Mallucryptologist

** Tether Partners with UAE Firms to Launch Dirham-Backed Stablecoin Tether is launching a Dirham-backed stablecoin in the UAE, in collaboration with Phoenix Group and Green Acorn Investments. The stablecoin, pegged to the AED, will require licensing from the UAE Central Bank, which recently allowed only Dirham-backed stablecoins for legal tender purchases. Tether's USDT is currently only permitted for virtual asset trading. Lara on the Block

** Trump Surges Ahead of Harris on Polymarket as RFK Jr. Endorsement Odds Soar Donald Trump has overtaken Kamala Harris on the crypto prediction market Polymarket, with odds now favoring Trump at 52%. This shift follows the Democratic National Convention and a significant increase in the likelihood of Robert F. Kennedy Jr. endorsing Trump. After comments by his running mate Nicole Shanahan on the Impact Theory podcast hinting at a potential Trump endorsement, the odds of RFK Jr. backing Trump jumped from 14% to 46% on Polymarket. Cryptoslate

Bitfarms Buys Stronghold Digital for $175M: Diversification Amid Crypto Volatility Bitcoin miner Bitfarms is acquiring rival Stronghold Digital for $175 million, diversifying its revenue stream beyond crypto production. This comes after Riot Platforms dropped a bid to buy Bitfarms. Bitfarms is offering $125 million in stock, a 71% premium to Stronghold's Nasdaq price. The deal suggests a growing trend among crypto miners to diversify operations and mitigate market volatility risks. Coindesk

Solana ETF Hopes Dashed: Bloomberg Analyst Sees Bleak Future Amid SEC Stalemate Bloomberg ETF analyst Eric Balchunas predicts bleak prospects for Solana (SOL) ETFs in the US, citing the SEC's inaction on Cboe's 19b-4 forms. Balchunas believes approval this year is unlikely, comparing it to "a snowball's chance in hell," unless there's a change in the SEC's leadership. Cboe withdrew the 19b-4 forms after they weren't acknowledged by the SEC, while the S-1 forms remain active. Cryptoslate

** Bitcoin Sinks as Traders Eye $61,000 for Sentiment Shift Bitcoin prices fell below $59,000 Wednesday, after a brief rally. Ethereum dropped over 3.5%, Solana and BNB lost 2% each. Traders hope a break above $61,000 signals a shift in sentiment. Tron and Cardano saw gains. Polymarket traders are betting on Trump winning the 2024 election. Coindesk

Germany Cracks Down on Unlicensed Crypto ATMs, Seizing $28 Million German authorities have seized $28 million in cash and 13 crypto ATMs in a nationwide crackdown on unlicensed operations. The Federal Financial Supervisory Authority (BaFin) led the operation, targeting 35 locations where crypto ATMs were operating without the required licenses. The action underscores Germany's commitment to regulating its growing crypto market and mitigating risks associated with unregulated financial activities, including scams, fraud, and money laundering. Cryptoslate

Ethereum L2 Corn Launches with $6.7M Funding, Uses Bitcoin for Gas Corn, an Ethereum Layer-2 network, has launched with $6.7 million in seed funding led by Polychain Capital. The project uses hybrid tokenized Bitcoin (BTC) as gas and aims to create a "Crop Circle" ecosystem for users, applications, and token holders. Notable investors include Binance Labs, Framework Ventures, and Polygon co-founder Sandeep Nailwal. Corn seeks to offer "Super Yield" to its users. Cryptoslate

Metaplanet Doubles Down on Bitcoin, Adds 57 BTC to Holdings Tokyo-listed Metaplanet has strengthened its Bitcoin holdings by acquiring an additional 57.273 BTC for ¥500 million (around $3.4 million). This purchase brings the firm's total Bitcoin holdings to 360.368 BTC, a significant increase in their digital asset portfolio. Metaplanet's continued investment in Bitcoin demonstrates its confidence in the cryptocurrency's long-term potential. Cryptoslate

VanEck Solana ETF: SEC Uncertainty Doesn't Halt Application VanEck's Solana spot ETF application remains active despite the removal of the 19b-4 filing form from the Cboe website. While this sparked concerns, VanEck assures the community that the S-1 registration statements are still under SEC review. The ETF's future is uncertain due to the classification of SOL as a security. Cryptoslate

Bitcoin Plunges 3% in an Hour, Liquidations Exceed $50 Million Bitcoin plunged below $59,000 on August 20, losing over 3% in an hour. This decline erased nearly all of its previous day's gains, after reaching a weekly high of $61,400. The sell-off triggered liquidations across the crypto market, exceeding $50 million in an hour, according to Coinglass data. Cryptoslate

Tokenized Treasuries Remain Attractive Despite Expected Fed Rate Cuts Kaiko predicts tokenized Treasuries will remain attractive to investors even with potential US Fed rate cuts. The firm cites their liquidity and security advantages, as well as the potential for stable or rising real Fed funds rates. BlackRock's on-chain fund, BUIDL, has attracted $520 million in net inflows since its March launch, making it the largest on-chain fund by assets under management. Cryptoslate

Bitcoin Channel Predictions Ace 6-Month Market Moves: Ex-Trader's Strategy A former crypto day trader, who quit in 2021, has developed accurate Bitcoin price channels using futures leverage, order book analysis, and psychological levels. These channels have predicted market movements for the past six months. Now focused on dollar-cost averaging, the trader analyzes 30-minute charts for stop-loss and liquidation levels, and Binance's spot market order book for large orders to predict price trends. Cryptoslate

** Ethereum's Dark Side: Private Transactions Surge, Raising Transparency Concerns Private Ethereum transactions are surging, reaching nearly 50% of all transactions. Users are turning to private transactions to avoid front-running bots, raising concerns about network transparency and decentralization. This shift could create a more centralized network, benefiting a select few with access to transaction data. Coindesk

Meme Coin Scammer "Phantom" Boasts $60k Weekly From Pump & Dumps "Phantom," an anonymous crypto trader, exposes his method for rugging meme coins on PumpFun$. Using a "mass sniper" strategy, he creates multiple tokens to mimic genuine demand, exploiting investors' desire for quick profits. This revelation underscores the vulnerability of the meme coin market, highlighting the importance of extreme caution for investors. Cryptoslate

Bitcoin Surges Past $61K as ETFs See Huge Inflows, XRP Leads Gains Bitcoin (BTC) has surged past $61,000, driven by strong inflows into U.S. spot exchange-traded funds (ETFs). Bitcoin ETFs saw over $61 million in net inflows on Tuesday, the highest since August 8. BlackRock's IBIT led inflows at $92 million, while Bitwise's BITB saw outflows of $25 million. This surge comes as traders await a speech from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium on Friday. XRP, another major cryptocurrency, has seen significant gains. Coindesk

Bitcoin Options Surge Ahead of US Elections: $350 Million Open Interest As the U.S. elections approach, crypto traders are heavily betting on the outcome's impact on Bitcoin. Open interest in Bitcoin options linked to the election has reached nearly $350 million, according to Wintermute, indicating significant bullish sentiment. This surge suggests traders are speculating on potential price swings tied to the election results and their implications for the digital asset industry. Coindesk

Drift's BET Platform Brings Prediction Markets to Solana DeFi protocol Drift launches BET, a prediction market on Solana, allowing users to wager on real-world events like the US presidential election. Similar to Polymarket, BET lets users buy YES/NO shares on events, offering a unique way to participate in financialized predictions. Drift co-founder Cindy Leow describes BET as perpetual trading applied to real-world events, opening doors for diverse prediction markets, from local bets with friends to major political outcomes. Cryptoslate

Harris Eyes Gensler for Treasury, Facing Republican Opposition** Vice President Kamala Harris is reportedly considering nominating SEC Chair Gary Gensler as Treasury Secretary if she becomes president. Gensler, though not publicly expressing interest, is said to be in discussions and gaining support from Democrats. Republicans are opposed, viewing it as a betrayal of their crypto industry alliance. Cryptoslate

Ethereum Plunges 40% After ETF Launch: Bitfinex Explains the Sell-Off Bitfinex analysts attribute Ethereum's (ETH) 40% drop following the launch of spot ETH ETFs in the US to a "sell-the-news" reaction. The report highlights negative net flows of spot Ethereum ETFs, currently at $420 million in outflows, as the primary driver of ETH's price decline. The report also cites heavy selling from market makers like Jump Trading and Wintermute and Japan's recent rate hikes as contributing factors to the downtrend. Cryptoslate

Crypto Ownership Surges 6.4% in H1'24: Bitcoin & Ethereum ETFs Drive Growth The global cryptocurrency market saw a 6.4% surge in ownership during the first half of 2024, reaching 617 million owners by June. This growth is attributed to the launch of Bitcoin and Ethereum spot ETFs, which allow investors to gain exposure to cryptocurrencies through traditional markets, likely contributing to mainstream adoption. Cryptoslate