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Get informed as you learn all about the world of Cryptocurrencies from TruBit. We have a summary of everything that has happened in this world of digital finance, so don't miss the Cryptocurrency News with TruBit.
👀 Bitcoin: The Biggest Opportunity in Web3
One of the major opportunities in Web3 is Bitcoin. Bitcoin was created in 2008, initially as a digital currency and later evolved into a store of value. With the rise of retail-focused Layer-1 and ethereum Layer-2, the utility of bitcoin is changing. Currently, there is $240 billion in Bitcoin ‘hot money’ available, which is 3.4 times the total lockup of the entire Ether ecosystem.
While it is widely believed that Bitcoin is more favoured by institutions, actual data shows that Bitcoin is primarily held by individual investors, accounting for 57% of the supply, while institutions (including miners) account for only 9.7%. These individual investors may become bitcoin app users due to the speculative nature of the new market.
Currently, $240 billion of ‘hot money’ is held on centralised exchanges (CEX) and ETFs, providing a huge opportunity to capture value by building a programmable layer on Bitcoin. By comparison, ethereum ‘hot money’ on CEX totals $76 billion, and CEX capital can be seen as an indicator of ‘hot money’ because ‘cold money’ is often stored in cold wallets for long periods of time. ETFs can also be considered ‘hot money’ as BlackRock and VanEck say that over 80% of ETF inflows come from non-professional investors. Even in a downturn, there is still $120 billion of Bitcoin ‘hot money’ available, so a lot of individual investor capital could be invested in Bitcoin's native Dapp.
Compared to Ether, Bitcoin's ‘hot money’ as a percentage of total value is similar to Ether's total TVL, which can be unlocked by making Bitcoin programmable. The total TVL of Ether L1 and L2 is $71 billion, or 17% of Ether's total value. Unlike Ether, much of Bitcoin's ‘hot money’ is underutilised and is mainly held in CEX and ETFs. As a result, financial instruments native to Bitcoin could significantly increase its utilisation.
📰 eToro Reaches Settlement with SEC and Will Cease Trading Activity in Nearly All Crypto Assets
The Securities and Exchange Commission today announced that eToro USA LLC has agreed to pay $1.5 million to settle charges that it operated an unregistered broker and unregistered clearing agency in connection with its trading platform that facilitated buying and selling certain crypto assets as securities. eToro has agreed to cease and desist from violating the applicable federal securities laws and will make only a limited set of crypto assets available for trading.
The SEC’s order finds that, since at least 2020, eToro operated as a broker and clearing agency by providing U.S. customers the ability, through eToro’s online trading platform, to trade crypto assets being offered and sold as securities, but eToro did not comply with the registration provisions of the federal securities laws.
eToro publicly announced that, going forward and subject to the provisions of the SEC’s order in this matter, the only crypto assets that U.S. customers can trade on the company’s platform will be Bitcoin, Bitcoin Cash, and Ether. eToro publicly announced that it will provide its customers with functionality to sell all other crypto assets for only 180 days after the issuance of the SEC’s order.
“By removing tokens offered as investment contracts from its platform, eToro has chosen to come into compliance and operate within our established regulatory framework. This resolution not only enhances investor protection, but also offers a pathway for other crypto intermediaries,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “The $1.5 million penalty reflects eToro’s agreement to cease violating applicable federal securities laws as it continues its U.S. operations.”
🌐 Trump's New Bet on Web3
Donald Trump is preparing to launch a new crypto initiative called World Liberty Financial, with an official announcement scheduled during an event on Twitter Spaces on September 16, 2024. This project aims to leverage the world of decentralized finance (DeFi) as an alternative to traditional banking systems. Trump explained in a video that the platform seeks to modernize financial services by utilizing cryptocurrencies and stablecoins, particularly those backed by the US dollar, as a key tool for global financial transactions.
World Liberty Financial is expected to offer services such as digital wallets, loan options, and collateralized loans, as well as token-based investments. Additionally, Trump has hinted at potential collaborations with major DeFi protocols like Aave, suggesting that the platform might be built on the Ethereum blockchain. He also emphasized that one of the project’s goals is to maintain the global dominance of the US dollar by promoting dollar-backed stablecoins within decentralized financial ecosystems.
However, the project has sparked controversy. While it has generated interest within the crypto community, some critics have questioned whether this initiative is truly an effort to innovate in the financial world or if it is tied to Trump's political strategy, given its coincidence with his presidential campaign.
💬 6.50 Billion MATIC Tokens Migrated to POL
Polygon has migrated 6.5 billion MATIC tokens to POL, achieving 64.8% completion. POL offers new features like multi-chain staking, boosting network security.
💬 The Fed in Fear: What Does the Upcoming Interest Rate Cut Mean?
The U.S. Federal Reserve is poised to announce an interest rate cut, generating significant media anticipation. The debate centers on whether the reduction will be 25 or 50 basis points. However, a chart from Elliot Wave International offers a deeper perspective. In this chart, the blue line represents the Chicago Fed National Financial Conditions Index, indicating how tight or loose financial conditions are, while the red line shows the Effective Federal Funds Rate.
Historically, the Fed has cut rates when financial conditions were tight or exceeded the zero level, a norm that was maintained from the 1970s through the 1990s. However, since the 1990s, rate cuts have occurred even when financial conditions were easy. Notable examples include the rate cuts in 1995 during Alan Greenspan's tenure and those in 2019 before the pandemic.
This context provides perspective on the current economic environment and raises questions about the impact of monetary policy decisions in a market already in a phase of financial relaxation. The financial community will be closely watching how these moves might influence the long-term economic outlook.
🎴Crypto assets like Bitcoin and NFT may be classified as personal property?
On 12 September, the UK government introduced a landmark initiative in Parliament on Wednesday that seeks to clarify the legal status of digital assets, including Bitcoin and other cryptocurrencies as well as NFTs, by treating them as personal property under English and Welsh law.
Once passed, the bill will create a third category of personal property, going beyond the current categorisation of ‘possessions’ and ‘planetary objects’. This new category will cover certain digital assets and provide them with clear legal recognition and protection.
Attorney General Heidi Alexander said it was important for the law to keep up with evolving technology, and this legislation means the industry can maintain its position as a global leader in crypto-assets and bring clarity to complex property cases.
🔍 Confusion and Controversy: NEIRO’s Dual Listing on Binance Shakes the Crypto Community
In a move that has left the cryptocurrency community scratching its head, Binance, one of the giants of cryptocurrency exchanges, has listed two different versions of the NEIRO token. This unexpected dual listing has caused significant uproar among investors, generating confusion and price discrepancies due to the differences between the tokens. The NEIRO phenomenon has caught the attention of many, particularly the case of 0x6ac. This trader, who invested $16,500 (5 ETH) in NEIRO during its early days, saw their investment soar to $1.8 million after the token was listed on Binance. This spectacular growth multiplied their initial investment by more than 100 times in just eight weeks. The story of 0x6ac has inspired numerous investors now seeking a similar opportunity.
However, NEIRO’s journey has not been without issues. The Solana version of NEIRO has faced controversy following a supposed rug pull, where the developer sold large amounts of the token and raised approximately $1.8 million. This incident has heightened investor concerns, reminding everyone that memecoins like NEIRO, while promising high returns, come with significant risks and volatility. This dual listing highlights a growing trend in the cryptocurrency market: low-cap memecoins. These tokens, although extremely speculative, attract those seeking high returns in short periods. With eyes on the next memecoin Binance might list, excitement in the community is palpable.
Yet, NEIRO’s dual listing has also raised questions about its long-term viability. Binance faces criticism for the confusion caused, and the community watches with anticipation to see how this situation will unfold. In such a dynamic and volatile market, only time will tell what the future holds for NEIRO and whether the dual listing phenomenon will have a lasting impact.
💡Bitcoin Insights
Last week, BTC saw an oversold rebound at the lower edge of its range, indicating short-term strength. However, the medium-term consolidation period has not been long enough yet. The short-term strength will merely reduce the downward momentum rather than lead to sustained gains.
The medium-term trend is still in a consolidation phase and is expected to continue oscillating next week, with limited movement in either direction. In a strong scenario, support is around 57,500 and resistance is near 62,500. In a weaker scenario, support is around 55,500 and resistance is near 60,000. It's advisable to buy low and sell high, and avoid chasing prices upward.
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👀 September Outlook: Can Crypto Markets Replicate Last Year's Bull Run?
👀Bitcoin in September: Is the Bearish Spell Coming?
💥Recent Arrest of Pavel Durov in Paris Shakes Tech Community: Implications for Telegram and Toncoin
💡Ethereum’s (ETH) $3,000 Price Recovery Stalled by Market Doubts?
👣 The Magic Meme coin in the Olympics
📰 3 Token Unlocks to Watch this Week
Immutable (IMX)
Unlock date: 9 August
On the 9th of August, the circulating supply of IMX will be increased by 32.47 million tokens. These newly unlocked tokens will be allocated to the development of the project and the wider Immutable ecosystem. The crypto community is discussing IMX's underperformance, largely attributing it to frequent unlocks.
XAI (XAI)
Unlock date: 9 August
Xai is the world's first Layer 3 solution designed specifically for AAA gaming. xai leverages Arbitrum technology to prioritise simplicity and ease of use by removing the complexity of wallet management. This approach makes blockchain integration a seamless part of the gaming ecosystem.
On 9 August, the project will unlock 35.88 million XAI tokens and distribute them to the team, investors, reserves and ecosystem.
Essena (ENA)
Unlock date: 11 August
Ethena is an ethereum-based synthetic currency protocol. It offers a native cryptocurrency solution that is independent of traditional banking and provides global users with a dollar-denominated savings vehicle called "Internet Bonds".
ENA tokens enable holders to vote on governance proposals, and on 11 August, the project will unlock nearly 15 million ENAs dedicated to ecosystem development.
💡Bitcoin Insights
Nasdaq and S&P 500 were dragged downwards by the US non-farm payrolls that fell sharply short of expectations, and the mid-line topped out clearly, and the recessionary panic intensified. Coupled with the impact of Buffett's significant reduction in Apple, BTC was dragged down by U.S. stock futures as it faced a breakthrough, and the market may continue to go down. The probability of continued adjustment in the short term is high. At present, the technical surface looks below the support is not obvious, next week, if in 58000, in the short term it may turn strong. If under 58000, wait patiently for the end of the adjustment.
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