Historical MVRV drops often lead to price rebounds for BTC, ETH, ADA, XRP, DOGE, and LINK.

Bitcoin’s MVRV has witnessed a low level for the 3rd time in the past 30 days.

Despite market retracement, low 7-day MVRV ratios hint at increased bounce probability for top cryptocurrencies.

Cryptocurrency market has experienced a broad retracement, leading traders to speculate about Bitcoin’s potential dip below the $50,000 mark. As per Santiment, a top analytic firm a relief rally is on the horizon.

This possibility was drafted based on the 7-day average. Usually, traders would return for leading cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), XRP, Dogecoin (DOGE), and Chainlink (LINK) at times of turmoil. Typically, when returns are low, the chances of a market bounce increase. This is where the 7-day Market Value to Realized Value (MVRV) ratio becomes crucial, as it helps analyze these trends.

Crypto markets have retraced across the board, leaving traders calling for sub-$50K BTC once again. However, history shows that when we see such low 7-day average trader returns for top caps like BTC, ETH, ADA, XRP, DOGE, and LINK, bounce probabilities rise significantly. pic.twitter.com/cBGQ6cxyt2

— Santiment (@santimentfeed) August 2, 2024

Bitcoin recently experienced a 10.7% decline over four days, which indicates a possible recovery. On July 4th, Bitcoin saw a 7% rebound after a dip in its MVRV ratio. Later in the month, on July 25th, another similar pattern resulted in a 9% increase in Bitcoin’s price. 

These historical patterns suggest that the current market situation, as of August 2nd, aligns with past MVRV lows. This could indicate a potential rebound for Bitcoin and other major cryptocurrencies, including ETH, ADA, XRP, DOGE, and LINK.

As of press time, Bitcoin was priced at $61,628.76, with a 24-hour trading volume of $44,990,002,150. Despite this high volume, Bitcoin has fallen by 3.79% in the past 24 hours. Similarly, Ethereum was trading at $2,971.46, with a 24-hour trading volume of $22,526,777,598, reflecting a 5.49% decrease. 

Cardano’s price stood at $0.368990, experiencing a 2.94% drop with a trading volume of $395,499,513. Meanwhile, XRP was trading at $0.573024, with minimal movement, down by only 0.09%, and a trading volume of $1,926,786,291.

Dogecoin’s price was $0.113134, experiencing a 2.51% decline, with a trading volume of $898,618,226. Lastly, Chainlink was priced at $12.02, showing a 4.51% decrease and a trading volume of $320,246,634. 

The post Bitcoin Witnesses MVRV Lows 3rd Time in The Past 30 Days appeared first on CryptoTale.

Lucie states $BONE is vital in the Shiba Inu family, ensuring high demand and utility.

$BONE is crucial for all Shibarium transactions, increasing its necessity and value.

Upon DAO launch, $BONE will empower holders with governance rights, says Lucie.

Lucie, the marketing lead for Shiba Inu, highlighted the essential role of $BONE in the Shiba Inu ecosystem. Asserting that the BONE token occupies an equal space with SHIB and LEASH, Lucie added, “Its [BONE] role ensures it’s always in demand and useful.” The marketing lead also pointed out that BONE distinguishes itself by being the main gas token for Shibarium, Shiba Inu’s Layer 2 solution. 

Why $BONE has great potential

1. Core to the Shib Ecosystem: $BONE is a key token in the Shiba Inu family, along with $SHIB and $LEASH. Its role ensures it’s always in demand and useful.

2. Shibarium Integration: $BONE is the main gas token for Shibarium, the Layer 2 solution… pic.twitter.com/bQudhr7fIf

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 2, 2024

Lucie explained that $BONE is the main gas token for Shibarium, meaning every transaction on Shibarium uses $BONE, boosting its need and value. This integration ensures continual demand, potentially increasing its utility and market value as Shibarium’s adoption grows.

Future Governance and Supply Scarcity

$BONE will be one of the governance tokens once the DAO launches as noted by  Lucie, outlining the token’s future in ecosystem governance. This transition will empower holders with decision-making capabilities, further enhancing its attractiveness. Additionally, the limited supply of $BONE might escalate its value as demand continues to surge, supported by its capped availability.

Expanding Market Reach

In a recent development boosting $BONE’s market presence, Shibarium announced the listing of $BONE on WEEX Official. This partnership with K9 Finance and WEEX emphasizes community-driven growth and support for Shiba Inu projects, potentially increasing $BONE’s visibility and trading volume.

Shiba Inu Eyes $0.00004000 as Shiba Eternity Web3 Launch Approaches

Market Trends and Price Movements

The market dynamics show $BONE priced at $0.4415 at press time, reflecting a minor daily decrease. However, the strategic importance of $BONE within the Shiba Inu ecosystem and its pivotal role in Shibarium’s operations provide a strong basis for potential appreciation.

As the Shiba Inu ecosystem continues to evolve with new projects and partnerships, the strategic role of $BONE, coupled with robust community and developer support, highlights its potential as a valuable addition to cryptocurrency portfolios. The upcoming developments and community-driven initiatives are likely to play a significant role in shaping its trajectory in the crypto market.

The post SHIB Lead Highlights BONE’s Role in Shiba Inu Ecosystem appeared first on CryptoTale.

Coinbase reports $1.45B Q2 revenue but faces a profit decline, indicating tighter margins.

MicroStrategy plans a $2B Bitcoin purchase, showing strong belief in crypto’s future.

TARS AI rises 14.35%, while Worldcoin, Orbler, and Sensay experience declines.

Coinbase’s financial performance for Q2 2024 shows significant revenue but declining profits. As highlighted by CryptoRank, a top analytic firm, the company reported $1.45 billion in revenue, a strong figure but indicative of tighter profit margins. 

Daily Crypto News

News:
— Coinbase posts $1.45 billion in Q2 revenue as profits decline
— Bybit will end services and stop offering products in France
— MicroStrategy will raise another $2 billion to buy more bitcoins

Project Updates:
— OKX founder Star vs AEVO
—… pic.twitter.com/2GmQd3WHyC

— CryptoRank.io (@CryptoRank_io) August 2, 2024

Meanwhile, Bybit is halting its operations in France, impacting its French user base. On a more optimistic note, MicroStrategy plans to raise an additional $2 billion to bolster its Bitcoin holdings, signalling confidence in the cryptocurrency’s future.

Turning to project developments, notable activity has been observed in the crypto sector. OKX founder Star is currently at odds with AEVO, creating a buzz in the community. In another major move, Cypherpunk Holdings has reaffirmed its commitment to Solana, indicating a renewed focus on the blockchain’s potential. Additionally, ZachXBT has raised concerns about StarkWare-backed ZKX, alleging that the project raised significant funds and launched a token with the knowledge that it might face an imminent shutdown.

Smart Money Investor Buys 4,000 ETH Amid Market Volatility

Token unlocks today show considerable figures, with $WLD unlocking $9.98 million, $ORBR $8.32 million, $TAI $3.49 million, and $SNSY $542,000. These unlocks could influence market dynamics, especially with the current volatility.

Examining market prices at press time, Worldcoin (WLD) is trading at $2.06, down 2.07% over the past 24 hours, with a trading volume of $153,880,267. This decrease might reflect broader market trends or specific issues within the Worldcoin ecosystem. 

Conversely, TARS AI (TAI) is experiencing a notable uptrend, trading at $0.138541, which marks a 14.35% increase in the last 24 hours. This rise is accompanied by a trading volume of $12,170,159, suggesting growing investor interest.

On the other hand, Orbler (ORBR) is priced at $0.234308, a 1.36% decline in the past 24 hours, with a trading volume of $58,926.09. Sensay (SNSY) is also down, trading at $0.001105 with a 2.90% decrease over the same period and a trading volume of $342,445.

The post $9.98M Token Unlock & StarkWare Allegations Shake the Market appeared first on CryptoTale.

Montenegro Appellate Court confirms extradition of Terraform Labs’ founder Do Kwon to South Korea, ending lengthy legal disputes.

Court rejects U.S. extradition request, choosing South Korea based on Montenegro’s International Legal Assistance in Criminal Matters Law.

Decision crucial as Kwon faces serious charges in South Korea following the collapse of Terraform Labs and its crypto platform.

Do Kwon, the founder of Terraform Labs, is set to be extradited to South Korea following a definitive ruling by the Montenegro Appellate Court on August 1, 2024. This decision concludes a lengthy legal battle filled with multiple appeals and reversals concerning Kwon’s fate.

Legal Proceedings

The process reached its climax after the Appellate Court upheld a previous judgment from the Higher Court in Podgorica. On June 28, the Higher Court agreed to South Korea’s extradition request while denying a similar appeal from the United States. The courts based their decisions on the terms outlined in Montenegro’s Law on International Legal Assistance in Criminal Matters, which governs the process of extradition between nations.

Implications for Do Kwon

The ruling has had implications for Kwon, who has been embroiled in legal challenges since the collapse of Terraform Labs’ cryptocurrency, which had widespread repercussions in the global crypto markets. The decision to extradite Kwon to South Korea is critical as he faces allegations related to financial irregularities and potential fraud linked to the crash of the digital currency platform.

Reaction and Next Steps

The conclusion of this legal chapter allows for the next phase of proceedings to begin in South Korea, where Kwon will face the charges laid against him. Legal experts anticipate a complex trial, given the international nature of the case and the extensive financial implications involved.

As Kwon prepares to be transferred to South Korean authorities, the crypto industry watches closely, mindful of the legal precedents and regulatory scrutiny that may arise from this high-profile case. In a recent post on X, crypto community leader Ki Young Ju outlined the events leading to the fine. He noted that LFG’s decision to sell a minimal amount of their Bitcoin holdings triggered concerns about a potential wider market collapse.

Terraform Labs and Co-Founder Do Kwon Reach Settlement with SEC; LUNA Surges

The Luna Foundation Guard and Do Kwon have been fined up to $4.5 billion by the SEC. This comes after a jury found them liable for a fraudulent scheme causing significant losses to investors. 

The post Terra Founder Do Kwon to Face Charges in South Korea: Report appeared first on CryptoTale.

A whistleblower reveals FTX secretly holds 8% of Solana’s supply, raising market impact concerns.

FTX and Alameda Research’s undisclosed Solana holdings underscore opaque financial practices.

The exchange’s $200M IRS previous settlement addresses significant tax claims amid ongoing bankruptcy proceedings.

In a shocking revelation, an ex-employee of FTX has come forward, exposing that FTX’s wallets secretly hold 8% of Solana’s (SOL) total supply. This significant discovery has highlighted the deep involvement of FTX and Alameda Research within the Solana ecosystem. Notably, this previously undisclosed cache of SOL could potentially lead to a strategic liquidation to avoid market chaos.

𝟲,𝟬𝟬𝟬,𝟬𝟬𝟬,𝟬𝟬𝟬 𝗶𝗻 𝘀𝗲𝗹𝗹 𝗽𝗿𝗲𝘀𝘀𝘂𝗿𝗲 𝗼𝗻 𝗦𝗼𝗹𝗮𝗻𝗮
 
A #FTX whistleblower revealed that FTX has a secret holding of 8% of Solana supply.
 
This information was not publicly known, and if this is true, then it could crash the price of #Solana.
 
What are… pic.twitter.com/21svgTht4l

— Wise Advice (@wiseadvicesumit) August 2, 2024

The whistleblower, who worked closely with FTX’s internal operations, disclosed that FTX and Alameda Research had accumulated a substantial portion of Solana’s supply in undisclosed wallets. This secretive approach underscores the opaque financial practices that played a crucial role in FTX’s downfall. Moreover, the hidden trove of SOL represents a substantial market influence that has remained unnoticed until now.

The revelation has sparked concerns about the potential market impact. With 6 million in sell pressure on Solana, as pointed out by Wise Advice on X, the implications are significant. If the hidden 8% holding were to be liquidated, it could crash the price of Solana, destabilizing the market. This newfound information raises questions about the future stability of Solana’s price.

In related news, amid these revelations, FTX had previously received preliminary approval for a $200 million settlement with the United States Internal Revenue Service (IRS) as part of its ongoing bankruptcy proceedings. Initially, the IRS claimed over $44 billion in taxes owed, which has been negotiated down to $24 billion. The proposed deal, pending court approval, allocates $200 million as a priority tax claim and an additional $685 million as a subordinated claim. This resolution pertains to all tax claims up to October 31, 2022.

SEC Keeps Solana’s Security Status Uncertain Amid Binance Lawsuit Adjustments

FTX has acknowledged its tax liability, yet disputes the details, particularly concerning funds allegedly embezzled by former CEO Sam Bankman-Fried. The exchange argues that these funds should not be subject to tax. Additionally, FTX disagrees with the IRS on employment taxes related to executive salaries, citing valid deductions and losses disallowed due to documentation issues.

The post FTX’s Secret Solana Holding: 8% of Supply in Hidden Wallets appeared first on CryptoTale.

Coinbase’s Q2 revenue hit $1.4B, driven by strong subscription growth despite a drop in transaction revenue.

The firm saw a 300% surge in transactions on Base L2 and introduced smart wallets to boost crypto adoption.

Coinbase supports clearer crypto regulations, with over 1.3M advocates and progress on U.S. ETF approvals and EU compliance.

Coinbase has announced its earnings for the second quarter of 2024, revealing a total revenue of $1.4 billion. This figure underscores the company’s ongoing growth despite fluctuating market conditions. The earnings report not only highlights Coinbase’s financial achievements but also its progress in navigating the regulatory landscape in the United States.

Coinbase’s latest financial results present a mixed picture. While the company experienced a 27% decrease in transaction revenue, which fell to $781 million, it saw a notable rise in its subscription and services revenue. This segment increased by 17%, reaching $599 million. 

This diversification in revenue streams has helped the firm achieve a net income of $36 million. Despite these gains, Coinbase faced a challenge with $319 million in pre-tax crypto asset losses, largely unrealized due to market volatility. The company’s emphasis on innovation and product enhancement has been a crucial part of its strategy. Notably, Coinbase reported a dramatic 300% increase in transactions on its Base layer two (L2) solution. This surge reflects growing adoption of its platform’s advanced features. 

Additionally, the firm has introduced smart wallets, aiming to improve the ease and efficiency of on-chain transactions. Such innovations are integral to Coinbase’s broader mission to foster greater adoption of cryptocurrency.

Furthermore, Coinbase’s partnership with Stripe has expanded the use of USDC, a key stablecoin, highlighting the company’s efforts to integrate more robust financial tools into its ecosystem. This expansion is part of a larger strategy to streamline crypto transactions and make them more accessible to a wider audience.

Coinbase UK Faces Record £3.5M Fine for Financial Crime Breaches

On the regulatory front, Coinbase has made significant strides. The company has been actively supporting the “Stand With Crypto” initiative, which has gained over 1.3 million advocates. This effort underscores Coinbase’s commitment to advocating for clearer and more favorable regulations for the crypto industry. 
Additionally, the approval of ethereum exchange-traded funds (ETFs) in the U.S. and USDC’s adherence to the European Union’s MiCA framework represent pivotal steps toward a more defined regulatory environment.

The post Coinbase Sees $1.4B Revenue in Q2 Amidst Regulatory Shifts appeared first on CryptoTale.

PONKE’s price drop below $0.46630 suggests potential trend reversal if it fails to regain support.

SEI’s breakdown below $0.3300 and testing lower support signals ongoing bearish momentum.

NEAR’s head and shoulders pattern indicates further downside potential as it trades below key moving averages.

The cryptocurrency market is currently experiencing notable volatility with key developments in the charts of PONKE, SEI, and NEAR as per analysis by Nebraskangooner. Each of these assets exhibits distinct trends and significant levels that could influence their future movements. 

As per the analysis, PONKE has reached a critical juncture in its price trajectory. The chart indicates a pronounced downtrend characterized by lower highs and lower lows within a descending channel. Recently, PONKE fell sharply below this channel, signaling heightened selling pressure. 

$PONKE

Another breakdown target reached

Loss of this support and it's game over https://t.co/yWyjRjOhG5 pic.twitter.com/E7McnDZggy

— Nebraskangooner (@Nebraskangooner) August 2, 2024

The primary support level to watch is approximately $0.46630. The chart’s annotation suggests that losing this support could trigger a trend reversal, making it a crucial level for market participants. Resistance levels are identified in the $0.58000 to $0.64000 range, where the price repeatedly tested these upper boundaries before pulling back. This resistance signifies strong seller activity. 

Source: X

Despite a generally upward-moving orange line representing the moving average, the price has dipped significantly below it, potentially indicating a short-term correction against the long-term trend. At press time, PONKE is trading at $0.456084, with a 24-hour trading volume of $24,640,870 and a 2.93% decline in the last 24 hours.

SEI presents another critical breakdown scenario. The overall trend remains bearish, supported by the downward slope of moving averages. Recently, SEI has witnessed a substantial price decline, breaching important support levels. 

The chart highlights resistance around the $0.3300 mark, where recent attempts to rally have failed. As per Nebraskangooner’s analysis, SEI is testing support levels between $0.2935 and $0.2700, as marked by a green rectangle. This area could be pivotal if buyers choose to step in. 

Source: X

Additionally, the formation of a potential descending triangle pattern on the chart suggests continued bearish momentum. The price has broken down from the horizontal support line at $0.3300, now exploring lower support zones. The SEI price at the time of writing is $0.292581, with a trading volume of $79,740,195, reflecting a 7.46% drop over the past day.

Altcoins Set for Major Surge: Analyst Bullish Prediction Ahead of FOMC Meeting

NEAR is also on a downward path as the overall trend remains bearish, underscored by the recent peak followed by a downward trajectory. The moving averages, presumably the 50-day and 200-day, show bearish momentum with the price trading below these averages. Resistance is evident around the $5.500 level, where the price attempted a rally but faced rejection. Support is being tested between $4.500 and $4.200. The chart reveals a head and shoulders pattern, a classic bearish reversal signal. 

Source: X

The price has broken down from the neckline, suggesting further downside potential. As of the reporting time, NEAR Protocol is valued at $4.85 with a trading volume of $280,183,200, experiencing a 5.18% decline in the last 24 hours.

The post PONKE, SEI, and NEAR Experience Volatility: Analysis appeared first on CryptoTale.

A smart money investor buys 4,000 ETH worth $12.58M, aiming to continue their perfect win streak.

This investor’s strategic trades since 2022 have yielded over $38M in profits with a 100% win rate.

Despite a potential $7.6 million loss now, their strategic trades show strong market acumen.

A smart money investor, known for a perfect win rate, has made another significant move in the Ethereum market. Few hours ago, this investor bought 4,000 ETH worth approximately $12.58 million. This individual has consistently demonstrated an uncanny ability to buy Ethereum at low prices and sell it at higher ones. Their track record according to Lookonchain, spanning from November 21, 2022, to May 23, 2024, includes seven successful trades, yielding a total profit of over $38 million.

A smart money with a 100% win rate bought 4,000 $ETH($12.58M) again 5 hours ago!

This smart money bought and sold $ETH 7 times from Nov 21, 2022 and May 23, 2024, buying at low prices and selling at high prices each time, with a 100% win rate and a total profit of more than… pic.twitter.com/3fnCkyfmQT

— Lookonchain (@lookonchain) August 2, 2024

Since May 29, this investor has purchased a total of 17,012 ETH at an average price of $3,587 per ETH. Despite their success, they currently face a potential loss of $7.6 million due to the current market price. This new purchase raises questions about whether they can maintain their winning streak.

The investor’s trading history reveals strategic decisions. Their first major trade involved buying 17,012 ETH for $61,021,369 at $3,587 each. Subsequently, they sold 10,690 ETH for $40,693,603 at $3,807 per ETH. They continued to buy and sell ETH at strategic points, consistently selling at higher prices than their purchase points.

In their second trade, they bought 10,667 ETH for $37,881,552 at $3,551 each. They then sold 17,402 ETH for $67,527,389 at $3,880 per ETH. This pattern of buying low and selling high continued, with notable transactions such as purchasing 13,911 ETH for $47,782,552 at $3,435 each and selling 8,034 ETH for $24,562,420 at $3,057 per ETH.

Breaking Down Ethereum’s Recent Dip: Will $2,825 Support Hold?

Another significant trade involved buying 2,611 ETH for $5,860,543 at $2,245 each and selling 3,000 ETH for $7,625,480 at $2,542 per ETH. The investor’s strategic buying and selling decisions highlight keen ability to navigate the volatile cryptocurrency market.

This smart money investor’s success continued with trades such as buying 4,900 ETH for $12,280,177 at $2,506 each and selling 5,000 ETH for $12,220,900 at $2,444 per ETH. Their most recent trades involved buying 5,929 ETH for $13,456,860 at $2,270 each and selling 9,000 ETH for $19,442,250 at $2,158 per ETH. Despite the current potential loss, the investor’s history of profitable trades suggests they might turn this situation around. Their consistent success in the volatile cryptocurrency market is noteworthy.

The post Smart Money Investor Buys 4,000 ETH Amid Market Volatility appeared first on CryptoTale.

MicroStrategy’s bitcoin holdings surged to 226,500, worth $14.4B, despite a $102.6M Q2 loss and $180.1M impairment charge.

The platform plans to raise $2B for more bitcoin, reflecting strong commitment despite missing revenue forecasts.

The company’s recent 10-for-1 stock split aims to boost stock accessibility and liquidity amid financial challenges.

MicroStrategy, the Nasdaq-listed software giant, has announced a significant update in its bitcoin holdings and financial performance. As of July 31, the company reported a total of 226,500 bitcoins, reflecting a notable increase from previous figures. This substantial holding was acquired at an average price of $36,821 per bitcoin, totaling an investment of $8.3 billion. 

With bitcoin’s value at around $64,108.59 at press time, the holdings are now valued at approximately $14.4 billion. However, despite these gains, the company has reported a challenging second quarter, including a substantial impairment charge.

In the second quarter, MicroStrategy recorded a net loss of $102.6 million, translating to $5.74 per share. This stands in stark contrast to the $22.2 million profit, or $1.52 per share, achieved during the same period last year. The primary factor behind this loss was a significant impairment charge of $180.1 million, a stark increase from the $24.1 million impairment reported in the previous year. This charge reflects the volatility in the value of bitcoin, contrasting sharply with its purchase price.

The company, under the leadership of Executive Chairman Michael Saylor and CEO Phong Le, remains optimistic about the future. Le emphasized the company’s positive outlook on bitcoin adoption, citing the growing bipartisan support and institutional interest highlighted at the Bitcoin 2024 Conference in Nashville. Despite the financial setback, MicroStrategy’s strategic vision for bitcoin remains intact.

In addition to its bitcoin holdings, MicroStrategy is gearing up to raise an additional $2 billion to further expand its cryptocurrency portfolio. This move underscores the company’s unwavering commitment to its bitcoin strategy, even amid financial challenges. The firm’s approach to its digital assets reflects a broader trend of increased institutional investment in cryptocurrency.

Bitcoin’s Bearish Trend: Can It Overcome the $70,000 Barrier?

Moreover, MicroStrategy’s recent operational performance fell short of analyst expectations. The company reported revenue of $111.4 million, missing the forecasted $122 million. This shortfall, combined with the overall market downturn, contributed to a 6.5% drop in the company’s share price before the earnings announcement. On a positive note, the company has recently implemented a 10-for-1 stock split. This move aims to make the stock more accessible to a broader range of investors and employees, potentially enhancing liquidity and market appeal.

The post MicroStrategy Announces Strategic $2B Bitcoin Expansion appeared first on CryptoTale.

Google launches Gemma 2 series, featuring Gemma 2 2B, ShieldGemma, and Gemma Scope for enhanced AI safety and performance.

Gemma 2 2B offers exceptional performance, running efficiently on various hardware from edge devices to cloud systems.

ShieldGemma filters harmful content like hate speech and harassment, ensuring safer AI-generated outputs.

In an astounding development in artificial intelligence (AI), Google has announced the release of three new models under its open-source Gemma 2 series. The July 31 announcement introduces Gemma 2 2B, ShieldGemma, and Gemma Scope, each designed to enhance safety, efficiency, and transparency in AI development.

Gemma 2 2B: Revolutionizing Performance Across Hardware

Gemma 2 2B is a lightweight model optimized for a variety of hardware, ranging from edge devices to cloud infrastructures. As per Google, Gemma 2 2B stands out for its exceptional performance, surpassing models like GPT-3.5 on benchmarks, and is accessible for both commercial and research applications. The model’s efficiency and versatility make it an ideal tool for developers seeking powerful yet cost-effective AI solutions.

How Does ShieldGemma Ensure Safe AI Use?

ShieldGemma, another addition to the series, addresses the critical need for content safety in AI-generated outputs. Acting as a robust safety classifier, ShieldGemma filters harmful content, including hate speech, harassment, and sexually explicit material. This model is pivotal for maintaining ethical standards and ensuring the responsible deployment of AI technologies.

Exploring AI Decision-Making with Gemma Scope

Gemma Scope offers unprecedented insight into the inner workings of the Gemma models. Utilizing sparse autoencoders, it provides researchers with a clearer understanding of how the AI processes information and makes decisions. This transparency is crucial for enhancing the reliability and trustworthiness of AI systems, making them more interpretable and accountable.

Artificial Intelligence takes Center Stage at Blockchain Futurist Conference 2024 in Toronto

Industry Trends: How Are Other Tech Giants Addressing AI Safety?

The launch of these models comes amidst growing concerns about AI safety and ethics. The release coincides with broader industry efforts to promote responsible AI practices, including recent initiatives by other major tech companies. For instance, Meta’s launch of LLaMA 2 and Emu models similarly focuses on transparency and ethical AI development. Additionally, the Frontier AI Safety Commitments, supported by leading firms like Google, Amazon, and OpenAI, underscore the industry’s commitment to safer AI deployment.

Global Regulation: What Does the EU AI Act Mean for AI Development?

This announcement also aligns with global regulatory movements, such as the EU AI Act, which is setting new standards for AI system transparency and risk management. These developments collectively mark a significant shift towards more responsible AI innovation, emphasizing the need for safety tools and transparent practices.

The post Google Unveils New AI Models in Gemma 2 Series, Emphasizing Safety and Transparency appeared first on CryptoTale.

Crypto hacks in July 2024 exceeded $266M, a sharp rise from June’s $176M.

WazirX lost $230M in a major hack, accounting for 86.4% of July’s total thefts.

2024 sees a surge in crypto thefts, with $1.38B stolen by June, double 2023’s mid-year total.

The cryptocurrency ecosystem witnessed a surge in hacking incidents in July, resulting in losses exceeding $266 million. This marks a significant increase from the $176 million stolen in June. The latest reports reveal a growing trend of sophisticated cyberattacks targeting both centralized and decentralized finance platforms.

WazirX Hack and Subsequent Actions

The most significant incident occurred on July 18, when the Indian crypto exchange WazirX suffered a catastrophic security breach. Hackers siphoned off over $230 million, which accounted for 86.4% of the total cryptocurrency stolen in the month. The stolen assets included 61,154 Ether (ETH). Following the attack, WazirX filed a police complaint and engaged with the Indian Computer Emergency Response Team (CERT-In). The exchange is collaborating with forensic experts and law enforcement agencies to track the stolen funds, recover customer assets, and identify the perpetrators. In addition, WazirX launched a recovery plan allowing users immediate access to 55% of their assets.

Other Major Incidents

In addition to WazirX, other significant victims included the decentralized finance platform Compound Finance, which lost $24 million, and the bridging protocol LI.FI, which lost $10 million. Smaller incidents also affected Bittensor and Rho Markets, with each losing $8 million. These funds were often laundered through crypto mixers like Tornado Cash, making them difficult to trace.

On July 31, the Terra blockchain experienced a reentrancy attack, resulting in the theft of $4 million in various tokens, including 60 million ASTRO, 3.5 million USDC, 500,000 USDT, and 2.7 Bitcoin. The attack exploited a known vulnerability that had resurfaced after a recent update. Terra developers responded by temporarily halting the blockchain at block height 11430400 and implementing an emergency chain upgrade. Validators supporting the network upgraded their nodes to prevent similar incidents in the future. 

Terra Blockchain Halts After Security Breach Results in $5.28 Million Loss

Wider Context of Cryptocurrency Thefts in 2024

The recent surge in hacks reflects a broader trend observed throughout the first half of 2024. According to blockchain intelligence firm TRM Labs, total cryptocurrency thefts reached $1.38 billion by June 24, more than double the $657 million recorded in the same period in 2023. The increase in thefts correlates with rising crypto prices, making digital assets a more lucrative target for cybercriminals. Key attack vectors include private key and seed phrase compromises, smart contract exploits, and flash loan attacks.

The post Surge in Crypto Hacks: $266M Stolen in July, WazirX Among Major Victims appeared first on CryptoTale.

IntoTheBlock reports a 52% rise in Tron active addresses since January, now averaging 2.42 million daily.

On January 1, 2024, the number of daily active addresses was 1.59 million.

Tron DAO advises TRX holders to migrate BEP2 tokens to BNB Smart Chain by May 2024.

IntoTheBlock, a DeFi intelligence platform, has reported a significant increase in the number of active addresses on the Tron (TRX) blockchain. The number of daily active addresses has risen from 1.59 million on January 1st, 2024, to an average of 2.42 million currently. This represents a 52% increase, indicating robust growth in user engagement and activity on the network.

The number of active @trondao addresses increased by 52% since the start of the year.

Currently averaging over 2.42 million daily, compared to 1.59 million on January 1st pic.twitter.com/qwgmWR6RLN

— IntoTheBlock (@intotheblock) August 1, 2024

The graph provided by IntoTheBlock shows a clear upward trend in daily active addresses since the beginning of the year. Peaks in activity mark periods of high network usage, while slight declines follow these spikes. Despite these fluctuations, the overall trend remains positive. The increase suggests growing usage and possibly more transactions on the Tron network, driven by factors such as new decentralized applications (dApps) and significant events within the Tron ecosystem.

Rising Address Activity Signals Potential Bullish Trends for RNDR, AAVE, and MKR

This surge notably coincides with a decline in TRON’s price. At press time, TRON (TRX) is priced at $0.1289, with a 24-hour trading volume of $397,652,231. However, it has experienced a -2.29% price decline in the last 24 hours and a -4.80% decline over the past seven days. Despite these short-term setbacks, TRON maintains a circulating supply of 87 billion TRX, giving it a market cap of $11,221,464,034. While TRON’s performance over the past week shows a decline, it is still performing better than the global cryptocurrency market, which is down -1.40%.

In related news, Tron DAO recently issued a directive to TRX holders to migrate their BEP2 tokens to the BNB Smart Chain. This move is in response to the upcoming closure of the BNB Beacon Chain, as announced by the BNB Chain. The Beacon Chain, essential for staking and governance on the BNB network, will sunset in June 2024. Consequently, assets on the BEP2 and BEP8 protocols must be transferred to the BNB Smart Chain or other blockchains by May 2024 to avoid losses.

This directive follows the BEP333: BNB Chain Fusion proposal, which aims to merge the BNB Beacon Chain with another segment of its network. This consolidation intends to enhance the blockchain’s development efficiency, security, and asset utilization effectiveness.

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Pyxtrial provides near real-time data for stablecoin monitoring, enhancing transparency and trust.

The system’s modular design allows regulators to adapt it to digital assets and global frameworks.

Pyxtrial needs further testing and skilled support for full deployment and efficiency despite initial success.

The Bank of England and the Bank for International Settlements (BIS) have introduced an innovative project named Pyxtrial to tackle the challenges of monitoring stablecoins. This new system aims to offer near real-time data on the liabilities and assets backing these digital assets. The initiative is crucial when regulatory scrutiny on stablecoins intensifies due to past controversies over their reserves.

Pyxtrial stands out for its capability to provide authorities with direct access to data from issuers’ systems. This feature allows for the verification of on-chain liabilities, enhancing transparency and trust. The initiative represents a significant advancement in how financial regulators can monitor and manage digital assets, particularly those tied to real-world assets.

Historically, stablecoin issuers have faced scrutiny regarding the legitimacy of their claimed reserves. This issue gained prominence following the collapse of FTX in 2022, which led many in the industry to adopt self-regulation practices. Companies began publishing “proof of reserves” to demonstrate their assets’ backing, a method to ensure that corresponding assets fully support digital tokens. Despite these efforts, concerns persisted, highlighting the need for more robust and transparent solutions.

Pyxtrial’s modular and customisable framework provides a promising solution. It allows regulators to adapt the technology to fit various global regulatory environments. This flexibility could extend beyond stablecoins to other tokenised assets, addressing broader challenges within the financial system.

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The project’s proof of concept has already shown that it can rapidly deliver technological solutions to support regulators. Pyxtrial aims to resolve issues related to traditional, often slow data collection methods by enabling near real-time tracking of liabilities and assets. This advancement could lead to more accurate and timely oversight of digital assets, promoting better market stability.

However, the Pyxtrial project is still in its early stages. It requires further testing and refinement before full-scale implementation. Effective deployment will also necessitate skilled personnel to support its operation. Additionally, the project provides valuable insights into developing backend solutions that can bridge on-chain and off-chain data, enhancing the overall regulatory framework.

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Ripple and OpenEden partner to tokenize US Treasury bills (T-bills) on the XRP Ledger, revolutionizing DeFi.

TBILL tokens that are backed by US T-bills and repurchase agreements will soon be available on XRPL.

Ripple commits $10M to OpenEden’s TBILL tokens, showcasing confidence in integrating real-world assets into DeFi.

Ripple has announced a groundbreaking partnership with OpenEden to introduce tokenized US Treasury bills (T-bills) on the XRP Ledger (XRPL). This strategic move aims to transform the DeFi space by integrating traditional real-world assets (RWAs) into the XRPL ecosystem.

According to a recent report, tokenized T-bills, a short-term US government debt obligation backed by the Department of the Treasury, will soon be available as TBILL tokens on the XRPL. These tokens are supported by short-dated US T-bills and reverse repurchase agreements collateralized by US Treasuries. Minters would undergo firm KYC and AML screenings to ensure security and regulatory compliance.

Ripple is committing $10 million to OpenEden’s TBILL tokens, part of a larger fund allocated to tokenized T-bills provided by OpenEden and other issuers. This investment underscores Ripple’s commitment to leveraging real-world assets to drive utility and new opportunities on decentralized platforms.

The infrastructure that underlies the XRPL is also highly adaptable to accommodate institutional-grade financial applications. Its features include an Automated Market Maker (AMM), Decentralized Identifier (DID), Multi-Purpose Tokens (MPT) capability, Lending Protocol, and native Oracle support, making it an ideal platform for RWA tokenization. OpenEden’s TBILL tokens, reflecting $75 million in Total Value Locked (TVL), showcase growing market confidence in this approach.

Ripple continues to lead in enterprise blockchain and crypto solutions. Recently, Ripple partnered with Fenasbac, the National Federation of Associations of Central Bank Servers. This collaboration aims to advance fintech innovation in Brazil through the Next accelerator program.

This initiative supports the development of scalable financial services solutions leveraging blockchain technology, such as the XRP Ledger.

Brazil has embraced the advanced developer community and highly developed digital payments system which is why this country is one of the priorities for Ripple’s investment. The company’s effort to empower teams across the globe that utilize the XRPL is to foster a fair and effective financial environment.

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XRP Ledger (XRPL) is a public, enterprise-level blockchain designed to be reliable and stable for the past ten years for tokenizing and trading assets. Based on XRP, a payment-grade digital asset, XRPL helps firms and developers embrace new opportunities in the financial industry.

With over five decades of experience, Fenasbac has expanded its operations to become a leader in financial and technological innovation. In collaboration with the Central Bank of Brazil, Fenasbac seeks to modernize the National Financial System, making it more competitive and robust on both national and international levels.

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Shib X confirms BONE listing on WEEX, boosting liquidity and adoption.

Speculators believe this could pave the way for listing on the Binance exchange.

Shiba Inu community celebrates SHIB’s 4th anniversary with the BONE listing.

The official Shib X account has confirmed the listing of Bone ShibaSwap (BONE) on WEEX, a prominent crypto futures exchange. This announcement has generated significant excitement within the Shiba Inu community and beyond, emphasizing the potential implications for BONE’s market performance. 

The partnership with WEEX underscores a significant milestone for the Shiba Inu ecosystem, promoting broader adoption and liquidity for BONE. Furthermore, this collaboration could pave the way for the addition of other Shiba Inu ecosystem tokens on the crypto futures trading platform.

The listing of BONE on WEEX marks a critical achievement for the Shiba Inu ecosystem. This development not only enhances BONE’s visibility but also increases its liquidity in the market. Additionally, this partnership with WEEX could facilitate broader support for other tokens within the Shiba Inu ecosystem. 

Speculation is already swirling that BONE might soon be listed on the Binance exchange. This speculation follows the Shiba Inu developers’ recent move to renounce the smart contract and reallocate the remaining locked BONE to validator rewards. By decentralizing the token, the developers have further bolstered its appeal within the crypto community.

Despite the significant listing news, BONE’s price has not yet responded positively. As of press time, the price of Bone ShibaSwap (BONE) stands at $0.449, with a 24-hour trading volume of $5,192,315. This represents a -3.64% price decline in the last 24 hours and a -5.11% decline over the past seven days. 

With a circulating supply of 250 million BONE, the token’s market cap is valued at $112,022,032. Comparatively, Bone ShibaSwap is underperforming the global cryptocurrency market, which is down -1.60%, and is lagging behind similar Ethereum ecosystem cryptocurrencies, which are up 12.70%.

Shiba Inu Eyes $0.00004000 as Shiba Eternity Web3 Launch Approaches

The listing coincides with SHIB token’s 4th anniversary. The Shiba Inu community, known as the Shib Army, has reacted with enthusiasm. A prominent community member posted a celebratory message thanking Ryoshi, the project’s founder, and the developers for their ongoing efforts. 

This celebration comes only a month after Shytoshi Kusama, the pseudonymous lead developer behind Shiba Inu, expressed excitement for the project’s growing DeFi dominance. K9 Finance, a key partner in the Shiba Inu ecosystem, recently secured a listing for its KNINE token on WEEX and announced the platform’s integration with SHIB’s layer-2 network. Kusama shared his optimism for the future, highlighting the ecosystem’s strides towards decentralized finance dominance.

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Mt. Gox Trustee has repaid BTC and BCH to over 17,000 creditors, progressing the recovery plan.

Recent repayments mark a significant milestone in compensating Mt. Gox hack victims.

The Trustee emphasizes secure and accurate repayment processes for remaining Mt. Gox creditors.

Mt. Gox, once a leading cryptocurrency exchange, continues to make significant progress in repaying its rehabilitation creditors. On July 31, 2024, the Rehabilitation Trustee, Nobuaki Kobayashi, announced the latest round of repayments in Bitcoin (BTC) and Bitcoin Cash (BCH). 

This follows earlier repayments on July 5, 16, and 24, 2024. The payments were made to creditors through designated cryptocurrency exchanges, marking a crucial step in the ongoing rehabilitation process. To date, over 17,000 creditors have received their due in digital assets, reflecting the Trustee’s commitment to fulfilling obligations under the Rehabilitation Plan.

The repayment process, however, is not without its challenges. The Trustee outlined several conditions that must be met before further payments can be made. These include confirming the validity of registered accounts and ensuring the acceptance of the Agency Receipt Agreement by designated exchanges. Additionally, discussions between the Trustee and these exchanges must be completed to guarantee that the repayments are executed safely and securely. This meticulous process aims to protect the interests of all parties involved and ensure a transparent and orderly distribution of assets.

Mt. Gox Transfers $3.13B in Bitcoin: Implications for BTC’s Global Asset Rank

Despite these complexities, the Rehabilitation Trustee assures creditors that efforts are being made to expedite the process. The focus remains on verifying all necessary details to prevent any fraudulent activities and to ensure that repayments are accurate and fair. The Trustee’s statement encourages eligible creditors to remain patient as the final steps are taken to complete their repayments.

The Mt. Gox case has been closely watched by the cryptocurrency community, given its impact on the market and the numerous individuals affected by the exchange’s collapse. The ongoing repayments signify a positive move towards resolution and closure for those who suffered losses. As the process continues, the Rehabilitation Trustee’s updates provide critical transparency, helping to rebuild trust within the cryptocurrency ecosystem.

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The FOMC held U.S. interest rates steady, causing an immediate drop in crypto prices.

Social volume on FOMC topics spiked, but crowd sentiment shows no major fear yet.

Bitcoin retraced slightly, trading at $63,835.43 amid the interest rate decision.

The Federal Open Market Committee (FOMC) decided to maintain U.S. interest rates at their current levels, causing an immediate decline in cryptocurrency prices. Traders had anticipated a possible rate cut from Jerome Powell, which would have marked the first reduction since March 15, 2020. This decision disappointed many who hoped for a more favorable monetary policy stance.

According to Santiment, the social volume surrounding the FOMC, Federal Reserve (Fed), and Jerome Powell saw a notable increase. The blue line on the chart represents this surge, indicating the highest level of discussion since April. Concurrently, the red bars signify the social volume related to negative keywords like “sell,” “selling,” “sold,” and “bearish.” Despite this increase, there is no significant fear or major sell-off discussions among the crowd.

The green line on the chart tracks Bitcoin’s (BTC) price movements, which have recently experienced a slight retracement. This decline aligns with the FOMC meeting and the interest rate decision. Despite the initial drop, the crowd has not yet shown significant fear or engaged in widespread selling. The sentiment could shift if Bitcoin approaches the $60,000 mark, but for now, the market remains relatively stable.

Mt. Gox Transfers $3.13B in Bitcoin: Implications for BTC’s Global Asset Rank

As the emotional sell-offs subside, markets are expected to flatten out unless another major event impacts the crypto landscape. Historically, a rate cut would be a bullish signal for crypto traders, potentially leading to a higher performance for both stocks and crypto for the remainder of 2024.

At press time, Bitcoin’s price is $63,835.43, with a 24-hour trading volume of $35,950,122,924. This represents a 2.75% decline over the last 24 hours and a 0.64% decline over the past week. With a circulating supply of 20 million BTC, Bitcoin’s market capitalization is valued at $1,259,731,818,100.

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Chainlink (LINK) leads in development activity, but its price dropped by 3.90%, highlighting market volatility.

Safe (SAFE) bucks the trend, rising 7.52%, showing resilience amidst widespread declines in ERC-20 coin prices.

Despite being top in development, most ERC-20 projects, including Ethereum and Status, face price declines this month.

Chainlink (LINK) has emerged as the fastest-growing ERC-20 project, leading in development activity as per Santiment, a top analytic firm data. With a development activity score of 401.53, Chainlink is well ahead of its competitors. Its dominance is a testament to its robust and active development community. 

The increasing interest in decentralized technologies and smart contracts drives Chainlink’s development. However, while Chainlink thrives on development fronts, its market price sees a slight dip. At press time, the price was $12.66, showing a decrease of 3.90% over the last 24 hours.

Status (SNT) follows Chainlink, securing the second position in the rankings. Status, designed as a messaging platform that integrates with Ethereum, boasts a significant development activity. This activity indicates the project’s dedication to enhancing its platform capabilities. Status is priced at $0.023784 and has seen a 5.91% decrease in the past 24 hours.

Ethereum(ETH), the pioneer of smart contracts and decentralized applications, ranks third. The Ethereum development community is continually striving to implement upgrades and improvements. At the time of writing, Ethereum is priced at $3,140.68 and has experienced a 4.09% decline over the last 24 hours.

SUSD, the stablecoin linked with the Synthetix protocol, secures the fourth spot in development activity. This stability-focused project has a price of $0.9973, with a minor 0.31% decrease in the last day. 

Closely related, Synthetix (SNX), ranked fifth, is a decentralized finance (DeFi) protocol providing on-chain exposure to synthetic assets. Synthetix’s price stands at $1.61, having fallen by 5.74% in 24 hours.

Additionally, Safe (SAFE) occupies the sixth position. The project’s focus on security solutions within decentralized ecosystems has seen increased interest, boosting its development activity. Unlike others, Safe’s price has risen by 7.52%, reaching $1.04.

dYdX (DYDX), a decentralized exchange for trading derivatives, is ranked seventh. Despite a drop in its price by 5.24%, the platform remains a key player in the DeFi sector. At the time of publication, its price stands at $1.16.

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In eighth place is Decentraland (MANA), a virtual reality platform powered by the Ethereum blockchain. Despite its innovative approach to digital land ownership and community engagement, Decentraland’s price has fallen by 6.59% to $0.305289.

Mask Network (MASK), a platform enabling users to encrypt their social media posts, is ninth in development activity. At press time, its price is $2.11, reflecting a 4.85% decrease over the last day.

Nine Chronicles (WNCG), a fully decentralized RPG with a complex economy governed by its players, rounds out the top ten. Its development activity underscores its commitment to advancing gaming on the blockchain. Nine Chronicles’ price is $0.05877, experiencing a 3.91% drop.

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M2 now enables UAE residents to directly trade Bitcoin and Ether with their bank accounts using the local dirham.

The integration simplifies cryptocurrency transactions, allowing deposits and withdrawals of dirhams, and adjusting quickly to market shifts.

M2’s service adheres to UAE’s stringent regulatory standards, ensuring secure and transparent cryptocurrency trading.

Residents of the United Arab Emirates have a new way to engage with cryptocurrencies through their bank accounts, with crypto exchange M2’s strategic move. The platform now supports direct transactions using UAE dirhams to buy and sell Bitcoin and Ether. This service uses the exchange’s spot market, enabling the conversion of local currency into cryptocurrencies and vice versa.

Details of the Integration

The integration introduced by M2 allows users to both deposit and withdraw dirhams, streamlining the process of trading virtual assets. With this new service, UAE residents can quickly adapt to market changes, converting dirhams into Bitcoin and Ether without intermediary steps.

Expansion and Regulatory Compliance

M2’s initiative marks a stride toward increasing the accessibility of virtual assets in the MENA region. Stefan Kimmel, CEO of M2, stated that this development is part of their broader effort to merge traditional financial services with the flexibility of digital currencies, all within a framework supported by the UAE’s strict regulatory standards.

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The Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) licenses and oversees the operation of exchanges like M2. The licensing process, known for its rigorous standards, assures users that the services provided by M2 meet the UAE’s requirements for security and transparency.

Future Outlook

This new capability is set to alter how UAE residents interact with digital assets, providing a seamless transition between fiat and cryptocurrencies. Recently, it was announced by InternetShine Technologies that the seventh edition of the FiNext Conference, set to take place in Dubai. 

Hosted by InternetShine Corporation USA the event is scheduled for February 12-13, 2025, at the Le Meridien Dubai Hotel & Conference Center. This event will bring together over 1,000 industry leaders, investors, startups, fintech firms, banks, and government agencies, creating a unique platform for networking, education, and innovation in financial services

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England’s Law Commission proposes a new property category for digital assets to clarify legal rights and improve dispute resolution.

Digital assets challenge current legal frameworks; a new category could offer clearer protection and adaptable legal solutions.

The Bank of England’s Digital Securities Sandbox aims to test distributed ledger tech for trading digital securities under regulatory oversight.

The Law Commission of England and Wales has proposed a reform that could reshape how digital assets are legally classified. On July 30, the Commission published a final report advocating creating a new property category specifically for cryptocurrencies and other digital assets. This proposed change seeks to address the limitations of the current legal framework, which has struggled to accommodate the unique characteristics of these modern financial instruments adequately.

Currently, English law divides personal property into two main types: tangible property, such as physical objects, and intangible property, which includes rights and obligations. Digital assets, such as cryptocurrencies and non-fungible tokens (NFTs), present tangible and intangible elements. This complexity creates challenges for legal categorization and dispute resolution. The Commission’s report highlights that the existing categories do not fully capture the complexities of these assets, leading to potential legal ambiguities.

To address this issue, the Commission recommends the establishment of a new category of personal property. This category would specifically cater to digital assets, offering a clearer legal framework that reflects their unique nature. By introducing this third category, the Commission aims to enhance the protection of property rights related to digital assets and facilitate more effective legal proceedings.

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Moreover, the Commission has proposed a draft bill that outlines how this new category could be implemented. This draft bill suggests that the courts can define and adapt this category further over time. This approach is intended to ensure that the legal framework remains flexible and responsive to future developments in digital asset technology without disrupting the classification of other personal property types.

The government’s response to this proposal is eagerly awaited. The Bank of England and the Financial Conduct Authority have undertaken a joint consultation to review draft guidance for their Digital Securities Sandbox. According to the joint consultation and draft guidance released on April 3, the sandbox aims to enable participants to test distributed ledger technology for trading and settlement of digital securities, such as shares and bonds. The sandbox is part of broader efforts to integrate digital assets into the financial system while ensuring robust regulatory oversight.

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