Stacks prepares for the biggest update in its history,
revolutionizing Bitcoin transactions
The Stacks network (COIN:STXUSD), the largest Bitcoin layer-2 by
market capitalization, is set to implement the Nakamoto upgrade on
August 28. This change will reduce transaction settlement times to
around five seconds, significantly improving the network’s
usability. Additionally, the launch of Super Bitcoin
(COIN:SBTCCUSD), a decentralized asset linked to Bitcoin, will
facilitate transfers between the Bitcoin blockchain and Stacks,
boosting the Bitcoin DeFi ecosystem.
Bitcoin ETFs see record inflows after Powell’s Jackson Hole speech
On August 23, U.S.-listed Bitcoin ETFs recorded daily net
inflows of $252 million, the highest volume since July 23, driven
by positive comments from Jerome Powell at the Jackson Hole
symposium. Trading volumes for ETFs exceeded $3.12 billion.
BlackRock’s ETF (NASDAQ:IBIT) led with $83 million in inflows,
while Grayscale’s ETF (AMEX:GBTC) saw $35 million in outflows.
Fidelity’s ETF (AMEX:FBTC) recorded $64 million in inflows, and
Bitwise’s ETF (AMEX:BITB) received $42 million, crossing the $2
billion assets under management mark for the first time.
In the last 24 hours, Bitcoin (COIN:BTCUSD) is priced at
$63,679, down 1.1%, failing to maintain its intraday high of
$64,509.36. Analysts from Crypto Chase and Jelle indicate signs of
weakness, warning of a possible price correction. Material
Indicators noted downward pressure on Bitcoin’s price, observing
that BTC liquidity on Binance is decreasing. Meanwhile, QCP Capital
expects BTC to remain between $62,000 and $67,000 in the short
term.
Semler Scientific expands Bitcoin reserves, now among top 20
corporate holders
Semler Scientific (NASDAQ:SMLR), a medical technology company,
purchased an additional 83 BTC for $5 million, bringing its total
reserves to 1,012 BTC. Since May, the company has acquired Bitcoin
worth $68 million, funding the purchases with operational funds and
its market equity program. Chairman Eric Semler highlighted
confidence in growing institutional adoption, predicting that it
will drive Bitcoin’s value and benefit shareholders.
Ethereum enters high school curriculum in Buenos Aires through
partnership with ETH Kipu
Argentina’s Ministry of Education, in collaboration with ETH
Kipu, has incorporated Ethereum and blockchain education into high
school curricula in Buenos Aires. The initiative, starting on
August 27, includes practical internships and an online Solidity
course to train 500 students in DApp programming. This partnership
aims to equip young people with advanced technological skills,
preparing them for the future and positioning Argentina as a leader
in the global blockchain movement.
ETH performance hits 40-month lows
Ethereum (COIN:ETHUSD) network trading volume and daily
transactions fell significantly in August. The seven-day moving
average of daily trading volume decreased by 55%, with daily
economic yield dropping from $6.56 billion in July to $2.9 billion.
Monthly trading volume fell to $91.46 billion, a low not seen since
May 2020. Analysts point out that the decline reflects a typical
cyclical pattern for this period.
The growing correlation between ETH/BTC (COIN:ETHBTC) and the
U.S. Dollar Index (CCOM:DXY) indicates a negative outlook, with
investors favoring Bitcoin, especially with expectations of Federal
Reserve interest rate cuts. Since early 2024, Ether has fallen 25%
against Bitcoin, hitting 40-month lows. The bearish trend could
lead to an additional 10% drop in the ETH/BTC pair in
September.
Cryptocurrencies see $533 million inflows amid interest rate cut
rumors
Cryptocurrency investment products experienced the largest
inflow streak in five weeks, totaling $533 million, driven by
expectations of U.S. interest rate cuts. Meanwhile, Polygon
(COIN:MATICUSD), Avalanche (COIN:AVAXUSD), and ZKsync faced Discord
attacks, and Fetch.ai (COIN:FETUSD) announced the creation of an
Innovation Lab in San Francisco to support AI startups, with an
annual investment of $10 million.
Stablecoin market capitalization hits new all-time high
The total market capitalization of stablecoins, excluding
algorithmic ones, reached an all-time high of $168.1 billion last
weekend, a 0.8% increase, surpassing the previous peak from March
2022. After a low of $122 billion in October, the value has been
growing since early 2024. Analysts suggest that the increase
reflects greater confidence and demand for stability in the
cryptocurrency market, especially among institutional investors.
Tether (COIN:USDTUSD) represents 70% of the total, and USD Coin
(COIN:USDCUSD) is also showing significant growth.
Pavel Durov, founder of Telegram, arrested in France in judicial
investigation
Telegram founder and CEO Pavel Durov was arrested on August 24
in France as part of a judicial investigation. Charges include
complicity in illegal activities, money laundering, and providing
cryptography services without prior declaration. French prosecutors
extended his custody until August 28 for questioning. President
Emmanuel Macron stated that the arrest was not politically
motivated, reaffirming France’s commitment to freedom of
expression.
Health of Binance executive detained in Nigeria deteriorates
severely, family says
The family of Tigran Gambaryan, a Binance executive detained in
Nigeria since February, reported that his health has deteriorated
severely, with extreme pain due to a herniated disc leaving him
unable to walk. He also faces recurring malaria and pneumonia
without access to adequate medical care. Despite international
appeals, Gambaryan remains detained, with his wife emphasizing the
urgent need for medical assistance to prevent irreversible
damage.
U.S. DOJ opposes Ryan Salame’s plea reversal
The U.S. Department of Justice contests former FTX co-CEO Ryan
Salame’s attempt to reverse his guilty plea for campaign finance
violations. On August 26, prosecutors stated their opposition to
Salame’s petition, which seeks to overturn his
seven-and-a-half-year conviction. Salame claimed he was induced to
plead guilty with the promise that the investigation into his
partner, Michelle Bond, would be dropped.
Binance Labs invests in AI startups to boost blockchain innovation
Binance Labs, the venture capital arm of Binance, invested in AI
startups Sahara AI and MyShell. Sahara AI aims to create a
decentralized ecosystem for onchain attribution and operational
rewards, while MyShell enables the creation and sharing of AI
applications. Max Coniglio, Director of Investments at Binance
Labs, highlights that AI and blockchain, when combined and open,
can drive innovation and address joint challenges, promoting
decentralized applications and more authentic systems.
KBW 2024 debuts ‘Institutional Stage’ for Web3 leaders
The “Institutional Stage” at Korea Blockchain Week (KBW) 2024,
dedicated to institutions and major companies in the Web3 sector,
was announced by organizer FACTBLOCK. Part of the IMPACT
conference, the stage will feature 300+ speakers and cover topics
such as cryptocurrency ETFs and asset tokenization. The event will
take place from September 3 to 4, highlighting leaders like Pranav
Kanade from VanEck and Edward Lee from Coinbase.
India moves slowly with CBDC testing, no rush for full
implementation
India is exploring its central bank digital currency (CBDC)
cautiously, with no rush for full implementation, according to Shri
Shaktikanta Das, Governor of the Reserve Bank of India (RBI). Since
the launch of digital rupee pilots in 2022, 5 million retail users
and 16 banks have participated. India is testing offline
functionality and CBDC programmability, prioritizing a
comprehensive understanding of impacts before a broad and gradual
adoption.
Fruition Production releases ‘XRP Unleashed’ documentary in
November
Los Angeles-based Fruition Production will release the
documentary “XRP Unleashed” in November, opting for
self-distribution on platforms like Apple TV (NASDAQ:AAPL) and
Amazon (NASDAQ:AMZN). Instead of seeking Hollywood backing or
partnerships with major platforms like Netflix (NASDAQ:NFLX), the
studio aims to maintain creative control and reach audiences
directly. The film, which covers Ripple Labs’ legal battle with the
SEC, will feature important interviews and analyses on XRP
(COIN:XRPUSD) and its implications.
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