Crypto

Despite Bitcoin’s (BTC) price growing 45% over the past 30 days, cryptocurrency investors are not moving their holdings, according to new data. Blockchain analytics provider Glassnode released its new “The Week On Chain” report on Monday, noting that Bitcoin has continued rallying to new multi-month highs despite divergence in on-chain activity during the week ending on Monday. The report discovered that Bitcoin on-chain activity, such as the amount of entity-adjusted transactions, has still not responded to the ongoing bullish action, remaining at historically low levels of between 175,000 and 200,000 daily transactions. Bitcoin on-chain activity dropped this low after May 2021’s crypto market crash and hasn’t risen above this level since. The number of Bitcoin transactions was this ...

Investment scams in Australia cost investors more than 70 million Australian dollars ($50.5 million) in the first six months of 2021, with crypto scams contributing to more than 50% of the losses, according to Scamwatch data.  As reported by the Australian Competition and Consumer Commission (ACCC), Scamwatch data shows a 53.4% increase in investment scam-related reports, which is set to exceed $101 million by the end of this year. Based on the 4,763 reports received in 2021 alone, ACCC deputy chair Delia Rickard stated that 2,240 of the complaints were related to cryptocurrency scams and mainly attributed to Bitcoin (BTC). Rickard said that scammers lure investors into using fake trading platforms with celebrity endorsements that promise high profitability. While the trading platform...

The latest rally in the Cardano (ADA) market has activated a classic bearish pattern that threatens to lower its prices by as much as 15%. Dubbed as Rising Wedge, the textbook pattern forms when the price consolidates between upward sloping resistance and support trendlines. Its occurrence typically prompts a bearish reversal, confirmed by a voluminous break below the lower trendline. The profit target during such a negative move comes to be as below as the maximum Wedge height. ADA/USD currently ticks all the boxes for forming a Falling Wedge pattern, as shown in the chart below. The pair now awaits a negative breakdown below its Wedge support trendline, which may prompt a correction towards the 50-4H exponential moving average (50-4H EMA; the velvet wave) around $2.45. Cardano 4H price c...

Canada-based Bitcoin (BTC) infrastructure firm Blockstream, co-founded by cryptographer and cypherpunk Adam Back, has hit unicorn status with its latest valuation at $3.2 billion. The company, which focuses on various Bitcoin-related areas — including operating as a mining service provider and developing renewables-based infrastructure intended to “green” the veteran cryptocurrency — has raised $210 million in its latest financing round, according to the Canadian newspaper The Globe and Mail. Blockstream’s new backers, which join existing investors like Twitter CEO Jack Dorsey, are the United Kingdom-based private equity firm Baillie Gifford and Hong Kong-based iFinex, the operator of crypto exchange Bitfinex.  In a statement about the grounds for Blockstream’s $3.2 billion valua...

Filecoin (FIL) accumulated 65% gains over the past 30 days to reach its highest price since June 8. The recent strength was accelerated after an Aug.6 partnership with Chainlink’s oracle protocol on Aug. 6 allowed the projects to join their grant initiatives to speed up the development of hybrid smart contracts to leverage code running on the blockchain while the managing data computation process off-chain. Filecoin (FIL) price in USD at Coinbase. Source: TradingView Numerous events triggered the $235 all-time-high on April 1, but that movement is clearly long gone because the cryptocurrency is 67% below that level. Let’s take a moment to understand what triggered the rally and whether these drivers still exist. China-based mining activity boosted investors’ expectations ...

Economics Professor Jason Potts is co-director of the Blockchain Innovation Hub at RMIT University. He sees blockchain technology as a fundamental institutional technology revolution comparable to the emergence of companies and the internet — perhaps even as world-changing as the invention of electricity. What’s the last big technological change that had the same sort of impact that you believe blockchain will have? I think the obvious one is the internet, which was a profound revolution stringing together digital communication networks and computers to basically send the cost of communication and coordination to zero. But, it fundamentally didn’t change any of the economic infrastructures. You still had to use money in the real world, you still had to use companies in the real world to in...

Institutional investors are loading up on Solana (SOL), with one-third of inflows to crypto investment products being invested in instruments tracking Solana this past week. According to CoinShares’ Aug. 23 Digital Asset Fund Flows Weekly report, $7.1 million flowed into Solana investment products between Aug. 15 and Aug. 20. While the price of SOL gained a megre 1.4% on the spot markets over the same period, SOL has gained 110% from $35.58 since the start of August to trade for $75 as of this writing. CoinShares’ report notes that institutional crypto investment products bucked a six-week trend of outflows, with roughly $21 million flowing into the sector this past week. Products tracking Cardano (ADA) were the second-most popular for the week with inflows totaling $6.4 million. Instituti...

Crypto derivatives exchange, FTX, has purchased the naming rights to California University’s Cal Memorial Stadium with a view to introducing its own branding. The Sam Bankman-Fried owned derivatives exchange is delving deeper into sports after signing a 10-year, $17.5 million naming rights deal with the university.  The stadium’s home team, the Cal Golden Bears, will now play their games on newly rebranded FTX Field this football season, according to Bloomberg. The $17.5 million will also be paid to the university in the form of crypto assets. The deal is FTX’s latest foray into sponsoring sports to drum up awareness of crypto. In March, the North American division of the exchange, FTX.US, entered into a naming rights deal with the Miami Heat basketball team. The partnersh...

Bybit has secured new contracts with esports organizations Astralis and Alliance that will see the cryptocurrency exchange expand its footprint in the video game industry.  Bybit will have its logo featured on gaming jerseys and twitch.tv streams as part of a broader strategic initiative targeting more expansive player engagements, carbon neutrality initiatives and financial education programs, the exchange announced Monday. Ben Zhou, co-founder and CEO of Bybit, said his company “is in it for the long run,” referring to esports. He believes there is a “special connection” between the esports and cryptocurrency communities for their high degree of competitiveness and rapid adoption curves. As part of the deal, Astralis and Alliance will send talent to the upcoming World Series of Trad...

The bull market narrative has returned now that the price of Bitcoin (BTC) managed to briefly climb above $50,500 on Aug. 23.  A handful of altcoins have also seen their prices charge higher as the momentum in the market continues to build. For many tokens, their price has been buoyed by new exchange listings and cross-protocol collaborations that have brought a new level of activity and attention to their ecosystems.  Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were WAX (WAXP), Gnosis (GNO) and IOST. WAX benefits listing on Binance The top performer on the 24-hour chart is WAX, a delegated proof-of-stake (DPoS) blockchain protocol tha...

Dawn Stump, one of four commissioners currently serving at the Commodity Futures Trading Commission, or CFTC, has released a statement clarifying the agency’s authority with respect to digital assets.  In a Monday statement, Stump said the CFTC is empowered with both regulatory and enforcement authority for commodities. She did not specifically say that digital assets were cash-like commodities in the eyes of the regulatory body, but “even if a digital asset is a commodity, it is not regulated by the CFTC.” However, according to the commissioner, the agency is within its power to regulate derivatives on digital assets, “such as the futures contracts on Bitcoin and Ether listed for trading on various CFTC-regulated exchanges.” U.S. government agencies including the CFTC, Sec...

Bitcoin (BTC) rallied above the psychological hurdle at $50,000 today for the first time since May 15. The sharp rally of the past few days has turned the sentiment bullish with many expecting the resumption of the bull run. Morgan Creek Digital co-founder Anthony Pompliano told CNBC on Monday that Bitcoin could make a blow-off top, similar to the one seen in 2017 when the price had surged from “$10,000 to $20,000 in 18 days.” Daily cryptocurrency market performance. Source: Coin360 The Crypto Fear & Greed Index has risen to 79, indicating extreme greed. Just a month back, the indicator was showing a reading of extreme fear at 22. This shows how the sentiment has changed completely within a few days. In other news, on August 22, PayPal announced that it will provide cryptocurrency serv...