Mallucryptologist

Bitcoin Speculation Cools: Glassnode Reports Waning Investor Appetite Bitcoin investors are exhibiting less speculative fervor, as indicated by a decrease in profit-taking and loss-making activities. Perpetual futures funding rates are now neutral, suggesting a shift towards a spot-dominated market. Liquidation volumes in perpetual contracts have declined from their peaks in March. Net capital inflows into Bitcoin have also slowed, indicating a balance between profit-taking and loss realization. Cryptoslate

Bitcoin Plunges 6% to $58k, Ethereum Takes Biggest Hit Bitcoin plunged over 6% on August 27, hitting a low of $57,880 after breaching the $61,000 support level. Ethereum suffered the most, dropping almost 10% to $2,388. The wider cryptocurrency market mirrored the decline, with large-cap coins experiencing significant losses from their weekend highs. Cryptoslate

Ethereum Foundation Addresses Spending Rumors, Plans Transparency Report The Ethereum Foundation (EF) has addressed rumors of a large ETH sale by disclosing its spending for the past two years. EF contributor Josh Stark shared the breakdown on social media following speculation sparked by a significant transfer from a foundation-associated wallet. EF aims to release a full expenditure report before this year's Devcon in November, aiming to increase transparency and address concerns about its financial activities. Cryptoslate

Bitcoin Plunges Below $59,000, Ether Drops 10% in Market Sell-Off Bitcoin (BTC) dropped below $59,000, its lowest point since August 19, while Ethereum's Ether (ETH) plunged nearly 10% in a broad market sell-off. The cause of the sudden decline remains unclear, with analysts speculating about potential factors such as increased regulatory scrutiny or profit-taking. The crypto market has seen significant volatility in recent weeks, with both Bitcoin and Ethereum experiencing substantial gains followed by sharp corrections. Coindesk

Celsius Repays $2.53 Billion to Creditors, But Some Funds Remain Unclaimed Bankrupt crypto lender Celsius has distributed $2.53 billion to 251,000 creditors, representing two-thirds of eligible creditors by number and 93% of the total eligible value. This distribution is part of Celsius's bankruptcy proceedings and marks a significant step towards resolving its financial difficulties and returning funds to customers. Some funds remain unclaimed, suggesting that not all creditors have been fully compensated. Cryptoslate

Solana's SOON Network Aims for 650k TPS on Ethereum With Top Industry Backing Solana-based SOON has secured funding from prominent industry figures, including Solana co-founders Lily Liu and Anatoly Yakovenko, to develop its optimistic rollup network. SOON Stack, the project's flagship product, aims to achieve 650,000 transactions per second (TPS) on Ethereum. The funding will also support the launch of SOON Mainnet, a scalable and efficient blockchain built on the Solana Virtual Machine (SVM). Cryptoslate

Bitcoin Dips Below $62K, Traders See Potential Breakout After Months of Consolidation Bitcoin (BTC) dropped below $62,000 Tuesday, erasing gains from last week's rally following Federal Reserve Chair Jerome Powell's dovish comments at Jackson Hole. The decline comes after more than five months of sideways price action, which some analysts believe could lead to a parabolic rally. Bitcoin is down 5% since reaching $65,000 on Friday and is currently trading at $61,500, down 3% in the past 24 hours. Coindesk

MakerDAO Rebrands to Sky, Launches USDS Stablecoin and SKY Governance Token MakerDAO has officially rebranded to Sky, unveiling a new stablecoin called USDS and a governance token named SKY. These changes are part of the DAO's "Endgame Plan," designed to enhance DeFi's growth and accessibility. Sky's rebranding introduces the concept of "Sky Stars," independent decentralized projects within its ecosystem. The launch of USDS and SKY is scheduled for September 18th. Cryptoslate

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Bitcoin Miner Buys BTC With Bond Proceeds Amid Tough Mining Marathon Digital, a bitcoin miner, has followed the strategy of MicroStrategy's CEO Michael Saylor by selling $300 million in convertible notes to purchase 4,144 bitcoins. This move highlights the struggling mining sector, as miners are finding it more difficult to profit from mining and are instead resorting to buying BTC directly. Coindesk

Coinbase's Base Network Surpasses 1M Daily Active Addresses Coinbase's Base layer-2 network surpassed 1 million daily active addresses on August 24th, reaching a peak of 1.05 million. This growth has driven record transaction volume on the network. Blockchain analytics platform Token Terminal highlights Base's strong performance, exceeding competitors. This milestone signifies increasing adoption of Base and its potential to become a leading layer-2 solution. Cryptoslate

Bitcoin Dips Below $63K as Profit Taking Bites, SafePal's SPF Gains Bitcoin (BTC) dipped below $63,000 on Tuesday as profit-taking from a weekend rally continued. The decline extended to the broader crypto market, with Ethereum (ETH), BNB, Cardano (ADA), and XRP experiencing losses of up to 2%. Memecoin Dogecoin (DOGE) saw the most significant drop, declining by 4%. Despite the downward trend, QCP Capital noted a rise in call spread buying, indicating a bullish sentiment, though not expecting a rapid surge. Coindesk

UAE's HODLER Launches $500 Million Digital Energy Fund for Blockchain, AI, DePIN HODLER INVESTMENTS, a UAE-based investment company, has announced plans for a $500 million Digital Energy Infrastructure (DEI) Fund. The fund will invest in clean energy, power generation, and data mining infrastructure to support blockchain, Decentralized Physical Infrastructure (DePIN), AI, and cloud computing, with a focus on achieving zero-emissions. The DEI Fund has already secured soft commitments from lead investors and in-kind contributions from offtake partners. Lara on the Block

PayPal's PYUSD Surpasses $1 Billion Market Cap, Dominated by Solana PayPal's stablecoin PYUSD has reached a market cap of $1 billion, a milestone achieved in just 351 days, faster than rivals USDC and USDT. This rapid growth is largely attributed to its deployment on Solana, where over $647 million of PYUSD is circulating, with a significant portion locked as collateral on lending platform Kamino. This move, announced in May, expands PYUSD's reach beyond Ethereum, marking a significant step for the stablecoin in the cryptocurrency market. Cryptoslate

Bitcoin ETFs Surge: $250M Inflows After Jackson Hole Rate Hint, BlackRock IBIT Leads Bitcoin ETFs experienced their highest net inflows since July, reaching $250 million, following the Federal Reserve's signal for potential rate cuts at the Jackson Hole symposium. Trading volume for the eleven ETFs reached $3.12 billion, marking their highest level since July 19th. BlackRock's IBIT ETF led both trading activity and inflows, recording $1.2 billion and $83 million respectively. Coindesk

Polymarket Surges: $390M Volume, 53,981 Traders Fueled by US Election Polymarket, a Web3 prediction platform, is experiencing explosive growth driven by the upcoming 2024 US presidential election. August saw record-breaking trading volumes hitting $390.6 million, marking the fourth consecutive month of growth. The platform also saw a surge in user participation with 53,981 active traders. This success highlights Polymarket's rising prominence in the prediction market space. Cryptoslate

Semler Scientific Surpasses 1,000 BTC, Becomes Top 20 Holder Nasdaq-listed medical technology company Semler Scientific has solidified its position as a major Bitcoin holder, increasing its holdings to over 1,000 BTC after a recent purchase of 83 BTC for $5 million. This acquisition brings the company's total Bitcoin investment to $68 million. The company's chairman, Eric Semler, highlighted the growing institutional adoption of Bitcoin as a key driver for their investment strategy. Cryptoslate

Bitcoin Holds Steady at $64K, Poised for Another Surge? Bitcoin (BTC) is consolidating around $64,000, showing resilience despite recent volatility. The CoinDesk 20 Index has risen by 0.3%, suggesting a positive sentiment in the broader crypto market. The market is watching closely to see if BTC will break through its current resistance level and push for further gains. Coindesk

Bitcoin Soars After Powell's Rate Hint: $543 Million Inflows Bitcoin investment products saw a $543 million inflow last week, the largest in five weeks, fueled by Federal Reserve Chair Jerome Powell's dovish comments at Jackson Hole. Market observers believe this is bullish for Bitcoin and other cryptocurrencies. CoinShares reported $533 million in inflows for overall crypto investment products, with trading volumes reaching $9 billion last week. Cryptoslate

Bitcoin Surges to $65,000 on Fed Pivot & ETF Flows Bitcoin surged to $65,000 on Monday, its highest level in three weeks, fueled by renewed demand for US exchange-traded funds (ETFs) and signs of a potential shift in the Federal Reserve's monetary policy. The cryptocurrency rose 1.2% to $65,030 before retracting to $64,000. This upward trend comes after a week of gains, where Bitcoin advanced 7%. Gulf News