The crypto market is in a wave of negative momentum, with the total market cap down 3% to $2.9 trillion. Bitcoin and Ethereum have been at the forefront, with price dips of 14% and 17%, respectively. Other altcoins like Solana (SOL) and Polkadot (DOT) have not been spared and have experienced price downturns. Amid these market moves, Pawfury (PAW) is garnering attention with its presale, touted as a promising opportunity for those looking for clearer returns in the often unpredictable crypto landscape. 

Pawfury (PAW) – The New Rising Star 

Pawfury (PAW) is making a significant impact as the newest entrant in the cryptocurrency market. Its innovative features and strong community backing have quickly positioned it as a formidable contender. Pawfury (PAW) is attracting substantial interest from investors seeking fresh opportunities. As it continues to gain traction, Pawfury (PAW) promises robust growth and a dynamic presence in the evolving crypto landscape.

Join Presale at a Discount on the Official Site

Staged Pricing Benefits for Pawfury Investors Pawfury’s presale, designed with investor benefits in mind, ensures fair token distribution through its staged pricing structure. Early participants can purchase tokens at lower costs, thanks to the incremental pricing. This approach generates excitement and attracts capital, boosting liquidity and market stability.To celebrate its success, investors can now enjoy a 10% extra bonus on their first purchase on Pawfury using the promo code “EXTRA10X” for a limited time.

Presale is Live, Learn More About Major Benefits

Solana (SOL): Battling Bearish Pressure Amid Support Breakdown

Solana (SOL) experienced a price drop of over 8% in the last 24 hours. This decline led to a major breakdown of the crucial support level at $157. With the support level breached, SOL is turning bearish, now heading towards the $125 mark. This price drop is attributed to the breakdown of the support.

Source: TradingView

Despite the substantial liquidation in the last 24 hours, the upcoming liquidation levels are at $146 on the lower side and $162 on the higher side. If market sentiment remains unchanged and SOL drops to $146, nearly $40 million in long positions could be liquidated.

Conversely, if the market sentiment shifts and SOL reaches $162, nearly $147 million in short positions could be liquidated. Expert technical analysis indicates that SOL is bearish, having broken down crucial support and the 200 Exponential Moving Average (EMA) in a 4-hour timeframe. Assets below the 200 EMA in this timeframe signal potential bearishness.

Polkadot (DOT): Struggling Below Critical Levels

Polkadot ($DOT) has dropped double figures in the past week, slipping below its crucial trading level of $5.00. This dip meant buyers were unable to take control of Polkadot ($DOT), sending the coin down below its critical $5.00 trading level.

Source: TradingView

However, indicators like the 3-10 day MACD oscillator are hinting at a possible deceleration in momentum, as the oscillator shows stalling signs around the $4.75 area. This could mean that the ascent of DOT may require a strong catalyst to breach the $4.85 resistance convincingly.

Should the tide turn, the asset’s supports at $4.52 and $4.42 are the immediate cushions that may hold back a retreat. A slip below these could see Polkadot (DOT) testing the third support at $4.35. It’s critical to observe the moving averages as well; a sustained fall could see DOT challenging the $4.18 level where the price has previously stalled. 

Conclusion: Opportunities Amid Market Turbulence

The crypto market is currently bearish, with Solana and Polkadot, two major players, suffering major value losses. While Pawfury stands out among these options with its lucrative presale and 10% extra bonus, it is important that investors do their own research and due diligence. 

Thoroughly evaluating the risks, understanding market conditions, and considering individual financial situations will help ensure well-informed investment decisions.

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.

ETH’s staking trend has decoupled from its price performance.

At the time of writing, the price of ETH is $2,539, down 23.41% in the last 7 days.

The percentage of supply staked ETH hit a record high of 27.95%. This follows a little decline two weeks earlier, on July 21, when it fell from 27.58% to 26.82%—a decline of 0.76%. Not only has it recovered since then, but it has also exceeded its prior records. Significantly, there has been a 1.9% rise in the proportion of ETH staked since the debut of the ETH ETFs.

It is worth noting that ETH’s staking trend has decoupled from its price performance, which is comparable to the pattern in the Bitcoin network’s transaction count. At the time of writing, the price of ETH is $2,539, down 23.41% in the last 7 days as per data from CMC. But the percentage of ETH staked has gone up by almost 2%, from 26% to about 28%.

Steady Rise

Considering there are 120.25 million ETH in circulation at the moment, a 2% rise in staked ETH is now worth almost $7 billion. The effects on restaking and liquid staking protocols are a direct outcome of the steadily rising amount of ETH staked.

At the time of writing, the TVL of the liquid staking industry was $52.27 billion, up 60% from $32.68 billion at the beginning of the year. Surprisingly, the liquid restaking sector’s TVL increased from $1.34 billion to $18.65 billion, a growth of more than 1,200% in the same time frame.

Among the best achievers, Eigenlayer stands out with a TVL that increased from $1.4 billion in January 2024 to $15.97 billion in July, more than tenfold growth.

 Highlighted Crypto News Today:

Solana’s Trajectory In Question As Institutions Back Down

Tron (TRX) experiences a price decline over the past week amid broader market downturn.

On-chain metrics reveal increased holding time despite price drop, suggesting investor confidence.

Technical analysis indicates potential for price stabilization and recovery, with key levels identified.

Tron (TRX), despite its historical resilience, has not emerged unscathed from the recent cryptocurrency market correction. The digital asset has recorded a 10.51% decrease in value over the past seven days, coinciding with Bitcoin’s descent below the $50,000 threshold.

However, recent hours have shown signs of a modest recovery, prompting a closer examination of on-chain metrics and market sentiment.

Tron Coin Holding Time: A Measure of Investor Conviction

Intriguingly, Tron’s Coin Holding Time metric has displayed a remarkable surge of 324.40% during the same period that saw its price decline by 10%.

This on-chain indicator, which measures the duration cryptocurrencies remain in wallets without transactions, suggests that TRX holders have maintained their positions despite market volatility. Such behavior often indicates strong confidence in an asset’s future prospects.

While holder behavior paints an optimistic picture, broader market sentiment presents a more nuanced view. Tron’s Weighted Sentiment metric currently resides in negative territory, indicating a cautious stance among market participants.

Source:  IntoTheBlock

This disparity between holder behavior and overall sentiment highlights the complex dynamics at play in the TRX market.

From a technical perspective, TRX’s price action in July saw a rise from $0.10 to $0.14 before encountering resistance. Recent price movements have brought the token to $0.12. The formation of a potential ascending channel pattern could signal a move towards previous highs if sustained.

The Fibonacci retracement tool provides insights into potential support and resistance zones for TRX. Current analysis suggests that the token may attempt to retest the 61.8% golden ratio, which aligns closely with the $0.13 price level. This technical setup offers a framework for understanding possible price targets in the near term.

Leading Web3 payments infrastructure provider Transak has officially introduced wire transfers as a new payment option for US customers to buy cryptocurrency. For crypto aficionados throughout the country, the addition of wire as a payment option for purchases is a significant step toward improved accessibility and convenience.

Transak has redefined user choice and freedom by becoming the first and only fiat-to-crypto on-ramp to allow this payment option.

Wire transfers were added by Transak to provide more flexible payment options, enhancing the customer experience overall. Transak wants to make sure that everyone can find a comfortable way to conduct cryptocurrency transactions by supporting universal accessibility across a range of currencies and payment methods. Wire transfers are often associated with bank transactions for customers in the United States, therefore this innovation fits in well with their financial practices.

Notably, Transak wire transfers have already shown to be a popular choice for high-value transactions. With a $2,000 minimum order requirement, wire transfers have an average order value that is 16 times larger than other payment options on the platform. This contrast emphasizes how wire transfers may make large cryptocurrency investments possible.

Since its launch, wire transfers have attracted a lot of attention from Transak’s partner network; 13 partners, including Binance.US, have joined.

The affordability of wire transfers on Transak is among its most alluring features. For a little 1% charge, wire transfers are a much more cost-effective choice when considering US payment options like credit cards and Apple Pay.

Yeshu Agarwal, Co-Founder, Transak stated:

“Being the first to offer wire transfers for crypto purchases is a significant milestone for Transak. This achievement reflects our commitment to innovation and providing our users with more convenient and secure payment options. We’re thrilled to lead the way in expanding accessibility and enhancing the user experience in the crypto space.”

Transak has made sure that a wide range of US consumers may easily access wire transfers. As long as they fulfill the $2,000 minimum transaction requirement, anybody who has completed level 2 KYC verification on the platform may use this payment method to buy cryptocurrencies valued up to $25,000 per day.

Why Transak is the Only On-Ramp Provider of Wire Transfer Support

Handling Difficult Processes

Complex procedures must be followed in order to implement wire transfers for cryptocurrency transactions, from managing bank transfers to guaranteeing precise money reconciliation. This is not a simple undertaking; it calls for a thorough and drawn-out product development procedure. Transak has shown its dedication to delivering a flawless customer experience by devoting a substantial amount of work to developing a comprehensive system that guarantees smooth money movement.

Preferred for High-Value Transactions

Because bank transfers are user-friendly and safe, they are often the method of choice for high-value transactions. When compared to alternative payment options like as cards and Apple Pay, bank transfers yield four times the transaction volume, according to data from Transak’s UK operations. Realizing this, Transak brought wire transfers to the US market, providing customers with a dependable and accustomed mode of payment.

Customized Geographic Expansion

The incorporation of wire transfers is a strategic move that aligns with Transak’s goal of global expansion. It is especially designed to serve areas where this mode of payment is extensively used and practical for large-scale transactions. This step is in line with Transak’s objective of expanding its payment choices by making big transactions easier and more affordable for consumers.

Elevated Intent and Strengthened Security

All payment methods have robust security features, but since wire transfers need a high level of purpose, they are especially safe. Layers of verification are added throughout the multi-step process of adding beneficiaries, transferring payments, and authorizing transactions. This intricacy considerably lowers the possibility of fraud while also enhancing the method’s security.

The Japanese investment firm now holds around 245.992 Bitcoins.

Following a recent meeting of the Board of Directors, the firm revealed this strategic plan.

The Japanese investment firm Metaplanet has announced its intention to acquire Bitcoin via a massive stock rights offering valued at $68 million. Following a recent meeting of the Board of Directors, the firm revealed this strategic plan. Which is a big change as it tries to get into the digital asset market. The firm now holds around 245.992 Bitcoins, since it has been increasing its BTC holdings over the past few months.

In order to acquire Bitcoin, Metaplanet made a bold step by announcing a stock rights offering of $67.5 million. The gratuitous distribution of the company’s eleventh series of unlisted stock purchase rights to all common shareholders has been authorized by the Board of Directors.

Strategic Plan

All shareholders whose shares are on record as of September 5, 2024, will be eligible to acquire one stock acquisition right for every share they possess as part of this offering. Existing shareholders are guaranteed a chance to keep their ownership percentage in the firm via this proportionate distribution. To make it easy for investors to join Metaplanet’s crypto strategy, the exercise price for each right is fixed at $3.70 (555 yen).

There is no mandate that shareholders use their rights, thus they may choose whether or not to do so. The notice will begin the exercise period, which will end on October 15, 2024. During this period, shareholders who would want to take part are required to provide the firm the necessary money together with an exercise request form.

In a surprising turn of events, Metaplanet has threatened to purchase any rights that have not been exercised. By the October 15 deadline at no further expense. At the time of writing, Bitcoin is trading at $56,389 as per data from CMC. This rebound comes after the price declined below $50,000 earlier this week.

Highlighted Crypto News Today:

Ronin Network Loses $9.8 Million in ETH, Pauses Bridge

Solana (SOL) experiences a price decline amid broader market downturn.

Institutional investors withdraw $2.8 million from SOL in the week ending August 3.

Technical indicators suggest ongoing selling pressure, but critical support remains intact.

Solana (SOL) has recently encountered substantial headwinds, mirroring the broader cryptocurrency market’s downward trend. The digital asset’s value has seen a notable decrease over the past ten days, prompting a reassessment of its market position by various stakeholders.

Solana Institutional Investors Respond to Market Shifts

According to data from CoinShares, the week concluding on August 3 witnessed a significant outflow of institutional capital from crypto assets, totaling approximately $528 million.

While Bitcoin (BTC) accounted for the majority of these withdrawals, Solana also experienced a noticeable exodus of funds, with $2.8 million being pulled out by institutional investors.

Interestingly, other alternative cryptocurrencies did not record similar outflows during this period. This divergence highlights Solana’s unique position in the market, placing it alongside major players like Bitcoin and Ethereum in terms of institutional interest and market dynamics.

The Relative Strength Index (RSI), a key technical indicator, currently sits below the neutral 50.0 mark for Solana. This positioning suggests that selling pressure continues to exert influence on SOL’s price movements.

The RSI, which ranges from 0 to 100, is often used to identify potential overbought or oversold conditions in asset prices.

Despite the recent downturn, Solana’s price has managed to maintain its position above a critical support level of $126. This resilience in the face of significant selling pressure may provide a foundation for potential price stabilization or recovery in the near term.

The recent market movements have invalidated a previously identified bullish double-bottom pattern in Solana’s price chart. This pattern had suggested the possibility of a 31% rally, potentially driving SOL’s price to $245. However, current market conditions have rendered this projection obsolete.

Zeebu, the Web3 payments and settlement platform for the telecom industry, announces a new partnership with SilentSwap, the privacy-focused cross-chain aggregator powered by Secret Network. This collaboration aims to enhance privacy and security for transactions, advancing Zeebu’s mission to revolutionize global telecom settlements.

Zeebu’s platform, known for its blockchain-based solutions that ensure trustless, frictionless, and superfast global transactions, will now benefit from SilentSwap’s advanced technology. This integration will enable Zeebu to handle all future transactions in a private and decentralized manner, utilizing SilentSwap’s SDK for seamless operations.

“The SilentSwap partnership means our customers get access to cutting-edge decentralized technology from a trusted developer,” said Raj Brahmbhatt, CEO of Zeebu. 

“We’ve been talking with Zeebu for months and we’re excited to finally announce this vital partnership between two giants in the decentralized space,” said Shibtoshi, SilentSwap’s CEO.

This partnership goes beyond integrating cutting-edge technology. It sets new standards for privacy and security in the telecom industry while leading the charge in decentralized finance (DeFi). 

Combining the strengths of both companies, Zeebu aims to offer a more secure application, attract new users, and significantly impact the DeFi space.

About Zeebu

Zeebu is a blockchain-based platform tailored to meet every telecom settlement need. The company’s mission is to enable trustless, frictionless, and superfast global transactions, transforming the way telecom companies handle settlements.

About SilentSwap

SilentSwap is a privacy-focused cross-chain aggregator powered by Secret Network. The company’s mission is to provide non-custodial, trustless, and decentralized solutions that safeguard user privacy and enhance security.For more information, visit www.zeebu.com

About NAVI Protocol

NAVI is the pioneering Native One-Stop Liquidity Protocol on Sui, offering users the opportunity to participate as liquidity providers or borrowers within the Sui ecosystem. Since its launch in August 2023, NAVI has achieved significant milestones, including:

•$200M+ Total Value Locked (TVL)

•900,000+ Users

•$5B in Borrow Volume

Introducing NAVI Pro

NAVI Pro marks a major evolution in liquidity management on the NAVI Protocol, introducing groundbreaking features that enhance the DeFi experience on Sui. Over the past year, the NAVI team has focused on optimizing the lending and borrowing experience, catering to both beginners and seasoned DeFi users. This has been achieved through a series of smart contract and UI upgrades, significantly improving user experience over time.

In addition to these enhancements, the NAVI protocol team has gathered valuable community feedback to shape the development of NAVI Pro. This new iteration of the lending and borrowing protocol includes:

•Improved User Interface (UI)

•Access to Advanced DeFi Strategies

•Enhanced Liquidity Management

•Community-Building Tools

•Facilitated Developer Onboarding

•And much more

Part of Navi pro’s New update

1)  New & Fresh NAVI Protocol Website

   NAVI Protocol unveiled its redesigned website, now live at naviprotocol.io. This update emphasizes clarity, legibility, and accessibility, featuring live analytics of NAVI’s performance over time. 

  The NAVI development team enhanced the accessibility and user experience of their entire product, starting with a comprehensive overhaul of the NAVI Protocol website. The landing page now features a sophisticated design and separate sections for major milestones, partnerships, exchange listings, and media coverage.

Additionally, new pages focus on supporting builders on the Sui network, including a NAVI Developers Onboarding page that offers tools and information for hackathons and dev initiatives. The NAVI Ecosystem Fund page provides details on how developers can apply for grants from the 10M NAVX pool to build with NAVI, Volo, NAVX, and vSUI. 

The Ecosystem Fund is open to the public for applications.

 2) Upgraded Dashboard 

The Dashboard is one of the many additions to NAVI Pro that aims to make the user experience more streamlined and comprehensive. You will find your positions’ Supply/Borrow details section, where you can directly interact with the pools to supply & withdraw assets or borrow & repay borrowed assets.

3) Liquidation Forecast

 NAVI Pro’s Liquidation Forecast, a powerful new feature that allows Sui network users to efficiently assess the health of their positions. This tool provides crucial insights into account health factors, safety borrows, and liquidation levels, along with a comprehensive price table for all supported assets.

About NAVI Protocol:

NAVI Protocol is the premier liquidity protocol on the Sui Ecosystem, offering seamless participation as liquidity providers or borrowers. Since its launch in August 2023, NAVI has been at the forefront of the DeFi space on Sui, continually innovating to meet the needs of its growing user base.

For more information, visit  NAVI Protocol.

Contact:

Company Name:  NAVI PROTOCOL LABS INC. 

Contact Person: Ivan Djordjevic

Email: team@naviprotocol.io   

Website:https://naviprotocol.io/ 

SEC opposes Coinbase’s request for “essentially all documents” related to crypto assets.

Paul Grewal explained that Coinbase isn’t paid with Congressionally appropriated funds.

The ongoing legal battle regarding the alleged operation of an unregistered securities exchange between SEC and Coinbase is heating up. Recently, the SEC regulator rejects Coinbase’s access to the personal emails of SEC Chair Gary Gensler. The Coinbase Chief Legal Officer, Paul Grewal hence responded to this on X post.  

Paul Grewal Responds to the Denial 

He addressed the complaint filed with the Federal Election Commission (FEC) by a self-described critic of crypto and the research director of Public Citizen. He states that the seized crypto assets are not funds took over by Congress, and it dismisses a recent FEC complaint. Moreover, they clarifies the pride in the close cooperation with federal law enforcement and in backing the U.S. Marshals Service’s cryptocurrency services, which is funded by the sale of assets forfeited to the DOJ’s Assets Forfeiture Fund. 

Update: Today @SECGov filed its response to our request to produce important documents showing the record of the SEC’s inconsistent views of digital assets and its own regulatory reach. If the SEC is going to engage in an unprecedented regulation by enforcement campaign, the… https://t.co/MxQ1omDGN3

— paulgrewal.eth (@iampaulgrewal) August 5, 2024

Paul Grewal further added:

 “It’s also worth noting that Coinbase has donated to Dem and GOP super PACs equally with $500K to House and Senate funds for each party, respectively, for 2024. White and Public Citizen appear to want to report a political bias which does not exist.” 

Will the current SEC-Coinbase circumstances lead to severe throes? 

The SEC Rejects Coinbase’s Request

The exchange argues that Gary Gensler’s emails might hold pivotal information regarding the SEC’s stance on crypto regulations, which Coinbase assumes essential for their defense in the upcoming trial.

Previously, Coinbase has requested the court to issue a subpoena to the U.S. SEC Chair Gary Gensler, in need of accessing Gensler’s emails, according to the court document. The request got denied by the U.S. District Judge Katherine Polk Failla of New York. 

The SEC regulators mention that public speeches delivered non-officially is also aligns to Gensler’s role as the Chair and not his personal opinions. In the filing, the SEC added that the exchange’s interest in interfering with Gensler’s emails to gather information for their defense. Also, the SEC mentions that Coinbase sought “entirely irrelevant” documents that could relate to Coinbase’s services or the application of securities laws to digital assets.

Highlighted Crypto News 

India Demands $86 Million from Binance for GST Non-Compliance

Ronin Network faced a major security breach, leading to the theft of around $9.8 million in Ethereum.

In reaction to the exploit, Ronin Network paused its bridge to prevent further losses and address the issue.

Ronin Network has experienced a significant security breach, resulting in the loss of nearly $9.8 million worth of Ethereum (ETH). This incident highlights the growing concerns surrounding crypto security, particularly amidst the recent wave of hacking activities.

On August 6, 2024, Ronin Network, which underpins the popular play-to-earn game Axie Infinity, reported a suspicious transaction involving the transfer of 3,996 Ethereum, valued at over $9.8 million. The blockchain network took immediate action by halting its bridge to address the issue. This move was prompted by the detection of the large outflow linked to a potential MEV bot. That is often associated with exploiting market inefficiencies.

Initial investigations suggest that a white-hat hacker—an ethical security expert—might be behind the exploit. This individual could be testing the blockchain’s defenses. This theory is based on the nature of the transaction and the timing of the network’s response. The network promptly paused the bridge after flagging the suspicious transfer.

The crypto sector has been grappling with a surge in security breaches throughout July 2024, a peak in substantial financial losses. Notably, WazirX, a centralized finance platform, suffered a massive $230 million loss, which led to over $260 million in total losses from hacking incidents in that month alone. 

Further, in a similar incident from February, Jeff Zirlin, co-founder of Axie Infinity’s Ronin Network, revealed that someone hacked his personal wallets on the Ronin chain, leading to a loss of about $9.5 million in Ethereum.

Highlighted Crypto News Today

India Demands $86 Million from Binance for GST Non-Compliance

Grand Cayman, Cayman Islands, August 6th, 2024, Chainwire

Sui’s new Mysticeti protocol cuts consensus latency to 390 ms, elevating its industry-leading tech and developer stack to new highs.

Sui, the pioneering Layer 1 blockchain known for industry-leading performance and infinite horizontal scaling, today announced the successful deployment of Mysticeti on Sui Mainnet after a successful run on Testnet. This innovative protocol cuts consensus latency to an astonishing 390 milliseconds, establishing Sui as the fastest consensus layer in the industry.

Developed from extensive research into Byzantine fault tolerance (BFT) consensus mechanisms, Mysticeti represents a significant advancement from Narwhal-Bullshark, the consensus algorithms launched with Sui Mainnet over a year ago. Mysticeti achieves unprecedented transaction speeds, extending Sui’s impressive low latency performance across all transaction types on the network.

Sui’s object-oriented architecture allows the network to process transactions differently based on the characteristics of the transaction and the objects involved. Transactions on Sui involving only “owned objects,” such as peer-to-peer transfers, bypass the need for consensus, following a fast-path execution that completes in a shorter time. Now, with Mysticeti, transactions involving shared objects, such as those in marketplaces or collaborative game assets, are processed using an optimized version of BFT consensus that results in lower latencies nearly akin to those of owned object transactions. Mysticeti minimizes cross-validator communication and fully utilizes network bandwidth to maintain high throughput.

Live on Testnet for the past three months, Mysticeti’s remarkable results – including an 80% reduction in latency – generated significant buzz within Sui’s developer community and a broad desire to see the update pushed to Mainnet. With the update now live, the Sui Network can handle tens of thousands of transactions per second with end-to-end latencies well below one second.

“Mysticeti’s successful deployment is a testament to the collaboration between research and engineering, and the validator community that has integrated this new consensus mechanism,” said Dmitri Perelman, Head of Engineering at Mysten Labs. “Mysticeti is a next-generation consensus protocol that sets a new standard for blockchain transaction speeds and puts Sui at the forefront of our industry.”

Kevin Nelson, Co-Founder & CTO of Aftermath Finance, which created a leading DeFi protocol on the network said, “Mysticeti’s shift to minimizing latency for the general case—shared object transactions—marks a significant advancement across many sectors on Sui, particularly within the Sui DeFi ecosystem. The rollout to Mainnet has already begun to show tangible results, with noticeable latency reductions across our entire product suite. At Aftermath, we are excited to leverage Mysticeti’s full capabilities to deliver more efficient, lower latency products to market.”

Rabeel Jawaid, Co-founder of leading derivatives exchange Bluefin said, “On-chain settlement latency just dropped significantly on Bluefin with the Mysticeti upgrade! P50 consensus latency currently is just under 400ms and E2E client latency when measured via a fullnode is under 1s for P50, which as far as I know is the fastest in Web3 right now – especially at scale with parallelization. With this upgrade, the trading experience on Bluefin has already become more seamless for retail, and our institutional partners have started to scale their flow and liquidity on the platform.”

Bonkman, the pseudonymous Founder of Hop, a DEX aggregator on Sui said, “Hop allows users to interface with Sui DeFi. This makes it dependent on Sui’s consensus mechanism and before Mysticeti swaps took roughly 2-3 seconds. Now, nearly every single swap takes less than 1 second to execute and reach finality. In all of web3, there has never been a better DeFi experience that is present today on Hop via Mysticeti.”

Contact

Sui Foundationmedia@sui.io

Bitcoin hit a six-month low but is recovering with recent gains.

Large BTC holders increased their holdings, while small holders reduced their assets.

The cryptocurrency market experienced a significant downturn yesterday, dropping below the $49.5K mark and hitting a six-month low. Despite the slump, wallets holding between 1,000 and 10,000 BTC displayed confidence by consistently increasing their holdings as prices fell. Conversely, wallets with less than 1 BTC demonstrated weak hands, showing the most substantial decrease in holdings during the market downturn.

Additionally, the sleeping Bitcoin wallets from 2017 reawakened last month, moving approximately 1,636.94 BTC through 23 distinct transactions. In August alone, seven such wallets have become active again. On August 2, two Bitcoin wallets created on May 1 and 2, 2017, transferred a total of 400 BTC. The first wallet moved 200 BTC, confirmed in block 855,037, and the second wallet mirrored this transaction, sending another 200 BTC at block height 855,038.

In the past 24 hours, notable transactions include 973 Bitcoins worth $53 million transferred from Binance to an unknown wallet, 1.8K Bitcoins moved from an unknown wallet to Kraken, and 3,812 Bitcoins worth $207 million transferred from an unknown wallet to Coinbase Institutional. These large transfers have raised questions about the market’s immediate future and the potential motivations behind these moves.

How Does It Influence BTC?

Currently, Bitcoin’s price is slowly recovering, with a surge of 7% in the past 24 hours, bringing the price to $55,216. However, trading volume is down 15%, indicating cautious investor sentiment. Despite the rebound, the market remains in a bearish state. The daily RSI is at 49, suggesting that it nears the selling pressure phase.

Analysts suggest that Bitcoin’s price is in a volatile phase, making near-term predictions challenging. The cryptocurrency community is watching closely to see if the recent buying activity by large holders will stabilize the market or if further declines are imminent.

Highlighted News Of The Day

India Demands $86 Million from Binance for GST Non-Compliance

India’s DGGI has demanded ₹722 crore ($86M) from Binance for failing to comply with GST regulations.

Binance is charged with collecting ₹4,000 crore ($476M) in trading fees from Indian users without GST registration.

India’s Directorate General of Goods and Services Tax Intelligence (DGGI) has issued a show cause notice to Binance, one of the world’s largest cryptocurrency exchanges. The notice demands a payment of ₹722 crore ($86 million) in Goods and Services Tax (GST), marking a pivotal move in the regulation of the burgeoning crypto sector in India.

Indian Directorate General of GST Intelligence (DGGI) imposes @binance with GST fees of $86.01MThe Ahmedabad DGGI issued a show-cause notice stating the fees worth 722 crore in INR. This is the first time the regulatory body has approached a #crypto firm. pic.twitter.com/HXF4qhWqX3

— TheNewsCrypto (@The_NewsCrypto) August 6, 2024

The notice alleges that Binance earned approximately ₹4,000 crore ($476 million) in trading fees from Indian users without sticking to the Indian GST registration requirements. The DGGI’s notice to Binance is the first tax demand imposed by the Indian government on cryptocurrency firms.

Despite its significant international presence and operations across over 150 countries, Binance had not registered under India’s GST framework. To address this issue, the DGGI reached out to Binance’s associated companies in the Seychelles, the Cayman Islands, and Switzerland. But they did not receive any response. Later, Binance appointed a local legal representative in India to collaborate with the DGGI and resolve the tax compliance issue.

Binance’s Compliance Struggles and Regulatory Actions in India

Binance, which operates on a global scale and holds a significant market share, was banned in India earlier this year due to non-compliance with local regulations. However, in April, the company announced its plan to resume operations in India, provided it met its outstanding tax obligations. 

In May, Binance obtained approval from India’s Financial Intelligence Unit (FIU) to operate as a virtual asset service provider (VASP). Nonetheless, it faced a ₹18 crore ($2 million) fine from the FIU last month for failing in anti-money laundering compliance.

The DGGI’s actions are part of a broader crackdown on cryptocurrency exchanges, with expectations that other international and domestic platforms will also come under scrutiny. Meanwhile, India’s financial regulators, including the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), are working to establish a more comprehensive regulatory framework for cryptocurrencies.

Meanwhile, the Indian crypto community is grappling with a crisis following a significant security breach at WazirX, a leading exchange. The July 18 attack resulted in the theft of $230 million worth of assets from a multi-signature wallet. The inadequate recovery efforts by WazirX and the government’s limited involvement have intensified concerns within the sector.

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Trump Advocates US Crypto Development to Compete with China

Shiba Inu has shown a price increase of 22.54% in the last 24 hours. 

The token’s daily trading volume recorded a 0.12% decline according to CMC data.

Leading on-chain analyst, CryptoQuant’s author ‘binhdangg’ observed that 60% of the top 50 cryptocurrencies have lost their 2024 gains. Amid increasing liquations, leading tokens have shown significant price declines. Meanwhile, dog-themed meme coin Shiba Inu has exhibited notable price hikes in the last 24 hours. 

According to CMC data, the memecoin has factored in an 22.54% increase within the past day. Notably, the token was trading at $0.00001148 in the last hours of August 5. However, at the beginning of August 6, SHIB experienced a price breakout hiking to an intra-day high of $0.00001405. At the time of writing, Shiba Inu was trading at $0.00001335. 

Moreover, the token recorded a 0.12% decline in daily trading volume, despite its one-day increase. Additionally, the token’s RSI stands at 27.34 indicating the existing selling pressures in the memecoin according to TradingView data. 

SHIB/USDT Daily Price Chart (Source: TradingView )

Zooming out, over the past week Shiba Inu’s price performance stands at a 19.83% decline. The token traded at the $0.000016 level in the beginning of the week, after which it slid to find support at current trading levels. Moreover, SHIB’s short-term 9-day MA stands below the long-term 21-day MA highlighting current bearish trends. 

How Will Shiba Inu (SHIB) Price Perform in the Coming Months? 

In the past month, the memecoin has shown a price performance of 23.15% decline. Moreover, the token’s HMA stands below the current trading price reaffirming the overall downward trend, despite recent hikes. Meanwhile, Shiba Inu has recorded $1.16 million in liquidations in the last 24 hours, as per coinglass data. 

However, according to market analysts if Shiba Inu manages to sustain the current positive momentum it might witness additional price breakouts. TheNewsCrypto analysts have predicted a bullish price of $0.00004981 for SHIB in 2024. 

Meanwhile, the largest cryptocurrency, Bitcoin, has shown a slight upward movement in its price activity in the past day. 

Highlighted Crypto News Today: 

Aave Secures $6M Revenue During Ongoing Crypto Market Sell-Off

Closing out the world’s largest Web3 conference, TOKEN2049, the party will be hosted on the SkyPark Observation Deck of Singapore’s iconic Marina Bay Sands, delivering a night of sensory indulgence and high-calibre entertainment

TOKEN2049, the world’s largest Web3 and crypto conference, announced a star-studded DJ line-up for AFTER 2049, the official closing event of this year’s highly anticipated Singapore edition. Making their eagerly awaited debut in Singapore, award-winning trio WhoMadeWho will be headlining the event, alongside South African DJ and producer Da Capo and returning acts, Hong Kong’s Leon, Milam and Mo-Shi. AFTER 2049 will be held on Friday, 20th September at Marina Bay Sands’ SkyPark Observation Deck — open exclusively for AFTER 2049 each year, with exhilarating views of the Formula 1 evening session from the 57th floor.

This year’s AFTER 2049 will host 2,000 guests, with a premium open bar, and boasting a multi-sensory music experience with state-of-the-art productions, working with the best in the industry — details of which will be unravelled as the event nears. Tickets were sold out in minutes in 2023, with demand expected to surpass all previous records for the 2024 edition.

Having established themselves as one of the definitive electronic music acts of their generation, with performances at global music festivals like Burning Man, Sonar and Roskilde, WhoMadeWho will be bringing their unique music identity to AFTER 2049 and attendees can expect a scintillating hybrid DJ set.

Raphael Strauch, Founder of TOKEN2049 said: “We’re thrilled to bring AFTER 2049 back to the iconic Marina Bay Sands rooftop. This year, we’ve put together an incredible lineup featuring some of the largest names in electronic music. Our immersive setup will transform the venue into a portal of sound and light. Set against Singapore’s mesmerising skyline, AFTER 2049 promises more than just music – it’s a symphony of experiences where every element is crafted for an unforgettable night. Prepare for a landmark event that will redefine the electronic party scene in Singapore.”

Sponsors of AFTER 2049 include multichain real-world asset protocol Creditcoin, Incentive, decentralised talent incubator platform MEET48, chain abstraction stack NEAR, the distributed network for decentralised protocols 1inch, Axlflops, the platform combining blockchain with relational databases Chromia, the Bitcoin-powered, EVM-compatible blockchain Coredao, leading liquidity provider and digital asset exchange Darkex, the world’s first decentralised payments network Gnosis Pay, the application absolute liquidity network Haust, Hibachi, the security-first real-world asset layer-1 blockchain MANTRA, leading digital payment token service provider MetaComp, permissionless Ethereum Layer 2 network Metis, the permissionless liquidity layer for Web3 trading Orderly Network, the largest network of interconnected decentralised energy assets Rowan Energy and community foundation for Starknet’s permissionless decentralised Validity-Rollup Starknet Foundation.

A limited number of tickets for AFTER 2049 will be sold via Resident Advisor from 13 August onwards, with additional ticket drops releasing 26 August and 12 September.

To purchase tickets for AFTER 2049, please visit: https://ra.co/events/1973782.

For more information and continued updates on TOKEN2049 Singapore, please visit: https://www.asia.token2049.com/.

For any enquiries on AFTER 2049, please contact community@after2049.com.

###

About TOKEN2049

TOKEN2049 is a global Web3 event series, organised semi-annually in Singapore and Dubai, where decision-makers in the global crypto ecosystem connect to exchange ideas, network, and shape the industry. TOKEN2049 is the preeminent meeting place for entrepreneurs, institutions, industry insiders, investors, builders, and those with a strong interest in the crypto and blockchain industry.

Media Contact:

token2049@wachsman.com

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.

Aave secured a $6 million revenue during Monday’s crypto market sell-off.

More than 1 billion was liquidated across the crypto derivative market.

On August 5, the decentralized finance (DeFi) protocol Aave showed notable strength amid a severe crypto market plunge. Aave generated $6 million in revenue from decentralized finance liquidations. This spike in revenue is a response to economic events, like the interest rate hike by the Bank of Japan and the U.S. jobs report.

Moreover, at the time of writing, the crypto market briefly experienced a rebound with Ether (ETH), spike over 6.62% the last 24 hours . Also, Aave’s native token (AAVE) saw its market cap spike by 21.23%. Overall, the crypto market cap increased to $1.97T, marking a 4.17% increase over the last day.

The market turmoil led to a staggering $433M in liquidations in the last 24 hours across the sector, and more than $1 billion liquidated across the crypto derivatives market. Aave was particularly fortunate, to turn this volatility into an opportunity. 

Also, a notable transaction involved a $7.42 million wrapped Ether (WETH) position, which alone generated $802.218 in revenue for Aave, according to on-chain data. The data shows that Aave’s V3 recorded revenue amounting to $2 million in a single day.

Aave’s Stability Amid Market Turbulence

Stani Kulechov, Aave’s founder, highlighted the protocol’s booming performance in an X post. He reported that Aave had successfully withstood 14 active markets on various Layer 1 (L1) and Layer 2 (L2) blockchains, securing a total value of $21 billion. 

The total value locked (TVL) in DeFi protocols dropped from $100 billion to $71 billion at the start of the month, reflecting broader sector challenges. According to Defilama, DeFi platforms show a $79.57B TVL which dipped from yesterday’s $85.195B value. The crypto community has responded positively to Aave’s performance, with many praising its stability during this turbulence.

However, Token Terminal reported an increase in active loans within the DeFi space, reaching $13.3 billion indicating a potential pioneer in a market rebound. Therefore, amid market conflicts, Aave’s strong performance and liquidation strategy highlight DeFi’s resilience amidst market volatility.

Highlighted Crypto News Today:U.S Fed Summons Emergency Meeting Amid Global Market Turmoil

Trump advocates for the US to increase its focus on cryptocurrency to prevent falling behind China.

Investment in digital currencies to maintain the US economy is a strategic financial innovation.

Donald Trump appeared on a Kick live stream with Adin Ross, a renowned YouTuber with more than 4 million followers. Adin Ross gifted Donald Trump a Cybertruck wrapped with the image of him standing after his assassination attempt and a $5K Rolex, on his live stream with over 500k live viewers.

Trump emphasized the necessity for the US to focus on cryptocurrency development to stay ahead of global competitors, particularly China. He stressed the strategic need for the U.S. to keep pace with China’s rapid advancements in digital currency.

Following this, he also criticized the idea of the US government selling its cryptocurrency holdings, arguing that this could undermine the country’s financial sovereignty and innovation potential. Trump insisted that rather than dispossessing, the government should invest in and promote the growth of digital currencies.

Importance of Crypto in Trump’s Campaign

Considering the level of interest Trump has shown in his election campaigns, he has always been a huge supporter of crypto. During his campaign stop in Nashville, Trump restated his belief that the future of finance lies in digital currencies. He pointed out that while the US has been cautious, China has moved swiftly to establish a digital currency. “The US should lead in the crypto race, not China,” says Trump.

Trump’s comments in Nashville echoed his broader campaign message that the US must innovate and adapt to emerging technologies. He wants the U.S. to keep seized bitcoin and proposes buying 1 million bitcoins to help pay down debt.

Trump’s stance on cryptocurrency is part of a larger vision for American economic resilience. He argues that embracing digital currencies will enhance financial innovation and ensure that the US remains a dominant player on the world stage. His advocacy for cryptocurrency development is a call to action for policymakers to prioritize technological advancements and secure the nation’s economic future.

Highlighted Crypto News Today:

Is Bitcoin Aiming For Price Recovery Amid Mounting SellOffs?

CEO Cory Klippsten emphasizes commitment to core business.

Bitcoin price is currently $55,881, with a 16.04% weekly decline.

Swan Bitcoin has announced the cancellation of the highly anticipated Pacific Bitcoin conference scheduled for October. This decision follows a strategic pivot and a recent staff reduction at the company. The focus now shifts towards bolstering Swan’s core business operations.

The company recently downsized its staff, a move aimed at streamlining operations and refocusing on its primary business objectives. This downsizing has directly impacted the decision to cancel the Pacific Bitcoin conference.

Cory Klippsten, CEO of Swan Bitcoin, took the time to address the cancellation on social media. He expressed the company’s commitment to its core business, stating, “After going through a staff reduction last month, it just doesn’t feel like the right time for a festival.”

Swan Bitcoin has assured all ticket holders that the refund process is already underway. To maintain goodwill and community engagement, the company is offering a complimentary invitation to a smaller, one-day event on October 17. 

It’s worth noting that the Pacific Bitcoin conference has previously hosted some memorable moments. One such instance was the impromptu appearance of a prominent Bitcoin advocate Andreas Antonopoulos who engaged in a spirited debate about the future of digital currencies. These moments have made the conference a beloved event among enthusiasts.

Bitcoin Price Weekly Overview

As of today, Bitcoin’s price is $55,881, marking a 16.04% decline over the past week as per data from CoinMarketCap. Despite the weekly drop, the market cap has risen by 7.33%, reaching approximately $1.10 trillion. The 24-hour trading volume stands at $87.51 billion, showing a 46.39% increase in trading activity. The Relative Strength Index (RSI) is currently at 70, indicating that Bitcoin is approaching overbought conditions. 

The Moving Average Convergence Divergence (MACD) shows bullish momentum with a widening gap between the MACD line and the signal line. The support level is observed at $52,000, with resistance around the $56,000 mark, suggesting potential consolidation before a further breakout as per the data from the Trading View.

Highlighted News Article TodayIs Bitcoin Aiming For Price Recovery Amid Mounting SellOffs?

Solana trades at $140, marking an increase by 13.56% over the last 24 hours.

$483M worth of SOL were transferred to Binance and Coinbase.

Bitcoin (BTC) and Ethereum (ETH), the largest cryptocurrencies by market cap, have faced a critical and dramatic downturn that panicked the global crypto community. In the unforeseen market crash, BTC plummeted by 17%, hitting its 5-month-low at $49K. Likewise, ETH recorded a severe drop of 24%, priced below the $2.5K mark. 

The impact of the total declines resulted in a staggering $1.04 billion worth of liquidations over the past 24 hours, pushing the global market cap below $2 trillion for the first time since February. 

Dramatically, after yesterday’s unexpected downturn, the global crypto market has started the day with a brief spike in prices. The altcoin Solana (SOL) was not spared in the market crash. The asset has dropped below $115, losing over 21%. Currently, the asset is up by 13.56%. 

According to Whale Alert data, the crash fear led to a significant transfer of 3.13 million SOL worth around $483 million to exchanges such as Binance and Coinbase within the last 24 hours.

Over the past 24 hours, the token has been trading at a 5-month low of $110.61, gradually showing price hikes. At the time of writing, SOL was trading at a price of $140 with a market cap of $65 billion. Meanwhile, Solana’s trading volume exhibited a 73.44% increase and stayed at $12.26 billion, as per CoinMarketCap data. 

Can the Bulls Dominate SOL Soon?

Over the last seven days, Solana has shown a declining price movement of 23.09%. At the beginning of the week, SOL was trading at a high of $182. The token’s price dived in the following days to $111. 

The daily relative strength index (RSI) is 41.75, as per TradingView data, which hints the asset is approaching the neutral zone. The moving averages lying above the current price action, 9-day MA and 21-day MA noted at $156 and $166 respectively, indicate a bearish trend.

SOL price chart (Source: TradingView)

Moreover, if a recovery occurs, SOL can test its initial resistance at the $147 level. If the bullish momentum persists, the token might surge to face the subsequent resistance range between the $151.26 and $155.69. However, if the bears take over, the token might dive to find its major support at $137.12. Further losses might take the price to the $130 level.

Disclaimer: The opinion expressed here is solely the author’s. It does not represent investment advice. TheNewsCrypto team encourages everyone to do their own research before investing.

Highlighted Crypto News 

Is Bitcoin Aiming For Price Recovery Amid Mounting SellOffs?

Ethereum recovers to $2,500 after dropping to $2,100, with $2,750 as the next resistance level.

Justin Sun, founder of TRON, reportedly bought 16,236 ETH using 37 million USDT.

Following a sharp dip to the $2,100 zone on Monday, Ethereum (ETH) has climbed back to test the $2,500 barrier. This recovery raises questions about the Ethereum market trend, with a target at the $2,750 level before possibly resuming a bearish trend.

On Monday, ETH’s price plummeted more than 23% but has since rebounded, currently testing a $2,500 zone and potentially resuming its bearish trend. Still, the technical indicator suggests a loss of positive momentum, nearing overbought conditions, which may lead to a bearish reversal if the $2,600 resistance remains unbroken. Key support levels are observed at $2,650 and $2,500, which could come into play if the bearish trend resumes.

The market’s attention has also shifted to Justin Sun, founder of the TRON blockchain after reports surfaced of a suspicious address linked to him purchasing 16,236 ETH with 37 million USDT while Ethereum’s price fell to $2,112.

The address, created shortly before the purchase, withdrew $36 million (14,884 ETH) from Binance, accumulating 392,474 ETH since February at an estimated cost of $1.19 billion, now valued at $995 million. Sun has denied rumors of liquidation despite ETH trading below his average buying price of $3,051.

Ethereum’s Price Recovery and Current Technical Outlook

Ethereum’s price dipped below the $2,200 support, briefly touching the $2,000 mark before bulls managed to drive it back up. The recovery pushed the price above the 61.8% Fibonacci retracement level, rising to $2,530 from a low of $2,100.

Currently, Ethereum is trading around $2,503, marking a 10.84% increase in the past 24 hours, with a daily trading volume of $46 billion, according to CoinMarketCap. On the hourly chart, ETH/USD is still below the $2,650 mark and the 21-day simple moving average. Immediate resistance is seen at $2,550, with significant hurdles at $2,680 and $2,750. A breakout above $2,750 could propel the price towards $2,850 and potentially higher towards $3,250 in the near term.

If Ethereum fails to surpass the $2,550 resistance, another decline could be imminent. Initial support lies near $2,350, with major support at $2,225. A drop below $2,225 could push the price back towards $2,100 and potentially lower, testing the $2,000 support level again.

Today’s trading range is expected to be between $2,350 support and $2,700 resistance.