DEAR FOLLOWERS, WE HAVE ENTERED THE LAST 8 DAYS AT THE EVENT. ‼️

REGULAR VOTERS EVERY DAY WILL RECEIVE A REWARD WORTH $5 FOR EVERY DAY WHEN THE EVENT ENDS. 🍀🍀

I WILL DISTRIBUTE THE EARNINGS I MADE WITH NMR TO MY 5 FOLLOWERS AS $80. 💰

VOTE FOR ME WIN YOU 💸 THANK YOU FOR YOUR SUPPORT. 🥳 #Laraxenteam #LaraxenFamily #laraxen $NMR

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Ethereum Foundation's $100 million ETH transfer sparks controversy

The Ethereum Foundation's $100 million ETH transfer to cryptocurrency exchange Kraken has sparked controversy in the Ethereum ecosystem. The foundation's executive director, Aya Miyaguchi, said the transfer was made for annual expenses. While the foundation was criticized for not being transparent, the budget was also high.

The echo of the Ethereum Foundation's transfer of 35 thousand ETH worth nearly $100 million to cryptocurrency exchange Kraken last night continues.

No explanation was given until the reactions grew
While Ethereum users and investors were heavily questioning what the transfer was made for, the first official statement on this subject came from Aya Miyaguchi, the foundation's executive director, after increasing questions.

Miyaguchi said the transfer was made for the foundation's annual expenditures. Stating that most of these expenditures went to grant and salary payments, Miyaguchi said, “Some of the buyers only accept payments on fiat money.

This year, we were advised not to engage in any treasury activity due to legal difficulties for a long time, and we were unable to share the plan in advance.” Miyaguchi finally emphasized that this transaction is not a sales transaction, sales will be made in a planned and gradual way.
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PayPal and Anchorage Digital Launch Rewards Program for PYUSD Stablecoin

PYUSD was introduced by PayPal in 2023 as an ERC-20 token on the Ethereum blockchain.

PayPal has partnered with Anchorage Digital to introduce a rewards program for clients holding PayPal’s USD stablecoin (PYUSD).

The initiative applies to clients who use Anchorage’s services or the Porto institutional self-custody wallet to store their PYUSD holdings.

“PYUSD remains fully accessible and segregated in participants’ accounts on-chain for quick deployment,” the crypto bank said in an announcement.

“Importantly, this program presents a way to earn rewards without rehypothecation, staking, or lending involved.”

PYUSD is Backed 1:1 by US Dollars

PYUSD was introduced by PayPal in 2023 as an ERC-20 token on the Ethereum blockchain, backed 1:1 by US dollars and issued by Paxos Trust Company, a regulated crypto custodian in the US.

The stablecoin aims to compete with other prominent dollar-backed stablecoins like the USD Coin from Circle Internet Financial. #Laraxenteam #laraxen #LaraxenFamily

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Block generated $2.6 billion in Bitcoin revenue in Q2, bringing its total Bitcoin sales to over $5.3 billion for the year.

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JUST IN: Jerome Powell signals that interest-rate cuts are imminent, stating the central bank plans to act to prevent further weakening of the U.S. labor market.

“We do not seek or welcome further cooling in labor market conditions. The time has come for policy to adjust.”
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Tether Scraps Plans to Launch its Own Blockchain for USDT

The decision is driven by a saturated market and the principles of supply and demand.

Tether Holdings, the issuer of the world’s largest stablecoin USDT, has decided to scrap plans to launch its own blockchain.

The decision is driven by a saturated market and the principles of supply and demand, Paolo Ardoino, chief executive officer at Tether, said in an interview with Bloomberg News.

Ardoino explained that despite Tether’s strong technological capabilities, the market is already crowded with blockchains.

“We are very good in technology, but I think blockchains will become almost a commodity in the future,” Ardoino stated.

There Are Already Well-Established Blockchains
Ardoino further noted that launching a blockchain might not be the right move for Tether, especially when there are already several well-established and effective blockchains available.

With a market cap of $117 billion, USDT plays a crucial role in global crypto trading and remittances.
Given Tether’s vast resources, launching its own blockchain could have been a feasible endeavor.
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Kamala Harris considers Gary Gensler as Treasury Secretary if she wins the election. (Washington Reporter)

Powell will message this week that the Fed is open to 50 basis points calts. (Evercore)
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Chris Pavlovski :

I’m a little late to this, but for good reason — I’ve just safely departed from Europe.

France has threatened Rumble, and now they have crossed a red line by arresting Telegram’s CEO, Pavel Durov, reportedly for not censoring speech.

Rumble will not stand for this behavior and will use every legal means available to fight for freedom of expression, a universal human right. We are currently fighting in the courts of France, and we hope for Pavel Durov’s immediate release.

#TelegramCEO #Laraxenteam #laraxen #LaraxenFamily

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Grayscale Investments announced the launch of the Grayscale Avalanche Trust on Thursday, providing accredited investors with a new opportunity to gain exposure to cryptocurrency.

According to a Grayscale Investments press release, the newly established trust focuses on Avalanche (AVAX), a blockchain platform designed to optimize scalability, security, and decentralization.

Grayscale Brings AVAX for Accredited Investors
The Trust is now open for daily subscription and operates similarly to Grayscale’s other single-asset investment trusts. It concentrates solely on investing in the AVAX token, which powers the Avalanche network and is also known for its role in facilitating real-world asset (RWA) tokenization. $AVAX
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They short Bitcoin so much that they do their best to trigger short squeeze, it's interesting. Some of the longs were closed, around 60,700, they had the rest closed, they did not fill it and continued, they preferred to eat the shorts without eating all the longs, frankly, it was not something I expected because they got used to it, they have done the same thing for days and now they have faked it.

On the spot side, Binance continues to buy, Coinbase was already in the buyer position after the decline, which continued to add.

The price has passed the gray box, it will now operate as a 62K support level. $BTC
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What you need to know before Fed chairman Powell's speech today

Markets await Fed chairman Jerome Powell's speech at Jackson Hole. It is described as “the most risky speech of the year”.

This talk will take place in an environment where concerns that the Fed is late for interest rate cuts are growing and this situation is increasing the pressure on the Fed. According to the Washington Post, Powell will give the riskiest speech of the year.

Whether the Fed will cut interest rates in September is no longer a question. What is not known is whether this interest rate reduction will be 25 or 50 basis points. Powell avoided giving important details in his past Jackson Hole speeches. While the Fed president can give messages that an interest rate cut will be made in September, he can stay away from hinting about the size of the cut.

As of today, the markets predict that the Fed will reduce interest rates by 100 basis points by the end of the year. We have three meetings ahead of us, September, November and December. Therefore, in order for the market to be expected, a discount of 50 basis points is required in one of these meetings. Fed officials, on the other hand, have closed the door to this possibility in their speeches so far.

Prior to Powell's speech today, there was a significant development regarding employment data. The Department of Labor announced that the US economy created 818 thousand less jobs than the previously announced data in the 12-month period until March 2024. This downside employment data revision was recorded as the largest downward revision in the last 15 years. It also increased pressure for the Fed to lower interest rates.

#Laraxenteam #laraxen #LaraxenFamily

'50 basis points can leave an open door for a discount'
In a report released recently, investment bank Evercore suggested that Powell will give messages that will leave the door open to a 50-point discount.

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Upbit Temporarily Halts NEAR Transactions Ahead of Network Upgrade

Due to an upcoming network upgrade, Upbit has temporarily suspended deposit and withdrawal services for NEAR Protocol.

Upbit, one of the leading global cryptocurrency exchanges, has temporarily suspended deposit and withdrawal services for NEAR Protocol (NEAR) due to an upcoming network upgrade.

This suspension, scheduled to begin on August 26, 2024, is a precautionary measure to ensure the safety and security of users’ assets during the upgrade process.

While NEAR trading on the platform will continue uninterrupted, Upbit has advised users to avoid making any NEAR deposits during this period, as recovery may not be possible if issues arise.

NEAR Transactions Suspension and Network Upgrade

Upbit recently announced that it will temporarily halt NEAR Protocol deposits and withdrawals due to a scheduled network upgrade that aims to improve the blockchain’s performance and security.

The suspension will begin at 12:00 KST on August 26, 2024, and will remain in place until Upbit confirms the stability of the upgraded network.
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3 people who convinced Trump about Bitcoin revealed: The decision was made at the dinner in Puerto Rico

US presidential candidates Donald Trump's support for Bitcoin and cryptocurrencies was an unexpected development for the whole world. It turned out that David Bailey and his two friends were the ones who convinced Trump, who was against cryptocurrencies about 3 years ago, and the 3rd also held the "round table" meeting at Trump's home in Mar-a-Lago.

While the crypto and Bitcoin community supports Donald Trump in the US election, the Kamala Harris side still remains silent. While Trump was playing the crypto/Bitcoin card openly, especially for young people to get the game, it was revealed that 3 Bitcoin maximalists brought him to this situation.

CNBC from the US media reached the details of how Trump became a supporter of Bitcoin and cryptocurrency in a short time.

It was stated that those who convinced a person like Trump who was against Bitcoin in the past were David Bailey, CEO of Bitcoin Magazine, Amanda Fabiano, known as the shadow leader of Bitcoin mining, and Tracy Hoyos-Lopez, a former California prosecutor. All three people lived in Puerto Rico and were neighbors.

The dinner in Puerto Rico was decided

These 3 people, who live in Puerto Rico, a small island in the Caribbean Sea, took action at the suggestion of David Bailey while they were eating a family meal in at the beginning of July. Bailey said, “I've been in contact with the Trump administration for a while. I'm thinking of a meeting to tell them about Bitcoin mining. Shall we talk about this?” He said.

Bailey also knew that a very serious donation commitment was needed to convince Trump. Therefore, approval should have been obtained from mining companies. #laraxen #Laraxenteam #LaraxenFamily

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Here are the pros and cons of crypto futures:

Pros:

• Leverage: Ability to open large positions with a small capital.
• Dual-Sided Profit: Potential to profit in both rising and falling markets.
• Volatility: Opportunity for significant gains from rapid price movements.

Cons:

• High Risk: Leverage can lead to substantial losses.
• Volatility: Rapid price movements can result in sudden losses.
• Lack of Regulation: Less regulated markets can pose additional risks. #futures #Laraxenteam #LaraxenFamily #laraxen

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A first in the stable coin market after 2.5 years: It was 168 billion dollars

The total market capitalization of stablecoins, which have a very important place in the cryptocurrency world, exceeded $168 million and broke the all-time record. According to DefiLlama data, the market, where algorithmic stablecoins are excluded, grew by 0.8% last week.

The entire stablecoin market, where algorithmic stablecoins are excluded, broke a record after 2.5 years. Stablecoins reached a total market capitalization of $168 billion. The record was last March of 2022 with $167 billion. Corresponding to the time when the Russia-Ukraine war started, there was also the Terra LUNA crisis and Bitcoin had fallen to 17 thousand dollars. The balances, which were tied to 1 dollar in the stable coin market, were broken for many coins.

According to DeFiLlama data, the market managed to break its record with a growth of 0.8% over the weekend. The fixed coin market, which fell to 120 billion dollars in October 2023, was on the rise as of 2024.

'It points to corporate trust'

BTCMarkets analyst Rachael Lucas, who made evaluations to The Block, stated that the institutional world's confidence in cryptocurrencies may be behind this increase:

“Usually, those looking for stability in uncertain market conditions see stablecoins as safe havens. In addition, increasing interest in stablecoins also indicates that institutional investors' confidence in the crypto market has also increased. Because stablecoins are used a lot by institutional companies that switch between traditional markets and crypto.
Big rise in USDT

While USDT, the largest stablecoin, maintained this position by far, this year it increased its market cap by 28% and increased from $91 billion to $118 billion. USDT also currently owns 70% of the total stablecoin market...

#Laraxenteam #laraxen #LaraxenFamily

Indian Government Panel to Roll Out Crypto

Consultation Paper, in a Broader Regulatory Push

Report

The crypto consultation paper will be launched between September-October, 2024.

The Indian government is reportedly planning to roll out crypto consultation paper in September-October 2024, per a local report.

CNBC reported on Thursday that an exclusive panel led by the Secretary of the Department of Economic Affairs (DEA) will release the consultation paper. The paper will seek comments from industry players and stakeholders regarding the regulatory treatment of crypto assets in India.

Sources noted that the move aims to foster the government's "ongoing efforts" to bring a regulatory clarity to crypto assets.

The news arrives weeks after India's Ministry of Finance said no plans to regulate the sale of crypto assets. However, it said that Virtual Digital Asset Service Providers (VDASPs) are reporting entities anti-money laundering (AML) purposes. Last year, the Financial Stability Board (FSB)
advanced policy and regulatory recommendations for cryptos, which were incorporated into the G20 roadmap.

The country's Finance Ministry also announced to consider country-specific characteristics and risks before implementing any crypto regulatory measures. As reported earlier, the country's Finance Minister highlighted the global cooperation on crypto policy regulations at the G20 Finance Minister-Central Bank Governor meeting in Maracas (Morocco), held under India's presidency.

In a previous conversation with Cryptonews, Saravanan Pandian, Founder and CEO of KoinBX crypto exchange, said that there's "certainly potential for positive change in India's crypto policy in the near future."

India's crypto policy framework goals indicate "willingness to engage with the growing importance of crypto assets," he added. $BTC #laraxen #Laraxen Family #Laraxenteam

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Crypto Investment Inflows Surged Last Week Following Powell’s Speech.

CoinShares reports massive crypto investment inflows, fueled by Powell's rate cut hints. Bitcoin and Ethereum ETFs see mixed flows.

Crypto investments saw a significant influx of capital last week, marking the largest inflows in five weeks, according to the CoinShares’ Digital Asset Funds Weekly Report published on Aug. 26.

The asset manager revealed that digital asset investment products saw inflows totalling $533 million for the week from Aug. 18 to Aug. 24, largely driven by remarks made by Federal Reserve Chairman Jerome Powell at the Jackson Hole Symposium on Aug. 23.

Crypto Assets Fund Flows Surge on Positive Outlook

In his speech, Powell discussed the progress made in reducing inflation and cooling the labor market while avoiding a sharp increase in unemployment. Overall, the speech conveys confidence in the Fed’s ability to achieve its dual mandate of price stability and maximum employment.

Powell’s suggestion that the first interest rate cut could occur in September sent a positive signal to the digital asset market, leading to a strong preference for Bitcoin (BTC). The cryptocurrency saw inflows of $543 million, underscoring its sensitivity to interest rate expectations.
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Kamala Harris front gave green light: First statement on crypto

The first sign of crypto came from the Kamala Harris front. The campaign's policy adviser, Brian Nelson, said Harris would support measures to help the crypto industry grow.

Kamala Harris' policy adviser has announced that the presidential candidate will support measures to help the cryptocurrency sector grow.

Asked about Harris' attempts to engage with the crypto community, Brian Nelson, the campaign's senior policy advisor, said, “It will support policies that will ensure emerging technologies and such industries continue to grow.”

According to Bloomberg, Nelson talked about their meetings with industry representatives in the continuation of his words. “They said it was one of the issues they needed to be consistent with the rules,” Nelson said, pointing to Harris' speech last week, which laid out the essentials of economic policy.

In his speech, Harris promised that he would focus on reducing unnecessary bureaucracy and unnecessary bureauctratic regulations when not specifically mentioning cryptocurrencies, and promoting innovative technologies while protecting consumers.

Harris' rival, Donald Trump, fully embraced cryptocurrencies. When Trump takes office, he said he would loosen his crypto regulations, fire SEC chairman Gary Gensler, and make the U.S. a “Bitcoin superpower.”

On the other hand, crypto companies have created $250 million in funds to support pro-crypto policying names. So far, $119 million has been spent. Crypto companies' spending is reportedly in second place among election spending. #Laraxenteam #laraxen #LaraxenFamily

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How does the biggest employment revision in 15 years affect the Fed?

The employment revision, which the markets are eagerly waiting for, was announced today with a delay of half an hour. Estimates by Goldman Sachs and Wells Fargo, the leading banking institutions of the USA, said that the downward revision would be between 600 thousand and 1 million. The Ministry of Labor reported this figure as 818 thousand.

Accordingly, it turned out that 818 thousand fewer jobs were created than previously announced during the 12-month period until March 2024. Thus, this was the largest downward revision since 2009.

The latest data showed that the labor market was not as strong as the Bureau of Labor Statistics, which is affiliated with the Ministry of Labor, announced. Thus, it put more pressure on the Fed to lower interest rates. “Investors should expect the Fed to prepare the markets for a rate cut in September,” said Jeffrey Roach, chief economist at LPL Financial.

Navy Federal Credit Union corporate economist Robert Frick commented, “Revisions are not shocking, but this puts additional pressure for the Fed to lower interest rates.”

With today's data, positions that the Fed will lower interest rates next month have increased. Investors expect interest rates to be reduced by 25 basis points next month. On the other hand, the probability of a discount of 50 basis points has also increased. Markets started to price the probability of this scenario at 30 percent.

Eyes are now turned to Fed chairman Jerome Powell's speech at Jackson Hole on Friday. #laraxen #Laraxenteam #LaraxenFamily

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Crypto Pyramid Scheme Mastermind Extradited to China from Thailand

The scheme lured victims by issuing virtual digital currencies and promising them high returns on their investments.

Crypto pyramid scheme mastermind Zhang Moumou has been extradited from Thailand to China after an international manhunt.

According to a report from local Chinese media outlet The Paper, the incident marks the first successful extradition of an economic crime suspect from Thailand under the China-Thailand Extradition Treaty, signed in 1999.

Since 2012, Zhang led the MBI Group, a criminal organization that operated a sophisticated online pyramid scheme.

The scheme lured victims by issuing virtual digital currencies and promising them high returns on their investments.

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