Bitcoin falls below $63K as top cryptos face losses signaling a broader market downturn.

Market cap dips to $2.32T with Dogecoin, Tron and Ethereum experiencing significant declines.

BTC dominance rises slightly while smaller tokens like Reddit Dog post surprising gains.

Bitcoin has dipped below the $63,000 mark, reflecting a broader downturn in the cryptocurrency market. Renowned analytical platform CryptoRank highlighted this development in a post on Tuesday. As Bitcoin stumbles, the top 10 cryptocurrencies are trading in the red, indicating a challenging period for the digital asset space.

Market Overview#Bitcoin trades below $63K. The top-10 cryptos are traded in red zone:$DOGE -2.63%$TRON -2.38%$ETH -1.67%

Market capitalization: $2.32T (-1.45%)
The #BTC dominance: 53.53% (+0.11%)
Fear & Greed Index: 48 (Greed)

Top Gainers

reddit dog +43.8%
APES… pic.twitter.com/rRXbUQRjb0

— CryptoRank.io (@CryptoRank_io) August 27, 2024

According to platform findings, among the major cryptocurrencies, Dogecoin (DOGE) saw a 2.63% decline, TRON dropped by 2.38%, and Ethereum (ETH) fell by 1.67%. The overall market capitalization has also taken a hit, decreasing by 1.45% to $2.32 trillion, signaling a pullback across the board.

As of press time, based on CoinMarketCap data, Bitcoin stands firm at $62,410, while DOGE is priced at $0.1044. TRX holds a value of $0.1609, and ETH trades at $2,620. These key cryptocurrencies are navigating their own distinct trajectories within the volatile and dynamic crypto market, each forging a unique path amid the broader market shifts.

Despite the downtrend, Bitcoin’s dominance has slightly increased, now standing at 53.53%, a modest rise of 0.11%. This shift suggests that while altcoins are struggling, Bitcoin maintains its position as the leading digital currency, albeit with some turbulence.

The current market sentiment, as reflected by the Fear & Greed Index, is 48, indicating a state of greed. This suggests that while the market is cautious, investors still have an underlying optimism.

Source: Alternative

Interestingly, a few lesser-known tokens have posted significant gains amidst the overall market downturn. Reddit Dog surged by 43.8%, leading the pack of top gainers. APES followed closely with a 39.8% increase, while Adappter Token (ADP) climbed by 37.9%. FWOG and FOFAR also made notable gains, rising by 34.1% and 33.4%, respectively.

Bitcoin Breaks Consolidation, Ethereum Nears Key Resistance

These sharp rises among smaller tokens highlight the volatile nature of the cryptocurrency market, where even in times of broader declines, certain assets can experience explosive growth. However, these gains are often unpredictable and can be fleeting, underscoring the risks inherent in crypto.

As the market continues to navigate this period of uncertainty, investors are advised to stay informed and approach cautiously. Bitcoin’s slip below $63,000 and the struggles of the top cryptocurrencies reflect the ongoing challenges facing the market. However, the resilience shown by certain smaller tokens may offer some hope for those looking for opportunities in the current landscape.

The post Bitcoin Dips Below $63K: Dogecoin and Ethereum Struggle appeared first on CryptoTale.

Yang Bin was sentenced to 6 years in Singapore for a $5M cryptocurrency Ponzi scheme.

Over 700 were defrauded by Yang’s fake crypto mining scheme using non-existent machines.

Yang’s Ponzi scheme involved fake crypto mining investment returns with a fraudulent app.

Yang Bin, a former textile mogul and once China’s second-richest man, has been sentenced to six years in prison by a Singaporean court for masterminding a fraudulent cryptocurrency investment scheme that defrauded over 700 investors. The 61-year-old, a Chinese-Dutch national, was also fined S$16,000 (approximately $12,200).

The Scheme and Its Operation

Yang established A&A Blockchain Innovation in April 2021 after arriving in Singapore on a social visit pass. The company claimed to own 300,000 cryptocurrency mining machines and promised investors daily returns of 0.5%. However, the machines were non-existent, and the company operated as a classic Ponzi scheme, using funds from new investors to pay returns to earlier participants.

First Withdrawal Liquidity Case in China: College Student Yang Got Arrested

The scheme attracted significant attention, with over 700 investors contributing more than S$6.7 million (over $5 million) between May 2021 and February 2022. Yang’s deceitful operation centered around an app designed to simulate investment returns, developed under his directive by co-accused Wang Xinghong, who has already been sentenced to five years in prison.

Legal Proceedings and Sentencing

Yang pleaded guilty to eight charges, including conspiracy to cheat, operating without a valid work permit, and hiring undocumented workers. An additional 11 charges were considered during his sentencing. Deputy Public Prosecutor Wong Shiau Yin showcased Yang’s pivotal role in the fraudulent scheme.

Despite his early guilty plea and cooperation with authorities, Yang’s higher culpability compared to his accomplices, particularly Wang, was a key factor in the court’s decision. District Judge Brenda Chua emphasized Yang’s position at the “top of the hierarchy” in the operation, noting that the sophistication of the scheme, bolstered by the app and marketing materials, further aggravated his crimes.

Yang’s lawyer argued for a lighter sentence, drawing parallels with Wang’s five-year sentence and pointing out Yang’s health issues, including a stomach cancer diagnosis. However, the court maintained that Yang’s responsibility and the scheme’s scale warranted a harsher punishment. If Yang fails to pay the fine, he will face an additional 40 days in jail.

Escalating Crypto Fraud

Yang’s case is the latest in a series of high-profile cryptocurrency frauds in Asia. In a similar vein is the Indian Enforcement Directorate’s arrest of Shailesh Babulal Bhatt for kidnapping and extortion related to the BitConnect crypto scam. Bhatt, who lost his investment in BitConnect’s fraudulent scheme, resorted to criminal means to recover his funds, demonstrating the desperate lengths to which victims of crypto scams might go. Additionally, the arrest of Linus Williams, a self-proclaimed Nigerian crypto billionaire, on charges of fraud and terrorism funding, reflects the growing regulatory challenges in the crypto space across different jurisdictions.

The post Chinese Tycoon Yang Bin Sentenced to 6 Years for Ponzi Scheme appeared first on CryptoTale.

New Zealand proposes new taxation rules that involve introducing crypto tax rules.

The bill implements OECD’s crypto-reporting framework to levy taxes on crypto traders.

The service providers who fail to comply with the reporting rule will face penalties.

New Zealand is gearing up to launch new crypto regulatory laws, especially on taxation. On August 26, 2024, Simon Watts, New Zealand’s Minister of Revenue, submitted a proposal that implements the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework(CARF).

New Zealand’s Taxation Bill

The bill, called the “Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures),” includes proposals on implementing CARF, confirming annual income tax rates, introducing tax relief measures, and amending the Common Reporting Standard (CRS). With the implementation of the new bill, New Zealand intends to enhance the country’s tax system, restricting any unfair or complex rules in the framework.

How Will the Bill Impact Crypto?

As per the bill, the New Zealand government would fetch the details of individual traders’ crypto transactions. Reporting crypto-asset service providers (RCASPs) in New Zealand are required to collect information on reportable users starting from April 1, 2026. The crypto providers are also mandated to submit the details to Inland Revenue by June 30, 2027.

US Proposes Bitcoin Tax-Free Zone to Dominate Digital Economy

With this initiative, the government could levy tax on traders who extract profit from crypto trading. However, the government agency asserted that the tax authority would not be able to view the total income of a crypto trader.

Non-Compliance and Penalty

The New Zealand government announced that the RCASPs failing to comply with the new measures will face fines of 300 New Zealand dollars (NZD), equivalent to $186 each time. The mentioned penalty will be capped at 10,000 NZD.

However, the government added that the RCASPs would not be fined if they failed to comply with the rules for acceptable reasons. The agency added that the service providers could be charged a fine of 20,000 to 100,000 NZD if they deliberately breach the reporting rules.

The post New Zealand Proposes Strategic Crypto Taxation Rules: Report appeared first on CryptoTale.

Metaverse tokens STX, RENDER, FLOKI, EGLD, and FLOKI lead the charge in digital economies.

STX and EGLD bring secure, scalable blockchain solutions to Metaverse development.

FLOKI and SAND offer unique opportunities in dApps communities and virtual environments.

As the Metaverse emerges as the new generation of communication technology, several cryptos on the blockchain are in strategic standing. These tokens are used in various Metaverse platforms and allow investors to become part of the creation of this world. The Metaverse tokens that investors should look forward to include STX, RENDER, FLOKI, EGLD, AXS, and SAND.

Source: Image by CoinMarketCap

Stacks (STX)

Stacks (STX) is the layer 1 blockchain that incorporated smart contract and decentralized applications (dApps) into the Bitcoin business. Due to Bitcoin’s security and reliability, Stacks enables people to build secure and effective Metaverse apps. STX is a primary asset of the Stacks ecosystem, which is vital to the network’s operation to support Metaverse on the base of Bitcoin.

As of press time, STX is priced at $1.72, marking a 4.42% decline within the last 24 hours. Despite this short-term dip, STX has experienced a significant 13.71% increase over the past 7 days, showing resilience and a positive trend in the broader market.

Render Token (RENDER)

RENDER or Render Token is an integrated token of the Render Network which is a decentralized rendering service that uses GPUs. As Metaverse continues to demand higher quality of 3D content, Render Token directly addresses the rendering of complex assets on a decentralized platform. This makes it possible for developers to create interactive Metaverse areas at a cheaper price and provides Render Token a strong position as a small mover for every Metaverse.

In the past 24 hours, the price of RENDER has experienced a 2.45% decline, bringing its current value to $6.12 as of press time. Despite this recent dip, RENDER has seen an impressive 33.30% increase over the last 7 days, indicating strong upward momentum.

Floki Inu (FLOKI)

While Floki Inu (FLOKI) was initially regarded as a meme coin, it has evolved towards the Metaverse model as a decentralized community-independent organization. In this ecosystem, the FLOKI token is used as a payment tool for products and services, rewards and encouragement. Therefore, the increasing community of Floki Inu and expanded emphasis on Metaverse also support the assumption of Floki Inu as one of the market players in Metaverse.

As of press time, FLOKI is trading at $0.000153, reflecting a slight 0.94% dip in the last 24 hours. However, over the past week, FLOKI has surged by 20.26%, showing strong growth momentum despite the recent minor setback.

MultiversX  (EGLD)

EGLD is the native token for MultiversX which is a high throughput blockchain that aims at building dApps and digital economies. Due to its speed and adaptability, EGLD is perfect for Metaverse projects that require users to transact without complications, such as slow transaction confirmations. EGLD is one of the key elements for instantiation and deployment of Metaverse apps on the platform.

Over the past 24 hours, MultiversX (EGLD) has experienced a 6.75% drop, bringing its price to $29.88 as of press time. This decline reflects short-term market volatility affecting the token.

Despite the recent downturn, EGLD has seen a solid 9.16% gain over the last 7 days, indicating strong performance in the broader weekly trend. The token’s ability to bounce back highlights its resilience and potential for continued growth.

Axie Infinity Shards (AXS)

Axie Infinity Shards is an in-game token for a play and earn game called Axie Infinity, one of the leading ICO games on Metaverse. AXS allows gamers to be involved in a decision-making process, mainly the economic decisions of a game, to use tokens to gamble on decisions and in severe decisions, vote. Due to the popularity of Axie Infinity, AXS remains a list of tokens for Metaverse games that give entertainment and value to users.

As of writing, AXS is priced at $4.94, reflecting a -4.83% drop in the past 24 hours. However, over the last 7 days, AXS has managed a 3.54% gain, showing some positive momentum despite the recent dip.

The Sandbox Secures $20 Million in Funding for Metaverse Expansion The Sandbox (SAND)

The Sandbox (SAND) is the world actually created on the blockchain that makes them launch, own, and trade gaming experiences. This is a utility and governance token associated with The Sandbox and used for transactions within The Sandbox economy. The Sandbox and its token, SAND, are crucial in not only creating and expanding various spaces in the Metaverse to socialize, work, play, and create.

As of press time, SAND is trading at $0.276, showing a 5.02% drop in the last 24 hours. Despite this recent pullback, SAND has climbed 4.47% over the past week, indicating a steady upward trend amid short-term volatility.

The post Top Metaverse Tokens to Watch: STX, RENDER, FLOKI, & More appeared first on CryptoTale.

Kusama clarifies Shiba Eternity is part of Shiba Inu ecosystem, not linked to K9 Finance.

K9 Finance’s co-founder mistakenly connects Shiba Eternity to K9, corrected by Kusama.

After correction, K9 Finance’s co-founder confirms that Shiba Eternity belongs to Shiba.

Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, has clarified that Shiba Eternity, a card-based trading game, is not connected to the K9 ecosystem. The clarification followed a comment made by K9 Finance’s co-founder, Buzz, which mistakenly placed Shiba Eternity within the scope of K9 Finance. 

Buzz’s comment came during the promotion of K9 Finance DAO’s Bonecrusher Testnet, which is preparing for the launch of their liquid staking project on September 18. The mix-up drew attention from the Shiba Inu community, prompting Kusama’s intervention to correct the record.

Sorry, @buzzdefi0x but Shiba Eternity is not part of the "K9 ecosystem". Lets chat about that offline.

— Shytoshi Kusama (@ShytoshiKusama) August 26, 2024

Buzz’s Comments on K9 Promotions

Buzz’s comment arose during a tweet encouraging users to participate in a live stream highlighting the Bonecrusher Testnet. The live session aimed to showcase K9 Finance DAO’s progress ahead of the project’s upcoming launch. While promoting the testnet, Buzz mentioned several projects he claimed to be part of the K9 ecosystem. 

Among them were Living the Dream (LTD) token, Bad Idea AI, and Shiba Eternity, a statement that caught the attention of the Shiba Inu community. The inclusion of Shiba Eternity in the list of projects associated with K9 sparked confusion, leading to Kusama’s response.

Kusama Responds to Miscommunication

Two days after Buzz’s tweet, Kusama responded to clarify that Shiba Eternity is not connected to the K9 ecosystem. Instead, the game remains firmly within the Shiba Inu ecosystem, where it has gained significant popularity since its release in 2022. 

Kusama’s clarification not only addressed the misinformation but also helped to reassert Shiba Eternity’s connection to its rightful ecosystem. As Shiba Eternity continues to develop, the Shiba Inu team has been working to integrate the game with the Shibarium network, a process that has already entered closed beta testing.

Shiba Inu Memecoin Reveals Plans for Upcoming DAO Launch K9 Finance Co-Founder Offers Apology

After Kusama’s clarification, Buzz quickly retracted his previous statement, apologizing to both Kusama and the Shiba Inu community for the miscommunication. Buzz acknowledged that Shiba Eternity belongs to the Shiba Inu ecosystem and not K9 Finance. 

I would also like to apologize to the Shib community & @ShytoshiKusama if my tweet caused any confusion.

Shiba is Shiba.

Back to building on Shibarium

— Buzz.Shib | Shibarium (@buzzdefi0x) August 26, 2024

His apology was accepted by the community, which appreciated the swift correction. Despite the confusion, K9 Finance’s Bonecrusher Testnet promotion continued as planned, with Buzz ensuring that future comments regarding ecosystem affiliations would be more precise.

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TAO confirms a breakout from a descending broadening wedge with a projected target of $720.

FET approaches a key $1.55 resistance level after breaking out of a broadening wedge pattern.

Both TAO and FET show strong bullish momentum with targets of $720 and $4.20 respectively.

In recent developments, two altcoins have caught the attention of market analysts for their potential to reach new all-time highs. Bittensor (TAO) and Artificial Superintelligence Alliance (FET) are both experiencing critical breakout moments, with their chart patterns signaling the possibility of substantial upward movement. Notably, Captain Faibik, a widely followed analyst on X, has shared insights into the bullish trajectories of both assets.

TAO’s Wedge Breakout Confirmed

TAO’s recent price action has shown a confirmed breakout from a descending broadening wedge pattern, a bullish reversal structure. The pattern forms when the price makes lower highs and lower lows, with trendlines diverging and widening as it develops. The breakout through the upper boundary of the wedge confirms bullish momentum, suggesting that TAO’s downtrend has reversed.

$TAO Descending Broadening Wedge Upside breakout is Already Confirmed..

Send it to the New ATH.. #Crypto #TAO #TAOUSDT pic.twitter.com/vYcA4RudXm

— Captain Faibik (@CryptoFaibik) August 27, 2024

Following the breakout, TAO is currently trading just above the upper trendline of the wedge, indicating a shift in market sentiment. This shift suggests that the selling pressure has eased, and buyers are now in control. According to the chart analysis, the projected upside target for TAO sits around the $720 level. If this momentum continues, traders could see a significant price surge in the coming weeks from the price of $335 recorded during this press.

FET Approaching Key Resistance

Similarly, FET has also shown a strong bullish move after months of trading within a broadening wedge pattern. This pattern, which indicates growing volatility, suggests the possibility of a breakout once the price breaches the upper trendline. FET is trading near the key resistance level of $1.55, just below the upper boundary of the broadening wedge. 

$FET is Recovering Nicely and approaching Key Resistance level ($1.55)

Successful Breakout from Broadening wedge pattern could signal a new All time High in Q4.#Crypto #FET #FETUSDT pic.twitter.com/8XGsea0E4A

— Captain Faibik (@CryptoFaibik) August 27, 2024

The recent upward movement in FET’s price to $1.38, which saw a 4% daily gain, reflects growing buying interest. Analysts suggest that if FET breaks above the $1.55 resistance, the price could rally further, potentially targeting $4.20. This forecast reflects the long-term bullish outlook, driven by strong fundamentals and improving market sentiment.

Support and Resistance to Sustain Momentum

In both cases, the key to sustaining the upward momentum will be the ability to hold above newly formed support levels. For TAO, the previous resistance from the wedge’s upper trendline now serves as a crucial support level. Similarly, for FET, the $1.55 resistance level could turn into support if the breakout is successful.

BitMind Launches Subnet To Fight Deepfake; TAO Surges 41%

The confirmation of these support levels will play a pivotal role in determining the future direction of both altcoins. However, the overall market outlook remains cautiously optimistic, with analysts pointing to potential new all-time highs for both TAO and FET in the near term.

The post TAO Targets $720 and FET Eyes $4.20 After Bullish Signals appeared first on CryptoTale.

Russia is considering granting elite investors legal access to trade cryptocurrencies.

A new investor class for crypto trading is under discussion as Russia’s regulations evolve.

Cryptocurrency trading and stablecoins are central to Russia’s updated financial strategy.

The Bank of Russia is considering a strategic move to allow a select group of elite investors to trade cryptocurrencies. This potential shift signals a significant step in Russia’s evolving approach to cryptocurrency regulation and highlights the central bank’s progressive stance on integrating digital currencies into its financial system.

In an interview with the Russian newspaper Izvestia on August 26, Alexey Guznov, the state secretary and deputy governor of the Bank of Russia, shared new developments. He revealed that discussions are underway to create a new category of “particularly qualified investors.”

Legal Framework Under Consideration

Distinguished by their financial acumen and resources, these investors may soon gain legal access to buy and sell cryptocurrencies. This would grant them a privilege that is currently restricted under Russian law, marking a significant shift in the nation’s regulatory landscape.

Guznov emphasized that while the idea is being seriously considered, it remains in the preliminary stages. The central bank plans to thoroughly assess the potential risks associated with this proposal before moving forward with any legislative changes.

Assessing Potential Risks

No legal framework currently outlines the criteria for these qualified investors. The Bank of Russia is reportedly considering amending existing laws to formally establish this category, marking a notable shift from its traditional stance on cryptocurrencies.

In addition to contemplating exclusive crypto trading rights, the central bank also explores using stablecoins for international trade. According to Guznov, stablecoins backed by a committed entity and structured similarly to Russia’s digital financial assets could already be used for cross-border transactions under current regulations.

Russia’s Finance Ministry Proposes Limited Crypto Trading for Select Investors

However, stablecoins managed by algorithms without a backing entity would be classified as cryptocurrencies. These would require a special experimental regime before being considered for cross-border use, highlighting the central bank’s cautious approach to such innovations.

Russia’s Bold Crypto Legalization

In late July, Russia approved a law enabling cryptocurrency exchanges to function within a new experimental legal regime (ELR). This initiative is part of a program crafted by the central bank to regulate and test crypto activities.

The Bank of Russia’s latest moves underscore a deliberate yet progressive approach to integrating cryptocurrencies into the nation’s financial system. As Russia navigates the complex landscape of digital assets, these steps could mark a pivotal change in its economic strategy.

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SEAL surpasses 900 investigations, enhancing crypto defenses amid rising hacks.

Battle.net at Devcon will test protocols live, boosting resilience against attacks.

Whitehat Safe Harbor Agreement shields ethical hackers, ensuring legal protection.

In response to the escalating threat of cryptocurrency hacks, the white hat hacking initiative, SEAL (Security Alliance), has achieved a significant milestone, surpassing 900 investigations since its inception in August 2023. This elite team, spearheaded by renowned white hat hacker and Paradigm researcher Samczsun, is set to make waves at the upcoming DeFi Security Summit at Devcon in November. Their mission is to fortify defenses against cyber threats and prevent breaches that could surpass the scale of attacks seen in 2023.

SEAL’s formation comes at a critical time when the crypto landscape is increasingly vulnerable to malicious attacks. In addition to their investigative efforts, SEAL is pioneering a novel approach to enhance protocol resilience. 

The initiative aims to create a dynamic battleground where white hat hackers and emerging protocols can engage in live adversarial scenarios. This approach is designed to rigorously test protocols under high-intensity conditions and sharpen the skills of security researchers.

The inaugural Battle.net event, part of the DeFi Security Summit from November 7 to 9, will highlight this groundbreaking model. This event is set to be a crucial venue for stress-testing protocols and promoting collaboration among researchers. It underscores SEAL’s dedication to advancing cybersecurity by offering a controlled setting where both protocols and researchers can showcase their strengths.

North Korean Hackers Suspected in $235 Million WazirX Cryptocurrency Theft

This proactive stance is especially timely given the recent surge in crypto hacks. For instance, a hacker’s theft of over $230 million from WazirX, an Indian cryptocurrency exchange, marks one of the largest breaches of 2024 to date. Such incidents underscore the pressing need for robust defensive measures. SEAL’s efforts are further supported by the Whitehat Safe Harbor Agreement, a legal framework designed to shield white hat hackers from potential legal repercussions. This agreement provides crucial protection and financial support for ethical hackers facing legal challenges.

The urgency of SEAL’s mission is underscored by the statistics from early 2024, which reveal a significant increase in hack-related losses compared to the previous year. By February 29, more than $200 million had been lost to hacks, representing a 15% increase over the same period in 2023. This trend indicates that the total number of attacks could exceed last year’s figures if the current pace continues.

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After the arrest of Telegram CEO Pavel Durov, many French government websites were hacked.

The sites went offline in a cyber attack believed to be linked to a Russian hacker group.

French President Emmanuel Macron claimed that the arrest of Pavel was not political.

Following the arrest of Telegram CEO Pavel Durov in France on Saturday, many government websites were hacked on Monday. The sites went offline in a distributed denial of service (DDoS) attack. The hackers, believed to be a Russian group, targeted multiple websites. 

Cyber Attack Mode On

According to a crypto analyst’s post on X, cyberattacks targeted multiple French websites, and the attack was linked to pro-Russian hackers.

• Cyberattacks target multiple French websites, linked to pro-Russian hackers following the arrest of Telegram CEO Pavel Durov in France – [EI] pic.twitter.com/OeQ6jhLfT0

— Entropia Intel (@EntropiaIntel) August 26, 2024

The affected websites include the Administrative Court of Paris, the French Health Department, and the Court of Cassation. Immediately after the cyberattacks, the Judicial Court of Paris released a statement listing the charges against Durov. 

12 Charges on Telegram CEO

The Paris prosecutor’s office listed around 12 charges against Durov. The release included a large number of ‘complicities,’ covering fraud, minor pornographic images, money laundering, sale of narcotics, etc. Additionally, Durov was accused of not cooperating with the government’s requests to intercept information or documents and not providing cryptology services without certification.

Radiant Capital Suffers Cyber Attack: Crypto Phishing Drained $300 Million ‘Durov’s arrest is not political’

On Monday, French President Emmanuel Macron issued a public statement on his X profile highlighting that the French government is deeply committed to freedom of expression and communication. He added that Durov’s arrest is part of an ongoing judicial investigation and not a political decision.

I have seen false information regarding France following the arrest of Pavel Durov.

France is deeply committed to freedom of expression and communication, to innovation, and to the spirit of entrepreneurship. It will remain so.

In a state governed by the rule of law,…

— Emmanuel Macron (@EmmanuelMacron) August 26, 2024

Macron’s statement enraged many in the crypto community and free speech activists. It led to widespread calls for Durov’s release, including from industry giants like Ethereum co-founder Vitalik Buterin and Elon Musk. The French prosecutor’s office also released an update stating that French law enforcement officials can detain Telegram’s CEO until August 28.

Situation of Toncoin

Toncoin, a Telegram token, has declined since Pavel Durov’s arrest. At the time of press, Toncoin is trading at $5.41, down by 3.76%. The market cap has descended to $13.6 billion, with a 24-hour trading volume of $955,883,852.

The post French Gov Sites Hacked Following the Arrest of Telegram CEO appeared first on CryptoTale.

XRP holds support at $0.565 with resistance at $0.650 as traders watch for a breakout.

XRP trades between $0.565 and $0.650, with a potential breakout eyed by market participants.

XRP remains stable within a defined range as traders monitor key levels for movement.

XRP has seen its price decrease following the broader downturn in the cryptocurrency market, largely driven by Bitcoin’s performance. At press time, it was trading at $0.5934. XRP has experienced a -0.77% decline in the last 24 hours and a -2.35% decrease over the past week. 

Despite the recent drop, XRP remains in a stable daily range, with a 24-hour trading volume reaching over $1.1 billion. Per analysts, the crypto is showing signs of resilience as it maintains key levels of support, which could influence its future movements in the market.

Support and Resistance Levels 

An analyst named ‘CRYPTOWZRD’ posted a chart on his X profile. It showed that XRP is trading within a defined range, with key support around $0.565. This level has served as a strong foundation, preventing significant downward movement. 

XRP Daily Technical Outlook:$XRP declined as it followed Bitcoin. However, XRP is still trading in a Daily range area. I will be looking to get more trades as our current trade is already secured pic.twitter.com/ataJju4dut

— CRYPTOWZRD (@cryptoWZRD_) August 27, 2024

Below the key support, additional support levels are visible at $0.500, $0.470, and $0.420, providing further safety nets in the event of another decline. On the upside, XRP faces resistance at $0.650, a level that has been tested but not broken in recent trading sessions. A move above this resistance could lead to a notable bullish shift, pushing XRP toward the next target levels at $0.730 and $0.850.

Traders Monitor Key Price Movements

Recently, XRP has stabilized between $0.565 and $0.650, allowing traders to secure positions while monitoring potential breakout signals. The “Quick Move Above” annotation on the chart highlights expectations of a rapid upward movement if XRP breaks through the $0.650 resistance. 

However, if the token fails to surpass this level, traders will closely watch the $0.565 support level to assess the potential for further declines. The combination of strong support and resistance levels will dictate XRP’s future price movements as traders prepare for potential shifts in momentum.

XRP Faces Resistance at $0.62, Risks Pullback Below $0.60

XRP’s market cap currently stands at $33.3 billion, with a circulating supply of 56 billion tokens. This market position makes it a critical asset to watch, especially as its price remains sensitive to broader market movements. Notably, the key support and resistance levels observed in the chart significantly shape future trading strategies. Traders will continue to monitor XRP closely as market conditions evolve, particularly in relation to Bitcoin’s performance.

The post XRP Stabilizes as Traders Watch for Potential Breakout appeared first on CryptoTale.

Abra settles with the SEC and agrees to civil penalties and operational injunctions.

SEC emphasizes traditional securities laws also apply to new crypto asset markets.

Abra Earn program, which manages $600 million, lacked the necessary SEC registrations.

The Securities and Exchange Commission (SEC) has recently concluded a settlement with Plutus Lending LLC, known commercially as Abra. The company faced allegations of failing to register its crypto asset lending product, Abra Earn, and operating without an investment company registration.

We filed settled charges against Plutus Lending LLC, which does business as Abra, for failing to register the offers & sales of its retail crypto asset lending product, Abra Earn. The SEC also charged Abra w/ operating as an unregistered investment co. https://t.co/wbrpYFQyrZ pic.twitter.com/zG4Argki2H

— U.S. Securities and Exchange Commission (@SECGov) August 26, 2024

Details of the Abra Earn Program

Abra, which launched its Abra Earn program in July 2020, promised U.S. investors an opportunity to earn variable interest rates by depositing their crypto assets. At its most active, the program managed assets close to $600 million, with U.S. investments making up nearly $500 million. The SEC’s findings suggest that Abra marketed this program as a straightforward way to generate interest in crypto holdings. However, the platform allegedly used these assets to generate its own income and pay participants interest.

According to the SEC, Abra and its offerings effectively constituted securities, which legally required registration under SEC guidelines. The lack of such registration and Abra Earn’s operational mode led to the SEC’s charges.

On August 26, Abra agreed to a settlement without admitting or denying the accusations. The agreement includes a court-determined civil penalty and an injunction that prevents future securities law violations by the firm. SEC Enforcement Associate Director Stacy Bogert emphasized the importance of these regulations, stating they aim to minimize conflicts of interest and protect investors.

Court Denies Kraken’s Motion to Dismiss US SEC Lawsuit

Following the settlement, a spokesperson from Abra indicated that the company had ceased the Abra Earn program in 2022. They reassured that assets from U.S. participants had been transferred to Abra Trade accounts by 2023. Moving forward, Plutus Lending has committed to adhering strictly to securities laws.

Legal Implications and SEC’s Stance

This is not the first time Abra has faced regulatory challenges. In June, the company settled with 25 U.S. state regulators over accusations of operating without appropriate licenses. Previously, in 2020, the SEC and the Commodity Futures Trading Commission imposed a $300,000 fine on Abra. The fines addressed issues related to offering security-based swaps to retail customers without necessary registrations.

The SEC’s ongoing regulatory oversight underscores the agency’s commitment to applying traditional securities laws in the evolving crypto market landscape, ensuring investor protections are upheld despite new technological developments

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Bitcoin’s open interest drops 7.5% in 24 hours as traders shift focus to altcoins.

Ethereum and Solana see minimal open interest drops, indicating a potential capital rotation.

Bitcoin faces pressure as traders reduce risk; altcoins like ETH and SOL gain traction.

Bitcoin’s open interest has seen a significant drop following a mild price retrace. According to a recent post by Santiment, this drop in open interest on exchanges amounted to a 7.5% decline within 24 hours. The decline was triggered by a modest 2.2% price drop in Bitcoin, highlighting a sharp reaction from traders.

In contrast, Ethereum and Solana experienced much smaller declines in open interest, with Ethereum dropping by only 2.3% and Solana by 2.0%. This discrepancy suggests a shift in trader focus towards altcoins, especially given the recent recovery of these assets since the August 5th crash.

While Bitcoin has seen a mild -2.2% price drop in the past 24 hours, it was enough to cause a much larger -7.5% drop in total open interest on exchanges. For comparison, total open interest toward Ethereum and Solana have barely declined. A few takeaways:

Shifting Focus to… pic.twitter.com/vBltUQxcnX

— Santiment (@santimentfeed) August 27, 2024

The reduction in Bitcoin’s open interest may indicate a broader trend of risk reduction among traders. With ongoing market uncertainty, traders seem to be less inclined to hold significant positions in Bitcoin, possibly seeking safer or more promising opportunities in other cryptocurrencies.

Furthermore, the smaller drops in Ethereum and Solana’s open interest point to a lower sensitivity to Bitcoin’s price movements this month. Traders might be rotating capital from Bitcoin into altcoins, aiming for diversification and potentially higher returns. This rotation could signal growing confidence in altcoins as they recover from recent market downturns.

Bitcoin Breaks Consolidation, Ethereum Nears Key Resistance

Market sentiment appears to be shifting, with some traders viewing the recent rebound in Bitcoin’s price as temporary. The significant drop in Bitcoin’s open interest, compared to the minimal declines in Ethereum and Solana, may reflect an attempt by traders to lock in profits at perceived highs. Santiment’s data supports this view, suggesting a cautious outlook on Bitcoin’s short-term prospects.

As the market dynamics continue to evolve, these trends could have implications for the broader cryptocurrency landscape. The distinct reactions in open interest across different assets underscore the varying levels of confidence and risk appetite among traders. This behavior highlights the ongoing shifts in the market, with Bitcoin facing more pressure as altcoins attract growing interest.

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Binance Labs invests in AI projects MyShell and Sahara AI for AI-blockchain integration.

MyShell democratizes AI development; Sahara AI creates secure, decentralized AI platforms.

AI enhances blockchain’s user experience, while blockchain ensures AI’s authenticity.

Binance Labs has recently made strategic investments in two pioneering AI projects, MyShell and Sahara AI. As the venture capital and incubation arm of Binance, it has been a prominent supporter of innovative projects that intertwine AI with blockchain. These investments exemplify Binance Labs’ vision to propel a future where technology transcends traditional boundaries, enhancing both the creator economy and consumer accessibility.

Integrating with blockchain can potentially resolve inherent challenges related to security, privacy, and decentralized governance. Max Coniglio, Investment Director at Binance Labs, is among the experts who believe that AI and blockchain not only complement each other but are also essential for the future of decentralized applications. This symbiosis can enhance user experiences while ensuring a high level of integrity and collaboration across various platforms.

Decentralized AI ecosystems

MyShell represents a decentralized AI ecosystem designed to democratize the creation and distribution of AI applications. Through Binance Labs Incubation Season 6, MyShell aims to amplify its reach by enhancing its open-source model layer and creator platform, thereby enabling every individual to partake in AI app development and ownership. Yi He, Co-Founder of Binance and Head of Binance Labs, highlighted, 

We are eager to see MyShell champion a robust creator economy that harmoniously blends AI with crypto

On the other hand, Sahara AI is setting benchmarks by developing a decentralized AI blockchain platform that ensures the sovereignty and provenance of AI. With strong backing from significant enterprises and institutions like Microsoft and MIT, Sahara AI focuses on building a secure and equitable AI environment.

Israeli Philosopher Hails Bitcoin as an Art Form, AI as Alien Intelligence AI as Creative Intelligence

Coniglio believes that AI and blockchain technologies are aligned with each other. He stated that AI improves blockchain’s user experience and enhances decentralized systems. Additionally, he explained that blockchain ensures authenticity, boosts collaboration on open-source projects, and supports the computational needs of AI. Despite the potential benefits, Coniglio highlighted that there are still challenges for those looking to build using these technologies.

MyShell and Sahara AI investments align with the broader trend of increasing venture capital interest in AI and blockchain. Reportedly, there is a surge in venture capital investments, reaching $1.16 billion, with a strong emphasis on infrastructure and decentralized finance (DeFi) projects. This surge, characterized by a 52.5% increase from the previous month, set the stage for projects like MyShell and Sahara AI to thrive.

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XRP’s symmetrical triangle pattern signals a potential breakout and strong movement ahead.

Activity on XRPL grows, with experts projecting XRP to soar beyond $200 in coming months.

Increased trading volume near $0.50 suggests accumulation, pointing towards surge.

XRP has recently gained attention within the cryptocurrency community, with discussions surrounding its potential price surge. Notably, Brett, an Ambassador at Bitrue, has hinted at a dramatic rise in XRP’s value, projecting an impressive leap beyond $200 per token. The DeFi sector on the XRP Ledger (XRPL) has also been highlighted as a space to watch, with significant trading activity expected to escalate in the coming months. These factors are driving speculation about the future trajectory of XRP prices and associated tokens on the XRPL.

KABOOOOOOOOOOOOOOOOOOOOOOM!

Get ready, because XRP is set to astonish everyone!

Are you ready to create lasting wealth for generations to come?

Anticipate prices soaring to over $200 per #XRP!

Prepare for a wave of trading activity on XRPL DeFi in the upcoming… pic.twitter.com/rT8Om8srQJ

— Brett (@Brett_Crypto_X) August 26, 2024

Key Indicators and Patterns

A chart analysis of XRP/USD reveals long-term trendlines and patterns that suggest a potential breakout. The price history, spanning from 2014 to projections into 2027, shows XRP contained within an ascending channel, with support consistently maintained along the lower trendline. Additionally, XRP has been consolidating within a symmetrical triangle pattern. As XRP nears the apex of this triangle, many expect a sharp movement in price, likely in response to increased volume and trading activity.

XRP Positioned to Revolutionize Global Banking Liquidity

Historical data also supports the possibility of an upward breakout. Similar patterns from 2017, when XRP saw exponential growth following consolidation, suggest that a similar scenario may unfold. These factors have fueled speculation about the possibility of XRP reaching significantly higher price points, with predictions pointing toward $200 per token.

Liquidity Zones and Price Action

In terms of liquidity, analysis by Cryptoinsightuk sheds light on XRP’s short-term liquidity update. The chart illustrates clusters of liquidity, with notable blocks concentrated between $0.64 and $0.68, and another zone between $0.58 and $0.59. These levels indicate strong buying interest at these price points, suggesting potential areas where the price may stabilize before any further movement occurs.

Price action reveals that XRP has been trading within a range, around $0.595 at press time. Despite being near the lower boundary of its trading range, XRP has shown signs of engaging with liquidity levels below this price, indicating a phase of consolidation. Such interactions could pave the way for further stabilization or an upward shift in the price.

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Bitcoin (BTC) dominance rises above 57%, nearing 2024 highs, per TradingView data.

Analysts predict Bitcoin could surge to 73% dominance if it breaks above 58% this month.

A drop in Bitcoin dominance may spark a significant resurgence in the altcoin market.

Bitcoin’s market dominance has once again surged, climbing back above the 57% mark, as reported by TradingView data. On August 25, Bitcoin’s dominance reached 57.6%, nearing a new high for 2024. This rise continues a trend seen earlier this month when Bitcoin’s market share hit 57.7%, the highest level since April 2021. 

Bitcoin Surge or Reversal

In a recent X post, renowned crypto analyst Egrag Crypto delved into the potential impact of Bitcoin’s increasing dominance on the broader market. He emphasized that if Bitcoin’s dominance could close above the 58% level every month, it would set the stage for a significant surge in market share. This surge might elevate Bitcoin’s dominance to as high as 73%, marking a substantial shift in the crypto market.

#BTC Dominance – The EPIC Fall Awaits!

If BTC dominance closes above 58% on a monthly basis, it could pave the way for a surge to at least 73%! However, the rising wedge pattern is hinting at a potential breakdown that could breathe life back into the #ALTS! Minimum Target:… pic.twitter.com/DRa9UER4Yt

— EGRAG CRYPTO (@egragcrypto) August 26, 2024

The analyst also highlighted that the rising wedge pattern in Bitcoin’s chart could suggest an upcoming breakdown. If Bitcoin’s dominance decreases, it could revitalize the altcoin market, possibly lowering Bitcoin’s dominance to around 39%.

Impact on Altcoins

Historically, a decrease in Bitcoin’s dominance suggests a shift in investor focus toward altcoins. When Bitcoin’s market share diminishes, it often indicates that investors are diversifying their portfolios by pouring more capital into altcoins. This shift could lead to significant gains for altcoins as they benefit from the increased attention and investment.

Despite recent challenges, the altcoin market shows signs of potential recovery. Bitcoin’s dominance has overshadowed many altcoins, but a reversal in this trend could provide the boost needed for these altcoins to regain traction. 

Bitcoin Demand Soars in US as Fed Hints at Rate Cuts: Report Bitcoin’s Market Shift Looms

In general, with Bitcoin’s constant increase in market share, the characteristics of the overall crypto market could be entirely different. Bitcoin’s growing market share suggests its dominance may continue to rise, solidifying its market position. However, if the current forecast were to play out, BTC’s dominance would decrease, and the altcoin market would expand with new possibilities for investors.

Bitcoin’s current market dominance is still higher, which could indicate its strength. Both investors and analysts will focus on specific Bitcoins’ changes in dominance. These results could substantially impact the crypto space’s development path in the following months.

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Powell’s comments led to a $533M inflow into digital assets, with Bitcoin gaining $543M.

Bitcoin saw strong inflows, while Ethereum faced $36M outflows, showing diverging views.

The U.S. led with $498 million inflows while Germany saw outflows of $9 million.

Last week’s digital asset market saw a remarkable $533 million inflow—the largest in five weeks—primarily driven by comments from Federal Reserve Chair Jerome Powell. Digital asset investment products experienced significant inflows with Bitcoin capturing $543 million. The increased inflow highlights the impact of Jerome Powell’s dovish remarks at the Jackson Hole Symposium. This surge sharply contrasts with Ethereum, which saw $36 million in outflows, reflecting a nuanced investor sentiment across leading cryptocurrencies.

Contrasting Bitcoin and Ethereum Movements

Bitcoin’s robust inflows contrast with Ethereum’s outflows, showcasing differing investor reactions. CoinShares report shows Bitcoin’s rise in popularity amid economic optimism and Ethereum’s cautious reception despite new ETF launches. In the beginning of August, Ethereum led with substantial inflows, and the current scenario indicates a diverging path for major cryptocurrencies in response to global economic cues. 

Bitcoin Eyes $67K: Analysts Highlight Key Support at $64,100 Regional Responses to Economic Indications

The United States dominated the inflow landscape with $498 million, while Hong Kong and Switzerland also saw notable increases of $16 million and $14 million, respectively. Conversely, Germany was marked by minor outflows, totaling $9 million, making it one of the few regions with net outflows this year.

Ethereum ETFs Attract Attention

A month following the launch of several Ethereum ETFs, these new investment vehicles have garnered $3.1 billion in inflows. However, these gains were slightly offset by outflows from existing entities like the Grayscale Trust, which saw $2.5 billion exiting. James Butterfill of CoinShares Research explained,

Investor reactions to Jerome Powell’s comments were swift and significant, underscoring the market’s attentiveness to global economic policies.

This week’s data paints a vivid picture of a market that is increasingly tied to macroeconomic indicators and suggests a growing maturity in the digital asset space. As digital assets continue to intertwine with traditional financial markets, the impact of global economic events will likely become more pronounced in influencing investment flows.

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Binance lists MiCA-compliant EURI stablecoin, starting trading from August 28.

The exchange offers zero-fee promotions for the stablecoin for EUR/EURI and EURI/USDT.

Banking Circle’s launch of Eurite envisions the broader availability of stablecoins.

Binance, one of the world’s largest crypto exchanges, recently announced the listing of Eurite (EURI), the MiCA-compliant stablecoin. The platform has also introduced zero-fee promotions for the novel stablecoin, which was launched two days before.

Spot Trading- EUR/EURI & EURI/USDT

According to Binance’s official announcement, the crypto exchange will open trading for spot trading pairs EUR/EURI and EURI/USDT on August 28 at 10.00 (UTC). Further, the platform invites community members to start depositing EURI stablecoin to prepare themselves for trading. The platform will permit the stablecoin withdrawals from August 29.

Zero Trading Fee Promotion

The exchange offers a zero-fee promotion for EUR/EURI and EURI/USDT trading pairs to celebrate the launch of the Eurite on Binance. As per the platform’s announcement, the promotion period will commence on August 28 and last until the platform announces further notice. All eligible candidates can enjoy zero-fee trading on these pairs during the period.

The Bank-Backed Stablecoin

Eurite (EURI) is one of the first MiCA-regulated EURO stablecoins, launched by Banking Circle S.A. The launch follows the MiCA regulation’s first phase implementation, applicable for asset-referenced tokens and e-money tokens. Notably, EURI is the first e-money token launched by Banking Circle. In addition, it is the first MiCA-regulated stablecoin issued and backed by a bank in the European Union.

Ethereum Co-founder Buterin Vision for DeFi and Stablecoins

Daniel Lee, the Head of Web3 at Banking Circle, commented on the institution’s vision of making stablecoins accessible to a large public with 24/7 availability of services. Lee added,

The launch of EURI establishes strong foundations and functionality for Banking Circle that will enable us to launch stablecoins and tokenised money in the future, providing more choice and optionality for the market.

Binance’s Launch of EURI

At the time of Eurite’s launch, Banking Circle announced that the stablecoin would be first available on Binance. The bank added that EURI will soon appear for trading on CoinUT Switzerland AG and more prominent platforms. The EURI launch is expected to spark more competition in the stablecoin market, which historically lags behind USD-backed stablecoins.

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Bitcoin (BTC) breaks out of its $57K-$62K zone, signaling a potential rally ahead.

Ethereum struggles near $2,850 resistance, a key level for possible bullish momentum.

Analysts see a minor Bitcoin pullback to $62.7K as healthy before a stronger rally.

Bitcoin (BTC) has broken out of its recent consolidation zone between $57,000 and $62,000, signaling that a rally could be on the horizon. As of press time, Bitcoin has been trading at $63,880, indicating a 0.02% increase in the past 24 hours.  Meanwhile, Ethereum (ETH) is edging closer to a crucial resistance level at $2,850, which, if surpassed, may trigger a bullish move.

Renowned crypto analyst Jelle recently shared his insights on X, noting that Bitcoin spent the weekend fluctuating around the $64,000 mark. He suggested that a minor correction to around $62,700 could benefit the cryptocurrency. According to Jelle, this pullback might offer a stronger base, setting the stage for Bitcoin to regain its upward trajectory and possibly ignite the next phase of the rally.

#Bitcoin spent the weekend chopping around $64,000 – closing every day in the green.

Would be good to see some minor red today/tomorrow into $62.7 – and then to resume this push higher.

Let's see pic.twitter.com/AIpCZRPfiN

— Jelle (@CryptoJelleNL) August 26, 2024

On the other hand, Ethereum has been facing considerable challenges in surpassing key resistance levels, which has kept it from making significant upward strides. In a recent X post, crypto analyst Crypto Tony emphasized that he would only contemplate entering a new position in Ethereum, if the cryptocurrency recovers the crucial $2,850 level. Until then, he remains hesitant, waiting for a clearer signal of strength before moving further.

$ETH / $USD – Update

Only until we reclaim $2850 will i enter a new position, no time before that pic.twitter.com/Vpc3Zn4vMl

— Crypto Tony (@CryptoTony__) August 26, 2024

Ethereum’s price faces resistance around the 50% price retracement level at $2,843, which aligns with the daily resistance level at $2,927, and the 50-day Exponential Moving Average (EMA) at $2,905. As of press time, Ethereum is trading at $2,742, down by 0.47% over the past 24 hours. 

For Ethereum to initiate a bullish rally, it must break above the $2,843 level and close above the daily resistance at $2,927. If this occurs, ETH could see an 11% rally, potentially retesting its weekly resistance level at $3,236. 

Source: TradingView

However, the daily chart’s Relative Strength Index (RSI) and Awesome Oscillator (AO) are currently trading just below their neutral levels of 50 and zero, respectively. Both indicators need to move above their neutral thresholds for the bullish momentum to continue.

Ethereum Resilience: Will It Break $2,850 and Reach $3,200?

On the flip side, if Ethereum fails to hold its current levels and breaks below the ascending trendline, it could invalidate the bullish outlook. Such a move could lead to a 4.6% decline, potentially pushing ETH back to its low of $2,510, as seen on August 12th.

While Bitcoin has broken out of its consolidation phase and seems poised for further gains, Ethereum is at a critical juncture. The next few days would be crucial for both cryptocurrencies as traders watch for potential breakouts or reversals that could define their short-term trajectories.

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Stablecoin market cap hits a new high of $168B after 11 consecutive months of growth.

Tether leads stablecoins with a $117.8B market cap, followed by USDC at $34.7B.

First Digital USD shows strong 55.4% growth, while Ethena USD declines by 9.6%.

The stablecoin market has reached a new milestone, achieving an all-time high of $168 billion in market capitalization. This remarkable growth follows 11 consecutive months of expansion, marking a significant resurgence since the market’s previous peak in March 2022. 

According to data from DeFiLlama, a crypto analyst, the stablecoin market cap has now surpassed its prior record of $167 billion, set more than a year ago. Excluding algorithmic stablecoins, which rely on algorithmic mechanisms rather than being pegged to external assets like fiat or gold, this surge underscores a growing influx of capital into the sector.

Key Drivers Behind Stablecoin Market Growth

This renewed interest in stablecoins is reflected in the steady rise of leading assets like Tether (USDT) and USD Coin (USDC). Tether, the market leader, maintains its dominance with a market cap of $117.8 billion, supported by a 30-day performance gain of 3.1%. It is followed closely by USDC with a market cap of $34.7 billion and a positive performance of 1.7% over the same period. 

Both assets have experienced minimal circulation fluctuations, indicating robust demand and consistent usage across multiple exchanges. The market’s growth suggests a broader adoption of stablecoins as a critical component of the cryptocurrency ecosystem, with increasing participation from retail and institutional investors alike.

Notable Performances Among Stablecoin Players

First Digital USD (FDUSD) has emerged as a standout performer, recording a remarkable 55.4% growth in market performance over the past month. This significant increase, coupled with a market cap of $3.1 billion, indicates heightened investor confidence and strategic adoption. 

In contrast, Ethena USD (USDe) has faced challenges, with a 9.6% decline in market performance and noticeable circulation fluctuations, pointing to volatility within the asset. Meanwhile, Dai (DAI), the leading decentralized stablecoin, has seen a slight dip in its 30-day performance, although it remains a key player with a market cap exceeding $5.1 billion.

Ripple Sets Eyes on Stablecoin Market with USD-Backed Digital Currency Market Insights and Future Trends

Crypto analyst Patrick Scott, known as “Dynamo DeFi,” highlighted this surge in stablecoin market cap as a sign of new capital entering the crypto space. He noted the steady retail presence in the market for the past eight months, while remaining cautious about speculating on the drivers behind this growth. The stablecoin market’s resurgence reflects the evolving landscape of the cryptocurrency sector, with stablecoins continuing to play a pivotal role in market liquidity and risk management.

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Cthulhu Stealer pretends to be legit software, stealing passwords and crypto funds.

Growing malware, including Cthulhu Stealer, challenges Apple’s secure reputation.

Cthulhu Stealer targets popular wallets like MetaMask and Coinbase, putting users at risk.

Apple Mac users are being warned about a new and dangerous strain of malware called “Cthulhu Stealer,” which could steal personal information and target crypto wallets. Cybersecurity firm Cado Security revealed this alarming threat on August 22. The report underscores the growing vulnerability of macOS systems, traditionally regarded as secure against such attacks.

For years, there has been a widespread belief that macOS systems are largely immune to malware, Apple’s reputation for robust security. However, recent trends show a steady rise in malware targeting macOS, challenging this perception and indicating that no system is entirely safe.

Fake Software Threatens Crypto

Cthulhu Stealer disguises itself as a legitimate Apple disk image (DMG) file, imitating well-known software like CleanMyMac and Adobe GenP. Users who download and open the file are prompted to enter their system password through a command-line tool. This tool runs AppleScript and JavaScript, initiating what appears to be a routine process but is actually the beginning of a sophisticated cyberattack.

Once the system password is entered, the malware prompts the user for their cryptocurrency wallet password, with MetaMask being a primary target. However, Cthulhu Stealer is also designed to compromise other popular crypto wallets, including those from Coinbase, Wasabi, Electrum, Atomic, Binance, and Blockchain Wallet. This broad targeting makes it a significant threat to crypto holders.

Targeting Crypto Wallets

After successfully acquiring the credentials, Cthulhu Stealer stores the stolen data in text files. The malware fingerprints the victim’s system, collecting additional information such as the IP address and operating system version. These details further enhance the attack’s scope and effectiveness.

Source: Image by Cado Security

Tara Gould, a researcher at Cado Security, explained that Cthulhu Stealer’s primary function is to steal credentials and crypto wallets from various platforms, including gaming accounts. Gould highlighted the malware’s similarity to Atomic Stealer, a previous threat that targeted Apple computers in 2023. This similarity suggests that Cthulhu Stealer’s creators may have modified Atomic Stealer’s code for their own purposes.

Texas Telecom Fined $1M Over Biden Deepfake Robocall Scam Rising Cyber Threats

As previously reported by CryptoTale, North Korean hackers have intensified their cyberattacks on cryptocurrency platforms. This escalation underscored the growing cyber threats within the digital asset industry. Their operations, such as the “Durian” malware attack targeting South Korean crypto companies, are part of a broader trend of increasing cybercrime in the crypto space.

With threats like ‘Cthulhu Stealer’ rising, Mac users who manage cryptocurrency assets are urged to remain vigilant. Keeping systems updated and adopting strong security practices are crucial to protecting digital wallets from these emerging threats.

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