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Grayscale launches new crypto funds: Bittensor and Sui

Grayscale Investments has launched two new funds: Grayscale Bittensor Trust and Grayscale Sui Trust, focusing on decentralized AI and scalable blockchain, respectively. Bittensor Trust invests in the TAO token linked to the Bittensor protocol (COIN:TAOBUST), while Sui Trust is dedicated to the SUI token (COIN:SUIUSD) of the Sui blockchain. Both funds will be offered to accredited investors, aiming to list on secondary markets, with an annual fee of 2.5% and no initial fees.

Polkadot faces challenges to break $5 level

The price of Polkadot (COIN:DOTUSD) fell over 17% last week, hitting $3.75 before recovering to $4.54. DOT faces resistance at $5, with technical indicators showing a strong bearish trend. The Directional Movement Index (DMI) indicates dominant selling pressure, and DOT is below short and long-term moving averages, suggesting challenges for a significant recovery.

Nexera suffers $1.8 million exploit and halts trading

Nexera (COIN:NXRAUSD), formerly known as AllianceBlock, suffered an exploit resulting in a $1.8 million theft, according to Cyvers. The NXRA token contract was paused, and trading was suspended on decentralized exchanges, with Kucoin and MEXC also halting operations. The NXRA token dropped 45%, trading at $0.034417. The attacker, linked to other security incidents, holds 32.5 million NXRA tokens and $555,000 in USDT.

Integration of USDC in Arbitrum’s Orbit Chains

Arbitrum (COIN:ARBUSD) and Circle (COIN:USDCUSD) are collaborating to enable the use of USD Coin as a gas token on Orbit Chains, an Ethereum-based scalability solution. This integration is expected to make transaction processes more efficient and predictable, offering greater stability and accessibility. Since January, Orbit Chains have accepted ERC20 tokens for gas fees, and now USDC will simplify and enhance user and developer experiences.

Contrasting flows in bitcoin and ethereum ETFs

On August 6, bitcoin ETFs continued to see outflows totaling $148.6 million, marking the third consecutive day of losses. Fidelity’s ETF (AMEX:FBTC) saw $64.5 million in outflows on Tuesday, Ark’s ETF (AMEX:ARKB) had $28.9 million, Franklin Templeton (AMEX:EZBC) $23.0 million, and Grayscale’s ETF (AMEX:GBTC) $32.2 million. BlackRock (NASDAQ:IBIT) and Grayscale Bitcoin Mini Trust (AMEX:BTC) had no movements.

In contrast, ethereum ETFs attracted $98.4 million in inflows, led by BlackRock’s ETF (NASDAQ:ETHA) with $109.9 million, followed by Fidelity’s ETF (AMEX:FETH) with $22.5 million. Grayscale’s ETF recorded outflows of $39.7 million, while other ETFs had no significant changes.

MVRV suggests recovery

The price of bitcoin (COIN:BTCUSD) fell by 1.5% in the last 24 hours, priced at $55,149, after hitting an intraday high of $57,757.15. This followed comments from Bank of Japan’s Deputy Governor Shinichi Uchida that the bank would maintain current interest rates, easing investor concerns. Altcoin Solana (COIN:SOLUSD) rose above $150 on Wednesday but fell to $145.38, with a modest 0.8% gain.

When stocks of the “Magnificent Seven,” including Nvidia and Microsoft, lost over $650 billion in value on August 5, it negatively impacted bitcoin’s price. The correlation between these stocks and bitcoin suggests further declines could reduce investor interest in cryptocurrencies. Continued pressure on stocks might push bitcoin below $50,000, with speculation of a drop to $40,000.

However, Fernando Pereira of Bitget noted that the MVRV (market value to realized value) ratio indicates traders’ accumulated losses are greater than during the FTX collapse, suggesting a short-term bottom and a calmer market week ahead. “The market has never been so deleveraged,” Pereira said.

Movement of ETH by PlusToken funds raises market concerns

Wallets linked to the PlusToken Ponzi scheme, which stole $4.2 billion, started transferring large amounts of ether (COIN:ETHUSD) on Wednesday. Over 2,800 ETH were moved to a new wallet, raising fears of potential selling pressure in the market. This movement follows the seizure of tokens by Chinese authorities in 2020 after the operators’ arrest.

Bitcoin mining grows in July with Marathon Digital leading

In July, the 11 largest bitcoin mining companies increased their production by 10.9%, totaling 3,217 BTC. Marathon Digital Holdings (NASDAQ:MARA) led with 692 BTC, followed by CleanSpark (NASDAQ:CLSK) with 494 BTC and Core Scientific (NASDAQ:CORZ) with 411 BTC. Riot Platforms (NASDAQ:RIOT) showed a significant increase of 45%, mining 370 BTC. Core Scientific was the only one not to increase production. Despite a combined market capitalization of $21 billion, the sector faces challenges due to the halving and rising difficulty, with a difficulty adjustment expected on August 15.

Ripple aims to expand blockchain in the Middle East through partnership

Ripple (COIN:XRPUSD) is collaborating with DIFC Innovation Hub to accelerate blockchain adoption in the Middle East. The partnership connects developers and institutions with the DIFC innovation hub, home to over 1,000 companies. Ripple is also considering creating a new independent XRPL Foundation to manage the XRP Ledger community and development, following the transition of the old foundation to the Inclusive Financial Technology Foundation (INFTF), which now supports broader technologies.

Ether sale by Jump Trading may indicate end of market correction

Jump Trading is aggressively selling Ether (COIN:ETHUSD), with over 11,500 ETH sold recently, valued at $29 million, and another $48 million prepared for sale. The firm still holds 21,394 Wrapped Lido Staked ETH (COIN:WSTETHUSD), worth $63 million, signaling a possible reduction in selling pressure. The market correction, which led Ether to five-month lows, may be nearing its end, with potential recovery signs on the horizon.

Telegram could boost mass adoption of cryptocurrencies

Telegram, with its vast global reach, could facilitate new user entry into the cryptocurrency market. Ruslan Fakhrutdinov from X10 highlighted that the platform could quickly integrate new investors with its Mini App for digital trading. Telegram’s simplicity and familiarity could help achieve the first billion cryptocurrency users while encouraging mass adoption through user-friendly solutions.

Li.Fi expands to Solana to enhance cross-chain interactions

The DeFi protocol Li.Fi is expanding into the Solana ecosystem, aiming to optimize cross-chain interactions and improve the user experience of dApps. This expansion follows a recent $10 million hack on Ethereum and Arbitrum networks, which the team has resolved. The integration with Solana includes support for asset swaps and bridging through Mayan and CCTP, along with collaboration with the DEX Jupiter. Li.Fi also plans to support future SVM chains.

Tonkeeper launches signer app to secure crypto assets

Tonkeeper wallet has launched the Signer app, a new tool to secure private keys on the Ton blockchain. The Signer aims to mitigate hacking risks by storing encrypted keys outside the wallet. It offers two modes: one for convenience and another for maximum security with an offline device. Daniel Cawrey from Tonkeeper highlighted that the app provides an extra layer of protection against theft and transaction errors.

Blockchain reduces costs and errors in aviation operations

A study conducted at Heathrow Airport showed that blockchain solutions can save up to 7% in cargo handling costs for airlines. The technology improved operational efficiency, reducing response time and communication errors by up to 90%. The digitalization of processes and cost reduction from outdated systems could transform the industry, which currently loses over $1.6 billion annually due to inefficiencies.

Bitstamp and Stripe partner to facilitate crypto purchases in Europe

Bitstamp has partnered with Stripe to facilitate the purchase of cryptocurrencies like Bitcoin in the European Union. Since August 7, users can convert fiat currency to cryptocurrency using the Stripe platform, offering an optimized checkout experience and near-instant settlement. Stripe provides two options for its conversion solution: an embeddable widget and a hosted platform. Bitstamp will manage conversions for various cryptocurrencies, expanding its Bitstamp-as-a-Service solution.

Mox launches crypto ETFs in Hong Kong

Mox, a subsidiary of Standard Chartered (LSE:STAN), launched bitcoin (COIN:BTCUSD) and ether (COIN:ETHUSD) ETFs on its new investment platform in Hong Kong. The company also plans to offer direct cryptocurrency investments through a licensed exchange. Mox charges competitive fees, with 0.12% for ETFs listed in Hong Kong and 0.01% for those in the US, attracting clients with lower prices.

Chinese investors circumvent crypto ban with innovative strategies

Despite China’s strict ban on cryptocurrencies, investors find ways to participate in the market. Using VPNs and peer-to-peer (P2P) trading platforms, they buy and sell crypto through exchanges like OKX and Binance. Airdrop farming and P2P trading are popular despite legal risks. The ban, while clear in intent, does not completely prevent access, and rumors of a possible reversal are considered unlikely due to China’s focus on the digital yuan.

IMF acknowledges progress in bitcoin adoption by El Salvador

The IMF stated that the risks associated with El Salvador’s use of bitcoin (COIN:BTCUSD) as legal tender have not materialized. On August 6, an IMF team led by Raphael Espinoza reported progress in discussions with the country, focusing on strengthening public finances and increasing transparency. While the anticipated risks have not arisen, there is a recognition of the need to improve governance and mitigate potential financial concerns. El Salvador continues to expand its bitcoin reserves, currently valued at around $332 million.

Fed of NY report shows blockchain builders’ compliance with Tornado Cash sanctions

A new Federal Reserve Bank of New York report reveals that despite some remaining activity, Ethereum block builders have largely complied with sanctions against Tornado Cash (COIN:TORNUSD). The favorable court ruling for OFAC in August 2023 led to greater cooperation, though resistance to censorship persists. The use of Tornado Cash has significantly declined since the US Treasury Department imposed restrictions in August 2022.

Eisenberg seeks to overturn verdict in Mango Markets exploit case

Avraham “Avi” Eisenberg has requested the annulment of his conviction for fraud and commodity manipulation related to Mango Markets. In an August 5 memorandum, he argues that the verdict is invalid due to legal and evidentiary flaws and contests the court’s jurisdiction. Eisenberg, convicted in April, claims his actions were a legal trading strategy and not a crime. The sentencing, scheduled for July 29, did not occur.