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During the last few weeks, non-fungible token (NFT) collections like Cryptopunks, Axie Infinity, Art Blocks, Bored Ape Yacht Club (BAYC), and Meebits have been seeing massive volumes. However, a number of new NFT collections are making headway in sales and the Ethereum-based roleplaying game called “Loot (for Adventurers)” now commands the top spot. Loot, MAYC, Inertial Moment NFTs are seemingly becoming a mainstay in the world of cryptocurrencies and blockchains. Non-fungible token concepts have invaded the art scene, music, gaming industry, and many more sectors. For instance, Michael Winkelmann, known professionally as Beeple, sold his “Everydays: the First 5000 Days” NFT for over $69 million making it the fourth-most expensive artwork by a living artist. Since then it’s been all about NFT collections stemming from projects like Cryptopunks, Meebits, Weird Whales, BAYC, Mutant Ape Yacht Club (MAYC), Art Blocks, Axie Infinity, and more. Loot (for Adventurers) is the top-selling NFT collection this past week with $194.82 million in global sales. Even old collections like Cryptokitties, Curio Cards, and the Rare Pepe blockchain trading cards have seen a resurgence in sales. But all of the hottest collections have seen some competition during the last week and a whole new batch of NFT collections are surpassing some of these top projects. The biggest mover has been Loot (for Adventurers), an Ethereum-based role-playing game. The game was crafted by the Vine co-creator Dom Hofmann, and he is also launching an NFT video game platform called Supdrive. The Mutant Ape Yacht Club (MAYC) NFT collection pulled in $124.16 million in total sales last week. Loot (for Adventurers) has a total of 8,000 NFTs that Hofmann called “randomized adventurer gear.” The NFT gear doesn’t come with any frills like the fancy drawings stemming from BAYC and Hofmann says images and stats are “intentionally omitted for others to interpret.” Dappradar.com NFT collection stats show Loot saw $194.82 million in seven-day sales and is the top collection sold this past week. Loot saw 3,201 traders swapping items and 5,928 sales during the last seven days. The Inertial Moment NFT collection pulled in $63.51 million in total sales last week. Axie Infinity still holds the second-largest position this week in terms of seven day NFT sales. Following Loot, Axie Infinity saw ​​$148.51 million in sales during the course of the week. But the new projects that are making headway include Mutant Ape Yacht Club (MAYC) which saw $124.16 million in seven days. Inertial Moment is a project that explores “color interaction and spacial flow” and there’s 150 unique pieces. The Inertial Moment NFT collection is the seventh-largest sales contender this week with $63.51 million in total sales. Bored Ape Chemistry Club, Creature World, GEVOLs, Adam Bomb Squad Just when people thought they couldn’t get enough Ape NFTs, Bored Ape Chemistry Club (BACC) is moving up the seven-day sales ladder to join BAYC and MAYC. The BACC collection has sold $32.87 million in NFT sales this week among 971 traders. GEVOLs., raked in $27.98 million last week. The tenth-largest collection in sales all the way to the 17th collection are all new NFT projects moving up positions. Creature World NFT saw $31.52 million, GEVOLs., saw $27.98 million, Adam Bomb Squad $21.96 million, Bloot (not for Weaks) $20.88 million, dotdotdots $19.57, and Al Cabones raked in $16.82 million. Adam Bomb Squad raked in $21.96 million last week. The last two in the list of the top positions of NFT collections are also new and include The Doge Pound NFTs which pulled in $14.39 million, and the extension Loot for the Loot role-playing game which saw $12.54 million in seven-day sales. What do you think about the new NFT collections making headway in sales and surpassing some old collections in terms of sales? Let us know what you think about this subject in the comments section below. View the full article

Russian communications watchdog, Roskomnadzor, has restricted another six VPN providers. The agency says the platforms have facilitated access to information that is banned in the Russian Federation. Roskomnadzor is also whitelisting certain VPN services that operate in accordance with the law and are used by Russian companies. Roskomnadzor Bans More VPN Platforms in Russia Russia’s Federal Service for Supervision of Communications, Information Technology, and Mass Media, Roskomnadzor, has restricted access to another batch of VPN service providers. In accordance with a government decree issued in February 2020, “a decision was made to block 6 more VPN services that violate Russian law,” the watchdog explained in a notice published Friday. The affected platforms are Hola! VPN, Express VPN, Keepsolid VPN Unlimited, Nord VPN, Speedify VPN, and IPvanish VPN. The regulator insisted their services allow users to maintain “access to prohibited information and resources,” creating conditions for illegal activities such as those related to the distribution of drugs and spreading of extremism. Earlier this year, Roskomnadzor banned two other VPN providers, Vyprvpn and Operavpn, citing identical reasons. The federal supervisory body described as “effective and justified” the technical means it’s using against services helping Russians to bypass its restrictions. Such measures are often applied to websites with crypto-related content. Last August, Roskomnadzor took down the popular exchange aggregator Bestchange.ru and in March 2020, the agency added six crypto sites to its register of banned internet sources. This past June, a court in the Perm region announced its decision to block several websites providing information on cryptocurrency trading. Watchdog Whitelists Some VPNs Used by Russian Businesses In its latest announcement, however, Roskomnadzor also revealed it’s now whitelisting certain VPN services. The move aims to avoid disrupting the operations of software programs and applications that are not in breach of the current Russian legislation and “use VPN services for technological purposes.” The decision to do that comes after the agency received requests from 64 industry organizations, 27 of which are using VPN connections to support 33 technological processes. Roskomnadzor has been presented with more than 100 IP addresses that need to be exempted from its access restriction policies. The regulator further emphasized that while the VPN services violating the law in the Russian Federation have been blocked completely, the VPNs used by Russian companies that were added to its whitelist have continued to function smoothly. Do you think Russian authorities will continue to block VPN providers and crypto websites? Share your thoughts on the subject in the comments section below. View the full article

While bitcoin prices have risen in value during the last two weeks, bitcoin dominance levels have slipped to lows not seen since the June 6 low of 41%, and the dip to 39.97% on May 16, 2021. Depending on the crypto market price aggregator leveraged, bitcoin’s dominance has been between 39.99% to 41.52%. Meanwhile, as bitcoin’s dominance has dropped significantly, crypto-asset markets like ethereum, cardano, binance coin, and tether have seen market dominance, in terms of overall valuation, steadily increase among the 10,000+ coins in existence today. As Bitcoin Slides to the 40% Range, Ethereum Climbs to 20% of the Crypto Economy It is well known that between the first time bitcoin (BTC) prices were calculated by market capitalization, and all the way up until February 2017, BTC had more than an 80% market dominance among all the other coins, for a majority of the time. There was an instance in 2014, where BTC dropped to 77.9% in December and again in March 2016 to 76.42%. After the March 2016 dip, there were a few quick instances of dominance levels dipping under 80%, but nothing like what happened in February 2017. Crypto coin market capitalizations according to coinmarketcap.com. Market dominance levels for this post were recorded on September 4th and 5th, 2021. On February 19, 2017, BTC’s dominance levels slid from 85.4% to a low of 37.84% in June 2017. From here bitcoin has never managed to move above the 80% handle since then and in September 2019, it rose above the 70% handle but for only a few days. On March 1, 2021, BTC again tapped the 70% handle, but has since lost the market dominance again. One of the biggest markets eating into BTC’s cap is ethereum (ETH), which holds a 19.4% market dominance according to Coingecko stats. The Flippening Watch (Ethereum vs. Bitcoin). Messari.io says ETH’s cap is 19.99% and coinmarketcap.com says the dominance level is 20.1%. Ethereum’s market valuation is around $460 billion on Sunday, September 5, 2021. During the last 24 hours, these three aggregators show BTC’s dominance has fluctuated between 39.99% to 41.52%. Bitcoin’s market valuation at the time of writing on Sunday, September 5, is an aggregate total of around $940 billion. Other coin market caps have seen massive gains and this has furthered their dominance levels, and more specifically the top ten digital currencies by market capitalization. Today, all ten coins in the top ten list command 80% of the entire $2.36 trillion crypto market economy. The top ten markets by market capitalization today include bitcoin (BTC), ethereum (ETH), cardano (ADA), binance coin (BNB), tether (USDT), XRP, solana (SOL), dogecoin (DOGE), polkadot (DOT), and usd coin (USDC). While ADA has more than 4% of the entire crypto-economy in terms of market dominance, BNB has 3.71%. The stablecoin tether is nearing the three percentile mark with 2.98% of the whole crypto economy. XRP is a bit lower than tether at 2.21% and the new top ten contender solana (SOL) has 1.79%. In terms of the remaining top ten coins and the rest of the cryptocurrency market caps below them ($472 billion) are also contributing to the swelling value of the overall $2.36 trillion crypto economy. Crypto coins like fantom (FTM), iota (MIOTA), kusama (KSM), and iost (IOST) all saw significantly-sized double-digit gains during the last seven days. What do you think about bitcoin’s dominance levels dropping to new lows? Let us know what you think about this subject in the comments section below. View the full article

Unknown scammers have organized a fake bitcoin giveaway through a Russian government website they hacked. The news of the attack comes after a recent report revealed that damages from crypto-related fraud in Russia have reached $30 million in value in the first half of this year. Regional Government Website in Russia Hacked by Scammers The main website of the local administration in the Russian city of Ryazan, around 200 km southeast of Moscow, has been targeted by hackers twice in a single day, Rzn.info reported quoted by the crypto news outlet Forklog. The unidentified attackers published an ad offering cryptocurrency to those who download a special application. The scammers initially promised to send 0.025 ВТС to every visitor who installed the app. They later changed the offer to a prize of $1,000 in bitcoin for each of five randomly chosen participants in what was advertised as the “Ryazani online lottery.” Both ads have already disappeared from the mayoral site but the local news outlet published a screenshot of one of the ads. Source: Rzn.info Crypto Fraud in Russia Valued at $30 Million This Year The volume of cryptocurrency-related fraud around the world has increased significantly in 2021. In the first half of the year, losses amounted to an estimated $1.5 billion, which is two to three times more than the total registered during the same period of last year, experts from the IT security company Zecurion told the Russian daily Izvestia. According to the report published earlier this week, the Russian Federation accounts for 2% of the global amount – some $30 million, or almost 2.2 billion rubles. Analysts believe the main reasons for the spike stem from the growing exposure of users to digital assets as well as the desire to make quick profits in an expanding sector with limited regulations, amid volatility in the traditional financial markets. They also expect crypto fraud to continue to rise this year leading up to a 15% annual increase. In July, the Central Bank of Russia (CBR) announced it had identified 146 financial pyramid schemes in the first six months of the year. The number is 1.5 times higher in comparison with the same period of 2020. Fraudsters often lure people with weak financial literacy into investment scams linked to cryptocurrencies or crypto mining, the regulator said. The CBR attributed the surge to the increasing activity of “unfair market participants” and investment demand in Russia. Blockchain forensics firm Chainalysis revealed this week that crypto addresses based in Eastern Europe have sent $815 million of digital currency to scams in a single year. Over half of the money transferred to scam addresses from the region went to the Russia-based Ponzi scheme Finiko. The pyramid was targeting crypto holders in Russian-speaking populations in the former Soviet space with promises of 30% monthly returns before it collapsed in July. Do you agree with experts’ expectations that crypto-related fraud will continue to increase this year? Share your thoughts on the subject in the comments section below. View the full article

Beleaguered crypto exchange, Binance, has released a statement in which it denies accusations that provides financial advice or renders any intermediary services. In a statement released on Twitter less than 24 hours after the Financial Sector Conduct Authority (FSCA)’s warning, the crypto exchange also denies having any ties or links to the organization “Binance Group.” Binance Not Associated With Binance Group Instead, Binance suggests in its September 3 Twitter thread that the FSCA might have erred when it issued the warning. The thread explained: Binance Group’ is not a Binance.com entity, please be mindful of scammers pretending to be associated with Binance.com. As reported by Bitcoin.com News, the FSCA did ask South Africans to be “cautious and vigilant when dealing with Binance Group” because the crypto platform is not authorized per South African laws. The FSCA also alleges that Binance — which it says is situated in Seychelles — maintains a Telegram chat group that “members of the South African public can join to gain access to its exchange platform.” In its riposte, Binance acknowledges that it has a Telegram group but is quick to point out that this is merely for promoting “blockchain education and community announcements.” Binance also added: It’s not intended, nor does it provide any financial advice. This community is moderated by admins and Binance angels. Binance Collaborating With South African Regulators Meanwhile, in another statement, Binance said it is committed to “taking a collaborative approach in working with regulators and law enforcement globally.” Binance is said it is “continuously collaborating with the Financial Intelligence Centre (FIC), the major regulator of financial crimes in South Africa.” In fact, as the statement explains, Binance has already “collaborated with the FIC on over 462 cases.” Binance goes on to state that the FIC itself “collaborates with the FSCA for investigations when necessary.” Despite pointing out that the exchange is already working with regulators, Binance confirmed it had “reached out to the FSCA for more clarification on their statement.” What are your thoughts on this response by Binance? Tell us what you think in the comments section below. View the full article

On September 3, the decentralized exchange (dex) aggregation platform 1inch announced the project has partnered with the animated series “Take My Muffin.” The multimedia animated series aims to be co-created by the crypto community and created by a professional animation studio. 1inch Network Sponsors ‘Take My Muffin’ Animated NFT Series A new animated non-fungible token (NFT) series called “Take My Muffin“ has announced a general partnership with the dex aggregator 1inch. Anton Bukov, the 1inch Network co-founder, says that the two teams are pleased to collaborate and stressed: “a partnership of this kind comes as no surprise.” The firm behind the 1inch Network will be sponsoring the NFT animated series. “’Take My Muffin’ was financed by the crypto-community from the very beginning, it’s actually the very first crypto-funded animated series, while the 1inch Network is one of the most promising and successful projects in the crypto space,” Bukov said in a statement. An explanation of the animated NFT series called “Take My Muffin.” The “Take My Muffin” show describes the life of a unicorn called “Korney” who woke up one day after a car crash and lost its memory. According to the creators of Take My Muffin, the firm Toonbox Studio funded the series with digital currency. There are also the TMM NFT tokens that give users access to special features and TMM acts as a governance token as well. ‘Take My Muffin’ Producers Says Show Entwines a Variety of Modern Tech Elements, Including Decentralized Finance Toonbox Studio is located in Cyprus but has a team of writers, animators, actors, and producers all around the world. The partnership announcement with 1inch explains the animated series will be launched in 2022. “’Take My Muffin’, an animated series for adults will be released in the first half of 2022 on the 2×2 TV broadcast network and PREMIER streaming service,” the announcement details. “The production plan includes three seasons of ten episodes each.” Pavel Muntyan, the series producer, looks forward to collaborating with the 1inch Network as the show will have elements of defi. “The plot of ‘Take My Muffin’ entwines a variety of modern tech elements, including decentralized finance (defi) and other blockchain-based solutions,” Muntyan remarked. “Therefore, integration with leading companies in the crypto industry seems like a natural development. By the way, there is still an opportunity to sponsor the series by investing in NFT-tokens of the project on Rarible,” Muntyan concluded. In addition to the animated series produced by Toonbox Studio, the entertainment giant Fox is also producing a blockchain-based animated series that will include non-fungible token (NFT) assets. Further, Fox teamed up with Bento Box and launched a $100 million NFT creator fund. What do you think about the animated NFT series Take My Muffin and the show’s collaboration with the 1inch Network? Let us know what you think about this subject in the comments section below. View the full article

Bitcoin is becoming legal tender in El Salvador in three days. However, a nationwide survey conducted by the University Institute of Public Opinion (Iudop) shows that seven out of 10 Salvadorans want the government to repeal the Bitcoin Law. El Salvador’s Bitcoin Law Goes Into Effect in 3 Days The University Institute of Public Opinion (Iudop) in El Salvador conducted a study between Aug. 13 and Aug. 20 of how the public views the country’s upcoming Bitcoin Law. The institute is a research center of the José Simeón Cañas Central American University (UCA). El Salvador’s Bitcoin Law is set to go into effect on Sept. 7, when BTC will be legal tender in the country alongside the U.S. dollar. A total of 1,281 respondents ages 18 and over participated in this national survey that “represents the entire adult population residing in the country,” according to the institute. Out of all the respondents, 62.4% said they were aware of the approval of the Bitcoin Law by the deputies of the current Legislative Assembly on June 9. Within this group, 70% indicated that they either disagreed or strongly disagreed with the government on the Bitcoin Law while 30% agreed or strongly agreed. Meanwhile, the data show that about 70% of all 1,281 respondents have an imprecise notion of what bitcoin is and 20.6% did not know what bitcoin was at all. “Only 4.8% define it correctly as a cryptocurrency,” the study details, adding: Approximately 7 out of 10 Salvadorans believe that the deputies of the Legislative Assembly must repeal the Bitcoin Law. Regarding the potential impact of the Bitcoin Law on El Salvador’s economy, a third of the population believes that prices of goods and services will increase and the overall economic situation will get worse with the use of bitcoin as a legal currency. A section of the bitcoin survey report by the University Institute of Public Opinion, José Simeón Cañas Central American University (UCA). Furthermore, about eight out of 10 Salvadorans said that they have little or no interest in downloading and using the government’s bitcoin wallet, Chivo. The study concludes: The UCA survey reveals that there is widespread ignorance about bitcoin among the Salvadoran population. According to this opinion study, most of the Salvadoran population have a misguided notion about what bitcoin is. Do you think people who are currently skeptical about bitcoin being legal tender will change their minds once the Bitcoin Law goes into effect? Let us know in the comments section below. View the full article

Ethereum co-founder Vitalik Buterin has some suggestions of what he personally would like to see happening with Dogecoin and the meme cryptocurrency’s cooperation with Ethereum. Vitalik Buterin on Dogecoin’s Development and Its Ethereum Collaboration Ethereum co-founder Vitalik Buterin shared his thoughts on the potential cooperation between Dogecoin and Ethereum Wednesday as part of a Twitter experiment he is conducting where only the 268 people he followed can ask him questions. Three Arrows Capital CEO Zhu Su asked: “What are some promising ideas for Ethereum / Doge cooperation? What was it about Doge that got you interested in the project?” Su recently said that he is “very bullish” on dogecoin and that the meme cryptocurrency has “no risk of it having any regulatory issues ever.” Referencing Proof-of-Stake (PoS) and Proof-of-Work (PoW), Buterin replied to Su: Personally, I hope that doge can switch to PoS soon, perhaps using Ethereum code. I also hope they don’t cancel the 5b/year annual PoW issuance, instead they put it in some kind of DAO that funds global public goods. Would fit well with dogecoin’s non-greedy wholesome ethos. In June, Buterin also talked about potential cooperation between Ethereum and Dogecoin. “If Doge wants to somehow bridge to Ethereum, and then people can trade DOGE thousands of times a second inside of loopring, then that would be amazing,” the Ethereum co-founder opined. “I think if we can have a secure Doge-to-Ethereum bridge. That would be amazing, and then when Ethereum gets any scalability that works for Ethereum assets, you would be able to trade wrapped DOGE with very low transaction fees and very high speed as well,” he further said. In August, the Dogecoin Foundation relaunched with Buterin as one of its board advisors, along with Jared Birchall, a close associate of Tesla CEO Elon Musk, another prominent dogecoin supporter. Among numerous questions Buterin received as part of his Twitter experiment was whether he was likely to create another cryptocurrency. The Ethereum co-founder simply responded with “No.” What do you think about Vitalik Buterin’s suggestions for Dogecoin? Let us know in the comments section below. View the full article

Nigeria’s securities regulator, the Nigerian Securities and Exchange Commission (SEC) has set up a fintech division “to study crypto investments.” This was revealed by Lamido Yuguda, the director-general of the SEC during an interview. Protecting Crypto Investors In the interview, Yuguda explains that the study’s findings will help inform the SEC of the best ways to regulate cryptocurrency should the Central Bank of Nigeria (CBN)’s February 6 directive be lifted. However, the director-general did not provide a time frame for issuing regulations or state when he expects the CBN directive to be lifted. Meanwhile, in the same interview, Yuguda explains why his organization is eager to come up with crypto regulations. He explained: We are looking at this market closely to see how we can bring out regulations that will help investors protect their investment in blockchain. As previously reported by Bitcoin.com News, Nigeria continues to be an ideal hunting ground for crypto scammers. Many unsuspecting investors continue to lose money to criminals who also appear to take advantage of the country’s lack of laws regulating cryptocurrencies. Therefore, in order to protect investors, Nigerian regulators like the SEC have issued warnings while the central bank has gone as far as to block the crypto industry’s access to the banking ecosystem. The Real Reason Behind the Desire to Control Crypto However, some Nigerian crypto enthusiasts believe that the naira’s continuing depreciation is the real reason behind CBN and other regulators’ desire to control the crypto industry. The continuing shortages of foreign exchange versus the rising demand are blamed for accelerating the naira’s decline against major currencies. Cryptocurrencies are another way individuals can preserve value outside of the faltering naira. In response to this worsening situation, authorities have imposed restrictions both on crypto and non-crypto entities like the Bureau de Change operators. In addition, the CBN recently took action against six fintech companies after they allegedly violated provisions of their operations licenses. Yet in contrast to the CBN’s hardline approach, Yuguda insists his organization wants to “work with fintech firms to boost the marketing of domestic securities to prevent capital flight.” He adds that the “SEC is looking to boost savings through investment schemes, which currently have over $9.7 billion under management split between public and private fund managers.” What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

According to a recent report, the National Football League (NFL) advised teams that they could not, at least for now, sell non-fungible tokens (NFTs) and sponsorships to digital currency companies. Advertisements for specific crypto assets were mentioned alongside initial coin offerings (ICOs), according to various club sources who remained anonymous. Anonymous Club Sources Disclose the NFL’s New Policy On Friday, The Athletic reported that sources familiar with the matter detail that the NFL is barring teams from participating in certain crypto ventures. The NFL’s alleged ban follows a great number of blockchain, NFT, and cryptocurrency endorsements from a number of star athletes and teams. For instance, Tom Brady has shown his support for bitcoin with laser eyes, but he’s also started his own NFT company called Autograph. Brady and his Brazilian supermodel wife Gisele Bündchen also signed a long-term partnership with FTX. But the seven-time Super Bowl champion is not the only one dipping into the crypto economy. The world’s largest cryptocurrency asset manager, Grayscale Investments, has partnered with the New York Giants. Trevor Lawrence, the NFL’s No. 1 Draft Pick, put his signing bonus into crypto in May. NFL player and offensive lineman Russell Okung gets half of his salary in bitcoin (BTC). Kansas City quarterback Patrick Mahomes released a collection of NFTs on Makersplace on March 17th. The Tampa Bay Buccaneers player, Rob “Gronk” Gronkowski, sold an NFT collection as well. Moreover, MLB and the National Basketball Association (NBA) have both gotten involved in the crypto asset and non-fungible token space. “Multiple club sources” from the NFL told The Athletic contributor Daniel Kaplan teams cannot contribute to this space at the moment. An anonymous NFL team official read the following: Clubs are prohibited from selling, or otherwise allowing within club controlled media, advertisements for specific cryptocurrencies, initial coin offerings, other cryptocurrency sales or any other media category as it relates to blockchain, digital asset or as blockchain company, except as outlined in this policy. NFL’s New Policy Does Allow Specific Crypto Partnerships The report does not disclose if any negative repercussions have been felt by those who have already participated with crypto firms or if they have been granted immunity for now. If the report holds weight, the NFL’s action may just stop players and teams from following the lead of other clubs and players. The NFL’s purported new policy does allow sponsorships with firms “whose primary business is providing investment advisory and or fund management services in connection with cryptocurrency, provided that such advertising sponsorship rights are limited to promoting the company’s corporate brands,” the anonymous source concluded. What do you think about the sources that say the NFL is barring teams from participating in certain cryptocurrency affairs and deals? Let us know what you think about this subject in the comments section below. View the full article

At the beginning of 2021, a trend ignited by the creators of the Reddit forum r/wallstreetbets caused the whole world to focus on retail traders in the stock market purchasing so-called dead stocks like AMC, GME, and others. The hype behind the Wallstreetbets group has fizzled in the last few months, but a group that claims to represent the Wallstreetbets community has started a decentralized finance (defi) project called wsbdapp.com. The Wallstreetbets application provides traders with the ability to swap synthetic stocks backed by blockchain tech. Wallstreetbets and Defi: ‘Synthetic Stonks’ A small team that claims to be associated with the creator of Reddit forum r/wallstreetbets has started a defi platform, or decentralized application (dapp). The platform is called wsbdapp.com and the protocol allows users to swap tokens similar to popular decentralized exchange (dex) apps today. The tokens are blockchain-based tokens that represent stocks listed on the stock market and they are otherwise known as synthetics. In fact, at the end of July, Uniswap delisted 100 tokens and many were synthetics tied to commodities and stocks. The crypto community assumed Uniswap delisted the synthetics because they could possibly be considered unregistered securities by U.S. regulators. https://t.co/TVRs3X9sRo pic.twitter.com/t4d3c2HXBz — WallStreetBets (@wallstreetbets) August 31, 2021 On August 31, the Twitter account called @wallstreetbets tweeted out a video about the new platform and left a link to wsbdapp.com. According to the video, the founder of the Wallstreetbets community, Jaime Rogozinski, is behind the project. When visiting the website, people are greeted by neon-lighted words that say “Defi’ing Wall Street with blockchain tradeable assets.” The defi platform says it is “always open” and the dapp offers “borderless trading, 24/7, 365 days a year.” The wsbdapp.com web portal adds: [Wsbdapp Gives] the benefits of blockchain made real for traditional investors. Wsbdapp’s Native Token WSB The wsbdapp.com has its own native token called WSB and the token can be leveraged for liquidity pools and staking, the website claims. At the time of writing, WSB is exchanging hands for $0.03 per unit. During the last 24 hours, $1,078,872 worth of WSB has been swapped and there’s 1,000,000,000 WSB in circulation, according to the token’s smart contract. This means the aggregate WSB market valuation is a touch over $30 million on Saturday, September 4, 2021. Interestingly, WSB token has been doing well and is up 6.3% during the last 24 hours and 33.2% for the week. Two-week statistics show WSB has gained 48.9% and one-month metrics show WSB is up 58% to date. The Wallstreetbets community who created the new dapp note that the work they are focused on will not be easy but the community is focused on a common goal. “Taking over the traditional financial markets is no small hill to climb — it’s a giant mountain with jungles, wild beasts, and crushing climates,” the website explains. “The meme ‘Apes Together Strong’ that we are so fond of in the [wsbdapp] community represents more than just strength in numbers — it’s a call to arms. Our community advances headstrong towards a common goal… Mass adoption of distributed investment governance — with the [wsbdapp] at the core, governed by community vote using the WSB token.” What do you think about the wsbdapp? Let us know what you think about this subject in the comments section below. View the full article

Global investment bank JPMorgan says cryptocurrency markets are “looking frothy” as retail investors spill over from the stock market into cryptocurrencies and non-fungible tokens (NFTs). Crypto Markets Look Frothy, According to JPMorgan JPMorgan published a note Wednesday on the stock market and cryptocurrencies. It explains that retail investors bought stocks at a record pace over the summer with an estimated net flow into the U.S. stock market of $13 billion in August after reaching a record high of almost $16 billion in July. The JPMorgan analysts asserted that the stock-buying frenzy spilled over into altcoins and non-fungible tokens (NFTs) in August, and the surge in NFTs and decentralized finance (defi) activity has boosted the price of certain cryptocurrencies, such as ethereum, solana, and cardano. They wrote: Cryptocurrency markets [are] looking frothy again. As Bitcoin.com News reported, the crypto market gained approximately 83% in value over the last three months, led by altcoins. The global crypto market cap is currently $2.28 trillion. Bitcoin’s dominance slipped from 47% on Aug. 1 to 41.39% Saturday. Ethereum (ETH) currently represents 20.13% of the entire crypto market, followed by cardano (ADA) at 4.11%. Solana (SOL) represents 1.80%. Solana has become one of the top-performing cryptocurrencies this year. At the price of $141.04 per coin, SOL is now the seventh-largest crypto by market capitalization. The coin gained 310.8% during the last month and 3,277.6% year-to-date. The JPMorgan analysts noted that altcoin trading now represents about 33% of the crypto market, emphasizing that it was a big increase from the 22% reading in early August. They concluded: The share of altcoins looks rather elevated by historical standards and in our opinion it is more likely to be a reflection of froth and retail investor ‘mania’ rather than a reflection of a structural uptrend. What do you think about the comments by JPMorgan’s analysts? Let us know in the comments section below. View the full article

India is reportedly working on a new way to regulate cryptocurrencies. “The government is planning to define cryptocurrencies in the new draft bill that also proposes to compartmentalise virtual currencies on the basis of their use cases,” according to a report. How India Will Regulate Cryptocurrencies India is reportedly planning to regulate cryptocurrencies as commodities based on use cases. “The government is planning to define cryptocurrencies in the new draft bill that also proposes to compartmentalise virtual currencies on the basis of their use cases,” The Economic Times reported Friday, citing three people aware of the development. The publication detailed: Cryptocurrencies will be treated as an asset/commodity for all purposes, including taxation and as per use case — payments, investment or utility. “Crypto assets can be either categorized on the basis of the technology they use or they can be defined on their end-use. So, before talking about how the regulations should work, the government has to spell out what it means by cryptocurrencies,” said one of the persons with knowledge of the matter. The person added that the government “is not looking to allow payments and settlements through virtual currencies.” In addition, the government will decide which cryptocurrencies will be allowed to trade in India. This would be the first time cryptocurrencies will be categorized by the technology they use, sources told the news outlet, clarifying that the government will focus on the end-use of the asset for regulatory purposes. The news of the Indian government possibly considering regulating cryptocurrencies as commodities and based on their use cases is well received by the local crypto community. Nischal Shetty, CEO of crypto exchange Wazirx, said: “This step is very positive for the crypto industry and I’m glad that the government is taking this direction towards crypto regulation. This will bring more clarity for the entire industry and push more entrepreneurs into this sector. It will reduce the fear of VC investors wanting to invest in the crypto industry in India. For retail investors and traders, this will again boost confidence and bring in a sense of stability.” Vikram Subburaj, CEO of crypto exchange Giottus, opined: “Just like the internet, cryptocurrencies have a multitude of use cases and hence a nuanced approach is best rather than a one-size-fits-all policy. Even among the top 20 cryptocurrencies, there is a wide difference in objective and investor appeal.” Mudrex CEO Edul Patel commented: “The idea of compartmentalizing cryptos on their use cases is thoughtful, and if implemented efficiently, would be a significant boost to the newly recognized asset class. It also shows that the government acknowledges that cryptocurrencies are much more than speculative instruments and have actual use cases.” Do you think the Indian government will regulate cryptocurrencies in the way described above? Let us know in the comments section below. View the full article

Clients of BBVA Switzerland will be able to buy, store, and trade crypto assets with a digital account that comes with a cryptocurrency wallet. The new banking product will be available across the European Union as well as in a number of markets in South America. BBVA Switzerland Account Facilitates Cryptocurrency Investments The Swiss subsidiary of Spain’s banking giant Banco Bilbao Vizcaya Argentaria (BBVA) has announced the launch of a “100% digital investment account.” With the offering, the bank is trying to meet the needs of a new type of tech-savvy clients who want to invest “in more innovative, sustainable sectors and even in crypto-assets.” The ‘New Gen’ account, BBVA Switzerland explained, offers access to a catalog of companies and funds. They are organized into 11 themes including climate change, and by disruptive technologies like robotics, 3D printing, and autonomous vehicles. “The catalog also seeks to emulate the portfolios of major investors such as Cathie Wood or Warren Buffet,” the bank noted, adding: The client can invest in traditional assets such as shares or investment funds, and also has a ‘wallet’ for cryptocurrencies. A European customer who would like to take advantage of the digital investment account must be a resident of an EU member state. The product is also offered in Mexico, Colombia, Argentina, Peru, and Chile among other countries. Javier Rubio, Director of Client Solutions at BBVA Switzerland stated: With New Gen we want to reach a new type of investor, attracted by new sectors that have great potential to transform the future. Rubio emphasized the new account boasts a wide range of investment ideas allowing every client to put their money into what is of interest to them. He insisted the offering does away with obstacles and barriers while providing “one of the most competitive rates in Swiss banking” along with BBVA’s guarantee and security. To start trading, a client has to first register via a dedicated form and then make a video identification call. BBVA Switzerland claims the whole verification procedure takes less than 15 minutes. The minimum deposit requirement to open an account is $10,000 or an equivalent amount in either euros or Swiss francs. BBVA Switzerland, which specializes in private banking, stressed that the New Gen account provides access to a full range of online banking services and IBAN numbers in dollars, euros, or Swiss francs. The crypto wallet is fully integrated with the bank’s mobile app which allows users to track their bitcoin holdings and other assets. The array of crypto-related offerings by Swiss banks has been constantly expanding. In May of this year, the state-owned Postfinance bank launched an investment and payments app supporting 13 cryptocurrencies in cooperation with online trading platform Swissquote. In February, 177-year-old Swiss bank Bordier offered its clients exposure to bitcoin and crypto trading services through a partnership with Sygnum, one of Switzerland’s licensed crypto banks. Do you expect more financial institutions in other countries to follow the example set by Swiss banks? Tell us in the comments section below. View the full article

South Korean crypto exchange Bithumb said it will deny access to foreigners unable to verify their identities via mobile phone. The decision comes as the trading platform moves to comply with the country’s updated regulations coming into force later this month. Korean Exchange Bithumb Prepares to Register Under New Rules Foreign nationals who do not pass mobile phone identity verification will not be able to use services provided by Bithumb, one of South Korea’s four largest cryptocurrency exchanges. The platform made the announcement this week as it prepares to follow new, stricter rules for the Korean crypto sector by Sept. 24. The country’s revised Special Funds Act took effect on March 25 and will be enforced after a six-month grace period. It requires domestic crypto exchanges to register with the Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC). They also have to cooperate with local banks on the implementation of the real-name accounts system. Although Bithumb’s Sept. 1 notice is addressed to “foreigners living abroad,” it also states that foreign nationals “residing in Korea” who cannot verify their identity via mobile phones cannot use the platform. According to the Korea Herald’s report on the matter, the traders should perform the procedure through “Korean mobile phones” and “regardless of where they live.” The publication also notes that Bithumb has already stopped onboarding foreigners without alien registration cards. The exchange further warned affected users they should withdraw their assets, without specifying any dates. According to the notice, services will be terminated “within 2021 (when customer confirmation becomes mandatory).” The trading platform promised to notify users again “when customer verification is mandatory and policy changes are made.” The English-language Korean daily quoted a Bithumb official who said the company was taking final steps before applying for registration with the Financial Intelligence Unit, South Korea’s main anti-money laundering body. In July, Bithumb terminated its trademark agreements with two coin trading platforms operating overseas under its brand name. On Friday, the country’s largest digital asset exchange, Upbit, became the first platform to register with the FIU. Bithumb, Coinone and Korbit are working to propose a “travel rule” solution to meet another of the new regulatory requirements, the newspaper added. Do you expect other Korean crypto exchanges to introduce similar restrictions for foreigners? Tell us in the comments section below. View the full article

Most European citizens reject the idea of a cryptocurrency regulation regime imposed by the European Union (EU) on its member states, according to a recent survey. Most surveyed citizens lean towards independent cryptocurrency regulation in each country, compared to 25% that approve an EU-imposed regulation. However, most of the citizens polled acknowledged they still don’t know much about cryptocurrencies in the first place. Europeans Reject EU Crypto Laws, Favor Local Proposals European citizens are against the establishment of EU-imposed cryptocurrency-related laws, according to a recent survey ordered by Euronews. The poll, that was carried out by Redfield & Wilton Strategies, a global consulting firm, polled more than 31,000 citizens in 12 states of the European block: Germany, Estonia, France, Greece, Hungary, Italy, Latvia, Lithuania, the Netherlands, Poland, Portugal, and Spain. The survey found that most Europeans support locally issued laws instead of a set of rules imposed by the European Union. Citizens from Greece (51%), Italy (47%), Estonia (46%), Netherlands (41%), Germany (40%), Latvia (39%), and France (37%) said they would prefer their own government to regulate cryptocurrencies. Also, a surprisingly high number of citizens would prefer the issuance of local cryptocurrencies instead of a digital euro, something that shows more and more Europeans blame economic inefficiencies on the European Union integration. Dimitar Lilkov, from the Wilfried Martens Center for European Studies in Brussels, stated: A large part of the population remains convinced that the crisis was caused by poor decisions made at the EU level and not by serious deficiencies in its national banking sector. However, the affiliation of each country with the EU impedes this from being a reality. Italians (41%), Greeks (40%), Estonians (39%), and Spaniards (37%) registered the highest support for the initiative. On this, Likov stated: Eurozone countries that want to make use of a digital currency would be linked to a potential digital euro, led by the ECB in coordination with the eurozone banking system. To him, any country issuing its own central bank digital currency would have to exit the EU in order to do so due to the possibility of a digital euro happening in the future. Cryptocurrency Still Unknown The survey also revealed that most European citizens have only just heard “a little” about bitcoin and cryptocurrencies. This shows that, even with the recent boom of crypto assets due to a bull season, there is still room for people to get better informed about cryptocurrencies and their proposals. In fact, the lack of knowledge about cryptocurrencies appears again in the survey as the main reason why Europeans have avoided purchasing crypto assets. What do you think about the EU imposing crypto regulations over its member states? Tell us in the comments section below. View the full article

A law project introduced in June in the National Congress of Brazil has jumped into the spotlight recently because it establishes a fixed period for the executive to start regulating cryptocurrency transactions. If approved, the proposal will establish the payment of taxes for cryptocurrency-based transactions. The project is being reviewed by the Chamber of Deputies and will have to be analyzed conclusively by the Finance and Taxation Committee. Cryptocurrency Transactions to Be Regulated in Brazil A law project proposal, Bill 2140/21, that was introduced to the Chamber of Deputies of Brazil in June, is now in the spotlight because it establishes a fixed period for the regulation of cryptocurrency transactions for the executive branch of the government. If approved, it would give a time limit of 180 days to devise all the necessary structures to regulate cryptocurrency transactions in an effective way. The project was presented by the deputy Alexandre Frota, part of the Partido de la Social Democracia Brasileña (PSDB). Frota states that the absence of clear regulation for cryptocurrencies puts investors and the traditional financial system at risk, as crypto can aid in getting funds out of the country with no supervision. Frota declared: With private and public banks, it is necessary to have rigorous regulation and inspection so that the population will not be deceived with promises of high individual profits, which has already happened to a great extent. Brazil has been a country known for its crime associated with crypto-related scams in the last few years. The state has been fast to act when it comes to stopping these schemes, organizing several operations to shut down and arrest those responsible for illegal cryptocurrency-related activity over the last few months. Taxes Could Be Coming Another important part of the project states that operations carried out abroad must be scrutinized according to the same rules applied to banks, including taxation norms. However, it is still unclear how this might be carried out, due to the nature of cryptocurrency transactions. This issue is currently being tackled by a special committee of the Chamber of Deputies. However, Brazil is very much open to the issuance of a central bank digital currency. The Central Bank of Brazil is researching the creation of a Digital Real and debating if there is really a demand for such an instrument from the Brazilian population. What do you think about regulating and taxing cryptocurrency transactions? Tell us in the comments section below. View the full article

Inter Milan, Italy’s reigning soccer champion, has signed a partnership agreement with blockchain company Zytara Labs. The collaboration aims to provide users of the club’s mobile app with access to crypto products and allow Inter to create digital collectibles for fans around the world. Italy’s Inter Finds Sleeve Sponsor in the Crypto Industry The €85 million ($100 million) multi-year product partnership agreement has been sealed with support from the Digitalbits Foundation, FC Internazionale Milano and Zytara Labs announced Thursday. The collaboration will facilitate Inter’s plan to open up to an audience that is increasingly digital, global, and that represents different age groups, the entities explained in a press release. As part of the deal, Zytara will become the “official global digital banking partner” of Inter while digitalbits (XDB) will be the club’s “official global cryptocurrency.” The fintech firm will work to develop the Inter mobile app and integrate its digital banking services, allowing users to access crypto-based products. The app will be the main selling point for Inter’s home game tickets. The Italian soccer giant wants to introduce crypto payments with the XDB coin, both in stadium as well as via its online and physical stores across Milan. The partners revealed they intend to leverage the Digitalbits blockchain to create digital player cards and non-fungible tokens (NFTs) for the numerous Nerazzurri fans around the world. Inter Corporate CEO Alessandro Antonello commented: While digital-first experiences are vital for all sport clubs, our partnership aims higher. By leveraging Zytara digital banking and blockchain technology we will be able to enhance our global reach towards younger and digital savvy audiences. In accordance with the partnership terms, the Digitalbits brand will become the European football team’s new sleeve sponsor. The cryptocurrency’s logo will appear on all Inter jerseys for both the men’s and women’s first teams as well as the Primavera and youth teams in all official domestic and international matches. Al Burgio, founder of Zytara and the Digitalbits blockchain, noted: Our collaboration will position Inter as one of the most technologically advanced and forward-thinking clubs in the world. We’re thrilled to partner with the reigning Italian champions and a club with such a rich history. The launch of the partnership between Inter and Zytara will be commemorated with limited edition Nerazzurri merchandise which will be presented by the end of this month. The offering will provide Inter fans with an opportunity to make a crypto purchase using the XDB token. This isn’t the first sponsorship deal of this kind in the Italian soccer Lega Serie A. In early August, Inter’s city rival, AC Milan, reached a long-term partnership agreement with Bitmex which placed the logo of the crypto exchange on Milan’s jerseys. Bitmex became the club’s “official sleeve and crypto trading” partner. Do you think we are going to see more of these partnerships in sports in the near future? Share your expectations in the comments section below. View the full article

The list of regulators warning that Binance is illegally operating in their jurisdictions continues to grow. The authorities in Singapore and South Africa have become the latest to warn that the global cryptocurrency exchange may be in breach of their local laws. South Africa’s Financial Sector Conduct Authority Warns Against Binance The South African financial regulator issued a notice Friday about Binance, stating: The Financial Sector Conduct Authority (FSCA) warns the public to be cautious and vigilant when dealing with Binance Group as they are not authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) in South Africa. The notice describes Binance Group as “an international company situated in the Seychelles which has a telegram group that members of the South African public can join to gain access to their cryptocurrency exchange platform.” Furthermore, the regulator noted that “Crypto-related investments are currently not regulated by the FSCA or any other body in South Africa.” The Monetary Authority of Singapore (MAS) Tells Binance to Cease Providing Payment Services Binance is also in trouble in Singapore. The Monetary Authority of Singapore (MAS), the country’s central bank that oversees the crypto sector in the country, issued a statement Thursday about Binance, stating: MAS has reviewed Binance.com’s operations and is of the view that Binance, the operator of Binance.com, may be in breach of the Payment Services Act. The central bank added: “Binance is required to cease providing payment services … to Singapore residents and cease soliciting such business from Singapore residents.” The MAS also listed Binance.com on its Investor Alert List, warning consumers that the company is not authorized to provide any payment services in Singapore. Binance Asia Services (BAS), a separate entity that operates Binance.sg, has applied for a license with the central bank. Last week, Binance announced that it hired a former regulator as the new CEO for its operations in Singapore. Binance said it aims to become “a leader in regulatory compliance” as it pivots into a financial services company. The global crypto exchange recently became the focus of many regulators, including those in the U.K., Netherlands, Thailand, Malaysia, Japan, Germany, Hong Kong, and Lithuania. They claimed Binance had been operating without authorization in their jurisdictions. What do you think about all these regulators warning about Binance operating without authorization? Let us know in the comments section below. View the full article

Japanese financial conglomerate SBI Holdings is reportedly launching a crypto fund that will invest in several cryptocurrencies. “I want people to hold it together with other assets and experience firsthand how useful it can be for diversifying portfolios,” said an executive of the company. SBI Holdings Launching Crypto Fund SBI Holdings Inc. has revealed its plan to launch a cryptocurrency fund by the end of November, Bloomberg reported Thursday, calling it the country’s first crypto fund. Tomoya Asakura, director of SBI Asset Management and president of SBI affiliate Morningstar Japan, explained that the fund will invest in a number of cryptocurrencies, including bitcoin, ethereum, XRP, bitcoin cash, and litecoin. He added that the fund is aimed at customers who understand the risks associated with cryptocurrencies, including their high volatility. In addition, there may be a minimum investment of about one million yen ($9,122) to three million yen. Asakura noted in a recent interview that if the first fund “goes very well,” then the firm would like to “move quickly” to launch a second fund. He opined: I want people to hold it together with other assets and experience firsthand how useful it can be for diversifying portfolios. SBI is also considering launching another fund specifically tailored to institutional investors if there is enough demand for the product, the executive noted. Due to strict crypto regulations following hacking incidents at exchanges in Japan, it has taken SBI four years to get its crypto fund off the ground, the publication conveyed. It added that the company had to change its plan of how the fund is offered to investors to comply with regulations. SBI initially planned to launch its crypto fund as an investment trust, a popular investing method in Japan. However, the country’s top financial regulator, the Financial Services Agency (FSA), banned companies from selling crypto investments using this method. The company then changed its plan and will offer its crypto fund to investors using a vehicle known as an “anonymous partnership.” Asakura noted that “There is an overwhelming perception that cryptocurrencies are highly volatile and speculative.” He plans to build a track record to show the public and regulators that cryptocurrencies can help investors diversify their portfolios. What do you think about SBI launching a cryptocurrency fund in Japan? Let us know in the comments section below. View the full article

Data shows that non-fungible token (NFT) assets continue to break record sales week after week as statistics show over $1 billion in NFT sales took place during the last week of August. Meanwhile, this week’s data shows $821 million in NFT sales have been settled so far, dropping a hair since the week prior. Weekly Stats Show NFT Sales Are Still on Fire Non-fungible tokens (NFTs) have become extremely popular and a great number of NFTs are selling for hundreds of thousands or millions of dollars in crypto. Statistics from nonfungible.com’s market history indicates that on August 29, 2021, seven-day sales broke an all-time high (ATH) at $1 billion in overall sales across all markets and NFT collections. Data from September 1, 2021, indicates sales are down from the ATH at $821 million this week. Statistics via nonfungible.com’s weekly data on September 3, 2021. Cryptopunks is the top collection selling during the last seven days according to dappradar.com weekly NFT sale statistics. The Cryptopunks project saw $246 million in volume, up 7.32% since the week prior. Statistics via dappradar.com’s weekly data on September 3, 2021. The second-largest NFT collection in terms of volume is Mutant Ape Yacht Club (MAYC) which saw $210 million in trade volume. A collection of NFTs called “The Loot for Adventurers” captured the third-largest NFT volumes this week, commanding $150 million in seven days. Opensea Marketplace Commands Top Volumes, The Loot for Adventurers’ NFTs Bring Top Sales Coming in fourth place this week is Axie Infinity as the NFT gaming universe built on Ethereum saw $144 million in weekly volume. The fifth-largest volume belongs to the NFT collection called Art Blocks which saw $144 million in seven days as well. Statistics via dappradar.com’s 24-hour NFT sales data on September 3, 2021. The top NFT marketplace according to dappradar.com in terms of 24-hour sales is Opensea. The Opensea marketplace saw $179.5 million in volume during the last 24 hours.Opensea is followed by Axie Infinity, Superrare, the Tezo’s NFT market called Hic et nunc, NBA Top Shot and Rarible. Statistics via dappradar.com’s 24-hour top NFT sales on September 3, 2021. The marketplace Rarible is followed by markets such as Polygon’s Aavegotchi, the Wax blockchain’s Atomicmarket, and the Marketplace that leverages the Ethereum network, Foundation. During the last 24 hours, the top NFT sale belongs to The Loot for Adventurers’ NFT called Bag #748, which sold for 250 ether or $945K. The Bag #748 NFT is followed by Bored Ape Yacht Club #17, which sold for 200 ether or $755K. What do you think about the massive volume and super expensive NFT sales during the last few weeks? Let us know what you think about this subject in the comments section below. View the full article

Reports from Zimbabwe suggest that an individual by the name of Martin Mhlanga, who is the mastermind behind the Cryptoshares bitcoin pyramid scheme, has disappeared along with over $6 million in investor funds. In addition to Mhlanga’s disappearance, the individuals thought to be managing Cryptoshares’ social media channels have similarly vanished. Unrealistic Cryptoshares Promises As one local report explains, Mhlanga had successfully used a series of unrealistic promises to lure many unsuspecting people into investing. For instance, the report explains that many of the victims had been lured into investing by claims that initial Cryptoshares investors were receiving a monthly membership payment of $2,000. Investors were also promised a payout that is double the amount of the initial investment. Believing that they too would be in line to receive the same monthly payment, some of Mhlanga’s victims are thought to have sold their properties just so they could raise the required money. Others are thought to have borrowed the required initial investment from banks. However, once September 1 — the day investors were supposed to receive their payout — rolled around, it dawned on many Cryptoshares investors that they had been scammed. In fact, as one Twitter user, Tendai Tomu points out, the early signs that the company was collapsing were seen towards the end of August when Cryptoshares was having problems paying investors. While the report suggests that some Cryptoshares investors have reported this fraud to law enforcement, many in Zimbabwe’s crypto space insist such a move will not yield much. They point to other bitcoin pyramid schemes like Bitcoin Interchange, which similarly collapsed after fleecing many investors. Stolen Funds Cannot Be Recovered Meanwhile, on Twitter, some users like Tendai Tomu are adamant that victims of this latest crypto pyramid scheme will never recover their funds. Tomu said: Sad indeed! I don’t think the funds will be returned because remember he was paying early investors with deposits from new ones so the equation will never balance. The best people can do is to learn from this. Others like lawyer Prosper Mwedzi have suggested reporting the fraud to cryptocurrency exchanges. However, still others insist such scams will recur unless more is done to educate people about the basics of investing. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

Bitcoin prices have improved a great deal in recent times and the network’s hashrate remains higher than it was 67 days ago when it tapped a low of 69 exahash on June 28. Today, statistics show Bitcoin’s hashrate has increased more than 92% since then and the network is due for another increased difficulty change in four days. Bitcoin’s Hashrate Improves a Great Deal in 2 Months Bitcoin has risen more than 7% in fiat value during the last seven days and has a market capitalization of over $950 billion on Friday. At press time, three month hashrate stats from coinwarz.com shows BTC’s hashpower has increased a great deal since the end of June. At that time, bitcoin miners from China were facing a crackdown from the government and were forced to relocate to other countries. BTC’s mining difficulty, however, started dropping well before the low drop to 69 exahash per second (EH/s). At the end of May, the difficulty slid by 15.97% and two weeks later another 5.3% decrease took place. Bitcoin hashrate on Friday, September 3, 2021. 133 EH/s measured in a three-month time period. After the hashrate shuddered to 69 EH/s, the Bitcoin network saw the largest epoch mining difficulty decrease in the protocol’s lifetime. On July 3, 2021, the mining difficulty decreased by a whopping 27.94 % and two weeks later it dipped again down 4.81% on July 17. In four days, the Bitcoin network’s mining difficulty is expected to increase by over 2% to a possible 17.98 trillion. After this time, during the course of the rest of July and throughout August, BTC’s price and hashrate saw a great recovery. The July 17, downward difficulty change was followed by the first increase in four consecutive downward shifts as it rose by 6.03% on July 29. Upcoming Difficulty Change May Make it 28% Harder to Find a Bitcoin Block, Increase Will Erase July’s Largest Downward Difficulty Shift Since then, the hashrate has been steady and BTC has seen a total of two increases since the 6.03% rise, and the very last increase jumped by 13.24%. Prior to that significant rise and following the 6% spike, the mining difficulty jumped 7.31% as well. Today, coinwarz.com’s hashrate data shows the BTC network is coasting along at 133 exahash per second. At this current rate, in four days’ time, BTC’s mining difficulty is expected to rise from 17.62 trillion to 17.98 trillion. This would be a 2.07% increase at the time of writing, but depending on the hashrate it could increase or decrease from this point. Bitcoin hashrate distribution on Friday, September 3, 2021. Today’s top mining pool in terms of BTC hashrate is Antpool with 16.24% of the network or 20.52 EH/s of hashrate. Viabtc follows Antpool with 13.69% of the network’s hashrate or 17.3 EH/s. Then there’s Poolin (11.37%), Btc.com (9.98%), F2pool (9.98%), Foundry USA (9.51%), Binance Pool (9.05%), and unknown hashrate (7.89%). If estimates are correct and there’s a 2.07% difficulty increase in four days, it means since July 31, it’ll possibly be 28.65% more difficult to find a bitcoin (BTC) block in September 2021. What do you think about the steady hashrate and the increased difficulty change slated for four days from now? Let us know what you think about this subject in the comments section below. View the full article

While the crypto economy is worth more than $2.35 trillion, there’s a variety of new cryptocurrencies that have claimed top ten positions, in terms of market capitalization, in recent times. Two years ago, the top ten crypto assets by market cap looked a lot different than today, and things have also changed a great deal in the past 12 months. The Top Ten Crypto Assets in August 2019 Since the crypto asset’s inception, bitcoin (BTC) has held the largest market valuation out of all the coins in existence and no other digital currency has ever taken the top position. We know the crypto economy is valued at more than $2.3 trillion, and out of the 10,000+ cryptocurrencies, dominance levels are changing. Top ten shifts are happening, and the top ten crypto-asset positions in terms of valuation have changed a great deal last year and the year before. At the end of August 2019, bitcoin (BTC) held the top position but only had a market valuation of around $181 billion. Today, BTC has an overall market valuation of $929 billion or 413% more than it was in August 2019. That same summer, ethereum (ETH) was the second-largest crypto asset by market cap with just over $20 billion. Today, ETH has an overall valuation of around $443 billion which is a whopping 2,115% increase in two years. Cryptocurrency market capitalization in August 2019. In August 2019, XRP held the third-largest crypto valuation with an $11 billion market cap. The market cap has increased by 427% but XRP now holds the sixth-largest position in terms of valuation among the top ten. Bitcoin cash (BCH) was the fourth largest crypto cap in the late summer of 2019 with an overall valuation of $5 billion. Today it is $12.4 billion which is an increase of 148%, but BCH is now in the 15th position in terms of market valuation. Litecoin (LTC) held the fifth biggest market with $4 billion two years ago, but today, LTC is in the 16th position. Cryptocurrency market capitalization on September 3, 2021. These prices were recorded at 8:30 a.m. (EST) on Friday morning. Binance coin (BNB) managed to move up from the sixth position that year, as it now holds the fourth largest crypto market valuation today. Tether (USDT) moved up from two years ago when it was in the seventh position and today, USDT is the fifth position. Tether is still the most valuable stablecoin and has been for the last two years in a row. EOS was in the eighth position back in 2019 and today, EOS has slid all the way down to the 35th top position in terms of market cap. Bitcoinsv (BSV) was in ninth place in 2019 and stellar (XLM) held the tenth position in August the same year. BSV has plummeted to the 52nd position in terms of market cap and XLM is now the 22nd largest crypto asset. BSV had a $2.3 billion market cap back then and it has improved a bit (34.78%) to today’s $3.1 billion. Stellar had a $1.4 billion market valuation while today it is $8.5 billion, gaining 507%. The Top Ten Crypto Assets in August 2020 In August 2020, things were also different. While BTC and ETH held the first and the second position, XRP was really close to being overtaken by tether (USDT) that year. XRP held the third position with a $12 billion market cap and USDT was around $10 billion in August 2020. At that time, BCH, BSV, LTC, and BNB remained top ten contenders. Meanwhile, Chainlink (LINK) held the fifth-largest market cap with a $5.7 billion valuation. LINK is now the 12th largest coin market cap today with $13.5 billion. Cryptocurrency market capitalization in August 2020. Crypto.com (CRO) was in the ninth position in August 2020 with a $3.5 billion market cap and CRO is sitting in the 43rd position today with $4.1 billion. It is interesting to note that all the top ten coins in 2021 have market caps of over $20 billion. While in August 2020, only five coins had market caps over $10 billion, and in 2019 only three coins were over $10 billion. CRO and BSV have seen very little increases in market valuation in two years, while other markets have seen much larger gains. Moreover, coins like dogecoin (DOGE), solana (SOL), cardano (ADA), polkadot (DOT), and usd coin (USDC) are all newcomers as far as the top ten cryptos are concerned. Solana (SOL) is up more than 19% in 24 hours and recently flipped dogecoin (DOGE) in terms of market cap. What do you think about the changes in the top ten cryptos during the last two years? Let us know what you think about this subject in the comments section below. View the full article

Crypto assets have seen significant gains over the last month and one such digital currency, solana (SOL) has propelled itself into the top ten rankings and recently flipped the crypto asset dogecoin’s market cap position. As of Friday, solana currently holds the seventh-largest market valuation out of all the coins in existence with a market cap of around $41 billion. Solana Skyrockets More Than 300% in 30 Days In mid-August, Bitcoin.com News reported on solana (SOL) capturing fresh all-time highs and since then the crypto asset has gained a lot more value. At that time, solana had just made it into the top ten crypto market capitalizations and today it has risen to the seventh-largest crypto market worldwide. Our report noted that SOL was trading for $74 per unit and today SOL is swapping for $141 per coin, up 90.54% since the market report published on August 17. SOL has gathered double-digit gains in 24 hours, jumping over 20%. In the last week SOL has gained a whopping 85.3%. Two-week stats show SOL jumped 93.1% and during the last month, solana has gained a massive 310.8%. Year-to-date, solana has risen 3,277.6% and is one of 2021’s top-performing crypto assets. Tether (USDT) is solana’s largest trading pair as SOL/USDT swaps represent 54% of all SOL trades today. The SOL/USDT pairing is followed by USD (14.87%), BTC (12.80%), BUSD (7.91%), TRY (2.95%), and ETH (2.76%) as far as the top SOL pairs are concerned. Out of the $2.3 trillion in value, solana’s market cap represents 1.73% of the entire crypto-economy, in terms of dominance. Solana pushed dogecoin (DOGE) out of the seventh-largest position on Thursday and the market valuation continues to grow. With a $41 billion market cap, solana still has a ways to go to eclipse XRP’s $59 billion valuation. The crypto asset SOL tapped an all-time high today, on September 3, 2021, reaching $145.22 per coin. There’s $7.7 billion in global trade volume paired with solana (SOL) on Friday. What do you think about solana’s (SOL) massive gains and the coin moving up the top ten crypto cap ladder? Let us know what you think about this subject in the comments section below. View the full article