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⬜️ OKX wins Singapore license, former MAS official takes reins as regional CEO Crypto exchange OKX’s Singaporean entity, OKX SG, has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) and appointed former regulator Gracie Lin as CEO, according to a Sept. 2 announcement. To qualify, companies must be registered in Singapore, maintain a permanent place of business with record-keeping, have a minimum capital base of $250,000, and include at least one director who is a Singaporean resident or citizen. Source https://t.me/Blockchain_Explained

💰 Court Approves BTC Loan for Bankrupt Bitcoin Mining Firm Rhodium Encore LLC, a bankrupt bitcoin mining company, has received court approval for a unique debtor-in-possession financing plan that allows borrowing in either U.S. dollars or bitcoin. Galaxy Digital Holdings Ltd., a blockchain firm led by Mike Novogratz, has offered to provide Rhodium with a loan of either $30 million in dollars or 500 bitcoin. Source https://t.me/Blockchain_Explained

💰 Bitcoin’s Hash Price Is at All-Time Low The Bitcoin hash price, a metric measuring miner revenue per terahash or computing power, has fallen to its lowest level ever. According to recent data, this is a sign of upcoming bullish momentum. Woominkyu shared a chart highlighting the relationship between the price of bitcoin and the network’s hash price. The chart showed periods when a drop in hash price corresponded with BTC bottoms; hence, based on historical data, lower hash level periods have occurred simultaneously with BTC price bottoms. Source https://t.me/Blockchain_Explained

🪙 Ethereum Foundation disburses $8.5M in grants for Q2, backing 98 projects The Ethereum Foundation Ecosystem Support Program (EFESP) allocated a total of roughly $8.5 million to support 98 projects, according to the foundation’s inaugural grants allocation report published on Aug. 30. Although the report breaks down the projects by type, recipient, and contact, it does not provide a detailed breakdown of how much each project received. Source https://t.me/Blockchain_Explained

🇸🇻 El Salvador’s Bukele says ‘Bitcoin hasn't had the widespread adoption we hoped for' Nayib Bukele, the president of El Salvador who passed the bill to legalize bitcoin as legal tender in the Latin American nation, said the monetary experiment has had mixed results so far. “Bitcoin hasn't had the widespread adoption we hoped for. Many Salvadorans use it. The majority of large businesses in the country have it,” Bukele said in a wide-ranging interview with TIME Magazine when asked if bitcoin monetization has “been a success.” Source https://t.me/Blockchain_Explained

🟠 Binance CEO Addresses Allegations of the Exchange Seizing All Palestinian Funds The CEO of Binance has responded to allegations that the cryptocurrency exchange seized all funds from Palestinians at the request of the Israeli Defense Forces. Ray Youssef, CEO of Noones, criticized Binance, accusing it of yielding to external pressures and engaging in discriminatory practices. He called for a boycott of Binance and supported platforms that prioritize user privacy and autonomy. Source https://t.me/Blockchain_Explained

💰 Bitcoin's Latest Difficulty Rise Challenges Miners Already Facing Revenue Slump Bitcoin’s difficulty ticked up 2.99% on Wednesday, reaching 89.47 trillion, where it will stay until Sept. 10, 2024. The network’s difficulty metric essentially functions like a self-adjusting thermostat for the Bitcoin network, maintaining a consistent pace of block creation regardless of fluctuations in mining power. Simply put, if hashpower increases and blocks are mined too quickly, the difficulty rises. Source https://t.me/Blockchain_Explained

❄️ TON activity halted twice in a single day, surpassing ten-hour downtime The Open Network (TON) is facing another block production halt after nearly six hours of downtime experienced earlier today. According to on-chain data, the latest block was produced four hours ago. In an X post, the official TON profile attributed the disruption to the minting of DOGS, a token distributed to Telegram users as a reward. Additionally, the post stated that users’ funds were not at risk. Source https://t.me/Blockchain_Explained

Telegram CEO Pavel Durov has been released under judicial supervision in France. He is required to pay a €5 million deposit and is prohibited from leaving the country. 🤝 @Cryptocurrency_Inside ✅

💰 Bitwise CIO says Powell’s remarks could spark a new Bitcoin bull run Bitwise CIO Matt Hougan believes that US Federal Reserve Chair Jerome Powell’s recent dovish comments could ignite a new bull market for Bitcoin. On Aug. 21, Powell hinted that interest rate cuts are imminent. This message has sparked optimism among investors, who believe lower rates will benefit Bitcoin. Source https://t.me/Blockchain_Explained

💰 Bitcoin crashes over 6% to $58k before attempting recovery Bitcoin (BTC) fell over 6% on Aug. 27 to a low of $57,880 before marking a slight recovery. The majority of the losses were recorded in less than an hour after Bitcoin lost the key $61,000 support level and continued sliding until finding a new floor. The wider market echoed the bleeding, with large caps down significantly from the highs reached over the past weekend. Source https://t.me/Blockchain_Explained

🇷🇺 Russia Set to Launch Crypto Payment Trials Next Week, Report Russia is reportedly set to start trials for cryptocurrency exchanges and digital token payments on Sept. 1 to mitigate payment difficulties caused by international sanctions. These trials will involve the National Payment Card System and could lead to the establishment of crypto trading platforms if successful. Legislation was recently passed to legalize crypto mining and regulate digital tokens for cross-border transactions under the central bank’s oversight. Source https://t.me/Blockchain_Explained

🇹🇭 Thai Law Authorities Raid Illegal Bitcoin Mining Facility: Report The report shows that illegal Bitcoin miners operate in small houses to circumvent taxes in Thailand. Thailand’s law authorities recently raided a house occupied by a company running Bitcoin mining operations. According to the South China Morning Post’s coverage, the illegally operated Bitcoin mining activities triggered frequent power outages in the vicinity for over a month. Source https://t.me/Blockchain_Explained

⚪️ Gate.io Announces Official Sleeve Partnership with Inter Gate.io, a world’s leading cryptocurrency exchange, is proud to announce a partnership with FC Internazionale Milano (“Inter” or “Club”), one of the most prestigious football clubs in the world and the reigning champions of Serie A. Starting from the 2024/25 season, Gate.io will become the Official Sleeve Partner for Inter, which will see its logo on the sleeves of the playing kits for both Men’s and Women’s teams, in addition to the Club’s U20 teams. Source https://t.me/Blockchain_Explained

🇨🇴 Colombian Data Protection Authority Formulates Charges Against Worldcoin The Colombian Industry and Commerce Superintendence (SIC), the personal data protection authority of the country, has formulated charges against Worldcoin, the biometric digital ID project, for violations of the personal data regime. The institution stated that the accusation focuses on determining whether Worldcoin violated Colombian law in its handling of the personal and private data collected from Colombian users. Source https://t.me/Blockchain_Explained

❄️ Telegram founder Pavel Durov arrested in France, TON price drops 16% Pavel Durov, the 39-year-old founder and CEO of the encrypted messaging app Telegram, was arrested around 8 PM on Saturday at Le Bourget airport in France. Durov, a French-Russian national, was detained by the Air Transport Gendarmerie (GTA) upon disembarking from his private jet. He was accompanied by a bodyguard and a woman. Source https://t.me/Blockchain_Explained

💰 Bitcoin Demand Still Weak, But Stablecoin Liquidity is Increasing: CryptoQuant Historical on-chain data shows that high bitcoin (BTC) demand often precedes price recoveries and rallies; however, this is not the case at the moment. Current market dynamics suggest that such price movements are unlikely in the near term because BTC demand growth has remained at low levels. A recent report from CryptoQuant revealed that bitcoin demand has slowed significantly since early April, when the crypto asset hovered around $70,000. Source https://t.me/Blockchain_Explained

💰 Bitcoin on-chain and derivatives data suggests market optimism: analyst The bitcoin price is currently holding above the $60,000 mark amid optimistic on-chain and derivatives market signals. CryptoQuant charts show that bitcoin exchange reserves on centralized exchanges in August have fallen to a multi-year low. Since the end of July, bitcoin supply on exchanges has fallen from over 2.75 million to around 2.67 million — a 3% drop in the past 30 days. Source https://t.me/Blockchain_Explained

💰 Bitcoin dominance surges to 60% amid crypto market downturn Bitcoin dominance, a term used to describe the total market share that bitcoin maintains relative to other cryptocurrencies, has surged to a yearly high amid a wider pullback among digital assets and global equities markets. Bitcoin’s total market cap now represents nearly 60% of the total amount of capital in the crypto industry, according to The Block’s data page. This is up from a bitcoin dominance of about 51% on Friday. Source https://t.me/Blockchain_Explained

💰 Antpool mines consecutive Bitcoin blocks, earns nearly $2 million amid Babylon staking surge Antpool has recently mined two consecutive Bitcoin blocks, securing nearly $2 million in total revenue from both block subsidies and transaction fees, according to mempool.space. Following that, Block 857911 featured 15.55 BTC in fees, amounting to around $950k. This surge in transaction fees is largely attributed to Babylon, a Bitcoin staking platform that recently gained significant traction. Source https://t.me/Blockchain_Explained