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      SEC Approves Ethereum ETFs, but Trading Won't Start Soon

      Good news: despite expert skepticism, the Securities and Exchange Commission (SEC) has approved the applications for the creation of Ethereum ETFs. Bad news: trading in these funds won't begin immediately.
      What's going on? The SEC has approved the 19b-4 filings, which are necessary to create a new ETF. However, before the ETFs can be listed on exchanges, the SEC must stamp its approval on the S-1 forms. And that's where things get complicated.
      According to Bloomberg analyst James Seyffart, the actual introduction of these ETFs to trading platforms will take several weeks to a few months. This is unlike the case of Bitcoin ETFs, which were immediately listed on exchanges.
      Galaxy Digital predicts that ETH ETFs will be available for trading in July or August.
      Why is this unusual?
      The reason for this unusual situation is unclear. It's possible that the SEC initially refused to approve the ETFs, but changed its mind under political pressure. This could explain the lack of coordination between the SEC and exchanges, which would enable trading in these ETFs.
      Cryptocurrency has become a political issue in the US. In recent times, Donald Trump has announced that he accepts cryptocurrencies as a form of funding for his campaign. Additionally, former presidential candidate Ron DeSantis has promised to protect the US market for Bitcoin. Even Robert F. Kennedy Jr., a long-time advocate for cryptocurrency, has been vocal about his support for it.
      Even among cryptocurrency skeptics, there appears to have been a change in attitude. This week, some members of Congress voted in favor of a bill regulating the cryptocurrency market in the US. Specifically, the bill aims to strip the SEC of its authority over this market.
      It's unclear what exactly caused this change in attitude, but it's clear that cryptocurrency has become a major issue in US politics.
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      US Politicians Win: Blocking CBDC Creation in the US

      A historic moment is unfolding in the US Congress. Yesterday, the House of Representatives passed a bill that prohibits the Federal Reserve from issuing a Central Bank Digital Currency (CBDC).
      The bill, backed by 213 Republicans and 3 Democrats, ensures that the US Congress maintains control over digital currency policy. According to Tom Emmer, the author of the bill, "My legislation guarantees that American policy on digital currencies remains in the hands of the American people, so that any development of digital money reflects our values such as privacy, individual sovereignty, and competitiveness on the free market."
      Emmer's words reflect his concerns about CBDCs not being equivalent to Bitcoin. He fears that a CBDC could be designed to allow the central bank to track consumer transactions, raising concerns about privacy. This is precisely what Emmer is worried about – protecting Americans' privacy.
      Congressman French Hill, who supported the bill, cited the dangers of too much government power and referred to the Canadian example. In 2022, Prime Minister Justin Trudeau froze the bank accounts of citizens who protested against lockdowns. Hill argued that the US does not need a CBDC, citing the existing payment system that can benefit from the private sector.
      Democrats like Maxine Waters, on the other hand, argue that the Fed could design a CBDC that does not infringe on Americans' privacy.
      "This bill is an attempt to stifle innovation and competitiveness in the United States abroad and weaken a federal agency that is critical in fighting inflation," Waters added.
      Cryptocurrency Regulations
      Interestingly, on Wednesday, the House also passed another bill related to digital currencies. This bill gives the Securities and Exchange Commission (SEC) authority over the cryptocurrency sector. The bill still needs to be passed by the Senate and signed by the President before it becomes law.
      The US government's stance on digital currencies is a crucial issue for both regulators and private investors. As CBDCs and cryptocurrencies continue to evolve, it is essential for policymakers to strike a balance between innovation and protection of citizens' privacy.
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      Binance Wins Crucial Appeal In The United States

      The Binance cryptocurrency exchange has won a significant appeal in the United States. A circuit court in Florida has overturned the suspension of Binance's business license for financial services in the state. This is a major regulatory victory for Binance.US, allowing it to continue operating on one of the largest cryptocurrency markets in the world.
      The court ruled that the Florida Office of Financial Regulation (OFR) did not have sufficient legal justification for the extraordinary suspension of Binance's license. The OFR had suspended the license in response to a confession by Binance's CEO, Changpeng Zhao, to violating American anti-money laundering laws in November 2023.
      The appeals court cited state law, which states that the OFR "may" suspend a license for financial services "in any manner deemed fair under the circumstances" if the agency presents grounds justifying its decision. The court concluded that the OFR did not provide adequate justification for the suspension and that the use of the word "may" in the statute implies freedom of judgment rather than an obligation.
      The court also found that suspending Binance's license would have caused significant financial losses and tax obligations for over 170,000 account holders in Florida.
      "To comply with the suspension, each client would need to liquidate their digital assets, which would result in financial losses due to fluctuations in digital asset prices," the court said.
      The decision is subject to further appeal by the OFR. In the meantime, Binance.US has temporarily suspended new user registration on Florida.
      However, this is not the end of Binance's problems in the US. The exchange is also facing suspension or denial of its license renewal in several other states, including Alaska, Maine, North Carolina, and Oregon. The status of its license remains unclear in Georgia and Ohio.
       
       
       
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      Two Individuals Arrested For Running $73 Million Crypto Ponzi Scheme, Facing Up To 140 Years In Prison

      In a major crackdown on international cryptocurrency fraud, the US authorities have arrested two individuals accused of running a massive Ponzi scheme that defrauded millions of dollars. The illegal funds were allegedly converted into Tether (USDT), a stablecoin, to conceal their origin.
      The US Department of Justice has unveiled an indictment against Daren Li and Yicheng Zhang, who were arrested separately in Atlanta and Los Angeles. The pair is believed to have led an international criminal network that defrauded millions of dollars through "pig butchering" schemes, where scammers gain the trust of victims, convince them to invest large sums, and then disappear with the money.
      According to the Department of Justice, the accused instructed co-conspirators to open American bank accounts under the guise of shell companies. Unsuspecting victims were then convinced to transfer funds to these accounts, which served as a conduit for laundering illegal profits.
      The money was subsequently dispersed to various domestic and international bank accounts, with the cryptocurrency portfolio linked to the program receiving over $341 million in virtual assets.
      Li and Zhang are charged with conspiracy to commit money laundering and six counts of international money laundering. If convicted, they may face up to 20 years in prison for each count, potentially resulting in a combined sentence of 140 years in prison.
      "Investment scams related to cryptocurrencies exploit the unregulated nature of virtual currency and online communication to deceive victims," said Deputy Attorney General Lisa Monaco. "While frauds on cryptocurrency markets take many forms and hide in many distant places, their perpetrators are not beyond the reach of the law."
      The investigation was a collaborative effort between US authorities and international partners. The case highlights the growing importance of cryptocurrency regulation and the need for law enforcement agencies to stay vigilant in combating financial fraud.
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      Tornado Cash Creator Appeals Money Laundering Conviction

      Alexey Pertsev, the creator of Tornado Cash, has appealed his conviction for money laundering and has filed an appeal with the 's-Hertogenbosch court in the Netherlands. The verdict was handed down after Pertsev was found guilty of money laundering and sentenced to 64 months in prison. The appeal process is expected to take several months, although it is not yet known whether the court will accept Pertsev's appeal.
      Links to the Lazarus hacking group
      After the verdict was announced on Tuesday, Pertsev was immediately arrested and taken into custody to begin serving his sentence. The court ruled that Tornado Cash does not provide any barrier for individuals who want to launder money obtained from criminal activities. Pertsev was arrested in the Netherlands in August 2022, when Tornado Cash was placed on the US Treasury Department's sanctions list.
      The US Treasury Department accused Tornado Cash of being a key tool for North Korea's Lazarus hacking group, which is responsible for significant cryptocurrency thefts, including an attack on Ronin Network, which belongs to Axie Infinity, resulting in the theft of $625 million.
      Other accused individuals and further steps
      Roman Storm and Roman Semenov, who also developed Tornado Cash, have been charged with money laundering and violating US sanctions. Storm is scheduled to appear in court in September, while Semenov has not yet been arrested. Storm was arrested last year when Tornado Cash was placed on the US sanctions list again. In March, Storm filed a motion to dismiss all charges, claiming that he did not engage in any illegal activities related to money laundering, but the US Department of Justice rejected his motion.
      New regulations for cryptocurrency mixers
      The US is working on new regulations aimed at tightening control over cryptocurrency mixers. Democratic lawmakers have introduced the US Blockchain Integrity Act, which aims to disrupt illegal fund flows and promote transparency. The law prohibits financial institutions, cryptocurrency exchanges, and financial service providers from accepting funds processed by mixers. Violations of these regulations could result in civil fines of up to $100,000.
      Recently, Bitcoin Fog founder Roman Sterlingov was found guilty of money laundering, conspiracy to launder money, and operating an unregistered money transmission business. As a result, Tornado Cash has been added to the US Treasury Department's list of specially designated nationals, effectively banning Americans from using this mixer.
      Note: The article has been rewritten to maintain its original content and tone while adapting it to English language and grammar standards. Additionally, some phrases and sentences have been rephrased for better clarity and flow.
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      ETFs On Ethereum Threatened: SEC Raises New Concerns

      The Securities and Exchange Commission (SEC) has dealt a setback to the plans of companies seeking to launch ETFs (Exchange-Traded Funds) on Ethereum, despite earlier approval of a different type of application. The SEC's chairman, Gary Gensler, recently appeared on Jim Cramer's Mad Money program, where he discussed the ongoing delays in approving ETFs on Ethereum.
      Gensler stated that the companies seeking to launch ETFs on Ethereum have not yet received approval from the SEC for their S-1 filing, which is necessary for listing their shares on stock exchanges. While this may seem like a formal procedural issue, similar to the approval of ETFs on Bitcoin, the situation is more complex.
      According to Gensler, the reason for the delay is that cryptocurrency firms are engaging in illegal activities that are not sanctioned by New York stock exchanges. He pointed to high-profile cases of fraud and misconduct in the industry, citing the examples of Sam Bankman-Fried, who was sentenced to 25 years in prison for defrauding clients of his failed cryptocurrency exchange FTX, and Changpeng Zhao, who is currently serving a four-month sentence after his company Binance reached a settlement with the US Department of Justice.
      Gensler's comments have been met with skepticism by some observers, who believe that his concerns about illegal activities are merely a pretext for delaying the approval of ETFs on Ethereum. The SEC's chairman has a reputation for being critical of the cryptocurrency industry, and his comments have been seen as a further sign of the regulator's reluctance to approve ETFs on Ethereum.
      The companies seeking to launch ETFs on Ethereum will need to wait patiently for the SEC's decision, which is likely to take some time.
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      Bitcoin To Get A New Network For Sending Funds

      Have you ever found yourself waiting for an extended period of time to receive a Bitcoin transaction, or been forced to pay a higher fee to a miner to get your transfer included in a block? If so, you're not alone. The Bitcoin network is increasingly experiencing such delays and issues. While the Lightning Network provides an alternative, it's not without its flaws. That's why Ark Labs has announced that it's working on a new solution that will make Bitcoin transactions faster and cheaper.
      On June 4, Ark Labs announced the start of work on a new layer 2 blockchain network that will operate on top of the Bitcoin protocol. The goal is to enable users to make simpler and more self-sovereign transactions, which will be much easier to execute than with the Lightning Network.
      The new network is set to revolutionize the Bitcoin ecosystem, with Ark Labs emerging as a new player in the blockchain industry. According to the company's executives, the Lightning Network has several flaws that make it less than ideal for payment processing. Therefore, they have decided to create a successor to L2 that will operate without the need for managing payment channels and liquidity.
      The new network will operate on the Ark protocol, which is heavily inspired by the Lightning Network but will eliminate the need for complex transfer management and liquidity. There will be no need for dedicated nodes or configuration to use the L2 solution.
      All you'll need is a "light wallet" on your smartphone to receive or make a Bitcoin payment.
      The Ark protocol will include a special network of service providers (ASPs) that will connect users with compatible Ark wallets to facilitate transactions. The ASP will act as a trusted server that allows users to make "virtual transactions" between each other, with funds still being transferred over the Lightning Network.
      The ASP will operate on the basis of a trusted server that allows users to make virtual transactions between each other, with funds still being transferred over the Lightning Network. The creator's assurance is that users will have full control over their funds, even if their ASP goes offline.
      When can we expect the new network to launch? As announced, it's expected to happen in 2024.
      This new development is expected to bring significant changes to the Bitcoin ecosystem, providing users with faster and more affordable transactions. With Ark Labs' new network, users will have greater control over their funds and be able to make transactions without the need for complex payment channels and liquidity management.
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      Bitpanda & Deutsche Bank Launch Real-Time Cryptocurrency Payments

      The demand for fast and secure financial transactions, including cryptocurrency transactions, is growing. Deutsche Bank has recognized this trend and has formed a strategic partnership with Bitpanda, a platform that enables users to buy, sell, and trade cryptocurrencies. This partnership aims to significantly improve the process of exchanging digital currencies, combining the solidity of traditional banking with the innovative technology of Bitpanda.
      Integration for Safety and Speed
      This partnership will provide users with access to international bank accounts (IBAN) in Germany, enabling them to make real-time transactions. This solution will not only provide convenience but also ensure the safety of international transfers. Deposits and withdrawals made through the Bitpanda platform will now be processed by Deutsche Bank, ensuring the speed and effectiveness of settlements.
      Lukas Enzersdorfer-Konrad, Bitpanda's Deputy CEO, emphasized that trust and security are key values that underpin this partnership. He stated: "Trust cannot be bought, it must be earned. Our focus on compliance, security, and trust over the last decade has allowed us to develop partnerships with prestigious institutions like Deutsche Bank."
      This partnership is not only a benefit for Bitpanda's users but also a significant step for the entire cryptocurrency sector. Banks that have previously approached cryptocurrencies with caution are now more boldly entering the market, offering their services. This is possible due to the MiCA regulations, which aim to clarify the situation on the European financial market.
      Modernization and Innovation in Banking
      Banks are also changing, recognizing the need to incorporate tokenization and cryptocurrency technologies as new asset classes. "European banks are increasingly interested in cryptocurrencies because MiCA regulations clearly define the framework for such operations," added Enzersdorfer-Konrad.
      This partnership demonstrates how traditional financial institutions can work together with modern technologies to provide innovative and secure solutions that meet the needs of the modern financial market.
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      Solana Decides To Fight Market Manipulation

      The Solana Foundation has taken a bold step to eliminate so-called "sandwich" attacks, which are responsible for artificially manipulating cryptocurrency prices. These attacks involve placing buy and sell orders around pending transactions, forcing retail investors to accept the worst possible prices.
      Recent events have revealed a group of validators involved in such practices, prompting the Solana Foundation to remove them from its delegation program. This decision reflects the foundation's commitment to fair market practices and zero tolerance for unethical behavior.
      How do "sandwich" attacks work?
      A "sandwich" attack is a form of market manipulation where a malicious trader exploits a pending transaction to profit. The trader places their own transactions before and after the pending transaction, allowing them to manipulate the price and reap the difference for their own benefit.
      Solana's Response
      Tim Garcia, Solana's validator relations leader, expressed his outrage on the Discord forum, warning of severe consequences for all parties involved in unethical practices. "We will not tolerate any actions that harm Solana users. Anyone who engages in such behavior will be immediately removed from the program, and their designated funds will be forfeited," Garcia stated.
      The Solana Delegation Program, which aims to support validators by assigning them SOL tokens, now faces a new challenge. It must not only support validators but also ensure they are not involved in any manipulations.
      Mert Mumtaz, co-founder of Helius, a provider of remote procedure services for Solana, noted that some operators modify their systems to enable "sandwich" attacks. "This not only harms individual users but also undermines the entire cryptocurrency market infrastructure," Mumtaz commented.
      Both the Solana Foundation's actions and the community's reactions demonstrate that transparency and fairness are crucial for the long-term health and stability of the cryptocurrency ecosystem. The Solana Foundation remains committed to protecting investors from fraud and ensuring that abuses will be ruthlessly eliminated.
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      SEC Ends Investigation Into ETH

      Consensys, the company behind Ethereum, has announced that the SEC has ended its investigation into ETH. The issue at hand was whether ETH is a security or a commodity.
      SEC closes significant investigation
      Consensys, the company behind Ethereum, has just announced that the SEC has closed its investigation into whether ETH is a security or a commodity. If it were found to be the latter, ETFs could not be created.
      The May decision on approving ETH ETFs effectively closed the investigation. As the regulators told ETF issuers, "yes," they recognized ETH as a commodity, not a security.
      However, the question remains: what happens now? Consensys sent a letter to the SEC asking what is happening in terms of the investigation after approval of ETF applications. The Commission responded by stating that it is no longer conducting an investigation.
      "The SEC Enforcement Division informed us that it has closed its investigation into Ethereum 2.0," said Consensys. "This means that SEC will not bring any charges related to allegations that selling ETH is a security transaction." - The company explained further.
      The price of ETH reacted to this news with gains. Today, one ether can be bought for $3523 USD, which translates to a 2% jump in 24 hours and a return to the price level before 7 days ago.
      But does this mean that Ethereum has won entirely?
      Not necessarily. While ether as an investment instrument is already considered safe in the US, it is clear that the SEC recognizes cryptocurrency as a commodity.
      However, there may still be issues ahead for Consensys. The company received a Wells notice earlier, which is a document warning of potential legal action from the SEC. The government agency warned the company that its MetaMask portfolio, which allows staking of ether, may violate securities laws. It is possible that the matter will end up in court.
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      Women Earn More Than Men In The Cryptocurrency Industry

      The Cryptocurrency Industry and Earnings for Women
      Recent research has revealed that women in the cryptocurrency market earn nearly 15% more than their male counterparts. This disparity pertains to salaries for work performed, rather than profits generated from trading.
      In the United States, the median salary for full-time women employees in the cryptocurrency sector stands at $172,000, while for men it is $150,000. This finding comes from a study conducted by Pantera Research Lab.
      “Our analysis indicates that the salary differences between male and female employees in the cryptocurrency industry are the inverse of what is typically observed,” stated Pantera researchers Matt Stephenson, Ally Zach, and Nick Zurck in a note dated July 29.
      Women in industries outside of cryptocurrency generally earn significantly less—only $0.84 for every dollar earned by men, according to experts from the venture capital firm.
      “The comparatively equitable salaries in the cryptocurrency sector suggest a shift towards greater gender equality, marking a progressive trend in this relatively new industry,” the researchers added.
      But what evidence did the company use to reach such conclusions? Pantera collected data from 502 full-time employees in the United States between June 4 and July 20, 2024. The online survey was distributed through LinkedIn, social media platforms, newsletters, and emails.
      What explains this phenomenon?
      The higher earnings for women may be partly attributed to their greater experience in cryptocurrency firms, with a median tenure of 5.3 years compared to 4.5 years for men. Many women hold mid-level and senior positions, while a larger portion of men occupy entry-level roles.
      However, it's important to recognize that women are likely still facing certain obstacles within this industry, the researchers noted. Additionally, a report from Forex Suggest indicated that out of 50 CEOs in the cryptocurrency market in 2023, only three were women.
      In conclusion, it is worth noting that the cryptocurrency industry offers the potential for above-average earnings, benefiting both men and women alike.
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      US Public Debt On The Rise Again

      U.S. National Debt Surpasses $35 Trillion: An Unprecedented Milestone
      The public debt of the United States has officially crossed the staggering threshold of $35 trillion for the first time in history. Since 2020, this debt has escalated by approximately $12 trillion.
      Yes, the debt in the U.S. has risen once again—this time at an alarming rate.
      The current total of public debt now stands at $35 trillion, with the nation increasing this figure by an average of $280 billion each month since January 2020.
      To put this into perspective, this means that each U.S. citizen now bears a share of roughly $105,000 in federal debt.
      However, public debt is often seen as a politically sensitive issue and is frequently overlooked during election campaigns. Prominent presidential candidates, including Kamala Harris and Donald Trump, have remained silent on the matter. Particularly surprising is the Republican Party's lack of commentary, given its historical stance advocating for debt reduction—despite the fact that federal debt has continued to rise under Republican administrations.
      According to data from usdebtclock.org, the federal debt is projected to soar to an astonishing $46 trillion by 2028. The Congressional Budget Office estimates that the national debt could surpass $56 trillion by 2034, primarily fueled by spending on Social Security and Medicare.
      What Does This Mean for Cryptocurrencies?
      Recently, there has been increasing chatter about the possibility of incorporating Bitcoin into the Federal Reserve's reserves. This notion is championed by presidential candidate Robert F. Kennedy Jr. and Senator Cynthia Lummis. On July 30, Senator Lummis from Wyoming stated:
      “A strategic Bitcoin reserve could halt this runaway train and assist in paying down the national debt for future generations.”
      Conversely, the escalating national debt will likely exert downward pressure on the value of the U.S. dollar. The first step in this process is expected to be a reduction in interest rates by the Federal Reserve, which many believe will commence as soon as September. Some analysts suggest that a potential interest rate cut in September could initiate a broader trend, bringing interest rates back in line with inflation rates or even returning to zero.
      But why are lower interest rates necessary? Reduced rates will lead to a depreciation of the dollar’s value. This, in effect, lessens the real burden of the debt—as the total amount owed remains the same, but it is paid back with dollars that have diminished purchasing power.
      For cryptocurrencies, this scenario presents a positive outlook. Lower interest rates and a weakened dollar typically correlate with rising prices for various market assets, including stocks, Bitcoin, altcoins, and precious metals.
      In summary, the implications of the rising U.S. debt and the subsequent economic strategies could pave the way for a bullish environment for cryptocurrencies, making it an exciting time to monitor developments in this ever-evolving sector.
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      Bitcoin 2024 Behind Us. Donald Trump Has Announced A Revolution!

      Bitcoin 2024 Conference Concludes: Donald Trump Promises Revolutionary Changes in U.S. Politics
      The Bitcoin 2024 conference has come to a close, marking a significant milestone in the cryptocurrency landscape. The event featured a myriad of speakers, including industry experts, politicians, and financial leaders.
      Among the notable speakers was Donald Trump, who is currently campaigning for the presidency. During his address, he made several electoral pledges that resonated with the audience. In a particularly popular declaration, he vowed to "free" Gary Gensler, the current Chair of the SEC.
      “I will appoint a new SEC Chairman who believes that America should build its future rather than block it,” he declared.
      Furthermore, Trump pledged that under his administration, the U.S. government would not sell the over 200,000 BTC it has confiscated from criminals over the years—a topic he emphasized would be revisited.
      Trump endeared himself to the crowd, turning his speech into something reminiscent of a campaign rally. He asserted that Bitcoin's market capitalization would eventually surpass that of gold.
      In a bold statement, he assured the audience, “There will never be a CBDC as long as I am President of the United States.”
      Bitcoin in the Federal Reserve’s Reserves
      Senator Cynthia Lummis later echoed Trump’s remarks about the 200,000 BTC during her presentation. She committed to advocating for the incorporation of Bitcoin into the Federal Reserve's reserves.
      “The Bitcoin reserve we plan to establish will begin with the 210,000 bitcoins mentioned by President Trump, and these will be securely stored in multiple vaults. This is just the beginning,” she explained.
      In her vision, the U.S. would purchase 1 million BTC over the next two decades, amounting to approximately 5% of the total Bitcoin supply.
      “We currently have the funds, but we will no longer hold them in U.S. dollars or assets that depreciate by at least 2% each year. Instead, we will invest in assets that appreciate in value,” she clarified.
      Bitcoin Price Surges: What’s Driving the Increase?
      During Trump's speech, Bitcoin's price fluctuated, experiencing both rises and dips. However, as news of the statements made at Bitcoin 2024 spread, the cryptocurrency's value surged significantly. Currently, Bitcoin is trading at approximately $69,800, reflecting a price increase of 3% over the past day and 3.5% over the week.
      Ethereum is also witnessing gains, priced at around $3,400, which indicates a 4% increase in the last 24 hours.
      The rise in cryptocurrency valuations is attributed not only to the events at Bitcoin 2024 but also to new projections regarding interest rates in the U.S. The Fed Watch Tool indicates a 0% probability that the Federal Reserve will not lower interest rates in September, contributing to the growing optimism within the market.
      In summary, the Bitcoin 2024 conference has not only set the stage for potential shifts in U.S. monetary policy but has also invigorated the cryptocurrency market, fostering an environment of excitement and speculation.
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      Cryptocurrency Market Awaits Widespread Adoption

      Cryptocurrency Market Poised for Growth, Says WisdomTree CEO in CNBC Interview
      In a recent interview with CNBC, Jonathan Steinberg, the CEO of WisdomTree, expressed his optimistic outlook for the cryptocurrency market, forecasting robust growth in the coming years.
      Factors Driving Cryptocurrency Adoption
      Steinberg highlighted several key elements that could propel the adoption of cryptocurrencies. Among these are the establishment of clear regulatory frameworks, the emergence of publicly traded cryptocurrency funds, and the tokenization of real-world assets (RWA). These factors, he believes, will create a more conducive environment for both individual and institutional investors to engage with digital assets.
      During the conversation, Steinberg also addressed the potential impacts of former President Donald Trump’s remarks at the Bitcoin 2024 conference. He noted that Trump’s promise to provide regulatory clarity for the cryptocurrency and digital asset market represents a significant moment for the industry.
      “Trump couldn't have voiced a more ambitious tone regarding what he plans to do with cryptocurrencies and Bitcoin as an asset class,” Steinberg asserted. “He promises regulatory transparency for cryptocurrencies and digital assets on a broad scale. I believe this will have a very positive impact, not just on cryptocurrencies as an asset class, but also on blockchain-based finance.”
      Bitcoin: A Leading Investment Asset
      Steinberg pointed out that Bitcoin has emerged as the best-performing investment asset over the past 15 years. He added that, despite the lack of employees and significant institutional purchases, Bitcoin has managed to maintain a market capitalization exceeding one trillion USD for over a decade. In contrast, the entire cryptocurrency market as an asset class has surpassed a whopping two trillion USD.
      He described Bitcoin as a natural evolution in the progression of money, similar to how smartphones have replaced landline phones, predicting that digital assets will ultimately replace traditional fiat currencies.
      “Cryptocurrencies represent an asset class, followed by a broader tokenization of all real-world assets. We are witnessing a convergence of these trends,” he explained.
      Emergence of Real-World Asset Tokenization
      Steinberg noted that traditional financial institutions are already venturing into the RWA market, citing initiatives like BlackRock's BUIDL and Franklin Templeton's FOBXX. According to Etherscan, BlackRock's BUIDL, launched just under four months ago, currently holds tokenized treasury bonds valued at over 500 million USD. Additionally, Goldman Sachs is set to introduce three new tokenization products for institutional clients by the end of this year.
      A report by McKinsey & Company projects that the RWA market will reach a staggering two trillion USD by 2030. However, the firm also highlighted the challenges posed by what is known as the “cold start” problem, attributed to limited liquidity and transaction volumes in the market.
      In summary, as regulatory frameworks develop and major financial players engage with cryptocurrencies and tokenization, the future of digital assets appears increasingly promising. With influential voices advocating for market clarity and institutions exploring new opportunities, the stage is set for a transformative period in the financial landscape.
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      FBI Warns Of New Ways Of Cryptocurrency Hackers

      FBI Issues Warning on Cryptocurrency Scam Targeting Users
      The Federal Bureau of Investigation (FBI) is alerting cryptocurrency users about a rising scam known as the "exchange employee scam." This scheme involves criminals impersonating employees of cryptocurrency firms, with the aim of stealing funds from unsuspecting victims. How can users protect themselves from these scammers?
      FBI Cautions Against Cryptocurrency Exchange Impersonation
      On August 1, the FBI issued a warning regarding scammers targeting cryptocurrency users. These cybercriminals present themselves as representatives of digital asset exchanges.
      “The FBI warns of scammers posing as cryptocurrency exchange employees to steal funds,” the agency stated in its report.
      These fraudsters reach out to their victims through phone calls or messages sent via messaging apps, creating the illusion that they are contacting them as legitimate staff from a cryptocurrency exchange.
      The Scam Process
      What happens next is a well-orchestrated attempt to exploit victims’ trust. The scammers claim that there are issues with the victim's account and try to convince them that a hacking attempt has occurred. They then instruct the victim to provide their login credentials, click on a link they send, or share additional identifying information. By doing so, they gain unauthorized access to the victim's account and “clean it out” of any funds, assuming there are cryptocurrencies present.
      “The scammer claims that the victim needs to secure their account by providing login details, clicking on a link, and/or sharing identifying information,” the report further explains.
      How to Avoid Falling Victim to Hackers
      So, how can users avoid being robbed in such a blatant manner? The FBI advises cryptocurrency investors to refrain from responding to these types of messages, whether they are vocal or written. Instead, they should disconnect the call and verify if they are indeed speaking with a legitimate employee of the exchange by calling the company’s official number or reaching out to their customer support through verified channels, such as social media.
      Users should also avoid clicking on links received from untrusted sources.
      It's also crucial for users not to keep significant funds on exchanges. Implementing two-factor authentication (2FA) is another effective measure that complicates attacks from hackers, as they would need access to both the victim's account and their phone or email.
      In summary, by staying vigilant and following these guidelines, cryptocurrency users can help protect themselves from falling prey to these increasingly sophisticated scams.
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      Exploit Poly Network - The Scale Is Shocking, Action Is Essential

      Poly Network Victim of Hacking Attack: A Major Security Breach Uncovered
      Poly Network has fallen victim to a hacking attack, a situation confirmed by the blockchain security firm Dedaub. The aftermath of the attack, which took place on July 2, revealed shocking details about how the hacker was able to create billions of tokens.
      Poly Network Targeted by Fraudsters – 57 Assets Compromised
      On July 2, renowned decentralized finance (DeFi) platform Poly Network announced via Twitter that it had suffered a serious attack. Fraudsters successfully manipulated a smart contract function on the cross-chain bridge protocol, prompting a temporary suspension of services to mitigate further damage. The scale of the breach became clearer in a subsequent update from Poly Network, which disclosed that the attack impacted as many as 57 assets across 10 different blockchains, including Ethereum, BNB Chain, Polygon, and OKX. Although the exact value of the stolen assets remains unknown, initial reports from PeckShield suggest that the hacker managed to transfer at least $5 million in cryptocurrencies.
      According to DeFi security analyst Arhat, the method employed by the hackers involved exploiting a vulnerability in the smart contract. By manipulating a fake validator signature and block header, the hacker bypassed the verification process and initiated the issuance of tokens from the Poly Network's Ethereum pool to their own address across various chains. This tactic was replicated on multiple blockchains, leading to a large accumulation of tokens. Despite the scale of the attack, Arhat confirmed that no logical errors were exploited, underscoring the simplicity of the hackers' approach.
      Poly Network Striving to Safeguard User Security
      Poly Network is now in a critical situation, but it is acting swiftly to address the issue. The platform is cooperating with both centralized exchanges and law enforcement agencies, seeking assistance in combating the attack. To protect its users and project teams, Poly Network has strongly recommended withdrawing funds and unlocking tokens held by liquidity providers.
      This incident serves as a reminder for the entire cryptocurrency ecosystem that security must always be a top priority. Without a doubt, tracking and eliminating potential vulnerabilities is becoming an essential element for effectively safeguarding assets and users in today's ever-evolving world of cryptocurrencies.
      As the landscape of digital finance continues to shift, it raises an important question: how can platforms like Poly Network and others in the DeFi space enhance their security measures to prevent similar attacks in the future? Ongoing education, rigorous audits, and the implementation of cutting-edge security technologies will be vital in ensuring the resilience of decentralized finance against malicious threats.
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      Circle The First E-Money Issuer In The EU

      The First Company to Embrace EU Regulations
      Without any major surprises in the market, the first company to announce its compliance with regulatory standards in the EU is Circle. Its French subsidiary will launch the issuance of USDC and EURC in accordance with the upcoming EU regulatory framework for Markets in Crypto-Assets (MiCA). The company has obtained an Electronic Money Institution (EMI) license from the Autorité de Contrôle Prudentiel et de Résolution (ACPR)—the French banking regulatory authority. This means that both USDC and EURC will be issued in the EU in compliance with the regulatory framework coming into effect on June 30, 2024.
      “Since its inception, Circle has been committed to building a durable, compliant, and well-regulated infrastructure for stablecoins. Our alignment with MiCA, one of the most comprehensive regulatory laws for cryptocurrencies worldwide, marks a significant step forward in bringing digital currency into widespread adoption. By closely working with French and EU regulators, we can now offer both USDC and EURC as fully compliant dollar and euro stablecoins in the European market, unlocking immense potential for digital assets to transform finance and trade.”
      — Jeremy Allaire, Co-founder and CEO of Circle.
      “Achieving compliance with MiCA through our French EMI license is a significant step forward, not only for Circle but for the entire digital financial ecosystem in Europe and beyond. As digital assets become increasingly integrated into mainstream finance, establishing robust and transparent frameworks is crucial for promoting trust and adoption. Today’s announcement further strengthens our commitment to building a more inclusive, compliant future for the internet of finance.”
      — Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle.
      As one of the leading stablecoins by market capitalization, USDC is currently the only stablecoin compliant with MiCA. This achievement highlights Circle's commitment to regulatory compliance for dollar and euro stablecoins. The company’s proactive approach to meeting high standards of security, transparency, and oversight will help promote the mass adoption of regulated digital currencies.
      What Does This Mean for the Average Consumer?
      This announcement is the result of a marketing twist from the most regulated stablecoin associated with BlackRock. For us—ordinary consumers navigating the secondary market—it may not seem extraordinary. According to EU regulations, companies like Circle should suspend the issuance of stablecoins if they meet two criteria: a trading volume exceeding one million transactions or a daily trading volume of 200 million euros. However, there’s a caveat: peer-to-peer (P2P) trading and crypto-to-e-money transactions do not count towards this definition.
      There is a significant possibility that, under these regulations, Tether (USDT) may not be able to comply. Additionally, the issue of staking stablecoins in Poland remains, as this license does not influence such activities. Let’s hope that the intellectuals in our home territory find a way to address that as well.
      In conclusion, Circle’s proactive stance represents a potential turning point for stablecoins in the EU, but it also raises important questions about how these regulations will affect other players in the market and the average consumer's engagement with digital currencies. As the cryptocurrency space evolves, the focus on regulatory compliance will likely dictate the future landscape of digital finance.
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      Could Stablecoins Disappear From The Market?

      Regulations for the Cryptocurrency Sector in the European Union Progressing
      Regulations for the cryptocurrency sector within the European Union are moving forward. The Markets in Crypto-Assets (MiCA) legislation, passed in May of last year, will come fully into effect in late December this year; however, some of its requirements will start to apply earlier. Beginning June 30, stablecoins will be subject to new regulations, prompting cryptocurrency exchanges to implement certain changes regarding this class of assets.
      Among other things, all entities assuming the role of stablecoin operators will be required to obtain a special license for such activities from the appropriate regulatory body within the EU. However, that’s not all. Some digital assets may have limited functionality on trading platforms or may simply disappear altogether.
      Will Binance Withdraw Some Stablecoins?
      Details regarding the upcoming changes remain scarce in the public domain. As of now, there are no official announcements concerning which specific stablecoins will be restricted or withdrawn from the European market.
      The legislation does shed some light on this issue, stating that entities issuing these types of cryptocurrencies are obligated to disclose to their clients the full range of information regarding their business model, management system, and risk management mechanisms.
      Furthermore, a special buyback mechanism must be established, and each issuer must maintain an adequate level of reserves that underpin the value of their stablecoin.
      It is likely that top cryptocurrency exchanges already have concrete information regarding the directives imposed on them and their consequences. However, at this time, we are still receiving only vague announcements about changes from such companies.
      Recently, Binance, the world’s largest cryptocurrency exchange, announced that "some stablecoins will be subject to restrictions as unauthorized stablecoins."
      What Does This Mean?
      Digital assets that do not qualify as "authorized stablecoins" will be set to "sale only" mode if they are to continue being traded on the platform while remaining compliant with MiCA requirements. This specifically pertains to the Binance Convert function.
      No suggestions have been provided regarding which stablecoins we might expect to see disappear or be restricted from the market in the near future.
      Currently, it does not seem that there will be any changes regarding Tether (USDT) or USD Coin (USDC), the two largest stablecoins by market capitalization.
      As the cryptocurrency landscape is evolving, the implications of these new regulations could lead to significant adjustments for exchanges and users alike. The focus on compliance could impact the availability and functionality of various digital assets, and all eyes will remain on how these developments unfold.
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      Cryptocurrency Market Crash: Bitcoin And Ether Suffer Significant Losses Overnight

      Last night, the cryptocurrency market experienced a crash, with Bitcoin plunging 13% in value over a 24-hour period and Ether falling a staggering 20%.
      What Happened to Bitcoin?
      As the night unfolded, the price of Bitcoin dropped to approximately $52,300, while Ether barely held on to the $2,000 mark.
      Currently, the price of one Bitcoin stands at $53,260, reflecting a decline of 13% in just one day and an alarming 22% drop over the course of the week. Meanwhile, Ether is priced at $2,338, which represents a 20% decrease from yesterday and a substantial 30% loss within the week.
      This dramatic downturn has significantly impacted market sentiment. The Bitcoin Fear and Greed Index has plummeted to a reading of 26, indicating a state of fear among investors. The most recent evaluation was conducted at a much higher price point of $58,110. At this juncture, extreme fear has become the prevailing sentiment in the market
      Similarly, the Ethereum Fear and Greed Index also indicates a score of 25, indicative of fear. This assessment was conducted when Ether was valued at $2,658. Like Bitcoin, investors in the Ethereum market are grappling with intense fear at present.
      The Root of the Decline: Why Are Prices Falling?
      Cryptocurrencies are not plummeting in isolation; declines are evident across other financial markets as well. The pressing question is—what is behind this downturn?
      One of the primary catalysts for this selloff appears to be the potential for war in the Middle East. Just last week, military leader of Hezbollah, Fuad Shukra, was assassinated. The following day, the leader of Hamas, Ismail Haniyeh, lost his life as well. Both Iran and Hamas have accused Israel of orchestrating these killings, vowing retaliation against Tel Aviv.
      This series of events has instigated fears in the global community about an escalation of conflict that could have far-reaching implications.
      Details surrounding a possible Iranian attack remain unclear, but analysts predict that it may involve drone strikes rather than a full-scale conventional war. Reports indicate that the escalation could occur as early as today.
      However, there remains a possibility that tensions may dissipate without further incident. As for Bitcoin and other leading cryptocurrencies, their foundational principles remain intact. Moreover, macroeconomic conditions in the United States have not fundamentally changed. Interest rates may be lowered in September, a decision that could stimulate growth across nearly all markets.
      In conclusion, despite the current turmoil, there is hope that market conditions could improve, countering the current state of fear among investors.
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      Conclusion Approaches In Ripple's Prolonged Legal Battle With The SEC

      Ripple’s prolonged civil litigation with the Securities and Exchange Commission (SEC) commenced in December 2020 when the regulatory body accused the blockchain company of utilizing XRP as an unregistered security to facilitate fundraising.
      Recently, a federal judge has mandated Ripple Labs to pay a civil penalty of $125 million and has indicated that the company is “permanently restrained and enjoined” from infringing upon United States securities laws, as part of the SEC's ongoing case against them.
      In a ruling dated August 7, delivered in the U.S. District Court for the Southern District of New York, Judge Analisa Torres found Ripple liable for exceeding $125 million, with the expectation that the firm will remit this amount to the SEC within 30 days. This judgment followed a series of conflicting motions presented by Ripple and the SEC, with the regulator contending that the firm should face a maximum civil penalty ranging from $10 million to $2 billion.
      This ruling suggests that Ripple’s protracted legal struggle with the SEC is nearing its conclusion, following the commission's initial lawsuit filed in December 2020. Back then, the SEC alleged that Ripple had employed XRP as an unregistered security to secure funding. However, in July 2023, Judge Torres determined that the XRP token does not qualify as a security concerning programmatic sales conducted on exchanges.
      As this legal battle reaches its climax, the implications for Ripple, the broader cryptocurrency market, and regulatory frameworks will undoubtedly be significant. The case has not only brought Ripple's operations into the spotlight but has also raised broader questions about the classification of digital assets. As the landscape of cryptocurrency continues to evolve, the outcome of Ripple's case may set important precedents for future regulatory actions and industry standards.
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      The White House Engages With The Cryptocurrency Industry In The U.S

      Recent reports indicate that the White House is initiating conversations with leaders from the cryptocurrency sector. As the election campaign intensifies, the Biden-Harris duo appears eager to strengthen their ties with this innovative industry.
      Will the White House Embrace Cryptocurrency?
      High-ranking officials from the White House reportedly held discussions with prominent figures in the cryptocurrency market on Thursday. These discussions are part of the Biden administration's efforts to enhance its relationship with the crypto community.
      Key participants included Bruce Reed, Deputy Chief of Staff; Lael Brainard, Director of the National Economic Council; and Kristine Lucius, Senior Advisor to Vice President Kamala Harris. The meeting was led by California Congressman Ro Khanna.
      This initiative builds upon a recent roundtable hosted by Khanna, which brought together lawmakers and representatives from the blockchain sector.
      White House spokesperson Robyn Patterson stated in a media release:
      "The Biden-Harris administration will continue to meet with a range of stakeholders and collaborate with members of Congress on legislation aimed at developing the safeguards necessary to harness the potential benefits and innovations of crypto-assets."
      Paul Grewal, Chief Legal Officer of cryptocurrency exchange Coinbase, which is listed on Nasdaq, commented that while White House officials acknowledged the industry's concerns, no definitive commitments were made:
      "I commend [Khanna] for his bold actions in further urging Democrats to support fundamental legislation and standards for cryptocurrencies. Today's discussion, in many ways, stood in stark contrast to other conversations the industry has had with Harris's team about how she [Harris, a presidential candidate] might mark her departure from past policies and genuinely signal not only to the industry but also to the 52 million Americans who own cryptocurrencies that she understands their significance."
      Crypto for Harris Initiative
      In tandem, a movement called "Crypto for Harris" is gaining momentum, aimed at helping Vice President Kamala Harris win support from the cryptocurrency community.
      Consisting of approximately 50 industry participants and political experts, "Crypto for Harris" is set to organize a virtual meeting next week that will feature notable figures such as Mark Cuban, Anthony Scaramucci, and several members of Congress.
      This evolving dialogue suggests a significant shift in the Biden administration's approach toward cryptocurrency and its potential future engagement with this burgeoning sector.
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      Get Ready For A Bitcoin Boom - Price Surge Expected In Three Months Due To Gold's Influence

      According to Charles Edwards of Capriole Investments, Bitcoin is poised for a substantial price increase in approximately three months. Despite recent disappointments, including a notable crash on August 5, there are indicators that a shift is on the horizon.
      Over the past few months, Bitcoin's performance has left many investors yearning for higher prices. Following the sharp decline, gold has begun to rise, creating a contrasting picture. Bitcoin, often touted as "digital gold," may take some time to follow suit. Edwards suggests that we might have to wait around three months for Bitcoin to register significant gains.
      In a recent post on X (formerly Twitter), Edwards presented a graph comparing the price movements of BTC and gold since late 2019. His analysis showed that when gold enters a new upward trend, Bitcoin typically requires time before it mirrors that movement. By overlaying the XAU/USD chart with BTC/USD, he concluded that there is approximately a three-month lag for Bitcoin.
      “Overall, Bitcoin's macroeconomic trends are often delayed by several months compared to gold,” commented Edwards, who added that Bitcoin’s outlook remains promising.
      Another Significant Analysis
      William Clemente, co-founder of the cryptocurrency research firm Reflexivity, also drew attention to an important graph that highlights gold's performance following the introduction of commodity ETFs in 2004. Gold began to experience a significant price surge approximately 12 months after these funds launched.
      If Bitcoin follows a similar trajectory, it could align with other indicators forecasting positive developments in 2025.
      In fact, the Federal Reserve is anticipated to start cutting interest rates as early as September 18, which could catalyze growth across nearly all markets. Tomorrow, the U.S. will release new inflation data, and if it confirms a decrease in inflation, combined with recent unemployment figures, it could provide the final impetus for the Fed to initiate rate cuts.
      Currently, Bitcoin (BTC) is trading at approximately $58,900, showing no change in the past 24 hours but reflecting a 7% increase over the last week. Conversely, Ethereum (ETH) is priced at $2,626, maintaining the same price as yesterday while also witnessing a 7% weekly increase.
      As we look ahead, it’s essential for investors to stay vigilant and informed about market trends and economic indicators. Although the wait for Bitcoin’s upward movement may feel extended, historical patterns indicate that a significant surge could be just around the corner. The coming months could be pivotal for both Bitcoin and the broader market landscape.
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      Styx Stealer Malware Threatens Your Cryptocurrency Transactions

      Cybersecurity experts from Check Point Research have revealed a new menace that specifically targets cryptocurrency users, known as Styx Stealer malware.
      This harmful software has the capability to pilfer a variety of sensitive information, including digital currencies, through a technique called clipping. This method enables the malware to intercept and modify the recipient’s wallet address during transactions, redirecting funds to the hacker's account.
      Styx Stealer Available for Rent
      The Styx Stealer malware is currently being offered for rent via its developer's website, with subscription costs set at $75 per month or a one-time payment of $350 for a lifetime license.
      Launched in April, this malware has already been linked to multiple cyberattacks. Styx Stealer is an evolved version of a previous malware variant called Phemedrone Stealer, featuring new capabilities that include advanced methods to evade detection and a clipping function specifically for cryptocurrency transactions.
      The discovery of this malware was unexpected, stemming from a data leak that occurred during the developer's debugging process. This incident allowed researchers to trace the origins and functionality of Styx Stealer.
      Investigations revealed that the developer, located in Turkey, managed to gather approximately $9,500 in cryptocurrency payments within just the first two months after launching the malware. These funds were tracked to eight separate cryptocurrency wallets owned by the developer.
      Styx Stealer primarily exploits a vulnerability present in Microsoft Windows Defender, which was patched in the previous year. Therefore, users with updated Windows systems are not at risk. However, individuals who have not performed system updates remain exposed to this threat.
      The website promoting Styx Stealer, styxcrypter.com, initially provided detailed pricing and product information but was altered on August 16 to advertise a different offering. Transactions were handled via Telegram, utilizing various cryptocurrencies such as Bitcoin and Tether.
      Check Point Research has also traced the developer's Telegram accounts, email addresses, and phone numbers, providing crucial information for further investigations.
      Drop in Overall Illicit Cryptocurrency Transactions in 2024
      A recent report from Chainalysis indicates a decline in the total number of illicit cryptocurrency transactions in 2024, even as certain types of criminal activities within the sector have increased. Released on August 15 as part of an interim report on crypto crime, the findings show that hacking and ransomware incidents are on the rise.
      Particularly concerning are the increases seen in two categories: stolen assets via hacking and ransomware attacks. Chainalysis noted a significant uptick in the overall value of stolen assets.
      By the end of July, the total value of stolen cryptocurrencies reached a staggering $1.58 billion—an 84% increase compared to the same period in 2023. Although the frequency of hacking incidents rose marginally (2.8% year-over-year), the average amount stolen per hack escalated sharply.
      In July alone, hackers were responsible for stealing around $266 million across 16 different breaches, resulting in considerable losses for the cryptocurrency sector. Notably, the attack on the Indian crypto exchange WazirX on July 18 was particularly damaging, accounting for over $230 million, or 86.4%, of that month's total losses.
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      Malaysia Champions Digital Innovation With Worldcoin's Iris Scan Technology

      Malaysia has officially embraced Worldcoin’s iris scanning technology as part of its digital transformation agenda, marking a pivotal step in enhancing the security of digital identity verification.
      This collaboration emerged from a partnership involving the Worldcoin Foundation, Tools for Humanity (TFH), MyEG, and MIMOS Berhad. With Worldcoin's advanced biometric system, Malaysia aims to significantly improve the verification of digital credentials.
      Pioneering Adoption of Worldcoin in the Region
      By integrating Worldcoin’s iris scanning technology into its digital framework, Malaysia is setting a benchmark in its ongoing efforts to optimize digital credential verification. The initiative is built on a Memorandum of Understanding (MoU) among the Worldcoin Foundation, TFH, MyEG, and MIMOS Berhad, which serves as the Malaysian government's applied research and development wing.
      The partnership seeks to harness Worldcoin’s sophisticated biometric verification system to create a secure and effective approach to identity confirmation, popularly referred to as “proof of humanness.” This collaboration extends beyond mere identity checks; it encompasses plans for the joint production of the device known as the “Orb,” essential for conducting iris scans, as well as the incorporation of Worldcoin’s blockchain technology into Malaysia’s National Blockchain Infrastructure.
      Moreover, the MoU highlights the open-source character of Worldcoin’s technology, which promotes transparency and drives innovation within Malaysia’s digital economy.
       
       
      Addressing Privacy Matters with Innovative Solutions
      The Worldcoin initiative, brought to life by Tools for Humanity, has faced regulatory challenges globally due to concerns surrounding privacy and the safeguarding of biometric data. For example, authorities such as the Bavarian State Office for Data Protection Supervision in Germany and the Office of the Privacy Commissioner for Personal Data in Hong Kong have scrutinized Worldcoin’s activities, suggesting potential risks associated with the collection and storage of biometric information.
      In certain regions like Spain and Hong Kong, these worries led to a temporary halt of Worldcoin’s services. Nevertheless, Worldcoin remains steadfast in its pursuit of global growth, actively striving to align with local privacy regulations and address any regulatory apprehensions.
      Malaysia’s acceptance of Worldcoin’s iris scanning technology is therefore indicative of the nation’s trust in this innovative technology and serves as a potential catalyst for similar adoptions by other countries. To alleviate privacy issues, the Worldcoin Foundation has introduced a secure multi-party computation (SMPC) system designed to strengthen the privacy and security of biometric data. This system permits the division of iris codes into several secret components, allowing for personal uniqueness verification without disclosing identifiable information.
      This advancement in cryptography is anticipated to resolve various privacy concerns associated with biometric data collection and plays a crucial role in Worldcoin's ongoing expansion efforts.
      A Strategic Leap Towards Digital Leadership
      The implementation of Worldcoin’s iris scanning technology within Malaysia signifies more than a mere technological enhancement; it may also represent a strategic initiative to establish the country as a leader in digital innovation. The collaborative production of the Orb device and the integration of blockchain with the National Blockchain Infrastructure could lead to novel applications in sectors like digital identity verification and secure transactions.
      Should Malaysia successfully incorporate this advanced biometric verification into its digital ecosystem, it would set an influential example for other nations aspiring to upgrade their digital identity frameworks. The open-source framework of Worldcoin’s technology ensures that these advancements will remain accessible, adaptable, and continually evolving.
      Importantly, this development follows Malaysia’s approval for Worldcoin token public trading on recognized digital asset exchanges, further solidifying its commitment to embracing innovative financial technologies.
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      Bitcoin Faces Potential Decline Amid Rising Open Interest: Analysis by CoinGlass

      According to the cryptocurrency analysis platform CoinGlass, Bitcoin may face additional downward pressure as the open interest in futures contracts continues to increase in light of recent price movements.
      In a post dated August 16, CoinGlass pointed out that the total open interest (OI) for Bitcoin futures—indicating the number of contracts that remain unsettled—has reached $29 billion, continuing an upward trend throughout the week.
      This increase in open interest coincides with a 5% drop in Bitcoin's spot price over the past two days, a scenario that CoinGlass deems "somewhat unusual," given that the open interest has not yet adjusted to this price decline.
      “As open interest rises, it indicates that both long and short positions are on the rise,” CoinGlass noted. This situation adds further leverage to the market, which could amplify price fluctuations in either direction.

      Open Interest Trends Resemble Previous Price Drops
      Notably, a similar increase preceded the significant 20% plunge in Bitcoin's price observed on August 5, which was a result of excessive leverage in the market being liquidated.
      This situation, as highlighted by CoinGlass, suggests that Bitcoin may experience more downward movement in the near future. The firm elaborated:
      Recent data from CoinGlass also shows that funding rates have turned negative. Such negative funding rates arise when futures contracts trade below the spot price of the underlying asset.
      This scenario disincentivizes traders from maintaining long positions due to the associated costs, while simultaneously encouraging short positions, as traders could potentially benefit from the negative funding rates.
      The end of the week is also marked by a notable expiration of crypto options, with around 24,000 Bitcoin contracts set to expire today, valued at approximately $1.4 billion according to Deribit data.
      Despite the magnitude of this event, expirations typically exert minimal influence on spot markets.
      Instead, the accumulation of substantial leveraged positions is likely to play a more significant role, especially when those positions are liquidated, resulting in increased price volatility.
      Low $40,000 Bitcoin Still a Possibility
      This recent development reinforces the pessimistic projections made by some analysts, who contend that Bitcoin could witness further declines before any substantial upturn occurs.
      Timothy Peterson, founder of Cane Island Alternative Advisors, mentioned in a post on X that achieving both $40k and $80k is equally probable within the next 60 days.
      Similarly, Markus Theilin, CEO of 10x Research, has identified the “low $40,000s” as the optimal re-entry point for bullish investors.
      However, opinions remain divided regarding the likelihood of Bitcoin experiencing another significant drop or continuing on its path of long-term recovery.
      Despite the prevailing uncertainty, confidence among investors in Bitcoin appears to be gradually resurging following its recovery after last week's decline. Recent findings from analytics firm Glassnode indicate a shift in Bitcoin owner behaviors towards HODLing.
      This trend suggests that the market may have entered a phase of accumulation, where long-term holders are accumulating and storing Bitcoin with expectations of future gains. Such a shift could strengthen the case for a more sustained recovery in the months ahead.
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