Mallucryptologist

El Salvador's Bitcoin Gamble: Taxi Driver's Rise from Unemployed to Business Owner El Salvador's Bitcoin adoption has transformed taxi driver Napoleon Osorio's life. Inspired by US NGO founder John Dennehy, Osorio embraced Bitcoin payments and now runs a successful car rental business with 21 drivers under his Bit-Driver brand. His success demonstrates the potential of Bitcoin adoption, despite its volatility. Osorio's story highlights the impact of President Bukele's controversial Bitcoin gamble on everyday El Salvadorans. Gulf News

VanEck Ditches Ethereum Futures ETF, Pivots to Spot Ethereum ETP After SEC Approval VanEck is closing its Ethereum futures ETF, EFUT, citing performance, liquidity, and investor interest as factors. The firm is shifting its focus to its spot Ethereum ETP, ETHV, recently approved by the SEC. EFUT shareholders have until September 16, 2024, to sell their shares. After the ETF is delisted, shareholders will receive a cash distribution based on their holdings' net asset value on September 23, 2024. Cryptoslate

Crypto & AI: Innovation Fatigue or Just Market Reality? The explosive growth of crypto and AI in the past five years has created a sense of innovation fatigue in 2024. While economic uncertainty contributes to the current market slowdown, the rapid pace of advancements may be playing a larger role. Bitcoin's decline from its peak and NVIDIA's stock struggles suggest that the initial enthusiasm may be waning, even with continuing technological development. Cryptoslate

Russia's Bitcoin Mining Boom Fuels Tax Revenue Amid Sanctions Russia mined over $3 billion worth of Bitcoin in 2022, generating $556 million in tax revenue. This surge followed the legalization of Bitcoin mining in July, allowing crypto use in international trade. The move is seen as an effort to bypass Western sanctions. Concerns remain about Russia's use of local crypto exchanges like Garantex to evade sanctions, as it facilitates cross-border trade. Cryptoslate

Bitcoin Plunges Below $54,000 After Jobs Report Volatility Bitcoin experienced a dramatic drop below $54,000 on Friday, following an initial surge to $57,000 after the release of the US jobs report. The report showed 142,000 jobs added in August, potentially signaling a rate cut by the Federal Reserve. However, the market reacted with heightened volatility, likely due to uncertainty about future economic conditions and interest rates. The selloff extended beyond Bitcoin, affecting major altcoins like Ethereum, which dropped by 4.6%. Cryptoslate

DeFi & Social dApps Surge in August: Raydium Leads with 107% Growth, CARV Dominates DeFi and social dApps fueled record dApp activity in August, reaching 17 million average daily unique active wallets. Decentralized exchanges, especially Raydium on Solana, saw a surge. Social platform CARV, built on opBNB, dominated with 28 million unique active wallets. Despite growth, DeFi applications only accounted for 12% of activity, while social dApps captured 23%, trailing behind gaming applications. Cryptoslate

Bitcoin Rollercoaster: Jobs Report Triggers $50 Million Crypto Liquidation Bitcoin experienced a wild ride after the U.S. jobs report, initially surging to $57,000 before plummeting below $55,000, wiping out nearly $50 million in leveraged derivatives positions in just an hour. The broader crypto market followed suit, with major altcoins like Ethereum, Solana, XRP, and Cardano seeing losses of 3%-5%. The volatile reaction highlights the sensitivity of crypto markets to macroeconomic events. Coindesk

US Jobs Growth Slows, Bitcoin Rallies Despite Rate Cut Hopes Dwindling The US economy added 142,000 jobs in August, falling short of economist expectations of 160,000. While the figure is a slight improvement from July's revised 89,000, it likely dampens hopes for a quick rate cut by the Federal Reserve. Despite this, the Bitcoin price briefly rose 1% after the report, though it remains down about 5% from a week ago. The Federal Reserve is expected to hold interest rates steady this month, with a 25 basis point cut potentially coming later. Coindesk

Bitcoin Trading Hours Top US Stocks Since Nixon Shock Bitcoin trading hours exceed the US stock market's since the Nixon Shock, but it's misleading to claim it's older than the entire US stock market or fiat globally. While Bitcoin trading has surpassed the US stock market in trading hours, it's not older than fiat, which dates back to the Song Dynasty in China (960-1279 CE) when the government issued paper money. Cryptoslate

Hoskinson Slams ADA Treasury Burn Proposal Cardano founder Charles Hoskinson has condemned a proposal to burn 1.5 billion ADA tokens from the network's treasury. He argues that these tokens were generated through block production and transactions, and burning them would be equivalent to stealing from Stake Pool Operators and ADA holders. Hoskinson emphasizes that the treasury assets were not simply pre-printed, but earned through economic activity. Cryptoslate

PixelRealm Bridges Ethereum Games to Solana with Neon EVM PixelRealm, backed by Binance Labs and Polygon Studios, partners with Neon EVM to bring Ethereum games to Solana, allowing developers to deploy existing code without recoding. This will see the launch of Kugle, a mobile game with collectible pets, NFTs, and a player-driven universe, KugleWorld. This move comes as blockchain gaming sees renewed interest, with nearly $580 million invested in 2024. PixelRealm currently has over 120,000 players. Cryptoslate

Blockchain Expert Saeed Al Darmaki Joins Snorble to Empower Youth in Digital Assets Snorble, a leader in educational technology, has appointed blockchain and DeFi expert Saeed Al Darmaki to its Global Advisory Board. Al Darmaki's expertise will guide Snorble's expansion into the Middle East, Europe, and Asia, where they are launching educational products to teach youth about digital assets. Snorble's mission is to foster financial literacy in children, equipping them for the digital economy. Lara on the Block

Fed Orders Texas Bank to Halt Crypto Services Over AML Concerns The Federal Reserve has ordered United Texas Bank (UTB) to cease crypto services due to concerns about its AML compliance. An examination revealed deficiencies in corporate governance, oversight, and AML compliance, including issues with foreign correspondent banking and virtual currency customers. UTB must submit plans within 60-90 days to address these deficiencies and ensure compliance with the Bank Secrecy Act (BSA) and AML requirements. Cryptoslate

Trump Promises Bitcoin Boost, Musk to Lead Government Overhaul Donald Trump has pledged a pro-crypto agenda if re-elected, aiming to make the US a global leader in Bitcoin and crypto. He plans to streamline regulations for emerging industries and create a "government efficiency" commission headed by Elon Musk to identify and eliminate inefficiencies and fraud within the federal government. Trump also vowed to maintain the US's Bitcoin holdings and replace SEC chair Gary Gensler. Cryptoslate

Marathon Digital Hints at AI Pivot Amidst Bitcoin Production Slowdown Bitcoin miner Marathon Digital Holdings shifts focus to AI after a slowdown in production. The company appointed AI experts Janet George (formerly of Intel) and Barbara Humpton (CEO of Siemens USA) to its board, replacing Kevin DeNuccio and Said Ouissal. Marathon emphasizes leadership and innovation, suggesting a strategic move towards AI-related ventures. Cryptoslate

Bitfarms Rejects Riot's Acquisition Bid, Citing "Misleading Claims" Bitcoin miner Bitfarms has rejected Riot Platforms' acquisition proposal, calling it a ploy to acquire Bitfarms at a discount. Bitfarms claims the deal would benefit Riot shareholders more than its own investors and that Riot has refused to negotiate. Bitfarms also defended its recent leadership changes, insisting they were made independently of Riot's involvement and aimed at strengthening shareholder value. Cryptoslate

DWF Labs Unveils Overcollateralized Stablecoin Backed by Bitcoin and Ethereum Crypto market maker DWF Labs has announced its overcollateralized synthetic stablecoin backed by a mix of digital assets including Bitcoin, Ethereum, and select altcoins. The stablecoin aims to generate massive liquidity in the market by offering attractive yields to users. DWF Labs co-founder Andrei Grachev believes that this new stablecoin could revolutionize the stablecoin sector by providing a more flexible and profitable option for investors. Cryptoslate

Aptos Plunges 7% as Crypto Market Slumps Ahead of Key Jobs Report Bitcoin and Ethereum dropped over 4% on Thursday as recession fears and the upcoming jobs data report dampened risk appetite. Aptos' native token (APT) led the losses, falling 7% due to an upcoming token unlock event that will add $65 million worth of tokens to circulation next week. The broader crypto market continued its downward trend, with the CoinDesk 20 Index down more than 3%. Coindesk

Mastercard Launches Crypto Debit Card for Self-Custodial Wallets in Europe Mastercard has partnered with Mercuryo to launch the "Spend" debit card, allowing users to make purchases directly from their crypto wallets. The euro-denominated card supports Bitcoin and other digital assets, offering Apple Pay and Google Pay integration. The card currently serves European customers, with global expansion planned. Cryptoslate

WazirX Hacker Launders $10 Million Through Sanctioned Tornado Cash The hacker responsible for the $235 million WazirX theft has laundered $10 million through Tornado Cash, a service sanctioned by the US Treasury. This comes as WazirX opens an early withdrawal window for users. The hacker's tactics resemble those of the North Korea-backed Lazarus Group, known for their sophisticated laundering processes. Cryptoslate