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Here Are The Top Crypto News of the Day Curated by CoinChapter.com
Ethereum Transaction Count Hits Five-Month Low
Ethereum’s network activity has slowed down, with the transaction count reaching a five-month low. The seven-day moving average has settled at 1.12 million transactions per day, a level not seen since February. Active wallet addresses have also decreased to around 400,000.
Ethereum transaction count reached a five-month low. Source: TheBlock
However, this decrease in Layer 1 activity doesn’t necessarily indicate a decline in the Ethereum ecosystem. Layer 2 solutions are experiencing a surge in activity, with Coinbase’s Layer 2 offering, Base, leading the charge with 3.83 million transactions. This shift suggests users are increasingly preferring Layer 2 solutions for faster and cheaper transactions while still benefiting from Ethereum’s security.
Crypto News: Robinhood suspends 24-hour trades for 8 hours
Robinhood, the stock trading app, experienced a suspension of its 24-hour market’s execution venue, Blue Ocean ATS (BOATs), for overnight trading on August 5.
Source: X
The suspension lasted for 8 hours. Robinhood’s support account on X announced that users could cancel their orders or place new ones for another trading session and that open trades would be routed for execution after the eight-hour suspension.
US ETH ETFs See Second-Largest Daily Inflows
Despite a turbulent global market with widespread sell-offs and recession fears, U.S. spot Ethereum exchange-traded funds (ETFs) saw significant inflows on Monday. Investors poured $48.7 million into these ETFs, marking the second-largest daily inflow since their launch on July 23.
U.S. Spot Ether ETF saw over $48M in net inflows. Source: SoSoValue
This positive trend occurred even as major stock indices experienced their worst day since September 2022. While the cumulative total net inflow for Ethereum ETFs remains negative at -$461.98 million, primarily due to outflows from Grayscale’s Ethereum ETF, other funds like those from Fidelity and BlackRock have recorded positive daily and cumulative net inflows since their launch two weeks ago.
Crypto News: US Senators Urge CFTC to Ban Election Betting
Five U.S. Senators and three House representatives have called on the Commodity Futures Trading Commission (CFTC) to ban betting on the 2024 presidential election. In a letter to CFTC Chair Rostin Benham, they argued that such markets could influence elections and erode public trust in democracy.
Lawmakers’ letter to CFTC Chair Rostin Benham. Source: Congress
The lawmakers expressed concerns about billionaires wagering large bets while contributing to specific candidates or parties and political insiders betting using non-public information. They urged the CFTC to finalize and implement a rule to prevent the commodification of U.S. elections.
India Demands $86M from Binance in Unpaid GST
Indian law enforcement agencies have demanded $86 million (722 crore Indian rupees) in unpaid taxes from crypto exchange Binance. The Directorate General of Goods and Service Tax Intelligence (DGGI) issued this demand under the Goods and Services Tax (GST).
Binance, which was banned in India in January 2024 for noncompliance with local regulations, had expressed intent to restart operations in the country after paying pending taxes. This tax demand is the first levied by the Indian government on any crypto exchange. Binance has appointed local counsel to resolve its tax obligations after initially ignoring notices sent to its offices in various countries.
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