As a seasoned crypto investor with a decade of experience navigating the ever-evolving digital asset landscape, I find myself intrigued by this week’s developments. Bitcoin’s sideways dance while gold and silver soar is reminiscent of a three-legged race, where one leg is leading the way, but the other two are struggling to keep up. It’s only a matter of time before Bitcoin catches up, and when it does, we may see some exciting times ahead.
This week, the SEC turned its attention towards NFT platforms with its Wells notice to OpenSea. Furthermore, a lawsuit against Elon Musk for alleged Dogecoin manipulation was dismissed, and Russia shifted towards cryptocurrency for cross-border trade.
Bitcoin remains stagnant as gold and silver surge, while significant developments across DeFi, altcoins, and blockchain technology continue to shape the market landscape. Let’s dig deeper.
Bitcoin
With Bitcoin moving sideways and slightly down in a channel, on the other hand, gold and silver are reaching new record and local peaks. It seems that the precious metals are taking the lead, and it won’t be long before Bitcoin catches up.
DeFi
SSV Network DAO and Ether.fi have declared they’re organizing an educational campaign with rewards, known as Learn & Earn, to enlighten the community on the advantages of Distributed Validator Technology (DVT) for restaking and the significance of decentralizing Ethereum‘s fundamental layer.
Altcoins
As a savvy crypto investor with a knack for spotting undervalued gems like Solana (SOL), I’ve been known to make strategic moves that yield impressive returns. In the past, I rode the wave of SOL’s ascent from a humble $2 to unprecedented highs, only to sell off my holdings just before the staggering 95% plunge in 2022. Now, I’m back in the game, making waves this week with substantial market activity.
The cryptocurrency trading platform DTX Exchange is rapidly gaining recognition within the digital currency market. Already, pre-sales have surpassed $1.6 million, with predictions indicating a swift rise to $2 million in the near future.
The very same trader who predicted the Mt. Gox disaster has issued a warning regarding Polygon (MATIC). In the last month, its market worth has dropped by a significant 27%.
There’s a growing interest in newly minted meme coins and lesser-known tokens as investors seek profitable opportunities in the approaching bull market. For example, the recently introduced low-cap cryptocurrency known as Base Dawgz has amassed more than $3 million during its presale.
Technology
1. In a span of 24 hours, the TON blockchain encountered two major disruptions, causing all transactions to pause because of excessive activity from the DOGS token minting process. This has sparked doubts about the network’s capacity to manage heavy traffic.
Business
As a researcher, I’m excited to share that Crypto.com has recently entered into a partnership with Standard Chartered Bank. This collaboration aims to extend our fiat currency services across more than 90 nations, starting from the United Arab Emirates (UAE). This move is aimed at enhancing global accessibility to currencies such as the US Dollar, Euro, and UAE dirham.
As an analyst, I’m sharing that the administrator overseeing the Celsius Network’s bankruptcy proceedings has disbursed roughly $2.53 billion to around 251,000 creditors. This significant step forward marks a key milestone in one of the largest insolvency cases within the cryptocurrency sector.
2024’s significant Polkadot Decoded Asia conference, an integral part of the Polkadot community, is planned for September 16th and 17th, taking place during the TOKEN2049 Week in Singapore.
Web3
The decentralized lending system, Echelon, completed a $3.5 million seed funding round, welcoming Cypher Capital, a versatile cryptocurrency investment firm, as one of its participants.
The Fat User Hypothesis promotes a focus on users, emphasizing their requirements and input, all while questioning current systems that primarily benefit platforms and apps at the expense of users.
Creditcoin’s Layer One blockchain unveiled the debut of its mainnet, which is EVM-compatible, along with the introduction of the CreditWallet mobile app. This application aims to streamline cross-blockchain transactions between Ethereum Virtual Machine (EVM)-compatible and Substrate-based blockchains.
Kaia, a high-performance blockchain operating on layer one, officially launched its eagerly anticipated mainnet. This launch coincides with the introduction of the Kaia Wave Builder support program, a collaborative initiative between Kaia and LINE NEXT to hasten consumer adoption of Web 3 services.
Regulation
In simpler terms, a federal court has thrown out the legal case that alleged Elon Musk and Tesla manipulated Dogecoin prices through their social media influence and insider trading.
The Securities and Exchange Commission (SEC) has given a ‘Wells Notice’ to the NFT platform, OpenSea, suggesting that they might take legal action. This notice comes as the SEC expands its enforcement efforts to cover Non-Fungible Tokens (NFTs), causing some unease about the future of digital art and technological advancements in this field.
As a result of escalating international economic sanctions, Russia is shifting its approach to cross-border trades by exploring cryptocurrency transactions. Trials for crypto exchanges are set to begin shortly.
Abra has reached an agreement with the Securities and Exchange Commission (SEC) concerning allegations that they illegally sold securities via their cryptocurrency lending service, Abra Earn, as well as regulatory breaches committed by their parent company, Plutus Lending LLC.
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2024-09-01 15:23