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Bitcoin

Crypto products see surge in inflows fueled by FED rate cut

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Coinshare’s latest report shows that the crypto market experienced its second consecutive week of inflows, in part due to the Federal Open Market Committee’s decision to cut interest rates for the first time since 2020.

In Coinshare’s Sept. 23 research report, crypto investment products saw inflows amounting to $321 million. Although this figure is lower than the previous week’s $436 million rebound, the streak of positive flows remains strong.

According to CoinShares head of research James Butterfill, last week’s inflow was likely caused by the FOMC’s decision to cut interest rate by 50 basis points last Wednesday.

“As a result, total assets under management saw a 9% growth. Total investment product volumes were $9.5 billion, up 9% from the week prior.”

Butterfill.

The report shows that the majority of inflows came from the United States, with $277 million, followed by Switzerland with $63.4 million.

While Brazil had modest inflows of $1.4 million and Australia saw no trading activity, these were offset by outflows from European countries like Germany and Sweden, with $9.5 million and $7.8 million, respectively. Canada also experienced outflows of $2.3 million, followed by Hong Kong with $1.3 million.

Out of the eleven digital assets listed, Bitcoin (BTC) saw the largest weekly inflows of $284 million, which prompted inflows into short-bitcoin investment up to $5.1 million. Meanwhile, Ethereum (ETH) continues its five-week streak of being an outlier, with weekly outflows reaching $29 million.

Jean-David Pequignot, Head of Markets at OSL, a Hong Kong-regulated digital asset platform, told crypto.news that Bitcoin and other crypto assets rallied in response to the FOMC rate cut. However, “the committee remains cautious about further cuts,” he noted.

Pequignot also mentioned that Governor Bowman was in favor of a smaller cut, while Chair Jerome Powell expressed concerns about being too aggressive with policy loosening.

This phenomenon further illustrates the significant influence traditional monetary policy has over digital assets like cryptocurrency, as rate cuts have historically boosted risky assets.

“The US election is fully in play, and the market will pay great attention to economic indicators in the coming months regarding where the Fed fund rate is heading.”

Pequignot.

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Theo Crypto News

Phân tích

SOL, LINK, TAO: Top cryptocurrencies to watch this week

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The global crypto market built on the recovery push from two weeks back, recouping an additional $100 billion to close the week at $2.2 trillion. 

Bitcoin (BTC) led the charge, as it briefly reclaimed the $64,000 territory. The bullish momentum led to substantial gains for most altcoins.

Here are some of the most noteworthy performers from last week:

Solana breaches 20-day SMA

Solana (SOL) experienced a sharp 4.21% decline at the start of the week. However, following a period of consolidation, it rebounded strongly, spiking 13.01% from Sept. 18 to 21.

SOL 1D chart – Sept. 22 | Source: crypto.news

This was largely due to the crypto market’s positive reaction to the Federal Reserve’s 50 basis point rate cut, coinciding with the unveiling of Solana’s new phone — Solana Seeker.

Solana ended the week with an 8.76% gain at $149.41.

The asset broke above the 20-day simple moving average, or SMA, on Sept. 19. It has remained above it since. However, volume has declined since a 4.493 million SOL peak on Sept. 20. This indicates that the rally may be losing steam.

If the volume remains low, it could suggest weakening buying interest, which might lead to a reversal. Key areas to watch this week are the support around $135 (the 20-day SMA) and resistance near $150.

Solana was created by Anatoly Yakovenko, a former Qualcomm engineer. He founded Solana Labs in 2017, along with co-founder and fellow Qualcomm colleague Greg Fitzgerald.

Raj Gokal and a team of developers also helped launch Solana’s blockchain in March 2020.

Chainlink targets $12

Chainlink (LINK) started the week by dipping with the broader market, but quickly recovered to hit a monthly high of $11.74 on Sept. 20. 

LINK 1D chart – Sept. 22 | Source: crypto.news

LINK saw a slight pullback from this week, but managed to close with a modest 1.76% gain. The token was one of the underperformers of the week despite a partnership with Fireblocks for stablecoin issuance.

Currently, LINK trades above the middle Bollinger Band ($10.70) and is close to retesting the upper band ($11.74). A breach of the resistance at the upper band could grant the bulls enough strength to reclaim $12. 

This week, traders should watch for a breakout above $11.74, which could signal a further upward move. However, a drop below the middle band at $10.70 would bring the support at the lower band ($9.65) into play.

Sergey Nazarov and Steve Ellis created Chainlink in 2017. The crypto was originally envisioned as a decentralized oracle network that connects smart contracts with real-world data.

Bittensor rallies 43%

Bittensor (TAO) emerged as one of the top gainers last week. The decentralized, open-source protocol surged by 43%.

The rally pushed TAO to retest $480 for the first time since May, although it faced resistance at this level. Despite a slight drop, TAO is trading at a four-month high.

TAO 1D chart – Sept. 22 | Source: crypto.news

In the Donchian Channels, TAO is above the basis line ($350.1) and lower line ($219.6) but just shy of breaking the upper line ($480.5) This suggests that while bullish momentum is strong, further gains may be limited unless TAO breaches $480.5.

Additionally, the Commodity Channel Index has surged to 212.28, its highest since January, indicating that TAO may be overbought. This could lead to a short-term pullback unless strong buying pressure continues.

Bittensor aims to create a marketplace for artificial intelligence (AI) and machine learning models. The platform, created by Shen-Juan Ting and Kei Kreutler, is designed to allow AI models to interact, share data and incentivize through TAO tokens.

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Theo Crypto News

Công nghệ

Crypto VC funding: The Open Network raises $30M, Drift Protocol brings in $25M

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The Open Network and Drift Protocol emerged as the top two firms with the highest funds raised in the last seven days.

Per a report by Galaxy, 2024 has been a good year for the fundraising industry, as there has been a steady uptick in the funds raised. As of July 1, founders are reporting an active fundraising environment.

Even though there was a drop in deal count from 603 in the first quarter to 577 in the second, capital invested paints a different picture with a rise to $3.2 billion in Q2 from Q1’s $2.5 billion.

Data shows a 28% increase in capital invested quarter over quarter. When it comes to geographical location, United States-headquartered companies accounted for more than 40% of all deals in Q2.

The United Kingdom followed suit with 10%, and Singapore enjoyed 8.7% of all deals.

As for the most recent crypto VC funding rounds, crypto.news compiled the latest announcements from Sept. 15 to Sept. 21 using data obtained from Crypto Fundraising. Let’s look at the companies that grabbed headlines with million dollar-plus rounds.

The Open Network, $30 million

  • TON is a layer-1 blockchain that was originally developed as the Telegram Open Network.
  • Now known as The Open Network (TON), it raised $30 million this week and over $54 million since its inception in 2018.
  • Bitget and Foresight Ventures contributed to the latest fundraising effort.

Drift Protocol, $25 million

  • Drift Protocol is a Solana-based DEX that offers spot trading, swaps and perpetual futures.
  • It closed a $25-million Series B funding round led by Multicoin Capital.
  • The firm has raised over $52.3 million so far.

Helius, $21.75 million

  • Helius is a provider of RPC Nodes, APIs, webhooks and developer tooling.
  • Lead investors of the $21.75 million include HAUN, Founders Fund, Foundation Capital, 6MV, Chapter One and Spearhead.
  • Helius has raised a total of $34.35 million so far.

Hemi Labs, $15 million

  • Hemi Labs is a layer 2 protocol focusing on security and interoperability across Bitcoin (BTC) and Ethereum (ETH).
  • The firm raised $15 million from investors including Binance Labs, Breyer Capital, Big Brain Holdings, Crypto.com, etc.

Pipe Network, $10 million

  • Pipe Network, is an incentivized internet infrastructure, clinched $10 million from Multicoin Capital.

Yellow Network, $10 million

  • Yellow is a blockchain product and infrastructure company.
  • Investors like Consensys, GSR, Global, Gate.io Labs, ZBS Capital and others contributed toward the startup’s $10 million fundraising round.

Additional funding rounds under $10 million

  • TrueX: The non-custodial, stablecoin-native exchange officially launched with $9 million in funds courtesy of RRE Ventures, Paxosm Accomplice, Hack VC, Solana Foundation and Aptos.
  • Fermah: CSX, Lemniscap, Bankless Ventures and LONGHASH Ventures are among the backers of a $5.2-million round
  • Vana: Coinbase Ventures, Manifold, GSR, DeFiance Capital and Auros participated in a $5-million fundraising effort.
  • Cudis: The startup collected $5 million from Draper Associates, Anthony Scaramucci’s SkyBridge Capital, Penrose, Block Patch, Trinito and other investors.

For last week’s column, click here.

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Theo Crypto News

Công nghệ

TOKEN2049 Singapore highlights: Vitalik singing, market reaction to rate cuts, and the future of the industry

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TOKEN2049 has ended in Singapore. Here are three highlights from one of the most anticipated crypto conferences of the year.

One of the largest industry conferences, TOKEN2049, was held from Sept. 18 to 19 in Singapore. It brought together leading figures in the crypto space, who shared their thoughts on trends, developments and priorities for the industry.

What will the crypto industry be like in three years?

One of the highlights of the event was a panel entitled “The Next 3 Years in Crypto,” during which several leaders of major crypto projects discussed where the industry is heading in the near term. Stablecoin issuer Circle‘s CEO Jeremy Allaire, top crypto exchange OKX‘s founder and CEO Star Xu, and Ethereum co-founder Vitalik Buterin participated in the panel discussion and spoke about the digital asset sector’s future, sharing stories from their past experience as long-time participants and leaders in the space.

Self-custody is key

During the panel, OKX’s Xu noted the importance of self-custody technologies for storing cryptocurrency, given their relatively high level of security. However, he also pointed out that promoting self-custody in the crypto industry — meaning holding your crypto yourself instead of using a third-party, like an exchange — does not imply that there is no need to regulate the space.

Speaking about the future of digital assets, Xu noted that over the past ten years, the industry has seen many important technological developments. However, he believes that web3 applications and use cases should be developing even faster.

Less focus on NFTs

Buterin mentioned that one of the main advantages of digital assets is their international, borderless nature. He reiterated the notion that the industry has the potential to meet the needs of people globally who do not have access to the traditional financial system.

He also pointed out the need for practical use cases to drive the mass adoption of digital assets. Buterin called for less focus on expensive NFTs, arguing that they have no real benefits for the industry or for humanity.

The co-founder of Ethereum also said that he believes that improving security in the crypto industry should be a major focus, alongside trying to reduce transaction fees.

Vitalik comments on the accessibility of crypto and sings a crypto song

Buterin also touched on topics such as the accessibility of cryptocurrencies, their use as a means of payment, and security in the ecosystem as a whole.

He argued that it’s no longer valid to say that it’s too early for more widespread adoption of crypto. He compared the extremely limited awareness and adoption of Bitcoin (BTC) in 2013 with the situation just eight years later, in 2021, when a cup of coffee could be bought for Ethereum (ETH) in Argentina.

In between talking about the future of blockchain and cryptocurrencies, he also sang a song about crypto:

And then an improved version of Buterin’s song appeared on social media:

Remix of Vitalik Buterin’s song at Token2049 in Singapore | Source: Lil Bubble

Arthur Hayes predicts market reaction to Fed rate cuts

Also on the first day of the event, the co-founder of derivatives exchange BitMEX, Arthur Hayes, gave a keynote speech with the title “Thoughts on Macroeconomics Current Events.”

Speaking the same day that the U.S. Federal Reserve was expected to announce very anticipated interest rate cuts — which indeed happened later that day — Hayes predicted that the cuts would cause the markets to drop in the short-term:

“I think that the Fed is making a colossal mistake cutting rates at a time when the U.S. government is printing and spending as much money as they ever have in peacetime.” 

Hayes noted that the lower interest rates in the U.S. could trigger a market drop in part because of — again — fears around the unwinding of the yen carry trade. Lower interest rates from the Fed, coupled with recently rising rates from the Bank of Japan, lessen the gap between rates in the U.S. and Japan, making the yen carry trade less profitable.

The yen carry trade refers to when investors borrow yen at historically very low rates, convert it into currencies with higher-yield assets, like Treasury Bills in the U.S., and then invest in those assets. Last month, one of the driving factors behind global markets plummeting was the potential unwinding of the yen carry trade.

However, since the U.S. Fed announced a 0.5% cut in interest rates, Bitcoin has gained almost 7%.

The next TOKEN2049 event — which promises to feature 200+ speakers — is scheduled to take place this spring in Dubai.

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Theo Crypto News

DeFi

Nic Carter revisits Operation Choke Point 2.0 after bombshell Silvergate testimony

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Venture Capitalist Nic Carter updates his findings on Operation Choke Point 2.0 after Silvergate executive’s testimony that sheds light on how US financial regulators tried to crackdown on banks involved in the crypto industry, known as Operation Choke Point 2.0.

In his thread, Carter makes corrections to his widely cited original report from 2023, that it was not the Federal Deposit Insurance Corporation who was responsible for sending out the message that banks had to cut their crypto deposits by 15%.

Instead, in fact, it was the San Francisco Fed that gave out this order for banks in the region, affecting major crypto-related banks like Silvergate, Signature Bank and Silicon Valley Bank.

In a series of tweets published on X Sept. 20, Carter cites a declaration from Elaine Hetric, former chief administrative officer of Silvergate, the California bank that provided cryptocurrency services. These new revelations, according to Carter, contain proof that pressure from Federal Bank Regulatory Agencies to curtail their crypto-dealings led to Silvergate bank going bankrupt.

According to Carter, Hetric’s statement supports his reporting on Operation Choke Point 2.0, a series of initiatives the U.S. federal government deployed to curtail crypto financial transactions.

He notes that this is the first time an executive from the now-bankrupt Silvergate has gone on record about Biden bank regulator’s efforts to discourage banks from dealing with crypto, suggesting:

Carter goes on to explain how the public has been led to believe that Silvergate went bankrupt due to losses from their crypto depositors and allegations of FTX-related fraud. When in fact, Silvergate survived the fall and was cleared from all charges. These new points underscore Carter’s broader thesis that the Democratic Party under the Biden administration has worked to retroactively curtail the crypto industry as it on-ramped to traditional financial institutions like banks.

Instead, Carter states that the US government’s efforts to discourage banks from dealing in digital assets is what led to Silvergate’s downfall.

“Silvergate was a boutique crypto bank that served the crypto industry. so after the Fed came out with this new informal guidance, their business ceased to exist, and they voluntarily liquidated.”
Nic Carter

Even after Silvergate and SVB went bankrupt, they could not sell any of their digital assets because any crypto related lines of business would be deemed null according to the Office of the Controller of the Currency. These assets included the cryptocurrency Sentient Coin and Signature Bank’s failed cryptocurrency payment network Signet, as well as other crypto deposits made at those banks.

What is Operation Choke Point 2.0?

Operation Choke Point 2.0 is a term used to describe how US financial regulators coordinated a plan across multiple agencies to discourage banks from doing business with crypto firms.

Government bodies like the Fed, FDIC, and OCC issued statements that highlighted the risks that banks face if they deal in cryptocurrency.

Although it was not explicitly prohibited, this led to financial institutions refusing to work with cryptocurrency. As a result, banks that dealt mainly in cryptocurrency suffered significant losses.

A few examples cited by Carter include the Metropolitan Commercial Bank’s decision to close their cryptocurrency department, Binance’s suspension of U.S. dollar bank transfers for retail clients, and the investigation into Silvergate’s management of accounts related to the crypto trading firm Alameda Research.

“These banks did not die by suicide but by murder,” Carter claimed. “This remains a gigantic scandal and no one has ever faced any responsibility for it.”

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Theo Crypto News

Bitcoin

From 0 to $63k: Satoshi-era wallet moves $16m worth of BTC mined in 2009

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A long-dormant wallet, inactive since 2009, moved 250 BTC on Sept. 20, offering a rare look into the activities of a whale from the earliest days of Satoshi-era mining on desktop computers.

The transfer of “Satoshi era” Bitcoin (BTC) refer to the period when Bitcoin’s elusive creator, Satoshi Nakamoto, was actively engaging on online forums between 2009 and 2011.

During that time, Bitcoin was seldom spoken of in the mainstream media, much less on Bloomberg as Exchange Traded Funds. Yet a lot has changed since the early days of cryptocurrency.

Fast forward over 15 years and, on Sept. 20, the on-chain tracker Whale Alerts has flagged the movement of 250 BTC—valued at nearly $16 million—from a wallet that has been dormant since 2009. A rare glimpse into the movements of an original Bitcoin holder.

During the European morning, five separate transactions carried out in batches of 50 BTC were sent to new addresses.

According to on-chain data, these BTC were mined as block rewards during the earliest weeks of the cryptocurrency’s release.

While Satoshi era transfers are becoming increasingly rare, they aren’t necessarily uncommon.

In June of this year, for example, a wallet inactive for 14 years transferred $3 million in BTC to Binance. And, puzzlingly, in Jan. 2024, someone event sent back over $1 million in BTC to the null address of Bitcoin’s founder.

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Theo Crypto News

Công nghệ

Crypto exchange Jupiter acquires blockchain explorer SolanaFM

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Decentralized trading platform Jupiter is acquiring blockchain explorer SolanaFM to expand its capabilities, leveraging the exchange’s infrastructure.

Solana-based decentralized crypto exchange aggregator Jupiter has acquired Etherscan-backed blockchain explorer SolanaFM. In an X announcement on Sept. 20, the blockchain explorer said it will focus on “10x-ing the data and infrastructure capabilities on Jupiter,” adding that the platform will “continue to operate as usual.”

Launched in 2021, SolanaFM provides users with detailed insights into Solana’s network data, including transaction history, smart contracts, and token information. In 2022, the explorer secured $4.5 million in a seed funding round led by SBI Group’s Digital Asset Opportunity Fund. In December 2021, SolanaFM also managed to secure investments from a funding round led by Etherscan and Coinhako.

Alongside the acquisition, Jupiter announced Jupiter Mobile, a fee-free mobile app built in partnership with MoonPay. While the app’s launch date remains undisclosed, it will support major payment methods, including Apple Pay, Google Pay, and credit cards, furthering accessibility for users. Following the news, Jupiter’s (JUP) token gained 11%, soaring to $0.87.

The acquisition and product launch comes as Jupiter grapples with security threats. In August, the exchange warned users about a malicious Chrome extension named “Bull Checker” targeting Solana users. Jupiter identified this extension after extensive investigations into user complaints, highlighting ongoing risks in the ecosystem even as Jupiter seeks to expand its services and market presence.

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Theo Crypto News

DeFi

Terraform Labs cleared for wind-down amid bankruptcy by US Court

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On Sept. 19, Terraform Labs, the company behind the Terra blockchain protocol, gained court approval to wind down its operations as part of its bankruptcy proceedings.

During a pivotal hearing on Thursday, U.S. Bankruptcy Judge Brendan Shannon approved the firm’s plan to exit Chapter 11 bankruptcy in Wilmington, Delaware. This decision marks a critical point in Terraform Labs’ ongoing legal challenges and financial troubles.

As reported by Reuters, Terraform Labs also reached a settlement with the U.S. Securities and Exchange Commission. Judge Shannon described the resolution as a “welcome alternative” to prolonged litigation, following the company’s significant financial losses and the impact on investors.

Terraform Labs originally filed for Chapter 11 bankruptcy protection in January. In June, the company settled with the SEC for $4.47 billion, after the federal agency had initially sought $5.3 billion in April.

With the bankruptcy wind-down, Terraform Labs is expected to distribute between $184.5 million and $442.2 million to its creditors and stakeholders.

Terraform Labs’ current CEO, Chris Amani, revealed in June via X that the company had always intended to dissolve, and it is now in the final stages of closing its operations.

The company acknowledged that estimating the total value of cryptocurrency losses to be repaid during the liquidation process is “impossible.” The figures released are only approximations, with the exact amounts remaining unclear. While Terraform Labs will settle with its creditors first, the U.S. SEC will only begin collecting on its settlement once those payments have been made.

The SEC had accused Terraform Labs and its co-founder, Do Kwon, of defrauding investors through a multi-billion dollar cryptocurrency scheme. The collapse of Terraform’s TerraUSD and Luna stablecoins wiped out roughly $60 billion in investor assets.

Following the crash, Kwon evaded authorities for months, moving between various locations in Europe and Asia. He was eventually arrested in Montenegro last spring and has since been held in custody as he awaits possible extradition to the United States or South Korea. Montenegro’s Supreme Court is expected to rule this month on whether there were legal violations in the extradition process.

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Theo Crypto News

DeFi

Decentraland’s X account hacked, scammers push fake MANA airdrop

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Virtual reality-focused project Decentraland’s X account was compromised earlier today to promote phishing links.

According to PeckSheild alert, on Sept. 19 crypto scammers took over Decentraland’s X account to promote a fake aidrop for its native token MANA, which eventually turned out to be a phishing campaign targeting the project’s over 607,000 followers.

Ironically, the scammers also disabled comments on their posts, claiming it was to prevent ‘malicious links.

Scammers posting malicious link on official Decentraland X account | Source: PeckSheild

The now-deleted posts first surfaced around 01:50 am UTC and promoted a malicious website bearing Decentraland’s branding. Users redirected to the launch-decentraland[.org] website were asked to claim the airdrop by connecting their wallets.

Typically in such a scenario, users are prompted to sign a malicious blockchain transaction which transfers the wallet’s control to the bad actor allowing them to drain any crypto funds or other assets present.

After the initial posts were deleted, two more similar posts were made, this time promoting a different website: token-decentraland[.]org, and as of the time of writing, these posts remain.

Pinned post on Decentraland’s X account promoting a phishing link | Source: Decentraland.

It’s unclear how many users have been affected by this campaign so far, but PeckShield has urged users to avoid interacting with Decentraland’s X account. Based on the latest activity, it appears the VR platform has yet to regain control of the account.

Crypto space is the new hunting ground for phishing scammers

Several prominent crypto projects have been targeted by scammers of late as phishing scams have led to at least $63 million in losses in August alone. For instance, Polygon’s discord channel was compromised last month and phishing links were posted, echoing a similar attack on the liquid restaking platform Renzo, earlier in the year.

Meanwhile, individual traders haven’t been spared either, with one large DAI investor losing $55 million in a matter of seconds. While an NFT trader lost over $145,000 in Bored Ape Yacht Club collectibles just months before.

The common denominator in all these attacks has been the victims signing malicious transactions. Cybersecurity experts call this ‘approval phishing’ and it has led to over $2.7 billion in losses since 2021 according to Chainalysis.

These scams are mostly prevalent on social media platforms like X and Telegram, with research from SlowMist indicating that over 80% of all comments under posts from official crypto projects contained phishing links.

As scams become more sophisticated, the need for vigilance has never been greater. Crypto enthusiasts must stay informed and exercise caution when interacting online.

In response to these growing threats, cryptocurrency wallets like MetaMask have stepped up by integrating new security features aimed at protecting users from falling victim to such attacks.

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Theo Crypto News