USDTUSD Tether USD

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.