Bitcoin drops as traders eye the Fed
Bitcoin (COIN:BTCUSD) fell to around $57,823, dropping 2.3% in
24 hours, after holding above $60,000 over the weekend. Ether
(COIN:ETHUSD) slipped 1.4% to around $2,288. Futures traders lost
$143 million due to the sudden drop. Increasing competition from
networks like Solana and Base pressures Ethereum. Expectations of a
federal reserve interest rate cut after four years have increased
market volatility. The Fed is expected to announce the rate cut on
September 18, with a 41% chance for a 25 bps reduction and a 59%
chance for 50 bps. Uncertainty about the size of the cut is
contributing to market fluctuations, impacting bitcoin’s recent
performance. Additionally, the accumulation trend score, which
analyzes investor behavior toward bitcoin, shows signs of selling,
which may harm BTC’s medium-term price. “We are in a
distribution phase on this indicator, which is bad for BTC in the
medium term. The last distribution cycle lasted about 2 months,
with BTC losing $10,000 in price,” said Fernando Pereira, a
Bitget analyst, suggesting a similar pattern could repeat now.
Ether faces challenges against bitcoin with 42-month lows
Ether (COIN:ETHBTC) is struggling, especially against bitcoin,
as the pair hits a 42-month low. Bitcoin dominance has risen to
58%, increasing pressure on ether. Some analysts see this as a
potential base for recovery, while others point to recent ether ETF
underperformance and a possible ongoing downtrend. The correction
may signal either a turning point or continued negative
pressure.
Bitcoin mining stocks fall with increased hash rate and prices
below $60,000
A report by JPMorgan Chase (NYSE:JPM) highlighted that bitcoin
mining stocks declined in the first half of september, as BTC’s
price remained below $60,000 and the hash rate increased by 4%. The
hash rate, reflecting mining competition, has returned to
pre-halving levels. The hash price dropped 2%, more than 50% below
pre-halving levels. US-listed miners increased their share of the
hash rate to 26.7%, but the market value of miners fell 3% to under
$20 billion.
MiCA crypto alliance launched to streamline regulatory compliance
On september 16, the DLT Science Foundation (DSF) launched the
MiCA Crypto Alliance with Hedera (COIN:HBARUSD), Ripple
(COIN:XRPUSD), and the Aptos Foundation (COIN:APTUSD) as founding
members. The alliance aims to help crypto-asset service providers
(CASPs) comply with the European Union’s MiCA regulation, which
includes climate impact reporting. DSF will provide AI tools to
facilitate compliance by standardizing white papers and
sustainability metrics. The alliance seeks to make the crypto
sector more transparent and environmentally responsible.
Chainlink CCIP enables interoperability on ZKsync with new features
for developers
Chainlink’s (COIN:LINKUSD) cross-chain interoperability protocol
(CCIP) is now live on ZKsync, a layer 2 scaling solution using
zero-knowledge (ZK) proofs. This integration allows developers to
build dapps that operate across multiple blockchains, enabling
token transfers and communication between smart contracts on
different networks. ZKsync’s interoperability is now enhanced,
driving asset tokenization and linking blockchain infrastructure
with traditional finance, further boosting the adoption of
decentralized solutions.
Tether dominates 75% of the stablecoin market after rapid growth
Tether (COIN:USDTUSD) has increased its market share from 55% to
75% over the past two years, reaching $118 billion in circulation.
This growth reflects the rising adoption of stablecoins as gateways
to crypto. In the last 30 days, Tether generated $400 million in
revenue. The company plans to double its compliance team by 2025 to
meet the growing demand for stablecoin solutions.
LimeWire launches decentralized GPU marketplace to boost AI
startups
LimeWire, known for its NFT marketplace, has unveiled a
decentralized platform connecting AI startups to on-demand GPU
resources. Companies with idle GPU capacity can rent it out in
exchange for LMWR tokens (COIN:LMWRUSD). AI startups can purchase
this computing power using cryptocurrencies, offering a flexible
and cost-effective way to access the advanced processing power
needed for their projects.
Linux Foundation launches trust for open-source code with a focus
on decentralized ecosystems
The Linux Foundation has launched the Decentralized Trust
(LFDT), an organization with over 100 members, including Hedera and
Hyperledger, to collaborate on open-source projects for
decentralized ecosystems. Hedera shared its hashgraph algorithm
with the trust. Another member, Dfns, contributed its encryption
system to strengthen security. The goal is to create reliable
standards that promote global transparency and security, with
participation from Accenture, Hitachi, and even the Central Bank of
Brazil.
Changpeng Zhao, Binance co-founder, to be released from US custody
in september
Binance co-founder Changpeng Zhao is set to be released from US
oversight on september 29, after four months of monitoring. Zhao
was transferred to the Long Beach reentry facility in California,
which assists individuals nearing release. His legal troubles began
with accusations of violating US federal laws, resulting in $4.3
billion in fines for Binance and $50 million for Zhao. Meanwhile,
Binance faces new SEC charges for violating securities laws.
BitGo simplifies digital asset management with new custody platform
BitGo has launched a platform to simplify digital asset
management for foundations and organizations, including protocols
like Worldcoin (COIN:WLDUSD) and Sui (COIN:SUIUSD). The new
solution provides a unified, regulated approach to acquisition,
vesting, and on-chain operations, filling a gap in a fragmented
market. BitGo Trust, the company’s qualified custodian offering,
enables seamless management, relieving protocols from the technical
complexity of integrating multiple solutions and facilitating the
successful launch of new tokens and protocols.
Over 40 financial firms collaborate with BIS on tokenization
project
More than 40 financial institutions will join the Bank for
International Settlements (BIS) in the Agora Project to explore
tokenization in cross-border payments. Announced on monday, the
project enters its design phase following a public selection in
May. The initiative aims to digitize real-world assets and
integrate tokenized bank deposits with central bank money on a
public-private financial platform, addressing inefficiencies and
structural challenges in international payments.
Super PACs invest millions in US senate races
The PAC Protect Progress spent around $7.8 million supporting
democratic candidates in the Arizona and Michigan senate races,
reflecting the growing impact of crypto companies in elections.
Registered on september 14, the Super PAC allocated approximately
$4.1 million for Ruben Gallego in Arizona and over $3.7 million for
Elissa Slotkin in Michigan. These expenditures aim to influence the
2024 elections, with both candidates leading in polls. Financial
backing also includes significant investments in other candidates
and campaigns.
$6 million Delta Prime hack highlights risk of upgradable contracts
A hacker stole more than $6 million from the Delta Prime DeFi
protocol by creating an astronomical number of receipt tokens. The
attacker manipulated upgradable contracts, minting trillions of
Delta Prime USD (DPUSDC) tokens and others, exchanging a small
fraction for $2.4 million in USDC and over $1 million in bitcoin
and ether. Delta Prime stated that the Avalanche version was not
affected and that protocol insurance will cover potential
losses.
Multicoin raises $10 million for Pipe content distribution network
Multicoin led a $10 million funding round for Permissionless
Labs, the developer of the Pipe Network, a cryptocurrency-based
content distribution network (CDN). Pipe plans to use tokens to
incentivize people to provide internet infrastructure, improving
access to geographically distant content. The project will use the
solana blockchain and launch a testnet at the Breakpoint conference
in Singapore, offering a decentralized alternative to traditional
CDNs.
Stokmarknes residents celebrate end of bitcoin mining, but power
bills soar
Residents of Stokmarknes, Norway, are relieved by the closure of
the KryptoVault bitcoin mining facility after three years of
complaints about excessive fan noise. The company went bankrupt in
september 2023, and the site was shut down last week. However, the
closure caused a more than 20% increase in local power bills, as
KryptoVault accounted for about 20% of Noranett’s revenue. The
municipality is seeking new projects to utilize the excess
electricity, but the impact on residents’ bills is already being
felt.
El Salvador to present a deficit-free budget for 2025, says
President Bukele
El Salvador President Nayib Bukele announced he will present a
deficit-free budget for 2025, without the need for new debt. During
the country’s 203rd independence anniversary celebration, Bukele
promised the budget will be fully funded by domestic production,
without resorting to loans to cover interest on past debts. This
marks the first time in decades that El Salvador will present a
budget without external or internal debt.
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