Leak suggests Chainalysis can trace Monero transactions
A leaked video from Chainalysis indicates that despite Monero’s
(COIN:XMRUSD) reputation for privacy, its transactions may be
traceable. The video, which was removed, shows methods like using
malicious Monero nodes to capture IP addresses and transaction
data. While this raises concerns, some believe these methods could
actually improve Monero’s security by enabling better privacy
protection on the blockchain.
$1.2 billion exits from US Bitcoin ETFs in September
In the past eight days, the 11 US spot Bitcoin ETFs experienced
net outflows of $1.2 billion, marking the largest exit since their
launch in January. This occurred as Bitcoin dropped 17.28%, from
$64,668 on August 26 to $53,491 on September 7.
Crypto funds see $726 million net outflows
Managers like BlackRock, Fidelity, and Grayscale saw $726
million in net outflows from crypto funds last week. CoinShares’
head of research, James Butterfill, cited uncertainty over US
monetary policy as the main cause. US markets, particularly in
Bitcoin, accounted for $706.1 million in outflows, while Europe
showed resilience with net inflows in German and Swiss funds.
However, Solana funds defied the trend with $6.2 million in
inflows.
Economic forecast and presidential debate could shake crypto market
With Bitcoin (COIN:BTCUSD) priced at around $56,590, the market
faces volatility due to events in the US. The Consumer Price Index
(CPI), due on September 11, could impact market sentiment, followed
by the consumer confidence report on September 13. Unemployment
data and the September 10 debate between Donald Trump and Kamala
Harris could also intensify Bitcoin fluctuations.
The debate has already attracted $850 million in bets on
Polymarket, with Trump holding a 52% chance of victory according to
bettors. The event is expected to draw over 70 million viewers.
Bernstein predicts Bitcoin could reach $90,000 if Trump wins the
election due to his strong support for the cryptocurrency.
Conversely, a Harris victory could cause Bitcoin to fluctuate
between $30,000 and $40,000. Bernstein emphasizes that Trump aims
to make the US the “world capital of Bitcoin,” which could
stimulate innovation and attract investors.
Michael Saylor, CEO of MicroStrategy, believes Republicans, who
are more crypto-friendly, have stronger support compared to
Democrats. Despite Bitcoin’s recent drop below $53,000, Saylor
maintains his prediction that BTC will reach $13 million in 20
years. MicroStrategy, which holds about $8.3 billion in Bitcoin,
has seen its stock rise 879% since it began buying.
Additionally, the US jobs report suggests the Federal Reserve
may cut interest rates by up to 50 basis points next week. 10x
Research warns that such a move could raise economic concerns,
leading investors to reduce exposure to risk assets like Bitcoin
and stocks. The probability of a 50 bps cut stands at 30%, with
some experts believing the Fed may opt for more moderate
adjustments to avoid signaling panic.
Toncoin outperforms other cryptos with 8% surge
Toncoin (COIN:TONCOINUSD) led the cryptocurrency market in the
last 24 hours, rising by 8.4%, while Bitcoin (COIN:BTCUSD) and
Ether (COIN:ETHUSD) increased by 4.8% and 3.9%, respectively.
Analysts project that Toncoin could reach between $6.50 and $7.00
in September if the market reacts positively to a potential Federal
Reserve rate cut. After a significant decline due to Pavel Durov’s
arrest, Toncoin is gradually recovering and has surpassed $5
again.
Sonic Labs introduces on-chain credit score to unlock $11 trillion
market
Andre Cronje, CTO of Sonic Labs (formerly Fantom) (COIN:FTMUSD),
announced on September 9 that the network will implement credit
scores for digital wallets. This innovation will enable access to
unsecured loans in the DeFi market without KYC requirements. The
system has processed over 54 billion transactions and monitored 500
million wallets. The network also achieved transaction finality in
720 milliseconds, positioning itself as the fastest in
blockchain.
Binance Coin breaks trendline, but correction may be ahead
This weekend, Binance Coin (COIN:BNBUSD) broke a descending
trendline, surpassing a long-standing resistance level. However,
buying strength is weak, signaling a potential correction. The
negative Chaikin Money Flow (CMF) suggests that bullish momentum is
fading. While futures traders remain optimistic, the lack of strong
buying pressure could limit BNB’s rally, possibly leading to a drop
to $468.90 if the move doesn’t hold. The token is currently up 4.6%
in the last 24 hours, trading at $515.83.
Cardano rises after ASI’s FET token deploys on blockchain
Over the weekend, Cardano (COIN:ADAUSD) reached $0.3485 after
the Artificial Superintelligence Alliance (ASI) launched its native
token, FET (COIN:FETUSD), on the Cardano blockchain. Now rebranded
as ASI, the token showcases ADA’s efficiency and low costs. The
integration sparked an increase in active ADA addresses, reaching a
five-month high. ADA’s strong correlation with Bitcoin may also be
driving its recent positive performance.
Quant attracts investor interest
Quant (COIN:QNTUSD), known for facilitating interoperability,
saw its price hit the highest level since August 24, currently up
8.5% in the last 24 hours, trading at $72.30. Data shows a positive
divergence between QNT’s price and daily active addresses,
suggesting whale accumulation could signal future profits. Interest
in QNT futures also increased, reaching $13.91 million, the highest
since June.
Snapshot X revolutionizes dao governance with free on-chain voting
Snapshot X, launched today, is a new Layer 2 protocol that
enables on-chain voting with no gas fees, using Starknet roll-up
technology. This advancement aims to simplify DAO voting by
eliminating associated costs that discourage participation. With
STARK scaling proofs, Snapshot X offers a secure and cost-effective
process, enabling greater inclusion in decentralized
decision-making. Jeremy Musighi, COO of Snapshot Labs, highlighted
this as a milestone in on-chain governance.
Partnership seeks to integrate Bitcoin into US public sector
salaries
The Proof of Workforce Foundation (POWF) and Careers In
Government Inc. (CIG) have partnered to incorporate Bitcoin into
public sector employment practices. The goal is to attract talent,
enhance financial security, and promote innovation through
Bitcoin-based salaries and incentives. The collaboration will also
offer financial education and personalized training, aiming to
create a scalable model for adoption by government employers across
the country, protecting employees from inflation.
Latvia launches consultations for crypto firms to comply with MiCA
regulation
With the Markets in Crypto-Assets (MiCA) regulation being
implemented in the European Union, Latvia has taken a proactive
approach by offering pre-licensing consultations for crypto-asset
service providers (CASPs). The country’s central bank will start
issuing licenses in January 2025, helping companies prepare with
free guidance. The initiative aims to ensure CASPs comply with
MiCA’s requirements, positioning Latvia as an attractive hub for
crypto companies in the EU.
Tokocrypto receives full license to operate as crypto exchange in
Indonesia
On September 9, Indonesian exchange Tokocrypto received the
Physical Crypto Asset Trader (PFAK) license from Bappebti,
authorizing its full operation in the country. Backed by Binance,
which increased its stake in Tokocrypto in 2022, the exchange now
complies with local crypto asset trading regulations. Tokocrypto,
the third exchange to obtain this license, seeks to solidify its
market position in Indonesia, where it already holds a 43% share,
with strategic support from Binance.
Monochrome Bitcoin ETF adopts transparency measures with Hoseki
Monochrome Asset Management announced a partnership with Hoseki
to implement proof-of-reserves verification in its Monochrome
Bitcoin ETF (IBTC), making it the first Australian spot Bitcoin ETF
to adopt such measures. Since its launch, the IBTC has accumulated
134 Bitcoins, totaling over AUD 11 million in inflows. With
Hoseki’s advanced validation, the fund will provide daily proof
that assets are fully accounted for, setting a new standard for
transparency and integrity in Bitcoin ETFs in Australia.
TEPCO uses surplus renewable energy for Bitcoin mining
Tokyo Electric Power Company (TEPCO) has begun mining Bitcoin
using surplus renewable energy through its subsidiary Agile Energy
X. This practice, aimed at reducing energy waste from solar and
wind farms, takes place at mining rigs installed near those sources
in Gunma and Tochigi. The project seeks to turn wasted energy into
a new revenue source and promote further investments in clean
energy. This approach also helps debunk the myth that Bitcoin
mining is environmentally harmful.
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