2024-09-19 11:56

Network transactions crossed over 1.93 million transactions in the past week, IntoTheBlock data shows, beating that of other popular tokens such as Shiba Inu, floki, pepe and others. Network activity indicates potential price movements as increased transactions signal growing adoption or trading interest. However, open interest has remained largely unchanged since July, suggesting a cautious or steady market sentiment. A significant uptick in network activity could spell good news for bullish bets on Dogecoin (DOGE), the Shiba Inu-inspired memecoin that’s the largest by market cap in a multibillion-dollar cohort. Network transactions crossed over 1.93 million transactions in the past week, IntoTheBlock data shows, beating that of other popular tokens such as Shiba Inu (SHIB), floki (FLOKI), pepe (PEPE) and others. This marks the highest weekly transaction for the cryptocurrency since early July, indicating a resurgence of interest and usage of DOGE. Dogecoin has consistently maintained a higher number of transactions than other memecoins, the data shows. However, current transaction volume remains below peak levels, so far in 2024, observed in February, which saw weekly transactions soaring above 10 million. A spike in transactions suggests a potential revival of user engagement and could be indicative of growing adoption or increased trading activity - leading to higher prices. For now, however, futures bets on DOGE have remained largely steady since late July amid a holiday period and a generally flat market. Open interest - or the number of unsettled futures bets - has hovered around the $500 million mark, CoinGlass data shows, indicating new money did not enter the DOGE market. https://www.coindesk.com/markets/2024/09/19/dogecoin-records-bump-in-transaction-activity-points-to-bullishness-for-doge/

2024-09-19 09:45

Ether holds critical support level as macro factors loom over crypto market Ether has bounced off its 200-week simple moving average, reinforcing long-term support. Bitcoin fights to stay above $62K while attempting to break past key resistance levels, including the short-term holder realized price at $61,998. Ether (ETH) rose 2.5% in the past 24 hours, trading at around $2,434. More importantly, the second largest cryptocurrency has found key support at its 200-week simple moving average (SMA) of $2,298. The 200-week SMA is a widely used tool for gauging long-term momentum. If the price of an asset rises above the marker, it is generally considered to be in an uptrend, and vice versa. The move higher was triggered after the U.S. Federal Reserve's decision to cut rates by 50 basis point (bps), setting the current target rate between 4.75% and 5.00%. Ether has bounced off this support multiple times, including on Aug. 5, when broader markets experienced a selloff triggered by the yen carry trade unwind. This support has held for much of September. In the meantime, bitcoin (BTC) was changing hands at around $62,000 marking the first higher low for the token since its March all-time high, signaling constructive price action. Traders expect the rally to be short lived. To push further into bullish territory, bitcoin will need to break through the $65,000 resistance level, to mark a higher high and continue the upward momentum. Bitcoin is also attempting to reclaim the short-term holder (STH) realized price of $61,998. The realized price represents the average on-chain acquisition cost for the entire supply, while the STH realized price reflects the average cost for coins moved within the last 155 days, which are the most likely to be spent. Over the past six months, bitcoin has struggled to remain above this level. A sustained move above the STH realized price would suggest a more robust continuation of the bull market. Looking ahead, macroeconomic factors could further influence both bitcoin and ether’s prices. On September 20, Japan is set to release inflation data, with expectations for both headline and core inflation to come in slightly hotter year-over-year, according to Trading Economics. Additionally, the Bank of Japan (BoJ) will announce its interest rate decision, with markets expecting a pause at 0.25%. These events could add volatility to crypto markets, particularly as global monetary policy continues to influence investor sentiment across risk assets, including cryptocurrencies. While a weak Japanese Yen would be bullish for bitcoin, a strong Japanese Yen would be bearish for bitcoin. While, the Hong Kong Monetary Authority (HKMA) also cut its base rate by 50 bps to 5.25% on September 19, mirroring the Fed's interest rate cut. Hong Kong’s monetary policy tends to mirror the U.S. as the local currency is pegged to the U.S. dollar. Bitcoin ETFs experienced their first outflow since September 11, with a total outflow of $52.7 million, according to data from Farside. The outflows were from Ark's ARKB ($43.4 million), Grayscale's GBTC ($8.1 million), and Bitwise's BITB ($3.9 million). Total inflows into bitcoin ETFs now stand at $17.4 billion. As bitcoin and ethereum grapple with key technical levels, broader macroeconomic conditions, particularly in Japan and the U.S., may play a significant role in shaping price movements in the coming days. https://www.coindesk.com/markets/2024/09/19/ether-rebounds-off-key-support-signals-long-term-bullishness/

2024-09-19 07:51

WazirX founder Nischal Shetty claimed earlier this month that the ultimate owner of the crypto exchange was Binance - a statement the latter has denied. Hackers has moved 15,000 ETH, in tranches of 5,000, since Monday. The hacker still holds over $50 million in tokens. Amid an ongoing restructuring, WazirX founder Nischal Shetty has previously blamed both custodian Liminal and Binance for the situation. However, both parties have denied these claims, highlighting WazirX's attempt to deflect responsibility for losing user funds. Stolen funds from beleaguered Indian crypto exchange WazirX are on the move as executives continue to shift blame amid an ongoing restructuring in Singapore. Hackers behind the WazirX’s $230 million hack from July, moved a tranche of 5,000 ether (ETH) early Thursday to privacy service Tornado Cash. They have moved 15,000 ether in batches of 5,000 since Monday night, data tracked by on-chain tool Arkham shows. As of Thursday morning, the hacker’s wallet still hold over $50 million worth of tokens, majorly ether. Tornado Cash allows crypto users to exchange tokens while masking wallet addresses on various blockchains. The service, by itself, is not nefarious but is commonly used by crypto criminals to clean an online trail that could lead to the identity of those moving stolen funds. In July, WazirX was hit by a security breach in one of its multisig wallets, causing over $100 million in shiba inu (SHIB) and $52 million in ether, among other assets, to be drained from the exchange. The stolen funds accounted for over 45% of the total reserves cited by the exchange in a June 2024 report – and the exchange has since filed for a restructuring process to clear liabilities. WazirX founder Nischal Shetty shifted blame several times during the restructuring period. They first said the hack was possible due to a mistake on custodian Liminal’s end, a claim that Liminal rejected. In late August, Shetty claimed crypto exchange Binance held majority of the funds belonging to WazirX parent Zettai Labs, restricting the former’s ability to repay affected customers from its books. But Binance squashed the claims in a blog post earlier this week. “The WazirX team and Nischal Shetty continue to mislead WazirX customers and the market regarding the relationship between WazirX and Binance,” it wrote in a statement. “Binance has not owned, controlled, or operated WazirX at any time, including before, during, or after the July 2024 attack.” “Their attempts to shift responsibility is a disappointing deflection tactic, but it should not distract anyone from the glaring issue to be addressed here: the need for the WazirX team to be held accountable for user funds lost under their management,” Binance added. https://www.coindesk.com/business/2024/09/19/wazirx-hacker-moves-32m-stolen-ether-in-four-days-to-tornado-cash-as-binance-denies-founders-claims/

2024-09-19 07:46

Stablecoin supply is back to all-time highs with $170 billion in circulation, the report said. Stablecoins are becoming increasingly important to the global financial system, the report said. Bernstein noted that stablecoins are the 18th-largest holders of U.S. government debt. Stablecoin circulation is back to an all-time high of $170 billion, the broker said. Stablecoins are becoming more important to the global financial system, and constitute the 18th-largest holders of U.S. Treasuries, broker Bernstein said in a research report on Thursday. A stablecoin is a type of cryptocurrency designed to hold a steady value and is usually pegged to the U.S. dollar, though some other currencies and assets such as gold are also used. After a dip in supply in 2023, stablecoin circulation is now back to an all-time high of $170 billion, the report said, and monthly payments volume on-chain has tripled in the last 12 months to $1.4 trillion in July. "Stablecoins provide USD savings access to international users, propagating digital dollars beyond the U.S.," analysts led by Gautam Chhugani wrote. These cryptocurrencies are seeing increased integration with payments and fintech companies, such as PayPal (PYPL), MercadoLibre (MELI) and Grab (GRAB), the report noted. Stablecoins are also increasingly being used for cross-border payments. "USD stablecoins on crypto rails are now the cheapest cross-border payments rails," Bernstein said, adding that you can transfer $1,000 on layer 2s for as little as 1 cent. A layer-1 blockchain is the base layer, or the underlying infrastructure of a blockchain. Layer 2s are separate blockchains, built on layer 1s, that improve scaling and speed. Stablecoin holders outside the U.S. use these cryptos as a store of value versus their local currency, Bernstein said, and younger people use them more, with 20% of 18-24 year olds in emerging markets holding 25%-50% of their portfolios in this type of digital asset. https://www.coindesk.com/markets/2024/09/19/stablecoins-are-becoming-systemically-important-bernstein-says/

2024-09-19 07:30

The foundation says its mission is to preserve and foster the Flappy Bird game and legacy for the community. The Flappy Bird Foundation released a statement after a wave of criticism arguing that they are the true successors of the original game. News that Flappy Bird was being rebooted as a GameFi title caused its creator to come out of social media retirement to criticize the effort and GameFi. The announcement that the 2013 mobile game Flappy Bird is making a comeback over a decade later as a GameFi title on Telegram was met with such a negative backlash from the gaming community so much so that it caused the game's creator, Dong Nguyen, to break a seven-year vow of social media silence to distance himself from the effort. But the Foundation that's spearheading the effort doesn't think this sort of characterization as GameFi grifters is fair. The Flappy Bird Foundation is a team of passionate fans of the Flappy Bird game published in 2013. "After the game was pulled from stores in 2014, like many others, we found ourselves unable to stop thinking about the game," the group said in an emailed statement. The Flappy Bird trademark was abandoned following the game's takedown, and the Foundation filed for its revival, they explained. In 2018, a firm called Mobile Media Partners secured the trademark, which was later acquired by Gametech Holdings, LLC, in 2021, from whom the Foundation acquired it from in August 2024. The foundation said its role is to be "the steward of the Flappy Bird IP and ecosystem." It also says it has brought on Kek, the developer of Piou Piou vs Cactus, a game which is believed Flappy Bird is based on given the similarities between the two as a developer while also securing the rights to this game. "I love that through the Flappy Bird Foundation we are able to breathe new life into the games I built and inspired," Kek said in a statement. "It’s incredible to work alongside such a dedicated team of fans and creators who are truly passionate." Flappy Bird is available now on Telegram as a TON mini-game, and a token launch is expected soon. https://www.coindesk.com/web3/2024/09/19/flappy-bird-foundation-flaps-back-at-critics-says-they-are-true-successors-of-the-2013-hit/

2024-09-19 06:54

The Asia-Pacific region is expected to lead global growth in family office wealth, Manana Samuseva, founder of FOIS, told CoinDesk. The Asia-Pacific region is expected to lead global growth in family office wealth, Manana Samuseva, founder of FOIS, told CoinDesk. New ventures poised to enter the token markets are seeing valuations set exceptionally high by venture capitalists. This trend is making liquid token investments increasingly attractive, Delta Blockchain Fund's Kavita Gupta said. Polymath's Trevor Koverko proposed "label to earn." Future lies in building the creator economy and leveraging user-generated content, Rhinocorn Ventures's Casey Grooms said while discussing gaming. Family offices managing at least $100 million are increasingly looking toward liquid token investments, artificial intelligence (AI), and gaming as part of a bold move into alternative assets, as revealed in the latest edition of the Family Offices Investors Summit (FOIS) held in Singapore this week. There are 8,030 single-family offices globally and their assets under management (AUM) are projected to surge by 189% to $9.5 trillion by 2030. "The Asia-Pacific region is expected to lead global growth in family office wealth, with assets under management in Singapore likely to increase by 10% to $5.41 trillion by 2025. Much of this growth is attributed to net inflows into alternative investments, with 37% of family offices expecting the widespread adoption of digital technology and 32% focusing on sustainable investments," Manana Samuseva, founder of FOIS, told CoinDesk. Samuseva said that Gen Z investors – the "kid investors" – are directing capital toward societal progress as emerging asset classes surpass $30 million in AUM in today's techno-democracy and virality of value in the attention economy. "While short-term, profit-focused tech investments have slowed, alongside the AI hype, these markets remain highly sensitive to external factors, indicating a shift toward market maturity in digital asset classes, supported by greater accessibility and cultural shifts. Our strategy is focused on delivering 10x+ IRR returns through alternative investments," Samuseva explained. Liquid token investments and AI Per Kavita Gupta, founder and general partner of Delta Blockchain Fund, liquid token investments look increasingly attractive relative to early-stage investments. "We're at an interesting juncture in tokenomics. Despite a downturn in altcoin markets, including those with established projects, new ventures poised to enter the token markets are seeing valuations set exceptionally high by venture capitalists. This trend is making liquid token investments increasingly attractive compared to early-stage investments, marking a significant shift in the crypto industry," Gupta explained during her speech at the summit. Trevor Koverko, a prominent business angel backing over 100 startups and renowned for co-founding and scaling ventures such as Polymath, Polymesh, Matador, and Tokens.com, cited data labeling as the fastest-growing segment in artificial intelligence, stressing the need to establish a global network where individuals can "Label to Earn," transforming data labeling and distribution. Avichal Garg, partner at Electric Capital, said family offices increasingly recognize the potential of AI, deep tech, and decentralized finance in boosting their long-term innovation and growth. "Our focus is on identifying and supporting disruptive technologies and exceptional founders who promise substantial returns and transformative impact. As we approach 2030, the convergence of technology and finance will continue to create new opportunities for savvy investors," Garg said during a panel discussion. Gaming Speaking of gaming, Casey Grooms, Managing Partner at Rhinocorn Ventures and Soulbound, said the future lies in building the creator economy and leveraging user-generated content. "Community capital, along with communities united by shared interests, fun, and showcasing achievements, alongside an in-stream prediction marketplace, are the top three trends in the market right now. Our mission is to transform gaming by redefining player acquisition and retention, aiming to reach 3.2 billion gamers worldwide and establish a new profit paradigm for community investors," Grooms noted. Jonathan Huang from BITKRAFT Ventures added that gaming has long thrived on compelling content and engagement models, but Web3 has taken a step further, fostering digital asset ownership, decentralization and player-driven economies. "It transforms how value is created, shared, and retained in games, in turn unlocking the potential for games to become scalable digital economies. In the end, we're not just investing in games; we're investing in the future of digital economies and how value will flow through these virtual worlds. That's the real game-changer," Huang stated. Regarding digital art as an investment, Afrodet Zuri, with over a decade of expertise as a curator in Contemporary Art from the Institute for Art at Sotheby's, said, "Investors can tap into new dimensions of digital value and influence that resonate across global markets by embracing potential and culturally significant of art." https://www.coindesk.com/markets/2024/09/19/family-offices-investors-summit-the-100m-club-bets-on-liquid-token-ai-and-gaming-in-pivot-to-alternative-investments/