Cryptocurrency Market News From tradecoind2.com

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Over the past few years, the cryptocurrency ecosystem has grown rapidly. According to Statista, the cryptocurrency market is expected to reach $37.87 billion this year.

Each region around the world has a different reality regarding the growth of the cryptocurrency market.

Germany, Russia and the UK are currently leading the cryptocurrency market adoption in the European region.

But a common concern among users in the cryptocurrency industry around the world is the safety of their data.

Bitsa, a crypto card service provider, researched its users to understand some of the key benefits of using crypto cards as a payment method.

The study revealed some interesting data. 28% consider security to be the main benefit of using a crypto card, 23% say speed is best, and 17% value privacy.

Over the past months, cyber security attacks have increased rapidly. According to Statista, the global average cost per data breach amounted to US$4.45 million, up from US$4.35 million the previous year. Average data breach costs vary across sectors, with the highest average price in the healthcare industry.

Additionally, in 2023, the number of hacks increased by 7% compared to 2022, according to Forbes. According to Statista, in the first quarter of 2023, more than 6 million records of cyber attacks were recorded.

Other crypto players have also suffered hacks, such as Cypher and Zunami.

A recent study conducted by Blackberry’s cybersecurity department revealed some of the most dangerous malware affecting the cryptocurrency industry, such as SmokeLoader, RaccoonStealer, and Vidar.

Hackers are developing new, innovative hacking techniques and moving faster.

Source:
http://tradecoind2.com/what-features-of-cryptocurrency-cards-are-most-valued/

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Bitcoin hit a new monthly high on September 18 as a strong weekly close reinforced a bullish start to trading on Wall Street.


BTC 1 Day Chart | Source: TradingView
 

Trader warns of rising Bitcoin open interest
 
Data from TradingView tracked a BTC price increase of more than 3% on the day, with Bitcoin breaking $27,000 for the first time in September.

As Wall Street opens, market participants are paying attention to the return of “momentum” among Bitcoin bulls.

Michaël van de Poppe, founder and CEO of trading company Eight, summarizes :

“Bitcoin price breaks barrier at $26,800 and reaches high of $27,200.”

“The trend looks to increase from here as altcoins are also awakening. It’s still the best time to buy property.”

Van de Poppe uploaded the latest analysis chart to X (formerly Twitter), showing the resistance area now needed for a recovery.


BTC Chart | Source: Michaël van de Poppe/X
 

Meanwhile, source monitoring Material Indicators has revealed daily buy signals on its proprietary trading tools.

“The bulls appear to have gathered some momentum since candle D opened,” the accompanying commentary said.


Source: Material Indicators
 

Elsewhere, cautious Daan Crypto Trades flagged a spike in open interest, returning to levels last seen after a brief BTC price rally following asset manager Grayscale’s legal victory against regulators US management.


Price: Other Crypto Trades
 

Meanwhile, trader and analyst Rekt Capital calls for bulls to reclaim higher levels and hold them until the monthly close in September.

“Will return to ~$27,100 (black) soon,” Rekt Capital predicted on the day along with the chart.

“This level acted as support earlier this year and could become new resistance this month, unless BTC reclaims its monthly close above the black.”


BTC Chart | Source: Rekt Capital/X
 

Bitcoin Price Continues to Ignore DXY Strength
With the US Fed’s decision on interest rates looming on September 20, the macro conversation focuses on preparations for the event.

The US Dollar Index (DXY) showed continued strength during the day despite the assumption that interest rates will not rise later in the week.

DXY hovered above 105, breaking above that level for the first time since mid-March.

Bitcoin, which traditionally has a negative correlation with the Index, however shows no signs of weakening.

“Bitcoin hits $27,000, while DXY stays above 105,” noted researcher and data analyst James Straten with a comparison chart.


BTC and DXY comparison chart | Source: James Straten/X
 

“The last time DXY traded at 105 was in March when Bitcoin was trading at under $20,000. Previously, in the fourth quarter of 2022, Bitcoin was trading at $17,000.

Mark Yusko: The Bitcoin Tidal Wave is Coming
Morgan Creek Capital founder claims the combination of the Bitcoin network’s upcoming halving and BlackRock’s potential approval of a Bitcoin spot ETF will bring “tens of billions, if not hundreds of billions, of demand.” dollars into the physical spot market.”

On the Forward Guidance podcast ( Spotify / Apple ), Yusko stated the current trend for the crypto industry popular among traditional investment institutions is that “it will all go away” following ETF approval.

Many barriers are currently in place to prevent institutional investors from accessing cryptocurrencies, Yusko said, but that will change. “No one can say no,” Yusko said, “not UBS, not Merrill Lynch, no one.”

But sentiment has faltered significantly since the most recent cryptocurrency bull run, when many other institutional clients were clamoring for access, Yusko said. “They say that less now than they did two years ago because people buy what they wish they bought.”

“It’s on sale now,” Yusko said, “but they’re selling it all.”

In every “other business in the world” besides stocks and cryptocurrencies, Yusko said, people will “clash each other” to get a good deal, but investing exhibits the opposite behavior.

Podcast host Jack Farley commented:

“Demand for something is always highest at the top and lowest at the bottom.”

Yusko replied:

“Humans are really simple animals. They buy what they wish they had bought and they sell what they soon need.”

Volatility is your friend
Turning the conversation to focus on stocks and bonds, Yusko asserted that patterns of irrational behavior can be objectively observed over long periods of time. “Here’s the proof,” Yusko said, citing 20 years of JPMorgan data showing that “stocks earned 8.5% over that period. The bond is implemented for 5.5 years.

“All you have to do,” Yusko said, is simply “pick one.” But over that same period, the average investor earned only a 2.9% return, Yusko said.

“How is that possible?” Yusko asked. “All you have to do is choose one or a little of each.”

“Are not. They buy stocks when prices are hot and sell them when prices are not so high.”

Yusko argues young investors should “embrace volatility” rather than play it safe with “risk-free investments” like bonds.

“It is literally against the law for people between 20 and 65 years old to own bonds. If you’re 20 years old and can’t touch your money for 50 years…you should own the asset with the highest volatility.”

So-called “risk-free” investing ultimately gives the conservative investor near-zero returns because “inflation will destroy what you earn,” Yusko said.

Source:
http://tradecoind2.com/trader-warns-of-rising-bitcoin-open-interest-as-btc-tidal-wave-is-coming/

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US Fed explores real-world asset tokenization (RWA)​

The United States Federal Reserve (Fed) has  released a comprehensive document discussing the tokenization of real-world assets (RWA), examining both the growth potential and risks involved in the new sector. this float. In this groundbreaking publication, the Fed assesses the relatively small size of the RWA segment, both in terms of its overall size and its degree of representation in the broader asset market. However, it acknowledged the continued development of many RWA projects and expressed optimism about the future development of the sector.

The Fed gives several examples of how traditional financial institutions “tokenize” their assets, including stocks, bonds, real estate, etc. According to the Fed, tokenization of traditional assets has the potential to The ability to bring many benefits, such as lowering investment thresholds, promoting standardization, improving liquidity and digitizing assets through smart contracts.
RWA RWA



Some examples of asset tokenization that the Fed has provided.

Furthermore, RWA can facilitate lending by using tokens as collateral, secured by the assets they represent. RWA can also enable faster and more cost-effective transactions than traditional assets, which often involve complex intermediary processes.

Among the various benefits of RWA, the Fed highlights its potential to reduce barriers between markets and enhance cross-border cash flows.

Risks associated with RWA
The most important challenge the market may face with RWA adoption is its impact on the digital asset ecosystem and the traditional financial system. Significant shocks and fluctuations can be transmitted from one side to the other. Furthermore, there is a risk that RWA issuers may not provide sufficient transparency about the link between the two asset classes.

Additionally, the conversion mechanism and inherent nature of these two asset classes can create conflicts. For example, most cryptocurrency exchanges operate 24/7, while traditional markets only operate during business hours. This timing mismatch can lead to unpredictable consequences if assets are sold off significantly on weekends or outside business hours.

In summary, while the potential of RWAs is undeniable, as the Fed explained, their integration and adoption may not happen soon due to the existing financing gap between different asset classes. However, the release of the Federal Reserve publication on RWA signals support and contributes to the future development of the cryptocurrency industry.

Source:
http://tradecoind2.com/us-fed-explores-real-world-asset-tokenization-rwa/

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While the Chinese regime is fiercely hostile towards cryptocurrencies, the Hong Kong government appears to be moving in the other direction, if the views of local politician Duncan Chiu are any indication.

Chiu, a member of Hong Kong’s Legislative Council, said in a recent meeting that he hopes the special economic zone will issue guidelines for stablecoin issuers by mid-2024.

Hong Kong will launch Stablecoin issuance principles next year

According to the report, Chiu said they are making significant progress in finalizing the guidelines. He said currently, lawmakers are conducting a second round of consultations on this issue.

Chiu has taken a bold stance contrary to the views of Chinese officials. The latter tends to oscillate between hostility and reluctant acceptance of cryptocurrencies. In September 2021, China’s central bank issued a comprehensive ban on digital currencies.

In recent months, the regime’s stance has appeared inconsistent. At the end of August, Chinese officials made a surprising ruling recognizing cryptocurrencies as legal assets.

But any hope this might have given pro-crypto citizens in China and Hong Kong may have evaporated amid the ongoing crackdown on those involved in crypto trading. go out. This includes  a life sentence for a former high-ranking official in Jiangxi province who had ties to cryptocurrency mining companies.

The regime accused the former official of accepting bribes, but this may just be an excuse for a harsh sentence. 


Hong Kong eyes the lucrative potential of stablecoins even in the face of draconian opposition from mainland China. Source: Statista
 

Hong Kong cracks down on unlicensed operations
If Chiu’s prediction is correct, it is clearly good news for companies and exchanges. Many of them see opportunities in Hong Kong’s growing cryptocurrency and fintech market.

But progress toward a stablecoin issuance framework does not indicate a laissez-faire approach. In contrast, the Hong Kong Monetary Authority (HKMA) just last week issued a stern warning about unlicensed businesses.

The regulator warns such bad actors may promote themselves as banks or even in some cases as crypto banks. The use of any such pseudonym without appropriate registration and licensing would be a violation of Section 97 of the Hong Kong Banking Ordinance, the HKMA  said .

“According to the Banking Ordinance, only licensed banks, banks with limited licenses and deposit-taking companies (collectively referred to as authorized institutions), which have been licensed by the HKMA may carry out currently banking or accepting deposits in Hong Kong.

If you place any funds in the accounts of cryptocurrency companies purporting to be banks, be aware of the risks, the HKMA added. Your funds will not enjoy any protection under the Hong Kong Deposit Protection Scheme.

Source:

http://tradecoind2.com/hong-kong-moves-closer-to-a-regulatory-framework-for-stablecoins/

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The UK’s financial regulator is facing political pressure to allow cryptocurrency firms to enter the market.

Charles Randell, chairman of the Financial Conduct Authority (FCA) for the 2018 – 2022 term, believes that the regulator should have been more cautious.

At a conference organized by the Bank of England’s Prudential Regulation Authority, he highlighted cryptocurrency firms as an example of politicians trying to influence independent regulators. set up, the Guardian reported on Tuesday.

“In the crypto landscape, in my experience as chair of the FCA, there is a lot of political pressure to welcome companies, some of which are currently under investigation by the US Department of Justice criminal,” he said without disclosing the companies.

Since January 2020, the FCA has received 324 applications from crypto firms. Of these, 225 people withdrew their applications for undisclosed reasons.

Currently, there are only 43 companies registered, including Gemini, Zodia Custody and Zodia Markets, Wintermute, Bitpanda, Galaxy Digital, eToro and Revolut.

Coinbase has received authorization to provide payment services under the name CB Payments, while Binance does not have authorization from the FCA. Both companies are currently facing lawsuits by the US Securities and Exchange Commission.

Randell points out that regulators face challenges in preventing undue influence from political or industry interests.

The UK cryptocurrency industry is preparing for new regulations to be introduced next year. Andrew Griffith, the UK Treasury’s Secretary of State for Economic Affairs, announced in April that cryptocurrency regulations would be finalized over the next 12 months.

Upcoming rules expected to take effect next month will require crypto companies to ensure their marketing is transparent, fair and clearly displays risk warnings.

Rishi Sunak, the UK prime minister, has shown  a strong interest in cryptocurrency and blockchain technology.

He has previously outlined his ambitions to make the UK a hub for crypto asset investment and technology, as well as advocating for the recognition of stablecoins as a legitimate form of payment.

Source:
http://tradecoind2.com/uk-watchdog-pressured-to-open-up-to-crypto-firms/

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In finance, “smart money” typically refers to institutional or professional investors who are believed to have greater market knowledge and resources. However, examining the top holders on major DeFi platforms shows interesting patterns.

Analyzing the top 5 wallets (excluding funds and exchanges) and the top 5 fund wallets from major DeFi platforms listed on on-chain data site Cherry Pick . Those platforms include Uniswap, Aave, Curve, Balancer, and 1inch.

Take risks and diversify

Data shows that single wallets linked to institutions typically have lower balances than individual wallets. This could indicate a few things.

First, institutional investors can diversify their investment portfolios to reduce risk. The traditional finance industry advocates diversification as a hedge against volatility, and it seems this principle can be applied to the growing world of DeFi. This is supported by funds having multiple tagged wallets. Second, lower balances may indicate that institutions are still cautiously exploring DeFi, potentially skeptical about the long-term prospects or operational risks of the industry.

Here, the “smart money” seems to be being cautious by not putting all their eggs in one basket or limiting their exposure to the DeFi space altogether.

For example, the average balance in Aave wallets is around $11.46 million, while the median amount is only $528,635. This stark contrast could imply that institutional investors are diversifying their risk or perhaps still testing areas in DeFi.

Increased fund losses
Despite lower balances, the funds had higher realized and unrealized losses. Uniswap’s average realized loss across funds was around $470,000, compared to a whopping $68.6 million average loss for individual wallets.


Source: CherryPick
 

Shockingly, the top UNI wallet had unrealized losses of over $500 million, with all but one of the top five wallets recording nine-figure unrealized losses. Analyzing the top wallet, it appears to be a wallet linked to the protocol itself, as it received 39.7 million UNI in March 2021, worth around $1.1 billion.

At Uniswap’s peak just two months later, that was worth around $1.68 billion.


Source: CherryPick
 

Currently, the wallet is valued at $101 million after sending approximately 16 million UNI out of the wallet over the past 36 months, selling only once to lock in profit.

The difference may indicate that while institutional investors are more cautious with their capital, they are more tolerant of short-term losses, possibly as part of a long-term investment strategy.

Change
Both individual wallets and institutional funds show a strong bias towards Uniswap. With an average balance of $66.9 million in wallets and $104,821 in funds, it’s clear that Uniswap remains a cornerstone of retail and institutional DeFi portfolios.

While platforms like JustLend are making strides with a TVL of $4.611 billion, data shows that “smart money” is still largely invested in legacy platforms, with Lido, Maker, Aave and Uniswap all is in the top 5 DeFi platforms according to TVL.

However, the top 10 that DefiLlama tracks currently does not include traditional DeFi players, such as Balancer, PancakeSwap, SushiSwap and Yearn Finance. Instead, newer protocols like JustLend, Summer.fi, and Instadapp have built their positions.


List of DeFi platforms by TVL | Source: DefiLlama
 

Profit and efficiency
Many predict “smart money” will flock to platforms with higher revenues and fees. However, that’s not necessarily the case. For example, even though Uniswap has cumulative fees of $3.254 billion, that doesn’t stop the “smart money” from incurring average realized losses of over $470,000.

Looking ahead, data from DeFiLlama shows interesting trends in TVL changes over time. Platforms like JustLend have seen TVL increase by 24.46% in just 7 days.

While the data set does not provide a direct correlation, it raises the question: Is “smart money” flexible enough to take advantage of these rapid changes?

Source:
http://tradecoind2.com/is-smart-money-really-smart-top-5-defi-wallets-with-unrealized-losses/

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Rupert Schaefer – CEO at the Federal Financial Supervisory Authority (BaFin), has made a statement that Germany needs clear and effective regulations on cryptocurrencies to prevent negative impacts.

In a recent statement, Schaefer highlighted the fallout from FTX’s collapse, noting that it will not be the last exchange to go bankrupt.

“FTX’s bankruptcy has shown how significant flaws in the system that brings new users to the platform can have a devastating impact. FTX is not the first cryptocurrency provider and will not be the last to go bankrupt.”

Schaefer believes that the digital asset industry will only become trustworthy with the right regulations in place. He asserted the need for “clear and appropriate rules for the cryptocurrency market.”

Furthermore, Schaefer emphasized that these regulations are essential to building trust in the cryptocurrency industry.

He drew a comparison between aircraft regulations and the cryptocurrency industry. He compared uncertainties in the cryptocurrency industry, such as a lack of regulatory clarity, to unidentified foreign objects (UFOs):

“It’s every pilot’s nightmare: Unidentified aircraft moving through their airspace with no identification and no radio communication. They do not follow any flight rules. Air traffic orders and passenger safety are at risk.”

Europe shows strong support for the MiCA bill
Schaefer emphasized that BaFin will only license crypto companies with sound business models and trustworthy CEOs at the helm:

“For us, at BaFin, it is clear: Only those with a sound business model, sufficient start-up capital and trustworthy leadership will receive permission from us. We take regulatory standards very seriously.”

Binance recently decided to withdraw its platform from BaFin. They explained the global market transformation and regulatory changes expected with the Markets in Crypto-Assets (MiCA) bill.

On May 15, the MiCA bill received broad support from all 27 European finance ministers. The framework specifically focuses on closing loopholes in the system that allow tax evasion.

Sweden’s Finance Minister, Elisabeth Svantesson, believes that this will reduce the risk of crypto assets being exploited as a safe haven to avoid taxes.

Binance intends to review its application once regulatory clarity improves , with the aim of strengthening its foothold in Europe.

Source:
http://tradecoind2.com/germany-affirms-the-need-for-cryptocurrency-regulations/

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Google Cloud adds data support for 11 other blockchains

Google Cloud has added 11 blockchains to its public datasets on BigQuery, the tech giant’s data analytics service that first launched in 2010.

According to a blog post on Thursday, users can now query data from Avalanche, Arbitrum, Cronos, Ethereum Goerli, Fantom, Near, Optimism, Polkadot, Polygon, Polygon Mumbai and Tron.

Google says these blockchains were added “by request” and says that users can now retrieve information about “the flow of assets from one wallet to another, which tokens are most popular, and how users interact with the blockchain.” smart copper”.

They also  say  that customers often ask things like how many NFTs are minted on specific chains or how transaction fees compare between chains.

Google adds that having more access to more networks can help curious individuals answer questions “without the need for nodes to operate or maintain an index.”

Back in 2018, Google’s cloud segment added support for Bitcoin and Ethereum on BigQuery. And with the introduction of Ordinals, essentially Bitcoin NFTs, coming online in January 2023, Google is also now allowing developers to query satoshis and/or Ordinals from the Bitcoin dataset on BigQuery.

Previously, in 2019, six other chains were added to BigQuery in addition to the two major chains, including Bitcoin Cash, Dash, Dogecoin, Ethereum Classic, Litecoin, and Zcash.

Google’s commitment to promoting blockchain is not limited to maintaining large blockchain data sets. Google Cloud has become the oracle operator for LayerZero, a crosschain messaging protocol.

Source:
http://tradecoind2.com/google-cloud-adds-data-support-for-11-other-blockchains/

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While the Bitcoin network has continued to expand over the years, the carbon footprint of the BTC mining industry has remained at a reasonable level, with no comparable growth – an achievement that Bloomberg analysts say “ very few industries can achieve it.” And this could spur the next wave of institutional investment.

On September 20, Bloomberg crypto market analyst Jamie Coutts cited data showing that Bitcoin mining sustainable energy has continued to increase since 2021 and is now at over 50%. , leading to slower emissions growth as Bitcoin continues to expand its network.

“Bitcoin as a global currency network is scaling while its carbon impact declines. Very few industries can achieve this achievement,” said an analyst from Bloomberg. According to him, the growing relationship between Bitcoin network growth and the global push to transition away from fossil fuels could “catalyze a wave of institutional and even sovereign investment capital.”

The analyst added that energy accounts for more than 50% of mining operations costs: “The drive to find the cheapest energy sources is contributing to increasing the network’s hash rate, while reducing emissions or intensity. industry carbon”.

https://twitter.com/Jamie1Coutts/status/1704462136783798379

Energy emissions refer to greenhouse gases and air pollutants emitted as byproducts from various energy sources and activities, while carbon intensity measures how clean electricity is.

On September 18, multiple reports suggested that the next generation of Bitcoin miners are focusing on alternative energy sources for better efficiency. However, the proportion of sustainable energy used in Bitcoin mining remains a point of contention, as the University of Cambridge model (which has not been updated as of January 2022) indicates mining from Sustainable energy sources are only 37.6%.

However, venture capitalist and climate technology activist Daniel Batten argues that this number is actually above 50%. He said in a post on X that Cambridge’s figures were not released because off-grid mining and methane mitigation are not currently included in their calculations.

Earlier this year, Batten reported that Bitcoin mining emissions intensity had dropped to its lowest level ever.


Source: batcoinz.com/Daniel Batten

Furthermore, he predicts that the Bitcoin network will be carbon neutral by December 2024. Batten claims: “By 2030, the Bitcoin network is predicted to reduce emissions from the atmosphere 10 times more than level it produced, an astonishing achievement.”

Source:
http://tradecoind2.com/this-is-what-bitcoin-has-done-when-few-industries-have-been-able-to/

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The next cryptocurrency bull run won’t be like the last one, and investors should temper their expectations that cryptocurrency prices are about to skyrocket.

At least that’s what Lars Seier Christensen, founder of the Concordium enterprise blockchain, said in a recent interview.

As much of the crypto market looks at the proposed Bitcoin spot exchange-traded funds with a bullish bias, Christensen suspects their approval will be an immediate meaningful boost to the money market. electronic.

“Even if you get a Bitcoin bull run, I don’t think you should automatically assume everything will go up with it.”

“Does that necessarily mean that Ethereum and many older altcoins will also increase in price because of it? I think that will almost certainly not happen,” Christensen added.

Christensen said that, while digital asset prices have fallen over the past 18 months, there is conversely unabated interest in blockchain technology from the enterprise side.

This means that the next big move for the industry will not be marked by a particularly “glamorous” bull run where cryptocurrency prices skyrocket as happened in 2021, but rather a Slower growth will occur gradually over the next 18 months, noting:

“The only reason these types of companies need cryptocurrency is to do what they want to do on a certain blockchain. So I think it’s very clear that you need to keep in mind they don’t really need a certain cryptocurrency to increase in value significantly.”

However, not everyone is inclined to agree with Christensen.

Ben Simpson, founder of crypto education platform Collective Shift, said there is a lot of data and indicators that suggest we are seeing the early stages of a Bitcoin bull market.

“The decline from the all-time high chart and market-to-real value ratio suggests we are in the final accumulation phase, which is often a precursor to the market,” Simpson explains. cow”.

When it comes to the assets with the biggest boom potential, Simpson believes the next bull market will breathe new life into Bitcoin, ETH as well as tokens and application-specific sectors like gaming.

“DeFi tokens have risks but significant rewards, and I believe Bitcoin emerges as the “silent winner” in the wider adoption landscape and the one I am most optimistic about.”

The past two years have been difficult for the cryptocurrency industry. An increasingly hawkish US Federal Reserve combined with several high-profile collapses, including FTX and Celsius Network, has seen investment in the industry decline, dragging down cryptocurrency prices down.

With the US Federal Reserve deciding to pause any interest rate hikes earlier in the week, eToro Markets analyst Josh Gilbert views the broader macro outlook with a sense of optimism.

“We finally have an improving macro environment with central banks globally about to cut interest rates. As interest rates begin to fall and inflation declines, investors will take on more risk, deploy more capital into financial markets, and crypto will take center stage,” said Josh Gilbert.

Like many market commentators in recent months, Gilbert asserted that next year looks set to bring a recovery.

“2024 could be a strong year for Bitcoin and the broader crypto market. Bitcoin halving is at the heart of this theory and it is the main catalyst that bullish investors are focusing on.”

However, Tina Teng, market analyst at CMC Markets, explains that it is too early to start worrying about whether huge profits are imminent. Instead, investors should brace for a new wave of uncertainty.

“It’s too early to say this is the beginning of a bull market. This will depend on the macro environment and on whether central banks are willing to end their interest rate hike cycle to provide enough liquidity to the market,” Teng added. :

“Tight monetary policy is responsible for the decline in riskier asset classes, such as startups, small caps and cryptocurrencies. Historically, crypto market booms have occurred during Fed rate cut cycles, not spike cycles.”

Teng continued:

“Soaring government bond yields and persistent inversions of bond yields provide warning signals of economic instability ahead.”


Source: CryptoCon
 

Teng said that for the impending bull market thesis to be validated, Bitcoin needs to break above the 50-day moving average and catch another bull run.

Source:
http://tradecoind2.com/whether-there-is-a-bitcoin-etf-or-not-dont-expect-too-much-from-the-crypto-bull-run/

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According to a Bloomberg analysis of FTX’s court documents , investors are actively gathering claims against FTX in an unregulated market.

According to Claims Market data, FTX liabilities are trading at approximately 35% of original claim value.

Demands can include anything from customer deposits to electricity bills owed by the exchange.

Bloomberg analysts said more than $250 million worth of FTX debt was sold to three investors in Silver Point Capital, Diaper Capital Partners and Attestor Capital.

They also point to a $23 million claim from a “cookie distributor” sold to Hudson Bay Capital Management for an unspecified amount.

More claims have likely changed hands than currently reported (exceeding $100 million) as investors “sometimes had to wait months to submit paperwork proving delivery,” the report added. pandemic”.

The market value of claims in the secondary market increased sharply, from about 15% at the beginning of 2023 to current levels.

Such increased demand may be due to the fact that the FTX restructuring team led by John J. Ray III has made progress and court proceedings involving FTX founder Sam Bankman-Fried are pending. jailed and his parents.


Percentage value of common FTX claims on Claims Market | _ _ _ _ _ _ _ _ _ _ _ _ _ Source : Claims Market
 

According to famous trader Benson Sun, many claim buyers are expecting a 100% return on their investment after 5 years.

Sun added that various factors could influence future secondary market conditions, such as the likelihood of capital recovery, changes in claim size, timing of restructurings, offers, etc. purchase and liquidation price of assets.

FTX customers have 1 week to dispute the claim
According to the latest 9/11 court filings , approximately 72% of individual claimants must agree or contest their scheduled claims. Only 10% agreed with their request and another 18% objected.

Some users have reported experiencing problems with the identity verification (KYC) process. However, the company clarified that it only needs to “initiate the KYC process. You are not required to have a verified KYC status to submit a request.”

Customers have until September 29, 2023 to submit proof of claim if they dispute their scheduled claim.

Source:
http://tradecoind2.com/ftxs-claim-is-nearly-35-of-the-amount-owed-on-the-secondary-market/

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At the beginning of the year, crypto assets linked to the ZK-rollup sector attracted significant attention. In February, the market capitalization of the ZK-rollup coin ecosystem reached a significant $13.7 billion. However, the following months saw a marked transformation, with the ZK-rollup coin sector experiencing a significant decline of over 46%.

ZK-rollup coin downturn: $6.32 billion erased by 2023
In essence, ZK-rollup represents a formidable privacy-preserving layer 2 (L2) innovation, providing a solution to address blockchain scalability, providing faster transaction execution and richer on blockchain.


Formidable top ZK-rollup coins: MATIC, IMX, MINA, LRC and AZERO, with the list expanding to the top 10 coins, including ZEC, ZEN, HEZ, POND and GAL .
 

ZK-rollup coins are closely linked to the projects leading the ZK-rollup movement, and they have received attention in early 2023. According to statistics from February 13, 2023, the ZK economy -rollup coin was previously valued at $13.7 billion. Over the course of 219 days, almost half or 46.13% of this value was wiped out.

As of September 20, 2023, the ZK-rollup coin economy is valued at $7.38 billion, with Polygon’s MATIC leading the way. While the valuation of ZK-rollup tokens represents only 0.66% of the $1.11 trillion crypto economy, MATIC represents 68.56% of the ZK-rollup coin sector.

Besides MATIC, the leading tokens of the ZK-rollup coin sector include Immutable x (IMX), Mina protocol (MINA), loopring (LRC), Aleph zero (AZERO), Zcash (ZEC), Horizen (ZEN), Hermez network (HEZ), Marlin (POND), and Galxe (GAL). IMX has a market value of about 644 million USD, accounting for 8.7% of the ZK-rollup coin sector.

In the ZK-rollup coin market, there were transactions totaling 483 million USD in a 24-hour period, with 158 million USD originating from MATIC transactions and approximately 262 million USD originating from swap transactions IMX. The trajectory of the ZK-rollup coin economy mirrors that of artificial intelligence (AI) coins, rebase tokens, Defi, metaverse assets, and other distinct sectors.

Although the initial excitement surrounding these sectors has faded, the ZK-rollup will not fade into oblivion anytime soon. Like many other sectors, these coins are actively finding their place in the complex realm of cryptocurrencies, a landscape that consistently caters to popular market tastes.

Source:
http://tradecoind2.com/the-value-of-the-zk-rollup-coin-economy-plummeted-46-after-7-months/

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Major cryptocurrency tracking service Whale Alert, which tracks large volumes of cryptocurrency moving across various blockchains, has spread information about over 100 million XRP withdrawn from a major exchange based in Korea: Bithumb.

So far this week, this is the largest XRP transfer reported by Whale Alert. Before this withdrawal, it was only discovered that a large amount of XRP was transferred to the Bitstamp exchange by giant Ripple Labs.

The above amount of XRP includes 120,000,000 tokens, worth 61,149,038 USD at the time of transfer.

While some claim this was a huge purchase made by an anonymous whale, in reality, according to additional data provided by the Bithomp XRP wallet tracker, this 120 million XRP were transferred between Bithumb’s internal wallets, as can happen in the case of redistribution of funds.

XRP price
XRP Price Action Since September 11, the fifth largest digital currency, Ripple-linked XRP, has seen a massive 11.49% price increase, trailing Bitcoin’s 8.55% increase. However, on September 20, the leading cryptocurrency started to decline, dragging XRP and other altcoins in the crypto market with it.

Over the past two days, Bitcoin has lost 2.68%, falling from $27,364 to the current $26,630. As for XRP, over the same recent period, it has dropped 2.68%, falling from $0.522 to $0.51 at the time of this writing.

XRP price was blocked by the middle threshold (MT) of the supply zone order block at $0.533. However, the overall outlook  remains optimistic, with the RSI tilting north and the AO gradually increasing into positive territory. However, investors should still wait for confirmation above the above level for the uptrend to be considered reasonable.



Source: TradingView
 

A strong rejection from the midpoint, potentially positioning the XRP price below $0.46 could mean that the supply zone will hold at resistance, with further selling pressure pushing the price back to where it originated . The latest upward direction is at 0.46 USD. In severe cases, the downtrend could continue, with XRP potentially hitting its May low of $0.419.

Source:
http://tradecoind2.com/whale-withdraws-120-million-xrp-from-bithumb-exchange-amid-not-very-optimistic-price-outlook/

[NewspaperD2]

Ethereum’s next major upgrade, Dencun, will likely be delayed according to statements from developers during the meetingon September 21.

Although Dencun is largely complete, it is still being improved and needs testing. Tim Beiko, a member of the Ethereum Foundation, said Dencun still has to be deployed on the testnet. He added that the timing of this step could delay the launch of Cancun on the Ethereum mainnet – where the actual transactions take place – to the new year.

“I think the implication is that if we don’t do testnet before Devconnect November 13-18… it’s probably difficult for us to deploy mainnet before… Christmas holiday… and maybe that’s not the best time .”

The developers previously did not give a firm date for Dencun, but most previous estimates had the upgrade coming before the end of 2023.

News of a possible Dencun delay comes shortly after Ethereum’s Holesky testnet encountered launch problems. Holesky continues to wait for relaunch.

During the current meeting, the Developer mentioned whether the Holesky testnet will be ready to test Dencun before Devconnect in November. Ethereum Foundation member Parithosh Jayanthi said the Holesky reboot is scheduled for September 28 and will be ready for Dencun testing before the upcoming conference.

However, Jayanthi proposed testing Dencun’s first fork on the older testnet, Goerli, which will soon be shut down. He noted that the end of Goerli’s lifecycle means any issues related to Dencun will be isolated to that testnet.

Jayanthi also suggested that Dencun’s second and third fork could be tested on the new Holesky testnet at a later date.

“If Dencun has trouble with Holesky, we have to find a way to save it.”

Dencun will combine two upgrades, Deneb and Cancun, and will bring many new features. The most notable feature among them is proto-danksharding, which will improve Ethereum’s scalability when it finally arrives on the mainnet.

Source:
http://tradecoind2.com/ethereums-dencun-upgrade-may-be-delayed-to-2024/

[NewspaperD2]

Pepe coin (PEPE) appears to have reawakened, testing the upper boundary of the bearish channel with the prospect of more gains.

Pepe OI increased by 110%
Pepe price is up 20% in the past 24 hours, testing the upper boundary of the descending parallel channel at $0.00000071. The recovery comes after a 645% drop, with the meme coin stuck in the confirmation zone of a bearish chart pattern. While an uptrend seems likely, PEPE is not completely out of danger until a confirmed break and close above the $0.00000073 resistance level. Such a move would trigger a 15% increase from current levels.

With the Relative Strength Index (RSI) and Awesome Oscillator (AO) rising, momentum appears to be increasing, which tilts the odds in favor of the bulls.


PEPE chart. Source: TradingView
 

Data from crypto derivatives data analytics platform, Coinglass, shows that open interest (OI) of PEPE recorded a 110% increase ($13.92 million). Specifically, it increased from $12.57 million to $26.49 million between September 22 and 23.


OI Pepe. Source: Coinglass
 

An increase in OI, which includes the total number of Long and Short positions, shows that new money is flowing into the market, which, in turn, is a bullish sign. It increases the possibility of a continuation of the current trend. It also indicates a renewed interest by holders in PEPE, as it means that the number of people opening positions is greater than the number of closing them.

Santiment, a behavioral analytics platform for cryptocurrencies, corroborates the bullish outlook, showing increased activity based on metrics of exchange inflows, exchange outflows, and number of individual transactions. elephant has more than 100,000 USD in their account.


Source: Santiment
 

More money flowing in and out of exchanges shows that investor activity is increasing. Wintermute Trading, a major market maker, transferred 8.3 trillion PEPE to centralized exchanges yesterday. At current prices, these tokens are worth about 5.5 million USD.

On the other hand, a crypto whale with a brief wallet address of 0x9d5 has been actively collecting large amounts of PEPE from exchanges, while many PEPE tokens worth at least $100,000 have been transferred to exchanges. intraday trading. This could be a sign of intent to sell and threaten PEPE’s upside potential.

Increased selling momentum could send Pepe price falling back into the channel’s power zone at $0.00000071, with the potential to neutralize the bullish case on PEPE breaking and closing below $0.0000007. Such a move would cause prices to drop by 30%.

Source:
http://tradecoind2.com/pepe-reawakens-when-oi-increases-110/