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Bitcoin and Ethereum Up As Over $159M BUSD Enters Binance From Unknow Wallets

Lele Jima
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Bitcoin and Ethereum Up As Over $159M BUSD Enters Binance From Unknow Wallets

 

More stablecoins enter exchanges showing big investors’ interest in buying.



The prices of the top 10 cryptocurrencies soared massively after $159 million worth of BUSD were transferred from unknown wallets to Binance.

The leading cryptocurrency whale tracking service, Whale Alert, has reported that over $159 million worth of Binance stablecoin (BUSD) were transferred from unknown wallets to Binance. 

Per the data provided by Whale Alert, the first transaction saw a total of $99,999,990 ($99.99 million) transferred from an unknown wallet to the world’s largest crypto exchange by 24 hours trade volume, Binance. The BUSD was transferred to Binance in a single transaction today at 11:31 UTC. 

In addition, another $59.99 million was also moved from an unknown wallet to Binance. 

Top 10 Crypto Prices Soar 

Whenever stable coins enter exchanges, it is usually a sign of greater buying power, suggesting that the funds can be used to purchase crypto assets.

Meanwhile, the crypto market has been looking good the past day. Over the past 24 hours, the total crypto market valuation has surged significantly. 

According to cryptocurrency aggregator platform Coingecko, the global cryptocurrency market cap has been up 4.1% to $1.9 trillion in the past 24 hours. 

The prices of the top 10 crypto assets have soared within this period. Bitcoin (BTC), the world’s largest crypto by market cap, is up 4.1% to $24,100 at the time of writing, with a 24-hour trading volume of over $22.05 billion. 

In a parallel development, Ethereum (ETH), the second-largest cryptocurrency by market cap, is also up 5.9% to $1,800 in the last 24 hours. Ethereum also boasts a 24-hour trading volume of $13.14 billion. 

Additionally, in the past 24 hours, Binance Coin (BNB) has soared 3.3% to $328, Ripple (XRP) is up 2.5% to $0.38, and Cardano (ADA) spiked 4.7% to $0.54. Solana (SOL) and Polkadot (DOT) recorded gains of 6.4% and 8.2%, respectively. 

UAE Biggest Discount Store To Start Accepting Bitcoin Payments

Albert Brown
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UAE Biggest Discount Store To Start Accepting Bitcoin Payments

 

UAE Biggest Discount Store To Start Accepting Bitcoin Payments.


Popular discount store Day to Day became the first store to start accepting payments in cryptocurrency in the United Arab Emirates (UAE). The move will see its customers have a chance to pay either in fiat or in cryptocurrency. 

Khaleej Times reports called the development a “next step into the future cryptocurrency.” As revealed, the Bitcoin payment option will be available in both physical and online stores. It further stated that other crypto would also be accepted for payment. 

Crypto finds footing in retail

Despite the massive downturn in the crypto market, which led to the loss of billions in investment and investor confidence, crypto continues to enjoy relative adoption in various sectors. 

According to the report, retailers in the US are already adopting cryptocurrency as a payment method in the US, with more than 60 percent doing so already. Likewise, a Deloitte survey revealed that 75% of retailers in the US are making plans to start accepting crypto payments in the US. 

Considering the nature of cryptocurrency transactions, adopting it as a payment option could result in faster transactions and reduced chargebacks. Further, it could help the stores entice a growing population of users who would rather have their money in crypto rather than fiat. 

UAE going big on crypto 

The Terra implosion, which saw more than $17 billion wiped off the crypto market, has raised regulatory attention on cryptocurrency institutions across the world. This is particularly so in popular crypto destinations like Singapore and South Korea, where regulators keep toe-to-toe with crypto institutions. 

Where countries are restricting crypto activities, Dubai is acting on it to lure crypto companies to its borders. Since the start of the year, several crypto companies such as Bybit, FTX, and Binance have opened shops in the country. 

This is also aided by the virtual assets license, which the country recently released in hopes of becoming a crypto haven for international institutions. 

Ethereum Holders Shake Off Losses As Merge Draws Closer

Albert Brown
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Ethereum Holders Shake Off Losses As Merge Draws Closer

 

Ethereum addresses in profit reach one month high.


According to On-chain market intelligence Glassnode, the number of Ethereum addresses in profit has reached a month high of 57.6%, breaking the previous high recorded on August 3. This means most Ethereum holders now hold the token at a higher price than they bought.

 

While there is no telling what exactly is pushing the bullish run of the coin, the upcoming Ethereum merge, which will see the blockchain become a Proof-of-Stake (PoS), could pass as one of the reasons. 

Gradual market recovery

Barely a month ago, Ethereum, the second largest cryptocurrency by market cap, was hitting all-time lows as the “crypto-winter” persisted. At its height, the token went as low as $1,019, according to data from CoinMarketCap. 

However, the market is now gradually recovering from the downturn at the start of the year, with Ethereum as one of the highest gainers since then. The token worth $1,0119 in July is now changing hands at $1,769, which many experts expect to increase significantly.

According to Arthur Hayes, BitMEX’s founder, the price of Ethereum in the coming days will be determined by the Merge. A successful merge, he predicted, could see the price go as high as $5,000, while a merge failure will see the token maintain its current price. 

The Merge  

The Merge, slated for September, will see Ethereum transition from a Proof-Of-Work (PoW) consensus mechanism to a PoS. The PoS mechanism, unlike PoW, requires less computational power to validate transactions. 

This means a successful transition to a PoS will lead to faster transactions and, at the same time, less energy consumption. Since Ethereum has faced criticism for its energy use and impact on climate change, a PoS consensus mechanism will help cure these issues. 

However, the merge could also cause the Ethereum network to experience a hard fork. A fork in cryptocurrency happens when a cryptocurrency is split in two. At the head of this is Justin Sun, Tron founder, who claims a hard fork of Ethereum will allow miners to continue to operate a PoW network and not have their revenue cut off.

In response, Ethereum founder Vitalik Buterin shoved off concerns about a hard fork, calling the proponents users who “want to make a quick buck.”

BitMEX, Poloniex, and OKX Declares Support for Ethereum Forked Tokens, While Chainlink Kicks Against Them 

Mark Brennan
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BitMEX, Poloniex, and OKX Declares Support for Ethereum Forked Tokens, While Chainlink Kicks Against Them 

With the Ethereum Merge around the corner, crypto firms have decided whether to support possible ETH forked tokens. 



Crypto-related projects have started indicating whether they will support Ethereum’s transition from a Proof-of-Work (PoW) algorithm to Proof-of-Stake dubbed “The Merge”, as well as a possible fork of the network. 

With the Merge scheduled to go live next month, Chainlink (LINK) announced in a statement that it would be supporting the Ethereum Merge to ensure continuity for Chainlink protocol users on the Ethereum network. 

Chainlink noted that its protocols and services would continue to operate on the second-largest blockchain network before and after the Merge upgrade is implemented. 

While Chainlink will support the Ethereum Merge, the crypto project said it would not do the same for any potential hard fork of Ethereum. 

“Users should be aware that forked versions of the Ethereum blockchain, including PoW forks, will not be supported by the Chainlink protocol,” the network noted in a statement. 

Chainlink added: “This is aligned with both the Ethereum Foundation and broader Ethereum community’s decision, achieved via social consensus, to upgrade the Ethereum blockchain to PoS consensus.”

Miners Hint At Possible Ethereum Forks

The development comes after popular Ethereum miner Chandler Guo hinted at the possibility that an ETH hard fork may occur after the Merge is launched. 

Several Ethereum miners do not seem excited about the upcoming ETH 2.0, as they believe the move would see them stripped of their source of income.

Based on this, the miner expressed confidence about a hard fork that will enable them to continue mining on the network. 

BitMEX and Poloniex Support Forked ETH Tokens, While Okx May Follow Suit

While Chainlink has noted that it will not support any possible Ethereum fork, Justin Sun, the CEO and founder of Tron ecosystem has continued throwing his weight behind various versions of Ethereum fork tokens. 

Yesterday, Sun’s cryptocurrency exchange Poloniex announced it had listed various Ethereum forked coins, including ETHS and ETHW. 

In a similar development, popular cryptocurrency exchange OKX said it will support the Ethereum Merge and will evaluate all ETH forked tokens that may emerge in the future for possible listing. 

Meanwhile, BitMEX said it would launch a linear futures contract for its users to get exposure to ETHPOW. 

“This will mean that when our Tether- (USDT ERC-20) margin contract goes live, users will be able to get trading exposure to ETHPOW – with up to 2x leverage,” BitMEX said. 

 

Ethereum’s Vitalik Buterin Throws His Weight Behind Proposal To Increase Privacy In The NFT Space

Mark Brennan
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Ethereum’s Vitalik Buterin Throws His Weight Behind Proposal To Increase Privacy In The NFT Space

 

A developer proposes means to hide the identity of NFT recipients.



Ethereum founder Vitalik Buterin, in a tweet today, shared the idea of stealth addresses for NFTs, noting that users would be able to send NFTs with only the recipient knowing who the new holder is, effectively keeping them anonymous.

“Idea: stealth addresses for ERC721s. A low-tech approach to add a significant amount of privacy to the NFT ecosystem. So you would be able to eg. send an NFT to vitalik.eth without anyone except me (the new owner) being able to see who the new owner is,” Buterin tweeted.

Notably, the original author of the proposal known as Nerolation opts to use Zero Knowledge technology, but Buterin proposes a lighter-weight technology model.

“The reason why you don’t need Merkle trees or ZK-SNARK-level privacy is that each ERC721 is unique, so there’s no possibility of creating an “anonymity set” for an ERC721. Rather, you just want to hide the link to the sender and recipient’s highly visible public identity (so, you can send an ERC721 to “vitalik.eth” and I can see it, but no one else can see that vitalik.eth received an ERC721; they will just see that someone received an ERC721),” Buterin writes explaining his point of view.

Notably, the latest idea from the Ethereum founder sparked debates about transparency in the comments. While some argue that it defeats the concept of transparency on the blockchain, others say that transparency is not necessarily a critical requirement for blockchain.

It is worth noting that Ethereum’s Vitalik Buterin has taken up a stronger pro-privacy stance since 2018. In April 2020, Buterin also said that he was looking to find a solution to the Ethereum Naming Service problem that unwittingly opened the doors for the crypto finances of people who used their real names to be easily scrutinized. 

While some flee to crypto for the level of privacy it can provide, it is also worth noting that bad actors have also taken advantage of tools like Tornado Cash developed by Ethereum to transfer stolen crypto. Additionally, reduced transparency is one of the concerns raised by regulators who hope to create frameworks to protect users in the space.

Santiment Reveals Chainlink Building Momentum As Dormant LINK Tokens Massively Leave Exchanges

Albert Brown
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Santiment Reveals Chainlink Building Momentum As Dormant LINK Tokens Massively Leave Exchanges

Chainlink’s uprise is because of LINK leaving exchanges.



Crypto markets analysis tool, Santiment has recently provided an update on ChainLink, pointing out a buying opportunity for retail investors.

The indications reveal how ChainLink has been building momentum since early July, thereby setting up a reasonable buy time of  +41% profit since July 1, as seen in the graph below. The data shows how dormant LINKs experienced a massive move, as coins moved into cold wallets away from exchanges.

 

Chainlink Price Action Influenced By Supply On Exchange And Dormant Movement

The primary factor for this recent price spike is how LINK supply on exchanges has reduced to a reasonable amount over the past seven days. This signifies that more long-term holders are now buying into the asset, and paper hands are also leaving the market. 

Additionally, Dormant LINK has been experiencing massive movement from the end of June, as seen in the graph.

This has also, Invariably led to an increase in price movement. The LINK price is currently trading at $8.46 with a 24-hour trading volume of $429,323,243, according to data from CoinMarketCap. Notably, ChainLink LINK has been up 9.22% in the last 24 hours, while in the previous 30 days, LINK has climbed from $5.79 to $8.49. 

ChainLink is ranked #23 in CoinMarketCap with a live market cap of $3.97 Billion, slightly below FTX Token at $4.19 Billion.  

Chainlink Move With Ethereum’s Merge

A recent tweet by ChainLinkGod.eth shows how ChainLink will Integrate into the upcoming Ethereum merge set to take place in September this year, 2022. 

The tweet highlighted that The Chainlink protocol would continue to operate on Ethereum during and after the Merge. However, it will not support the Forks of the Ethereum blockchain, including PoW forks. 

 

It goes on to explain why Supporting PoW forks is impossible, pointing out that it will duplicate the LINK token and that the forked PoW tokens are unlikely to have sufficient liquidity required for secure Data Feeds. 

The Crypto Market is barely making recovery moves after BTC bottomed at the $17,000 level a few months ago. While some analysts are still speculating on what the bottom would be for the Top Cryptocurrency

Few altcoins have seen price spikes amid the current uncertainties around the cryptocurrency industry. Some examples are FLOW with a 54% increase, DCR with a 44% increase, and TWT with a 27% increase.

Polygon-Based Crypto Project Rug Pulls Investors, As Token’s Price Crashes to Zero

Albert Brown
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0
Polygon-Based Crypto Project Rug Pulls Investors, As Token’s Price Crashes to Zero

 

The price of Dragoma’s token (DMA) has plunged to nearly $0 after the team behind the project pulled the rug on investors. 


According to leading security firm PeckShieldAlert, the value of DMA crashed 99.7% to $0.0004. The unfortunate incident occurred after the token’s value surged to a new all-time high of $1.8 earlier today. 

PeckShieldAlert noted that after the rug pull, Dragoma developers deleted its social media accounts, while the project’s website was also shut down. 

The stolen funds were suspected to have been deposited in an unnamed centralized cryptocurrency exchange, PeckShieldAlert noted. 

“Rugpull Dragoma DMA on polygon rugged. DMA has dropped -by 99.7%. The website http://dragoma.io seems down, and the social media channel deleted. The stolen funds seem like [they were] deposited into centralized exchanges,” PeckShieldAlert tweeted. 

At press time, it is not clear how much was stolen from investors. The unfortunate incident occurred shortly after MEXC Global announced it would list the DMA/USDT pair. Following MEXC’s announcement that it would list DMA, investors became excited about the prospects of the token. 

The announcement played an integral role in pushing the value of the token to an all-time high of $1.8, as many investors rushed to purchase more of the token before it officially got listed on MEXC. 

Unfortunately, little did they know that the team behind the project was planning on pulling the rug on users. 

Cryptocurrency Rug Pulls

Dragoma was a web 3.0 lifestyle sports application with built-in SocialFi and GameFi. The project was built on the leading Ethereum scaling platform, Polygon. 

Dragoma joins the list of malicious cryptocurrency projects that have pulled the rug on investors. Rug pull was widely reported in the crypto space last year.  

As reported by TheCryptoBasic this year, a Binance Smart Chain (BSC) project called BNB42 also pulled the rug on its users, carting away 6400 Binance Coins (BNB). 

 

Justin Sun’s Poloniex Launches Trading For Potential Ethereum Hard Fork Tokens

Albert Brown
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0
Justin Sun’s Poloniex Launches Trading For Potential Ethereum Hard Fork Tokens

 

Poloniex launches trading for potential Ethereum hard fork tokens 18 hours early.


Tron founder Justin Sun in a tweet on Sunday, confirmed that his exchange Poloniex had launched trading for the potential Ethereum hard fork tokens, ETHW for the Proof-of-Work (PoW) chain, and ETHS for the Proof-of-Stake (PoS) chain, 18 hours ahead of schedule as he claims there is high demand.

“ETHW and ETHS trading are now live on Poloniex! We planned to go live on August 8th, but after strong community demand, we managed to deliver the product 18 hours early to go live on August 7th 4 pm SGT! Enjoy trading!” Sun tweeted.

It is worth noting that there have been growing speculations of a potential Ethereum PoW fork as the Ethereum Merge approaches. The push for another hard fork has received backing from a few disgruntled miners, Huobi and Sun’s Poloniex exchange. Notably, Sun promised an allocation of ETHW to developers and community members last Thursday that would make the hard fork a reality. U.Today reports that supporters of the effort claim to have about 50 developers on the project.

Sun’s latest announcement has been met with a bit of confusion and pessimism on Twitter. Some users have called it a scam, saying they would dump the asset on traders.

Notably, Ethereum founder Vitalik Buterin commenting on the agitations over the weekend, noted that proponents of the hard fork are owners of exchanges trying to make money off users. Additionally, Buterin does not believe that these efforts would gain traction as he maintains that there is widespread adoption for the Ethereum Merge. 

The Ethereum Merge, scheduled for September, will see the blockchain network migrate to the PoS Beacon chain. Consequently, pundits expect it to significantly improve the network’s scalability and throughput while reducing energy consumption. However, while the merge promises to improve user experience, it is a potential nightmare for miners who stand to lose their source of revenue.

Notably, developers are already launching merge on the final testnet. Ethereum is trading above the $1,700 price point, up 2.71% in the last 24 hours and 2.32% in the previous seven days.

More Investors Join Deaton’s Class Action As Over 70K XRP Holders Now Stand With Ripple Against SEC

Lele Jima
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0
More Investors Join Deaton’s Class Action As Over 70K XRP Holders Now Stand With Ripple Against SEC

 

The number of XRP Holders Being Represented by Attorney Deaton in the Ripple vs. SEC Lawsuit Surpasses 70,000.



More XRP holders are joining Deaton’s class action against the SEC.

The number of Ripple (XRP) holders who have joined attorney John Deaton’s class action against the Securities and Exchange Commission (SEC) has been increasing rapidly in recent weeks. 

A few weeks back, the number of XRP holders who declared they were hurt by the SEC’s charges against Ripple was around 68,000. 

Interestingly, as of today, there are now over 70,000 XRP holders who have joined Deaton’s class action against the SEC. 

In a tweet shared by attorney Deaton today, a total of 70,100 XRP holders from all 50 states in the U.S. and 141 countries around the world have joined his lawsuit against the commission. 

“70,100 as of now. Gary Gensler & @SECEnfDirector, over 70K XRP Holders from diverse backgrounds from all 50 states, every U.S. territory, and 141 countries around the [world] have joined together to fight [vs] your unlawful expansion of Howey. You will lose the war,” attorney Deaton tweeted. 

Deaton Sues SEC for Harming XRP Holders

Recall that shortly after the SEC charged Ripple for conducting an unregistered securities offering in the United States, the price of XRP plummeted massively. 

Things became worse after cryptocurrency exchanges in the United States started delisting XRP from their trading platforms due to fear that they may be probed by the SEC for facilitating the trading of the crypto asset. 

Following the massive decline in XRP price, attorney Deaton said he might sue the SEC for wreaking havoc on investors. 

Attorney Deaton slammed the class action against the SEC on behalf of six movants. The move earned him and the six movants the Amici Curiae status in the case. 

Interestingly, as the Ripple vs. SEC lawsuit edges closer to expert deposition, more XRP holders have joined the class action. 

SEC Plans to Bar Deaton From the Lawsuit Fails

Meanwhile, the SEC tried to have attorney Deaton thrown out of the lawsuit. The SEC argued that attorney Deaton publicly announced the name of one of its experts, which attracted a series of threats and harassment to the witness. 

However, the agency did not succeed with its plans to have attorney Deaton thrown out of the lawsuit. Judge Analisa Torres, in a recent ruling, believes attorney Deaton will be useful in summary judgment where he can file an application to brief concerns with SEC’s experts. 

“Movants may file an application to brief their concerns regarding the SEC’s expert and other relevant and helpful matters concerning the parties’ contemplated motions for summary judgment,” Judge Torres said. 

Dogecoin Has More Potential Than Cardano, Says Billionaire Mark Cuban

Mark Brennan
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Dogecoin Has More Potential Than Cardano, Says Billionaire Mark Cuban

Mark Cuban is iterating his support for DOGE again, this time taking a swipe at ADA in the process.


In an interview with Altcoin Daily, Billionaire Mark Cuban expressed his belief that the Dogecoin network has more potential than Cardano.

“I still think DOGE has got more applications potentially available to it than Cardano … but the opportunity for Cardano was greater until DOGE really becomes a platform for applications,” Cuban said, giving reasons for his view.

In response to the video, the founder of Input Output Global (IOG), the company responsible for managing the Cardano chain Charles Hoskinson, opted to use a GIF showing two persons in a mocking agreement. However, other Cardano community members were more vocal about their discontent with Cuban’s statements. One user noted that Cuban’s view of Cardano appears stuck in 2019.

Notably, Cardano and Dogecoin are two very distinct networks in their conception. While Dogecoin is practically a copy of the Bitcoin code with minor iterations created as a joke to make fun of the cult following in the crypto community, Cardano was started by a team of experts with an eye on precision.

However, it is worth noting that despite its origins, Dogecoin has seen mass adoption as people recognize its potential, with many advocating for its use as a currency. Consequently, there has recently been a flurry of development on the Dogecoin network.

Cuban, along with fellow billionaire Elon Musk is one of the most influential supporters of DOGE. In 2021, Cuban made it possible for his NBA team, the Dallas Mavericks, to accept Dogecoin as payment for merchandise and tickets through a partnership with BitPay.

It is worth noting that while the crypto space often hits on the Cardano network for its perceived slow pace of development, the Cardano community has been the one laughing this year as detractors like Solana faced consecutive outages. However, the Cardano community is on the brink of a significant upgrade that would bring it closer to the Basho phase in its roadmap, ushering in improved smart contract functionality and scalability.

At the time of writing, Cardano and Dogecoin rank 7th and 11th, respectively, in terms of market cap.

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