https://thenewscrypto.com/coinbase-ceo-shares-idea-for-web3-version-of-linkedin/

• Coinbase’s CEO discussed several topics that have the potential to change the digital asset market.
• Brain Armstrong shared his vision for the crypto future.

Coinbase’s, the leading crypto exchange, co-founder Brain Armstrong recently shared ten promising idea proposals on August 30. Following that, Coinbase’s co-founder tweeted that he had received more than 150 project applications for the ten promising ideas. Moreover, he added an 11th start-up idea in the tweet.

On September 6, the crypto exchange’s co-founder revealed another start-up idea for the Web3 version of LinkedIn. It verifies employment or credentials through company-issued soul-bound NFTs. Moreover, Brain Armstrong mentioned that he received around 150 project applications following the ten promising ideas.

Coinbase CEO Shared His Vision for the Crypto Future

The CEO of the crypto exchange, Brain Armstrong, shared his vision for the crypto future on August 30. In this vision, he discussed several topics that have the potential to change the digital asset market. He highlighted ten promising ideas and proposals, emphasizing the significance of a healthy ecosystem outside of Coinbase’s offerings.

Armstrong mentioned that the new proposal will help prevent fraud and provide a secure and reliable way for users to share their work experience and qualifications. This innovation also has the potential to replace the existing resume verification process with a transparent method. 

Coinbase’s co-founder sees this project as a multiple-component solution, including a user-friendly interface for searching employee and employer information. He also hints at a solution that allows users to mint their NFTs if they verify their association with the companies in .com, mail, and other strategies.

Armstrong shared the Web3 LinkedIn project idea after he expressed his vision for the marketplace for crypto jobs. According to him, it will enable individuals to locate crypto-related jobs around the world and also allow jobs to be paid in crypto.

https://thenewscrypto.com/solana-sol-active-addresses-hit-a-two-year-low/

• Solana Newtwork users had dropped to a two-year low.
• SOL experienced an increase of over 3% in the last 24 hours.

Solana (SOL), one of the top 10 cryptocurrencies in the world by market cap, has shown a significant surge in the last 24 hours. The unexpected increase from Solana caught the attention of the cryptocurrency community, even though the entire market is in severe decline. At the same time, the number of active addresses on the Solana network reached a two-year low recently.

On September 6, the founder of Wealth Mastery, a crypto newsletter, Lark Davis, tweeted that Solana users have dropped to a two-year low. On the other hand, Solana has recently revealed the big news that Visa is expanding its USDC settlement pilot to the Solana Blockchain. Following the announcement, SOL experienced an increase of over 3% in the last 24 hours. Adding to that, Solana Pay recently partnered with Shopify to enable USDC payments via a plugin. 

While SOL is experiencing a remarkable surge in price, the active wallet address has shown a massive drop. However, the recent Visa expansion update is expected to bring users back to the Solana Network again.

Solana Climbs to the Top Gainer List

Adding to that, with this sudden surge, Solana climbed to the second position on the top gainers list on September 6. Notably, among the top 100 cryptocurrencies, SOL has been the top gainer in the last 24 hours. The top cryptocurrencies, including Bitcoin and Ethereum, have experienced bearish momentum over the past few weeks. The remarkable surge from Solana is expected to boost investor’s confidence.

At the time of writing, Solana has been trading at $19.82, with an increase of over 2.84% in the last 24 hours. The daily trading volume of SOL has experienced a massive surge of 81.04%, according to CoinMarketCap. Moreover, SOL’s price is inching closer towards the $20 mark. With bullish momentum, Solana is expected to cross the $20 mark soon.

Do you think SOL will continue its bullish momentum to breach the $20 mark? Tweet to us at @The_NewsCrypto and let us know your thoughts.

https://thenewscrypto.com/tether-holds-72-5-billion-in-us-treasury-surpassing-major-countries/

• Tether became the 22nd largest holder in the world.
• China’s US Treasury holdings reached their lowest level in 14 years.

Tether, the stablecoin provider, has revealed that it holds $72.5 billion in US Treasury bonds, surpassing the United Arab Emirates, Mexico, Australia, and Spain. Moreover, Tether became the 22nd largest holder in the world. With this, Tether marks a significant milestone in the crypto market.

On September 4, Wall Street Silver, an investment forum, reported that China’s ownership of the US Treasury has dropped almost $481 billion from its peak level. It was also mentioned that, for many years, experts always doubted that China would dump the US Treasury debt because of the impact on their own economy and currency. 

However, According to the chart, China’s US Treasury holdings reached their lowest level in 14 years. China is getting out of US debt, and instead, the country is buying gold. In reply to this tweet, Tether CTO Paolo Ardoino shared that it has reached $72.5 billion in exposure to US Treasury bills.

Tether Becomes the Most Used Stablecoin

Paolo Ardoino also mentioned that with this amount of holding, Tether has surpassed countries including the United Arab Emirates, Mexico, Australia, and Spain. Moreover, the Stablecoin provider has climbed to the 22nd spot among buyers around the globe.

Tether’s CTO also expressed that USDT is the most used stablecoin around the world, with a huge focus on emerging markets. Moreover, for many of these communities, USDT is their lifeline to protect themselves and their families from the instant inflation of their national currencies.

On the other hand, Circle held more than $8.389 in the US Treasury at the end of July, according to Circle’s monthly certification. At the time of writing, the daily trading volume of Tether has experienced a surge of 8.63% in the last 24 hours, according to CoinMarketCap.

https://thenewscrypto.com/ethereum-fails-to-gain-momentum-as-whales-move-300k-eth-to-coinbase/

• A total of 300,000 Ethereum (ETH) has been moved from two unknown wallets to Coinbase.
• ETH trading volume has experienced a surge of 31.08% in the last 24 hours.

Ethereum (ETH), the second-largest cryptocurrency, experienced a massive downtrend over the past few weeks, along with the entire crypto market. Despite the recent substantial decline in the crypto market, two wallets have made significant transactions to the major crypto exchange, Coinbase. According to Whale Alert’s data, these transactions are valued at over 300,000 ETH, equivalent to approximately $488 million.

On September 5, Whale Alert, the crypto transaction analyzer, disclosed a transfer of 300,000 ETH, worth over $488 million, from two unknown wallet addresses to the cryptocurrency exchange Coinbase. Notably, these two wallet addresses are Coinbase cold wallets. Following the substantial transfer to the Coinbase cold wallets, the funds later distributed across multiple wallet addresses, totaling 4,282 ETH per transaction.

In addition, an unknown wallet transferred 21,000 ETH, worth around 34,080,667 USD, to the leading crypto exchange OKX. With the continuous whale transactions, Ethereum expected to show a surge. However, the leading altcoin continued its downtrend. 

Ethereum (ETH) Continues its Downtrend

Despite these massive transactions, Ethereum failed to gain momentum. At the time of writing, ETH has been trading at $1,621, with a decline of over 0.87% in the last 24 hours. However, the daily trading volume of ETH has experienced a surge of 31.08%, according to CoinMarketCap.

The daily trading price chart shows that Ethereum maintains its bearish trend as the current price is trading below the 50-day exponential moving average (50 EMA). Meanwhile, the daily relative strength index (RSI) is at 35.38, denoting the largest altcoin’s position on the border of the oversold zone.

If the current trend reverses, ETH may experience bullish momentum to surpass the nearest resistance of $1700. If the momentum continues, it will breach the $1750 range and even advance to surpass the $1800 mark. On the other hand, if ETH fails to overcome the nearest resistance at $1,700, it could face further downward pressure. In such a scenario, the price might decline toward the closest support level at $1,600 and potentially even drop below $1,540.

Do you think ETH will break the bearish momentum soon? Tweet to us at @The_NewsCrypto and let us know your thoughts. 

https://thenewscrypto.com/london-stock-exchange-lse-plans-for-blockchain-based-digital-asset-platform/

• LSE Group has shared that it is planning to introduce a blockchain-based platform.
• It became the first exchange to host traditional finance on the digital asset platform.

The London Stock Exchange (LSE) Group has shared that it is planning to introduce a blockchain-based platform to offer traditional financial assets as a part of its digital business plans. This will make it the first exchange to host traditional finance on the digital asset platform.

On September 4, the Financial Times released a report announcing that the London Stock Exchange plans to create a blockchain-based platform for traditional financial assets. According to the report, using blockchain technology would make the process easier, smoother, cheaper, and more transparent. 

Murray Roos, LSE Group’s head of capital markets, has stated that the company’s plans for a blockchain-based platform have reached an inflection point and will move forward. According to Ross, the plans include offering the blockchain technology that powers the cryptocurrencies, including Bitcoin, and the traditional currencies.

LSE Group Became First to Offer Blockchain-Based Platform

The report also mentioned that the exchange did not build anything around the cryptocurrencies. However, the company will use blockchain technology to increase the efficiency of holding, buying, and selling traditional assets. And also noted the need for regulation around the new blockchain-based trading options.

Roos also added that LSE Group will wait until investors are ready and the public blockchain is good enough before proceeding with the project. Moreover, with the new project, LSE Group became the first major stock exchange to offer traditional assets on a blockchain-based platform.

The plans will involve a separate legal entity to capture the digital marketer’s interest in the LSEG. This also comes at the time of the UK’s drive to promote global asset trading and innovative ideas. At the same time, other traditional financial infrastructure plans include integrating blockchain technology. 

https://thenewscrypto.com/bitcoin-btc-below-25k-possible-in-current-downtrend/

• Bitcoin’s (BTC) price has again fallen below the $26K mark.
• BTC has been oscillating between $25,000 and $26,000.

Bitcoin (BTC), the world’s largest cryptocurrency, has experienced a strong bearish momentum for the past few weeks. Recently, BTC has shown a slight recovery of 0.50% after staying below $26,000 for the past few weeks. With this price surge, BTC surpassed the $26K mark. However, it didn’t stay for long, and the price dropped to below $26K again.  

In recent days, Bitcoin’s price has been oscillating between $25,000 and $26,000. And BTC is struggling to gain momentum to break this cycle. Moreover, the U.S. SEC’s delay in the Bitcoin ETF filing added more pressure on the trading price. Recently, former SEC chairman Jay Clayton stated that the approval of the Bitcoin ETF is inevitable and that the SEC may announce its decision in mid-October. The approval of the Bitcoin ETF is expected to be reflected in the trading price of BTC.

Bitcoin (BTC) Price Analysis – 24-Hour Timeframe

At the time of writing, Bitcoin has fallen below the $26K mark and is trading at $25,983, with an increase of over 0.41% in the past 24 hours. The daily trading volume of BTC has experienced a surge of around 6.92%, according to CoinMarketCap.

The daily trading chart shows that Bitcoin continues its bearish momentum as its current price is below the 50-day exponential moving average (50 EMA). Meanwhile, the daily relative strength index (RSI) is at 33.25, denoting that the largest cryptocurrency is on the border of the oversold zone.

If the current trend reverses, BTC will experience a bullish trend and surpass the nearest resistance of $26,500. If the trend continues, it will breach the $27K mark and even advance to surpass the $28K mark. On the other hand, there is a possibility that Bitcoin may experience a further downtrend. If it occurs, the price will breach the nearest support level of $25,500. In the worst-case scenario, the downtrend will potentially bring it below the $25K range. 

Do you think BTC will break the bearish momentum soon? Tweet to us at @The_NewsCrypto and let us know your thoughts. 

https://thenewscrypto.com/justin-sun-tweets-chinese-court-considers-crypto-as-legal-property/

• The Chinese court news stated that cryptocurrencies are considered legal property.
• China has an unstable relationship with cryptocurrencies.

The crypto market has experienced significant growth and massive development over the years. Every country around the world has started adopting and creating a crypto-friendly environment for people. On the other hand, Justin Sun, the founder of Tron, disclosed that in China, cryptocurrencies are protected by law and are regarded as legal property.

On September 1, Justin Sun, the founder of Tron, tweeted that the Chinese court news stated that cryptocurrencies considered legal property and protected. China is one of the countries that have banned cryptocurrencies around the world. The news from Justin Sun has caught the attention of the crypto community around the world.

China is Returning to the Crypto Sector 

After banning cryptocurrency exchanges in 2017, China had an unstable relationship with virtual currencies and began tightening regulations in the middle of 2021. Moreover, the Bank of China issued a statement saying that users of cryptocurrencies will considered criminals. The recent tweet from Justin Sun sent shockwaves through the crypto community.

Tron founder Justin Sun has already stated that China is planning to return to the crypto sector. On January 30, 2023, Justin Sun tweeted that China’s new tax on cryptocurrency transactions was a signal that the government was once again interested in the cryptocurrency sector. 

China has taken a major step by returning to the crypto sector. The tweet from Justin Sun confirms that the country is back in crypto by considering its legal property. The news sparks a debate among the crypto community. The return of China to the crypto sector expected to boost the market.

https://thenewscrypto.com/ethereum-eth-drops-below-1700-after-declining-3/

• Ethereum (ETH) has shown a decline of over 3% in the last 24 hours.
• ETH is back in the bearish zone as its current price is trading below the 50 EMA.

Ethereum (ETH), the second-largest cryptocurrency, has dropped below $1700 again, with a decline of over 3% in the last 24 hours. ETH has been oscillating between $1600 and $1700 for the past few weeks. However, it exceeded $1700 last week.

Ethereum has traded around $1600 for the past few weeks. On August 29, ETH experienced a sudden price surge, surpassing $1700. ETH has traded above $1700 with an uptrend for a few days, reaching $1741. However, the price surge didn’t last for long. Ethereum has shown a downward trend again, resulting in a price drop below the $1700 mark.

Ethereum (ETH) Back to Bearish Momentum

At the time of writing, Ethereum has been trading at $1,649, with a decline of over 3.04% in the last 24 hours. However, the daily trading volume of ETH has experienced a surge of 45.67%, according to CoinMarketCap. 

The daily trading chart shows that Ethereum is back in the bearish zone as its current price is trading below the 50-day exponential moving average (50 EMA). Meanwhile, the daily relative strength index (RSI) is at 32.50, denoting the largest altcoin’s position on the border of the oversold zone. 

If the current trend reverses, ETH will experience a bullish rally to surpass the $1700 mark again. If the momentum continues, it will breach $1750 and even advance to surpass the $1800 level. On the other hand, there is a possibility that Ethereum will experience a further downtrend. If it occurs, the price will breach the nearest support level of $1600. In a worst-case scenario, the downtrend will potentially bring it below $1540. 

Do you think ETH will break the bearish momentum soon? Tweet to us at @The_NewsCrypto and let us know your thoughts. 

https://thenewscrypto.com/busd-beware-binance-to-end-support-soon/

• Binance users need to convert their BUSD to other available crypto assets.
• Users can manually convert their BUSD to FDUSD in a 1:1 ratio.

Binance, the world’s largest crypto exchange, has released an announcement stating that users should convert their Binance USD (BUSD) into other cryptocurrencies, including the newly listed stablecoins, before February 2024. This announcement comes after Paxos halted the minting of the new BUSD.

On August 31, the crypto exchange shared that it would remove support for the stablecoin BUSD. Users need to convert their BUSD to other available crypto assets. However, the crypto exchange will continue to support multiple stablecoins and digital assets on its platform.

Paxos Halted Minting Binance USD

On February 13, 2023, the stablecoin issuer Paxos announced that it would stop minting new BUSD tokens. This news comes after the legal action thread from the U.S. Securities and Exchange Commission for selling BUSD as an unregistered security. Following that, Paxos ended its relationship with Binance for BUSD.

According to the Binance statement, BUSD will always be backed by 1:1 USD. Moreover, users have to convert their BUSD before February 2024. The crypto exchange is delisting the BUSD as a loanable asset on September 6 and will cease the withdrawals of Binance-pegged BUSD tokens via the BNB chain, Avalanche, Polygon, and Tron on September 7. The deposits can be supported until further notice.

In this statement, the crypto exchange also mentioned that the crypto exchange encourages users to convert their BUSD balance for First Digital USD (FDUSD), which had its first listing on the crypto exchange. Moreover, users can manually convert their BUSD to FDUSD in a 1:1 ratio using Binance Convert until further notice. It was also mentioned that the 1:1 conversion rate is only applicable for BUSD to FDUSD.

https://thenewscrypto.com/bitcoin-cash-bch-investors-profitable-for-the-first-time-since-mid-june/

• Bitcoin Cash crossed the $200 mark again after two weeks.
• Investors gained a notable profit with this sudden surge for the first time in 10 weeks.

The Bitcoin Cash (BCH) price has experienced ups and downs over the past few weeks. After staying below the $180 mark for two weeks, BCH has surpassed the $200 range. According to the Santiment report, short- and long-term investors gained a notable profit with this sudden surge for the first time in 10 weeks.

Santiment, the crypto market and transaction analyzer, reported that BCH investors have gained a healthy profit for the first time since mid-June. Bitcoin Cash showed a significant price increase of 15% on August 30 after showing a downtrend for the past few weeks. The sudden price surge boosted investors’ confidence in Bitcoin Cash.

Bitcoin Cash Shows Surge in Whale Activity

Santiment’s report also mentioned that BCH whale activity has experienced a mild resurgence in recent days. Additionally, returns from active BCH trading for the past 30 and 365 days are once again above the range. Following the whale activity, BCH showed a significant surge that resulted in a profit for the short and long-term investors. The surge in whale activity is expected to be the key to a further price increase.

Bitcoin Cash has been trading between $180 and $190 for the past few days. The sudden price surge helped BCH cross the $200 mark again after two weeks. However, the price surge in BCH didn’t last for long. The trading price of BCH started declining after the sudden surge. Even with the price drop, BCH is still trading above the $200 range.

At the time of writing, Bitcoin Cash has been trading at $213, with a decline of over 3.03% in the last 24 hours. The daily trading volume of BCH has experienced a drop of around 56.53%, according to CoinMarketCap. 

Do you think BCH will show a price surge soon? Tweet to us at @The_NewsCrypto and let us know your thoughts.

https://thenewscrypto.com/internet-computer-protocol-icp-launches-1-proposal-sns-feature/

• Internet Computer Community enabled 1-proposal of the SNS initialization feature.
• ICP has experienced a significant surge of over 3% in the last 24 hours.

DFINITY developers, the developers building on the Internet Computer Protocol, announced that the ICP community has adopted all the proposals. Moreover, the 1-proposal of the SNS initialization feature is enabled. In August 2023, the NNS voted to release the new version of SNS with a new and simplified process.

On August 28, DFINITY developers shared a tweet about announcing the launch of 1-Proposal. The new launch process only requires one NNS proposal. That will trigger the creation of SNS canisters as well as starting and finishing the decentralized swap. Moreover, some of the dapps projects have already started planning and testing the SNS launch. 

Internet Computer Actively Shaping Blockchain Ecosystem

The Service Nervous System (SNS) is an advanced form of a DAO. It is a digital democracy that can run any dapps, such as social networks, in a fully decentralized way. Moreover, an SNS derives from a Network Nervous System (NNS), the autonomous tokenized governance system that controls the Internet Computer blockchain in a completely decentralized way.

The Internet Computer Community is continuously shaping the blockchain’s features and upgrades with a list of technical updates. The DFINITY Foundation has proposed a partnership with developers and stakeholders to allow entrepreneurs and developers to create a decentralized and tokenized governance system for their dapps. Service Nervous System is one of the proposals among them all.

The launch of 1-Proposal SNS enables the Dapp to have sufficient cycles to run, develop additional features, and scale with demand. Moreover, SNS facilitates token-based governance that can also be used to attract users to their Dapps and drive network effects to extend their reach. On the other hand, Internet Computer (ICP) has experienced a significant surge in the last 24 hours.

At the time of writing, the Internet Computer has been trading at $3.54, with an increase of over 3.16% in the last 24 hours. The daily trading volume of ICP has experienced a surge of around 169.59%, according to CoinMarketCap.

https://thenewscrypto.com/2m-curve-tokens-withdrawn-from-binance-in-40-minutes/

• DWF Labs sent 2 million CRV tokens from Binance to their on-chain wallet.
• Curve DAO Token had a decline of over 4.25% in the last 24 hours.

DWF Labs, the global digital asset market maker, has revealed the firm sent a massive amount of the Curve DAO Token (CRV) from the world’s largest crypto exchange, Binance. Following the transactions, CRV has experienced a sudden surge of over 5%.

Andrei Grachev, the head of DWF Labs, has shared that the firm has withdrawn 2 million CRV tokens from the crypto exchange Binance to their on-chain wallet. Moreover, he mentions that the firm is doing some inventory management. And in the future, the firm will send the coin back to the crypto exchange Binance.

Following the transaction, Curve DAO Token has experienced a remarkable surge of around 5%. The sudden surge takes the price to reach $0.4949. The significant surge in CRV has caught the attention of the entire crypto market. However, the bullish trend does not last for too long. Following the surge, the CRV token falls back into the downtrend.

At the time of writing, Curve DAO Token has been trading at $0.4596, with a decline of over 4.25%. However, the daily trading volume has experienced a surge of 125.14%, according to CoinMarketCap.

https://thenewscrypto.com/shibarium-hits-100000-wallets-in-a-few-days-after-launch-hiccups/

• Shibarium has reached 101,395 wallets on the platform.
• SHIB has experienced a surge of over 2.26% in the last 24 hours.

Shibarium, the layer-2 blockchain for Shiba Inu (SHIB), has reached a significant milestone after its relaunch. Recently, Shibarium has surpassed 100,000 wallets on the platform, with more than 35,000 coming within 24 hours of its relaunch. Moreover, the memecoin Shiba Inu has shown a notable surge.

According to Shibariumscan, the Shibarium Blockhain’s explorer, the total wallet addresses on Shibarium have crossed the 100,000 mark. At the time of writing, it had reached 101,395 wallet addresses. Adding to that, the total blocks reached 347,546, with an average block time of 5.0 seconds. Moreover, the total transactions on the blockchain have reached 433,904, with 66K transactions in the last 24 hours.

Shibairum is the most anticipated project by the memecoin Shiba Inu. After a long wait, the layer-2 blockchain launched on August 16. Following the initial launch, Shibarium faced technical issues and backlash from the crypto community. Recently, on August 28, Shibarium was relaunched after its initial public release after solving the technical glitches.

Shibarium’s Relaunch Boosts SHIB’s Price

Shytoshi Kusama, the lead developer and co-founder of Shiba Inu, has released a blog post after the relaunch. He mentioned that the relaunch proved that the funds are always safe. The absence of massive servers for support raised concerns about the stability of Shibarium. However, the relaunch boosted confidence among the crypto community. 

The relaunch of Shibarium resulted in the platform hitting a remarkable milestone of 100,000 wallets. On the other hand, Shiba Inu has experienced a surge in the last 24 hours following the relaunch of Shibarium. At the time of writing, Shiba Inu is trading at $0.00000816, with a surge of over 2.26% in the last 24 hours. The trading volume of SHIB has experienced an increase of around 51.03%, according to CoinMarketCap.

However, the relaunch didn’t impact Shibarium’s governance token. Bone ShibaSwap (BONE) has experienced a decline of over 2.23% in the last 24 hours. At the time of writing, BONE has been trading at $1.28. Do you think BONE will experience a surge? Tweet to us at @The_NewsCrypto and let us know your thoughts.

https://thenewscrypto.com/ethereum-struggles-to-gain-momentum-as-whale-moves-24k-eth-to-okx/

• Price of Ethereum (ETH) continues to consolidate within the $1600 range.
• The trading volume of ETH surged 27.67% in the last 24 hours.
• A whale transfer of 24,000 ETH, worth $39.6 million, was recorded on the crypto exchange OKX.

Ethereum (ETH), the second-largest cryptocurrency, experienced a massive downtrend over the past few weeks, failing to break through its key resistances. Meanwhile, Ether whales have been executing huge transactions on leading crypto exchanges such as Coinbase and OKX in the last 24 hours.

Whale Alert, a blockchain tracker and analytics firm, reported a whale transaction of 24,000 ETH, worth 39,618,881 USD, from an unknown wallet to the crypto exchange OKX. Following this 4-hour-old transaction, an anonymous whale accumulated the same amount of ETH from OKX. Similarly, eleven hours ago, a massive ETH whale dumped nearly 21,299 ETH to the Coinbase exchange.

Is Ethereum (ETH) Price Reacting to These Whales?

At the time of writing, Ethereum (ETH) traded at $1,648, with a decline of over 0.52% in the last 24 hours. Even after the whale transactions, the ETH price reflected no notable gains or losses. However, a set of whale transactions led the daily trading volume of ETH to display a surge of over 28%. According to CoinMarketCap data, the trading volume spiked to $3.14 billion.

The daily price chart shows that Ethereum continues to be trapped in the bearish zone as its current price was below the 50-day exponential moving average (50 EMA). Meanwhile, the daily relative strength index (RSI) at 30.53 denoted the largest altcoin’s position on the border of the oversold zone. 

Ethereum has been trading between $1600 and $1700 over the past few weeks. If the current trend reverses, ETH will experience a bullish rally toward a resistance level of $1800. On the other hand, there might also be a possibility of ETH experiencing a further downtrend. If it occurs, the price would breach the nearest support level of $1600. In a worst-case scenario, bears could potentially drive it below $1540, particularly if the recent breakout at $1576 on August 17 has influenced market sentiment.

Do you think ETH will break the bearish momentum soon? Tweet to us at @The_NewsCrypto and let us know your thoughts.

https://thenewscrypto.com/indian-exchange-wazirx-halts-inr-withdrawals/

• WazirX has partnered with an alternative payment service provider. 
• The crypto exchange didn’t provide any ETA on the resumption of INR withdrawals.

WazirX, the Indian crypto exchange, has temporarily halted fiat withdrawals from its trading platforms. Indian crypto users have not been able to withdraw Indian rupees (INR) for over 24 hours. The suspension is due to complications with the crypto exchange’s payment provider.

According to the withdrawal page on the trading platform WazirX, INR withdrawals are temporarily paused due to maintenance at their payment partner bank. Moreover, the crypto exchange mentioned that the team is working to resolve the issue and has partnered with an alternative payment service provider. 

WazirX is Working on Resolving the Issue

Adding to that, the crypto exchange didn’t provide any ETA on the resumption of INR withdrawals on the platform. Moreover, the crypto exchange announced to its users that the alternative payment service provider had enabled a 10% initial rollout. The exchange added that the team is working on resolving the issue and resuming the withdrawals. However, the WazirX team refused to provide an ETA.

According to the report, users can still use the P2P option to sell their crypto assets to other users on the crypto exchange. The crypto exchange states that it will roll out the INR withdrawal option for every user within a couple of days. This abrupt suspension has ignited concerns and speculation within the Indian crypto community.

WazirX got into legal issues earlier this month when the Indian operator of the cryptocurrency exchange received a show-cause notice from the Enforcement Directorate of India. The Foreign Exchange Management Act was used to issue the notice in connection with a $32.7 million money laundering scheme.

At the time of writing, WazirX’s native token, WRX, is trading at $0.1045, with an increase of over 0.52% in the last 24 hours. On the other hand, the daily trading volume of WRX has experienced a massive surge of over 625.15%, according to CoinMarketCap.

https://thenewscrypto.com/bitcoin-btc-struggles-to-maintain-its-price-above-26k-mark/

• Bitcoin experienced a slight recovery of 0.21% in the last 24 hours.
• If BTC fails to break the nearest resistance of $26,300 it will drop below $25K.

Bitcoin (BTC), the world’s largest cryptocurrency, has shown strong bearish momentum over the past few weeks. Moreover, BTC is struggling to maintain its position around the $26,000 mark. While investors are expecting BTC to surge, it dropped below $26K. On the other hand, Bitcoin has experienced the highest address activity in the past 30 days.

The crypto market analyzer Santiment reported the top ten assets by highest address activity recently. According to the report, BTC has the highest number of active wallet activity, with 963.64K active wallets. However, Bitcoin’s recent price performance has sent shockwaves throughout the crypto market.

Bitcoin (BTC) Price Continues the Bearish Momentum

Bitcoin’s trading price has surpassed $26K again, with a slight recovery in the last 24 hours. At the time of writing, BTC is trading at $26,063, with a surge of over 0.21% in the last 24 hours. However, the daily trading volume of BTC has experienced a decline of 7.04%, according to CoinMarketCap.

The daily price chart shows that BTC is in a bearish momentum as the current price is below the 50-day exponential moving average (50 EMA). Moreover, according to the RSI indicator, BTC is in the oversold zone as the RSI level stays at 25.55. Even after Bitcoin showed a slight recovery, bears reined in and pulled the price down.

Bitcoin trading price has been oscillating between $25K and $26K and is struggling to break this momentum. According to the TradingView data, if Bitcoin experiences bullish momentum, it will reach the nearest resistance level of $26,300. If the trend continues, the trading price will break through the $26,500K mark and even advance to surpass the $27K mark. 

On the other hand, another drop may begin if BTC fails to break the nearest resistance of $26,500. Moreover, if the bearish momentum continues, it will drop below the support level of $25,000.

Do you think BTC will break the bearish momentum soon? Tweet to us at @The_NewsCrypto and let us know your thoughts.

https://thenewscrypto.com/pepe-drops-over-16-after-massive-dump/

• The developer behind the memecoin PEPE had sold around 16 trillion tokens.
• The trading volume of PEPE has experienced a surge of 285.27%.

Pepe (PEPE), the frog-themed memecoin, has experienced a massive downtrend, resulting in a decline of around 20% in the last 24 hours. Adding to that, the developer behind Pepe memecoin has moved over 16 trillion PEPE tokens, worth $15.6 million.

On August 25, a crypto influencer tweeted that the developer behind the memecoin PEPE had sold around 16 trillion tokens. The transactions are worth around $15.6 million. However, the account still holds 2.5% of the total supply. So the crypto community is closely watching the wallet and its impact on the memecoin price.

Pepe Experiencing Strong Downtrend 

Following that, Lookonchain, the crypto transaction analyzer, reported some notable transactions of the memecoin Pepe. A few hours ago, an early buyer of the memecoin Pepe dumped 1.88 trillion tokens for 1,010 Ethereum (ETH) worth $1.68 million on the Decentralized Exchange (DEX).

After that, Pepe’s multi-sig wallet and Wintermute Trading deposited over 17.3 trillion worth of around $18 million to the crypto exchanges. Following the Pepe team’s deposit, another early buyer of Pepe also dumped 932 billion Pepe for 524 Ethereum, worth around $870K. The trading activity surrounding the memecoin Pepe has started reflecting on its price. On the other hand, the trading volume of memecoin has shown a massive increase after continued transactions.

At the time of writing, Pepe is trading at $0.0000008979, with a decline of over 16.77% in the last 24 hours. However, the daily trading volume of PEPE has experienced a surge of 285.27%, according to CoinMarketCap. Moreover, memecoin has become the second trending cryptocurrency on the CoinMarketCap list.

https://thenewscrypto.com/bitcoin-experiences-highest-wallet-activity-in-past-30-days/

• Bitcoin (BTC) leads the table with 963.64K active addresses. 
• The newly launched Worldcoin (WLD) was also included in the top 10 positions.

The crypto market has experienced a massive downtrend over the past few weeks. The top cryptocurrencies in the crypto market have shown strong bearish momentum. On the other hand, according to the Santiment data, several cryptocurrencies have witnessed the highest level of address activity.

On August 25, Santiment, the crypto market analyzer, reported the top ten assets by highest address activity. Bitcoin (BTC), Tether (USDT), Ethereum (ETH), Polygon (MATIC), and Litecoin (LTC) have more than double the active actress activity of any other assets. Bitcoin, the world’s largest cryptocurrency, leads the table with 963.64K active addresses. 

An address is considered active as soon as it becomes a direct participant in a successful transaction, either as a sender or receiver. As a result, active addresses serve as a good indicator of daily users on any particular blockchain. 

Tether Shows High Address Activity in Several Blockchains

According to the data, following Bitcoin, the stablecoin Tether takes the second position, with 664.06K active addresses on the BNB Chain. And also, the leading altcoin, Ethereum, secures third place with 394.97K active addresses. Followed by MATIC and Litecoin, which secured the next position with 237.99K and 236.69K, respectively. 

The newly launched Worldcoin (WLD) was also included in the top 10 positions, along with Tether on the Polygon blockchain, Binance USD on BNB, Bitcoin Cash, and again Tether on the Ethereum blockchain. The data clearly shows that stablecoin activity experiences a surge as Tether has high address activity in several blockchains.

However, the crypto market is still experiencing a downtrend as Bitcoin trades around $26K. Following BTC, the top altcoins are showing a similar pattern in the crypto market. At the time of writing, Bitcoin is trading at $26,036, with a decline of over 1.65% in the last 24 hours. The daily trading volume of BTC has experienced a decline of 21.84%, according to CoinMarketCap.

https://thenewscrypto.com/binance-crypto-card-will-no-longer-be-available-for-latin-america-middle-east/

• Binance explained that only a tiny portion of its users will be affected.
• Binance accounts around the world will not be affected.

Binance, the world’s largest crypto exchange, has revealed that it will suspend crypto credit card services in Latin America and the Middle East starting August 25. However, the crypto exchange claimed that refunds and disputes could still be processed until December 2023.

On August 24, Binance Customer Support replied to a crypto investor’s tweet, saying that the Binance card will no longer be available for users in Latin America and the Middle East. However, Binance didn’t state the reason behind the sudden suspension.

The crypto debit card will work like other debit cards. It allows users to pay for day-to-day goods and services. The difference between them is that they use crypto assets. Users can convert their digital assets into fiat currency at the point of sale, enabling them to make purchases in their local currency.

Binance will Terminate the Crypto Debit Card

The crypto exchange also mentioned that the crypto debit card service will be terminated in Latin America and the Middle East by September 11. After that, the card will no longer be usable. The sudden suspension from the crypto exchange sent a shockwave through the crypto community.

However, Binance explained that only a tiny portion of the users will be affected by the sudden suspension of the crypto debit card. There are less than 1% of users in the market will be impacted by this. However, Binance accounts around the world will not be affected.

According to the tweet, users can also use Binance Pay, a contactless, borderless, and secure cryptocurrency payment system, to shop and send cryptocurrencies. However, the crypto exchange has not yet revealed the reason behind the suspension.

https://thenewscrypto.com/xrp-most-popular-altcoin-in-south-korea-surpasses-ethereum/

• South Korea chose XRP as their first preference over other cryptocurrencies.
• Ripple experienced an increase of over 1.72% in the last 24 hours.

Ripple (XRP), the world’s fifth-ranked cryptocurrency, has surpassed the leading altcoin as the most popular cryptocurrency in South Korea. According to the report, crypto traders in South Korea chose XRP as their first preference over other cryptocurrencies. On the other hand, Ripple has experienced a surge of around 2% in the past 24 hours.

South Korean crypto exchange Bitsum shared a report showing different age groups’ investment choices. Notably, traders in their 20s are the most active traders in the country. As per the report, XRP is the most popular cryptocurrency among this age group, with over 20% of people in the category opting for this token.

The crypto market has experienced significant growth and development over the past few years. The younger generation played an important role in the growth of the crypto market. A generational shift in preference shows the unique attributes and features that XRP brings to the table. 

XRP Experiences Significant Growth in South Korea

According to the report, 82.5% of investors in their 20s were invested in altcoins. Among them, the most popular altcoin invested in was Ripple, with 20.7%. Moreover, with this, Ripple surpasses the crypto market’s leading players, Bitcoin and Ethereum. While these cryptocurrencies are significant players in the crypto market, XRP’s growth in South Korea boosts investor’s confidence.

Several factors contributed to the surge in Ripple’s activity. It includes XRP’s use cases, technological advancements, and strategic partnerships. Moreover, the most anticipated Ripple victory against the U.S. SEC has added more strength to the XRP position. Adding to that, XRP experienced a massive surge of around 60% after Ripple’s lawsuit victory.

At the time of writing, Ripple is trading at $0.5286, with an increase of over 1.72% in the last 24 hours. However, the daily trading volume of XRP has experienced a decline of over 18.29%, according to CoinMarketCap.

https://thenewscrypto.com/australia-cbdc-far-away-will-take-years-but-why/

• The decision on CBDC in Australia will take some time.
• The CBDC pilot program was structured as a legal claim on RBA.

Australia’s central bank has completed the pilot of the Central Bank Digital Currency (CBDC), researching the use cases for a potential digital dollar. The report revealed that Australia would not make any decisions on CBDCs for some years due to some unresolved issues that came up at the end of the pilot project.

On August 23, the Reserve Bank of Australia shared a 44-page report on the findings of the project. The report mentioned that many issues have yet to resolved. So the decision on it in Australia will take some time. Adding to that, the report mentioned that it would support financial innovations.

The Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC) started the project last year. The project set up to research the opportunities of asset digitalization and its use cases in Australia. The CBDC pilot program structured as a legal claim on RBA rather than a proof of concept.

CBDC Expected to Increase Efficiency of Payment System 

The pilot program revealed that four sectors could improved in the CBDC, which includes the enablement of smarter payments. It is a tokenized CBDC that enables a range of complex payment arrangements that are not supported by the current system. Moreover, the report focused on the need for further research due to the range of legal, technical, technological, and operational issues.

According to the report, cryptographic keys needed to perform actions on the pilot CBDC platform. However, finding cost-effective and supportively secure management was challenging for the firms that did not have the capabilities to operate on other DLT networks. Moreover, the project doesn’t provide a complete assessment of the cost, benefits, and potential risks of introducing it. Instead, it focused on the uses of CBDC in enhancing the functionality of the payment system.

The report has stated that its inclusion may increase efficiency and resilience in several sectors of the Australian payment ecosystem. However, more research needed to fully find out the potential benefits. So any decision on CBDC in Australia will take some years.

https://thenewscrypto.com/bears-take-bitcoin-btc-below-26k-more-downtrend-ahead/

• Bitcoin (BTC) hit an intraday low of $25,520.
• BTC experienced a decline of over 10.65% in the past seven days.

The crypto market has experienced a massive downtrend due to selling pressure over the past few weeks. Bitcoin (BTC), the world’s largest cryptocurrency, fell below the $26K mark, showing bearish momentum. Following BTC’s fall, the major altcoins are facing a similar downtrend. According to the Onchain data, the recent price slide mostly affected Bitcoin short-term holders. 

On August 23, Bitcoin’s bearish momentum took the price below $26K and hit the day’s low of $25,520. However, BTC has experienced a slight recovery after reaching the day’s low. The trading price surpassed the $26K range again and is trading at $26,043. The entire crypto community is expecting this surge to change BTC’s momentum.

Bitcoin (BTC) Price Analysis -24-Hour Timeframe 

At the time of writing, Bitcoin is trading at $26,043, with an increase of over 0.14% in the last 24 hours. The daily trading volume of BTC also experienced a surge of over 15.82%, according to CoinMarketCap. However, Bitcoin has experienced a decline of over 10.65% in the past seven days.

Even though Bitcoin is experiencing a slight recovery, the daily trading price chart shows that BTC is in bearish momentum as the current price is below the 50-day exponential moving average (50 EMA). Moreover, according to the RSI indicator, BTC  is in the oversold zone as the RSI level stays at 20.53. Usually, if the RSI reading drops below 30, it indicates that the selling pressure is increasing.

According to the TradingView data, if Bitcoin experiences bullish momentum, it will reach the nearest resistance level of $26,500. If the trend continues, the trading price will break through the $27K mark and even advance to surpass the $28K mark. On the other hand, another drop may begin if BTC fails to break the nearest resistance of $26,500. Moreover, if the bearish momentum continues, it will drop below the support level of $25,000.

Do you think BTC will breach the nearest resistance level soon? Tweet to us at @The_NewsCrypto and let us know your thoughts.

https://thenewscrypto.com/tron-partners-with-curve-finance-with-2-million-crv-token-investment/

• Tron DAO has shared that it has partnered with Curve Finance.
• Tron DAO Venture has invested in Curve to extend its support beyond the collaboration.

TronDAO has partnered with the decentralized exchange Curve Finance. The partnership aims to provide assistance and strengthen the security measures of the Tron Network. Moreover, Tron DAO Venture, the investing arm of Tron DAO, has recently purchased $2 million worth of CRV tokens. And also, Curve will integrate with Tron and the BTTC network as part of the collaboration.

On August 22, Tron DAO announced its partnership with Curve Finance. As a part of this partnership, Cuve will launch on both, Tron and BTTC networks. Moreover, the integration with the Tron and BTTC networks is expected to fuel DeFi innovation, ecosystem expansion, and cross-chain growth. Through this collaboration, Tron plans to offer the most secure and cutting-edge products.

Tron Archived Significant Landmark 

Curve Finance is a decentralized exchange (DEX) acclaimed for its automated market maker tailored for stablecoin trading. Currently, Curve is ranked as the world’s second-largest DEX. Recently, Curve Finance experienced a DeFi attack that resulted in a loss for the decentralized exchange. 

Justin Sun, the founder of Tron, has expressed his support to Curve Finance after the incident, mentioning that Curve is an essential DeFi infrastructure for the blockchain sector. Tron DAO Venture has invested in Curve to extend its support beyond the collaboration and include solid financial backing. As of now, Curve is present on major blockchains, including Ethereum, Arbitrum, and Avalanche.

Adding to that, Tron revealed that the number of accounts crossed the 180 million mark and that there were more than 6 billion transactions on the Tron Network. The significant landmarks are a remarkable achievement for the Tron Network. With this, Tron strengthened itself as the leading player in DeFi innovation.

At the time of writing, CRV has been trading at $0.4552, with a decline of over 6.75% in the last 24 hours. However, the daily trading volume of CRV has experienced a surge of 50.40%. Moreover, TRX has been trading at $0.07487, with an increase of 0.31%, according to CoinMarketCap.

https://thenewscrypto.com/coinbase-invests-in-circle-while-maintaining-a-commercial-relation/

• Circle will launch six new blockchains between September and October.
• Centre will no longer exist as a stand-alone entity.

Coinbase, the leading crypto exchange, is increasing its support for stablecoins with an investment in Circle. Moreover, the stablecoin provider Circle and Coinbase will also maintain a commercial relationship. The two firms jointly launched the stablecoin USD Coin five years ago. Now the Circle will take full operational and governance responsibility. 

On August 22, Circle released a blog post announcing its redefined commercial relationship with the crypto exchange Coinbase. The two firms have agreed with the regulatory clarity on stablecoins in the U.S. and around the world. USDC will launch six new blockchains between September and October.

Coinbase and Circle Reach a New Agreement

According to the blog post, the requirement of a separate government body like the Centre is no longer needed. Moreover, the Centre will no longer exist as a stand-alone entity. It brings governance and operation responsibilities in-house. The new structure will enhance responsibilities, including holding smart contract keys and regularity compliance.

Jeremy Allaire, the CEO and co-founder of Circle, has tweeted that Circle and Coinbase are extending and deepening their commercial relationship, with the crypto exchange taking an equity stake in Circle. Moreover, there is no value stated for the Coinbase share.

As a part of this partnership, the crypto exchange and Circle have reached a new agreement. The two firms will now have even greater strategic and economic alignment for the future of the financial system. Moreover, Coinbase and Circle will continue to generate income from the USDC reserves. The crypto exchange is committed to the long-term success of stablecoins, especially USDC. 

https://thenewscrypto.com/avalanches-token-unlock-to-release-avax-worth-103m/

• Avalanche will unlock the 9.54 million tokens on August 26.
• 53% of AVAX’s total supply has already been unlocked.

Avalanche (AVAX), a smart contract blockchain platform, is all set to make a significant move in the crypto market. The Avalanche blockchain’s native token, AVAX, is scheduled for its next token unlock this week, which will increase the supply of tokens available in the market.

Token Unlocks, the token analytics dashboard, has revealed that Avalanche will unlock the 9.54 million tokens on August 26 this week. The unlock accounts for 2.77% of the total supply, and the tokens are worth $103 million at the time of writing. The unlock includes 2.25 million AVAX tokens for strategic partners, 1.67 million for foundations, 4.5 million for teams, and 1.13 million for airdrops. 

Token Unlocks refer to the release of a certain amount of assets that previously locked or restricted from the circulating supply in the crypto market. During this time, the tokens will not able to traded or liquidated. It can significantly impact market liquidity. The restriction on tokens marks a significant stage for Avalanche’s development and ecosystem expansion, as the token release will play an important role in advancing the platform’s growth and innovation.

Avalanche (AVAX) Made a Similar Unlock 

According to the Token Unlocks, Avalanche previously made a similar unlock of 9.54 million AVAX on May 28. The unlock accounts for 2.77% of the total supply, and the tokens are worth $103 million. As of now, 53% of AVAX tokens unlocked, and there 340.20 million tokens yet to released.

At the time of writing, Avalanche has been trading at $10.63, with a decline of over 1.66% in the last 24 hours. However, the daily trading volume of AVAX has experienced an increase of 13.72%, according to CoinMarketCap. Moreover, the upcoming unlock expected to reflect on the trading price as the huge number of tokens adds to the circulating supply.

Will this massive unlock have an impact on AVAX’s trading price? Tweet to us at @The_NewsCrypto and let us know your thoughts.

https://thenewscrypto.com/bitcoin-btc-sticks-to-26k-due-to-massive-sell-off-more-dump-incoming/

• Bitcoin (BTC) hit a new two-month low of $25,880.
• According to the RSI indicator BTC is in the oversold zone.

The crypto market has experienced a massive downtrend in the past few days. Bitcoin (BTC), the world’s largest cryptocurrency, has experienced a slight recovery after falling below the $26K mark. However, the trading price of BTC is still around the $26,000 mark, showing strong bearish momentum.

Before the recent dump, the largest cryptocurrency had been trading between a tight range of $28K and $29K for the past few weeks. The crypto community expected BTC to break the bearish momentum and reach the $30K mark sooner. However, Bitcoin‘s price has continued its bearish momentum and reached a monthly low of $25,880 on August 19. The fall of the BTC trading price has sent shockwaves through the entire crypto market. Adding to that, 1 billion dollars worth of liquidation occurred in the crypto market on August 18th in 24 hours. This adds more pressure to the crypto market and Bitcoin’s price.

Bitcoin (BTC) Price Analysis-24-Hour Timeframe

At the time of writing, Bitcoin has been trading at $26,044, with a decline of 0.31% in the last 24 hours. The daily trading volume of BTC has experienced a drop of 10.91%, according to CoinMarketCap.

The daily trading price chart shows that the BTC is in bearish momentum as the current price is below the 50-day exponential moving average (50 EMA). Moreover, according to the RSI indicator, Bitcoin is in the oversold zone as the RSI level stays at 20.62. This clearly shows the reason behind BTC’s bearish momentum. 

According to the data, If Bitcoin experiences bullish momentum, it will reach the nearest resistance of $26,500. If the trend continues, the trading price will break through $27,000 and even advance to surpass $28,000. On the other hand, another drop may begin if BTC fails to break the nearest resistance of $26,500. Moreover, it will go all the way below the support level of $26K, and if the bearish momentum continues, Bitcoin will trade below the $25K mark. What do you think, Will BTC show a pump? Tweet to us at @The_NewsCrypto and let us know your thoughts.

https://thenewscrypto.com/xrp-and-ltc-became-the-top-losers-decline-17/

• XRP hit a 4-month low of $0.4226 with a decline of over 17.30%.
• Litecoin experienced a decline of more than 15% in the last 24 hours.

The trillion-dollar crypto market witnesses yet another notable 24-hour drop of over 6%. Prices of the largest crypto members declining to further lows — Bitcoin (BTC) dropped below $26,500 and Ethereum (ETH) below $1,700 — drew major attention. Amid this downtrend, Ripple’s XRP and Litecoin (LTC) recorded maximum double-digit losses in the last 24 hours.

Since July, these two cryptocurrencies sustained their trending spot on the headlines with their prominent events Litecoin halving and XRP’s legal victory against the SEC. With a sudden decline, XRP and LTC have led the crypto losers in the last 24 hours.

On August 17, the cryptocurrency XRP hit a 4-month low of $0.4226 and became the second top loser of the day with a decline of over 17.30%. On the other hand, Litecoin reached a 9-month low of $61.76, with a decline of more than 15% in the last 24 hours. Moreover, the downtrend is expected to continue in the upcoming days as the cryptocurrencies clearly show bearish momentum.

XRP Marks Its New 4-Month-Low

At the time of writing, the trading price of XRP is $0.4918, with a decline of over 17% in the last 24 hours. However, the trading volume of XRP has experienced a massive surge of 71.18%.

Litecoin (LTC) Touches Down 8-Month-Low

At press time, Litecoin is trading at $64.14, with a decline of over 15% in the last 24 hours. The daily trading volume of LTC has experienced an increase of 25.97%, according to CoinMarketCap.

Adding to that, the top cryptocurrencies in the crypto market have experienced the same pattern in the last 24 hours. The sudden downtrend in the crypto market comes after the Chinese property giant Evergrande Group filed for bankruptcy protection in the U.S. as it seeks to restructure its $300 billion debt.

The world’s largest cryptocurrency, Bitcoin (BTC), has fallen below the $27K mark with a decline of around 7%. Polygon (MATIC) hit a new low this year reaching $0.5464. Moreover, popular cryptocurrencies, including Ethereum (ETH), Shiba Inu (SHIB), Dogecoin (DOGE), Solana (SOL), and Cardano (ADA), are experiencing bearish momentum. Will the crypto market break the bearish momentum? Share your thoughts by tweeting us at @The_NewsCrypto

https://thenewscrypto.com/polygon-partners-with-sk-telecom-to-develop-web3-ecosystem/

• Polygon Labs has entered into a partnership with SK Telecom.
• The partnership is to find and incubate promising startups in the Web3 space.

Polygon Labs, the blockchain company, has entered into a partnership with the South Korean mobile giant SK Telecom. Through the collaboration, the firms aim to develop the Web3 ecosystem and identify potential startups. Moreover, both companies have signed an agreement at SK Telecom’s headquarters in Seoul.

The integration with the South Korean firm makes it more capable of handling decentralized apps. And also provides faster transaction times and lower fees. The collaboration also creates new opportunities for business. And also makes developers use the high-performance network to build innovative solutions.

The significant partnership with SK Telecom adds more strength to Polygon’s position as the leading blockchain platform. One of the top focuses of the partnership is to find and incubate promising startups in the Web3 space. The wallet will also introduce NFT trading. Moreover, the two firms will support the startup’s entry into South Korea.    

Jump Trade Experience Surge After Polygon Integration 

Jump Trade, Asia’s largest NFT marketplace, has revealed that there have been 38K wallets generated in the past seven days. Furthermore, 300,000 wallets were generated in the previous year. The NFT marketplace believes that the surge in wallets is because of the Web3 adoption that Jump Trade enabled on Polygon.

On August 17, Sandeep Nailwal, the founder of Polygon, tweeted that he feels the Jump Trade marketplace is one of the unsung heroes of the Polygon NFTs ecosystem. Jump Trade also expressed that the Polygon adoption brings a big wave to wallets. Moreover, Sandeep Nailwal mentioned that so much growth is going on there, especially for gaming NFTs.

https://thenewscrypto.com/rbis-request-to-include-ban-in-reports-denied-by-fsb-imf/

• RBI’s written request from the FSB and IMF was to include the ban.
• Ban has not been favored in any of the G20 crypto roundtable discussions.

G20, an intergovernmental forum supported by the FSB and IMF under the Indian Presidency, set to introduce the first global crypto regulations ahead of the next summit in September. This announcement comes after the G20 revealed global rules for crypto firms with no options. Adding to that, the RBI wants to include a ban on the reports, which is denied by the FSB and IMF.

During the roundtable conference at the recent G20 meeting, the leading economic officials pushed for greater global coordination for crypto regulations. Moreover, the International Monetary Fund Managing Director, Kristalina Georgieva, has taken a stand against the outright ban on crypto.

The G20 is a premier forum for international economic cooperation. Moreover, it plays a crucial role in shaping and enhancing global architecture and governance on all major international economic issues. 

India Unveils the Synthesis Paper

According to the presidency’s note, India announced the anticipated synthesis paper, which will jointly produced by the IMF and Financial Stability Board (FSB). The paper will focus on global macro implications for crypto, as expected at the end of August.

It brings up one major question in India whether welcoming the FBI recommendations could mean legitimizing crypto and ruling out a ban. The finance ministry has not made its position public on whether it needs to ban crypto or not. According to the report, one of the RBI’s written requests from the FSB and IMF was to include the ban in the upcoming reports, including the synthesis paper.

However, given the role in framing global crypto rules as part of the G20 presidency, it’s unlikely to choose a path for banning crypto. And also, one of the people stated that there is no global acceptance of a ban. Moreover, the ban has not favored in any of the G20 crypto roundtable discussions.

https://thenewscrypto.com/bybit-partners-with-certik-to-revolutionize-blockchain-security/

• Bybit has announced a partnership with the security-focused ranking platform CertiK.
• The partnership will provide users with a safer and more reliable trading environment.

Crypto trading platform Bybit has announced a partnership with the leading security-focused ranking platform CertiK. The partnership aims to revolutionize the security system in the blockchain sector and also enhance the security and trustworthiness of the Bybit platform. This is expected to be a significant collaboration for the crypto exchange.

On August 16, the crypto exchange revealed its dynamic partnership with CertiK. Through the partnership, the firms are not only ensuring safety but also boosting the user’s confidence. Moreover, it expected to drive the growth of the blockchain industry. According to the report, the firms aim to change the securities. And also, the tweet mentioned that the horizon is even brighter with the CertiK lightning. 

Bybit to Enhance the Blockchain Security 

Bybit, a Dubai-based crypto exchange, has joined with CertiK. It is a security-focused ranking platform. CertiK plays an important role in the blockchain sector. It employs cutting-edge formal verification technology in smart contracts and blockchain. With the partnership, the firms expected to implement an increased security system in the blockchain sector. 

Recently, the crypto exchange has also announced a new set of contracts, including CYBERUSDT and SEIUSDT. The two pairs are now available to trade with up to 25x leverage. These cryptocurrencies have shown a significant surge in the crypto market after the exchange listing. 

The continuous updates from the crypto exchange boosted the crypto community. Especially the partnership with CertiK has to be one of the most significant moves by the exchange. The blockchain’s security firm expected to enhance the platform’s security system. It will provide users with a safer and more reliable trading environment.