The United States Commodity Futures Trading Commission awarded $1 Million to a whistleblower, who helped uncover crucial cases. 

the commission is actively focusing on digital assets activities. Almost half of the actions in 2023 were related to digital assets- McGinley.

Russia legalized the mining of cryptocurrencies in the region, following President Vladimir Putin’s assent. 

The surge of digital asset in the United States has gained significant exposure in the past few years. Although, the scammers, fraudsters, and bad actors have constantly hindered the growth. 

The Commodity Futures Trading Commission has played a crucial role in the FTX bankruptcy lawsuit and TerraLUNA collapse.

According to recent information, the United States Commodity Futures Trading Commission rewarded a whistleblower with a sum of $1 Million. The press release dated August 08, 2024 notes that, the tip by the whistleblower helped the CFTC crack down on improper trading activity in the market. 

Ian McGinley, the enforcement director of the CFTC asserts that identification of illicit activities in the digital market is the foremost priority of the commission, especially as every day Americans are increasingly victimized by digital assets scams. 

CFTC is actively focusing on digital assets, almost half of the actions by the commission earlier this year were related to digital assets cases, said McGinley. He additionally said the majority of tips from whistleblowers earlier were related to digital asset space.   

The Commodity Futures Trading Commission has the right to protect the identity of its whistleblower. The Director of the CFTC Whistleblower Office, Brian Young, said: “Whistleblowers have increasingly played a significant role in the CFTC’s enforcement actions in the digital assets space.”

Other Market News 

Earlier on August 09, Russia legalized the mining of cryptocurrencies in the region. Recently, Kyrgyzstan proposed the amendment of constitutional law to integrate its digital currency, digital som, into the nation’s traditional finance system.  

The Central Bank of Kyrgyzstan has initiated a public discussion over integrating its digital currency, to digitalize its economy. As per the filed amendment, the ‘digital som’ will be incorporated into the financial system, using a special software system solely operated by the Central Bank. 

Earlier on August 08, IntoTheBlock and The Open Network (TON) announced their partnership, intending to provide advanced analytics to the TON users. The alliance aims to boost user engagement, retention rate, and network transparency. 

District Judge Peter Castel has come up with the final verdict for the bankrupt FTX and its subsidiary Alameda Research, ordering to pay $12.7 Billion to the creditors as part of the settlement with CFTC. 

Crypto Market Price Update 

The broader cryptocurrency market did not reflect any major movements in the past 24 hours, seems like the traders are celebrating weekends. At press time, Bitcoin (BTC) is trading at $60,782 with a minute surge of 0.23%. 

However, Ethereum (ETH) price tumbled between 1.20%- 1.50% intraday, although as of writing, it was trading at $2,634. Following the approval of Ether spot ETFs, the total address on the Ethereum chain grew significantly. 

The growth in addresses is mimicked by the market capitalization, trading volume, and inflow of funds in the ecosystem. The intraday surge of over 12% makes Helium the topper of the list; it was trading at $6.78 at press time. 

Kyrgyzstan’s Central Bank is eyeing integrating e-currency ‘digital som ’ with traditional finance systems. 

The ‘digital som’ will be integrated into the financial system, leveraging a unique software system solely operated by the Central Bank. 

 Nigeria launched its digital currency in 2021, known as the e-Naira; however, it has faced severe criticism due to its low adoption rate. 

The advancement of blockchain has backed the growth of crypto assets globally; the surging adoption of cryptocurrencies has motivated many countries to develop their CBDCs (Central Bank Digital Currency). 

As per recent information, Kyrgyzstan is actively engaged in the amendment of constitutional law to integrate its digital currency, known as digital som, into the nation’s traditional finance system. 

The National Bank of Kyrgyzstan has initiated a public discussion over integrating its digital currency, intending to digitalize its economy. As per the filed amendment, the ‘digital som’ will be integrated into the financial system, leveraging a special software system solely operated by the Central Bank. 

The integration proposal of ‘digital som’ does not highlight terms such as blockchain and distributed ledgers, although it highlights the term smart contracts. Still, there needs to be a more straightforward take on technicalities. 

There will be a digital account and a digital wallet on the system, and the account will be managed by a platform operator for the participants. 

As per further information, the wallet can be accessed using the application provided by the participating banks and financial institutions. 

Nations Having Own Digital Currencies 

Several countries have already launched their digital currencies; some of them are performing well, and others are depleting constantly. The Sand Dollar, the digital currency of the Bahamas, was launched in October 2020, having a value of 1:1 against the nation’s traditional currency. 

Nigeria launched its digital currency in 2021, known as the e-Naira; however, it has faced severe criticism due to its low adoption rate and lack of transparency. Till August 2024, the number of inactive wallets holding e-naira grew significantly. 

Crypto Market Price Alert 

The fear and greed index powered by CoinMarketCap is at 56, reflecting neutrality; however, market capitalization grew over 3.50%, reaching $2.11 Trillion. 

In the past 24 hours, Bitcoin’s (BTC) price broke the resistance of $50k, reaching $62,673; at press time, it is trading at $59,888. Sui (SUI) token price is topping both intraday gainer and weekly gainers list, trading at $0.8484. Helium (HNT) price grew 16.08% in a week. 

Lido (LIDO) token prices are constantly bleeding, and 29.10% of their trading price has been lost, followed by Artificial Superintelligence (FET), with a decline of 26.15%. 

The wallet address belonging to Ethereum co-founder Vitalik Buterin transferred 3000 ETH to a multi-sig wallet- Lookonchain. 

The transaction was charged with a gas fee of 0.01 ETH, roughly $230, as per Etherscan(dot)io. 

The wallet holds 700,008.50817915 KyberNetwork (KCN) tokens and 36 Wrapped Ethereum (wETH), including 305 other crypto assets. 

As per an X post of Lookonchain, Vitalik Buterin, co-founder of Ethereum, has recently moved a chunk of Ethers to a multi-signature safe wallet. Before sending 3,000 ETHs the address tested, sending 0.01 ETH. 

vitalik.eth transferred 3,000 $ETH($8.05M) to a multi-sig safe wallet 20 mins ago, possibly as a donation.https://t.co/pw8ekIYSs1https://t.co/DW4Nhmbb6Z pic.twitter.com/7Y4Dx12cDP

— Lookonchain (@lookonchain) August 9, 2024

The on-chain analysis firms asserted that Buterin might donate the transferred amount of ETH. The transaction was charged with a gas fee of 0.01 ETH, roughly $230, as per Etherscan(dot)io.

Following the transfer of 3,000 Ethereum, now the Vitalik.eth wallet holds 200 Ethers; however, the recorded balance as of August 05, 2024, was 243,233 ETH.

The wallet holds 700,008.50817915 KyberNetwork (KCN) tokens, 36 Wrapped Ethereum (wETH), 123,646 OMG Network tokens (OMG), and 1,144 Ethereum Name Service (ENS) tokens, including 300+ other tokens and coins.

Contribution of Vitalik Buterin to Cryptocurrencies 

Vitalik Buterin co-founded Ethereum, the second most prominent crypto; he also backed the introduction of smart contracts. The development concept of decentralized applications (DApps) on the Ethereum Network was first introduced by Buterin to help boost ecosystem use cases. 

He suggested several scalability solutions for the Ethereum Network, including Proof of Stake, Plasma, and Sharding.

Other Market News 

Centralized crypto exchanges have majorly contributed to the surging adoption globally. A recent report of CCdata states that the trading volume of CEXs grew around 19% after a continuous decline for the past four years. 

The firm asserts that the primary reason behind the surge in trading volume is the approval of Ether spot ETF and the discussion over crypto in the recent U.S. election campaigns. 

Crypto Market Price Update

Since the beginning of August 2024, the broader market has tumbled to its verge; at press time, it was $2.12 Trillion after 5.06% addition intraday. 

Bitcoin’s (BTC) price grew 5.09% in the past 24 hours, reaching $60,580. However, in the weekly time frame, its price is trading in red with a decline of 6.28%. 

Following the approval of Ether spot ETFs, Ethereum adoption surged significantly, and a significant inflow of funds was observed in its ecosystem. 

When writing, ETH is trading at $2,632 with an intraday spike of 7.54%; however, its market grew 7.63%, making it the second biggest crypto in terms of market cap. 

Sui (SUI) tops the intraday gainer list, adding 27.56% to its price, reaching $0.8346. Helium (HNT) traded at $6.18, with a surge of 21.44%. 

Since the beginning of 2024 till August, the cryptocurrency market has reflected a mixed sentiment while registering surging losses from hacks, scams, and frauds. 

IntoTheBlock and The Open Network (TON) joined forces to offer advanced analytics free of cost. 

The integration will enable TON users to gain “actionable data and insights into the TON blockchain,” said Vincent Maliepaard. 

The partnership of Ripple blockchain and DIFC Innovations was followed by a rise in the number of XRP users. 

The constant innovation in blockchain technology, driven by the joint efforts of leading giants in both decentralized and centralized sectors, has led to a substantial increase in global cryptocurrency users over the past few quarters.

As per the information, IntoTheBlock and The Open Network (TON) joined forces to offer advanced analytics free of cost. 

Exciting news! @ton_blockchain analytics are now live on IntoTheBlock!We're thrilled to support one of the fastest-growing blockchain networks, providing you with in-depth insights and analytics.https://t.co/JbrMuGYu8u"

— IntoTheBlock (@intotheblock) August 9, 2024

IntoTheBlock is a leading on-chain analytics firm that helps Blockchain explore new potential. The partnership aims to boost user engagement, retention rate, and network transparency with a detailed analysis of the TON network. 

While talking to a crypto media outlet, the marketing director of IntoTheBlock, Vincent Maliepaard, notes that this integration will enable TON users to gain “actionable data and insights into the TON blockchain.”

“This level of visibility allows users to monitor transactions, assess network health, and identify any potential anomalies or risk early on,” Vincent added. 

Following the collaboration, the TON users will be able to leverage 60 indicators, providing in-depth analysis and helping to improve trading. 

IntoTheBlock leverages several in-house and other data metrics to gather the analytics and help users make their strategy based on on-chain information. 

ITB’s global business lead development, Omur Cataltepe, states, “The partnership enhances transparency and offers the community valuable insights into TON’s growth and usage.”

Major Partnership in Crypto Space Till August 2024

Ripple, a leading blockchain firm, partnered with DIFC Innovation on August 07, 2024, fueled by the strong interest of crypto moguls in the UAE.

Following Ripple’s partnership, a significant shift in the XRP user base has been observed. Ripple has reportedly funded over 150 teams working on the XRPL in 47 nations. 

Bitpanda, a leading fintech firm, has announced its strategic partnership with Deutsche Bank to facilitate its users’ hassle-free crypto services in Germany. 

Kraken, a leading centralized cryptocurrency exchange, announced its partnership with Atletico Madrid, a Spanish football club; the exchange is the team’s official sponsor in the 2024 season. 

In May 2024, TeleportDAO joined hands with Leather BTC to enhance its wallet experience. The company offers hard wallet support and other privacy and security support. 

Market Price Update 

The broader cryptocurrency market has reflected significant bullish signals in the past 24 hours. At press time, the market capitalization is $2.14 Trillion, adding 6.14% intraday. 

Bitcoin’s (BTC) price soared 6.36% in the past 24 hours, reaching $60,847. Its trading volume grew by 9.16%, and its market cap surged by 6.24%.  

Other News Update 

the trading volume of spot and derivative volume on centralized crypto exchanges grew 19%, reaching $4.91 Trillion, according to a study of CCData. Continuous declines over the past four months precede the registered development in volume.

The key reasons behind the growth of the trading volume of CEX are the launch of Ethereum (ETH) spot ETFs, positive voices about crypto in the U.S. elections, and some major bullish incidents that supported the market reach new milestones. 

On August 08, the Q2 earnings release pumped Bitfarms (BITF) stock by 22.02%. 

The expected earnings per share( EPS) of BITF stock was -$0.11; however, it was reported at -$0.07, with a growth of +35.41%. 

Bitfarms Ltd (BITF) 78.1% (331.30 Million) shares are free-floating, and 21.9% are closely held. 

The emergence of blockchain-based currencies spawned a range of innovative by-products and services, including cryptocurrency ATMs, crypto mining, and others. In the broader crypto market, dozens of companies are listed, contributing to the sector’s growth and diversification. 

Following the release of Q2 earnings, better than expected, Bitfarms (BITF) stock grew by approximately 22.02%. However, its trading price reflected a significant decline of 11.88% weekly and -14.81% in the past 30 days. 

Ben Gagnon, the chief executive officer of Bitfarms, wrote in his X post dated August 08 that the company is also exploring other opportunities than Bitcoin mining.

Bitfarms Q2 earnings below Key highlights:Increasing marketshare from faster hashrate growth than the networkRapidly improving energy efficiency and competitive energy pricesContinuous reductions in direct hashcost of roughly 2.7c/TH/Day and trending down https://t.co/BIEZ0lj13f

— Hashoveride (₿en Gagnon) (@hashoveride) August 8, 2024

According to Q2 earning documents, “Bitfarms’ new site in Sharon, PA represents its first foray into the PJM region, which the company believes is the most attractive energy market in the U.S., and one in which we hope to grow our footprint further.”

Bitfarms Q2 Earnings & Revenue Report

The expected earnings per share( EPS) of Bitfarms (BITF) stock was -$0.11, however, it reported -$0.07, registering a growth of +35.41%. 

Despite positive EPS, the reported revenue slipped by 6.88%, reaching $41.55 million. 

Bitfarms is expected to report $61.99 Million in Q3 and $84.82 Million in the last quarter of 2024. 

The company’s expected revenue for the year 2024 is $242.71 Million, followed by expected EPS of -$0.21. 

As per the Nasdaq filing, Bitfarms Ltd (BITF) 78.1% (331.30 Million) shares are free-floating, and the remaining 21.9% are closely held. 

Other Major Crypto Miners in the Market 

In terms of market capitalization, Marathon Digital Holdings (MARA) is one of the biggest crypto miners globally, with a market cap of $5.12 Billion. 

At press time, MARA stock was trading at $17.39, making it the most valued crypto mining stock. 

Cleanspark (CLSK) is 2nd most significant in crypto mining and the 3616th most valuable company with a market cap of $2.78 Billion. 

Some other crypto miners include Phoenix Group, Core Scientific, Riot Blockchain, Iris Energy, Cipher Mining, Terawulf, Bitdeer Technologies Group and Hut 8 Mining. 

The collective market capitalization of crypto mining companies accounts for $25.12 Billion. 

Crypto Market Price Alert! 

In the past 24 hours, the crypto market showed significant bullishness, adding 6.03% to the market cap. 

Bitcoin(BTC)  prices followed positive sentiments of the broader market in the past 24 hours; its price grew 6.60%, reaching $61,050. The reversal in price, market cap, and trading volume reflects the keen interest of bulls over the BTC. 

Despite a slippage of -2.76% of intraday trading volume, Ethereum’s (ETH) price surged over 11%, reaching $2,696. The gain of +10.75% in the market cap in the past 24 hours makes it the 2nd most valuable in terms of cap. 

Sui (SUI) is ruling the intraday gainers list, adding 31.67% to its price, followed by Celestia (TIA) price, reaching $5.57, following a growth of 20.18%. 

CoinATMRadar reports that over 80% of the world’s cryptocurrency ATMs are installed in the United States.

Thirty-eight thousand three hundred fifty-two crypto ATMs support the services of Bitcoin

The crypto ATM installation meter is at 24.6, a palpable figure in the past 60 days. 

Following the evolution of blockchain currency, cryptocurrency ATMs came into existence. For the past few quarters, a surge in the total number of ATMs is seen.

According to information from CoinATMRadar, as of August 01, 2024, the total number of crypto ATMs globally is 38,365. Over 80% of total crypto ATMs are installed in the United States. 

Source: CoinATMRadar 

The CoinATMRadar crypto ATM installation meter is at 24.6, which is appreciable in the past 60 days. There are ten major crypto ATM manufacturers globally; the list is ruled by Bitcoin Depot, which handles 8323 ATMs. 

In the past few years, the total number of crypto ATMs grew in Canada following the sudden growth in the region’s tourism industry. For the first time since the beginning of 2024, a decline of -538 ATMs is seen globally. 

The average monthly growth rate of crypto ATMs is 10- 15%, and over 75% of all ATMs allow only buying. Till the end of 2022, there were over 6 million crypto ATM users globally. 

Only 75-80 countries allow the installation of crypto ATMs. 

According to CoinATMRadar’s data, 394 other operators run 10141 crypto ATMs. Thirty-eight thousand three hundred fifty-two crypto ATMs support the services of Bitcoin; out of 38,361 ATMs 21, 018 ATMs support transactions related to altcoins(excluding Bitcoin & Bitcoin Cash).

Source:CoinATMRadar (ATM supporting cryptocurrencies) What are Crypto ATMs?

Cryptocurrency ATMs are specialized kiosks that enable users to buy and sell cryptocurrencies using traditional currency, debit cards, and credit cards. However, fewer users prefer crypto ATMs as they charge high transaction fees. Physical tampering or hacking, and sometimes, regulatory issues are major concerns with these machines. 

Crypto Market Price Alert

In the past 24 hours, the global crypto market has shown no significant movement; the Fear and Greed Index powered by CoinMarketCap is 42 (neutrality). 

When writing, Bitcoin (BTC) is trading at $57426 with a weekly loss of 10.90%, and a decline of 10.95% was observed in the trading volume intraday. Ethereum (ETH) lost 3.43% in the past 24 hours, reaching $2,446; its market capitalization dipped 4.01%.  

The total crypto market volume reflected a decline of 4.33%, reaching  $93.94 Billion. BTC continues to dominate over 55% of the broader market.   

XRP (XRP) ruled the intraday gainer list, adding more than 18% to its price, followed by Stellar (XLM), trading at $0.01015 and adding 6.63%. Although Artificial Superintelligence (FET) bled 10.36% in the past 24 hours, topping the intraday loser list. 

The consent order amounted to $12.7 Billion FTX & Alameda Research and got court approval as per court filing. 

FTX and its subsidiary agreed to pay some $8.4 Billion to the creditors who Sam Bankman Fried looted. 

SBF used this as a positive point and raised $8 Million in a seed round.

In 2022, the global cryptocurrency market experienced several ups and downs, among which FTX and LUNA were significant incidents. Reportedly, the losses for the year amount to over $2 Billion in crypto assets.

The U.S. District Judge Peter Castel has come up with the final verdict for the bankrupt FTX and its subsidiary Alameda Research, ordering them to pay $12.7 Billion to the creditors as part of the settlement with CFTC (Commodity Futures Trading Commission) of the United States.    

As per the filing of August 7, 2024, the Consent Order amounted to $12.7 Billion  FTX & Alameda Research got court approval, helping to resolve the months-long case with the U.S CFTC. 

FTX and its subsidiary agreed to pay some $8.4 Billion to the creditors whom the centralized cryptocurrency exchange’s founder and former CEO looted. 

Alameda Research and FTX were run by a bunch of college graduates including Sam Bankman, Caroline Ellison, and Nishad Singh. 

Sam began his profession as a trader at Jane Street Capital; he was also known for his expertise in arbitrage trading strategies. There are assertions that the CEO of Alameda Research, Caroline, was once Sam’s roommate and girlfriend for a year. 

The United States CFTC filed a lawsuit against the exchange, its founder, and Alameda Research in December 2022 on the charges of false marketing as a “digital commodity asset platform” and committing fraud to loot innocent investors.

FTX Collapse 2022

FTX came into existence in 2019. It was founded by Sam Bankman Fried (SBF) and later joined by Nishad Singh and Gary Wang. 

The exchange soon grabbed the attention of prominent VC investors. SBF raised $8 Million in a seed round. The funding cycle continued, and the firm continued its path toward becoming 2nd biggest exchange. 

Flush with funding, FTX had been on an aggressive expansion spree since 2021, utilizing M&As and partnerships. 

This included acquisitions of crypto portfolio tracker Blockfolio for $150M in 2020, LedgerX derivatives exchange, and even complex deals with embattled crypto projects like BlockFi. It assisted in supercharging user growth numbers through mergers & onboarding partners.

The unprecedented failure of FTX caused the entire crypto market to go into a tremendous shock, and dozens of market watchers argued that hundreds of millions went out of the market in just a few hours.

FTT Price History 

FTX Token (FTT), the native cryptocurrency of the FTX, is trading at $1.28, trading -98.51% lower than its all-time high registered on September 09, 2021. 

Source: FTT price chart from TradingView 

Since the bankruptcy of FTX, the token has been continuously trading below $3. It is vital to note that, obeying price failure, FTT experienced speculative activities such as holding and dumping. 

“The FTX bankruptcy proceedings are underway; the FTD token no longer has any use and may be liquidated by the e-state to pay creditors,” Reads a caution on CoinMarketCap. 

Crypto Market Price Alert

In the past 24 hours, the broader cryptocurrency market has shown no significant movement; the Fear and Greed Index powered by CoinMarketCap is 42, showing neutrality.

At press time, Bitcoin (BTC) is trading at $57279 with a weekly loss of 10.89%, and a decline of 12.81% was observed in the trading volume intraday. Ethereum (ETH) fell over 3% in the past 24 hours, reaching $2,428; its market capitalization dipped 2.53%.  

XRP (XRP) prices grew by 18.37%, topping the intraday list, followed by Popcat (POPCAT) adding 12.07%. Celestia (TIA) is trading at $4.66, declining 5.64% in a session. 

Nexera blockchain suffered a breach resulting in a wipeout of $1.8 Million, according to Cyvers, a blockchain security firm. 

As per on-chain data, the exploiters hold 32.5 million NXRA tokens worth $1.23 Million. 

NXRA lost 58.45% of its trading price in the past seven days and the YTD (year to date).

Cryptocurrencies, the strongest contender of the traditional currency, are facing severe threats of hack, scams, and frauds in 2024. WazirX, an Indian cryptocurrency exchange, recently lost over $230 Million in a breach. 

Cyvers, a blockchain analysis and security firm, notes that Nexera blockchain suffered a hack resulting in a wipeout of $1.8 Million. 

From its official X account, Nexera posted that it had identified an exploit and immediately halted services to limit losses.

AnnouncementThe team is investigating an exploit involving smart contracts containing NXRA tokens.While we are still finalizing our findings, there are already a couple of things that we can share:1⃣ The $NXRA token contract has already been paused. Trading is halted on…

— Nexera (@Nexera_Official) August 7, 2024

The post also notes that Nexera is closely discussing the exploit with the enforcement department and seeking legal aid. Following the hack, the blockchain has communicated to halt trading on its platform, and Kucoin and MEXC have already imposed the pause. 

UpdateWe have already identified the exploit in the past hours. We have acted fast and managed to stop further damage.We have also taken the following steps: We are working with our partners at @HypernativeLabs to trace the source of the exploit and have begun discussions…

— Nexera (@Nexera_Official) August 7, 2024

According to on-chain data, the exploiters hold 32.5 million NXRA tokens worth $1.23 Million, and there are claims that the exploiter behind this exploit has a close connection with other recent breaches of the crypto market. 

Nexera (NRXA) Token Price Analysis 

According to CoinMarketCap data, the Nexera (NXRA) token lost 34.18% of its trading price, reaching $0.03969. NXRA’s trading volume ballooned 783.16%, making it the 556th most traded crypto in the market. 

Source: Nexera (NRXA) price chart from TradingView  

In 52 weeks, the NXRA token’s highest traded price was $0.2882, and its lowest recorded traded price was $0.01815.

NXRA lost 58.45% of its trading price in the past seven days, and in the YTD (year to date) frame, it believes that 77.94%. If the prices continue to fall, the nearest visible support is $0.059249. 

As of writing, the NXRA token is trading below 20, 50, 100, and 200-day EMAs. 

Major Crypto Hacks & Scams 2024

In 2024, the crypto market has lost $266 Million in 16 attacks. The breach of WazirX became the most prominent attack of July 2024.   

On July 3, 2024, Bittensor, a decentralized artificial intelligence project, lost $8 Million in its native token, TAO. Also, in July, the liquidity layer and lending protocol of Rho Market depleted $7.6 million in stablecoins.

Hackers recently wiped out Ethereum (ETH) worth $9.33 Million from the Ronin Bridge. 

Based on the Ethereum blockchain, the sidechain for Axie Infinity, Ronin Bridge, experienced theft of 3,996 Ether. The players primarily use this chain to move assets from the Ronin chain to the Ethereum network.

Crypto Market Alerts

For the past 24 hours, bulls have been dominating bears in the market. The broader cryptocurrency market has added 2.65%, reaching $2.01 Trillion.   

As per CoinMarketCap data, the cryptocurrency market trading volume fell 33.96%, reaching $98.18 Billion.

Bitcoin’s (BTC) price reached $57,117; after adding 3.80%, it dominates 56.14% of the entire cryptocurrency market. BTC is the 2nd most traded crypto in the market, with an intraday trading volume of $44.43 Billion. 

Artificial Intelligence DApps are currently dominating the broader Web3 market, contributing 28%, DAppRadar report notes. 

As per Statista data, the global artificial intelligence market was worth $200 billion in 2023. 

The crypto fear & greed index powered by CoinMarketCap is 43 suggesting neutrality.

AI-supported DApps have topped the market in the past few quarters, attracting significant customers. 

After the hustle of decades, cryptocurrencies have positioned them as one of the strongest contenders for traditional currency. Several crypto projects are leveraging artificial intelligence (AI) to make their operations more convenient. 

Artificial Intelligence DApps are currently dominating the broader Web3 market, contributing 28% to daily activities on DApps, as per the July 2024 DApp industry report of DAppRadar. 

The report states that the blockchain and Web3 gaming sector has seen a decline in fuel as DApps have led the market for the past year. 

Gaming is still a crucial part of Web3, but compared to 2023, the sector lost its dominance and now holds 26% of the market. Decentralized gaming applications use blockchain technology to offer a more unique gaming experience than traditional gaming companies. 

Artificial Intelligence Usage in Crypto Market

In the early days, artificial intelligence was considered Bane due to its uniqueness, and there was speculation that it might take human jobs. 

However, over time, the advancement in AI has changed speculative thought, and now, it is primarily leveraged by almost every industry and sector. 

There are several companies in the cryptocurrency space that offer AI-powered bots that help analyze the market and execute transactions based on predefined criteria. 

In the broader market, dozens of software and tools utilize AI to predict market trends, manage trading portfolios, and several other uses.

According to Statista’s data, the market capitalization of the global artificial market was worth $200 billion in 2023. The market cap is expected to reach $1.8 Trillion by the end of 2030.

As per primary claims, Artificial Intelligence can detect and prevent fraudulent activities and enhance the ecosystem’s security in cryptocurrencies.

Crypto Market Price Alert

In the past 24 hours, the global cryptocurrency market has reflected strong bulls control directing market capitalization to $2.03 Trillion. 

The crypto fear & greed index powered by CoinMarketCap is 43 suggesting neutrality. But as per the market observers, there is FOMO in the market pushing investors not to invest. 

Bitcoin price added  4.58% reaching $57,509. Although it lost 38.72% to its intraday trading volume reaching 44.58 billion making it the 2nd most traded in the market. 

In the past 30 days, BTC highest traded at $69,987 and its lowest recorded trading price is $49,121. It is crucial to note that it achieved its highest trading price of $57,396 on March 14, 2024. 

Zcash (ZEC) price surged 5.03% in the past 7 days, making it the weekly topper. Helium (HNT) is trading at $4.97 and UNUS SED LEO (LEO) is valued at $5.73, after adding 1.02% weekly. 

Mox, a virtual bank and a subsidiary of Chartered Standard, launched crypto exchange-traded fund trading for its customers. 

28% of its customers have already invested in cryptocurrencies, and approximately 18% of the customers are active crypto trackers, Mox claims. 

Bitcoin is trading at $57,276, as of writing, with a growth of 4.48%; its trading volume fell 39.57%, reaching $45 Billion.

The surging popularity of crypto has lured traditional banking joints towards virtual and digital currency.

On August 7, Mox, a virtual Bank based in Hong Kong, launched crypto exchange-traded fund trading for its customer expansion into spot trading. It is the daughter company of Standard Chartered, a British multinational bank with customers globally. 

Following the announcement, customers can trade Bitcoin spot ETFs and Ethereum spot ETFs directly on the Mox platform.

The virtual bank is planning to partner with a registered cryptocurrency exchange in the future to boost its services to direct buying, selling, and trading of crypto assets.

In earlier days, there was confusion over the approval of spot ETFs, but Hong Kong approved ETF trading in April 2024. However, Hong Kong has positioned itself as one of the fastest-evolving crypto hubs globally. Its neighboring nation, China, restricted all sorts of crypto activities in 2021.

Following its establishment in September 2022, the bank reported recently that 28% of its customers have already invested in cryptocurrencies, and approximately 18% of the customers are active crypto trackers.

The virtual bank has a vision to establish a benchmark of Hong Kong globally, said Barbaros Uygun, the chief executive officer of Mox.

Uygun also notes that enlisting crypto ETFs to the Mox platform will enable its customers to gain exposure to flourishing digital assets with trust.

In a dialogue with the South China Morning Post, Jayant Bhatia, the chief product officer of Mox, asserts the launch of ETFs as the beginning of what the bank seeks to deliver in crypto trading services.

Hong Kong’s Crypto Regulations

The region is among the fastest-evolving cryptocurrency markets, focusing on providing clear regulations and protecting investors.

Several companies in Hong Kong are actively working in the crypto space, including OKEX, a cryptocurrency exchange, 100x, crypto (dot)com, one of the leading crypto-based firms functioning on a global scale, Parallel, and Pulsar Trading Capital, among others.

Hong Kong regulators are constantly working to structure their framework more clearly and transparently, aligning with international standards such as Financial Action Task Force recommendations. 

Following the clarity over Cryptocurrency, none of the companies invested millions of dollars in the region to establish their business and serve the people of the region.

Crypto Market Alert

Since the past 24 hours, bulls have dominated the bears in the market as the crypto market added 4.26% to its capitalization, reaching $2.03 Trillion.

Bitcoin is trading at $57,276, as of writing, with a growth of 4.48%; despite this growth, trading volume fell 39.57%, reaching $45 Billion.

Popcat (POPCAT) price grew 36.81% intraday, making it the top topper on the list. Dogwifhat (WIF), the trending memecoin, is trading at $1.75 after it added 28% in the past 24 hours.

New York’s Homeland Security and Investigation unit detained masterminds of CND’s crypto recovery scam.  

According to the investigation report, CDN kept the transaction fees in the name of funds recovery in several cases.   

The department seized the website in 2023, and the recent follow-up includes Michael Lauchlan’s arrest on July 09. 

Since the beginning of 2024, the cryptocurrency market has lost over $1 Billion in hacks and other fraudulent activities. 

The U.S. Department of Homeland Security and Investigation asserted on August 5, 2024, that its New York Task unit had uncovered a bogus crypto asset recovery business operated by Michael Lauchlan. 

As per the available information, Lauchlan’s Coin Dispute Network (CDN) purported to offer expertise in blockchain analysis, tracking cryptocurrencies, and recovering lost funds in exchange for some fees.

It’s crucial to note that in several cases, CDN kept the transaction fees in the name of funds recovery. It also secured access to the funds of some users by fooling them by leveraging fake blockchain reports. 

While interviewing 175 users of the CND, it was noted that they had yet to be able to recover their funds, according to the investigation reports. Michael is charged with grand larceny and two other charges in the Manhattan Criminal Court. 

Michael Lauchlan allegedly exploited his customers’ lack of experience with the cryptocurrency industry and, in turn, fleeced them out of thousands of dollars in sham services and stolen assets, said Ivan J. Arvelo, in charge of HSI’s New York Unit.  

Law enforcement officials took control of the CND website in July 2023 and subsequently apprehended Michael on July 9 as a result of their follow-up investigation.

The report asserts that he spoofed his identity and was living in the name of Max Handler.   

Other Major Updates 

Hackers breached Ronin Bridge, the sidechain of Axie Infinity, on August 05, 2024, making off with around $10 Million. This marks the second time hackers have compromised the bridge, having previously stolen $600 Million in 2022.

Binance, a leading cryptocurrency exchange, received a GST notice from the Indian regulators. The notice was issued explicitly by Ahemndabd’s regional GST unit, demanding taxes on the transactions earned from Indian users. 

A recent survey of PeckShield notes that the cryptocurrency sector has lost $266 Million in July 2024. The blockchain analysis firm identifies the WazirX hack as one of the most prominent, resulting in losses of $230 Million in crypto. 

Market Price Alert 

In the past 24 hours, the broader cryptocurrency market has shown a strong reversal, pushing the market capitalization above $2 Trillion. However, the intraday trading volume fell over 42%, reaching $103 Billion. 

Bitcoin prices are struggling to break the resistance of $60k; as of writing, it was trading at $ 56,927. Bulls are taking control of BTC’s trading volume, driving the price upwards and setting their sights on the next resistance level of $59k.

Dogwifhat (WIF), the trending memecoin, added 20% to its trading price, reaching $1.71, and the trading volume depleted over 35% intraday. Popcat (POPCAT) price surged 19.13, making it the 2nd topper of the past 24 hours.   

Maker (MKR) leads the intraday losers list as its prices slip more than 6%, and Kaspa (KAS) is trading at $0.1629 with a bleed of 4.20%. Akash Network (AKT) struggles to break resistance of $3.00 after losing 3.37% in a trading session. 

Ronin Bridge, the sidechain for Axie Infinity, underwent a breach, losing Ethereum worth $9.33 Million. 

The first time, Ronin Bridge was hacked in March 2022, resulting in a $600 Million wipeout. 

The broader cryptocurrency market has lost $266 Million in 16 attacks, excluding the recent Ronin Bridge attack. 

Recently, hackers successfully wiped out Ethereum (ETH) worth $9.33 Million from the Ronin Bridge. 

Based on the Ethereum blockchain, the sidechain for Axie Infinity, Ronin Bridge, 

underwent a theft of 3,996 Ether. The players primarily use this chain to transfer assets from the Ronin chain to the Ethereum network.

PeckShield, a blockchain security firm, identified the suspected activities and confirmed the theft of 3,999 ETH from Ronin Bridge. Following the Wipeout of funds, the sidechain halted its activities immediately. 

#PeckShieldAlert @Ronin_Network #whitehacked? or Hacked? (w/ ~ $9.33M) pic.twitter.com/wfaY0zhVdI

— PeckShieldAlert (@PeckShieldAlert) August 6, 2024

It’s the third time Ronin has lost a significant amount of funds; the first was the Ronin Bridge attack in March 2022, which resulted in a $600 Million wipeout, followed by the Axie & Ronin co-founder wallet hack in February 2024. 

“The Ronin Network bridge has been paused while we investigate a report from whitehats about a potential MEV exploit,” the co-founder/chairman of Ronin and Axie wrote in X post. 

The @Ronin_Network bridge has been paused while we investigate a report from whitehats about a potential MEV exploit. We will follow up with more information shortly.The bridge currently secures over $850M which is safe https://t.co/lUjIIgb1DD

— Psycheout.ron (@Psycheout86) August 6, 2024

Ronin Bridge Hack 2022 Explained 

In March 2022, the sidechain battled a theft, resulting in a $600 Million wipeout in cryptocurrencies. Ronin lost 173,600 Ethereum and 25.5 Million USDC coins; the bad actor compromised the smart contract helping them to drain funds. 

As per the information, hackers identified a vulnerability in the bridge’s validation mechanism that helped them fake transactions and drain the available funds. The bad actors leveraged social engineering and others to drain the funds.

The hack was one of the biggest thefts in the crypto market in 2022. However, the attack raised severe concerns over the security of cross-chain bridges. 

Major Crypto Hacks 2024

In 2024 so far, the crypto market has lost $266 Million in 16 attacks. The breach of WazirX became the most ruinous attack of July 2024.   

On-chain analysts broadly claim that the Lazarus Group of North Korea led the attack on WazirX. PeckShield claimed that 61,154 ETH looted from the Indian trading giant are still under hackers’ control. 

#PeckShieldAlert July 2024 witnessed 16 hacks in the crypto space, resulting in ~$266 million (w/o Compound Potential Governance Attack)) in losses.Top 10 Hacks:#WazirX: $230 million (CeFi)#Compound: $24 million (Potential Governance Attack)#LI.FI: $9.73 million#Bittensor:… pic.twitter.com/jsmP9qLuqR

— PeckShieldAlert (@PeckShieldAlert) August 1, 2024

Ethereum-based decentralized lending and borrowing platform Compound Finance lost $24 Million in a breach (Potential Governance Attack). Li.Fi, a bridging protocol, lost roughly $11 Million in a smart contract exploit.    

A study by Immunefi demonstrates that the cryptocurrency market lost over $1.9 Billion to 149 hacks, scams, and rug-pulls in 2024. This is a catastrophic growth of 16.3% compared to last year.

Gala Games, a Web3 gaming ecosystem, was compromised by some bad actors, resulting in a loss of $22 Million. The report cites that the hackers traded 600 Million Gala tokens for 5,193 ETH. 

Capula Management, the European hedge fund, bought significant stock in Bitcoin (BTC) ETF companies.  

Shares worth $253 Million of iShare Bitcoin Fund are now held by Capula Management, as per a recent 13b filing. 

The launch of BTC spot ETFs has pushed the inflow of funds, making the market capitalization of Bitcoin $2 Trillion. 

The garnishing popularity of cryptocurrencies is luring global investors and giant asset management firms.

The global crypto market has recorded milestones in terms of gathering investment; following the popularity of Bitcoin (BTC), asset managers such as BlackRock and Capula Management, among others, jumped to support the growth financially.   

As per the 13b filing of the U.S SEC dated August 05, 2024, Capula Management has invested $464 Million in Bitcoin Exchange Traded Funds (ETFs). The launch of BTC spot ETFs has pushed the inflow of funds, making the market capitalization of Bitcoin $2 Trillion. 

The hedge fund added 4,022,346 shares of Fidelity Wise Origin Bitcoin ETF (FBTC), and it also bought shares of BlackRock’s iShare Bitcoin Fund worth $253 Million. 

Capula Management has $118 Billion in assets under management (AUM) and is also known as one of Europe’s most significant hedge funds. Bitcoin prices and its usp are primarily appreciated by big, giant investors, even with market fluctuation and immense volatility. 

This move of Capula reflects the surging adoption of digital assets in the traditional finance market. As per some analysts, the asset management firm has made its first investment in Bitcoin to diversify its investment portfolio in the digital assets market. 

Companies Holding Bitcoin 

Tesla Inc., the company Centi-billionaire Elon Musk owns, holds 11,509 Bitcoins valued at $632 Million as of writing. MicroStrategy (MSTR) holds 226,331 BTC, and Marathon Digital Holdings (MARA) has 17,320 BTC ($953 Million).  

The collective Bitcoin holdings of private companies are 324,41 BTCs, valued at 16.28 Billion, as of press time.

Bitcoin Spot ETFs Price Update 

According to CoinMarketCap data, the total AUM of the Bitcoin spot ETFs market is $47,416,112,039. However, the total recorded flow was – $168,400,000 in a monthly time frame. 

FBTC spot ETF is valued at $46.80 with an AUM of $9.9 Billion and a market capitalization of $9.66 Billion. Grayscale Bitcoin Trust (GBTC) ETF traded highest at $65.61 on March 10, 2024. 

Hashdex Bitcoin ETF is trading at $60.4089, which makes it the most costly BTC spot ETF on the market. 

Market Price Alert

Since the market’s opening on August 06, 2024, the market started to follow a reversal path, adding 8.27% to the entire market capitalization. At the time of writing, the market cap was $1.98 Trillion, the lowest in the past 60 days. 

Bitcoin (BTC) is trading at $55,101 with a growth of 5.83%; its market capitalization reflected a correction of 8.57%. In the past 24 hours, BTC’s lowest traded at $49,578, reaching its quarterly low. 

Bittensor (TAO) grew 35.36% intraday, reaching $257.44. Ethereum’s market capitalization surged by 10.12%, and its trading price showed a reversal, adding 7.86%.

Coinbase’s efforts to obtain documents from Gary Gensler were excessively broad, as per the SEC’s recent filing. 

As per information, MIT, where Gary used to teach blockchain technology, also received the request to release identical documents.

In a pre-trial, Judge Katherin Polk Failla expressed her disapproval of Coinbase’s request to release Gary’s documents before his tenure at the SEC. 

In the ongoing legal tussle between the SEC & Coinbase, the regulator filed a new complaint against the exchange, arguing that its efforts to obtain records from Gary Gensler were excessively broad.  

In a recent X post, Paul Grewal, the Chief Legal Officer (CLO) of Coinbase, asserted that the SEC had answered the exchange’s request for documents. 

Update: Today @SECGov filed its response to our request to produce important documents showing the record of the SEC’s inconsistent views of digital assets and its own regulatory reach. If the SEC is going to engage in an unprecedented regulation by enforcement campaign, the… https://t.co/MxQ1omDGN3

— paulgrewal.eth (@iampaulgrewal) August 5, 2024

He additionally remarks that the documents will show the record of the SEC’s inconsistent views on digital assets and its regulatory reach.

There are claims that Coinbase is seeking these documents from the SEC to support its lawsuit against them. The exchange urges releasing documents tied to Gary Gensler, the U.S. Securities and Exchange Commission chairperson.

Why Did the SEC Charge Coinbase? 

Earlier this year, the SEC filed a suit against Coinbase, alleging that the exchange operated in the U.S. without enlisting as a security exchange, broker, and clearing agency.

The regulatory commission further alleges the exchange for selling unregistered securities leveraging its staking platform. Coinbase filed the document request in April, and in July, it notified the SEC that it would subpoena Gary’s crypto-related communication during his term and four years before his appointment.

MIT, where Gary used to teach blockchain technology, also received Coinbase’s request to release identical documents. The exchange swore the court would only demand documents within the SEC’s capacity. 

In a pre-trial, Judge Katherin Polk Failla expressed her disapproval of Coinbase’s request to release Gary’s documents before his tenure at the SEC. 

Coinbase (COIN) Revenue & Earning Updates 

In Q2 2024, Coinbase Global Inc. suppressed its estimated revenue, reporting $1.5 Billion in revenue. The estimated revenue for the upcoming quarter is $1.32 billion, and for the 2024 period, the estimate is $5.80 billion. 

Coinbase’s primary source of revenue includes custodial fees, blockchain rewards, platform fees, and crypto assets. The company gathers 87% of its revenue from the United States and the rest of the world.

On August 05, 2024, Coinbase (COIN) stock opened trading at $162.01; however, it closed trading at $189.47. COIN stock observed significant selling pressure from July 23 to August 02. 

Crypto Market Price Update 

The broader cryptocurrency market reflects a slight bullishness post-severe bleeding between August 04 and August 05. The sudden volatility dragged crypto market capitalization to $2 Trillion the previous day. 

The crypto market cap was $1.98 trillion at press time, and the market volume ballooned to  $187.62 Billion. Bitcoin price reflected a correction of 5.23% in the past few hours, although it is still trading below $56,000. 

Bittensor’s (TAO) price reached $256.67, up 32.34%, and Akash Network’s (AKT) trading price increased by 28.88% intraday. The trading volume of all stablecoins markets is $154.59 Billion, contributing 93.72% to the total crypto market 24-hour volume.

The global cryptocurrency market has lost roughly $500 Million in the past seven days due to volatility and seller pressure. 

Binance, a centralized cryptocurrency exchange, received a notice from DGGI demanding Rs 722 crores as Goods and Service Tax (GST)

The exchange has gathered approximately Rs 4000 crores in trading fees from Indian users- Source.

According to Statista, The total number of users in the DeFi market from India is likely to reach 6,674.00k users by 2025.

The popularity of blockchain-based currencies is surging tremendously; the global cryptocurrency market is valued at $1.96 Trillion. India is one of the fastest-evolving nations for cryptos in the Asia Pacific. 

As per recent news sources, the Directorate General of GST (DGGI) has issued a show cause notice to Binance, one of the biggest centralized cryptocurrency exchanges. Meanwhile, in a significant development, the DGGI’s regional unit in Ahmedabad has explicitly issued the notice.

DGGI notice demands Binance to pay Rs 722 crores as Goods and Service tax; it is the foremost time the institution has issued any notice to a crypto exchange. 

The exchange received the notice, as it was charging Indian customers trading virtual digital assets (VDAs), categorized under the online information database access or retrieval (OIDAR) service. 

Earlier, Binance secured a green signal from the Financial Intelligence Unit (FIU) to register as a virtual asset service provider (VASP) in India. In July 2024, FIU imposed a fine of Rs 18 crores on the exchange for non-compliance with Anti-money Laundering (AML) regulations.

A person aware of the information asserts that Binance has made around Rs 4000 crore in transaction fees from Indian users. 

Nest Service Limited, a Seychelles-based company, claimed to have a close association with the leading cryptocurrency exchange and received the funds earned in Fess from India on its platform.  

Overview of Indian Cryptocurrency Market

TechSci cites in its research that the Indian cryptocurrency space is valued at $211.5 Million in 2023. It is expected to flourish with a CAGR of 6.75% between 2025- 2029. 

The projected revenue of the Indian cryptocurrency space till the end of 2025 is $6.04 Billion. India will contribute around 107 Million crypto users to the global market by the end of 2025, as per Statista. 

The NFT market in India is projected to witness significant revenue growth, with an estimated $80.3 Million by the end of 2024. By 2025, the projected total revenue is expected to reach $77.5 Million. 

According to Statista, The total number of users in the DeFi market from India is likely to reach 6,674.00k users by 2025.

Market Price Update

As of writing, the fear and greed index of the broader cryptocurrency market 32 reflects fear in the market and among investors. The global crypto market capitalization reached $1.98 Trillion, adding 8.95% in the past 6-8 hours. 

On August 05, 2024, the broader market was bleeding at its verge, resulting in losses of over $500 Million in cryptocurrencies. In the past 24, the lowest recorded trading price of Bitcoin was $49,121; at the press time, it was trading at $55,897, adding 10.85% to its cost. 

Bittensor (TAO) added 49.71% to its trading price intraday reaching $257.44. Ethereum’s market capitalization surged by 13%, and its trading price showed a reversal, adding 12.80%. 

The trading volume of all stablecoins markets is $175.55B, contributing 93.57% to the total crypto market 24-hour volume.

Exploiters of Nomad Bridge bought a significant chunk of Ethereum from the stolen funds. 

Nomad Exploiter used Tornado Cash and CoW to wipe out the origin and designation data of the cryptocurrency. 

ETH lost more than 24% of its trading price; at the press time, it was trading at $2,287.

The market has been hustling for the past 24 hours, and almost all major cryptocurrencies are trading in the red; according to reports, the hackers of the Nomad blockchain recently bought a chunk of Ethereum from the funds wiped out from different hacks and breaches. 

According to on-chain data, addresses reported as Nomad Exploiter 2 have bought 16,892 Ether, amounting to $37.7 Million. The exploiter wisely bought ETH at a lower price as the market was tumbling on its verge. 

It is crucial to note that following the swap of DAI for Ethereum using CoW, the exploiter moved around 2,400 Ether to Tornado Cash. The hacker followed the process in order to hide or clear the origin and designation of the ETH. 

CoW is a decentralized exchange that offers a fully permissionless trading protocol that leverages Batch Auctions to find prices. Market analysts largely claim that hackers involved in other breaches and attacks have also been buying crypto since the decline. 

Ethereum (ETH) Price Overview 

For the past 24 hours, Ethereum and other major cryptocurrencies have been bleeding to the verge. ETH lost more than 24% of its trading price; at the press time, it was trading at $2,287. 

The trading volume of Ethereum soared more than 210% intraday, and the unprecedented growth in trading volume made ETH the 3rd most traded crypto. Its market capitalization declined 22%, reaching $275.99 Billion. 

Crypto Market Updates

The global cryptocurrency market capitalization slips by 18.64%, reaching $1.75 Trillion after quite an extended period. 

Lido DAO (LDO) topped the intraday loser list as its price slipped 29.86%, reaching $0.9454. Its intraday trading volume grew surprisingly by 938.24%, reaching $693,431,496, which makes it the 15th most traded cryptocurrency. 

The total volume in DeFi is currently $11.38B, 5.31% of the total crypto market 24-hour volume. The volume of all stablecoins is now $202.33B, 94.34% of the total crypto market 24-hour volume.

This severe turbulence has directed billions of dollars out of the market, and Pepe (PEPE), the popular memecoin, lost 29% of its trading value. The memecoin category is battling significant volatility, losing 20% of its market capitalization. 

Australian Federal Police have joined hands with Chainalysis over “Operation Spincaster,” per a press release dated August 5. 

Scammers leverage ‘Approval Phishing’ techniques to defraud innocent investors. 

The market capitalization fell more than 14% and is $1.84 Trillion as of press time.  

Australian Federal Police, the national policing agency of Australia, teamed up with Chainalysis to track down crypto scammers and hackers troubling the continent.

The agency decided to work with the blockchain security & analysis firm after Australia’s total number of compromised crypto wallets reached 2000. 

AFP’s press release dated August 5 states that it has joined “Operation Spincaster,” an initiative to hunt down scammers leveraging “approval phishing.” In these types of scams, fraudsters target non-custodial wallets. 

“Operation Spincaster,” gathered colossal support from firms like OKX, SwyftX, Wayex, Binance, and Crypto(dot)com in identifying Australian victims; however, it is unclear whether the agency recovered any of the lost funds.  

While dealing with cryptocurrencies, users should remain vigilant and cautious to avoid any monetary losses, the AFP urged. 

Approval Phishing is among the most sophisticated scam techniques, in which a scammer misleads a user and tries to control the wallet, draining assets.

Popular Cryptocurrency Scams

Hackers use various scamming techniques to loot individuals, but some of the most used scamming techniques are as follows.

Social Engineering Scam Technique: Rather than directly targeting the victim in this technique, scammers manipulate the victim’s mind using psychological methods to gain credentials and other crucial information. 

Phishing Scam Technique: In this scamming type, the fraudsters create fake websites similar to the original website and send phishing emails containing bogus links, which are placed to direct victims to a fake website. 

Malware Scam: Malware and other malicious software can be used to steal login credentials, private keys, and other information that can help access the wallet. 

Romance & Dating Scam: This scam technique is used by scammers to target female crypto enthusiasts. The bad actor manipulates the victim emotionally and romantically; once she starts to trust the scammer, the scammer leverages feelings to wipe out assets held by the victim in wallet. 

Market Price Update 

For the past 24 hours, the global cryptocurrency market has been bleeding on its verge. The market capitalization fell more than 14% and is $1.84 Trillion at press time.  

Bitcoin price shed over 15% in the past 24 hours, dragging its price below the mark of $52,000. However, its trading volume ballooned more than 195%, reaching $81.85 Billion, which makes it the 2nd most traded crypto.

The ongoing turbulence has directed billions of dollars out of the market, and Ethereum bleeds severely, losing over 21% of its trading price intraday. 

Jump Crypto transferred cryptocurrencies worth over $200 Million to cryptocurrency exchanges. 

The list of all moved cryptocurrencies includes USD Coin (USDC), Shiba Inu( SHIB), UniSwap (UNI), and Tether (USDT). 

Lido Staked ETH (StETH) was trading at $2,356 with an intraday rejection of 19.07%.

Jump Crypto’s recent move fuels speculation that the firm is gearing up for a massive sell-off. The crypto division of Jump Trading has most recently transferred cryptocurrencies worth millions to several crypto exchanges.  

According to the data available on Etherscan(dot)io, Jump Crypto has unstaked 120k staked- Ether valued at around $279.4 Million as of writing. Despite moving massive chunks, the firm still holds approximately staked Ether (StETH) valued at $125 Million (per writing) and wrapped Lido Staked Ether (StETH) amounting to $115 Million.  

Jump Crypto moved cryptocurrencies, including USD Coin (USDC), Shiba Inu( SHIB), UniSwap (UNI), and Tether (USDT). Jump Crypto has been moving funding for the past few days, but the intent behind the transfer is still under speculation. 

On-chain analyst EmberCN asserts that Jump has already unstaked $410 Million in Ether, and around $191 Million have already moved to the crypto exchanges. 

Commodity Future Trading Commission asserts in its report that the transfer came five weeks following the departure of Kanav Kariya, the ex-president of Jump Crypto. 

Cryptowhales usually move funds to exchanges to sell their assets for profit or to alter their losses. 

Lido Staked ETH (StETH)  Price Overview 

As of writing, Lido Staked ETH (StETH)  is trading at $2,356 with an intraday denial of 19.07%. Its intraday trading volume grew surprisingly by 938.24%, reaching $693,431,496, which makes it the 15th most traded cryptocurrency. 

CoinMarketCap’s data notes that 55.43% of addresses hold between 1 – 1,000 Lido Staked ETH, followed by 40.26% of addresses holding 1,000- 100k StETH. 

StETH hit its lowest trading price of $551.78 on December 24, 2020, while it reached its highest trading price of $4,982 on November 16, 2021.

Market Overview 

The impulsive movement of funds’ by Jump Crypto has stirred market sentiment, mirroring massive losses. In the past 24 hours, the global cryptocurrency market capitalization fell over 11%, reaching $1.9 Trillion. 

Bitcoin’s trading price fell over 14% intraday, sending it below $55k, although its trading volume surged over 95% to reach $54.42 Billion. Similarly, Ethereum (ETH) has lost 21.92% of its trading price at $2,305, but its 24-hour trading volume has soared by 160%.

Intraday Losers

Bittensor (TAO): -25.89% to $185

Ethereum Name Service (ENS):  -23.21% to $15.68

Arbitrum (ARB): -23% to $0.4682

KuCoin (KCS): -22.44% to $6.82

Lido DAO (LDO): -22.27% to $1.04

Ethereum blockchain added over 76 Million new addresses to date following the approval of the key filing of spot ETF on May 23, 2024. 

From January 2024 till February, ETH consolidated between $2,285 to $2,580.

Bitcoin (BTC) is trading at $54,251, with a decline of 10.51% in the past 24 hours.  

The evolution of blockchain technology has revolutionized the old-school finance system worldwide. There are several renowned blockchains, but the Ethereum (ETH) blockchain is the biggest in the cryptocurrency market. 

Ether spot ETF key filing was approved by the United States SEC on May 23, 2024, which boosted Ethereum’s price. 

According to data from Etherscan(dot)io, as per the approval date, the total number of addresses was 270,485,174, adding 98,899 fresh on the same day. 

Till August 04, 2024, the total number of addresses on the Ethereum blockchain was 278,106,038. Since the filing approval, the chain added 76,208,64 new addresses. It was considered a Ponzi project in its early days, but its dedication to improving blockchain and crypto has made Ether stand out of the bogus category.

Ethereum (ETH) Price Movement Since 2024 Beginning   

On the first day of 2024, Ethereum closed trading at $2,352, followed by mild bearishness. From the beginning of January 2024 till February, ETH consolidated in the range between $2,285 to $2,580.

Ethereum’s value tumbled 21.88% to $2,276, while its intraday trading volume skyrocketed by 105%. On its 9th birthday on August 01, 2024, ETH traded at $3,200; however, on the following day, it slipped below the mark of $3k. 

Ethereum’s market capitalization has flourished significantly since the beginning of 2024; at press time, it was $281.67 Billion. In the 1st half of March this year, Ether’s market capitalization ballooned to $497 Billion; similarly, in May, it was over $460 Billion.

ETH/USDT and ETH/FDUSD are one of the most traded pairs of Ethereum. The lowest trading price of Ether was $0.4209 (on October 22, 2015). However, the highest traded value was $4,891.70, marked on November 16, 2023. 

Market Overview

Over the past few hours, the market lost 12.33% of the entire market capitalization. In a weekly time frame, the market cap dips over 21%, reaching $1.852 Trillion.   

Market observers claim that the decline was directed by active bear and the FOMO among investors over global uncertainties. Bitcoin (BTC) is trading at $54,251, dropping 10.51% in the past 24 hours. 

Bittensor (TAO) recorded a high intraday decline of 25.94%, trading at $186.93. As of writing, Ethereum Name Service (ENS) is trading at $16.19, reflecting a 22.14% intraday decline.  

The Fear and Greed Index of the crypto market is 46, reflecting neutrality, but some specific cryptocurrency tokens are steadily falling. 

A memecoin project, Ponzio The Cat (PONZIO), is one of the most trending cryptocurrency projects as its price grew over 2,600% in the past 30 days. Keen observers detected major speculative activities in the trading volume, leading them to suspect a massive dump is imminent

Conclusion

Ethereum’s significant growth in new addresses post-ETF filing approval indicates a promising future for the cryptocurrency. Ethereum propels itself forward, solidifying its reputation and fueling its market capitalization to achieve continued success. 

A centralized cryptocurrency exchange and brokerage Coinzoom halted its services in Ohio post regulatory summon. 

The suspension stemmed from a recent multi-state examination, where regulators found it difficult to verify exchange’s financial condition. 

Ethereum slips to $2,988 as it lost 5.11% of its trading price intraday.

Coinzoom, a cryptocurrency and brokerage firm suspended its operations in Ohio following a regulatory summons. While some nations have established rules and regulations to govern cryptocurrencies, others continue to oppose the digital currency era.

Despite the global cryptocurrency market’s rapid growth, regulatory challenges remain a significant barrier to its expansion.

Coinzoom Suspends Services in Ohio, Why?

The Ohio Department of Commerce issued a cease and desist order against Coinzoom on August 1st, after a legal review uncovered financial irregularities. 

While existing customers can still access their assets, the exchange cannot onboard new customers. Coinzoom plans to challenge the order in an administrative hearing to resolve issues raised by the multi-state examination.

The Ohio Department of Commerce’s Division of Financial Institutions (DFI) issued an order directing the digital currency trading platform, to cease operations in the state, effective immediately. 

As a licensed financial firm in Ohio, Coinzoom offers a range of financial services and supports transactions in over 30 cryptocurrencies. 

The suspension of operations stemmed from a recent multi-state examination, where regulators found it difficult to verify Coinzoom’s financial situation and extensive financial health assessment process. 

“The DFI investigation found that Coinzoom’s financial statements failed to meet the required standards, making it impossible to determine the company’s true financial condition. Consequently, the DFI was unable to ensure Coinzoom’s financial stability, leading to the suspension.”

Coinzoom’s suspended services can resume if the court or DFI lifts the suspension.

Market Updates

The global cryptocurrency market has been reflecting a major bearishness bias, for the past 24 hours. The total market capitalization has slipped by 4% to $2.2 Trillion, and Bitcoin lost more than 4.40% of its trading price. 

The FOMO of global financial uncertainty is misleading the vast cryptocurrency market resulting in major sell out. Similarly, Ethereum slips to $2,988 as it lost 5.11% of its trading price intraday. 

Weekly Gainers

Aave (AAVE): +13.59% to $113.63

Tether Gold (XAUt): +2.33% to $2,444

Weekly Losers

Dogwifhat (WIF): -36.67% to $1.67

Bonk (BONK): -25.66% to $0.0000221

Arweave (AR): -25.30% to $24.22

Pyth Network: -24.94% to $0.2977

Render (RENDER): -24.63% to $5.12