The Securities and Exchange Commission’s (SEC) reluctance to approve the first Bitcoin Exchange-Traded Fund (ETF) has put immense pressure on Bitcoin’s price, causing distress among crypto investors.
Fortunately, TradeSanta offers automated trading tools connected to both spot and futures trading platforms, enabling traders to mitigate risks and capitalize on market downturns.
Throughout the year, Bitcoin made several attempts to establish a firm foothold above the $30,000 mark, all of which ended in failure.
As the year draws to a close, there is a growing concern that the cryptocurrency may continue trading below this critical psychological level.
One significant contributing factor to this sustained bearish pressure is the SEC’s ongoing delay in approving a spot Bitcoin ETF.
The SEC’s reluctance to approve Bitcoin ETFs has affected numerous applicants, including industry giants like BlackRock, which had initially encouraged other institutions to submit their applications.
Many asset managers, brokers, index fund providers, and other institutions have sought approval for a Bitcoin ETF to attract more institutional and retail capital to the crypto market.
Notable applicants include:
- BlackRock: The world’s largest asset manager, with $8.6 trillion under management, submitted its application for a spot Bitcoin ETF in mid-June, with Coinbase as its primary data provider and crypto custodian. The SEC accepted BlackRock’s application for review one month later.
- Fidelity: After being rejected in 2021, financial services giant Fidelity reapplied for its Wise Origin Bitcoin Trust to become an ETF in July of the current year.
- VanEck: An early applicant since 2018, VanEck rejoined the race for a Bitcoin ETF in July 2023, after previously withdrawing its application.
- ARK Invest: Investment management firm ARK has been awaiting SEC approval for its ARK 21Shares Bitcoin ETF since June 2021.
- Invesco and Galaxy Digital: These two firms joined forces to seek approval for the Invesco Galaxy Bitcoin ETF, a physically backed Bitcoin ETF with Invesco as the sponsor.
Numerous others, such as WisdomTree, Valkyrie Investments, Bitwise, and GlobalX, are also planning to launch Bitcoin ETFs.
However, at the end of August, the SEC delayed its decision on all these applications.
The SEC’s delay had a noticeable impact on the Bitcoin market.
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By the end of August, Bitcoin was attempting to retest the $30,000 resistance level but faced a downturn due to the uncertainty surrounding ETF approvals.
This uncertainty pushed the price down to around $25,000, and in mid-September, it even broke below this level, marking the lowest point since mid-June when BlackRock’s filing had triggered a rally.
Despite bearish market conditions, active traders can find opportunities by opening short positions. TradeSanta’s trading bots and automation tools offer a way to do this efficiently and without emotional interference.
The platform provides algorithmic strategies and risk management controls, enabling traders to navigate market downturns effectively.
TradeSanta supports over 100 cryptocurrencies and integrates with major exchanges, simplifying the trading process.
Moreover, it offers technical analysis tools to help traders identify trends and market sentiment. With stop-loss and trailing stop-loss features, traders can minimize losses during bearish trends.
Additionally, TradeSanta allows for copy trading, enabling users to replicate successful strategies for maximum profitability.
Feedback and statistics indicate that TradeSanta’s risk management tools have been effective in helping users minimize losses and navigate volatile market conditions, offering a valuable resource for traders in challenging times.
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In a perplexing turn of events, a Melbourne couple is set to face a plea trial in October 2023 on theft charges after inadvertently receiving a windfall of 10.5 million Australian dollars ($6.7 million) in 2021, subsequently spending the erroneous funds.
The saga began in May 2021 when Thevamanogari Manivel initiated a transfer of funds to her partner, Jatinder Singh’s Crypto.com account.
However, an alarm was raised as the bank account details did not align with the exchange account. Consequently, a refund was initiated.
But instead of returning the modest 100 Australian dollars that the couple had intended to deposit, the exchange inexplicably dispatched a staggering 10.5 million Australian dollars to Manivel’s bank account.
The gravity of the error only came to light in December 2021 when the exchange conducted its routine annual audit.
Subsequently, the exchange took legal action by filing a lawsuit in the Victoria Supreme Court, leading to a judgment that mandated the return of the funds to the crypto trading platform.
However, by that point, the couple had embarked on an extravagant spending spree. They reportedly acquired four properties, several vehicles, and assorted items.
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Additionally, approximately 4 million Australian dollars had been transferred to a Malaysian bank account.
Among their acquisitions was a lavish five-bedroom property in Craigieburn valued at 1.35 million Australian dollars, which the court ruled must be sold to facilitate the funds’ return.
In a courtroom twist in October 2022, the couple contended that they believed they had won a prize from the crypto exchange.
Singh claimed to have received a prior notification from the company regarding a competition.
However, Crypto.com’s compliance officer, Michi Chan Fores, categorically refuted the existence of any such competition, asserting that the exchange did not disseminate such notifications to its users.
In a recent development, Manivel, who faced charges of theft, pleaded guilty in September 2023 to recklessly dealing with the proceeds of the crime.
She received a sentence comprising an 18-month community corrections order, including six months of rigorous compliance and unpaid community work, after having spent 209 days in custody.
Meanwhile, Singh is slated to undergo a plea trial on October 23, leaving their fate hanging in the balance as they confront the consequences of their unintended windfall and subsequent expenditures.
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The Terra Classic community has taken a significant step towards restoring stability to its ecosystem by voting to halt all minting and reminting activities associated with TerraUSD Classic (USTC).
This strategic move is aimed at reestablishing a solid peg between USTC and the United States dollar, with the community overwhelmingly supporting this decision.
In a recent proposal, the Terra Classic community voted decisively, with 59% in favor of discontinuing the minting of USTC, while approximately 40% opposed the change.
The primary objective behind this decision is to protect the interests of both the community members and external investors.
By reducing the supply of USTC, the community aims to facilitate the process of repegging USTC to the U.S. dollar.
This action follows a tumultuous period in Terra’s history when, in May 2022, USTC decoupled from the U.S. dollar.
This decoupling event triggered a catastrophic collapse, with Luna Classic (LUNC), closely intertwined with USTC, witnessing a nearly 100% drop in its value.
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This precipitated a broader downturn in the cryptocurrency markets, resulting in a staggering loss of approximately $40 billion in total market capitalization.
The proposal also emphasized that this decision would compel major cryptocurrency exchanges to initiate the burning of USTC.
“Most importantly, this proposal opens the door for institutions like Binance to start burning USTC knowing that the minting and reminting is over,” the statement noted.
These developments occur against the backdrop of concerns within the Terra Classic community regarding an increase in spam activities following the decline in LUNC prices.
On September 10, Cointelegraph reported that the community was actively voting on multiple proposals, one of which aimed to raise the minimum deposit requirement from 1 million LUNC to 5 million LUNC.
The proposal regarding the minimum deposit requirement concluded on September 16, with an overwhelming 93.22% of the community members in favor of the proposed increase.
This decision reflects the community’s determination to implement measures that will strengthen the Terra Classic ecosystem and restore confidence in its stability.
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As the week drew to a close on September 24, Bitcoin (BTC) stubbornly clung to the $26,500 mark, with exchange traders continuing to accumulate the digital asset.
Data from Cointelegraph Markets Pro and TradingView revealed that BTC’s price exhibited remarkable stability throughout the weekend, remaining unfazed by the macroeconomic turbulence originating from the United States.
Bitcoin had a relatively tranquil conclusion to the Wall Street trading week, as it shrugged off the potential market-moving events in the U.S.
However, market watchers, including the renowned trader and analyst Credible Crypto, anticipated a gradual buildup towards a potential trend shift by closely monitoring the Binance order book.
Credible Crypto shared his insights with subscribers, stating, “It appears that we are not yet poised for significant price movement.
In the meantime, two more blocks of buy orders have been filled, signaling a sustained accumulation phase.
Perhaps the weekend will be slow, and we may start witnessing some notable movement come Monday. Let’s remain watchful.”
A day earlier, another trader, Skew, had expressed hopes for a “liquidity hunt” leading up to the weekly close, though this scenario had yet to materialize at the time of writing.
Additionally, Keith Alan, co-founder of the monitoring platform Material Indicators, detected subtle changes in the order book, notably an increase in buy orders near the spot price.
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Turning to market participation, the well-known trader and analyst CryptoCon identified a significant reduction in speculative activity within the Bitcoin market.
Short-term holders (STHs), defined as those who have held their BTC for 155 days or less, now hold a smaller proportion of the available Bitcoin supply than they have in more than a decade.
Analyzing data from the on-chain analytics firm Glassnode, CryptoCon described these STH holdings as being in a “fine powder” state, indicating a diminished influence on market dynamics.
This shift reflects a growing presence of long-term Bitcoin holders, indicating increased confidence in the cryptocurrency’s enduring value.
It’s worth noting that some STH investors have already faced substantial losses, as previously reported by Cointelegraph.
In summary, Bitcoin’s price remained stable around $26,500 despite limited market cues and macroeconomic uncertainties.
Accumulation by exchange traders persisted, while traders and analysts monitored the potential for a trend shift.
Additionally, the decline in short-term holders and the rise of strong Bitcoin holders underscored a shift in market sentiment toward greater confidence in the digital asset.
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Coinbase’s layer-2 network Base has witnessed a remarkable surge in its Total Value Locked (TVL), soaring to $397.32 million since its launch in August.
This accomplishment now places Base ahead of the Solana network, which has a TVL of $358.96 million as of the current date.
The past month has proven to be a game-changer for Base, as data from DefiLlama indicates a staggering 97.21% increase in the network’s TVL over this period.
In stark contrast, Solana has experienced a decline of 9.64% in its TVL during the same timeframe.
Within the Base ecosystem, two native projects stand out as the dominant contributors to its TVL.
The decentralized exchange Aerodrome Finance leads the pack with an impressive TVL of $97.83 million. Following closely behind is the decentralized social media app Friend.tech, boasting a TVL of $36.53 million.
Aerodrome Finance was launched on August 28, allowing users to deposit liquidity and earn its native AERO tokens, among other features.
While it initially struggled to attract significant deposits, Aerodrome’s TVL skyrocketed on August 31, with a staggering $150 million pouring in on that day alone.
However, it has since experienced a cooling-off period, with the TVL decreasing by approximately 51% from its peak.
Friend.tech made its debut on August 11, offering a platform for users to tokenize their social networks through the buying and selling of “Keys.”
Despite facing challenges and being declared “dead” in late August due to declining user activity and fees, the platform saw a remarkable resurgence in September.
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DefiLlama reported a 540% increase in Friend.tech’s TVL over the past month, primarily driven by a pump that began on September 9, coinciding with a resurgence in daily trading volume.
Further down the list, Base’s TVL is mainly attributed to multi-network decentralized finance platforms such as Compound, Curve, and Uniswap.
Additionally, Base achieved a new peak in daily transactions, reaching 1.88 million on September 14, according to data from BaseScan.
This accomplishment positioned it well ahead of competing chains like Optimism and Arbitrum, which collectively recorded nearly 880,000 transactions on the same day.
While daily transactions have dipped to approximately 908,000 as of September 22, Base’s all-time high remains unscathed.
In summary, Coinbase’s Base network has experienced a meteoric rise in TVL, surpassing Solana in a short span.
This growth can be attributed to the success of native projects like Aerodrome Finance and Friend.tech, as well as a surge in daily transactions, solidifying Base’s position in the rapidly evolving world of blockchain and decentralized finance.
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Bitmain unveiled its cutting-edge Antminer S21 and S21 Hydro ASIC miners at the World Digital Mining Summit (WDMS) in Hong Kong on September 22, providing the eagerly anticipated performance figures.
The S21 boasts an impressive hash rate of 200 terahashes per second (TH/s) with an efficiency rating of 17.5 joules per terahash (J/T). Meanwhile, the S21 Hydro achieves 335 TH/s at an efficiency of 16 J/T.
These numbers are significant because, until recently, most Bitcoin ASICs operated above the 20 J/T threshold.
Rising electricity costs and the impending Bitcoin halving in April 2024 have thrust ASIC efficiency into the spotlight for miners.
Many are now shifting their focus towards incorporating renewable energy sources into their mining operations.
Sustainability in the mining industry was a central theme at the WDMS. During the opening roundtable, representatives from Terrawulf, Core Scientific, CleanSpark, and Iris Energy discussed the increasing importance of integrating renewable energy sources as a critical strategy for miners post-2024 Bitcoin supply halving.
One notable aspect is the transition towards decarbonizing the energy supply stack, which aligns with Bitcoin miners’ efforts to consume more renewable energy.
This transition is not limited to Bitcoin mining and is occurring across the United States. Bitcoin miners are playing a role by locating their mining operations in regions where decarbonization efforts are underway.
The forthcoming supply halving will leave miners facing the same capital and operational costs, along with the need to repay debts, while their block rewards are halved.
To maintain or increase profitability, miners must either source a higher percentage of their hash rate from sustainable energy sources or make efficiency improvements to their ASIC fleet.
Justin Kramer, founder of BMC, commented on the Antminer XP 21 rollout, noting that the S21’s efficiency, if reliable and competitively priced, could revolutionize crypto mining.
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However, the aftermarket firmware market and hydro/immersion systems offer tools to keep older generation miners profitable, so sub-110 TH/s miners may not become obsolete.
One intriguing development is Bitmain’s Carbon Neutral Certificate, which rewards environmentally friendly mining farms with better pricing and advanced delivery.
Kramer also raised questions about the significant increase in hash rate offered by the new S21 models compared to the S19, hinting at a systematic pattern in Bitmain’s model releases.
Contrary to the perception that Bitcoin mining harms the environment, some panelists at the WDMS argued that it promotes renewable energy adoption.
Haitian Lu, a professor in accounting and finance at the Hong Kong Sustaintech Foundation, highlighted that Bitcoin mining has become more efficient and cleaner in terms of energy use.
Bitcoin miners’ participation in demand response agreements with energy providers enhances energy grid efficiency and encourages the development of renewable energy projects.
In addition to tapping into stranded energy resources, Bitcoin mining’s energy efficiency advancements, as seen in next-gen ASICs like the Antminer S21, reduce energy consumption and boost miners’ profits while contributing to a more sustainable future.
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Dubai-based cryptocurrency exchange Bybit has revealed its decision to halt operations in the United Kingdom in response to impending regulations set forth by the country’s Financial Conduct Authority (FCA).
The exchange made this announcement on September 22, outlining a phased approach to suspending services for UK residents, commencing on October 1.
Beginning on October 1, Bybit will cease accepting new account applications from UK residents.
This initial step will be followed by further restrictions on October 8, which include suspending new deposits, prohibiting the creation of new contracts, and preventing changes to existing positions for their current user base.
The company’s decision to suspend services in the UK stems from the FCA’s introduction of new regulations governing marketing and communication practices within the cryptocurrency industry.
Bybit is opting to proactively embrace these regulations and temporarily halt operations in the UK market.
By doing so, Bybit aims to ensure compliance with the FCA’s rules, which are designed to establish clear, fair, and non-misleading marketing standards for crypto businesses.
Bybit’s timeline for winding down its services coincides with the FCA’s deadline for crypto asset firms marketing to UK users to fully comply with the specified rules.
The FCA initially unveiled these regulations in June and, on September 21, issued a reminder of the October 8 deadline while emphasizing the potential legal consequences for non-compliant firms.
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Bybit has expressed that the suspension of services in the UK will enable the company to direct its efforts and resources toward aligning with future UK regulatory requirements.
Notably, the FCA has suggested that certain firms may have until January 2024 to achieve compliance with the marketing rules, subject to prior approval from the regulator.
Earlier in May, Bybit undertook a similar winding-down process for its services in Canada, citing “recent regulatory developments” as the driving force behind the decision.
However, the company has also embarked on expansion efforts in various other regions.
Notably, it secured in-principle approval to operate as a cryptocurrency custody service provider in Kazakhstan in May, demonstrating its commitment to evolving in compliance with regulatory landscapes worldwide.
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Architect Financial Technologies, a startup founded by former FTX US president Brett Harrison, is set to revolutionize the world of financial derivatives.
The National Futures Association (NFA) has granted approval to Architect Financial Derivatives, a subsidiary of Architect Financial Technologies, to operate as an independent introducing broker.
This milestone paves the way for Architect to provide derivatives brokerage services, targeting both the cryptocurrency derivatives and traditional markets, as stated by Harrison himself.
An introducing broker, per NFA guidelines, facilitates the solicitation and acceptance of orders for various financial instruments, such as futures contracts, commodity options, retail off-exchange forex contracts, and swaps. However, it does not handle customer funds directly.
Architect, in essence, is a software provider, with its focus firmly set on building regulated businesses within the exchange-traded derivatives landscape, encompassing not only crypto derivatives but derivatives on a broader scale.
The Architect trading platform is poised to offer a diverse range of derivatives trading options on exchanges regulated by the United States Commodity Futures Trading Commission (CFTC). Clearing services will be provided through trusted, regulated partners.
Moreover, qualified customers will gain access to more than 20 internationally recognized and regulated exchanges through the platform.
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Brett Harrison initiated Architect Financial Technologies in January, securing $5 million in investment from notable backers, including Coinbase Ventures and Circle Ventures.
The company’s primary mission is to provide sophisticated trading software tailored for institutional investors.
Harrison’s track record in the financial industry is notable. As the former president of FTX US from May 2021 to September 2022, he led the company through significant milestones.
During his tenure, FTX US successfully completed a substantial $400-million funding round and unveiled plans to establish a stock trading platform.
His background, shared with former FTX CEO Sam Bankman-Fried, traces back to Jane Street Capital, highlighting a strong foundation in the financial sector.
In summary, Architect Financial Technologies, under the guidance of Brett Harrison, is gearing up to reshape the derivatives trading landscape.
With regulatory approvals in place and a commitment to offering cutting-edge solutions, the company is poised to serve both cryptocurrency and traditional markets, ushering in a new era of financial innovation.
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The forthcoming crypto bull run is poised to diverge significantly from its predecessor, and investors should exercise restraint in their anticipations of an imminent surge in cryptocurrency prices, according to Lars Seier Christensen, the founder of enterprise blockchain company Concordium, in a recent interview with Cointelegraph.
Despite the prevailing optimism in the crypto market surrounding the multitude of proposed spot Bitcoin (BTC) exchange-traded funds (ETFs), Christensen remains skeptical about their immediate impact on crypto markets.
He emphasizes that even if a Bitcoin rally does materialize, it does not guarantee a simultaneous surge in all crypto assets.
Christensen suggests that older altcoins like Ethereum may not experience a similar rally, contrary to expectations.
While digital asset prices have experienced a slump over the past 18 months, there remains an unwavering corporate interest in blockchain technology.
Consequently, Christensen envisions the next phase of industry growth to be marked by gradual, steady progress rather than the explosive price surges seen in 2021.
He notes that corporate entities require cryptocurrencies primarily for executing activities on specific blockchains, rather than solely for speculative gains.
However, not everyone shares Christensen’s perspective.
Ben Simpson, the founder of crypto education platform Collective Shift, argues that various data and indicators suggest the early stages of a Bitcoin bull market.
He points to metrics like the drawdown from the all-time high chart and market-value-to-realized-value ratio, which often precede bull markets.
Simpson identifies Bitcoin, Ether (ETH), and application-specific tokens, particularly those related to gaming, as assets poised for significant growth.
He also mentions DeFi tokens as offering substantial upside potential.
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The crypto industry has faced challenges in recent years, including a more hawkish Federal Reserve and the high-profile collapses of platforms like FTX and Celsius Network, resulting in decreased investments and falling crypto asset prices.
However, eToro Markets analyst Josh Gilbert is optimistic, anticipating a resurgence in the crypto market as central banks worldwide consider lowering interest rates.
Looking ahead, 2024 appears promising for Bitcoin and the broader crypto market, driven in part by the Bitcoin halving event.
Still, market analyst Tina Teng from CMC Markets advises caution, emphasizing the need for a conducive macroeconomic environment and central banks’ willingness to provide liquidity to markets for a true bull market to emerge.
Teng points out that the previous crypto market boom coincided with the Fed’s rate cut cycle rather than a rate hike cycle.
She underscores the significance of Bitcoin breaking through the 50-day moving average for a new bull market thesis to gain validation.
Teng concludes by highlighting ongoing concerns related to government bond yields and inverted bond yields, signaling economic uncertainty.
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Toronto, Canada, September 25th, 2023, Chainwire
TYRION, an innovative force in the realm of decentralized digital advertising, proudly announces the launch of its revolutionary blockchain advertising technology. This launch marks a radical shift in an aging industry that has seen little innovation in the past decadeโand that is currently centralized and dominated by two tech behemoths.
In the age of digital marketing, and certainly in the world of crypto and blockchain, challenges such as lack of transparency, data privacy concerns, ever-declining ROI, and fraud have been pervasive. Tyrion aims to revolutionize this space by offering a decentralized solution that addresses these challenges head-on, fostering an ecosystem of trust, transparency, user empowerment, and user reward.
At the core of this platform lies the $TYRION token, designed to seamlessly integrate and support every facet of the platform’s operations. $TYRION is not just another crypto token, it is the lifeblood of the new digital marketing paradigmโand serves as the primary mode of transaction while incentivizing active participation, ad moderation, and establishing credibility within the ecosystem.
Tyrion not only aims to disrupt the digital advertising industry, but looks to improve upon the virality potential of advertising campaigns. Tyrion allows anyone, on any platform to be an advertiserโin essence, transforming the entire digital world into a potential billboard. ๏ปฟ
Key Features of TYRION
Social Platform Integration: Tyrion integrates with platforms like YouTube, Twitter, Discord and Telegram, bridging the gap between decentralized advertising and the heart of modern digital communities.
Staking & Moderation: Token holders can stake with Ad Publishers and actively participate in ad moderation, ensuring quality and integrity.
Analytics: Robust analytics tools for advertisers and Ad Publishers to track performance metrics.
Integrated Secure Payment System: Advertisers and Ad Publishers can transact using the TYRION token, ensuring a consistent value flow within the ecosystem, as well as security of all transactions.
Empowered Governance: TYRION token holders can participate in the platform’s decision-making processes, ensuring it remains community-driven.
Referral System & Virality: A reward-based referral system to drive platform adoption and amplify its user base.
Deflationary Mechanism: 2% of all ad revenue is burned, making $TYRION a deflationary token, which, coupled with increasing demand, fosters economic stability.
The Tyrion team itself boasts a leadership that has been in the crypto space for over half a decade, which is an eternity in the blockchain industry. Tyrionโs executives are a whoโs who of prominent entrepreneurs, innovators, and communications specialistsโwith accomplishments ranging from working on a data server for a Lunar mission, building a social media network alongside Intel Capital, and producing television content for major global networks.
The team is not only bolstered by a vision but also by strategic partnerships with major marketing firms and leading web3 platforms. These alliances ensure that the Tyrion platform remains at the cutting edge of both advertising strategies and blockchain technology.
“For too long, the digital advertising industry has been dominated by centralized entities that prioritize profits over transparency and user experience. With Tyrion, we’re taking the power back and putting it into the hands of the community. Our platform stands as a testament to what’s achievable when technology and vision converge,” says Patrick Gajda, CEO of Tyrion.
In the lead-up to this launch, TYRION has been making waves in the crypto community. The platform’s roadmap showcases a series of advancements, with many more promising developments to come.
As decentralized platforms become the standard in the advertising world, TYRION is set to be recognized as a pioneer driving this transformative shift. With its focus on trust, transparency, and community empowerment, Tyrion isn’t just heralding the future of advertising; it’s shaping it.
Crypto news outlets and enthusiasts are encouraged to keep a close watch on Tyrion as it disrupts the digital marketing paradigm and offers a glimpse into the future of decentralized advertising.
About TYRION
TYRION is a cutting-edge decentralized advertising platform that leverages the power of blockchain technology to bring transparency, trust, and efficiency to digital marketing. With its native $TYRION token, the platform offers a plethora of features tailored to the needs of advertisers, publishers, and users.
For more information: Website | Twitter (X) | $TYRION Token
Contact
VP of Communications
Cale Tompkins
TYRION
[email protected]