In the fast-paced industry that is cryptocurrency, it is a constant search for the horizon for traders and investors alike. One expert in trading cryptocurrencies outdid himself attaining 100x ROI on some of the tokens in the market that were very profitable in 2021, which was then, very profitable indeed. Now, the same trader is putting all his reputation on the line for an entirely new project, that he believes will reach 8000% in the future – it’s a real estate tokenization altcoin that is currently priced under $0.10 which is Rexas Finance (RXS).  As the adoption of blockchain technology continues to redefine the projection of several businesses, the real estate tokenization trend spearheaded by Rexas Finance is set to change the way physical asset investment is done, making it easier and more profitable than ever.

What is Rexas Finance (RXS)?

Rexas Finance is an upcoming blockchain firm, which primarily targets the tokenization of Real World Assets (RWA), specifically real estate, commodities, art, and other high-worth physical assets. The tokenization of real-world assets refers to the process of creating digital tokens that represent commercial stakes in tangible assets and that can be traded through a blockchain-based platform. This enables investors from every corner of the globe to be able to purchase a part or the entire portion of an asset that was only within the reach of large institutions or very rich people. The size of the real estate business alone exceeds $379 trillion in value and, unsurprisingly, it takes the lead as the richest asset class in the world today. This is where they come in – Rexas Finance makes it possible for both big and small investors to participate in this enormous industry by adopting real estate tokens and therefore selling the underlying assets. Be it million-dollar real estate assets in New York Times Square or stake-hold in real estate properties in Hong Kong, Rexas Finance is paving the way for the common man to invest in places where only the wealthy would in the recent past.

Why Real Estate Tokenization is a Game Changer

The real estate industry has long been dominated by traditional structures that limit access to only the wealthiest investors. High capital requirements, legal complexities, and geographical barriers have catered the investment in the real estate domain to a select few only. The good thing, however, is that Rexas Finance offers a solution to these challenges by embracing the use of blockchain technology, fractional sales, and international purchasing.

The ability to invest in properties anywhere on the planet has for decades eluded many because of the high costs associated with it. While making money is everyone’s motivation, Rexas Finance makes it easy to own a piece of property according to the available colonies. For instance, an individual based in Asia can have ownership of a part of a commercial building in Europe or a luxury home in New York making passive income out of those investments without the hassle of normal real estate ownership. Most importantly, buyers and sellers will see the benefits of Rexas Finance, which helps create liquidity in the notoriously illiquid property market. That is, one can now digitize portions of real estate through the blockchain and transact with ease, a level of convenience that has never been in the property market. This increase in liquidity means that real estate is not only more attractive to larger institutions but also to smaller investors eager to invest to spread their risk management.

Key Features of Rexas Finance (RXS)

Rexas Token Builder

One of the most innovative features of Rexas Finance is its Token Builder, which enables the user to respect and secure the assets within the virtual space. To add, everyone from an entrepreneur to a real estate owner and an artist can in this easy manner ‘bring their assets on the blockchain’ even without coding. The Token Builder allows the creation of digital tokens linked to real-world assets, which are further tradable on decentralized exchanges.

This tool is especially useful to businesses and real estate developers trying to tap into capital markets by offering fractional ownership of their assets. There is no specific constituency targeted, which is expensive, the Rexas Token Builder takes care of that and it does affect other investors, thus everyone can tokenize and sell their assets in a global market.

Rexas Launchpad

The Rexas Launchpad is a platform where business people and real estate developers can seek investment by giving up tokenized assets. Whether it is a building project to be developed or a new collection of artworks the launchpad platform enables the creators and investors of a tokenized asset to engage and explore the market.

Rexas Estate

This module of the Rexas Estate feature addresses real estate tokenization – the sale of fractional ownership in properties around the globe. Real estate investors can purchase, sell, or trade portions of properties on the blockchain, therefore making real estate investment less rigid and easier to participate in. This allows real estate investors to invest in real estate that has for ages been regarded as one of the safest and highly yielding assets.

The Total Addressable Market: Unlimited Potential

Rexas Finance has chosen some of the biggest target markets, including real estate, commodities, and fine art. Then, the total addressable market (TAM) for this company is almost unlimited, considering it covers industries worth multi-trillion dollars and has not been improved. Rexas is turning previously non-existent or illiquid possibilities into new assets for both the investors and the asset owners, and the upside here is massive. As of writing, Rexas Finance is presently running its second presale stage where 1 RXS is going for $0.040 highly up from the first presale stage by 33.33 %. Then at the next stage, the price is supposed to be $0.050 and that will be a significant increase.  With 46.89% of the tokens already sold, investors are quickly recognizing the potential of this project, and those who get in early are poised for significant gains. Industry experts predict that the RXS token could see an 8,500% increase in value, offering early investors a chance to achieve life-changing returns.

Why Rexas Finance Could Skyrocket 8,500%

The expert trader who had 100x ROI in the year 2021 believes Rexas Finance can achieve the same goal. With an emphasis on the tokenization of real-life assets, Rexas is addressing multi-trillion-dollar verticals with a huge growth potential. Besides, it has managed to generate robust presale interest with more than $575,000 raised and 18,132,079 tokens sold in under 3 days. Rexas Finance stands apart from many speculative altcoins in that it has practical applications that are beneficial to both the investors and the asset owners. By developing the tokenization of real estate, gold, or other assets, the RXS still presents a very attractive business model making it one of the best altcoins in the current cryptocurrency market.

Conclusion: Don’t Miss the Next 8,500% Opportunity

Anyone eager to put their money into a project that holds purpose and has enormous potential for expansion should have no second thoughts about Rexas Finance (RXS). Targeting the areas of the tokenization of real-world assets, tapping into multi-trillion dollar industries, and the support of a skilled investor who had made a 100x investment ROI turn Rexas Finance into a profitable entity. All the early investors who participate in the presale currently can expect returns of 6 times their funds as the project is likely to continue drawing more support. Rexas Finance is not just yet another altcoin – it is the very advancement in the sphere of real estate, commodities, and asset tokenization. Hurry up – grab Rexas Finance coins now, and get ready to seize the new crypto revolution!

For more information about Rexas Finance (RXS) visit the links below:

Website: https://rexas.com

Whitepaper: https://rexas.com/rexas-whitepaper.pdf

Twitter/X: https://x.com/rexasfinance

Telegram: https://t.me/rexasfinance

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this article does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research.

Bhutan holds 13,011 Bitcoins from mining operations.

Bhutan is now the fourth-largest government in Bitcoin holdings.

The small South Asian nation of Bhutan now ranks as the fourth-largest government in terms of Bitcoin holdings. The country holds a total of 13,011 Bitcoins, valued at approximately $780.49 million. These holdings were revealed through Arkham’s platform, which publicly identified the addresses for the first time.

Unlike most governments, Bhutan’s Bitcoin does not originate from law enforcement asset seizures. Instead, these holdings are the result of Bitcoin mining operations. Moreover, the mining activities are managed by Druk Holdings, the investment arm of the Bhutanese government. Consequently, this approach highlights a unique strategy in Bitcoin accumulation.

Bhutan operates several mining facilities across various locations. For instance, the largest facility is situated at the now-defunct Education City project. Additionally, Arkham verified the timeline of mining activities using time-lapse satellite imagery, which corroborated the on-chain data. 

Furthermore, Bhutan’s significant Bitcoin holdings distinguish it from other governments involved in cryptocurrency. Most countries acquire their Bitcoin through confiscations or asset seizures, but Bhutan’s method reflects a more proactive investment in mining. As a result, Bhutan’s position in the coin’s ecosystem is notably different from that of its peers. Although the full scale of Bhutan’s future mining operations remains unclear, its status as a major Bitcoin holder underscores its growing influence. 

Bitcoin Price Weekly Overview

Over the past week, Bitcoin has seen a steady upward trend, with its current price standing at $58,496.01. This marks a 2.97% increase in the last seven days, reflecting growing market confidence. Bitcoin’s market capitalization remains strong at $1.15 trillion, maintaining its position as the leading digital asset. Furthermore, the 24-hour trading volume has surged by 18.66%, reaching $28.41 billion.The key support level in the current market structure lies at $56,820, which was tested earlier in the week. On the upside, the major resistance level is at $60,000, a threshold that Bitcoin has struggled to break through. 

Looking ahead, if Bitcoin fails to hold the support level of $56,820, the next significant support zone is expected around $55,000. On the other hand, if bullish momentum pushes Bitcoin past the $60,000 resistance, the next upward targets could range between $62,000 and $63,000.Highlighted Crypto News TodayUNI Token Circulation at 25% Despite Full Unlock

Singapore, Singapore, September 17th, 2024, Chainwire

The world’s largest martial arts organization will leverage Sui’s technology for its products and highly anticipated mobile game ONE Fight Arena built in partnership with Animoca Brands

Sui, a cutting-edge Layer 1 blockchain, today announced it will be the official blockchain partner of ONE Championship (“ONE”), the world’s largest martial arts organization. ONE events represent the full spectrum of martial arts, with world-class athletes from more than 80 countries competing across MMA, Muay Thai, kickboxing, submission grappling, and other disciplines. The partnership was announced during a panel at Sui’s Singapore Builder House during Token2049, the world’s largest crypto event.

Through this partnership, Sui will be integrated into various ONE products, including ONE Fight Arena, the promotion’s highly anticipated official Web3-enabled free-to-play mobile game, built in partnership with Animoca Brands and its subsidiary Notre Game. ONE Fight Arena features ONE’s robust roster of world champion martial artists and vast IP library.

The mobile game will leverage Sui’s world-class technology to provide a novel gaming experience with true digital ownership at its core, while allowing ONE to directly engage with its global fan base in a deeper manner. 

Sui’s integrations will include a comic/manga series about ONE athletes accessible through zkLogin and powered by the Walrus protocol on Sui, a free-to-play pick’em game where fans can win a variety of rewards and phygital collectibles that blend physical and digital aspects.

“ONE Championship is the fastest-growing major global sports property and has established a reputation for being extremely forward-thinking and technologically innovative,” said Jameel Khalfan, Head of Ecosystem Development at Sui Foundation. “Being chosen as their official blockchain partner and being integrated into their tech stack is a validation of Sui’s growth and adoption trajectory and another opportunity to serve the sports community with Sui’s technology.”

As ONE’s official blockchain partner, Sui is expected to gain significant visibility and brand exposure during marquee scheduled events, which will be accessible in-person for thousands of people and broadcasted to millions globally into over 190 countries through a network of partners, including Prime Video, Sky Sports, Globo, Channel 7 HD, U-Next, Seven Network, and Disney+ Hotstar.

“In today’s competitive landscape, capturing attention demands high-quality, interconnected, and engaging experiences. By offering world-class events, innovative gaming, second-screen features, and leveraging Web3 technology, we aim to connect with fans on a deeper level,”, said Hua Fung Teh, Co-Founder and Group President of ONE Championship. “Sui perfectly aligns with these objectives, and we are thrilled to partner with them as our official blockchain partner to bring this vision to life.”

Contact

Sui Foundationmedia@sui.io

Despite full unlocking, only 25.83% of UNI tokens are actively circulating in the market.

UNI is trading at $6.47 by 1.945 increase, with a market cap of $3 billion.

The native token of Uniswap’s UNI was issued and listed in September 2020. The team, investors, advisors, and community treasury received a total of 83% of the allocation, amounting to 8.3 billion tokens. These tokens are subject to a four-year unlocking period.

UNI was fully unlocked four years ago, but the actual circulation tells a different story. Initially, 83% of the 1 billion tokens, totaling 830 million, were allocated to the team, investors, advisors, and the community treasury, with a four-year unlocking cycle. Despite this, only 25.83% of the total UNI, or approximately 258.3 million tokens, is currently in circulation.

At launch, 17% of the token was distributed through LP mining and airdrops, which have all been circulated. Therefore, the focus shifts to the community treasury and the investors. furthermore, the community treasury was allocated 430 million UNI, all of which have been unlocked. Currently, the treasury holds 399,789,850 UNI, meaning only 30,210,150 has entered the market over the past four years.

In addition, among the 400 million UNI allocated to the community treasury, 58,164,177 have flowed into the market. Notably, top addresses, which received significant allocations, have sold very little, contributing to the low sales ratio.

The General Market Analysis of UNI

According to CoinMarketCap, Uniswap (UNI) is priced at $6.47, having a 1.94% increase in the past 24 hours. TradingView data shows an RSI of 52.43, with the RSI-based moving average at 52.99, indicating a neutral zone. The 9-day moving average is currently above the 21-day moving average. The token’s trading volume is $83 million, representing a 24.94% change, with a market cap of $3 billion.

While UNI is fully unlocked, with a 100% circulation rate, the actual market circulation remains around 258.3 million tokens (25.83% of the total), as most unlocked tokens from the community treasury remain unsold.

Highlighted Crypto News Today:Bitcoin Bear Run Extends as Price Holds on Stubbornly at $58K

SEC scrutiny increases on NFTs, raising industry concerns.

Flyfish NFTs deemed securities; $750,000 SEC settlement enforced.

Two U.S. Securities and Exchange Commission (SEC) commissioners have expressed dissent over their agency’s $750,000 settlement with Flyfish Club, a restaurant using non-fungible tokens (NFTs) to sell memberships. The SEC’s Sept. 16 order stated Flyfish conducted an unregistered sale of crypto asset securities by offering 1,600 NFTs, raising $14.8 million.

SEC commissioners Hester Peirce and Mark Uyeda sharply criticized the enforcement. They argued that the Flyfish NFTs were merely innovative membership sales rather than investment contracts. They contended that the NFTs, designed to provide exclusive dining access, didn’t meet the Howey Test’s criteria for securities.

Moreover, in a joint statement, Peirce and Uyeda said Flyfish’s NFT offering didn’t threaten investors and urged the SEC to give NFT creators more freedom to experiment. “Creative people should be able to experiment with NFTs without having to consult a high-priced tea-leaf reader—ahem, lawyer,” they wrote.

Some thoughts on NFTs being on the enforcement menu at the SEC: https://t.co/jw2trhSIo3 Order is here: https://t.co/R5gQUblatD

— Hester Peirce (@HesterPeirce) September 16, 2024

Industry Criticism

Flyfish Club, led by entrepreneur Gary Vaynerchuk, is set to open in New York this month. The NFTs granted holders exclusive access to the yet-to-be-built restaurant’s facilities, including dining and lounge areas.

The SEC argued Flyfish NFTs were investment contracts, requiring registration under U.S. securities laws, as they could be resold for profit and potentially leased for passive income. As part of the settlement, Flyfish agreed to destroy remaining NFTs in its possession and forfeit future royalties.

The SEC’s decision follows similar enforcement actions against NFT projects Impact Theory and Stoner Cats 2, as well as a Wells Notice issued to NFT marketplace OpenSea. The cases highlight growing scrutiny of digital assets under SEC Chair Gary Gensler’s leadership. This is amid increasing industry criticism of the agency’s regulatory approach.

Highlighted News Of The Day

Bitcoin Bear Run Extends as Price Holds on Stubbornly at $58K

Zeebu, a leading Web3 payment and settlement platform, has achieved another major milestone by surpassing $4 billion in settlement volume on its platform. This growth highlights the platform’s expanding reach and utility across the telecom carrier industry. To continue scaling its offerings, Zeebu is excited to announce its expansion with Base Network, a high-performance Ethereum layer-2 solution incubated by Coinbase. This marks a critical development in Zeebu’s multichain strategy, designed to provide faster, more cost-efficient, and scalable settlements. As part of this expansion, Zeebu has minted 24.4% of its ZBU token supply to Base, with a total of 1,022,916,666 ZBU tokens now available on Base. This expansion is part of Zeebu’s broader multichain approach to tap into leading blockchain networks starting with Ethereum, Binance Smart Chain, and now Base, leveraging their strengths to offer enhanced scalability, faster transactions, and deeper liquidity. The Zeebu Protocol is dedicated to building a fully decentralized liquidity engine, designed to transform global settlements by enhancing scalability, efficiency, and active ecosystem participation. Through the involvement of Delegators, Deployers, OLPs, and the Governance Council, Zeebu empowers participants to shape the protocol, ensuring transparency, shared governance, and opportunities to earn yield. The expansion to Base, one of the fastest-growing Layer-2 networks, aligns perfectly with this vision, providing greater scalability, lower fees, and increased access for users to engage with ZBU and participate in decentralized liquidity provisioning. Zeebu’s ZBU token powers this decentralized ecosystem, facilitating instant settlements, loyalty rewards, and governance. With the expansion to Base, Zeebu enhances its ability to provide seamless, cross-border transactions at a fraction of traditional costs, all while maintaining full transparency and security. Base Chain is built on the OP Stack, in partnership with Ethereum layer-2 blockchain Optimism. It offers the same security as Ethereum with lower fees and faster transaction times, enabling Zeebu to scale its platform efficiently. Base processes thousands of transactions per second, supports Ethereum’s EVM architecture, and is designed for compatibility with existing Ethereum dApps, making it a perfect match for Zeebu’s decentralized solutions.
Why Base Chain for Zeebu Protocol
Faster, Low-Cost Settlements: The expansion to Base enables near-instant, low-cost settlements for Zeebu’s clients, significantly improving cross-border payment efficiency.Increased Scalability: Base’s architecture allows Zeebu to handle high transaction volumes without compromising speed or security, ideal for enterprise-level settlements.Deep Liquidity: By leveraging Base’s growing user base and liquidity pools, Zeebu enhances its capacity to provide liquidity for global B2B payments.Transparency and Security: With Base’s Ethereum-level security, all transactions remain fully transparent and secure, reinforcing trust within Zeebu’s ecosystem.Fast-Growing DeFi Ecosystem: Base is one of the fastest-growing ecosystems in DeFi, making it the perfect platform for Zeebu to expand and allow users to maximize the potential of the ZBU token.
Zeebu has successfully expanded its ZBU token to Base, ensuring a balanced token supply across Ethereum, Binance Smart Chain, and now Base. The expansion was conducted through a burn-and-mint mechanism, carefully aligning token supplies as per tokenomics. For full transparency, Zeebu has published all transaction details, including on-chain hashes, in its latest blog post. The ZBU token contract on Base can be found here. “With our expertise in building decentralized settlement solutions and Base’s cutting-edge Ethereum layer-2 infrastructure, this expansion marks one of the most significant milestones in Zeebu’s journey,” said Raj Brahmbhatt, CEO and Founder of Zeebu. “A fusion of Base’s scalability and low-cost transactions with Zeebu’s commitment to efficient cross-border settlements will deliver a faster, more cost-efficient, and scalable platform for enterprise B2B payments globally.”
About Zeebu
Zeebu is a Web3 payment and settlement platform specifically built for the telecom carrier industry. The platform empowers institutions with instant, cost-effective, and transparent settlement solutions. With the launch of the Zeebu Protocol, the platform is evolving into a decentralized liquidity engine, built to decentralize and scale B2B settlements. For more information, visit zeebu.com Official Website | Twitter | Telegram
About Base
Base is a high-performance Ethereum layer-2 blockchain incubated by Coinbase and built on the OP Stack in partnership with Optimism. Designed for scalability and low-cost transactions, Base Chain is fully EVM-compatible and supports seamless integration with existing Ethereum applications, making it a leading choice for decentralized finance (DeFi) and enterprise solutions. Disclaimer: This is a paid post and should not be treated as news/advice. LiveBitcoinNews is not responsible for any loss or damage resulting from the content, products, or services referenced in this press release.

WLFI launches a governance token under a Securities and Exchange Commission.

The WLFI token will be a non-transferable token that allows only accredited investors to participate.

World Liberty Financial (WLFI), a crypto project backed by the Trump family, confirmed its plans to launch a governance token during a live stream. The token will be offered under an SEC Regulation D exemption, Rule 506(c) allowing only accredited investors to participate.Unlike typical crypto tokens, the WLFI token will be non-transferable and won’t offer economic rights. It focuses solely on governance participation and is influenced by regulatory uncertainties in the U.S.

During the stream, which attracted over 100,000 listeners, the WLFI team revealed that 63% of the token supply will be sold to the public, with 17% reserved for user rewards, and 20% allocated to the team.

The project aims to offer decentralized finance (DeFi) services, such as borrowing and lending on the Ethereum blockchain. Steve Witkoff, a real estate investor and close ally of Donald Trump, introduced the Trump family to crypto entrepreneurs Zak Folkman and Chase Herro, leading to the formation of World Liberty Financial.

Trump Family Discusses DeFi Challenges and Future of Crypto 

Donald Trump Jr. expressed his enthusiasm for DeFi, stating it aligns with the principles of fairness in the financial system. Eric Trump, however, noted that using platforms like Aave can be challenging for regular users. He also emphasized the need to make DeFi more accessible.

Though Donald Trump himself joined the event, he focused on his views about crypto’s role in the future rather than. He highlighted how his perspective on digital assets changed, after the success of his NFT collections. He added that,

“Crypto is something we have to do.”

World Liberty Financial’s token launch comes amidst regulatory challenges, with concerns that the project might complicate crypto regulation if Trump returns to office. However, the team plans to make WLFI user-friendly and secure, ensuring a fair token distribution without early buy-ins or venture capital involvement.

Highlighted Crypto News Today:Tokensoft Foundation Partners with Stacks Foundation and Bitcoin Frontier Fund to Support Bitcoin Builders

Bitcoin price showed a modest price dip in the last 24 hours. 

The cryptocurrency’s daily trading volume surged by 20.27% as per CMC data.

The crypto market seems determined to abstain from upward movements in the past few months. The May bull run left investors hoping for huge price actions in the following months which the crypto market has failed to deliver. In the past week, cryptocurrencies again entered a bull-bear price cycle escalating uncertainties. 

Notably, Bitcoin, in the last 24 hours, has entered its previous price slump at $58,000. While market analysts have predicted Bitcoin to hit over $1 million, the cryptocurrency has not recorded significant movements in the time being. In particular, BTC factored in a 0.17% price dip in the past day highlighting the price slump. 

On inferring Bitcoin’s daily price chart, the digital asset momentarily hit the $59,000 level before receding to $58K. The token hit an intraday high of $59,154 before bears extended their dominance. At the time of writing, Bitcoin was trading at $58,678 as per CMC data. 

Meanwhile, the US spot BTC ETFs sustained last week’s inflows on Monday. According to Sosovalue data, the ETFs recorded a daily net inflow of $12.90 million on September 16. Secondly, the spot BTC ETFs weekly net inflows summed up to a significant $263.07 million on September 13. 

Will Bitcoin Price Overcome its Current Bearish Dominance? 

According to technical indicators on TradingView charts, Bitcoin’s short-term 9-day MA stands above the long-term 21-day MA. This results from the cryptocurrency’s recent venture to $60K. Additionally, the token’s MA crossover occurred in the last 24 hours. This can be interpreted that Bitcoin’s price might show upward movements in the coming days. 

BTC/USD Daily Price Chart (Source: TradingView )

However, such a possibility can be expected only if Bitcoin factors in a positive momentum in the next few days. Moreover, BTC is expected to face resistance at $60K and $62K in case of a bull run as per market analyst Ali’s predictions. 

Furthermore, the token’s RSI stands at 50.36 suggesting a mildly lingering selling sentiment in the market. Additionally, Bitcoin’s bull power indicator stands at 5.25 above zero while its bear power indicator stands at 4.70 below zero. This suggests that Bitcoin is attempting to overpower the bears as the indicator shows increasing bullish dominance. 

Meanwhile, other cryptocurrencies such as Ethereum have shown modest price increases in the last 24 hours. 

Highlighted Crypto News Today: 

MicroStrategy to Issue $700M Convertible Notes to Buy More Bitcoin

MicroStrategy plans to raise $700 million via convertible notes to buy Bitcoin and pay off debt.

$500 million will be used to repay existing senior secured notes due in 2028 with a 6.125% interest rate.

MicroStrategy, a business intelligence company known for its large investments in Bitcoin, is planning to raise $700 million through the MicroStrategy convertible senior notes to fund more Bitcoin purchases and manage its debt. CEO Michael Saylor announced that MicroStrategy will use $500 million from the offering to repay senior secured notes with a 6.125% interest rate due in 2028. The remaining funds will be allocated for buying more Bitcoin and general business expenses.

MicroStrategy Announces Proposed Private Offering of $700M of Convertible Senior Notes $MSTR https://t.co/OCq7wj2u0P

— Michael Saylor (@saylor) September 16, 2024

Further, MicroStrategy issues unsecured convertible senior notes, with interest payments starting in March 2025. Further, only institutional investors can participate in this offering. 

Effect of Bitcoin Purchases on MicroStrategy’s Finances

MicroStrategy’s Bitcoin purchase strategy using debt has made it one of the largest public holders of cryptocurrency globally. CEO Michael Saylor has also been a strong advocate of this approach (Bitcoin purchase). He believes it adds value to the company’s overall MicroStrategy stock performance.

By June 2024, the company had accumulated 244,800 BTC, worth nearly $10 billion, including a recent acquisition of 18,300 BTC valued at over $1 billion.

However, this committed Bitcoin buying also impacted MicroStrategy’s financials. In the second quarter of 2024, the company reported a net loss of $102.6 million, or $5.74 per share, a sharp contrast to the $22.2 million net income in the same period last year. This loss was primarily due to a $180.1 million impairment from the volatility of its large Bitcoin holdings.

Highlighted News Of The Day

Coinbase Denies Giving Special Bitcoin Borrowing Privileges to BlackRock

Hero.io, a cutting-edge Web3 ecosystem powered by groundbreaking AI research from the University of Cambridge, is hosting a series of side events during Token2049 Singapore, one of the largest Web3 gatherings globally. These side events, designed to showcase how AI is reshaping the future of decentralized finance, will be held at the OGBC Innovation Hub, conveniently located minutes away from Singapore’s iconic Marina Bay Sands.

Hero.io, in collaboration with Apta AI, a spin-off from Cambridge University known for its revolutionary AI solutions, aims to demonstrate the vast potential of AI and decentralized technologies. Attendees will gain insights into how artificial intelligence is shaping the future of Web3, offering unique opportunities for investors, builders, and AI enthusiasts.

Key Events Include:

AI for the People: Empowering Web3 EconomyA deep dive into how AI-driven tools, such as Hero.io’s search engine, wallet, and merchant accounts, can empower a decentralized future. Expect insights from Near Foundation, Spectral, and Masa—top players in the decentralized AI space.

Investing in the Age of AI Boom: Opportunities for Web3Venture into the rapidly expanding world of AI-powered investments in Web3 with Nazaré Ventures, Apta AI, and Hero.io’s team of industry-leading engineers. Learn how AI-driven financial tools are revolutionizing the investment landscape.

Cambridge University AI Research for Web3This session offers an exclusive look into cutting-edge AI research from Cambridge University that powers Hero.io and Apta AI. Industry experts will explore the potential of AI in building decentralized, intelligent systems for the future.

Meet Hero.io: The Future of Deep Crypto Insights

Hero.io is at the forefront of AI and cryptocurrency, merging two of today’s most transformative technologies to deliver unmatched insights into Web3 and decentralized finance. Built on AI models developed by Cambridge PhD researchers, Hero.io provides a powerful platform for users to query blockchain data, analyze smart contract vulnerabilities, identify bullish and bearish market trends, and receive real-time sentiment analysis for thousands of cryptocurrencies.

The core of Hero.io’s innovation lies in its Hero AI Search—an advanced search engine powered by a proprietary framework known as pre-emptive agentic flow, developed by Apta AI. This AI framework leverages specialized agents, instead of traditional Large Language Models (LLMs), to perform the complex analytical tasks that drive actionable insights. This technology enables users to access crypto-specific data, conduct in-depth analysis, and execute trades with precision, all through natural language queries.

The Hero AI Search engine is equipped with proprietary datasets, compiled over 1.5 years, offering unparalleled accuracy and insight. Upcoming features include the Chat-to-Trade functionality, which will allow users to execute trades seamlessly via natural language inputs. The first version of Hero AI Search is slated for release in Q4 2024, with a suite of additional tools—including the $Hero Token, and HeroID—set to follow.

Event Highlights:

Co-hosts: Hero.io and Apta AIHero.io’s ecosystem seamlessly integrates a private browser, an AI search engine, and secure DeFi tools, making it a one-stop solution for Web3 enthusiasts. Apta AI leverages logic-based Large Language Models (LLMs) to provide industry-leading insights.

Special Guests:Featuring key players such as Near Foundation, Spectral, and Masa, these events will connect participants with leading innovators in the AI and Web3 space.

Venue:All events will take place at the OGBC Innovation Hub, an innovation center that connects entrepreneurs, investors, and trailblazers in the Asia-Pacific region.

Speakers Include:

Shirom Chabra, PhD, CEO & Co-founder, Apta AI

Vatsal Raina, PhD, CTO & Co-founder, Apta AI

Jarrod Barnes, Head of Ecosystem & Founder Success, Near Foundation

Sishir Varghese, CEO & Co-founder, Spectral

Calanthia Mei, Co-founder, Masa

Dr. Steven Waterhouse, Founder, Nazaré Ventures

Brandon Crosbie, Director of Data Engineering, Hero.io

What You’ll Learn:

How AI is Extending Beyond LLMs to Drive Crypto Alpha

Decentralizing Intelligence: User-Owned AI and Web3 Integration

Building an AI-Powered Onchain Economy for Autonomous Finance

Using Hero AI Search for Real-Time Crypto Insights

Who Should Attend:

AI Builders, AI Investors, and AI Enthusiasts

Web3 Investors and Web3 Builders

Anyone interested in the convergence of AI and Web3 technologies

Event Links:

AI for the People: Empowering Web3 Economy: https://bit.ly/Hero-AI-token2049

Investing in the Age of AI Boom: Opportunities for Web3: https://bit.ly/Investing-AI

Cambridge University AI Research for Web3: https://bit.ly/Cambridge-AI

Join the Conversation:

Follow Hero.io on social media for updates, behind-the-scenes content, and insights:

Twitter: https://x.com/HeroAisearch

LinkedIn: https://www.linkedin.com/company/heroaisearch/

Medium: https://medium.com/@hero.io

Telegram: https://t.me/heros

Don’t miss this exclusive opportunity to learn from the industry’s best and witness firsthand how AI is shaping the future of Web3. For more information, and to secure your spot, visit the event pages.

About Hero.io:

Hero.io is a trailblazing platform that integrates AI-driven tools with Web3 and decentralized finance to offer users unparalleled insights into the world of crypto. Developed by a team of Cambridge PhD researchers, Hero.io features a proprietary AI search engine that uses cutting-edge AI models and crypto-specific datasets to deliver accurate, actionable insights. With upcoming tools like the $Hero Token, and HeroID, Hero.io is setting the standard for the future of Web3.

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this Press Release does not represent any investment advice. TheNewsCrypto recommends 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.

BNB price consolidates, but Chaikin Money Flow (CMF) shows bullish divergence.

Long/Short ratio at 1.04 indicates positive sentiment among traders.

Potential targets: $598 and $645.90 on bullish breakout, or $468.90 if bearish trend emerges.

Binance Coin (BNB) finds itself in a state of market indecision, with recent price action characterized by sideways movement as neither bulls nor bears muster sufficient momentum to dictate a clear directional trend.

Despite this apparent stagnation, emerging technical indicators suggest the formation of a bullish divergence, prompting a segment of market participants to accumulate BNB in anticipation of a potential upward breakout.

The period between September 6 and 12 saw BNB’s price trend upward in an attempt to breach the long-standing support level at $560. However, this effort ultimately fell short, resulting in the current consolidation phase where the coin’s price oscillates without a definitive trend.

BNB’s CMF shows upward trajectory

Intriguingly, while BNB’s price consolidates, its Chaikin Money Flow (CMF) indicator has been on an upward trajectory, signaling a bullish divergence. This technical formation occurs when an asset’s price moves sideways or downward while its CMF rises, suggesting an increase in buying pressure that has yet to manifest in price action.

This divergence potentially indicates accumulation by “smart money” investors who foresee an upside breakout once the price consolidation phase reaches its conclusion.

Source:  Coinglass

Supporting this bullish narrative, BNB’s Long/Short ratio currently stands at 1.04, reflecting a slight preference for long positions among traders and suggesting positive sentiment regarding the coin’s future price movement.

Looking ahead, a successful bullish breakout could propel BNB beyond the $560 level, setting the stage for a challenge of the key resistance at $598. This price point has rebuffed BNB’s advances three times since July, making a potential breach particularly significant. Should this resistance fall, BNB could potentially rally to a three-month high of $645.90.

XRP rallies since September 6, approaching $0.60 resistance.

Declining network activity suggests waning demand.

Price could drop to $0.38 if bearish trend continues, or rise to $0.74 if demand returns.

XRP has experienced a notable price surge since September 6, propelling the altcoin towards a formidable resistance level at $0.60. However, as demand for the digital asset begins to wane, there are indications that XRP may struggle to breach this crucial threshold, potentially repeating historical patterns of resistance.

On-chain metrics paint a concerning picture for XRP’s short-term prospects. Data from Santiment reveals a decline in both daily active addresses and new address creation since September 13.

Over the past three days, the number of wallet addresses engaging in XRP transactions has dropped by 18%, while new addresses created for trading purposes have decreased by 8%.

This reduction in network activity often signals diminishing interest in an asset, as fewer addresses interacting with the blockchain typically correlates with reduced market engagement. XRP’s price action has mirrored this decline in on-chain activity, with the token’s value falling 3% over the past two days to its current trading price of $0.57.

Source:  Santiment XRP’s price drop pushes it below 20-day EMA

From a technical perspective, XRP’s recent price dip has pushed it below its 20-day exponential moving average (EMA), a key indicator often viewed as a short-term support level.

Breaching this threshold can signal weakening upward momentum and may prompt traders to exit long positions in anticipation of further price declines.

The Ichimoku Cloud, another prominent technical indicator, adds to the bearish narrative. XRP’s price has slipped beneath the Leading Span A (green) of the cloud, suggesting a potential shift in market sentiment. If demand fails to recover, the price could gravitate towards the Leading Span B (red), which represents a critical support level within the Ichimoku system.

Looking ahead, XRP faces two potential scenarios. In a bearish outcome, continued selling pressure could drive the price towards its August 5 low of $0.38, representing a major retracement from recent gains.  

The Tokensoft Foundation has teamed up with two significant Stacks contributors, Stacks Foundation and Bitcoin Frontier Fund, only a few weeks after launching its “LegalZoom for crypto companies.”

Together, they are creating a version of Tokensoft’s distinctive product that is suited to entrepreneurs that are developing on Bitcoin. Under the terms of the partnership, N21 and the startup accelerator managed by Bitcoin Frontier Fund will include Tokensoft’s education and services for entrepreneurs.

By having access to Tokensoft’s resources, builders may expedite fundraising prospects and Token Generation Events while mitigating risk. With Stacks’ own Nakamoto upgrade presently rolling out to deliver fast blocks and 100% Bitcoin finality to the layer, the protocols and tools for building on top of Bitcoin continue to become better.

As the rush to develop on top of Bitcoin grows, developers will now have top-notch assistance for crucial areas of their compliance and token strategy, in addition to a technology that can sustain their expansion.

In the course of successfully launching more than 150 projects, Tokensoft built a top-tier network of dependable experts and professionals who make sure the project is configured compliantly and in accordance with the founders’ requirements. The skilled staff at Tokensoft oversees the whole process for the firm, freeing up the often technical founders to concentrate on other crucial facets of their business.

Mason Borda, CEO, Tokensoft stated:

“After ten years, we’re excited to finally see some regulatory certainty when it comes to token issuers. Tokensoft Foundation helps streamline the entity setup process by connecting issuers with the network of trusted professionals and providing the structure they need to successfully and expediently launch a token.”

In terms of the cooperation with the Stacks Foundation, next cohorts of the Bitcoin Frontier Fund will include Tokensoft professionals in their programming, while becoming the leading recommended source for corporate structure formation.

Additionally, when founders start to establish their firms, The Stacks Foundation and Tokensoft will provide a series of free seminars for them to familiarize themselves with the team and some of the fundamental ideas of the process.

The announcement is made as a part of the Stacks Foundation’s “21 Days of Nakamoto” campaign, which is commemorating the layer’s most significant upgrade to date with events, prizes, and daily announcements.

Time is crucial in startups, but with cryptocurrency particularly. The veteran staff at Tokensoft will help founders, saving them money, time, and the comfort of knowing that their business is set up and compliant. Being able to provide founders who just want to do things correctly with a resource like this is a huge victory for all Bitcoin builders, since compliance is a vital benefit to Stacks as an ecosystem.

Tokensoft have assisted more than 100 companies in raising over $1 billion and organizing large-scale token events. Avalanche, The Graph, Arbitrum, Tezos, Connext Network, Moonbeam, Acala, and Synthetix are among of the projects the firm has assisted.

Resources:

Stacks Guidance/Background:

https://stx.is/narrative

https://stx.is/nakamogo-guide (technical guide to Nakamoto)

Nakamoto launch strategy and events: https://stacks.org/bitcoin-halving-here-we-come

Graphics

Stacks Foundation brand kit 

LogX, an on-chain consumer Super App, has declared the conclusion of its most recent strategic investment round, in which it received $4 million of the total $10.1 million. In only 10 months after its introduction, this decentralized trading platform has surpassed $20 billion in trading volume, marking its biggest achievement to date.

Prominent investors such as Hashed Emergent, Cumberland VC, Saison Capital, Gate Labs, DWF Labs, Antler, Coinswitch Ventures, Wagmi Ventures, and Kairos Capital participated in the investment round. Prominent angel investors Ryan Lee of Orderly Network and Charles and Verity of Espresso Systems also participated.

After a $6.1 million seed round that included investors including Coinbase Ventures, Sequoia money, IOSG, GFC Global Founders, MSA, and Better Capital, LogX has secured a total of $10.1 million in capital raised.

Akshit Bordia, Founder of LogX stated:

“These latest milestones are a testament to the unwavering trust from our financial backers, partners, and, most importantly, our loyal users. With the capital we’ve raised, our mission is to scale our product line and introduce leveraged prediction markets across 50+ blockchains.”

Since its July 2023 launch, LogX has had tremendous growth, with over a million users using the platform and over $20 billion in trading volume attained.

Leveraged Prediction Markets will be the main focus of LogX’s aspirations to grow its consumer products with the help of its new funding. In addition, later this year, LogX will launch on the TON blockchain, enabling over 100 million people to trade prediction markets.

Lagos, Nigeria, September 16th, 2024, Chainwire

Onboard is excited to announce a significant expansion and rebrand, coupled with a successful capital raise from Coinbase Ventures and LAVA. This expansion marks the evolution of Onboard from a digital money app and a global P2P exchange, to a comprehensive platform and ecosystem designed to empower onchain builders and creators globally.

The world is facing unprecedented challenges, with over 3.5 billion people living below the poverty line, 75-90% currency devaluation, and rampant double to triple-digit inflation across various regions. Onboard believes that rather than battling outdated systems, the way we change this, is by focusing on the transformative possibilities of the onchain economy.

Onboard empowers independent builders and creators to help bring the world onchain. Onboard’s vision is to enable anyone, anywhere to come onchain and live a radically better life. Their gateway enables people to come onchain with as little as $1 in under 2 minutes. However, the true value lies in the applications and experiences that make this economy accessible, engaging, and transformative.

“To truly unlock the potential of the onchain economy, we need to support the creation of actually useful onchain apps and experiences. This is where builders and creators come in. This rebrand signifies our commitment to fostering a thriving onchain ecosystem that benefits everyone.” – Yele Bademosi, Co-Creator of Onboard.

Onboard is dedicated to building the ultimate financial platform and support community for onchain dreamers—those independent builders and creators. We believe that by inviting the world’s best minds to join us, we can create exceptional onchain applications and experiences that will inspire and enable more people to embrace the possibilities of this new economy.

The capital raised from Coinbase Ventures and LAVA will be pivotal in accelerating Onboard’s growth and expanding its offerings to meet the needs of the global onchain community. This funding will support the development of new financial tools, resources, and community initiatives aimed at empowering onchain creators and builders.

 The onchain economy holds tremendous potential to empower people around the world. Onboard’s on and offramps enables safe, low-cost, and low-barrier entry to the onchain world, bringing the benefits of this new economy to people who need it most. We’re excited to partner with Onboard in making economic freedom more accessible to all.” – Shan Aggarwal, Vice President, Corporate & Business Development, Coinbase Ventures.

About Onboard

Onboard is building the ultimate financial platform and support community for onchain dreamers—independent builders and creators developing applications and experiences to bring the world onchain. With a mission to expand the onchain economy and make it universally accessible. Onboard is committed to enabling anyone, anywhere, to live a radically better life through the possibilities of the onchain economy.

Website: onboard.xyz

X: @OnboardGlobal

Farcaster: @Onboard

Contact

Marketing LeadLiza JOnboardliza@nestcoin.com

Zeebu, a leading Web3 payment and settlement platform, has achieved another major milestone by surpassing $4 billion in settlement volume on its platform. This growth highlights the platform’s expanding reach and utility across the telecom carrier industry. To continue scaling its offerings, Zeebu is excited to announce its expansion with Base Network, a high-performance Ethereum layer-2 solution incubated by Coinbase. This marks a critical development in Zeebu’s multichain strategy, designed to provide faster, more cost-efficient, and scalable settlements. 

As part of this expansion, Zeebu has minted 24.4% of its ZBU token supply to Base, with a total of 1,022,916,666 ZBU tokens now available on Base. This expansion is part of Zeebu’s broader multichain approach to tap into leading blockchain networks starting with Ethereum, Binance Smart Chain, and now Base, leveraging their strengths to offer enhanced scalability, faster transactions, and deeper liquidity. 

The Zeebu Protocol is dedicated to building a fully decentralized liquidity engine, designed to transform global settlements by enhancing scalability, efficiency, and active ecosystem participation. Through the involvement of Delegators, Deployers, OLPs, and the Governance Council, Zeebu empowers participants to shape the protocol, ensuring transparency, shared governance, and opportunities to earn yield. The expansion to Base, one of the fastest-growing Layer-2 networks, aligns perfectly with this vision, providing greater scalability, lower fees, and increased access for users to engage with ZBU and participate in decentralized liquidity provisioning. 

Zeebu’s ZBU token powers this decentralized ecosystem, facilitating instant settlements, loyalty rewards, and governance. With the expansion to Base, Zeebu enhances its ability to provide seamless, cross-border transactions at a fraction of traditional costs, all while maintaining full transparency and security. 

Base Chain is built on the OP Stack, in partnership with Ethereum layer-2 blockchain Optimism. It offers the same security as Ethereum with lower fees and faster transaction times, enabling Zeebu to scale its platform efficiently. Base processes thousands of transactions per second, supports Ethereum’s EVM architecture, and is designed for compatibility with existing Ethereum dApps, making it a perfect match for Zeebu’s decentralized solutions. 

Why Base Chain for Zeebu Protocol 

Faster, Low-Cost Settlements: The expansion to Base enables near-instant, low-cost settlements for Zeebu’s clients, significantly improving cross-border payment efficiency. 

Increased Scalability: Base’s architecture allows Zeebu to handle high transaction volumes without compromising speed or security, ideal for enterprise-level settlements. 

Deep Liquidity: By leveraging Base’s growing user base and liquidity pools, Zeebu enhances its capacity to provide liquidity for global B2B payments. 

Transparency and Security: With Base’s Ethereum-level security, all transactions remain fully transparent and secure, reinforcing trust within Zeebu’s ecosystem. 

Fast-Growing DeFi Ecosystem: Base is one of the fastest-growing ecosystems in DeFi, making it the perfect platform for Zeebu to expand and allow users to maximize the potential of the ZBU token. 

Zeebu has successfully expanded its ZBU token to Base, ensuring a balanced token supply across Ethereum, Binance Smart Chain, and now Base. The expansion was conducted through a burn-and-mint mechanism, carefully aligning token supplies as per tokenomics. For full transparency, Zeebu has published all transaction details, including on-chain hashes, in its latest blog post. 

The ZBU token contract on Base can be found here. 

“With our expertise in building decentralized settlement solutions and Base’s cutting-edge Ethereum layer-2 infrastructure, this expansion marks one of the most significant milestones in Zeebu’s journey,” said Raj Brahmbhatt, CEO and Founder of Zeebu. “A fusion of Base’s scalability and low-cost transactions with Zeebu’s commitment to efficient cross-border settlements will deliver a faster, more cost-efficient, and scalable platform for enterprise B2B payments globally.” 

About Zeebu 

Zeebu is a Web3 payment and settlement platform specifically built for the telecom carrier industry. The platform empowers institutions with instant, cost-effective, and transparent settlement solutions. With the launch of the Zeebu Protocol, the platform is evolving into a decentralized liquidity engine, built to decentralize and scale B2B settlements. 

For more information, visit zeebu.com 

Official Website | Twitter | Telegram  

About Base 

Base is a high-performance Ethereum layer-2 blockchain incubated by Coinbase and built on the OP Stack in partnership with Optimism. Designed for scalability and low-cost transactions, Base Chain is fully EVM-compatible and supports seamless integration with existing Ethereum applications, making it a leading choice for decentralized finance (DeFi) and enterprise solutions. 

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.

Ethereum’s price has dropped by 5.53%, now trading at $2,285.68.

A whale purchased 5,615 ETH, totaling $12.77 million, at an average price of $2,274.

Ethereum (ETH) is currently trading at $2,285, marking a 5.53% decrease in the last 24 hours. Its market cap has dropped to $275 billion, while trading volume has surged by 80.74%, reaching $13.63 billion. The decline in Ethereum’s price reflects broader market uncertainty, contributing to a sharp downturn in investor sentiment. Over the past 24 hours, Ethereum has experienced significant downward pressure, reflected in its growing trading volume.

A major whale has entered the market amid this volatility. The on-chain analyst reported that an Ethereum whale, known for swing trading, has acquired 5,615 ETH worth $12.77 million. The whale, whose address starts with 0xe0B5, made its seventh major trade, buying at an average price of $2,274. This large purchase signals that some traders may view Ethereum’s current price as an opportunity, despite its ongoing decline. Whale activity like this often hints at market positioning, but its impact on price is still uncertain.

At the same time, the ETH/BTC rate has dropped to levels unseen since April 2021. According to Wu Blockchain, the ETH/BTC pair briefly touched 0.03985 on Binance, its lowest rate in over three years. This decrease in Ethereum’s relative strength against Bitcoin may concern investors. The pair once peaked at 0.1238 in January 2018 but is now trending closer to its all-time low of 0.01615. Additionally, 13,977 ETH (around $32.78 million) has been transferred to Coinbase, raising speculation about potential selling pressure in the coming days.

Ethereum (ETH) Technical Indicators

From a technical perspective, Ethereum shows mixed signals. The Relative Strength Index (RSI), currently at 43.56, suggests that Ethereum is nearing oversold levels but still has room for further decline. Immediate support sits at $2,275, with resistance around $2,300.

Ethereum (ETH) Price Chart (Source:  TradingView )

If Ethereum breaks below $2,275, the next support could be around $2,250. On the other hand, a move above $2,300 could push the price toward $2,325. Market participants watch these levels closely as the next move could define short-term trends. With whale activity increasing and technical indicators nearing critical points, Ethereum’s market remains uncertain.Highlighted Crypto News TodayCoinbase Denies Giving Special Bitcoin Borrowing Privileges to BlackRock

Court limits freezing to fraud amounts in cryptocurrency investigations.

Full account freezes deprive individuals of financial stability and livelihood.

In a landmark ruling, the Madras High Court in Chennai has clarified that police and investigative agencies cannot freeze entire bank accounts while probing cyber crime cases. Instead, they are allowed to freeze only the specific amount involved in the alleged fraud. This decision comes as a critical intervention at a time when account freezes have become increasingly common in investigations linked to cryptocurrency transactions.

The ruling was delivered by Justice G. Jayachandran in response to a petition from Mohammed Saifullah, whose HDFC Bank account was frozen for over a year by the Telangana State Cyber Security Bureau (TSCSB) during an ongoing cryptocurrency investigation. The case in question involved only ₹2.48 lakh, yet the entire balance of ₹9.69 lakh was rendered inaccessible, according to the local media outlet.

Moreover, the court found that freezing entire accounts, especially in cryptocurrency-related cases, unfairly deprives individuals of their financial stability. And hinders their ability to conduct daily transactions. Justice Jayachandran underscored that under the guise of investigation. It, which is freezing an entire account without specifying the amount tied to the alleged fraud is improper.

Legal Requirement For Notifying

The court further stressed the frequent disregard of legal requirements for notifying both account holders. And the court when accounts are frozen. It is under Section 106 of the BNSS, which replaced Section 102 of the Criminal Procedure Code. The authorities are mandated to inform the judicial magistrate of any seizure of assets. In many cryptocurrency cases, individuals are left unaware of why their accounts were frozen until significant financial disruption has occurred.

By allowing Saifullah to access his account with the condition of maintaining the disputed ₹2.48 lakh, the ruling serves as a reminder for investigative agencies to follow due process in cryptocurrency fraud investigations. Some community members feel this decision sets a precedent for protecting citizens’ rights amid the growing use of cryptocurrencies.

Highlighted News Of The Day

Crypto Market Goes into Uncertainty Mode As Bitcoin Recedes to $58K

Coinbase has firmly denied claims that it provided BlackRock with special borrowing privileges for Bitcoin. 

The controversy began when Tyler Durden claimed Coinbase gave Bitcoin IOUs to BlackRock, which could affect Bitcoin prices.

The world’s second-largest crypto exchange, Coinbase, has denied allegations that it granted BlackRock, the world’s largest asset manager, special privileges to borrow Bitcoin. These claims arose when analyst Tyler Durden suggested that Coinbase was issuing Bitcoin IOUs (essentially loans) to BlackRock, allowing it to borrow Bitcoin without maintaining proper 1:1 backing with its ETF, potentially manipulating the market.

In response, Coinbase clarified that it has never provided any preferential treatment to BlackRock. CEO Brian Armstrong emphasized that Deloitte regularly audits the company and must obey strict regulatory guidelines. He also stated that Coinbase cannot reveal institutional customers’ Bitcoin holdings unless required by law.

Criticism and Defense of cbBTC Amid Centralization Concerns

The controversy deepened with the introduction of cbBTC, a wrapped Bitcoin asset launched by Coinbase on its Base network. Justin Sun, the founder of Tron, criticized cbBTC for its lack of transparency, claiming that it operates like a centralized asset that could be frozen or confiscated. Further, Sun argued that such assets run counter to the decentralized principles of Bitcoin.

Despite these criticisms, Coinbase defended its practices and stated that it remains committed to transparency and compliance. However, the debate over centralizedness in the cryptocurrency world continues, as cbBTC’s launch has sparked concerns about transparency in the market.

Coinbase collaborated with BlackRock earlier in August, where it enabled BlackRock’s institutional clients to access crypto via its Prime service. Some community members continue to call for Coinbase to reveal its Bitcoin reserves to dispel any doubts regarding its wrapped Bitcoin product.

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Indian Court Rules Against Freezing Full Accounts in Crypto Cases

CFTC claims that the recent manipulation attempts on Polymarket highlight are highly susceptible.

The CFTC has ordered Kalshi to suspend its election prediction market due to concerns about manipulation.

The Commodity Futures Trading Commission (CFTC) has raised serious concerns about the potential for manipulation in prediction markets, particularly in light of recent Kalshi events. In a new filing with the U.S. Court of Appeals for the D.C. Circuit on September 14th, the CFTC argued that these markets, which allow traders to bet on future events, are vulnerable to significant manipulation. This caution comes amidst a surge in election-related betting. Which the CFTC suggests could undermine public trust and the integrity of the electoral process.

The CFTC’s concerns were highlighted by recent attempts to manipulate markets on Polymarket. Where traders bet on Vice President Kamala Harris winning the 2024 presidential election. The Commission’s filing contends that such manipulation attempts could distort market predictions and affect public perception of election outcomes.

On September 12th, the CFTC also addressed procedural matters in the case. Requesting that a September 6th district court order be stayed pending further review. The administrative stay is intended to provide the court time to consider an emergency motion and does not reflect a decision on the underlying merits of the appeal.

CFTC ordered Kalshi to halt its election prediction market

The Commodity Futures Trading Commission (CFTC) ordered Kalshi to suspend its election prediction market. This directive is part of the CFTC’s broader concerns about potential manipulation risks within prediction markets. The regulatory body warns that such markets could undermine public trust in election processes. Citing recent attempts to manipulate betting on political outcomes.

The CFTC’s action reflects heightened scrutiny over the integrity of prediction markets amid growing concerns about their impact on public perception and electoral fairness. The order requires Kalshi to cease its election-related contracts until further notice.

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