Bitcoin tests $60,000 support amid U.S. rate cut expectations
On August 29, 2024, Bitcoin (COIN:BTCUSD) attempted to recover
and maintain the $60,000 level after favorable U.S. macroeconomic
data. Jobless claims and GDP were in line with expectations,
fueling optimism for a potential 0.25% rate cut by the Federal
Reserve in September. Analysts remain optimistic, predicting that
the recovery could push BTC to test higher levels, such as $62,000
and $65,000, if strength continues. Bitcoin is up 2.4% to around
$60,430 at the time of writing, while Ethereum (COIN:ETHUSD) is up
1.9% to $2,574.
Bitcoin ETF outflows total $105.3 million
On August 28, Bitcoin ETFs saw outflows totaling $105.3 million.
Among 11 issuers, ARK’s ETF (AMEX:ARKB) led with a loss of $59.3
million. Other funds, including Fidelity’s ETF (AMEX:FBTC), VanEck
(AMEX:HODL), Bitwise (AMEX:BITB), Grayscale (AMEX:GBTC), and
Grayscale Mini (AMEX:BTC), experienced outflows of $10.4 million,
$10.1 million, $8.7 million, $8.0 million, and $8.8 million,
respectively. Despite this, BlackRock’s ETF (NASDAQ:IBIT) did not
record any outflows or inflows.
First positive Ether ETF inflow since August 14
Ether ETFs saw positive inflows for the first time in over two
weeks, with net inflows of $5.9 million. BlackRock’s ETF
(NASDAQ:ETHA) led with $8.4 million in daily inflows, followed by
Fidelity’s (AMEX:FETH) $1.3 million inflows. The slowdown in
outflows from Grayscale’s ETF (AMEX:ETHE), which totaled $3.8
million, helped reverse the trend. However, Ether’s price has
dropped 25% since the ETFs launched in July.
Australian Bitcoin ETFs show steady growth and sustained interest
Australian Bitcoin ETFs, VanEck and Monochrome (IBTC), have
consistently accumulated Bitcoins since their launches. VanEck,
with $40.72 million in assets, debuted in June, while IBTC, which
holds about 123 Bitcoins, began in June and continues buying BTC.
Unlike U.S. ETFs facing outflows, Australian ETFs show growing
interest, reflecting robust demand for Bitcoin in the region.
IREN reports record Bitcoin mining revenue and expands operations
In 2024, Iris Energy (NASDAQ:IREN) achieved a record $184.1
million in Bitcoin mining revenue, mining 4,191 BTC, a 28% increase
from the previous year. The company installed 15 EH/s and aims for
30 EH/s by year-end. Additionally, it generated $3.1 million from
AI services and plans to expand its data centers to 510 MW. With
$404.6 million in cash, no credit lines, and 100% renewable energy,
IREN is well-positioned for continued growth. Shares are up as much
as 18% during Thursday trading.
TeraWulf launches new mining unit and considers partnerships with
tech giants
TeraWulf (NASDAQ:WULF), the sixth-largest Bitcoin miner, will
launch the new Wulf Den 2-megawatt unit by the end of September,
featuring liquid cooling technology to accelerate operations. This
facility precedes the opening of a larger 20-megawatt unit by the
end of 2024. Additionally, TeraWulf is in talks with major tech
companies, including those in the Magnificent Seven group, for
future partnerships and expansion. The company stands out for its
low Bitcoin production costs and daily selling strategy to maximize
profits.
Genesis Digital Assets expands Texas data center to 400 megawatts
Genesis Digital Assets (GDA) will expand its Rowdy data center
in Vernon, Texas, to 400 megawatts, emphasizing its commitment to
the state as a Bitcoin mining hub. The expansion, which leverages
renewable energy policies and innovation, begins with 60 MW
operational and uses local wind power. GDA also rehabilitated the
Oklaunion Power Station, creating jobs and strengthening the
Bitcoin network with renewable energy.
Trump launches “World Liberty Financial” as crypto platform with
financial revolution promise
Donald Trump promoted the new cryptocurrency platform “World
Liberty Financial,” rebranded from “The DeFiant Ones,” highlighting
it as part of his vision to make the U.S. the world’s crypto
capital. In a video for his followers on X, Trump, along with his
sons Eric and Donald Trump Jr., pushed the project as an
alternative to the traditional banking system, attracting crypto
voters and donors. Despite the enthusiasm, specific details about
the platform’s functionality remain vague. The project aims to
offer alternatives to traditional banking while Trump continues to
promote his NFTs and garner support in the crypto sector.
Donald Trump’s new NFT collection raises $2.2 million in sales
Donald Trump’s new NFT collection, launched on August 27,
quickly generated $2.2 million in sales. Called “America First,”
the collectible cards are selling for $99 each and offer the chance
to dine with the former president. With 22,360 mints and 1,210
holders, the total stock of 360,000 could raise up to $35 million.
The collection has been criticized by some as a “scam” and
coincided with the SEC’s notice to OpenSea, sparking speculation
about a possible connection.
Forbes and OKX Wallet launch exclusive NFT to connect Web3
communities
Forbes is enhancing its Web3 offerings with OKX Wallet through
the Forbes Legacy Pass, an exclusive NFT that provides access to
high-level events and special benefits. Announced on August 29, the
partnership makes OKX Wallet the only platform to quickly process
sign-ups for this digital collectible, with a limited supply of
1,917 units. The NFT promotes the connection between the digital
space and physical events, reinforcing Forbes’ commitment to
innovation and the Web3 community.
Pavel Durov released on bail in France; bettors lose $270,000 on
Polymarket
On August 28, 2024, Telegram CEO Pavel Durov was released on
bail after paying €5 million, surprising bettors who lost $270,000
on the Polymarket prediction market. Many had bet on a prolonged
detention. Meanwhile, Telegram faces a potential ban in Indonesia
due to failures in moderating illicit content. The decision on the
ban depends on further evidence of rule violations.
Bitcoin’s gains and impact in El Salvador
Nayib Bukele, president of El Salvador, revealed that the
country has earned approximately $265 million from adopting Bitcoin
(COIN:BTCUSD) as legal tender and a reserve asset. El Salvador
invested $135 million in Bitcoin, which grew to $400 million in the
public wallet. Besides profits, Bukele highlighted the increase in
financial inclusion and the positive impact on tourism and
investments.
Aptos integrates Nillion to enhance privacy in blockchain
applications
Aptos (COIN:APTUSD) is integrating Nillion, a privacy platform,
to support data-preserving applications on the layer-1 blockchain.
The collaboration will enable the creation of solutions such as
confidential DeFi, private AI assistants, and secure gaming.
Nillion uses blind computing and cryptography to protect sensitive
information. This integration is significant for the development of
private DApps and comes amid concerns about privacy following the
arrest of Telegram CEO Pavel Durov.
Binance and Bybit may launch liquid staking products for Solana
Binance and Bybit have sparked rumors about new products related
to Solana (COIN:SOLUSD), suggesting a possible entry into the
liquid staking market. On August 29, Binance posted “BNSOL,” and
Bybit announced “bbSol,” leading to speculation that they may be
developing liquid staking solutions for Solana. This type of
staking allows users to maintain liquidity while earning additional
yields, with the sector growing rapidly, especially on platforms
like Solana. If confirmed, these launches could accelerate market
expansion and attract more investors.
Journalist adopts MakerDAO’s old username after rebranding to Sky
A Foresight News journalist confirmed capturing MakerDAO’s
original username on X after the rebranding to Sky. The journalist
noticed that while the company’s name changed, the handle remained
available. By quickly claiming it, they succeeded. Sky founder Rune
Christensen commented that a team was prepared for this change. The
journalist, who plans to use the name to promote Foresight News,
also reported discussions with Sky’s team about regaining control
of the handle.
Nostriga in Riga explores convergence between Nostr and Bitcoin
The third edition of NostrWorld, held in Riga, Latvia, brought
together enthusiasts and developers of the Nostr protocol, led by
Jack Dorsey. The event highlighted Nostr’s potential to integrate
with Bitcoin, strengthening internet decentralization. Discussions
covered how micropayments with Bitcoin through Nostr are
popularizing Bitcoin in social interactions and how ecash could be
boosted by the technology, promoting a new decentralized internet
architecture.
Alchemy expands European operations with Bware Labs acquisition
Alchemy, specializing in blockchain development infrastructure
and tools, acquired Bware Labs, expanding its team by 25% with the
addition of 41 engineers. While the purchase value was not
disclosed, executives say this was Alchemy’s largest acquisition.
Founded in Romania, Bware Labs will integrate with Alchemy’s
operations, particularly in Europe, to strengthen its blockchain
infrastructure offerings. Alchemy now has 190 employees, with a
growing focus on the European market.
Hackers stole over $1.2 billion in crypto in 2024, raising concerns
In 2024, hackers stole $1.21 billion in cryptocurrencies, a
15.5% increase from last year, with 154 individual attacks. In
August, monthly theft dropped 94% to $15 million compared to July.
Despite the monthly decline, concerns persist, particularly due to
the continued vulnerability of CeFi infrastructure.
Crypto scammers shift from Ponzi schemes to more targeted and
emotional tactics
According to a Chainalysis report, crypto scammers are moving
away from large-scale Ponzi schemes and adopting more targeted and
emotionally manipulative strategies, such as “pig butchering.”
These scams involve using fake relationships to trick victims into
investing in fraudulent opportunities. Chainalysis also revealed
that platforms like Huione Guarantee are facilitating money
laundering for these schemes, moving billions of dollars in illicit
transactions.
Mbappé’s account hack causes millions in losses in crypto scam
On August 29, Kylian Mbappé’s X account was hacked, promoting a
fake cryptocurrency token that promised to double the tokens sent.
The token, called MBAPPE, saw its market value soar to $460 million
before crashing to less than $100,000. A trader lost over $1
million in Solana by investing in the fraudulent token. Despite the
scam, some traders made significant profits before the token’s
value plummeted. Crypto.com and other companies warned about the
fraud.
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