Bitcoin price is struggling at $60K resistance, up by 1.42% in the last 24 hours. 

BTC has recorded a 24-hour liquidation of $27.97 million.

Despite recent recovery efforts, the largest cryptocurrency, Bitcoin (BTC), seemingly extends losses in the market. Over the past 24 hours, the asset has struggled to clear the $60K level, and a low has formed near $57.5K. 

After a brief rebound, BTC is up by 1.42%, currently trading at $59,269, marking a modest dip. Whereas, BTC’s trading volume is down by 26.55% to $25.47 billion, as per CMC data. 

Besides, the BTC Fear and Greed Index continues to stay at 25, evoking extreme fear in the market. Moreover, Bitcoin has recorded a 24-hour liquidation of $27.97 million, as per Coinglass.

Over the past 24 hours, the US spot Bitcoin ETFs recorded an inflow of $36.01 million, according to Sosovalue data. And in the last seven days, Bitcoin spot ETFs had a net inflow of $32.58 million.

Recently, Franklin Templeton, an asset management firm, filed to launch a new exchange-traded fund (ETF), ‘Franklin Crypto Index ETF.’ It aims to provide investors with a comprehensive digital asset portfolio. As per the filing, the Franklin Crypto Index ETF will follow the CF Institutional Digital Asset Index’s. Which now only includes the largest assets, BTC and ETH.

Will BTC Price Breakout?

Zooming in on the past month, Bitcoin was down by over 9%, which sharply dropped from $69,799 to $49,842. Similarly, in the last week, the token witnessed a dip of 2.41%, and the asset has been fluctuating between $61K and $56K. 

According to TradingView data, BTC’s daily relative strength index (RSI) stands at 46.18, nearing neutral market sentiment. Moreover, Bitcoin’s short-term 9-day MA stands below the long-term 21-day MA, which indicates the current bearish trend caused by the price dip. 

BTC price chart (Source: TradingView)

If BTC’s bullish momentum returns, the price might rise to $60K. The token may test subsequent resistance at $61,104. However, if the bearish trend persists, the Bitcoin price could fall to find support at $58,232 and potentially retrace to a low of $57,230.

Highlighted Crypto News

BTC Fog Founder Challenges 30 Year Sentence Igniting Legal Drama

Vitalik Buterin highlights the threat of bribery in Dark DAOs and proposes cryptographic solutions.

The integration of voting pools and zero-knowledge proofs in DAO could mitigate the risks of corruption.

The concept of Decentralised Autonomous Organizations (DAOs) has revolutionised how communities and projects govern themselves. However, as the landscape of decentralised governance evolves, new challenges emerge. Particularly the threat of bribery within “Dark DAOs.” 

Ethereum co-founder Vitalik Buterin has recently raised concerns about these threats. Emphasising the need for robust mechanisms to prevent bribery in decentralised environments. A team of researchers from Cornell University formed by Vitalik Buterin is exploring potential threats that could lead to “dark” voting systems within decentralised autonomous organisations.

A Cornell Research paper stated:

“They propose a new metric called Voting-Bloc Entropy that formalises a broad notion of decentralisation in voting on DAO proposals. We use VBE to prove several results about the decentralising effects of vote delegation, proposal bundling, bribery, and quadratic voting.”

Ensuring “proof of complete knowledge” is emerging as a critical approach to tackling these issues. By requiring participants to demonstrate comprehensive understanding and engagement before casting votes, this method aims to reduce the risk of bribery and manipulation. The approach helps create a more transparent and secure decision-making process within DAOs. Strengthening the integrity of the system and fostering trust among stakeholders in decentralised governance models.

The Vision and Challenges According to Vitalik Buterin

In a detailed blog post titled “The Promise and Challenges of Crypto + AI Applications,” Vitalik Buterin outlined various approaches to combat this issue, focusing on transparency and the integration of cryptographic tools to enhance accountability.

One of Vitalik Buterin’s key proposals is the implementation of cryptographic commitments and zero-knowledge proofs within DAO structures. These technologies could minimise the risk of bribery. Additionally, Buterin suggests the creation of “voting pools” where individuals can delegate their votes to trusted parties, reducing the influence of bribers.

Highlighted Crypto News Today:Franklin Templeton Files for Crypto Index ETF with the U.S SEC

 

 

Roman Sterlingov is facing a potential 30-year prison sentence for BTC Fog’s money laundering charges.

 Sterlingov’s lawyers argue that the recommended sentence is excessive compared to similar cases.

Roman Sterlingov, the founder of  Bitcoin Fog, a cryptocurrency mixer is challenging a potential 30-year prison sentence. It was followed by his conviction on multiple money laundering charges. In an August 15 filing with the U.S. District Court for the District of Columbia, Sterlingov’s legal team argued that the recommended sentence is excessive compared to penalties in similar cases.

In March, Sterlingov was convicted of money laundering and running an unlicensed money-transmitting business. He also violated the D.C. Money Transmitters Act. Prosecutors claimed Bitcoin Fog, run by Sterlingov from 2011 to 2021, laundered about $400 million in BTC tied to illegal activities.

Moreover, in their defense, Sterlingov’s lawyers argued that the 20 to 30-year sentence recommended by prosecutors is disproportionate. The defense claimed the evidence was mostly circumstantial and lacked key elements. Further, arguing Sterlingov’s role was more about aiding and abetting than directly running Bitcoin Fog.

Judge Randolph Daniel Moss, who is overseeing the case, had initially scheduled Sterlingov’s sentencing for August 21. The court will first address the seizure of Bitcoin Fog assets, including 1,354  inactive BTCs since 2012. They will also consider a potential $395 million financial judgment.

Nicole M. Argentieri,  Assistant Attorney General of the Justice Department’s Criminal Division said:

“As the jury’s guilty verdict shows, that belief was mistaken. The Criminal Division is committed to unmasking and prosecuting those who use technology to hide their crimes, no matter how sophisticated the scheme may be.”

Sterlingov’s Case Highlights Crypto Sentencing Issues

Sterlingov’s case echoes similar legal battles faced by other figures in the cryptocurrency world, like Tornado Cash co-founder Roman Storm, who is set for trial in December. The defense’s filing stresses that the recommended sentence does not reflect Sterlingov’s actual involvement and that the sentencing guidelines, focused heavily on the dollar amounts, do not accurately capture his culpability.

Finally, this case highlights ongoing challenges in prosecuting complex financial crimes involving cryptocurrency, with authorities striving to balance justice with fairness in sentencing.

Highlighted Crypto News Today:Shiba Inu’s Burn Portal ‘ShibTorch’ Goes Live on Shibarium

Prominent Web3 industry investors have announced their investment and support for TOKYO BEAST, a crypto-entertainment project set to be launched by TOKYO BEAST FZCO (HQ: Dubai, hereinafter “TOKYO BEAST FZCO”).

We are also pleased to announce that TOKYO BEAST will launch as the first title to utilize Japan’s first token and chain designed exclusively for AAA games, the “TOKYO GAMES TOKEN,” in place of the originally planned proprietary “$TBZ” token.

■ What Is the TOKYO BEAST Crypto-Entertainment Project?

TOKYO BEAST is a crypto-entertainment project centered on Web3 games that has taken up the challenge of creating new entertainment experiences through the incorporation of crypto assets.

TOKYO BEAST’s Major Points of Appeal

– Game quality that strives for pure and simple fun

Boasting a unique world, engaging characters, and an exciting battle system, TOKYO BEAST can hold its own in quality against the leading smartphone games. The gaming side of the experience also serves as a way to eliminate the barriers to start playing, such as first-time NFT purchases or wallet linking, so that even the average smartphone gamer can get started without any initial hassles.

– A series of characters that boast appeal both as game characters and as collectible NFTs

The character designs have been carefully crafted so that their value will be recognizable both inside and outside the game.

– The creation of a new entertainment experience based on predicting the outcomes of battles

Win/loss prediction features based on a lawful framework will be implemented and available to enjoy both in and out of the game. Users will be able to enjoy making use of its data to predict the outcomes of battles. Those battles will be streamed live simultaneously around the world, allowing users from all across the globe to watch and experience the excitement and passion for themselves.

Service Name TOKYO BEAST Teaser Trailer https://youtu.be/0-QvJeYJ6ds Official Site https://www.tokyo-beast.com/  Official X Account https://twitter.com/TOKYOBEAST_EN Availability App Store, Google Play, PC Browser Public Launch To be released sequentially, starting in 2024

■prominent investors from the Web3 industry have announced their investment and support for TOKYO BEAST.

prominent investors from the Web3 industry have announced their investment and support. In the future, we will aim to develop TOKYO BEAST in collaboration with the members listed below.

List of Investors (honorifics omitted)

・Giulio ・Chris ・dingaling ・wale.moca ・Jonny　・Sandeep　・Josh Ong ・Elena ・VonDoom ・OMG ・NFTboi　・Ammar Zaeem　・APPLE_SODA　・AshRobin　and　more…

■ Launching as the first title to use the TOKYO GAMES TOKEN, Japan’s first AAA-game-exclusive token and blockchain!

TOKYO BEAST’s originally planned proprietary token, $TBZ, has been replaced－the game will now launch as the first title to utilize Japan’s pioneering AAA-game-exclusive token and blockchain, the TOKYO GAMES TOKEN.

What Is the TOKYO GAMES TOKEN?

– Japan’s First-Ever AAA-Game-Exclusive Token and Blockchain

The TOKYO GAMES TOKEN is a token that uses Web3 + AAA games to target gamers everywhere. It is set to carve out a completely new economic zone unlike any that has come before.

– The AAA Multi-Hit Model

The TOKYO GAMES TOKEN will be used as a common token to attract and develop multiple AAA games. These high-quality game projects will expand the economic zone while also diversifying risk.

– Base Token

The TOKYO GAMES TOKEN is developed on a proprietary chain and can be used across all gaming products. Its purpose extends beyond merely expanding the economic zone－it will also enrich the user experience by bringing together a diverse collection of games.

List of Investors (honorifics omitted) *In alphabetic order

– Japan’s No. 1 Mobile Games Company –

– Cygames, Inc. (HQ: Shibuya Ward, Tokyo-to, President and CEO: Koichi Watanabe)

– Japan’s No. 1 Web3 Company –

– gumi Inc. (HQ: Shinjuku Ward, Tokyo-to, President and CEO: Kawamoto Hiroyuki)

Brand Site –https://tokyogamestoken.com

■TOKYO BEAST FZCO Company Overview

HQ: TOKYO BEAST FZCO

Location: 001 – 33228 IFZA Business Park, DDP, Dubai, United Arab Emirates

Representative Tomoe Mizutani

＝＝＝＝＝＝

Contact for enquiries concerning this press release – TOKYO BEAST FZCO Public Relations Manager：press@tokyobeast.ae

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

Grayscale Investments is meticulously refining the Ethereum Classic trust index to boost the precision of market valuations. Concurrently, Binance Coin (BNB) is on a steady path to reclaim its pricing strength, now consistently above the critical 200-day moving average. On the other hand, with the recent introduction of its team, BlockDAG presale has triggered a 1600% price surge since the project’s inception, emphasizing its potential as a top crypto coin.

Revising the Ethereum Classic Trust Index

Grayscale Investments has revised its Ethereum Classic Trust index, now including Bitfinex while removing Crypto.com from the CoinDesk Ether Classic Price Index (ECX). These changes aim to more accurately reflect current market liquidity and uphold the precision of the Ethereum Classic trust index. These periodic reviews by the Index Provider ensure that the trust’s valuation remains tightly linked to market dynamics, thereby bolstering its trustworthiness for investors.

Despite notable price fluctuations, the Ethereum Classic Trust (ETCG) holds considerable potential for long-term appreciation. According to InvestingPro, despite recent downturns, the trust recorded a one-year return of 48.55%, highlighting its potential for steadfast investors. This scenario suggests a profitable, though speculative, opportunity in the ever-changing realm of digital currencies.

BNB’s Recovery Path

Binance Coin (BNB) is making strides to recover its former market position, with recent price movements elevating it beyond the 200-day moving average—a sign of a bullish trend. This resurgence follows a significant drop from its peak of $710 to $458, spurred by broader market sell-offs and internal challenges like legal disputes and shifts in management.

BNB is now stabilizing at about $573, indicating a robust potential for further advancement. This stabilization underscores BNB’s capacity for resilience within the fluctuating crypto market.

BlockDAG’s Team Introduction Spurs Monumental Presale Growth

The crypto community has warmly received the introduction of BlockDAG’s elite team, led by CEO Antony Turner. With a rich history in crypto innovation from SwissOne Capital to Spirit Blockchain, Turner infuses BlockDAG with profound knowledge and insight.

Turner recently expressed, “Our aim is to integrate leading crypto technologies to bridge prevailing gaps, ensuring our blockchain is swift, scalable, sustainable, and community-focused.”

This vision has fueled a significant presale boost for BlockDAG, now priced at $0.017 in its 21st batch, marking a striking 1600% growth from its start. Turner emphasizes community and stakeholder involvement, “Our growth is powered by community feedback, shaping our ambitious roadmap and forthcoming mainnet debut.”

The leadership team, including cybersecurity expert Dr. Prof. Youssef Khaoulaj and esteemed computer scientist Maurice Herlihy, emphasizes the platform’s commitment to security and innovative development.

With the investment community rallying behind BlockDAG, the presale has amassed an impressive $66.4 million. The sale of over 10,600 miners, bringing in an additional $4.3 million, has not only enhanced financial metrics but also affirmed BlockDAG’s position as a prime candidate among 2024’s top crypto assets. Turner adds, “We aim to go beyond typical blockchain applications; we are pioneering a blockchain revolution that values innovation and inclusivity.”

Closing reflections

Amid updates and rebounds, BlockDAG differentiates itself through not only numbers but through visionary leadership and innovative strategies, marking a significant shift towards blockchain preeminence. With BlockDAG’s unprecedented 1600% growth post-team reveal, it not only solidifies its status as a 2024 crypto leader but also redefines market expectations in the crypto landscape.

Join BlockDAG Presale Now:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

In a world where a housewife’s role often seems confined to managing the home, one remarkable woman changed her life with a simple but bold decision. She invested $5,000 in Ethereum when it was just $10 per coin. As Ethereum’s value soared, her investment grew to an impressive $250,000, transforming her financial future.

Her story reflects the exciting potential of BlockDAG today. Just like her Ethereum investment, BlockDAG is offering a new chance for those ready to embrace it. With its user-friendly low code/no code technology, BlockDAG makes it easy for anyone, even those with no technical background, to get into crypto.

As BlockDAG’s presale surpasses $66.4 million and its coin value jumps by 1600%, this is a golden opportunity for beginners to achieve the kind of success Ethereum once provided.

How a Housewife’s $5K Turned into $250K with Ethereum?

The crypto market has often been seen as a high-stakes game that is reserved for those who have deep pockets or deep financial knowledge. Yet, sometimes it’s the everyday person who finds unexpected success.

Such is the story of a housewife, who with just $5,000 took a leap of faith in Ethereum when its cost was a mere $10 per coin. It was a cautious move for her as she had heard a bit about cryptocurrencies and their potential but didn’t know the complexities of it. Still, her desire to diversify her savings led her to invest in a then-less-popular Ethereum crypto, and she considered this worth trying.

For her, this decision was the blend of curiosity and desire to secure a better future with her family. However, this small amount was everything for her as it was her overall savings. As months passed, Ethereum began to make waves in the crypto market. Its value climbed steadily and her $5000 turned into an astonishing $250,000 a few years later. This transformation was nothing short of miraculous for her.

This newfound wealth allowed her to pay off her debts, and give her children a better and secure future without any financial crisis. Her decision to invest in Ethereum turned her life into a clear example that a calculated risk has the potential to transform life in the best way ever.

BlockDAG Next to Turn Minor Holdings into Major Returns

The story of the housewife who earned great returns from her early investment in Ethereum is inspirational. But is BlockDAG the next Ethereum? BlockDAG’s ecosystem shows its potential for a similar growth chance. Its low-code/no-code platform is easy to use, making it simple for people without technical skills to buy cryptocurrencies.

BlockDAG keeps its platform simple and easy to use, making the complex world of blockchain understandable for everyone. This approach attracts a wide range of users, leading to more growth and activity on its dashboard. Moreover, BlockDAG is committed to transparency and security, ensuring that every transaction and operation is clear and secure for users, and building trust in the platform.

BlockDAG’s ongoing presale has already raised over $66.4 million, with the coin’s value jumping by 1600% from the initial $0.001 price to $0.017 in the current batch 21. Imagine buying $5,000 worth of BDAG coins now in the current batch: when the coin reaches $0.05 in the final batch, the holdings will grow to about $14,705.88. This potential for high returns, combined with a focus on security and transparency, makes BlockDAG a compelling option for those looking to get similar returns to those experienced by early Ethereum investors.

BlockDAG to Turn Small Bets into Big Wins

To wrap up, the story of a housewife who turned a small investment into a big fortune with Ethereum shows what’s possible in the world of cryptocurrency. In today’s market, BlockDAG offers a similar opportunity as a new budding crypto that breaking records. Its presale success of $66.4 million and growth show BlockDAG’s future potential to turn a small amount into much more. Buying into BlockDAG isn’t just about earning quick profits; it’s about seizing an opportunity to potentially secure financial stability for life.

Buy BlockDAG in Presale Now:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

Polkadot (DOT) recently caught attention with its price attempting a recovery, climbing over 30% in just three sessions. However, it still faces significant selling pressure and struggles to break past the $5 mark, casting doubts on its near-term prospects. Similarly, Kaspa’s (KAS) prediction shows mixed signals, with sharp price fluctuations and uncertain investor confidence.

During these market challenges, BlockDAG (BDAG) shows a different path. Recently listed on CoinMarketCap and leading the charts on CoinSniper, BlockDAG is aiming to break into the top 30 on CoinMarketCap soon. These listings indicate BlockDAG’s credibility and potential for substantial growth. With a successful presale that has already raised $66.2 million, BlockDAG is set to drive significant market momentum, attracting new and seasoned buyers.

Polkadot (DOT) Price Recovery: What’s Next After 30% Rise?

Polkadot (DOT) is experiencing a price reversal after a significant downturn. It saw a sharp rebound, gaining over 30% in just three sessions. Despite mixed results, Polkadot’s DOT token is trading at $4.72, up 2.36% today, but still shows a long-term bearish trend. The token has consistently fallen, losing about 40% in the past two months and dropping below the crucial $5 demand zone.

Technically, Polkadot is still under pressure. The token’s RSI and MACD indicate a potential reversal, but bearish trends could continue unless it surpasses the $7 mark. Social metrics also reveal a downtick, indicating a drop in investor enthusiasm. The funding rate for DOT remains negative, pointing to a continued bearish outlook.

Kaspa Prediction: Will It Bounce Back After the Recent Market Crash?

Kaspa (KAS) has been a focus of intense discussion among crypto analysts. Recently, its trading volume surged by 180%, a sign of renewed interest. Despite a recent spike in activity, the token’s price dropped over 25% in a day to $0.1315. Just a week ago, Kaspa was nearing the $1 milestone, but a sudden market crash has cast doubt on its short-term prospects.

Kaspa’s future is unclear, with opinions split. Some analysts attribute the downturn to profit-taking, while others view it as a brief dip before a possible rally. Kaspa’s price trends and market mood indicate it must rebuild investor trust before potentially hitting $1 again.

BlockDAG’s Momentum on CoinMarketCap and CoinSniper

BlockDAG has recently secured listings on two of the most influential platforms in the crypto space: CoinMarketCap and CoinSniper. These listings are not just about recognition; they signify BlockDAG’s growing influence and credibility in the market.

BlockDAG is now on CoinMarketCap, a site that follows top cryptocurrencies. This helps more people, especially experienced crypto buyers, follow the market trends. They use the site’s tools to help make smart choices.

BlockDAG’s performance on CoinSniper has been impressive. Due to its robust community support and significant attention from crypto whales, it has surged to the top of the trending charts. With over 3,271 boosts on CoinSniper, BlockDAG is resonating with early adopters and new buyers.

This momentum is further supported by BlockDAG’s successful presale, which has already raised an astounding $66.4 million. The presale, now in Batch 21, has seen the BDAG coin price skyrocket by 1600%, from an initial price of $0.001 to $0.017, making it one of the most lucrative opportunities in the market today.

The implications of these listings are profound. As BlockDAG continues to gain traction on CoinMarketCap, it is predicted to break into the top 30 rankings soon. Such a ranking would strengthen its status as a leading cryptocurrency and attract multiple new contributors looking for high-growth opportunities.

The presale success and strong community backing further justify BlockDAG’s strategic direction. This creates a sense of urgency among buyers to get in early before the coin’s price surges even higher.

Wrapping Up

In a market where Polkadot struggles to maintain its footing, and Kaspa faces uncertain prospects, BlockDAG appears as a strong contender. With its recent listings on CoinMarketCap and CoinSniper, BlockDAG is well on its way to becoming a top-tier cryptocurrency.

These milestones, combined with its impressive presale performance make BlockDAG the best crypto for those looking to capitalise on the next big opportunity. BlockDAG can potentially hit the top 30 on Market Cap faster than other coins and become the best crypto to buy.

Join BlockDAG Presale Now:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

Matrix Chain is redefining the decentralized finance (DeFi) landscape with a strong commitment to transparency and security, prioritizing the community's needs at every step. This focus has driven the platform to merge advanced blockchain technology with DeFi, creating a decentralized powerhouse on the BNB Chain.

Leading the Way in DeFi Staking on BNB Chain
Matrix Chain leverages smart contracts and a Proof of Stake (PoS) consensus mechanism, empowering its community to play an active role in governance and ecosystem development. This isn't just talk; the platform has undergone rigorous audits by top security experts and firms like Cyberscope and TrustCova. The audit process thoroughly examined everything from the source code to smart contracts and consensus mechanisms, confirming that Matrix Chain meets the highest security standards. Users can rest assured knowing their transactions and data are secure within the Matrix Smart Chain.
The PoS mechanism at the heart of Matrix Chain ensures that transactions are validated and the network remains secure. Unlike the energy-intensive Proof of Work (PoW) systems, Matrix Chain’s PoS selects validators based on the amount of coins they stake. This method is not only more secure and scalable, but it’s also kinder to the environment. The result? A blockchain network that's built to last, designed to handle the growing demands of the digital economy.
Matrix Chain’s innovative mining mechanism has driven demand for the MTC token, creating a supply squeeze that’s pushing the token’s value higher. As more users flock to the platform, the supply of MTC tightens, fueling a dynamic market environment. This scarcity, combined with active user participation, has positioned MTC as a sought-after asset, with growing confidence in its future potential.
Remarkable Achievements and Going Global
Matrix Chain's success isn’t confined to one region. The project has expanded its community footprint across Dubai, Malaysia, South Korea, Vietnam, Australia, Indonesia, and more. With a reported daily trading volume of $5.4 million on PancakeSwap, MTC is among the top three fastest-growing coins on the BNB Chain, boasting an incredible 920x increase. 
This growth speaks volumes about the strength of its community, which now includes 300,000 active users. And this is just the beginning—Matrix Chain has set its sights on reaching 100 million users by 2026, a goal that underscores its dedication to transparency, security, and user-centered innovation.
Vision 2025: Expanding Reach and Enhancing User Experience within the Ecosystem

Looking ahead, Matrix Chain is poised to drive the digital economy forward. By 2025, the ecosystem will be anchored by the advanced Matrix Wallet, the high-performance Matrix Exchange, and the groundbreaking Matrix Smart Chain. 
The PoS mechanism will ensure swift transactions, minimal fees, and exceptional scalability, laying the groundwork for Matrix Chain to become an integral part of everyday life.

Media Contact:
Company name: MATRIX CHAIN LTD (15332488)
Contact person: KUNDE, Jake
Email: support@matrixchain.space
Website: matrixchain.space
City: London
Country: United Kingdom

The deployment of the auto burn function is one of the long-term pledges by the developers.

The portal will only burn the base fees that customers pay.

The Shiba Inu ecosystem’s Shibarium is undergoing a massive transformation. The creators of the memecoin project have finally released the ShibTorch, a gateway for the automated burning of SHIB, after months of conjecture.

The deployment of the auto burn function is one of the long-term pledges made by the ecosystem developers. Even though the community was kept in the dark about the name and debut date of ShibTorch until today, it has not failed to impress.

Automated Burning

Moreover, to maintain its position as one of the leading meme coins, Shiba Inu prioritizes the burning of its surplus supply. In the past, the memecoin community’s goodwill was crucial in burning down the surplus of SHIB in circulation. The overall quantity burned might vary greatly since this burning is mostly done manually.

Shiba Inu has been fighting an uphill battle to be resilient as of late. Thanks to the stress of all this uncertain burning. With ShibTorch, things are about to change. The need of burning tokens rests on three pillars, as the team elucidated. Among these are measures to rein in inflation, cut down on supply to boost value, and reward holders with the possibility of future appreciation.

According to Lucie, the marketing executive, the portal will only burn the base fees that customers pay, as stated in the ShibTorch operating model. The burn contract will get this base charge first, and validators will receive payments second.

Furthermore, users may initiate a Shibarium burn procedure by amassing BONE. Last but not least, the BONE gets burned from circulation after being converted to SHIB on Ethereum. Even if manual burning is no longer an option, the majority of ShibTorch’s functionality is still determined by the community.

Highlighted Crypto News Today:

Ripple (XRP) Price Slips as Holders Take Profits

The Franklin Crypto Index ETF will follow the CF Institutional Digital Asset Index’s performance.

The first crypto index ETF to apply for approval was the Hashdex Nasdaq Crypto Index ETF.

According to a filing made on August 16 with the U.S SEC, asset manager Franklin Templeton is planning to introduce a new exchange-traded fund (ETF) that would serve as a comprehensive cryptocurrency portfolio. According to the paperwork, the Franklin Crypto Index ETF will follow the CF Institutional Digital Asset Index’s. Which now only includes BTC and ETH performance.

Furthermore, the ETF may hold more varieties of cryptocurrencies in the future. But according to the filing, it will invest in digital assets in proportion to their weights in the underlying index in order to reach its investment goal.

Next Natural Move

Moreover, with the introduction of Bitcoin ETF in January and Ethereum ETF in July, crypto index ETFs are quickly becoming the focus of crypto ETF issuers. Also, Franklin Crypto Index ETF is one of the first to join this trend. The first crypto index ETF to apply for regulatory approval was the Hashdex Nasdaq Crypto Index ETF. And now the new index ETF by Franklin will compete with it.

Since indices are efficient for investors, the next natural step is index exchange-traded funds (ETFs), such as the S&P 500 ETF. When it comes to cryptocurrency, this will remain unchanged, according to Katalin Tischhauser, head of investment research at Sygnum.

Since the Securities and Exchange Commission (SEC) has only approved BTC and ETH to be included in ETFs so far. Tischhauser said that crypto index ETFs are now confined to just two digital currencies.

With $25 billion in AUM, Grayscale is the biggest crypto fund issuer. They have hinted that they would be interested in getting in on crypto index ETFs.

Highlighted Crypto News Today:

Ripple (XRP) Price Slips as Holders Take Profits

A lot of people are trying to get formal permission, but it’s still a tough procedure.

Leading figures in the crypto world have taken notice of Turkey’s burgeoning market.

A number of prominent cryptocurrency exchanges, including KuCoin and Coinbase, have recently filed for crypto licenses in Turkey. Since August 9, when 47 exchanges, including Binance and OKX, among others, filed for the license, 29 more crypto exchanges have applied, according to the most recent update from Turkey’s Capital Markets Board (CMB).

Leading figures in the digital asset world have taken notice of Turkey’s burgeoning cryptocurrency market. It is worth mentioning that a number of prominent cryptocurrency exchanges, such as Coinbase and KuCoin, have recently submitted licensing applications. This shows how serious the big firms are in breaking into the Turkish market.

Regulatory Compliance

Another factor contributing to the recent uptick in applications is the “Law on Amendments To The Capital Markets Law” that Turkey enacted at the beginning of July. Service providers in the country’s cryptocurrency market were the primary targets of this regulatory posture.

The number of exchanges requesting the license has skyrocketed since the regulation was enacted, according to the CMB report. Major participants like Coinbase and KuCoin were not on the list of 47 exchanges that have applied as of August 9. The list includes OKX, Binance, and others. With the addition of the participants, however, the most recent update revealed that the number has risen to 76.

A lot of people are trying to get formal permission, but it’s still a tough procedure. Being included in the “List of Those in Operation” does not ensure quick clearance, as the CMB has stressed. However, it points towards how crypto exchanges are taking regulatory compliance seriously in recent times.

Highlighted Crypto News Today:

Ripple (XRP) Price Slips as Holders Take Profits

The goal of this MoU is to enhance current and future efforts pertaining to digital credentials.

The MIMOS has inked a MoU with the crypto project’s foundation, Tools for Humanity.

Sam Altman’s Worldcoin is back in the news after forming a partnership with MIMOS Berhad, the applied research and development arm of the Malaysian government. Official statements from both organizations have been publicized today, announcing their partnership to promote digital proof of humanness across Malaysia.

The country’s digital infrastructure is set to be upgraded to include the cutting-edge technology from the AI project. Which is happening at a time when AI-related technologies are being adopted at a rapid pace throughout the world.

Banking on Digital Proof of Humanness

As per a Worldcoin official announcement on X today, August 16, the MIMOS has inked a memorandum of understanding (MoU) with the crypto project’s foundation, Tools for Humanity (TFH), and MyEG, a well-known e-government services provider, to incorporate the AI project’s technology into the nation’s digital infrastructure.

Moreover, the goal of this memorandum of understanding is to enhance current and future efforts pertaining to digital credentials. By using the protocol and TFH technologies developed as part of the AI project. Also, the corporation went on to say in its press statement that this proves digital proof of humanness is important in this AI era.

Furthermore, the Malaysian operations of Sam Altman’s AI meets crypto project will provide users with access to humanness verifications. Via the use of TFH’s state-of-the-art iris imaging technology, as per the terms of the MoU. This tech is known as the World Orb.

In addition, the collaboration will grow into other important domains. Such as joint Orb production and connecting World Chain to the national blockchain infrastructure of Malaysia.

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Ripple (XRP) Price Slips as Holders Take Profits

XRP price drops 5% in a week, trading at $0.55 due to increased profit-taking.

MVRV ratio at 48% indicates overvaluation, prompting holders to sell.

Technical indicators suggest a potential drop to $0.52 or recovery to $0.60, depending on demand.

Ripple (XRP) has experienced a notable decline over the past week amidst mixed market conditions. This price action comes as a direct result of XRP holders capitalizing on the profitability of recent daily transactions, contributing to a sustained sell-off.

The Market Value to Realized Value (MVRV) ratio, a key metric for assessing an asset’s valuation, currently stands at 48% for XRP. This elevated figure suggests that the token is trading well above its average acquisition cost, a situation that often prompts holders to liquidate their positions for profit.

The MVRV ratio’s current reading indicates that a substantial portion of XRP holders are in the green, fueling the ongoing wave of token distribution.

XRP traders cashing out

Complementing the MVRV data, XRP’s Network Realized Profit/Loss (NPL) metric has consistently registered positive values since the beginning of the month. This trend confirms that the majority of XRP traders are closing their positions at a profit, further exacerbating the selling pressure on the token.

Source:  Santiment

The NPL’s positive readings serve as a clear indicator of the market’s profit-taking sentiment, which typically creates downward pressure on an asset’s price.

The exodus of liquidity from the XRP market is further evidenced by the negative Chaikin Money Flow (CMF) indicator. Since August 11, the CMF has remained below the zero line, signaling ongoing market weakness.

When coupled with a declining price, a negative CMF often portends an extended downturn, raising concerns about XRP’s near-term price trajectory.

Looking ahead, the coin’s price action will likely be dictated by the interplay between ongoing profit-taking and potential new demand. In the absence of a major influx of buyers to counterbalance the current selling pressure, XRP could see its price retreat to the $0.52 level.  

The cryptocurrency market is witnessing a significant influx of liquidity following the minting of $1 billion USDT by Tether Treasury. This minting event brings Tether’s total issuance to an impressive 23 billion USDT over the past year, marking a substantial increase in market liquidity and investor confidence.

This fresh minting has led to a substantial transfer of USDT stablecoins to major centralized exchanges. In particular, Cumberland, a prominent trading firm, moved $183.2 million USDT immediately post-mint to various exchanges. Since August 5, Cumberland has injected $906.7 million USDT into exchanges such as Coinbase, Kraken, OKX, and Binance. 

This latest minting follows similar large-scale issuances, including a $1 billion USDT mint in July and a $3 billion USDT mint in March, both of which influenced the price movements of Bitcoin and other cryptocurrencies. 

Adding to the liquidity influx, Circle has also been actively minting USDC. Recently, $102,329,362 USDC was minted at the USDC Treasury on August 12, following a $250,000,000 USDC mint on August 8. 

The combined $1.35 billion injection of USDT and USDC into the market is expected to significantly impact the overall market environment, particularly emerging projects like DigiHorse (DIGI). 

DigiHorse (DIGI) Gains Traction Amid Market Activity

Amid these liquidity movements, DigiHorse (DIGI), an innovative platform offering AI-powered NFTs and blockchain-based racehorse gaming, has been gaining traction. With its unique offering and ongoing presale, DigiHorse has positioned itself as a promising alternative in the crypto space. 

The presale, which offers 450,000,000 DIGI tokens, is projected to reach a value of $33.75 million as the token price rises from $0.003333 in Stage 1 to an anticipated $0.075 at listing. This significant potential return is drawing attention from investors looking for the next big opportunity in the crypto market.

DigiHorse’s play-to-earn model, coupled with evolving NFTs that adapt and grow, is generating excitement among investors and gaming enthusiasts alike. The platform’s innovative approach is setting it apart from other projects, making it a key player to watch as the market continues to evolve.

As the market adapts to the influx of liquidity, DigiHorse (DIGI) stands to benefit from the rising investor activity, solidifying its position as a promising alternative in the blockchain gaming space. 

For more information and to participate in the DigiHorse (DIGI) presale, visit the official DigiHorse Empires website.

Twitter: https://x.com/DHorseEmpires

Telegram: https://t.me/DigiHorseEmpiresOfficial

Website: https://digihorseempires.io

Presale: Join Now

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Thursday marked the end of a three-day positive flow run for U.S. spot Ethereum ETFs.

$42.52M left the Grayscale’s ETHE fund, continuing the trend of withdrawals.

On Thursday, spot bitcoin ETFs had inflows of $11.1 million, while U.S. spot ether ETFs witnessed net outflows of $39.2 million. The $42.5 million that left Grayscale’s ETHE fund shows that outflows have persisted. Thursday marked the end of a three-day positive flow run for U.S. spot Ethereum exchange-traded funds, as $39.21 million left.

According to statistics from SosoValue, $42.52 million left the Grayscale Ethereum Trust (ETHE) fund, continuing the trend of withdrawals. On Thursday, it reported the only outflow of any spot ether ETF.

Following a mild $2.26 million net inflow the day before, the second-largest spot ether ETF by net assets, the Grayscale Ethereum Mini Trust (ETH), had no flows on Thursday. Net inflows to Fidelity’s FETH were $2.54 million, while BlackRock’s ETHA received $770,350. There was no activity in the other ETFs.

A significant increase over Wednesday’s and Tuesday’s total daily volumes of $155.91 million and $190.76 million, respectively, brought the total daily volume of the nine ETFs to $240.58 million on Thursday. 

Inflows Recorded for Spot Bitcoin ETF

Thursday saw modest inflows of $11.11 million into the 12 U.S. spot bitcoin ETFs, down from net outflows of $81.36 million the previous day.

There were no transactions on Thursday in BlackRock’s IBIT, the biggest spot bitcoin ETF by net assets. The previous two days saw net inflows of $2.68 million and $34.55 million, respectively. 

Only one exchange-traded fund (ETF) reported negative flows; $25.03 million left Grayscale’s GBTC. Its outflow streak was prolonged to the eleventh day by this. Thursday saw a total trading volume of $1.79 billion for these spot bitcoin ETFs, up from $1.3 billion the previous day.

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Chainlink Hovers Around $10 as LINK Struggles to Regain Momentum

More than 25,000 participants gave the proposal an unanimous 91% approval.

At its heart, the proposal is about making the Arbitrum (ARB) token more useful.

With the goal of increasing the ARB token’s usefulness and fortifying governance security, the Arbitrum DAO has green-lit a temperature check proposal. After more than 25,000 participants gave the proposal their unanimous 91% approval, on Aug. 15 the onchain voting came to a close.

At its heart, the proposal is about making the Arbitrum (ARB) token more useful by making it possible to stake ARB. But for the time being, it does not go so far as to pay out fees to token holders. On the contrary, it uses the Tally protocol to introduce liquidity-staking ARB token (stARB).

In order to stake and delegate their ARB tokens, users may use the staking mechanism, which allows them to trade their tokens for stARB, which stands for their stake. The stARB token is compatible with a number of decentralized finance (DeFi) apps, has restaking options, and allows automated compounding of future payouts.

Boosting Engagement

The goal of this strategic undertaking is to get more people involved in the Arbitrum ecosystem. Token holders may increase their eventual eligibility to collect excess sequencer fees by actively delegating and staking ARB tokens.

The present low levels of involvement in the DAO are addressed by this technique, which is meant to encourage voting. The proposal brings attention to a critical issue: the ARB token’s poor performance in terms of value accumulation. There has been a decrease in voter engagement since the DAO’s creation, and fewer than 1% of ARB tokens are now active inside the onchain ecosystem, according to the proposal.

The proposal’s emphasis on avoiding any assaults on governance is another important feature. The Arbitrum treasury is becoming a more tempting target for those with ill intentions as it continues to expand.

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Dubai Court Validates Cryptocurrency Wages in Landmark Ruling

Chainlink (LINK) hovers around $10, down over 25% over the past month.

Futures traders show bearish sentiment with negative Funding Rate.

Technical indicators suggest potential for further decline to $8.06 or recovery to $12.32.

Chainlink (LINK) finds itself at a critical juncture as it grapples with persistent market volatility and conflicting investor sentiment. The cryptocurrency has been trading in a narrow range around the $10 mark for several days, reflecting a significant 25.91% decline over the past month.

This price action has left both long-term holders and short-term traders pondering LINK’s next move in an increasingly uncertain market environment.

Recent data from Santiment reveals a notable shift in trader sentiment, with the Funding Rate plummeting to -0.015%. This metric, which serves as a barometer for market expectations, suggests a growing dominance of short positions.

The transition from a predominantly long market stance to a brief period of short-biased trading between August 14 and 15 coincided with a price drop from $10.72 to $9.93, followed by a modest rebound.

Source:  Santiment Chainlink shows potential downside pressure

The Liquidation Heatmap offers further insights into potential price movements, highlighting liquidity clusters that could influence LINK’s trajectory. Significant concentrations around $9.88 and $9.97 suggest potential downside targets if selling pressure intensifies.

Conversely, liquidity hotspots at $10.39 and $10.86 present possible upside targets should buyers regain control of the market.

From a technical perspective, Chainlink’s price action paints a cautionary picture. The cryptocurrency has been trading within a descending channel since late July, accompanied by declining On Balance Volume (OBV) and Chaikin Money Flow (CMF) indicators.

These metrics point to increased distribution and waning buying pressure, reinforcing the bearish narrative surrounding LINK.

The current distribution phase suggests that Chainlink is struggling to attract the liquidity necessary to break out of its downtrend. If this pattern persists, LINK could face further downside pressure, potentially testing support levels as low as $8.06.  

The decision in case number 1739 of 2024 represents a change in approach.

This demonstrates a progressive approach to incorporating digital currencies.

The decision by the Dubai Court of First Instance to acknowledge crypto wage payments as legitimate under employment contracts is a major development in the UAE judiciary’s views on crypto.

According to Irina Heaver, a partner at the UAE legal company NeosLegal, the decision in case number 1739 of 2024 represents a change in approach from the court’s previous position in 2023. When a comparable claim was rejected due to the absence of specific value for the cryptocurrency in question.

Progressive Approach

Moreover, according to Heaver, this demonstrates a “progressive approach” to incorporating digital currencies. Especially, into the economic and legal system of the region. An employee, according to Heaver, sued their company, alleging non-payment of salary, wrongful termination compensation, and other benefits.

A monthly wage of 5,250 EcoWatt tokens and a fixed amount of fiat currency were both included in the employee’s job contract. The employer’s failure to pay the employee’s token amount of their wage within the six-month period gave rise to the dispute.

The court recognized the incorporation of the EcoWatts tokens into the agreement in 2023. Unfortunately, the employee didn’t provide a clear way to value the cryptocurrency in fiat terms. Thus it couldn’t enforce the payment in crypto.

Heaver added that this ruling demonstrated a more conventional perspective. By highlighting the need for hard proof when dealing with non-traditional payment methods.

But according to the attorney, things improved in 2024. When the court sided with the worker and mandated that the crypto salary be paid out in accordance with the employment contract, without turning it into fiat.

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Ghana Proposes New Stringent Regulations for Crypto Exchanges

Ethereum (ETH) remains consolidated within the $2.6K range.

ETH’s fear and greed index suggests fear sentiment in the market.

As in the mid of August, Ethereum (ETH), has witnessed significant bearish momentum over the past weeks. This largest altcoin struggles to break through the oscillating price range and chooses to consolidate within $2,600-2,700. 

Last week on August 5, ETH declined to its seven-month low at the $2.1K range. Gradually, it recovered from the dip and traded above $2.5K. Over the last 24 hours, ETH has slipped down by 0.24%. At the press time, ETH traded at $2,614 with a market cap of $314 billion. Meanwhile, the daily trading volume is slightly up by 0.11%, noting $15.98 billion, as per CoinMarketCap data.

Notable ETH Moves of the Week

Notably, the US Republican nominee, Donald Trump, holds a portfolio of Ethereum valued between $1 million–5 million. As per Arkham Intelligence data, Trump’s wallet has approximately $1.29 million worth of ETH.

On the other hand, Ethereum co-founder Vitalik Buterin has recently donated 200 ETH, worth around $532,000 worth of ETH to the Effective Altruism Funds Animal Welfare Fund. This donation was funded by selling off meme-themed, Ethereum-based tokens sent to him over the past year. 

The US spot Ethereum ETFs recorded the least weekly inflow of $4.93 million on Monday, according to Sosovalue data. And the weekly total net inflow was noted at $836.54K, with total net assets worth $7.16 billion. 

Meanwhile, over the last 24 hours, Ethereum observed a $56.92 million liquidation as per the crypto data platform, CoinGlass. 

Can ETH Break the $2.7K Resistance? 

ETH observed a low of $2,226 with a notable decline of 22.32% over the last month, continuing its fall over the past week with a 2.13% plunge. The asset has fallen from $2,761 to $2,533. 

Besides, the daily frame of ETH indicates that it is briefly in bearish momentum as the short-term 9-day (9MA) and 21-day (21MA) moving averages are above the current price at $2,637 and $2,814, respectively. Meanwhile, the daily relative strength index (RSI) is found at 40.46, seemingly approaching the neutral zone. 

ETH price chart (Source: TradingView)

The initial resistance can be found at $2,708, if ETH revival befalls. An upside break might further send the price higher toward the $2.8K resistance zone. If Ethereum could not climb above the key resistance, the major support on the downside might be at $2,534. A potential downfall might push the price to $2,425. 

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Bybit Acquires VASP License to Operate in Argentina

Tron network hit a new annual high of recording 7.99 million transactions.

The network’s revenue has exceeded Ethereum’s revenue by 50%.

The Tron network founded in 2017 maintained an average of 7 million transactions per day with over 8.2 billion transactions. This network has now recorded an impressive 7.99 million daily transactions last week. The low gas fee of the network is one of the major reasons for the high number of transactions.

Justin Sun, in his official X post that was posted on August 14th, said:

“The gas fee has already been reduced to 2 TRX. We’ll monitor it over the next few days, and if everything is OK, it may be further reduced to 1 TRX”. 

According to Lookonchain, some traders have made 100x profit trading memecoins on the network. Trader “TEP7…T1da” has benefited from a 104x gain by spending 5000 TRX to buy 6.87M SUNDOG and sold 4.57M for 522,840 TRX making $67.3K in remarkably less time. The trader is said to hold $76K worth of SUNGOG.

Tron Network Exceeds Ethereum Revenue

Source: Token Terminal

Tron network now has more revenue than Ethereum and a few other major networks. Over the past few days, the Tron network has accumulated $34.6M by passing Ethereum’s revenue of $5.51M in the past 7D, according to data from Token Terminal. In the last 90 days, the Tron network has accumulated $434 million in fees compared to Ethereum’s roughly $364 million.

Justin Sun, CEO of TRON has also highlighted that if the trend continues, TRON’s protocol revenue could surpass $2 billion this year, making it the most profitable blockchain network. 

Source: CoinMarketCap

At the time of writing, TRX is currently trading at $0.1318 showing a 0.01% decrease. As the tenth biggest altcoin per market cap, TRX has a trading volume of $329M and a 2.53% increase in the past 24 hours as per CMC. It shows a persistent upward journey amidst the market volatility.

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