Earlier this year, the Bank of Nigeria Governor Olayemi Cardoso said crypto exchange Binance had allowed $26 billion of funds to leave the country untraceably last year, hitting tax revenues. That kicked off a series of events that resulted in the detention of Tigran Gambaryan, a U.S. citizen and a Binance official, who had been invited to the country for talks about the dispute. Source
The crypto market was in quiet mode during the Asian and European mornings to end the week, with bitcoin 0.45% lower over 24 hours near $58,500. ETH lost 0.7%, while SOL led gains, adding 0.44%. The broader digital asset market, as measured by the CoinDesk 20 Index, is about 0.39% higher. Bitcoin capitulated to under $57,000 late Thursday, a drop for which there was no obvious catalyst, given that both the Nasdaq and S&P 500 were ticking upward at the time. Source
BlackRock’s bitcoin ETF, IBIT, and ether ETF, ETHA, overtook Grayscale’s GBTC, BTC Mini, ETHE and ETH Mini, according to on-chain holdings on Friday. The company’s ETFs now have the largest collective holdings of any provider, on-chain analysis tool Arkham said in an X post. Source
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Dogecoin has finally reached a very precarious moment. The former darling of the meme token world turned into a bearish trend, with recent charts unveiling a concerning decline. Related Reading Analysts made the observation that DOGE has dropped below a key resistance area that formerly acted as a crucial support level, a sign of more losses in store. Investors are now worried that in case it continues failing to find stability, it could drop another 38% to 40%. Other major support levels are at $0.055-0.0628; and breaking these could set…
“Every time ETH gas fees drop to rock bottom has often signaled a price bottom in the mid-term,” Ryan Lee, chief analyst at Bitget Research, in Friday note to CoinDesk. “ETH prices tend to strongly rebound after this cycle, and when this moment coincides with an interest rate cut cycle, the market’s wealth effect is full of possibilities.” Source
Ghana’s central bank has published draft guidelines for Virtual Asset Service Providers. According to the Bank of Ghana’s Aug. 16 draft, the nation has witnessed a spike in demand for cryptocurrencies, prompting the need for regulations to counter the various risks typically associated with the emerging asset class. Ghana, like other South African nations, has confronted economic challenges, pushing residents towards alternative assets such as Bitcoin (BTC) as a shield against inflation. As detailed by the bank, the growth has been spurred by a tech-savvy population, widespread internet access, and…
As the broader crypto market consolidates, one industry analyst has identified a select group of altcoins that could see exponential gains during the anticipated “super-cycle” expected in the latter half of 2024. In a detailed social media post, the analyst, known as OxNobler, delves into the cyclical nature of the crypto market and highlights the factors driving the impending uptrend phase. Crypto ‘Supercycle’ Imminent? According to OxNobler, the crypto market consistently follows a four-phase cycle: Accumulation, Markup (Uptrend), Distribution, and Markdown (Downtrend). The analyst argues that understanding these distinct phases is…
Sun.io, the DeFi platform associated with Tron founder Justin Sun, has released a token generator dubbed SunPump. Source
Spot Bitcoin exchange-traded funds in the United States saw positive flows again, in contrast to spot Ethereum ETFs, which saw substantial outflows, ending their three-day run of gains. Data from SoSoValue reveals that on Aug. 15, the twelve U.S. spot Bitcoin ETFs registered a collective inflow of $11.11 million, ending their short-lived negative flow witnessed the previous day. Fidelity’s FBTC led the charge with inflows of $16.2 million followed by Grayscale’s Bitcoin mini trust and Biwise’s BITB which saw $13.7 million and $6.2 million inflows, respectively. Grayscale’s GBTC was the…