Bitcoin’s on-chain activity is mirroring patterns reminiscent of its surge to record highs in 2021, recent data reveals.
Ki Young Ju, CEO of CryptoQuant, shared insights on the 25th of August indicating a decline in Bitcoin velocity over several years.
At present price levels, Bitcoin has become relatively stagnant, with the absence of any distinct price trend over recent months leading to reduced buying and selling activity.
This inertia is emphasized by the concept of velocity, which gauges the movement of BTC units within the network.
CryptoQuant’s analysis illustrates that, when viewed on a daily basis, this metric is now at levels that were last observed back in October 2020.
The interpretation of this situation can be bifurcated, according to Ki Young Ju. On one hand, it can be construed as positive, as it signifies that larger holders, often referred to as whales, are retaining their holdings.
Conversely, it can be seen as negative since the lack of transfers to new investors could indicate a potential lack of fresh interest.
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Ki Young Ju pointed to a comparable scarcity of substantial trading activity among high-volume investors, suggesting that the market is currently adopting a “wait and see” approach towards Bitcoin.
Earlier this year, the influx of new capital into the crypto space was evident as BTC/USD initiated a winning streak during the first quarter, eventually resulting in a 70% increase.
Notably, the volume data carries added significance.
In late 2020, after hitting a long-term bottom, the rebound in this metric coincided with Bitcoin’s initial ascent beyond the $20,000 mark, ultimately culminating in new all-time highs a year later.
However, a distinction is drawn between the present circumstances and that of the past.
Bitcoin’s current price of $26,000 is marked by a state of overselling, indicated by its daily relative strength index (RSI), as measured by Cointelegraph Markets Pro and TradingView.
As previously reported, the 12-hour RSI reached its lowest point in five years this month and has yet to recover, underscoring a delay in the resurgence of investor interest.
In conclusion, Bitcoin’s on-chain activity is mimicking the prelude to its meteoric 2021 rally, with reduced movement of BTC units and a potential shift in investor sentiment indicating either a cautious optimism or a lack of fresh enthusiasm in the market.
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Decentralized finance (DeFi) platform Balancer, known for its automated market maker mechanism, has confirmed an exploit that resulted in a loss of nearly $900,000.
The incident occurred shortly after the protocol disclosed a vulnerability affecting multiple pools, adding to concerns in the DeFi space.
This breach, unveiled on August 27 via a post on X (formerly Twitter), has been linked to a specific Ethereum address, purportedly belonging to the attacker.
Notably, Meier Dolev, a blockchain security expert, revealed the identity of this address.
Following the attack, the malicious entity received two separate transfers of the stablecoin Dai (DAI), totaling $636,812 and $257,527.
Consequently, the balance in the attacker’s address escalated to an alarming $893,978.
Acknowledging the situation, Balancer’s team addressed the exploit and its ongoing consequences. Despite implementing significant risk-reducing measures over recent days, the affected pools were not completely paused due to inherent limitations.
The protocol emphasized that users who engaged with these affected liquidity pools must take immediate action to minimize the risk of further exploitation.
The recommended course of action is to withdraw funds from these pools.
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The underlying issue was first brought to light on August 22 when Balancer alerted users to a critical vulnerability in its boosted pools.
A subsequent effort to mitigate potential losses involved encouraging users to withdraw funds and temporarily halting pool activities.
This vulnerability extended its impact across various blockchain networks, including Ethereum, Polygon, Arbitrum, Optimism, Avalanche, Gnosis, Fantom, and zkEVM.
Initially, only a fraction of Balancer’s total assets (1.4%) were deemed susceptible on the day of the vulnerability’s discovery, amounting to over $5 million in asset exposure.
By August 24, the at-risk assets had decreased, but still accounted for $2.8 million, approximately 0.42% of the total value locked in the platform. Balancer’s team shared essential insights with their users through X:
“While we believe that funds in the mitigated pools (identified as ‘mitigated’) are secure, we strongly recommend transitioning to safer pools promptly or making withdrawals.
Pools that could not be effectively mitigated are labeled as ‘at risk.’ For those participating in these pools, we advise immediate exit.”
Balancer was initially deployed on the Optimism network in June of the previous year, aiming to enhance user experience and minimize transaction fees within the DeFi landscape.
However, this incident underscores the persistent challenges and risks faced by decentralized financial protocols and the broader crypto community.
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Does the online casino have a gender? Many people think it’s a male-dominated field, but facts say the opposite. This article will show that the female audience is rapidly increasing and determine the kind of quality casino entertainment each gender prefers.
How Many Women Play in Casinos?
The history of the casino goes back to the 18th century. During these times, gambling houses were visited mainly by men. But with the advent of new technologies and going online, the situation in the world has changed.
Gambling statistics (in 2019) report that the total number of women relative to all online casino users exceeds 17.6% in Canada and 45.8% in Australia! It means that almost each fifth Canadian and each second Australian casino player is female. According to the British Gambling Commission surveys (in 2021), 41.6% percent of United Kingdom women were gambling last month. For men, this percentage is just over 43%. At the same time, the average age of women in the casino is 29 years, and for men – 33 years. It vividly demonstrates the real picture of casino gender and refutes that gambling is male-dominated.
Psychology of Online Gambling
After online casinos appeared, this kind of entertainment became much more accessible to females. Like men, they see gambling as a vibrant alternative Universe for a unique experience. According to the YouGov UK research about the reasons to play (in 2021), more than 40% of women and men agreed that this is a common fun activity. Over 27% of women chose that they like to fantasize about winning. Over 20% of men selected it as getting the experience of what they bet on. Besides, five times more men than women identified the casino as a reliable way to show skills and earn money.
Another difference is that women are less dependent on casinos. The British Gambling Commission study found that men are about seven times more likely to have addiction problems. They see the casino as a source of income or competition because of keeping going for the reward when losing a streak. Besides, men’s large bets with aggressive strategies also express it. Women, in turn, play for a long time, bet little, and enjoy the process differently.
What games do men and women prefer?
The main question remains how the preferences of players of different sexes differ. Men love table games such as BlackJack or Poker because they prefer competitive activities and often play according to the chosen strategy. Women choose games of luck such as Lottery or Bingo. In addition, they are attracted by colorful Slots with fruits or any other theme. They rarely act according to a specific plan, so these games are perfect for them.
Some activities appeal to both women and men. For example, Roulette is a game with a moment of randomness but a certain probability of a ball falling out. This combination of sheer luck and clear strategy has proven to be universal in terms of gender casinos.
Crypto Casino and Genders
The above facts argue that men have ceased filling the casino space. But one more variable should be added to this equation – cryptocurrency. Since modern online casinos allow you to place bets in many currencies, the gender distribution, in this case, changes significantly.
The spoiler is that this situation will not change. It is difficult to deny the clear predominance of the number of male crypto enthusiasts. The percentage of women with an account on platforms like BetFury is very low. Although, according to statistics, more than 40% of those interested in buying Bitcoin were women. Therefore, more women will soon play in the casino and bet on cryptocurrencies.
So, we can conclude that women are interested in investing and the cryptocurrency market no less than men. By the way, apart from the 8,000 Slots and Original games with one of the highest RTPs on the market, you can also participate in Staking on BetFury. BetFury has an internal token – BFG. It’s listed on many crypto exchanges: PancakeSwap, Biswap, etc. The token has over 55,000 holders, and more than 3B BFG are in circulation. To start investing, you only need a minimum of 100 BFG.
Communication Ways on Social Media
Social media is one of the most important means of attracting an audience to the casino environment. Among them are Twitter, Telegram, TikTok, YouTube, and others. So, Twitter has 43.6% of women, Telegram has 41.4%, and TikTok has 57%. Let’s now define the relationship between general statistics and gambling.
The BetFury platform has collected data on gender from social media. The study showed that the clear leaders in the female audiences are TikTok (28%) and Twitter (32.09%). Therefore, most women often go to the casino from these social networks.
Analyzing this data makes it possible to identify the content attracting females the most. These are fascinating videos, funny memes, short info posts, and interactive, that is, a news feed with short facts and a visual component.
To sum up, the potential of attracting a female target audience to the casino is great since it’s a high-quality type of entertainment. Women are increasingly interested in cryptocurrency, looking for ways to make money and have a good time. Therefore, the online gambling audience will become more diverse soon, and no one will say that the casino is a male-dominated area.
Georgetown, Cayman Islands, August 28th, 2023, Chainwire
Stargate, the leading omnichain liquidity layer, and native asset bridge with over $18 billion in lifetime transaction volume, has now deployed on Kava Chain, the Cosmos-Ethereum interoperable Layer 1. This integration will expand the reach of Tether’s Cosmos-native USDt issued exclusively on the Kava Chain, to the Ethereum ecosystem and beyond.
Stargate’s success in connecting Ethereum networks is unmatched, with 300x more TVL than the next most-used bridge. Deploying Stargate on the Kava Chain gives DeFi users the most secure and efficient way to move USDt between the Cosmos and Ethereum ecosystems.
The integration ensures that users from any of Stargate’s chains have access to USDt on Kava Chain and every app-chain on Cosmos’s Internet of Blockchains. Ease-of-use features like single-click transfers and swaps, combined with unified liquidity and instant guaranteed finality, make traversing USDt capital efficient and simple. Stargate’s native asset transaction capabilities ensure a more direct and efficient connection to the Cosmos ecosystem.
“Kava Chain’s growth since becoming the exclusive native USDt hub for Tether has been impressive, with 90 million native USDt issued,” said Scott Stuart, Kava Chain Co-founder. “With Kava Chain now on Stargate, both retail and institutional users who previously had restricted access to certain features on Kava, now have an even broader spectrum of opportunities with USDt.”
Stargate’s involvement, combined with the Kava Chain’s USDt integration, promises to drive growth, increase exposure to liquidity, and open the Kava Chain and Cosmos ecosystems to wider markets, unprecedented usage for the first time.
About the Kava Chain
The Kava Chain is a secure, lightning-fast Layer-1 blockchain that combines the developer power of Ethereum with the speed and interoperability of Cosmos in a single, scalable network. Committed to fostering innovation and growth, the Kava Chain is a trusted choice for developers and users worldwide.
For more updates, follow Kava Chain on X (fka Twitter).
About Stargate
Stargate is a fully composable liquidity transport protocol that lives at the heart of Omnichain DeFi. With Stargate, users & dApps can transfer native assets cross-chain while accessing the protocol’s unified liquidity pools with instant guaranteed finality.
Contact
Media manager
guillermo carandini
Kava
[email protected]
Attorneys representing former FTX CEO, Sam Bankman-Fried (SBF), have criticized the authorities’ efforts, stating that the accommodations provided were inadequate for his October criminal trial preparation.
In a filing made on August 25 to the United States District Court for the Southern District of New York, SBF’s legal team expressed dissatisfaction with the prosecutors’ proposed plan, which allowed SBF access to discovery materials before the trial.
They argued that the U.S. Justice Department handed over approximately four million pages of discovery materials on August 24, leaving SBF with a substantial amount of documents and data to review before his trial.
The filing declared that only temporary release could sufficiently address these challenges and protect Bankman-Fried’s right to actively engage in his defense.
The document highlighted that prior to his bail being revoked, SBF dedicated 80-100 hours weekly to scrutinizing the extensive discovery materials and generating detailed analyses that he continuously updated and shared with his lawyers.
Following his extradition from the Bahamas and his arraignment in the U.S. in December 2022, Bankman-Fried had been out on a $250 million bond for about eight months.
However, after allegations of witness intimidation emerged involving former Alameda Research CEO Caroline Ellison, a federal judge revoked his bail.
Consequently, since August 11, approximately two months ahead of his first criminal trial, SBF has been held at the Metropolitan Detention Center in Brooklyn.
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Since the revocation of his bail, SBF’s legal team has been advocating for more lenient restrictions, aiming to secure time outside of jail for trial preparation.
In response, a judge granted him around seven hours in the New York courthouse cell block attorney room on August 22.
Additionally, an order was issued permitting SBF access to the same space along with one laptop and a wifi-enabled device, provided a 48-hour notice was given by his attorneys.
SBF’s legal representatives stressed that he requires constant access to an internet-connected computer to review discovery documents, research contextual information online, draft and revise analytical work related to the materials, and share these documents and analyses with his legal team.
They contended that the government’s current plan fell significantly short of these requirements.
SBF’s first trial, set for October 3, will involve seven charges linked to fraudulent activities concerning user funds at FTX and Alameda Research.
His second trial, scheduled for March 2024, will encompass five additional criminal charges.
Court documents revealed that Bankman-Fried’s defense may involve claiming that his actions were carried out “in good faith” based on advice from Fenwick & West lawyers and FTX’s in-house counsel.
These alleged illegal actions included directing the automatic deletion of certain communications between FTX and Alameda employees.
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In a recent turn of events, the enigmatic withdrawal of $16 million from the Pepecoin (PEPE) project’s multisig wallet has shed light on its mystery, implicating three former team members in the maneuver.
The value of PEPE experienced a sudden plummet of approximately 15% on August 24, stoking concerns within the community about a potential rug pull.
These fears arose when it became apparent that a substantial amount of PEPE tokens, totaling $16 million, had been withdrawn from the Pepe multisig wallet and promptly dispatched to multiple cryptocurrency exchanges.
Addressing these concerns in an announcement shared on August 25 via X (formerly Twitter), a key anonymous figure from the project’s inception revealed insights into the situation.
According to the statement, three ex-team members executed an unauthorized withdrawal from the multisig, subsequently departing from the project, thereby leaving it solely under the control of the remaining team member.
The announcement detailed the mechanics of the breach: “The multi-sig was set up to require 3/4 signers present for an approval.
Yesterday these 3 ex-team members came back behind my back, logged onto the multi-sig, stole 16 Trillion/ 60% of the 26 trillion multi-sig tokens, and sent them to exchanges to sell.”
The defectors then distanced themselves from the multisig, erasing any links to $PEPE and even vanishing from social platforms, save for a message asserting the transfer of control.
The founding member further asserted that the X account and the remaining 10 trillion PEPE tokens in the multisig were now safeguarded, destined for relocation to a new wallet until a purpose or reduction strategy emerged.
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The statement also emphasized the disruptive influence of these rogue members on Pepecoin’s progress since its April launch, while expressing a renewed commitment to the project’s positive trajectory in the absence of such hindrances.
While the discordant telegram group for $PEPE remains inaccessible due to hacking, the remaining member pledged to align with the community and prioritize the tokens’ welfare, now that the rogue actors have departed.
Amid a diverse array of reactions to this revelation, which ranged from supportive to skeptical, the value of PEPE has displayed fluctuations.
At the present juncture, the token’s price has surged by 5.7% over the past 24 hours, settling at $0.000000895278.
CoinGecko data confirms a current market capitalization of $382.7 million.
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Hashdex, a crypto asset management firm, has entered the race to establish a Bitcoin exchange-traded fund (ETF) in the United States.
To secure its spot, the company has filed an application with the U.S. Securities and Exchange Commission (SEC) for a Bitcoin futures ETF that will encompass actual spot Bitcoin holdings.
ETFs are investment vehicles traded on stock markets, deriving their value from an underlying assortment of assets like stocks, bonds, and commodities.
Similarly, Bitcoin ETFs mirror the value of BTC and are traded on traditional stock exchanges, distinguishing them from crypto exchanges.
Notably, Hashdex’s approach diverges from recent filings by sidestepping the Coinbase surveillance sharing agreement.
Instead, it plans to acquire spot Bitcoin from physical exchanges within the CME market.
As disclosed in a 19b-4 filing by NYSE Arca with the SEC, Hashdex aims to incorporate spot Bitcoin into its Bitcoin futures ETF and intends to rename it as the Hashdex Bitcoin ETF.
Industry experts have reacted to Hashdex’s novel Bitcoin ETF proposal. James Seyffart, an analyst at Bloomberg, highlighted the strategy’s exclusive reliance on exchange-for-related-positions transactions.
This technique involves exchanging futures contracts for an equivalent exposure to the spot market, bypassing direct cash purchases from exchanges.
READ MORE: Bitcoin’s Evolution Accelerates: Recursive Inscriptions Unveil New Horizons Beyond Cryptocurrency
Seyffart speculates that Hashdex’s approach might enhance its chances of SEC approval.
This outlook is informed by the regulatory pressure faced by Gary Gensler, influenced by the Grayscale lawsuit, Ethereum futures submissions, and BlackRock’s implementation of the Coinbase surveillance sharing agreement.
Other specialists, such as Nate Geraci, President of The ETF Store, investor Alistair Milne, and finance attorney Scott Johnsson, have also commented on Hashdex’s distinct ETF submission.
They posit that Hashdex’s approach could address certain SEC concerns related to market manipulation and liquidity issues associated with the Bitcoin market.
As of now, the SEC, led by Chair Gary Gensler, has refrained from commenting on the status of spot Bitcoin ETF applications, the influx of Ethereum ETFs, and the potential approval timeline for a spot Bitcoin ETF within the current year.
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[August 26, 2023] – Evadore emerges as an innovative ReFi regenerative finance project alongside a worldwide eco-movement, aiming to forge a more sustainable path for future generations and proffer solutions to global environmental challenges.
Notably, ReFi stands out as a financial system with a clear mission: contributing significantly to global improvement. With the escalating impacts of climate change and the growing harm inflicted upon the environment and wildlife by human actions, the urgency is evident. Evadore is set to initiate a worldwide campaign in collaboration with ReFi, facilitating nations to integrate their economic and state management systems within the ReFi framework.
The team has strategically fostered partnerships with prominent institutions within the blockchain industry, including top-tier exchanges, wallets, and service providers. Remarkably, the project is using state-of-the-art blockchain technology to coordinate the building of a financial infrastructure that will support sustainable growth while reducing reliance on fossil fuels.
In a statement made by expert Jimmy Rocks from the team of Evadore, he mentioned that “ Evadore promotes the ReFi financial paradigm in a world where conventional energy sources like oil, natural gas, and coal are becoming less competitive economically and have dwindling reserves. This cutting-edge framework has the world’s best interests at heart. Additionally, the ambitious worldwide movement spearheaded by Evadore and supported by the ReFi strategy aims to encourage countries to adopt a unified economic and political structure as climate change and the human ecological impact worsen.”
Moving forward, Evadore has set sail for an optimistic tomorrow. The project is confident in its ability to lead blockchain initiatives that benefit the environment. Evadore is set to undergo rapid iterative improvements that will allow it to more effectively control its growing carbon footprint and meet the ever-changing needs of the decentralized ecosystem.
With a strategic outlook, Evadore is poised to extend its sphere of influence into developing markets, including emerging economies and regions where blockchain technology remains in its infancy. This strategic maneuver aims to foster the proliferation of Evadore’s adoption, stimulate the growth of the decentralized ecosystem, and contribute to a greener world.
The platform’s commitment remains steadfast: eco-friendly solutions that are swift and inclusive, transcending boundaries.
About Evadore
Evadore is a pioneering ReFi regenerative finance project and global eco-movement dedicated to forging a sustainable path for future generations and pioneering solutions to global environmental challenges. By leveraging strategic partnerships and cutting-edge blockchain technology, Evadore endeavors to reshape the financial landscape while diminishing reliance on fossil fuels. Through visionary expansion and technological innovation, Evadore aspires to be the premier blockchain platform championing a greener world.
Contact
Name: Timothy Walker
Email: [email protected]
Company: Evadore
Location: United Kingdom
Bitcoin (BTC) is exhibiting on-chain activity reminiscent of the period preceding its historic surge to all-time highs in 2021, recent data reveals.
In a post shared on August 25th, Ki Young Ju, the CEO of CryptoQuant, a prominent analytics platform, disclosed that Bitcoin velocity has reached multiyear lows.
This trend indicates reduced movement of BTC at its current price levels, resulting in a lack of pronounced buying or selling pressures.
The concept of velocity, which gauges the rate of BTC units traversing the network, highlights this stagnant state.
CryptoQuant’s data highlights that on a daily basis, this metric is currently at levels that were last observed back in October 2020.
Ki Young Ju offered a two-fold perspective on this situation.
On one hand, it can be interpreted positively as evidence of whales retaining their BTC holdings.
Conversely, it could also be perceived negatively due to the limited transfer of BTC to new investors.
This scenario extends to high-volume traders as well, indicating a subdued trading activity amongst them.
This aligns with the narrative that the market is cautiously observing Bitcoin’s movements, adopting a “wait and see” approach.
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Notably, the early months of the year witnessed the influx of fresh capital into the market, coinciding with BTC/USD’s impressive Q1 performance, achieving a remarkable 70% gain.
A significant aspect lies in the volume data. In late 2020, a similar pattern emerged where a low point in this metric coincided with Bitcoin’s surge past $20,000 and eventually reaching new all-time highs a year later.
However, in contrast to that period, Bitcoin’s current value of $26,000 seems to be oversold according to its daily relative strength index (RSI), as indicated by Cointelegraph Markets Pro and TradingView.
A recent report by Cointelegraph highlighted that the 12-hour RSI has hit a five-year low this month and is yet to recover, reflecting a delay in the resurgence of investor interest.
In conclusion, Bitcoin’s on-chain behavior is resembling the prelude to its previous historic price rally.
The slowed movement of BTC and the subdued trading activities among high-volume investors reflect a sense of caution prevailing in the market.
However, the oversold RSI suggests a potential for renewed investor engagement, albeit with a delay.
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The IRS, responsible for US tax collection, has unveiled proposed regulations regarding digital asset sales and exchanges by brokers.
These regulations aim to simplify tax filing and reduce tax evasion by introducing Form 1099-DA.
This form is designed to aid taxpayers in calculating taxes on digital asset gains and losses, thus negating the need for complex calculations and expensive digital asset tax preparation services.
The move aligns digital asset reporting with reporting standards for other asset types, fostering consistency.
The draft proposal, a substantial 282 pages, is set for publication in the Federal Register on August 29.
It is a part of the Biden administration’s execution of the bipartisan Infrastructure Investment and Jobs Act (IIJA), which is projected to generate $28 billion in fresh tax revenue over a decade.
Envisaged to take effect in 2026 for transactions in 2025, the rules’ implementation timeline was established. Public commentary on the proposal will be accepted until October 30, followed by at least one public hearing.
However, the initial response suggests potential challenges for the IRS. Kristin Smith, CEO of the Blockchain Association, underscored the uniqueness of the crypto ecosystem and stressed the need for tailored rules that avoid affecting participants without compliance options.
The DeFi Education Fund’s CEO, Miller Whitehouse-Levine, criticized the proposal as attempting to apply regulations built around intermediaries to a context where they don’t exist.
Criticism has extended to political spheres as well. Patrick McHenry, chairman of the House of Representatives Financial Services Committee, deemed the proposal an extension of the Biden administration’s assault on the digital asset sector.
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McHenry asserted that the rules should adhere to the narrow, precise criteria laid out after the Infrastructure Investment and Jobs Act’s passage.
He applauded the exemptions mirroring those in the Keep Innovation in America bill, co-authored by himself and Rep.
Ritchie Torres, aimed at rectifying the perceived inadequacies of digital asset reporting provisions in the IIJA.
Coin Center, an advocacy group, had previously communicated digital asset taxation suggestions to Sens. Ron Wyden and Mike Crapo.
The suggestions targeted digital assets specifically and voiced concerns about privacy implications.
In conclusion, the IRS’s proposed regulations on digital asset reporting via brokers aim to streamline tax filing and prevent evasion.
The introduction of Form 1099-DA seeks to simplify calculations for taxpayers and bring digital asset reporting in line with other asset types.
Yet, the proposal faces early criticisms for its applicability in the unique crypto landscape and its potential regulatory overreach.
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