Market News

Data monitored by The Data Nerd shows that Wintermute Trading transferred 8.3 trillion PEPE ($5.43 million) between multiple CEXs in the past 24 hours, and PEPE tokens continued to surge by 15% today.

In addition, the whale address starting with 0x9d5 withdrew 391 billion PEPE (USD 273,000) from Bitvavo, and a total of 776.9 billion PEPE (USD 579,000) was withdrawn within two weeks.Data monitored by The Data Nerd shows that Wintermute Trading transferred 8.3 trillion PEPE ($5.43 million) between multiple CEXs in the past 24 hours, and PEPE tokens continued to surge by 15% today.

In addition, the whale address starting with 0x9d5 withdrew 391 billion PEPE (USD 273,000) from Bitvavo, and a total of 776.9 billion PEPE (USD 579,000) was withdrawn within two weeks.

Data shows that approximately $3 billion in Bitcoin options and $1.8 billion in Ethereum options are set to expire on September 29.

Luuk Strijers, Chief Commercial Officer of Deribit, pointed out the similarities between the cryptocurrency market and traditional finance when approaching option expiry dates, especially quarterly expirations, which he noted can result in huge trading volumes and volatility.

While the Bitcoin Volatility Index, which tracks Bitcoin options traders’ views on volatility over the next 30 days, is hovering near all-time lows, it has risen over the past month, according to The Block’s data dashboard.

Options data on September 22: 22,000 BTC options are about to expire, the put ratio is 1.00, the maximum pain point is $26,500, and the notional value is $590 million.

147,000 ETH options are expiring, with a put ratio of 0.94, a maximum pain point of $1,600, and a notional value of $230 million.

The proportion of put option positions has increased significantly this week. Market liquidity has deteriorated significantly recently, and investors are actively buying put options.

The recent trend of BTC is significantly stronger than that of ETH, and the BTC IV is also higher than the maturity of ETH, which makes the monthly Put of ETH more worthy of investment.

Analyst James V. Straten noted that the percentage of Bitcoin supply on exchanges fell to 11.8%, back to year-to-date (YTD) lows.

The relevant metric here is Exchange Balance Percent, which tracks the total percentage of Bitcoin supply currently held in all centralized exchange wallets.

When the value of this indicator rises, it means that investors are depositing net amounts of cryptocurrency into these platforms.

On the other hand, a decrease in the value of this metric means that holders are moving their coins to their self-custodial addresses.

Bitcoin market dominance (BTC’s share of the overall digital asset market) rose to 50.2% earlier in the day, its highest level in a month and close to the 26-month high of 52% reached in late June.

Markus Thielen, head of research at crypto service provider Matrixport, said that BTC is enjoying greater potential buying power due to ETF news, while altcoins may be on the verge of falling.

Hopes for a spot Bitcoin ETF and the latest regulatory actions could serve as catalysts for further rise in BTC dominance.

According to official news, recently, the total pledged amount of stUSDT, the world’s first rebase-based RWA protocol, has exceeded 1.78 billion USDT.

As of now, the product APY is 4.22%, and the cumulative revenue distributed to users exceeds 4.64 million US dollars.

It is reported that stUSDT is the world’s first rebase-based RWA protocol. It was officially launched on July 3. It is now run through the decentralized platform JustLend and now officially supports the Ethereum network.

The stUSDT platform is committed to building a bridge between individual and institutional investors, the crypto world and the real world through smart contracts, providing a fairer RWA investment channel for everyone.

Regarding the 2023 Global Cryptocurrency Adoption Index Report released by Chainalysis, Chainaanalysis Research Director Kim Grauer expressed his views based on the report. Grauer said, We have always been surprised by the scale of global cryptocurrency adoption.

According to statistics, almost every country has massive adoption of cryptocurrencies. Grassroots adoption of cryptocurrencies may not have reached its peak yet, but the striking trend is increasing adoption in low- and middle-income countries.

Given the variety of ways countries are embracing cryptocurrencies, regulators must take a nuanced view of the issue. This requires a deep understanding, and it will inevitably affect every region.

The data highlights the undeniable shift towards digital financial systems, with the most important revelation being the rise in low-income countries accounting for a sizable share of global cryptocurrency adoption.

According to Glassnode data, Tether’s share of the stablecoin market has shown significant growth. USDT currently accounts for 69% of the stablecoin market, an increase of 25% compared with the low of 44% of the market share set in June 2022.

BUSD’s dominance dropped to 2.1%, with USDC accounting for just 21.7%, a significant drop from the peak of 38% reached just over a year ago.

Since hitting this cycle low in November 2022, the supply of USDT has actually increased by $13.3 billion.

USDC’s decline was almost the opposite, at -$16.7 billion, which may be partly due to U.S. institutions moving funds to markets with higher interest rates.

BUSD fell sharply by $20.4 billion (-89%), largely due to issuer Paxos switching to redemption-only mode following SEC enforcement.

Since the highs reached in March 2022, a total of $43 billion in stablecoins have been redeemed, with the total value falling by 26%.

According to a report released by cryptocurrency exchange Bitfinex, crypto market outflows reached $55 billion in August.

The analysis is based on the Total Realized Value metric, which measures the realized value of Bitcoin and Ethereum and the total supply of the top five stablecoins Tether, USDC, BUSD, DAI and TrueUSD (TUSD).

The report pointed out that an in-depth study of the data revealed a general trend: the industry began to experience capital outflows in early August, and lost approximately US$55 billion in the past month.

Capital outflows not only affect Bitcoin, but also the liquidity of Ethereum and stablecoins. Bitfinex said: “According to Bitfinex data, August was BTC’s largest monthly closing decline of 11.29% since the bear market bottom was formed in November 2022.”

According to Bitrace’s on-chain fund audit, addresses related to the virtual trading platform JPEX have suffered serious fund contamination. One of its hot wallet recharge addresses has seen an inflow of more than 190 million USDT at risk in the past 20 months.

Bitrace conducted a fund audit on five JPEX Tron hot wallet recharge addresses. This article selects one of the more representative objects for disclosure.

Among them, the TLGiN6 address has interacted 189,133 times with 30,585 users in the past 20 months, with a total inflow of 687,002,533 USDT, of which 151,415,358 were risk funds, accounting for 22.04%.

Recently, the Hong Kong Securities and Futures Commission warned that JPEX is an unregulated virtual trading platform and clarified that none of the entities under the JPEX Group have applied for a license from the Securities and Futures Commission to operate a virtual asset trading platform in Hong Kong.

As of now, the public JPEX hot wallet addresses for withdrawing coins have stopped normal withdrawal activities.

According to a report from Glassnode, the encryption market is currently experiencing a severe liquidity crunch, with both on-chain and off-chain transaction volumes falling to historical lows.

Glassnode analysts said that while Bitcoin and Ethereum saw net inflows at the beginning of the year, they have returned to neutral or negative inflows since the end of August, indicating stagnation and uncertainty.

Glassnode on-chain metrics show that total U.S. dollar volume traded on Bitcoin has dropped to a daily average of $2.44 billion, the same level as in October 2020.

In the off-chain derivatives market, Bitcoin’s daily trading volume also reached historically low levels, falling to $12 billion for the first time since the 2022 lows.

Glassnode said that despite the market downturn, the currency holding trend remains strong. Glassnode defines long-term holders as on-chain entities that hold tokens for more than 155 days, and their holdings reached an all-time high of 14.7 million Bitcoins. Meanwhile, short-term holders have fallen to their lowest levels since 2011.

According to a report by CoinGecko, Sweden and Canada lead the way in cryptocurrency ETPs.

Data as of September 11 shows that the largest crypto ETPs currently are Bitcoin Tracker One (COINXBT) and Ethereum Tracker One (COINETH) from Swedish XBT provider.

The assets under management are approximately US$4.4 billion and US$2.6 billion respectively, far ahead of Brazil’s third-ranked Hashdex Nasdaq Crypto Index Fund, which manages nearly US$1.1 billion in assets.

The ProShares Bitcoin Strategy ETF (BITO), launched in the United States in October 2021, has $915 million in assets under management, while Canada’s Purpose Bitcoin ETF ranks fifth with $819 million.

CoinGecko data shows that 6 of the top 25 largest ETPs in the world are located in Canada.

Fireblocks CEO and co-founder Michael Shaulov said institutions are still risk-averse from cryptocurrencies, and for large, household-name companies, launching a successful Web3 enterprise has become more complicated.

He cited a recent Coinbase survey that found that 52% of Fortune 100 companies have some kind of Web3 or cryptocurrency-related plan since 2020.

Looking at the numbers alone, adoption looks promising, but Shaulov said he believes fewer than 50 established brands have launched repeatable major Web3 initiatives.

Shaulov said this is simply because the risks are too great, mainly on the regulatory side.

The confusion companies face boils down to basic questions like how to structure a balance sheet when cryptocurrencies are involved.

David Lawant, head of research at institutional exchange FalconX, wrote in a market update that this follows large liquidation events in the past.

Open interest, which is the total amount of open options and futures contracts held by market participants, has declined significantly.

The report pointed out that open interest in BTC and ETH derivatives on mainstream exchanges such as Binance has dropped by approximately 38% from this year’s highs and is currently close to March levels.

“The significant decline in open interest over the past six months suggests that liquidations should play a less significant role in spot price movements,” Lawant said.

ARK Fund position data shows that from August 1 to August 31, ARK Fund continued to reduce its holdings of GBTC shares, with a total reduction of 247,482 GBTC shares, which is worth approximately US$4.77 million based on current prices. As of Friday’s close, GBTC closed at $19.3.

It is worth noting that on August 25 and August 28, ARK Fund sold 5331945 GBTC in a single day, and bought 5331945 and 5298197 GBTC respectively on August 25 and August 28, a single operation The amount exceeds US$100 million.

Two African countries, Nigeria and South Africa, have been ranked as among the most crypto-savvy countries in the world, according to a new 2023 global survey.

The survey also found that the use of cryptocurrencies remains a contentious issue in many markets across the region.

According to a 2023 global survey conducted by Consensys and YouGov, 92% of people around the world are paying attention to the digital currency craze.

The survey also showed that there are still differences between countries, with Nigeria, South Africa and Brazil leading the way in awareness. For Nigeria, its cryptocurrency awareness data is eye-catching, with a whopping 99% of respondents saying they are aware of cryptocurrencies.

In addition, 70% of respondents clearly understand the basic concepts of blockchain technology, which has enhanced Nigeria’s position on the global stage.

A joint policy roadmap released by global standard-setters on Thursday said simply banning cryptocurrencies would not remove their risks.

Thursday’s report reiterated the IMF’s stance that a blanket ban on cryptocurrencies may not help mitigate the associated risks, adding that targeted restrictions could be particularly appropriate for emerging economies.

Countries such as India have raised concerns about the wider threat posed by the widespread use of cryptocurrencies to monetary policy in emerging economies and called on policy agencies to recommend stronger bans or address these specific concerns.

The FSB and the International Monetary Fund (IMF) will launch a joint paper on global cryptocurrency policy, Financial Stability Board (FSB) Chairman Klaas Knot wrote in a letter on Tuesday.

Ethereum is poised to outperform bitcoin in September and October as it benefits from strong momentum related to a possible exchange-traded fund (ETF) listing, crypto market analysis firm K33 Research said in a report Tuesday.

The deadline for the U.S. Securities and Exchange Commission (SEC) to approve or reject the first Ethereum ETF is mid-October, and the agency’s approval of the product is highly likely.

K33 senior analyst Vetle Lunde explained that the development could push the price of ether higher, noting that bitcoin rallied 60% in the three weeks before the launch of the first futures-based ETF two years ago.

Lunde said ETH is highly likely, calling it a strong relative buy versus Bitcoin, with ETH/BTC trading near 2.5-year range lows with considerable relative upside.

According to data from The Block Pro, Bitcoin miners and Ethereum staking revenues generally fell in August, with Bitcoin miners’ revenue falling to $805 million in August, a drop of 6.8%.

At the same time, Ethereum staking revenue also declined, down 7.5%, to about $130 million.

Spot volumes on compliant centralized exchanges (CEXs) fell 2.8% in August to about $261.6 billion, the lowest level since November 2020.

However, the average daily trading volume of Grayscale’s Bitcoin Trust Fund GBTC has risen in August, rising to $67 million, an increase of 4.1%.

According to The Block Research, less than $500 million in venture capital was invested in crypto startups in August, marking the fourth straight month of decline in venture funding in the space and the lowest monthly funding volume recorded since January 2021 .

A recent report by The Block Research expects the level of venture funding in the industry to fall below $2.5 billion in the third quarter of this year, which would be the worst since the fourth quarter of 2020.

Funding for crypto startups is $13.5 billion in Q1 2022.

So far this quarter, bitcoin spot trading volume has totaled $721.1 billion, according to data from CoinGecko.

If September’s transaction volume is the same as in July and August, it would mark the lowest quarterly transaction volume since the first quarter of 2019.

Quarterly transaction volume hovers above $2 trillion for most of 2019 through 2023.

In the past two months, Bitcoin trading volume was $345.89 billion and $354.84 billion, respectively.

If conditions hold and September volumes hover around $350 billion, quarterly volumes will approach $1.05 trillion.

In July and August, ETH trading volumes were $232.06 billion and $212.92 billion, respectively.

If ethereum trades around $220 billion in September, it would put its cumulative quarterly volume at just over $650 billion, its lowest level since 2019. In the fourth quarter of 2019, the total amount of ETH spot transactions reached 740.64 billion US dollars.

According to The Block Pro data, the open interest of Bitcoin and Ethereum futures fell in August. The open interest of Bitcoin futures fell by 14% in August, and the open interest of Ethereum futures fell by 18%.

In terms of futures trading volume, Bitcoin futures trading volume fell 5.3% in August to $603 billion.

The open interest of CME Bitcoin futures fell by 4.8% in August to $2.23 billion, and the average daily turnover fell even more, reaching 16.6% to about $1.37 billion.

However, in terms of cryptocurrency options, both Bitcoin and Ethereum option positions increased in August, with Bitcoin option positions increasing by 13% and Ethereum option positions increasing by 16%.

In addition, in terms of the trading volume of Bitcoin and Ethereum options, Bitcoin and Ethereum also experienced a general increase. Among them, the trading volume of Bitcoin options increased by 11% in August to 21 billion US dollars.

Ethereum options volume rose 5.1 percent to $11.2 billion.

Crypto asset businesses in the United Kingdom can now start withholding certain cryptocurrency transfers to comply with new cryptocurrency travel rules that come into effect on September 1.

The rules for virtual asset service providers were first introduced by the U.K. FCA on Aug. 17 and ensure that U.K.-based VASPs will collect, verify and share information related to crypto asset transfers.

If inbound payments are received from individuals or entities in overseas jurisdictions that have not implemented the Travel Rules, VASPs must conduct a risk-based assessment of whether to provide crypto assets to beneficiaries.

After the market fell 10 hours ago, two giant whales jointly transferred 16,500 ETH ($27.2 million).

Whale 0x828 sold 12,000 ETH for 19.8 million USDC at an average price of $1,648 8 hours ago.

smartestmoney.eth deposited 4,500 ETH ($7.46 million) to Binance at a price of $1,657 5 hours ago. It is worth noting that these two whales have not performed well recently in the current market volatility.

Cryptocurrency-focused attorney Jeremy McLaughlin believes the U.S. digital asset industry could rebound as U.S. securities regulators face court losses.

The U.S. Securities and Exchange Commission (SEC) has been working to shelve cases involving cryptocurrencies, which could create opportunities for growth in the digital asset industry if it continues to lose cases in court.

McLaughlin believes that the SEC will finally drop its lawsuit against Ripple, which could be a turning point for the future of the industry.

A chart released by research firm Kaiko shows that after the Grayscale ruling, the average bitcoin transaction size jumped to its highest level since June, with the average bitcoin transaction size on cryptocurrency exchange Kraken rising to $2,000 on Tuesday from around $850 the previous day. USD or more.

The last time Bitcoin’s average trade size was above $2,168 was in June, and most other exchanges also saw large increases in average Bitcoin trade size.

“This could indicate more activity by large traders,” said Kaiko analyst Dessislava Aubert.

According to data from the blockchain analysis company Glassnode, since March 2020, the supply of Bitcoin on centralized exchanges reached a peak of 3.203 million BTC.

This indicator has been on a downward trend. This week, the total balance of Bitcoin on the exchange fell to 2.256 million BTC, a new low in five years. Among them, Binance’s Bitcoin balance was about 691,200 BTC, and Coinbase’s was about 439,800 BTC. , Bitfinex is about 320,700 BTC.

It should be noted that these data only consider the capital clusters directly related to the trading platform, and do not include specialized custodians or ETF investment tools (such as GBTC or Microstrategy, etc.).

According to the Beosin EagleEye security risk monitoring, early warning and blocking platform monitoring of the blockchain security audit company Beosin, in August 2023, the number of various security incidents and the amount of losses have dropped significantly compared with July.

More than 25 more typical security incidents occurred in August, and the total amount of attack damage was about 17.43 million US dollars, a decrease of about 90% compared with July; the total amount of Rug Pull reached 28.85 million US dollars, an increase of about 18% compared with July.

The biggest attack of this month was the attack on Exactly Protocol on the Optimism chain, with a loss of about $7.3 million.

This month, there has been an increase in fraudulent escape incidents. The larger incidents are: PEPE’s multi-signature wallet outflow of 15.5 million US dollars, the official said that it was done by three former team members; Rug Pull of the Magnate Finance project on the Base chain, with a loss of about 6.5 million Dollar.

In addition, the number of encrypted crimes cracked by the police has increased this month, involving many cases worth more than 100 million yuan. The largest case is the 1 billion Singapore dollar money laundering case cracked by the Singapore police.

Crypto exchange Kraken stopped top-up services for South African residents last Friday, after its former banking partner blacklisted South Africa for anti-money laundering.

As a result, crypto arbitrage premiums in South Africa last week ranged from 0.7% to 1.5%, surging to 3.5% on Monday.

The market volatility is also a direct consequence of South Africa being graylisted by the Financial Action Task Force (FATF) in February for failing to comply with international anti-money laundering and countering terrorist financing standards. Depend on

These assets are often sold at a premium in South Africa due to local exchange controls.

Future Forex, a South African crypto arbitrage and foreign exchange provider, sent an email to customers on Monday informing them of Kraken’s deposit restrictions, saying that the company has been in talks with another provider for the past few months and that testing is in its final stages.

An analysis of CryptoQuant data from spot and derivatives exchanges shows that the total amount of bitcoin held on all exchanges fell to its lowest level since 2018 earlier this month and has struggled to recover.

As of August 26, the trading volume across all exchanges was 129,307 BTC. Earlier this month, on August 12, the number of bitcoins fell to 112,317 bitcoins.

This is the lowest level since November 10, 2018. Currently, the number of bitcoins is down about 94% from the March high of 3.5 million bitcoins.

Cryptocurrency journalist Ali Martinez reported that according to the PoW lower limit pricing model, the BTC price may drop by a further 40%, falling below the $15,000 level.

Based on historical patterns, this would mark the end of the bearish trend.

BTC price will not necessarily drop to the $14,800 level as Bitcoin has very strong support at $20,900.

Implied volatility in the bitcoin options market hit an all-time low last week, 50% below its long-term baseline for 2021-22, according to new data from blockchain analytics firm Glassnode.

But as the sell-off started this week, volatility was quickly repriced, with implied volatility on short-term contracts expiring at the end of September more than doubling.

Puts naturally experienced the most dramatic re-pricing, with the 25-Delta skew fully reversed, bouncing from an all-time low of -10% to over +10%.

But amidst such wild price swings, call and put open interest turned out to be relatively stable, with very little net change.

This means that while volatility may be misvalued, there is no massive forced deleveraging in the options market.

In a letter to Federal Reserve Chairman Powell, U.S. lawmakers stated that the Fed’s recent supervisory and regulatory letters (SR 23-7 and SR 23-8) undermined the progress made by Congress in legislating the establishment of a regulatory framework for payment stablecoins. It will prevent financial institutions from participating in the digital asset ecosystem.

Representatives Patrick French Hill and Bill Huizeng wrote in the letter: “By issuing these regulatory letters, the Federal Reserve prevents banks from issuing payment stablecoins or participating in the payment stablecoin ecosystem. Providing certainty to market participants, the realization that drove the Payments Stablecoin Clarity Act, however, came less than two weeks after the Fed issued SR 23-7 and SR 23-8, without Work with Congress to create a mechanism that works.”

Circle CEO Jeremy Allaire said in a newly published interview that he remains optimistic about the growth and transformation potential of digital assets in the coming years, including regulatory aspects.

Allaire compared the volatility of cryptocurrencies to historical tech booms and busts, such as the dot-com bubble of the late 90s.

“What you’re seeing on the other side are meaningful companies that have staying power, and you’re starting to see a reaction from other parts of society, including governments, regulators, and so on, that they’re going to think, obviously, this industry is here to stay,” he said. This market is really big, let’s make rules for it.”

James Butterfill, director of research at CoinShares, said in an interview that dollar-cost averaging (the sale of regular small asset purchases or holdings) can moderate volatility in cryptocurrencies, whether in bull or bear markets.

Implementing dollar-cost averaging can help reduce the cost of averaging purchases and reduce the impact of volatility on a portfolio.

Bitcoin behaves similarly to other alternative assets and has significant diversification advantages over assets such as gold, commodities or real estate.

CryptoPhunks and NFT market Not Larva Labs founder Pauly said on social media X (formerly Twitter) that the PEPE official team has stolen more than $10 million worth of funds from the CEX wallet and will sell them on the open market.

Now, they have moved the remaining $9.6 million into a wallet controlled by an anonymous 25-year-old.

As we all know, the entire official PEPE team is involved in the deployment and investment of other tokens.

Before stealing CEX funds, they conducted insider trading through massive short selling. Their crimes of market manipulation and insider trading continue.

While XRP has experienced considerable volatility due to escalating regulatory challenges, South Korean investors have remained unperturbed.

In fact, the asset has become the most favored asset in their portfolios, especially those in their 20s.

The new findings show that XRP accounts for 20.7% of its investments, surpassing the combined allocation of 17.5% for Bitcoin and Ethereum.

Overall, XRP outstrips Bitcoin and Ethereum by about 3.2 percent in twentysomething personal portfolios.

Erik Svenson, co-founder and chief financial officer of blockchain infrastructure company Blockstream, said the crypto industry has underperformed over the past year.

Capital allocations have fallen sharply from their 2021 highs amid heightened regulatory scrutiny and investor skepticism, making it difficult for many young startups to raise capital, which is also affecting the Bitcoin ecosystem.

The bitcoin track itself has always been an undercapitalized space, Svenson said, but said: “We decided early on that we didn’t issue our own token, we didn’t do an ICO like a lot of projects, so we’ve been relying on more traditional ventures.” invest”.

Blockstream raised $125 million in late January, bringing its total funding to about $400 million, according to PitchBook. As of August 2022, the company’s post-money valuation is $2.49 billion.

Payment giants Visa and MasterCard recently announced the suspension of their crypto card business with Binance, CoinRoutes CEO and co-founder Dave Weisberger said, given all the legal challenges Binance is facing, the moves of mainstream companies such as Visa and MasterCard Not surprisingly.

He believes the move is unlikely to hurt Binance’s market share given its extensive global presence. “It’s hard to assess the impact on Binance, which is still the leading exchange from a liquidity standpoint and until that changes, people will continue to trade there,” he said.

Leo Mizuhara, chief executive of Hashnote, a CFTC-regulated institutional digital asset management platform, said the end of the partnership may not be a big deal for the industry as a whole.

“In terms of impact on the industry, this development may not be a big deal, as individuals and institutions exiting Binance have already done so given the issues with the CFTC and DOJ,” he said. It was expected.”

Nolan Bushnell, the co-founder of Atari, the originator of arcade games, the current chief knowledge officer of, the e-sports and tokenized game platform, and known as the father of Atari, said in a recent interview that in the long run, Web3 The world is safer.

Especially smart contracts, but anonymity is not conducive to game competition. Jobs once worked for Atari. This spirit continues to Apple. The game industry needs strange and different people to try some crazy ideas instead of trying to imitate the past.

In addition, Matt deFouw, CEO of Moxy, pointed out that many Web3 games claim to be Play to Earn, but because they pay too much attention to ownership and value issues, they lose the fun of the game and eventually become Grind to Earn.

Kyle Doane, head of trading at Arca, said he expects staking to eventually move more towards decentralized protocols.

While centralized exchanges such as Coinbase and Binance.US pool client assets and manage validators on behalf of these assets, liquidity staking providers such as Lido, Rocket Pool, and StakeWise use Ethereum smart contracts to create liquidity, tokens that stake ETH version.

The utility of liquid collateralized derivatives will only continue to increase in DeFi, making DeFi protocols ultimately a more efficient avenue.

CoinRoutes CEO Dave Weisberge said the problems in the U.S. stem from a lack of clear regulations and rules, leading regulators to apply different rules arbitrarily.

Weisberger added that the problem stems from the existence of two different regulatory agencies (SEC and CFTC) that play different roles in the financial system, roles that may overlap depending on the cryptoassets involved and the assets under scrutiny. Example.

Also, the SEC’s rules, created in the 1940s and updated in the 1970s, should not be used to regulate new asset classes and technology-oriented products.

As an example, Weisberge said: “Retrofitting a house is more difficult than building it from scratch,” and regulators need to rethink their approach to cryptocurrency regulation.

JPMorgan Chase & Co (JPM) said in a research note that an analysis of open interest in bitcoin futures on the Chicago Mercantile Exchange (CME) indicated that.

The unwinding of long positions appears to be at the end rather than the beginning.

Analyst Nikolaos Panigirtzoglou wrote that, therefore, we see limited short-term downside in the cryptocurrency market.

News of Elon Musk’s Space X selling its bitcoin holdings in the last quarter was an additional catalyst for a correction in the cryptocurrency market, JPMorgan said.

The news rattled investors with large long positions. The report added that the SEC is appealing the district court’s ruling in the Ripple case.

The outcome of the appeal is not expected until next year, potentially sparking a new wave of legal uncertainty in the crypto market.

Dan Morehead, founder of cryptocurrency investment company Pantera Capital, wrote that Bitcoin experienced the longest period of negative year-on-year returns in history, lasting 15 months.

The previous longest period was less than a year. The argument is that we’ve seen markets fall long enough.

The combination of recent positive events: XRP’s ruling and endorsement by ETFs like BlackRock, the Bitcoin halving expected to occur in April 2024, will provide strong preparations for the digital asset’s next bull run.

On the 12-hour time frame, the RSI indicator is below 19, close to its lowest level since the 2018 bear market bottom, said Michaël van de Poppe, founder and chief executive of trading firm Eight.

Daily levels were similar, hitting the lowest level since the COVID-19 crash across markets in March 2020.

“Whenever we see a move like this, it’s kind of a V-shaped recovery that finds its balance at a higher level,” Van de Poppe said.

He added that Bitcoin is likely to stage a comeback, with an eye on $26,500 or higher next.

The decentralized exchange Balancer forum post stated that it received a report of a serious vulnerability affecting multiple fund pools and has been able to mitigate more than 80% of the problems.

The remaining funds at risk represent approximately 4% of Balancer’s TVL. As of press time, this vulnerability has not been exploited and no funds have been lost.

Balancer UI will notify users participating in the affected liquidity pools how to withdraw assets.

This is not the first time Balancer has reported a vulnerable pool. In January, Balancer found that $6.3 million worth of funds were at risk.

Sretha Thavisin, chief executive of real estate developer Sansiri, has been named Thailand’s next prime minister. The company is active in the digital asset space in the country.

In 2021, Sansiri acquired a 15% stake in Thai digital asset service provider XSpring, which operates a cryptocurrency brokerage as well as a licensed ICO portal in partnership with Krungthai Bank.

At the heart of Sretha’s campaign is the promise of a nationwide airdrop of 10,000 baht ($300) for every Thai citizen.

The 10,000 baht will be distributed to every Thai citizen aged 16 and above and can only be used within 4 kilometers of their home.

The airdrop will use a form of national token rather than existing digital assets or cryptocurrencies. Suppliers can exchange it for cash at designated banks.

The project has been criticized for its high cost (estimated at 500 billion baht ($14.3 billion)) and its use of blockchain technology at a time when Thailand already uses existing digital banking schemes.

According to previous reports, Sretha Thavisin said that if the election is successful, 10,000 baht of digital currency will be issued to citizens aged 16 and above.

The Sultanate of Oman has launched a new crypto mining center, the second mining facility to open in the country in ten months.

Costing 135 million Omani reals (about 370 million U.S. dollars) to build, the center will use the latest hardware from Bitmain Technologies and will have 15,000 machines installed by October 2023.

Currently, the project is in a pilot phase with 2,000 machines running online and consuming 11 megawatts of electricity, the report said.

The mining facility is part of a plan to accelerate the digitization of Oman’s economy, which relies heavily on oil exports.

Another mining center opens in November 2022 with an investment of OMR 150 million (US$ 389 million).

In 2022, electricity tariffs for operators in the country will be Rs 0.064 ($0.166) per kWh. The government of Oman released a consultation paper on a national encryption framework in summer 2023. The framework may require virtual asset providers to set up local offices in Oman.

Crypto market volumes remain below average.

The latest Kaiko report states that the average daily spot volume on CEX over the past four months is the lowest since October 2020, when BTC was at $10,000 and ETH was at $350.

The same goes for digital asset funds, with “last week’s panic causing total assets under management to fall 10% to $32.3 billion as of the end of last week,” said James Butterfill, director of research at CoinShares.

Europe launched its first Bitcoin ETF less than a week after the U.S. Securities and Exchange Commission delayed its decision to approve a spot Bitcoin ETF.

Jacobi Asset Management listed Europe’s first spot bitcoin ETF on Euronext Amsterdam, trading under the symbol BCOIN and regulated by the Guernsey Financial Services Commission (GFSC).

Index provider Wilshire Indexes has partnered with Jacobi to benchmark BCOIN and future products.

The ETF product also uses a decarbonization strategy, with a verifiable built-in Renewable Energy Certificate (REC) solution provided by cryptocurrency platform Zumo, allowing institutional investors to enjoy the convenience brought by Bitcoin while still meeting ESG goals .