Crypto Insider

🌐 Crypto Exchange Volumes Surge in August, Reaching Highest Levels Since May 👀 August saw a significant rebound in crypto exchange activity, with total spot volume for the top 10 centralized exchanges reaching $908 billion, a 5% increase from July. This marks the highest level since May 2024, despite being over 50% lower than March's record $2.1 trillion. Derivatives trading volume also rose to $3.68 trillion, up 4.70%. Binance maintained its lead with 49% market share, followed by Bybit at 17% and Huobi at 7%. 📊 Year-over-year comparisons reveal dramatic growth, with average volumes up 155%. Bybit showed the most impressive gain, surging over 560% from $23 billion in August 2023 to $154 billion. Other exchanges like OKX, Coinbase, and Binance also posted triple-digit increases. Despite historically bearish trends in September, Bitcoin's price is currently holding steady around $60,000, suggesting continued market interest despite less attractive prices compared to earlier highs. 📌Powered by V3V Ventures

💸 Bitcoin Hits $62.6K as Fed Makes Rare 0.5% Rate Cut 🕯 Bitcoin reached a three-week high of $62,600 following the U.S. Federal Reserve's unexpected 0.5% interest rate cut, only the third time in history such a large initial reduction has occurred. This move liquidated $128 million in short BTC positions over 24 hours. Traders are now cautioned to reduce leverage or take profits, with resistance levels around $62,500 and $65,000 being closely watched. ⚠️ However, historical data suggests caution for risk assets. Previous instances of 0.5% initial rate cuts in 2001 and 2007 led to significant market declines within two years. Analysts note a potential disconnect between the Fed's positive economic outlook and their crisis-level policy decisions. The crypto market is now eyeing the Bank of Japan's upcoming rate decision, which could influence Bitcoin's price performance through its impact on the yen. 📌Powered by V3V Ventures

💵 Bitget and Foresight Ventures Invest $30M in TON Blockchain 💰 Bitget and Foresight Ventures have announced a $30 million strategic investment in The Open Network (TON) blockchain, aiming to scale TON applications on Telegram. The investment, made through Toncoin acquisition, will focus on play-to-earn games like Hamster Kombat and Notcoin. Both investors plan to increase their involvement in TON's governance and development, aligning with Bitget's vision to integrate crypto expertise with TON's architecture. 👀 Since Telegram introduced Mini Apps in 2023, TON's total value locked has surged over 2,700% to $403.5 million. Foresight Ventures sees TON as a major growth opportunity in the crypto market. Meanwhile, Bitget has reached 45 million users globally, becoming the fourth-largest crypto exchange by trading volumes, partly due to demand for innovative projects like those on TON. 📌Powered by V3V Ventures

⚡️ BlackRock Report: Bitcoin's Path to $1 Trillion Market Cap 🔴 BlackRock, the $10 trillion asset manager, has released a report on Bitcoin's journey to a $1 trillion market cap. The report highlights Bitcoin's remarkable global adoption and its ability to outperform major asset classes in 7 out of the last 10 years, despite significant volatility and drawdowns. 🔍 The asset manager notes that Bitcoin's future adoption may be influenced by concerns over global monetary stability, geopolitical issues, and U.S. fiscal and political stability. BlackRock's analysis suggests that Bitcoin's risk and return drivers differ fundamentally from traditional assets, making it a unique diversifier in investment portfolios. 🕯 As of September 18, 2024, Bitcoin is trading at $60,080, showing a 1.91% increase in the last 24 hours and a 6.22% gain over the past week. Crypto expert PlanB suggests that Bitcoin is in the early phases of a bull market, potentially awaiting a trigger to propel it upwards. The upcoming U.S. presidential election could be a significant factor in Bitcoin's future performance. Disclaimer: This content should not be considered investment advice. 📌Powered by V3V Ventures

🇺🇸 Bitcoin Volatility Expected Ahead of US Interest Rate Decision 🤑 Bitcoin's price may face downward pressure ahead of the United States Federal Reserve's September 18 interest rate decision, having lost the key $60,000 support level. Analysts from Bitfinex suggest that the incoming decision could introduce more price volatility for the cryptocurrency, depending on whether the rate cut is 25 or 50 basis points. This expected volatility might be reflected in flows across ETFs and perpetual markets. 📌 The Fed is widely expected to deliver its first interest rate cut since the beginning of the COVID-19 pandemic. While markets are leaning towards a 50-basis-point cut, Bitfinex analysts believe a 25-basis-point reduction is more likely due to stronger core inflation. Despite recent fluctuations, analysts view Bitcoin's dip to $52,756 on September 6 as a potential local bottom, with prices subsequently increasing by over 15%.

The combination of an interest rate cut and historical chart patterns could potentially set Bitcoin up for a three-month rally above $92,000, given that October, November, and December are historically bullish months for BTC.

Disclaimer: This content should not be considered investment advice. 📌Powered by V3V Ventures

🌐 UK Finance Touts Blockchain's Potential for $14.5T Payments Sector ▶️ UK Finance, the country's finance trade body, has highlighted blockchain technology's potential to revolutionize the nation's $14.5 trillion annual payments industry. This endorsement follows successful experiments with the Regulated Liability Network (RLN), a blockchain-based ledger for central bank digital currencies and tokenized assets. The trade group believes the RLN could support innovation, enable programmable payments, and potentially reduce fraud and failed transaction costs. ℹ️ Experiments conducted with 11 major banks demonstrated the RLN's capacity to efficiently handle various forms of money. Jana Mackintosh, UK Finance's managing director of payments, emphasized the private sector's readiness to invest in commercial bank money's future, calling for partnership with regulators. While noting the UK's flexible legal framework, the trade group stressed the need for further regulatory engagement to fully develop the system's potential. 📌Powered by V3V Ventures

🔥 Bybit Secures Provisional Crypto License in Dubai, Advancing Global Expansion 🖥 Bybit, the world's second-largest crypto exchange by derivatives volume, has obtained a provisional license from Dubai's Virtual Asset Regulatory Authority (VARA). This non-operational license allows Bybit to serve both retail and institutional crypto investors in Dubai, marking a significant milestone in the company's global expansion strategy. The move comes two years after Bybit established its headquarters in the city, highlighting Dubai's growing importance as a crypto-friendly hub. 🔍 Helen Liu, Bybit's Chief Operating Officer, emphasized the strategic importance of Dubai's location and policies for cryptocurrency businesses. While working towards a full operational license, Bybit has also renewed its partnership with the Dubai Multi Commodities Crypto Centre (DMCC), transitioning to a key advisory role. Dubai's recent regulatory developments, including allowing licensed virtual asset service providers to operate nationwide, further solidify its position as an emerging global crypto hub.

Bybit's achievement in securing this provisional license underscores the emirate's attractiveness to major crypto firms and its potential to shape the future of the digital asset industry.

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💰 Tether USDT Dominates Stablecoin Market with 75% Share 📈 Tether's USDT, the world's largest stablecoin by market capitalization, has significantly increased its market dominance over the past two years. According to data from Token Terminal, USDT's market share has grown from 55% to 75%, now controlling three-quarters of the entire stablecoin market. This substantial growth underscores USDT's pivotal role as a primary on-ramp from fiat to cryptocurrencies, with its current supply reaching $118 billion. 📌 The stablecoin issuer's financial performance has been equally impressive, generating approximately $400 million in revenue over the past 30 days. This follows a record-breaking first quarter in 2024, where Tether netted over $4.5 billion in profit, largely driven by gains from Bitcoin and gold investments. 🟩 As Tether continues to expand its influence in the crypto space, it has also bolstered its team, appointing former PayPal executive Jesse Spiro as its new head of government affairs and planning to double its workforce to 200 employees by mid-2025, with a focus on strengthening its compliance team. 📌Powered by V3V Ventures

💥 Tap-to-Earn Gaming Surges on Telegram, Reshaping Mobile Gaming Landscape ⚡️ Tap-to-earn (T2E) gaming is experiencing a meteoric rise, fueled by its integration with Telegram's massive user base of 950 million. This emerging genre, a subset of play-to-earn (P2E) games, allows players to earn cryptocurrency or tokens by simply tapping their screens to complete simple tasks. The simplicity and accessibility of these games have made them wildly popular, contributing to the projected growth of the P2E NFT games market to $6.3 billion by 2031. 📊 Telegram's seamless integration of T2E games and the TON blockchain wallet has been instrumental in driving this trend's success. Popular games like Hamster Kombat are leading the charge with community-driven gameplay and regular updates. While the long-term sustainability of the T2E model faces challenges, industry experts view these games as a potential gateway to broader blockchain adoption and more sophisticated applications. 🟥 As the sector evolves, it is expected to incorporate deeper gameplay mechanics and features to maintain its appeal and drive further adoption in the mobile gaming landscape. 📌Powered by V3V Ventures

💸 MicroStrategy Expands Bitcoin Holdings to $14.14 Billion with Latest Purchase 🔼 MicroStrategy, the business intelligence firm led by CEO Michael Saylor, has significantly increased its Bitcoin holdings, adding approximately 18,300 BTC to its portfolio between August 6 and September 12, 2024. This latest acquisition, valued at $1.11 billion, was made at an average price of $60,408 per Bitcoin, including fees and expenses. The purchase brings MicroStrategy's total Bitcoin holdings to around 244,800 BTC, currently worth an estimated $14.14 billion. ℹ️ To fund this substantial Bitcoin purchase, MicroStrategy sold over 8 million company shares through a sales agreement with various financial institutions, raising approximately $1.11 billion. This move underscores the company's continued commitment to its Bitcoin-focused strategy, which has seen its stock value rise by about 1,000% since August 2020, outperforming the S&P 500 index by more than 16 times over the same period.

Despite ongoing debates about this aggressive approach, MicroStrategy's average purchase price for Bitcoin since 2020 stands at $38,585 per BTC, representing a significant unrealized profit given current market prices.

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