Cryptocurrency Market News From tradecoind2.com

[NewspaperD2]

The U.S. Commodity Futures Trading Commission (CFTC) announced on Sept. 7 the outcome of a case against a South African company involved in crypto fraud.

The CFTC said that a judge has entered a consent order against Mirror Trading International Proprietary Limited (MTI), finding the company liable for several types of fraud. The order will also require the company to compensate its many victims.

According to the CFTC, MTI offered an investment opportunity in which it advertised trading intelligence software that used Bitcoin as a base currency.

However, according to the statement, the company and its CEO, Cornelius Johannes Steynberg, instead operated a multi-level marketing scheme. MTI solicited Bitcoin from investors and promised them the chance to participate in an unregistered commodity pool in return. Though that pool apparently existed, trading activity did not utilize a proprietary “bot” or software program, contrary to the company’s claims. Instead, the company and its leader misappropriated funds from pool participants either directly or indirectly.

The CFTC claims that MTI convinced investors to contribute a total of 29,421 BTC — an amount that at one point was worth more than $1.7 billion. The company accepted funds from 23,000 individuals in the U.S. and thousands more globally.

Victims will receive $1.7 billion in total
The latest court decision requires MTI to pay more than $1.7 billion in restitution to investors who its fraud has victimized. The court order enjoins MIT from violating the Commodity Exchange Act (CEA); it additionally bans the company from trading in CFTC markets and imposes a registration ban on the firm.

A default judgment against Steynberg in April required the executive to pay more than $1.7 billion in restitution plus a civil monetary penalty above $1.7 billion. It is unclear whether the $1.7 billion that MTI must pay affects Stenberg’s personal penalties.

MTI is currently in liquidation, and its website is not operational. Other descriptions of the company suggest that it paid its employees in Bitcoin, something that the CFTC did not comment on beyond allegations of misappropriated funds.

[NewspaperD2]

The crypto exchange’s focus on non-U.S. markets is part of a next phase in its expansion plans, said the firm.

Coinbase has flagged several countries outside the United States where it intends to focus its operations in the near term, citing their comparatively clearer crypto laws.

In a Sep. 6 blog post, Coinbase’s international business VP, Nana Murugesan and international policy VP, Tom Duff Gordon, marked the European Union, United Kingdom, Canada, Brazil, Singapore and Australia as “near-term priority markets.”

The pair said the countries are “enacting clear rules” and Coinbase would focus on “acquiring licenses, registering, and establishing and strengthening operations” in them.

https://twitter.com/coinbase/status/1699880964342907115

“Every part of the world is seeing progress on crypto-forward regulation — except for the U.S., which is opting for a ‘strategy’ of enforcement of existing rules and new regulations through the courts,” the pair wrote.

They added the country is “sidelining itself” on crypto regulations which puts at risk its influence over the space.

“We’re committed to helping to update the global financial system and providing more economic freedom and opportunity, and won’t stand idle just because the U.S. is,” they wrote.

The crypto exchange faces regulatory action in its native U.S. — with a lawsuit from the Securities and Exchange Commission accusing it of selling unregistered securities and operating illegally.

‘Go Broad, Go Deep’ goes phase 2
Coinbase’s new priority markets are part of the second phase of its expansion plans — which it dubbed “Go Broad, Go Deep.”

It outlined its plans to establish partnerships with global and local banks and payment providers to expand its fiat ramps along with assuring its governance systems are compliant.

Its lobbying and visibility efforts will also intensify ahead of the EU elections next June.

It flagged plans to engage with the G20 aiming to create global crypto standards and will keep a “scorecard” on each country’s crypto regulatory progress.

Coinbase is seemingly focusing its G20 lobbying efforts on Brazil — set to take the G20 chair in 2024.

In March, Coinbase expanded its offering in Brazil and according to the blog post co-founder and CEO Brian Armstrong will visit the country later this year “to engage with key decision-makers and stakeholders.”

[NewspaperD2]

The official marketing specialist of the developer team Shiba Inu known on the X app (formerly known as Twitter) as LucieSHIB has posted a reminder to SHIB Army that Shibarium is now open to the public.

Lucie’s message
to
the community on Shibarium

Lucie invited all developers and third-party companies waiting to start building on this layer 2 blockchain to come and get creative. Lucie wrote in her post that 99% of SHIB Army knows about the recent Shibarium launch event. However, Lucie believes “some people seem confused”, adding that “everyone can now embark on their construction journey here”.

Lucie welcomes everyone who is looking to start building decentralized applications (dApps), smart contracts, Metaverse, etc. on Shibarium, telling them there is nothing in the way for now :

“If you want to build, get involved!”

However, she also issued a warning that the SHIB Army should beware of being rife with scammers and always do your own research.

“Let’s create something amazing together!”.

Shibarium proudly surpasses new milestones
Newly built and launched, the Shibarium blockchain has already achieved remarkable results, breaking some impressive milestones in less than 2 weeks after being relaunched since failing due to heavy traffic. .

According to Shibariumscan, the first achievement is the number of transactions on Shibarium, the total number has now reached 1,283,219. As new users continued to use this layer 2 solution and linked their wallets, the number of users reached 1,118,908.

Finally, the number of blocks mined on Shibarium also grew strongly in less than 2 weeks and now reaches a total of half a million blocks – 506,606. The average time to mine each new block at the moment is 5 seconds.

“It’s Time for
Others
to
Shine on Shibarium
”
In another post, Lucie admitted that the entire SHIB Army is currently suffering financial loss due to the falling SHIB price again. It has gained 4% since Monday but is now down about 2% and is trading at $0.00000759 at the time of writing.


SHIB 4-hour chart | Source: Tradingview
 
However, Lucie stated that the entire SHIB team is “doing our best to add value to our ecosystem”.
She said that now that Shibarium is live, everyone who wants to start building on it is allowed, while the SHIB team is busy creating dApps on the Shiba Inu ecosystem.

“It’s time for others to shine on the Shibarium,” Lucie enthusiastically declared.

[NewspaperD2]

As confirmed by a government official today, Taiwan plans to restrict foreign exchanges operating in the country that are not registered in accordance with their upcoming guidelines for companies. electronic money.



As Taiwan’s semi-official Central News Agency first reported , Taiwan’s Financial Supervisory Commission (FSC) has drafted 10 guiding principles for virtual asset service providers to develop. their own self-regulatory regulations.

On Thursday, FSC officials said the regulator plans to formally issue the guidelines later this month.

These principles are expected to include increased disclosure, require businesses to establish review standards for the listing and delisting of virtual assets, and ensure the segregation and storage of virtual assets. sign (custody) assets of the company, customers.

An important restriction prohibits the solicitation of illegal business by foreign cryptocurrency companies. The FSC plans to state in its guiding principles that if foreign VASPs are not registered under company law and declare compliance with anti-money laundering regulations with the FSC, they are not allowed to solicit business in Taiwan or residents domestic.

Binance Looking for AML Compliant Registration
Taiwan requires VASP to comply with anti-money laundering laws since the FSC introduced anti-money laundering (AML) rules in July 2021. On the other hand, the industry remains largely unregulated in the country.

Binance, the world’s largest exchange, is preparing to register for AML compliance in Taiwan.

Although Binance is not regulated in Taiwan, the exchange has established a local entity called “Binance International Limited Taiwan Branch (Seychelles),” according to Taiwan’s Ministry of Commerce database . Registration information shows that the government approved Binance’s company registration on May 12, 2023, with a registered capital of NT$30 million ($937,000) in Taiwan.

Last month, Taiwan’s Ministry of Economic Affairs announced that it had proposed adding a new business category in related regulations. This could allow crypto-related companies to form more industry associations. The move is aimed at promoting the development of self-regulatory guidelines.

[NewspaperD2]

Worldcoin (WLD) price has been falling inside a corrective pattern since its launch on July 25. The decline peaked at $1.02 on September 5.

However, the price started to bounce on September 5 and has increased nearly 25% since then, showing signs of a potential future breakout.

Worldcoin price bounces from $1
WLD price has started a downtrend since its listing on July 24. The downward movement has been contained inside a parallel descending channel. These channels often contain corrective movements, meaning an eventual breakout from it is the most likely price scenario going forward.

On September 5, the price hit a new all-time low of $1.02 but rebounded almost immediately after. It is possible that this recovery occurred due to news that Worldcoin had 10,000 Argentines registered in 24 hours. The price is currently trading in the upper part of the channel, adding to the possibility of a breakout.

The six-hour RSI supports the possibility of a breakout. Traders use the RSI as a momentum indicator to evaluate whether the market is overbought or oversold to decide whether to accumulate or sell an asset.

If the RSI is above 50 and sloping up, the bulls still have the advantage, but if the index is below 50 the opposite is true. The indicator is above 50 and rising, both of which are considered signs of an uptrend.


WLD/USDT 6-hour chart | Source: TradingView

In case of a breakout, WLD price could increase by 65% ​​and reach the $2.10 horizontal resistance zone.
However, if the rally loses momentum, WLD could drop to the long-term channel support line, currently at $0.75. This number would correspond to a 40% drop and would create a new all-time low.

[NewspaperD2]

Prosecutors said they had fixed most of Bankman-Fried’s laptop issues with the defense’s help earlier this week. The defense continues to push for a “temporary release.”

Prosecutors are exaggerating the amount of access FTX founder Sam Bankman-Fried really has to defense material, his attorneys said in a memo late Friday.

Bankman-Fried continues to lack decent internet access when produced to a cell block at the Southern District of New York courthouse, and has not had anywhere near the amount of air-gapped computer access that the Department of Justice has said he would have, the letter signed by defense attorney Mark Cohen said.

Bankman-Fried’s defense team has tried to have him temporarily released or given greater computer access to work on his defense, saying his Sixth Amendment rights were being violated. Prosecutors have maintained that he has had access to defense materials after his bail was revoked last month on public safety grounds.

Earlier this week, the DOJ filed a letter saying Bankman-Fried now had access to multiple hard drives with defense material provided by the defense, an air-gapped laptop every day of the week and an internet-enabled laptop with a new battery provided by defense attorneys.

In response, defense attorneys wrote that the plan does not work in practice, leading to Judge Lewis Kaplan ordering Bankman-Fried’s team to describe what, specifically, they found inaccurate.

Friday’s letter detailed these issues, saying Bankman-Fried was only able to load a single document due to poor internet speeds after being produced to the courthouse on Wednesday and granted access to an internet-enabled computer.

“Effectively, Mr. Bankman-Fried had no access to the internet for the entire 5-hour period,” the letter said. “… Despite the Government’s efforts, there does not appear to be a way to solve the internet access problem in the cellblock. That means that Mr. Bankman-Fried has no way to review and search documents the discovery database or the AWS database before trial. The defendant cannot prepare for trial with these kinds of limitations.”

[NewspaperD2]

The cryptocurrency-focused arm of the renowned investment titan Fidelity Investments, which has over $4.5 trillion in assets under management, has recently suggested the second-largest digital asset by market capitalization Ethereum ($ETH) is trading at a discount.

According to a new report titled “Ethereum Investment Thesis,” Fidelity Digital Assets has noted that Ethereum’s current circulating supply is around 120 million ETH and that the network’s annualized fees surpass $6.8 billion, and calculated that the price of ETH should be around $2,090, applying a discounted cash flow model.

Further analysis from the asset manager also revealed that Ethereum’s valuation seems to dance in tandem with its network activity, especially the fees it accumulates. Fidelity Digital Assets foresees this figure, already impressive, embarking on a double-digit ascent over the ensuing seven years, potentially crossing the $20 billion threshold by 2030.



Web capture 8 9 2023 124058 www.fidelitydigitalassets.com Web capture 8 9 2023 124058 www.fidelitydigitalassets.com
Elaborating on the underlying dynamics, the report explains that the value of Ether is “more easily modeled following the network’s shift to proof-of-stake,” adding that demand for block space “can be measured via transaction fees” which are both burned or passed on to validators.

Per the firm, this means that “fees and ether value accrual should be inherently related over the long term,” with an increasing number of Ethereum use cases creating greater demand for block space, which in turn leads to higher fees and greater value and utility.

Potential roadblocks affecting the Ethereum network, Fidelity Digital Assets noted, include a weakening in the “relationship between ether and the value it provides to network users” if “scaling technology erodes fee revenue unless volumes increase and offset this margin compression.”

The report comes at a time in which large Ethereum whales have bought over $400 million worth of the second-largest digital asset by market capitalization over just 24 hours as their accumulation of ETH is seemingly picking up steam.

The accumulation comes at a time in which the cryptocurrency lost around 4.7% of its value over the course of 7 days amid a wider cryptocurrency market correction that has seen the space’s market capitalization drop to near the $1 trillion mark.

[NewspaperD2]

Billionaire investor Ray Dalio believes a historically massive transfer of wealth has been quietly boosted by central banks around the world.

An estimated $73 trillion transfer of wealth is now underway as baby boomers bequeath assets to the next generation, reports Fortune.

And according to a new economic update from Dalio, that wealth transfer has been buoyed by central banks, which funneled capital into the hands of households and businesses during the “free money” era of low interest rates.

“As a result of this coordinated government maneuver, the household sector’s balance sheets and income statements are in good shape, while the government’s are in bad shape.

In the US and globally, the central governments’ balance sheets and income statements are bad and getting worse because the governments ran and are still running large deficits. They also have big losses on the government bonds they bought to fund the government debts and, with their balance sheets where they are, are losing money where interest rates are.”

Millennials are set to receive the majority of the $73 trillion windfall, which is expected to be completely handed down by 2045.

At the same time, Dalio says the stage is now set for governments to suffer the consequences of loose monetary policies, battling bad balance sheets with “tolerably” slow growth and inflation.

“Over the long term, from looking at history and penciling out what is likely, it is virtually certain that central governments’ deficits will be large, and it is highly probable that they will grow at an increasing rate as the increasing debt service costs plus increasing other budget costs compound upward…

As they increase, governments will need to sell more debt, so there will be a self-reinforcing debt spiral that will lead to market-imposed debt limits while central banks will be forced to print more money and buy more debt as they experience losses and deteriorating balance sheets.”

[NewspaperD2]

A popular crypto trader is updating his outlook on Chainlink (LINK) as the digital asset continues to chop around.

Pseudonymous trader Altcoin Sherpa tells his 196,200 followers on the social media platform X that blockchain oracle Chainlink is likely going to take months before breaking out of a persistent trading range.

“LINK: still one of the best coins in terms of overall crypto infrastructure, but it is still one that is chopping around.

Would consider just buying this one and letting it sit for six months-plus and then selling it much higher later. This isn’t a good active trade in my opinion.”


Source: Altcoin Sherpa/X

Looking at the analyst’s chart, LINK has traded in a range with a high of $9.33 and a low of $5.53 since May 2022.

Chainlink is trading for $6.28 at time of writing, up 1.7% in the last 24 hours.

The trader is also looking at layer-1 projects, which have dropped in prominence throughout the current crypto cycle. However, he predicts some will be trading for higher values from their current prices a year from now.

Weighing in on Ethereum (ETH) competitor Avalanche (AVAX), the trader’s chart shows AVAX is retesting a potential bottom at $9.82.


Source: Altcoin Sherpa/X

Avalanche is trading for $10.07 at time of writing, up 1.2% in the last 24 hours.

Next, the trader looks at smart contract platform Fantom (FTM). His chart suggests Fantom could bounce after touching the $0.202 level, which it last retested nearly a year ago.


Source: Altcoin Sherpa/X

Fantom is worth $0.203 at time of writing, up 0.8% in the last 24 hours.

Lastly, the trader weighs in on the crypto gambling platform Rollbit’s native token RLB, which has soared from a low of $0.0189 on June 11th to $0.154 at time of writing, a 714% increase.

He predicts RLB could decline to retest the support level at $0.135, or even lower at $0.126, after failing to hold the $0.178 level.

“RLB: Had nice moves today due to the stake hack but I still think the chart itself looks like crap. I’m going to hold off on buying this one for now.”


Source: Altcoin Sherpa/X

[NewspaperD2]

Faruk Fatih Özer, the former CEO of Turkish cryptocurrency exchange Thodex, has  received a staggering 11,196 years in prison, ordered by the 9th Anatolian High Criminal Court. The court stated that Özer’s crimes included “the establishment, management and membership of an organization”, “committing fraud” and “money laundering”.

The ruling, reported by Turkish state news agency Anadolu Agency, also applies to Özer’s brothers, who were convicted of the same crime and given the same prison sentence of 11,196 years, 10 months, 15 day. Additionally, all three were fined $5 million as part of their punishment.

The trial attracted considerable attention, seeing Faruk Fatih Özer and his brothers defend themselves against the charges.

Özer said that he and his family had experienced injustice and called for an end to it. He emphasized that Thodex was merely a company and had gone bankrupt.

“There is no mention of a criminal organization in Thodex. I’m smart enough to manage any organization worldwide, as evidenced by the company I founded at the age of 22. If I founded a criminal organization, I wouldn’t act so amateurishly. It is clear that those considered suspects in this case have been victims for more than two years.”

Notably, Özer claimed that even while in prison in Albania, he paid the plaintiffs, asserting this is something a leader of a criminal organization would never do. He argues that those who thrive on chaos have benefited from the company’s demise.

In his conclusion, Özer quoted lyrics from a Turkish folk song by Musa Eroğlu, “Yolun Sonu Görünüyor” (The End of the Road Is Visible), as he demanded his release and acquittal. judgment.

Another defendant, Serap Özer, explained that Thodex was founded in 2017 and that she joined the company in 2018. She denied the accusation of working for the company with criminal intent and asserted:

“I joined this company for a career, not to commit a crime. If it were someone else’s company and not my brother’s, I’d still work there. Working at my brother’s company doesn’t give me any perks. There is no criminal organization in this case.”

The court handed down harsh punishments, with Faruk Fatih Özer, Güven Özer and Serap Özer each receiving 11,196 years, 10 months, 15 days in prison for related crimes. In addition, they were also heavily fined in a separate ruling for “cyber fraud” activities.

The case involves a complex web of allegations involving Thodex, a cryptocurrency exchange with a tumultuous history. The prosecution argued that Thodex deceived its customers through fraudulent practices, resulting in significant financial losses estimated at 356 million Turkish liras (about $13,596,698).

[NewspaperD2]

https://f61-zpg-r.zdn.vn/3158460710286800225/53c8153b0213d74d8e02.jpg

Anonymous crypto researcher Hildobby, data scientist at Dragonfly VC fund, has revealed the most generous gas spenders on the Ethereum (ETH) network. Besides the “technical” addresses related to wallets controlled by the largest CEXs, the bot operator MEV holds the number 1 position.

$70 million for 1.26 million transactions: Meet the biggest gas guzzler on Ethereum
 
The Ethereum (ETH) wallet associated with a maximum extracted value (MEV) bot named Jared From Subway (jaredfromsubway.eth) spent nearly 38,000 Ether (ETH) on gas, or more than $70 million. The bot has performed 1.26 million onchain transactions, according to data from Dune.

https://twitter.com/hildobby_/status/1700142166159356135

Thus, this bot becomes the ETH wallet that spends the most gas. Second place belongs to one of the wallets controlled by Binance with more than 7.73 million transactions. It costs less than half of what Jared From Subway transfers to the ETH validator.

It is also important to note that ETH gas prices are moving closer to multi-month lows. The current gas price is 9.39 Gwei, which means a Uniswap (UNI) transaction is charged around $4, according to Etherscan.

The Ethereum (ETH) community is delighted by such impressive statistics of the Ethereum MEV bot. Meanwhile, net profit or PnL data for the account is yet to be calculated.

MEV bots are responsible for the majority of trading activity on DEX. For example, 80% of Uniswap (UNI) trading volume across all pairs is generated by AI-powered MEV bots.

What’s special about JaredFromSubway’s MEV bot?
MEV bots are automated mechanisms designed to frontrun pending transactions in Ethereum (ETH) memory by “bribing” validators with higher fees. When the bot identifies a large transaction, it can manipulate the price of this or that asset and make the transaction at a more attractive price. The first signs of activity from the jaredfromsubway.eth-powered bot were registered in February 2023.

Experts say its algorithm is more complex: It managed to include its transactions in more than 60% of Ethereum blocks. In April 2023, the company spent more than $1.1 million on gas every day. The net number of jaredfromsubway.eth victims could exceed hundreds of thousands of DEX traders.

The bot is named after Jared Scott Fogle, spokesman for the fast food chain Subway, USA. Fogle advertised these restaurants for 15 years before his arrest in 2015.

[NewspaperD2]

The U.S. Commodity Futures Trading Commission (CFTC) announced on Sept. 7 the outcome of a case against a South African company involved in crypto fraud.

The CFTC said that a judge has entered a consent order against Mirror Trading International Proprietary Limited (MTI), finding the company liable for several types of fraud. The order will also require the company to compensate its many victims.

According to the CFTC, MTI offered an investment opportunity in which it advertised trading intelligence software that used Bitcoin as a base currency.

However, according to the statement, the company and its CEO, Cornelius Johannes Steynberg, instead operated a multi-level marketing scheme. MTI solicited Bitcoin from investors and promised them the chance to participate in an unregistered commodity pool in return. Though that pool apparently existed, trading activity did not utilize a proprietary “bot” or software program, contrary to the company’s claims. Instead, the company and its leader misappropriated funds from pool participants either directly or indirectly.

The CFTC claims that MTI convinced investors to contribute a total of 29,421 BTC — an amount that at one point was worth more than $1.7 billion. The company accepted funds from 23,000 individuals in the U.S. and thousands more globally.

Victims will receive $1.7 billion in total
The latest court decision requires MTI to pay more than $1.7 billion in restitution to investors who its fraud has victimized. The court order enjoins MIT from violating the Commodity Exchange Act (CEA); it additionally bans the company from trading in CFTC markets and imposes a registration ban on the firm.

A default judgment against Steynberg in April required the executive to pay more than $1.7 billion in restitution plus a civil monetary penalty above $1.7 billion. It is unclear whether the $1.7 billion that MTI must pay affects Stenberg’s personal penalties.

MTI is currently in liquidation, and its website is not operational. Other descriptions of the company suggest that it paid its employees in Bitcoin, something that the CFTC did not comment on beyond allegations of misappropriated funds.

[NewspaperD2]

https://f56-zpg-r.zdn.vn/5541979329383387100/39ea99c019f2ccac95e3.jpg
In a significant move to regulate the growing cryptocurrency industry, Uzbekistan’s President Shavkat Mirziyoyev has signed legislative amendments aimed at introducing a comprehensive framework for cryptocurrency licensing and taxation.

These amendments cover a wide range of cryptocurrency-related activities, including exchanges, mining pools, storage, and mining operations. Once licensed, entities participating in these activities will be required to pay taxes, marking an important step in the government’s efforts to formalize the cryptocurrency sector in Uzbekistan.

https://azcoinnews.com/president-mirziyoyev-signs-landmark-crypto-legislation-in-uzbekistan.html

The amendments were signed on September 6, 2023, demonstrating Uzbekistan’s commitment to bringing cryptocurrencies within the scope of legal and regulatory oversight. The official statement regarding the legislative changes, highlights the creation of new categories and sub-categories of licensed activities, specifically including exchanges, mining pools, storage and Cryptocurrency store. This comprehensive approach aims to provide clarity and structure to the cryptocurrency ecosystem in the country.

Responsibility for licensing related to crypto assets has been assigned to the National Agency for Advanced Projects (NAPP). After successful registration, legal entities will have to pay a state fee as part of the licensing process. This fee will serve as a means to contribute to the regulation and oversight of the cryptocurrency industry. It is expected that these fees will help fund initiatives aimed at ensuring the security and integrity of the cryptocurrency market in Uzbekistan.

However, the government has also introduced strict penalties for those operating in the cryptocurrency sector without the necessary licenses. Entities providing cryptocurrency services without proper authorization will face a fine of 300 BRV, or approximately $8,150. Similarly, those participating in illegal mining activities will be fined 150 BRV, equivalent to about 4,075 USD. These penalties are designed to discourage unregulated activities in the cryptocurrency space and promote compliance with the new licensing regime.

It is worth noting that Uzbekistan has gradually embraced the cryptocurrency industry over the past year. In June, NAPP issued its first cryptocurrency hosting license to Lockton Hub, signaling the government’s readiness to partner with cryptocurrency service providers. Then, in August, the regulator licensed the operation of cryptocurrency store C-BASE, demonstrating the authorities’ commitment to creating favorable conditions for cryptocurrency-related businesses. legal death.

Furthermore, the government’s decision to allow commercial banks, such as Ravnaq Bank and Kapital Bank, to enter the digital sandbox with the ability to issue cryptocurrency cards demonstrates a forward-thinking approach their progress towards financial innovation. This development opens up new possibilities for integrating cryptocurrencies into the traditional banking system, potentially making digital assets more accessible to the masses.

In summary, the recent legislative amendments represent an important step towards regulating and legalizing the cryptocurrency industry in Uzbekistan. By introducing a licensing and taxation framework, the government aims to strike a balance between encouraging innovation in the sector and protecting the interests of investors and consumers. These measures, along with recent licensing and approvals for cryptocurrency service providers and banks, underscore Uzbekistan’s commitment to embracing the future of finance while ensuring responsible and responsible cryptocurrency movement within its borders.

[NewspaperD2]

Unlocking tokens can have serious implications! After a major unlock, the price of the token usually drops, ranging from negligible to sometimes close to 10%. This September is no different as 3 altcoins are about to unlock a total of around $178 million.

That is a huge number and we could see the price drop drastically as there is currently no money flowing into the cryptocurrency. So who will buy this additional supply? Having said that, such events can also provide great entry points for some altcoins. But let’s wait for the price to stabilize first.

Apecoin (APE)

This month’s Apecoin unlock is by far the largest. The event will release 11% of circulating supply on September 17, equivalent to 40.6 million APE, worth approximately $54.41 million at current prices.

APE has unlocked 50% of their tokens. The most recent unlock was on August 17. However, at that time only 4.23% of the circulating supply was opened, which is 15.6 million APE tokens, equivalent to $20.91 million, but it was enough to cause the APE price to drop from 1.79 to $1.55. .


Source: CryptoRank_io
Source: CryptoRank_io
 

So, this upcoming unlock is a big event. It’s very possible that the current price of $1.27 will drop again once unlocked. So, APE holders are in a difficult position as the token continues towards new all-time lows. There are 7 beneficiaries in the upcoming batch, of which the Top 4 take almost all. Specifically:

– 2.22 million tokens equivalent to $2.98 million transferred to Yuga Labs, the founders.

– 25 million tokens or $33.5 million will be reserved for 1 launch contributors.

– 7.34 million tokens or $9.84 million were transferred to the treasury.

– 4.17 million tokens equivalent to $5.58 million transferred to Yuga Labs.

In total, they received $51 million of the $54 million. So, it’s best to stay away from Apecoin for now.


APE price chart | Source: Tradingview
 

Optimism (OP)
The next big lock event for September is Optimism. To date, only 25% of the token supply has been unlocked.

This upcoming unlock event will take place on September 30. So at the end of the month, they will unlock 3.03% of the circulating supply. That may not sound like much, but it is 24.16 million tokens, or $31.89 million at the current price of $1.27.


Source: CoinW Exchange
 

Their last unlock event was a month earlier, on August 30. The price dropped from $1.49 to $1.29, about 13%, in less than the next week. The vesting schedule lasts until the end of August 2027. Each month unlocks the same amount. This time there will be 2 beneficiaries:

– 12.75 million tokens equivalent to $16.83 million for core contributors.

– 11.41 million tokens equivalent to $15.05 million for investors.

So there could be some selling pressure here, signaling a price drop. However, this can also be a good entry point.


OP price chart | Source: Tradingview
 

Apts (APT)
The third major unlock event of September for Aptos. The deadline is September 12, so quite early. The event will release 1.98% of the circulating supply, equivalent to 4.54 million APT or $24.85 million.

So far, Aptos has only unlocked 18% of their total locked supply. In November, we will see the first major token unlock for Aptos. There will be 6 major monthly token unlocks until April 2024 and will entail many negative price impacts for APT.


Source: Token Unlocks
 

At the latest unlock event on August 12, the APT price decreased from $7.20 on the 12th to $5.52 on August 18. Currently the price is $5.27 so there hasn’t been too much fluctuation. This unlocking event has two beneficiaries:

– 1.33 million APT or $7.29 million went to the Foundation.

– 3.21 million APT or $17.56 transferred to the community.

In total, Aptos dedicates 51% of their tokens to the community. There are quite a few rumors about the second airdrop. However, there is no date and no description on how to qualify for this potential airdrop.

Therefore, many experts advise interacting with dApps on the Aptos chain and their NFT marketplace for trading. Additionally, you can transfer funds to Aptos and create an Aptos wallet. For example, Martian or Pontem.


APT price chart | Source: Tradingview

[NewspaperD2]

While the launch of Worldcoin has drawn attention to artificial intelligence (AI)-powered tokens, recent trading data from Kaiko indicates that these AI tokens have shown resilience despite controversies surrounding the launch of Worldcoin.

According to recent Kaiko data , trading volumes of AI-related tokens remained stagnant over the past month. The audit found that AI token trading volume increased moderately last month, reaching about $870 million, up from $570 million at the end of July. However, year-to-date volumes were down. significantly.

In the same vein, Dessislava Ianeva, an analyst from Kaiko,  noted  that enthusiasm for AI tokens began to fade in July, mainly due to a change in global risk sentiment. Total OI for the five main AI tokens, FET, GRT, RNDR, OCEAN and ROSE, decreased from $170 million in February to $60 million in August.

https://twitter.com/KaikoData/status/1700418768575279594
 

Worldcoin (WLD) made its debut on July 24, 2023, attracting attention from the cryptocurrency community. The buzz around this cryptocurrency mainly comes from co-founder Sam Altman – who is also the CEO of OpenAI. However, year-to-date, Worldcoin (WLD) has experienced a 3.5% decline over the past 24 hours, with the price trading at $1.09.

The main goal of Worldcoin is to create a network consisting only of genuine individuals, excluding automated bots. The San Francisco-based company plans to release ‘World ID’ to people worldwide, aiming for a future in which individuals can interact with websites without revealing their information. personal information such as name, phone number or email address, thanks to a “global identity verification” system.

However, global regulators and privacy advocates have raised significant concerns about the initiative, pointing to a lack of clarity in the organization’s data collection processes. The widespread aggregation of personal data by a single entity raises significant data privacy concerns.