Month: August 2024

Russia Launches State-Backed Crypto Exchanges and Stablecoin to Challenge U.S. Dollar Dominance – SuperCryptoNews

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In a bold move to reduce its reliance on the U.S. dollar and circumvent the impact of Western sanctions, Russia is set to launch two state-backed cryptocurrency exchanges in Moscow and St. Petersburg. This strategic initiative aims to integrate digital currencies into Russia’s trade settlement processes and promote the use of local currencies like the Russian ruble and Chinese yuan over the U.S. dollar. Introduction of a Yuan-Pegged Stablecoin To further strengthen its position within the BRICS alliance, Russia is also introducing a new stablecoin pegged directly to the Chinese…

Bitcoin miner Vortex Brands puts MicroStrategy shares on balance sheet

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Bitcoin mining firm Vortex Brands has begun acquiring MicroStrategy stock as part of a new strategy to leverage its Bitcoin-focused business model and enhance its investment holdings. Crypto mining firm Vortex Brands has initiated a new investment strategy by acquiring shares of MicroStrategy, a move aimed at capitalizing on the company’s Bitcoin-centric approach. With the new strategy, the Bitcoin mining firm purchased an initial 10 shares of MSTR and plans to add “at least that many shares monthly and report holdings quarterly,” an Aug. 28 press release reads. Vortex Brands…

Two New Tokens To Be Launched On Sept 18

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In a move to bolster the usage and adoption of its decentralized finance (DeFi) lending platform, MakerDAO is undergoing a significant rebranding. The lending protocol, founded by Rune Christensen in 2014, will now be known as ‘Sky’, a shift aimed at appealing to a wider user base. MakerDAO Reinvents Itself As ‘Sky’ MakerDAO was one of the earliest applications in the DeFi space, allowing users to trade, lend, and borrow digital assets directly without traditional financial intermediaries.  As Bloomberg reports, the platform’s success in the early days of crypto earned…

Bitcoin.com Introduces Permissionless Bitcoin Price Prediction Game in Partnership With Playnance

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Bitcoin.com, a leader in the cryptocurrency space since 2015, has once again raised the bar by launching an innovative Web3 game in collaboration with Playnance, a Web3 game developer founded in 2020. The new offering, called “Bitcoin Up or Down,” allows users to predict Bitcoin price movements and earn rewards. Players choose to join the […] Original

Spot Bitcoin ETFs see outflows of $127m led by ARKB’s largest negative flow to date

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Spot Bitcoin exchange-traded funds in the United States have seen net outflows of $127.05 million on Aug. 28 led by ARK 21Shares’ ARKB. Data from SoSoValue indicates that the 12 U.S. spot Bitcoin exchange-traded funds experienced net outflows on Aug. 28, breaking an eight-day streak of positive inflows. During this eight-day period, these funds had attracted $756 million in inflows. On Tuesday, the U.S. spot Bitcoin funds saw net outflows amounting to $127.05 million. Notably, ARK 21Shares’ ARKB led the outflows with $101.97 million in negative flows — its largest…

Bitcoin’s funding rate shows potential rebound on the way

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Bitcoin’s fall below the $60,000 mark has triggered a market-wide downturn but its funding rate hints at an incoming price surge. Bitcoin (BTC) slipped 6% in the past 24 hours and is trading at $59,200 at the time of writing. Its daily trading volume saw a 46% surge, reaching $41 billion. Notably, the BTC price touched a local bottom of $58,100 as fear dominated the crypto market. BTC price and RSI – Aug. 28 | Source: crypto.news CryptoQuant analyst Julio Moreno shared in an X post that Bitcoin saw increased…

JPMorgan Strategist Predicts US Liquidity to Contract as Temporary Boosts Fade

JPMorgan strategist Nikolaos Panigirtzoglou has discussed recent changes in the U.S. M2 money supply, noting a temporary rebound following a decline in April. He expects U.S. liquidity to contract again, similar to 2022, influenced by the Fed’s ongoing quantitative tightening (QT) and slower bank loan growth. JPMorgan Strategist Foresees U.S. Liquidity Contraction Ahead Nikolaos Panigirtzoglou, […] Source CryptoX Portal

RENDER Soars 30% In A Week, Experts Predict A Massive Pump

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The Render Network saw a remarkable performance last month after the finalization of its token rebrand. Its bullish rally was halted in August due to the market retraces, which made the cryptocurrency’s price tumble below the $4 mark. However, its most recent performance skyrocketed the price by over 33% in the past week. Some analysts believe there is a catalyst that could drive the price toward a massive pump in the coming days. Related Reading RENDER Skyrockets 30% In 7 Days Following its rebrand, AI token RENDER saw a massive…