on September 6, Chris Larsen didn’t hold back in assigning blame to the U.S. government and the SEC for their perceived hostile stance. He argued that their policies were hindering San Francisco’s aspirations to become the “blockchain capital of the world.”

Amid Regulatory Headwinds, XRP Sees Minor Downturn Today. XRP dipped by 0.42% over the past 24 hours, trading at $0.4988. Its daily range saw a low of $0.493 and a high of $0.503. As the crypto space faces heightened regulatory scrutiny, the ongoing Ripple-SEC clash remains a focal point, casting uncertainty over XRP and broader crypto regulatory matters

Related Reading:| Ripple’s Bold XRP Moves Amidst Market Flux Raise Questions

In a groundbreaking move, SBI Remit, the subsidiary of SBI VC Trade and the crypto-focused arm of SBI Japan, has unveiled its ambitious plan to transform international remittance services using the power of XRP. This strategic partnership with Ripple and SBI Ripple Asia has set the stage for a paradigm shift in cross-border payments.

Yoshitaka Kitao, a respected figure in the crypto world, enthusiastically conveyed and shared this groundbreaking development. Taking to Twitter, he emphasized the pivotal and transformative role that XRP is poised to undertake in revolutionizing the global remittance ecosystem, ushering in an era characterized by unparalleled efficiency and innovation.

The highly anticipated remittance service is on the brink of its launch this month, per a recent report focusing on bank accounts in the Philippines, Vietnam, and Indonesia. Given the significant portion of remittances channeled into these bank accounts, these nations emerge as top contenders for embracing XRP as the favored vehicle for international fund transfers within the cryptocurrency domain.

SBI Remit’s XRP-Powered Cross-Border Revolution

SBI Remit’s foray into these Asian markets symbolizes a strategic amplification of its dedication to harnessing XRP for cross-border transactions. This strategic maneuver not only aims to facilitate streamlined remittance services but also to catalyze fostering greater cryptocurrency adoption within these regions.

The innovative scheme devised by SBI Remit streamlines the international remittance process. When a customer initiates a remittance request, SBI VC Trade promptly responds by sending the equivalent amount in XRP, which is then seamlessly converted into the recipient’s local currency. This dynamic approach is made possible through a strategic alliance with Ripple partner Tranglo, enabling users to receive funds in their preferred local currencies.

While the initial phase of Remit’s venture targets the three aforementioned Asian countries, the company has committed to expanding its reach to cover more jurisdictions shortly. The firm plans to diversify its service offerings to include corporate and inbound transactions, all facilitated by strategic partnerships with Ripple and other prominent payment firms.

It’s worth noting that SBI Remit has nurtured a six-year strong collaboration with Ripple, particularly in leveraging Ripple Payments for cross-border remittances. In a remarkable milestone achieved in 2021, SBI Remit became the pioneering business in Japan to employ XRP as a bridge asset for international remittance services, initially targeting crypto wallets for Filipinos.

As SBI Remit embarks on this transformative journey, the crypto community and financial world will be closely watching to see how this partnership with Ripple and the integration of XRP will reshape the landscape of international remittance services. This move has the potential to not only enhance the efficiency of cross-border transactions but also drive wider adoption of cryptocurrencies in the targeted Asian markets.

Related Reading:| The Hidden Tax Risks Of Using Ripple’s XRP For Cross-Border Payments

In a striking revelation, renowned analyst Ali Martinez has warned about Ethereum’s (ETH) future price trajectory. Martinez has ventured into pessimism, suggesting that Ethereum could plummet to $1,200 unless specific conditions evolve. Martinez’s bleak prognosis finds its roots in data furnished by blockchain analytics firm IntoTheBlock, focusing on the distribution of profits and losses among Ethereum token holders.

As per the data, a notable fraction of ETH holders currently grapple with losses, primarily within the $1,633 to $1,681 price range, where approximately 6.39 million tokens reside in the crimson territory. Beneath this range, down to a minimal $1,385 per ETH, the strength of buying support appears feeble, denoted by the modest green circles adorning the infographic.

The confluence of a significant multitude of ETH tokens descending into the depths of losses, juxtaposed with a discernibly receding interest in making acquisitions at the lower echelons of the price spectrum, serves to stoke apprehensions regarding the cryptocurrency’s overall resilience and its ability to withstand market pressures.

Crypto Community Hope Amid Ethereum’s Challenges

Martinez suggests that unless catalysts for growth emerge on the immediate horizon, ETH might teeter on the precipice of what experts ominously dub “time capitulation.” In this chilling narrative, the worst-case scenario looms like an impending storm – a flash crash, almost certainly inducing a substantial spike in the tally of unprofitable addresses within the ETH community.

As of the current moment in the crypto world, Ethereum is valued at $1,631.24, accompanied by a robust 24-hour trading volume of $3,667,180,282. ETH has experienced a minor dip of 0.13% within the past day. Notably, the cryptocurrency boasts a circulating supply consisting of 120,218,534 ETH coins.

In the crypto sphere, optimism is now the game’s name, as enthusiasts and investors fervently hope for positive developments to avert the looming plunge and propel Ethereum toward the $1,681 mark. As Ethereum stands at a crucial crossroads, crypto investors are urged to monitor market trends with hawk-like precision, keenly anticipating any seismic shifts in this ever-evolving landscape.

Related Reading:| Vitalik Buterin Addresses Ethereum’s Node Centralization Challenge: Report

In a turbulent week for the world’s largest cryptocurrency, Bitcoin (BTC), the digital asset faced mounting selling pressure as it tumbled below the crucial $26,000 support level. While some opportunistic investors might be eyeing the dips as a potential buying opportunity, experts warn that Bitcoin’s journey to recovery remains uncertain.

Delving deep into the crypto realm, the esteemed crypto analyst Ali Martinez exposes an intriguing historical pattern spanning the past decade. As per Martinez’s insights, Bitcoin typically kickstarts a bullish surge once its price exceeds the average acquisition cost of investors, with a track record spanning 6 months to 3 years in the crypto space.

The critical breakout level for BTC remains solid at $33,755 in the crypto world. This signifies that BTC’s price needs to surge by over 30% from its current point to confirm a bullish comeback. Falling short of this target could introduce additional price adjustments into the crypto landscape. Joining the chorus of analysts, Bloomberg’s senior commodity strategist, Mike McGlone, parallels Bitcoin’s price action and the Nikkei index.

“Bitcoin has had a close directional relationship with the Nikkei 225, and recent crypto weakness may portend contagion. That or the benchmark crypto might recover and follow the path of the Nikkei, which reached a 33-year high in June.”

Bitcoin’s $26,000 Support Zone Sparks Speculation

He emphasizes that Bitcoin’s resilience hinges on maintaining a position above approximately $31,000. However, underlying factors could stymie any upward momentum; central banks, including the Federal Reserve, continue to implement tightening measures, exerting downward pressure on BTC.

A daunting pattern reminiscent of the pre-crash setup following the 2021 bull run emerges in the crypto-sphere. Crypto analyst Rekt Capital paints a vivid picture, explaining that in 2021, BTC displayed two distinct tops akin to a Double Top pattern before reaching a third top at a Lower High. Presently, history seems poised to repeat itself, with BTC mirroring this pattern again, with the potential for a third top forming at a Lower High.

The 2021 fractal scenario raises the specter of Bitcoin establishing its third peak at a lower high, potentially leading to a rejection around the $26,000 support level.

Subsequently, the fractal scenario suggests that BTC could gradually rebound, only for the $26,000 level to morph into a formidable new resistance before encountering another downward rejection.

As the pages of the calendar flip, September emerges as a recurring harbinger of substantial Bitcoin corrections. The prevailing chart setup serves as an ominous reminder that this time may not be an exception to the rule.

The fate of Bitcoin hangs in the balance, and investors worldwide keenly watch to see if it will rise above the $33,755 threshold or succumb to the downward pressures reminiscent of its historical September struggles.

Related Reading:| Bitcoin Surpasses Spain In Number Of Holders: Report

In a pivotal development on the international crypto stage, G20 member nations, led by India’s current presidency, have united in their call for global cooperation in regulating crypto assets. The spotlight now shines on the upcoming G20 Summit scheduled for September 9-10, where discussions surrounding crypto regulation are poised to take center stage.

According to a recent report, India’s Finance Minister, Nirmala Sitharaman, officially confirmed the ongoing negotiations for a comprehensive global framework for crypto regulation on September 5. This groundbreaking revelation sets the stage for one of the most crucial topics to dominate the G20 Summit as the world’s economic powerhouses converge to chart a collective course in cryptocurrencies.

Sitharaman stressed the inherent cross-border essence of crypto assets, underscoring the critical demand for a universally adopted regulatory structure. Despite being in the early stages of formulating crypto regulations during India’s G20 presidency, the crypto community eagerly awaits precise guidelines for governing the crypto domain. She remarked,

India’s (G20) presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets.

G20 Nations Diverge On Global Crypto Regulation

The move towards global crypto regulation is poised to address a pressing need felt across the G20 spectrum. Countries like the United States, Australia, and the United Kingdom have witnessed surging demand for cryptocurrencies, creating a growing imperative for consistent and coherent regulation.

However, strict regulations and government apprehension have marked India’s stance on crypto. High taxes and a skeptical outlook have shadowed the industry’s potential within the country. Many have argued that these restrictions have stifled innovation and hindered India’s ability to harness cryptocurrencies for economic development.

Despite this, India has displayed significant interest and activity in Web3 and blockchain technology. As an encouraging sign of forward-thinking in this space, OKX, a prominent crypto exchange, recently announced its plans to enter the Indian market. The company intends to hire local talent and explore the vast potential that India holds in the evolving landscape of Web3.

The collaborative effort among G20 nations to forge a common understanding and approach to crypto regulation signals a turning point in the global crypto narrative. With the G20 Summit just around the corner, the world waits in anticipation for the outcomes that will shape the future of cryptocurrency on a global scale.

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In a crypto market riddled with ups and downs, Ripple, the San Francisco-based blockchain company, has made significant moves by transferring substantial amounts of XRP to major exchanges and anonymous wallets. Despite XRP’s slight price dip, these transactions have caught the attention of crypto enthusiasts and investors alike.

Blockchain tracking service Whale Alert recently detected two substantial XRP transactions. The first, amounting to a whopping 29,700,000 XRP, found its way to the Bitstamp exchange. Detailed data from XRP-focused information provider Bithomp revealed Ripple Labs as the sender, transferring this sizable chunk of XRP for $15,040,591.

The second substantial transfer involved a staggering 425,322,309 XRP from the Bitvavo digital exchange to an undisclosed wallet labeled “unknown” by Whale Alert. This movement follows a trend observed throughout August, with several XRP transactions of similar magnitude being reported by Whale Alert. Notably, one of these large transactions also originated from Bitvavo.

Ripple’s Strategic Moves Amid XRP Price Swings

In a previous instance, on August 30, Ripple transferred 31,000,000 XRP for selling. Additionally, on September 1, the company conducted its routine monthly release of one billion XRP from escrow, a practice it has upheld since 2018. This release aims to maintain XRP’s liquidity in the market and promote its adoption.

Today, XRP experienced a 1.44% drop in price, following a 4.73% increase since Friday. Ripple’s ability to execute these transfers just before the price dip raises questions about whether the company managed to sell at a profit or incurred losses. As of the time of reporting, XRP is valued at $0.5034.

However, an intriguing twist emerged as Ripple began relocking around 80% of the billion XRP coins that had been previously unlocked. Consequently, only approximately 200 million XRP entered the market on average each month, indicating Ripple’s cautious approach to controlling the coin’s supply.

In the crypto sphere, enthusiasts remain vigilant, keenly awaiting Ripple’s forthcoming maneuvers, as these transactions wield a significant influence over XRP’s trajectory within the ever-fluctuating crypto landscape.

Related Reading:| XRP’s Surging Utility: 4.8B Transactions & 2.03B Circulation Spark Frenzy

In a surprising development that’s seized the attention of the SHIB community, trillions of Shiba Inu tokens have once more taken center stage, spotted in a recent transaction by WhaleAlert, the premier blockchain tracking tool. This intriguing occurrence closely follows a significant withdrawal of SHIB tokens from the Bitvavo exchange.

A whopping 4.62 trillion SHIB tokens, translating to a staggering $35.7 million, were transferred in this latest maneuver. The origin of the transfer, initially masked as moving to an unknown wallet, was uncovered through an in-depth exploration of blockchain data, revealing that it was linked to a freshly minted address associated with Bitvavo itself.

While the exchange’s involvement in this transaction remains uncertain, insights from Arkham Intelligence unveil that Bitvavo’s confirmed wallets currently hold a comparatively small reserve of 250 million Shiba Inu tokens, with an approximate value of $1.93 million.

Shiba Inu Community Puzzled by Trillion-Token Move

The trillions of SHIB tokens remain securely housed in these recently generated addresses, displaying no evident inclination to migrate to other exchanges for liquidation purposes. This intriguing pattern has triggered a flurry of speculation within the crypto community, as some suggest that these movements may be related to storage and distribution strategies, leaving the community pondering their true intentions.

Based on the most recent market information, Shiba Inu is priced at $0.00000766, and its 24-hour trading volume reaches a substantial $89,639,405. On the last day, Shiba Inu encountered a 1.73% reduction in its valuation.

As the community eagerly anticipates further developments, the significant disappearance of these trillions of SHIB tokens from the exchange takes center stage, potentially shaping the future path of the Shiba Inu token. Stay tuned for updates as this unfolding saga evolves, keeping SHIB enthusiasts captivated.

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In a surprising turn of events, a Solana address purportedly linked to FTX’s cold wallet has been actively transferring crypto assets. According to the well-known Chinese journalist Colin Wu, this address has been orchestrating the movement of tokens like LINK, SUSHI, LUNA, and YFI to an Ethereum wallet via blockchain bridges like Wormhole.

Wu’s report indicates that this transfer, which is still ongoing as of his post on Twitter, commenced on August 31 and has already moved more than $10 million. Wu suspects this could be part of a concerted effort to collect funds.

Arkham, a cryptocurrency intelligence platform, reveals that the FTX crypto assets portfolio boasts over $675 million in assets. FTT, FTX’s native token, reigns supreme among holdings, with a staggering $259.65 million value. Bitcoin is the second-largest holding, with $100.57 million in the flagship cryptocurrency.

FTX’s Ethereum Holdings And the Mystery Transfer

According to Arkham’s data, FTX’s Ethereum holdings stand at $17.30 million, ranking seventh among FTX’s top crypto assets. Digital assets like LINK, SUSHI, LUNA, and YFI, involved in the recent transfer, occupy lower positions in the pecking order of holdings.

It has been diligently working to rebound following its abrupt fall from grace. Speculation abounds about whether this mysterious funds transfer is linked to their revival efforts. The collapse of the exchange resulted in numerous users losing substantial funds. Some believe that rebranding under a different name could offer a glimmer of hope to the victims of that unfortunate incident.

Recent developments also reveal FTX’s hiring of U.S. crypto firm Galaxy as an advisor to assist in hedging and selling its crypto holdings. This move is seen as a strategic effort to mitigate exposure to adverse price fluctuations before selling assets.

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Coinbase, a leading player in the crypto sphere, is taking a unique approach to its legal tussle with the U.S. Securities and Exchange Commission (SEC). If regulatory guidelines are clear, Paul Grewal, Coinbase’s Chief Legal Officer, has laid out the company’s true intentions and commitment to compliance.

In a recent podcast episode hosted by crypto-journalist Laura Shin, Grewal provided insights into the exchange’s objectives in its ongoing legal showdown with the SEC. He emphasized the dedication of Brian Armstrong, the exchange’s CEO, and the board to build a robust case. Grewal underlined the global expectations placed on the company, stating, “Many people all over the world are counting on us to do our very best.”

Contrary to the perception that the exchange might adopt a “win it all or lose it all” stance, Grewal clarified that the case’s complexity transcends a binary outcome of victory or defeat. While there was speculation that any token, service, or product deemed security would spell doom for Coinbase, Grewal revealed that the company’s primary aim is regulatory clarity.

Coinbase’s Regulatory Pursuit Amid SEC Battle

Coinbase is actively pursuing concrete regulatory guidelines from the SEC. Grewal emphasized that if the regulatory body established clear standards, Coinbase would willingly adhere to them. He exuded confidence in a positive outcome for the case, highlighting their optimism.

Conversely, Grewal acknowledged an alternate scenario: a loss in court or establishing new industry standards for crypto companies to adhere to the exchange, and its peers would willingly align with the regulatory framework in such a situation. Grewal stated, “We’ll comply, and others will be able to comply in a way that just isn’t possible today.”

Adding his perspective to the mix, crypto lawyer John Deaton weighed in on Coinbase’s legal battle with the SEC. Deaton estimated a 35% chance that the lawsuit might ultimately be dismissed.

Coinbase’s pursuit of regulatory clarity amidst its legal duel with the SEC underscores its commitment to navigating the ever-evolving crypto landscape while upholding established rules and guidelines. The outcome of this case holds significant implications for the broader crypto industry, potentially influencing its approach to regulatory compliance.

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