Lưu trữ cho từ khóa: CryptoCurrency

DeFi

Crypto excluded from Schumer’s legislative priorities after assurances

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Crypto excluded from Schumer’s legislative priorities after assurances

Senator Chuck Schumer’s “Dear Colleague” letter left cryptocurrency off the latest bipartisan agenda, despite his earlier promise to prioritize it this year.

Fox News journalist Eleanor Terrett pointed out that in his latest letter to Senate colleagues, Schumer listed several legislative priorities like rail safety, insulin prices, and artificial intelligence, but left crypto off the table.

This decision follows Schumer’s comments at the “Crypto4Harris” town hall, where he said that getting a bipartisan crypto regulation bill passed by year-end was within reach. Organized by Vice President Kamala Harris’s supporters, the event aimed to woo the crypto community ahead of the November elections.

During his speech, Schumer articulated that the United States cannot “sit on the sidelines” and risk “crypto going overseas,” adding:

“My goal is to get something passed out of the Senate and into law by the end of the year, and I believe we can make that happen. We should strike a balance for crypto between promoting innovation and providing common-sense guardrails.”

Chuck Schumer, Senate majority leader, speaking at Crypto4Harris virtual townhall

At the time, Florida Congressman Darren Soto also urged Harris to take decisive action on crypto policy. 

The crypto deficient letter has drawn criticism from some members of the decentralized community, who have expressed frustration over what they perceive as a lack of genuine commitment to cryptocurrency issues from the Biden-Harris administration.

One user on X pointed out that the Vice President herself had not “said a word about” cryptocurrency, adding that the recent actions of her “colleagues” did not reflect a supportive attitude. Another user accused the Biden-Harris administration of using crypto-related events for political donations without any intention of meaningful engagement.

Even with crypto taking a backseat, Harris’s campaign is still accepting crypto donations via Coinbase, though there’s no mention of digital assets, cryptocurrency, or blockchain on her official website—keeping in line with the Biden administration’s generally cautious approach to the topic.

Harris has pulled in backing from some big-name pro-crypto Democrats, like billionaire Mark Cuban and Ripple co-founder Chris Larsen, both key players in the “Crypto4Harris” campaign. Still, she’s been struggling to keep the energy going among Polymarket users, where the odds seem to favor her Republican rival, Donald Trump.

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Theo Crypto News

DeFi

BTT surges over 16% amid Tron’s milestone

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BitTorrent’s BTT token has seen a significant uptick in price, posting a 16% jump in the past 24 hours and an almost 14% gain over the last week.

As of writing, BitTorrent (BTT) is up by 7% in the past day and is trading at $0.00000091. This recent performance has pushed its market cap to $889 million, placing it as the 78th largest cryptocurrency by market cap. Additionally, BitTorrent’s daily trading volume has skyrocketed by 793% over the past day, reaching $133.6 million.

The significant uptick in BTT’s value can be attributed to a milestone achieved by Tron, the blockchain on which the BTT token is issued. Justin Sun, the founder of Tron, shared an X post from the onchain data platform Token Terminal, which revealed that Tron generated ten times more fees than Bitcoin in August, an achievement that has likely contributed to the bullish sentiment surrounding BTT. 

“Everything is just beginning. Don’t fight the numbers,” said Sun.

His remarks and Tron’s performance have undoubtedly contributed to the current bullish sentiment surrounding BTT, showcasing the impact of key network milestones and influential figures on crypto asset prices.

BTT price, Bolliger Bands, and RSI – Sep. 9 | Source: crypto.news

Looking at BitTorrent’s price activity, the token is currently nearing $0.0000009136 on the 1D STRK/USDT chart, testing the upper Bollinger Band. The Relative Strength Index is currently at 61, suggesting that the token is experiencing a bullish trend with potential for further growth before it enters overbought territory.

Following a bounce from its support level at $0.0000007456, the increased trading volume suggests a robust interest from the market.

For traders keeping an eye on potential movements, the key support at $0.0000007456 remains critical. Should the price fall below this point, BTT might slip back into a downtrend.

Conversely, a break above the resistance at $0.0000009866 could propel the token to higher levels, potentially testing the psychological threshold of $0.0000010000. Moreover, If resistance holds, we might see a period of consolidation or a retest of lower support levels.

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Theo Crypto News

Phân tích

JUP, OCEAN, ATOM: Top cryptocurrencies to watch this week

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The global crypto market cap shed an additional $150 billion to close the week at $1.92 trillion. This marked the first time in a month the valuation dropped below $2 trillion.

Here are some of the leading cryptocurrencies to watch this week, following their significant price movements last week:

JUP battles at $0.70

Last week, Jupiter (JUP) recorded days of gains and losses, as it battled the $0.70 territory. However, bearish pressure prevailed amid a failing market, leading to a 6% weekly slump and closing at $0.6979. 

JUP 1D chart – Sept. 8 | Source: crypto.news

Currently, JUP trades between the lower and middle Bollinger Bands. The price sits above $0.6383 (lower band), which provides support. However, it remains below the 20-day moving average ($0.7752), indicating resistance overhead.

On the DMI, the +DI at 13.15 shows weak buying pressure, while the -DI at 24.86 highlights stronger selling pressure. 

Nonetheless, the +DI appears to be rising as Jupiter begins the new week bullish, with the -DI dropping. This suggests a potential shift toward buyers. The ADX at 21.71 shows a moderately strong trend but still lacks clear directional conviction.

This week, investors should watch for a decisive break above the middle band or below the lower band for clearer momentum in either direction.

OCEAN faces volatility

Ocean Protocol (OCEAN) had a volatile week. After gaining 9% on Sept. 1 and 2, it quickly reversed course, losing those gains in a sharp 8.82% drop on Sept. 3. It continued to decline, ending the week at $0.4609, a 6.1% weekly drop.

OCEAN 1D chart – Sept. 8 | Source: crypto.news

Currently, OCEAN trades below the Ichimoku Cloud, with resistance at $0.4935 (Senkou Span B). The cloud’s bearish structure suggests continued downward pressure. However, OCEAN is hovering near the flat Kijun-Sen ($0.4921) and Tenkan-Sen ($0.4740), indicating some potential consolidation.

OCEAN also begins the week on a bullish note. If the price breaks above the cloud, it may challenge higher levels, with $0.4935 acting as key resistance.

A break below the Kijun-Sen could signal further declines toward $0.46. 

ATOM collapses 18%

Cosmos (ATOM) struggled last week, experiencing an 18.8% drop and closing at $3.67. The persistent bearish momentum kept prices low.

ATOM 1D chart – Sept. 8 | Source: crypto.news

The Stoch RSI’s K line is at 2.49, while the D line has dropped to 0.83, signaling that ATOM is deeply oversold. This could indicate a potential rebound if buyers step in. However, the current trend remains bearish.

A CCI at -137.44 also confirms the oversold conditions. Readings below -100 suggest that the selling pressure is strong, but this can also hint at a possible reversal if the trend weakens.

ATOM may attempt to stabilize in the new week, but the oversold signals suggest a potential short-term rebound. If bearish sentiment persists, ATOM could test lower support levels around $3.50.

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Theo Crypto News

DeFi

Helium top gainer of the week, cat-themed tokens lead meme coin gains

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Helium, Solana’s top Decentralized Public Infrastructure Network, outpaced the broader altcoin market in the last seven days, with cat-themed meme coin Simon’s Cat also leading with double-digit gains.

According to price data from crypto.news, Helium (HNT) has jumped 27.6% from its lowest point of $6.66 on Aug. 30 to an intraday high of $8.5 on Sep. 6, a level not seen since March 12, 2024. Over the past seven days, Helium has soared by more than 17.3%, positioning HNT as the top gainer among the 100 largest cryptocurrencies by market value.

Meanwhile, the total crypto market valuation has decreased by 3.5% in the last 24 hours, settling at $2.05 trillion. Bitcoin declined by 2.2%, and Ether saw a 2.3% drop.

Helium’s weekly bullish momentum aligns with the continued growth in its mobile subscriber base.
Helium Mobile, which connects to global hotspots for data sharing and communication without relying on traditional cellular or WiFi networks, saw its subscriber count surpass 100,000 in early August, reaching 112,867 by Sep. 6. This marks a 300-fold increase in just one year, according to Helium Mobile data.

Helium Mobile subscribers | Source: Helium Mobile

HNT also gained attention after two major U.S. telecom companies began testing its network as part of a carrier offload program, where carriers redirect traffic to Helium’s network during periods of congestion. These tests have reportedly attracted nearly 790,000 users, transferring over 20.47 terabytes of data.

At the same time, Helium’s trading volume has been on the rise, averaging more than $25 million daily, despite Binance delisting HNT futures earlier this year.

HNT’s price rally is being fueled by a 254% increase in total open interest over the past seven days, reflecting growing trader engagement. Coinglass data shows that open interest in the futures market surged to $10.87 million on Sept. 6, the highest level since Dec. 25, 2022. This is especially noteworthy as Binance had delisted HNT’s futures earlier this year.

HNT price, MA Cross and RSI – Sep. 6 | Source: crypto.news

Technically, HNT is exhibiting strong bullish momentum, with the formation of a golden cross—where the 50-day and 200-day Moving Averages intersect—acting as a key bullish indicator. Combined with a mid-range Relative Strength Index around 63, the market conditions seem close to the overbought level, however, suggesting room for further gains.

The recent price surge saw Helium break through the critical resistance at $7.98, signaling ongoing reversals. As previously noted by crypto.news, the $7.98 level is significant as it marks August’s highest swing point and the upper limit of an emerging double-top formation.

Next, Helium buyers are likely to aim for the $8.50 level, which could pave the way for a move toward the channel target of $10.50.

Cat-themed token see double-digit gain

Amid the weekly surge in HNT, cat-themed meme coins were also seen enjoying a green period, while the broader meme coin market fell by 2.9% to $38.6 billion at the time of writing.

Simon’s Cat (CAT), a meme token themed after the popular animated series, surged by 18.47% over the past week and debuted on Aug. 23. Positive community sentiment is evident on platforms like CoinGecko and CoinMarketCap.

In a strategic move, 20% of CAT’s total supply was airdropped to the Floki community, intended to attract more investors to the BNB ecosystem. However, this airdrop led to a temporary dip in CAT’s price. Despite this, Binance, a major cryptocurrency exchange, has expressed support for the initiative. The token is traded on several well-known exchanges, including BingX, Gate.io, KuCoin, and MEXC.

Even with the recent price dip, market analysts are optimistic about CAT’s potential for growth. Analyst IBCIG has highlighted that Simon’s Cat coin is undervalued, particularly on the Binance Smart Chain (BSC), noting its resilience in tough market conditions. They anticipate a strong rebound, especially with potential strategic moves from Binance CEO Changpeng Zhao.

Additionally, analyst Ted is encouraged by CAT’s climb above $0.000028, seeing it as a precursor to a potential bullish trend. He believes sustained interest could propel the token towards a billion-dollar market cap.

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Theo Crypto News

NFT

CryptoPunk sells for $1.5 million amid NFT market downturn

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A CryptoPunk from the Ape Punk collection was sold for roughly $1.5 million as the broader non-fungible token market continued to struggle amidst waning demand.

According to CryptoPunks Bot, CryptoPunk 6915, one of the 24 rare Ape Punk, was acquired for 620 ETH (around $1.48 million)  by an anonymous collector identified by “0x8bbccd.” The NFT is one of just 24 other Ape Punks issued on the Ethereum blockchain by Larva Labs.

Data from Cryptoslam indicates that the Punk 6195 was initially acquired for just 3.5 ETH ($2455) in late December 2017. The recent transaction marks a 59,390.10% profit. The seller, identified as “0xe38ee2,” also sold CryptoPunk 9479 for 35 ETH (approximately $82,466.39) moments after the Ape Punk changed hands. 

CryptoPunk 9368, one of the 88 Zombie Punks, marked the second-highest sale for the collection on Sep. 5, selling for 310 ETH ($734,179). Interestingly, the Punk has already received an offer for 1500 ETH, but the deal is yet to be closed. If the sale transpires, it would mark the highest CryptoPunk sale since March.

CryptoPunks are currently the most valuable NFT collection, with a 24-hour sales volume of around $1.68 million. However, the recent sales are far from the most valuable NFT transaction for the apex collection.

In March 2024, CryptoPunk 3100 was sold for $16.03 million worth of ETH, while CryptoPunk 7804 was sold for around  $16.42 million just weeks later. These, however, pale in comparison to CryptoPunk 5822, which was sold for 8000 ETH ($23.7 million) in February 2022.

The $1.48 million sale has sparked fresh optimism within the NFT community, with many influencers exuberantly claiming that NFTs are making a powerful comeback.

Despite the recent uptick in activity, the NFT market has struggled over the past month, fueled by dwindling sales and buyer exodus. At the time of writing, the cumulative NFT sales volume was down 42.15%. Additionally, total NFT transactions declined by 24.48% to 7.1 million, signaling that demand for these assets has weakened.

Adding to the woes, a sudden Wells notice from the Securities and Exchange Commission aimed at NFT marketplace OpenSea has further fueled the downturn, raising concerns within the community about the potential classification of NFTs as securities.

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Theo Crypto News

Altcoin

Spot Bitcoin ETF outflows surge six-fold, Ether ETF outflows slow down

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Spot Bitcoin exchange-traded funds in the U.S. saw a significant jump in net positive flows while spot Ether ETFs outflows slowed down.

According to data from SoSoValue, the 12 spot Bitcoin ETFs logged outflows of $211.15 million on Sep. 5, a surge of over six times compared to the $37.29 million outflows recorded the previous day.

Fidelity’s FBTC led the lot with $149.5 million leaving the fund. Biwise’s BITB, Grayscale’s GBTC, and Grayscale Bitcoin Mini Trust followed with recorded outflows of $30 million, $23.2 million, and $8.4 million, respectively. 

Notably, Fidelity’s FBTC also saw the largest outflows over the last seven days, with $374 million withdrawn, surpassing the $227 million in outflows from Grayscale’s GBTC.

The largest spot BTC fund, BlackRock’s IBIT, with over $20.91 billion in total inflows, remained neutral on the day, along with the eight remaining BTC ETFs.

Total daily trading volume for the 12 spot Bitcoin ETFs dropped to $1.35 billion on Sep. 5, down from $1.41 billion the previous day. At the time of writing, Bitcoin (BTC) was down 0.9% over the past day, trading at $56,327 per data from crypto.news.

Bitcoin’s price retreat happened as a sense of fear spread in the crypto industry. The closely watched crypto fear and greed index dropped to the extreme fear zone of 22, its lowest level in over a month, per data from Alternative. This fear is likely driven by ongoing concerns about a potential U.S. recession following a string of weak economic data.

Additionally, institutional demand for Bitcoin has weakened, with spot Bitcoin ETFs seeing outflows for seven consecutive trading days, shedding over $1 billion since Aug. 27.

Meanwhile, the nine spot Ether ETFs also showed bearish trends but with significantly smaller net outflows of $152.72K on Aug. 5 compared to the previous day, according to SoSoValue. Grayscale’s ETHE recorded $7.4 million in outflows, while the Grayscale Ethereum Mini Trust nearly offset this with $7.2 million in inflows.

The remaining seven spot ETH funds saw no activity on the day.

The total trading volume for the nine Ether ETFs fell to $108.59 million on Sep. 5 from $145.86 million on Sep. 4. At the time of publication, Ethereum’s (ETH) price dipped by 0.9%, exchanging hands at $2,378.

Ethereum’s fear and greed index also fell, reaching the fear zone of 34, reflecting growing uncertainty and cautious sentiment among investors in the market.

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Theo Crypto News

Công nghệ

Hedera and Cardano join the DeRec Alliance as founding members

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Cardano developer Input Output and Hedera are the latest cryptocurrency entities to join the Decentralized Recovery Alliance as founding members.

The alliance announced on Sept. 5 that the entry of Hedera (HBAR) and Cardano (ADA) completes the list of members that will serve on DeRec Alliance’s technical oversight committee. Other members include Algorand Foundation, Ripple, Hashgraph, and XRPL Labs.

A standard protocol for digital assets recovery

Decentralized Recovery Alliance, or DeRec Alliance, launched in January 2024. The entity, established by Hedera co-founder Leemon Baird, comprises web2 and web3 companies working on a common platform that looks to make crypto recovery easy for web3 users.

Crypto’s need for enhanced security and recovery has also seen the development of the smart contracts-powered feature called account abstraction. Several crypto teams, including BNB Chain, Optimism, Polygon, and Arbitrum have worked on networks that offer a similar standard.

With features such as accounts, keys, and passwords being a hurdle for many, a standard that simplifies the safeguarding and recovery of crypto assets is key. DeRec offers a recovery standard that boosts the overall adoption of crypto via a solution that protects users’ data.

“From the very beginning, Hedera has been at the forefront of digital asset security. The DeRec Alliance takes this one step further by introducing an open-source protocol that simplifies asset recovery, aligning closely with our mission to enable a new era of trust and transparency. We are proud to join this alliance and make asset protection more accessible and user-friendly.”

Charles Adkins, Hedera

Other partners of the DeRec Alliance include DLT Science Foundation, Oasis Protocol Foundation, Hashpack, and Palisad. Ripple joined as a founding member in May 2024.

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Theo Crypto News

DeFi

Market maker DWF Labs hints at synthetic stablecoin

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Crypto market maker DWF Labs has plans to launch a stablecoin product that may compete with Ethena’s USDE.

According to Andrei Grachev, co-founder of DWF Labs, the crypto trading and market-making startup has finalized the design for its synthetic stablecoin.

Synthetic stablecoins operate on a soft peg with fiat currencies like the U.S. dollar and are underpinned by collateral assets like Bitcoin (BTC) and other assigned cryptocurrencies.

To maintain parity, synthetic stablecoins rely on opening and closing short-leveraged positions for the underlying collateral. While supposedly decentralized, this design could introduce extra volatility due to its dependence on perpetual trades tied to other tokens.

Grachev shared that DWF Labs’ synthetic dollar would support a basket of collaterals, including the three largest stablecoins: Tether (USDT), Circle’s USD Coin (USDC), and (DAI), which was recently rebranded to USDS by Maker’s switch to the name Sky.

The X post from DWF Labs’ Grachev also listed other underlying assets, such as Ethena’s (USDE), BTC, Ethereum (ETH), a limited list of long-tail altcoins, and blue chips.

DWF Labs had not confirmed if the blue-chip category referred to non-fungible tokens, although the label suggests highly acclaimed NFTs may be involved.

Entering the synthetic dollar market could position DWF Labs against Ethena, the issuer of crypto’s largest on-chain collateralized stablecoin, USDE. Launched for public trading in February, Ethena’s offering has captured $2.69 billion in deposits, with pledged monthly attestations for its product.

Most of this total value locked exists on Ethereum’s blockchain, valued at about $2.58 billion, according to DefiLlama, with the remainder spread across networks like Mantle, Arbitrum, and Blast.

DWF Labs could face the same skepticism that synthetic dollar protocols have encountered within the crypto community. Following Ethena’s launch, decentralized finance leaders like Fantom developer Andre Cronje compared the sector to TerraUSD, the algorithmic stablecoin involved in a $60 billion ecosystem collapse in 2022.

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Theo Crypto News

DeFi

AAVE jumps 11% fueled by heightened whale activity

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AAVE, the native token of the decentralized lending platform Aave, has recently attracted attention from whales as its price surged by over 11% on Sep. 5.

At the time of writing, Aave (AAVE) had climbed to become the 42nd largest cryptocurrency, up from its 47th position on August 20. The token’s market capitalization exceeded $1.98 billion, marking a more than 4% increase in the past 24 hours.

According to price data from crypto.news, AAVE was trading at $132.95, rising from its weekly low of $116.13 reached just the day before. The token has seen a significant 60% increase over the last 30 days. Despite this recent rally, AAVE remains 80% below its all-time high of $661.69, achieved in May 2021.

The latest surge in AAVE has been largely driven by a major jump in whale activity. On Sep. 5, Lookonchain reported that two whales acquired around $2.2 million worth of AAVE within a span of less than three hours.

Moreover, the previous day, another whale purchased a substantial 50,604 AAVE tokens, valued at approximately $6.78 million, with an average price of $134.60 per token. This brought their total holdings to 125,605 AAVE tokens, valued at about $16.9 million at current prices.

AAVE has increasingly gained traction among whales in August, likely due to its solid fundamentals. Data from DeFiLlama shows that Aave holds over $11 billion in assets and has generated more than $281.39 million in fees this year.

Moreover, data from IntoTheBlock reveals that whales controlling over 1% of Aave’s circulating supply now hold 59.17% of the total supply. The high concentration of large holders suggests that AAVE’s price is being influenced by whale activity.

AAVE concentration chart | Source: IntoTheBlock

Additionally, there has been a sharp increase in both the inflows and outflows of AAVE among large holders, with inflows rising by 326% and outflows by 353% over the last week. However, the net flow of AAVE among large holders surged by 61% in the same period, indicating strong buying interest that has helped drive the upward momentum in AAVE’s price.

The recent price surge in AAVE also comes after Donald Trump announced his DeFi initiative, World Liberty Financial. This project plans to develop a decentralized financial system using Aave’s non-custodial lending platform and Ethereum’s infrastructure.

Gabriel Shapiro, a legal adviser for the initiative, explained that it will function as a “lightweight non-custodial feeder” into Aave, enabling users to make deposits without the need for creating a fork. The venture aims to introduce Trump supporters to DeFi, which has bolstered confidence in Aave’s potential for mainstream adoption and spurred speculative buying.

Major liquidation levels

Currently, key liquidation levels are around $130.2 on the lower end and $139.8 on the upper end, with intraday traders highly leveraged at these points, according to on-chain analytics firm Coinglass.

Source: CoinGlass

If market sentiment shifts and AAVE’s price drops to $130, nearly $1.78 million in long positions could be liquidated. On the other hand, if sentiment improves and the price climbs to $139.8, about $5.04 million in short positions may face liquidation.

At press time, data indicated that bears were in control, with the potential to trigger liquidations of long positions at lower levels.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News