Author: Max Bauer

According to newest CoinShares report, digital asset investment products experienced a significant turnaround this week, reversing a trend of outflows and attracting fresh capital. Inflows reached a total of US$436 million, following a period of outflows amounting to US$1.2 billion. The surge in inflows towards the end of the week was largely attributed to a shift in market expectations for a potential 50 basis point interest rate cut on September 18th. Comments from former NY FED President Bill Dudley played a pivotal role in driving this sentiment. Despite the overall positive trend, Ethereum continued to face challenges, experiencing outflows of…

Decentralized artificial intelligence platform SingularityNET has released an update on the ongoing issues related to the CNT-AGIX migration, Cardano-Ethereum bridge, and staking withdrawals. Staking Withdrawal Issues Users who have encountered problems with withdrawing their staked AGIX tokens are advised to take the following steps: Migration/Bridging Issues SingularityNET is working to resolve the migration and bridging issues as quickly as possible. Users are advised to allow several hours for the issues to be addressed. If the problems persist after 12 hours, users should contact the support team. Hardware Wallet Issues Users are reminded to ensure that their hardware wallets and associated…

Solana-based NFT project DeGods has announced the launch of its new DEGOD token, sending prices of related NFTs skyrocketing. The token, which can be converted from DeGods, y00ts (Fuzzy DeGods), or DUST tokens, is part of a broader effort to integrate the entire DeGods ecosystem into a single asset. According to the project’s token economics, each DeGods NFT can be exchanged for 550,000 DEGOD tokens, while y00ts NFTs can be burned to obtain 120,000 tokens. DUST tokens, on the other hand, can be burned to acquire 36 DEGOD tokens. The majority of the DEGOD tokens will be distributed to existing…

Cryptocurrency influencer Justin Sun has launched a scathing attack on Coinbase’s wrapped Bitcoin (cbBTC) token, labeling it as a “central bank Bitcoin” and raising concerns about its security and decentralization. In a statement, Sun criticized cbBTC for lacking proof of reserve, audits, and the potential for freezing user balances at any time. He argued that this centralized control undermines the core principles of Bitcoin, which was designed to be decentralized and free from government interference. “cbBTC is essentially ‘trust me,'” Sun stated. “Any U.S. government subpoena could seize all your BTC. There’s no better representation of central bank Bitcoin than…

Binance, one of the world’s largest cryptocurrency exchanges, has issued a warning about a widespread malware attack that is compromising user funds. The malicious software is designed to alter the destination address of cryptocurrency withdrawals, leading to significant financial losses for unsuspecting victims. The malware, often referred to as “Clipper malware,” intercepts data stored in the clipboard, specifically targeting cryptocurrency wallet addresses. When users copy and paste a wallet address to transfer funds, the malware replaces the original address with one under the control of the attackers. This deceptive tactic results in the cryptocurrency being sent to the wrong recipient,…

US-based spot bitcoin exchange-traded funds (ETFs) experienced a significant surge in inflows on Friday, marking their best day for inflows in nearly two months. This positive trend comes as investors anticipate a potential interest rate cut by the Federal Reserve next week. According to data, US-based spot bitcoin ETFs logged a total net inflow of $263.1 million on Friday, surpassing the previous high of $485.9 million recorded on July 22. The overall inflow for the past week reached $403.8 million, rebounding from two consecutive weeks of net negative inflows. One of the standout performers was Bitwise’s BITB, which recorded the…

Economists are urging China to implement a massive “shock and awe” stimulus package worth $1.4 trillion, aimed at revitalizing the economy and potentially sparking a significant surge in Bitcoin and cryptocurrency prices. This call for stimulus comes amidst concerns about China’s economic health, with recent data indicating stagnant consumer inflation and subdued GDP growth. Experts believe that a substantial stimulus injection is necessary to combat deflationary pressures and restore confidence in the economy. Fred Neumann, chief Asia economist at HSBC, highlighted the prevailing lack of confidence and high household savings rate in China, suggesting that a near $1 trillion stimulus…

The cryptocurrency market experienced a significant rally on Friday, with Bitcoin (BTC) approaching the pivotal $60,000 mark, fueled by robust gains across traditional markets. Despite a brief dip to $57,600 earlier in the day following MicroStrategy’s announcement of a $1.1 billion Bitcoin purchase, the leading cryptocurrency rebounded strongly, posting a 3.4% gain over the past 24 hours to reach $60,034. Ethereum’s Ether (ETH) also saw a notable increase, reclaiming the $2,400 level with a 2.7% rise. This surge in activity was reflected in Ethereum’s fee revenues, which jumped nearly 60% in the past week according to crypto analytics firm IntoTheBlock.…

Steno Research highlights that Bitcoin has limited experience with rate-cutting cycles, having truly only navigated one that started in 2019. During that cycle, Bitcoin’s price declined by about 15% between the Fed’s initial rate cut in August and the end of November, despite the Fed trimming rates by 75 basis points. It wasn’t until the massive Covid-era monetary stimulus in March 2020 that Bitcoin finally bottomed out and embarked on its meteoric rise. The anticipation is building as Steno Research states, “It is becoming increasingly clear that the first U.S. interest rate cut is just around the corner.” The Federal…

Sam Bankman-Fried, the disgraced founder of the failed cryptocurrency exchange FTX, has filed an appeal seeking to overturn his conviction on fraud charges. In a scathing 102-page document, Bankman-Fried’s legal team attacked the judge who oversaw the trial, claiming he was biased and prevented a fair defense. Bankman-Fried’s lawyer, Alexandra A.E. Shapiro, argued that Judge Kaplan’s rulings unfairly limited the evidence they could present, undermining their case. “Sam Bankman-Fried was never presumed innocent,” Shapiro wrote. “He was presumed guilty by the judge who presided over his trial.” The appeal seeks a new trial for Bankman-Fried, who was convicted of orchestrating…