Bitcoin price started a steady increase above the USD 48,500 resistance. BTC is currently (11:57 UTC) gaining pace above USD 49,500 and it could rally further above USD 50,000. A close above USD 50,000 might set the pace for a move towards USD 52,000.
Besides, many major altcoins are rising steadily. ETH is consolidating gains near USD 3,750 and it could gain pace above USD 3,800. XRP broke the USD 1.270 resistance and it may possibly test the USD 1.300 level. ADA is also rising and it could surpass the USD 3.12 level.
After a close above USD 48,500, bitcoin price started a steady increase. BTC broke the USD 49,200 and USD 49,500 resistance levels. The price is showing positive signs and it could even rally above USD 50,000. A close above USD 50,000 may possibly open the doors for a move towards the USD 52,000 level. On the downside, an initial support is near the USD 49,200 level. The next major support is near the USD 49,000 level, below which the price could test USD 48,500.
Ethereum price
Ethereum pricerallied above the USD 3,800 level. ETH tested USD 3,850 before correcting lower. The price is now consolidating gains, with an immediate resistance near USD 3,800. The next major resistance is near USD 3,850, above which the price could test USD 4,000. If there is a downside correction, the price could find support near USD 3,720. The next key support is near the USD 3,700 level, below which there is a risk of an extended decline.
ADA, LTC, DOGE, and XRP price
Cardano (ADA)rallied over 8% and it settled above the USD 3.00 level. It is now consolidating near USD 3.05, with an immediate hurdle near USD 3.12. If the bulls remain active, the price could rise towards the USD 3.20 and USD 3.25 levels. Litecoin (LTC) is rising steadily above USD 180 and it recently surpassed the USD 185 resistance. If LTC gains pace above USD 188, it could test the main USD 200 resistance zone. On the downside, the price might find support near the USD 180 level. Dogecoin (DOGE)rallied and it broke the USD 0.300 resistance. It is now facing resistance near the USD 0.312 level. Any more gains could set the pace for a move above the USD 0.320 level. On the downside, the USD 0.285 level is a decent support. XRP priceis up almost 8% and it broke the USD 1.265 resistance level. The price even spiked above USD 1.28 and it seems like the bulls are aiming for a test of USD 1.30. If there is a downside correction, the price might find bids near USD 1.265. The next major support is now forming near the USD 1.250 level.
Other altcoins market today
Many altcoins are up over 5%, including FTT, MIOTA, REV, KSM, XDC, TRX, DOT, TEL, LINK, VET, HOT, and AMP. Out of these, MIOTA rallied over 20% and it surpassed the USD 1.35 level.
To sum up, bitcoin price is showing positive signs above USD 49,200. If BTC settles above USD 50,000, there could be more gains towards the USD 52,000 level.
The Play-to-Earn NFT based Polker.Game‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league.
What is Play-to-Earn?
Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved.
Play-to-Earn games are essentially free to play and open to anyone and everyone. By simply using the platform players can earn native platform tokens or NFTs – both of which have real-world value. Allowing players to earn tokens and NFTs that can be sold or traded has created a paradigm shift in online gaming – Polker is leading the way with the Play-to-Earn poker platform.
Why Polker.Game?
With Play-to-Earn blockchain gaming growing at an unprecedented pace, Polker.game is poised to change the world of online poker with its unique approach to gameplay. Since the chips used in Polker have no value – the game removes the gambling aspect of poker whilst maintaining prizes that have real-world value. Polker’s play-to-earn poker platform is about competition and skill instead of gambling. Although still in the early days, Polker NFTs have already sold for $10,000 (3.8ETH) on OpenSea.
Growth Potential of Polker (PKR)
With Akon supporting the platform and Polker’s play-to-earn poker platform being live, Polker and $PKR have a huge amount of growth potential. The fact that $PKR is now being listed on centralized exchange BitMart increases this potential massively.
The business model that Polker follows is similar to that of AXIE INFINITY (AXS) which has a fully diluted market cap of $19.4bn at the time of writing. Polker (PKR) currently has a fully diluted market cap of $40.2m. If PKR were to reach the same market cap as AXS then the current value would increase over 482x. Simply put, a $1000 investment in PKR today would be worth over $482,000 if Polker were to grow to the same market cap as AXIE INFINITY.
Even reaching half the market cap of AXS in the short-term which is a much more reasonable expectation would allow for a 24,000% increase in value – an ROI that is too good to miss out on for any investor, especially with Akon backing the platform.
Polker Listing on BitMart
Polker (PKR) is a cross-chain token with a functional bridge between Ethereum, Binance Smart Chain (BSC), and Tron – with a Polygon bridge under development. Until now, $PKR has only been tradeable on decentralized exchanges UniSwap, and PancakeSwap. Now listed on popular and centralized exchange BitMart, Polker (PKR) can be traded by a much larger demographic with the newly listed USDT-PKR pair.
With BitMart listing $PKR and Akon shouting out the play-to-earn poker platform offered by Polker the potential of this platform is unrivalled.
The demand for non-industrial wallets continues to develop amid the increase in DeFi and NFTs. MetaMask is a kind of whose monthly active users develop 19-fold in simply over a yr.
This is a serious milestone for this Ethereum pockets as its monthly active consumer base reaches 10 million for the first time, additional underscoring the rising demand for DeFi belongings.
In addition to consumer development, MetaMask additionally noticed a speedy rollout of Ethereum’s good contract expertise, steady enlargement of DeFi protocols, and the profitable rollout of a token swap answer. Not solely does Defi, the firm credit NFT’s explosion with attracting extra users to its expertise.
Last October, MetaMask had simply its 1 millionth monthly active consumer – up from 545,000 in July of that yr. Much of the development will be traced again to the “defi summer” that conquered the crypto market in mid-2020.
At the time of writing, the complete locked down worth of the Defi ecosystem is over $ 155 billion. Liquidity Markets Protocol Benqi has seen its TVL hit the $ 1 billion mark lower than every week after it was launched Bitcoin journal reported final week.
In addition to Ethereum, DeFi communities seem to be rising on different chains as properly. Binance Smart Chain and Polygon have seen important development in current months thanks to decrease charges and improved effectivity.
In parallel with this growth, nevertheless, hackers and malicious actors proceed to assault protocols on this space. The DeFi Cream Finance mortgage file grew to become the newest sufferer to be exploited, with practically $ 19 million in paint. Another DeFi challenge, xToken, caught the hackers’ clutches and have become the second largest mining firm in 4 months.
A day by day bar shut outdoors of the $ 1.10 to $ 1.17 zone will decide the place the price goes subsequent.
Interestingly, a number of massive whales have escaped from the nets up to now few days.
As a brand new method for the month, it seems to be like volatility has returned in a number of the prime cryptocurrencies by market cap. Although XRP is stagnating, technical indicators counsel that important price volatility is imminent.
XRP is consolidating earlier than the breakout
Ripple (XRP) appears to have been trading in a symmetrical triangle for the previous 20 days. A descending pattern line is drawn via the highs whereas an up pattern line is developed together with the lows.
As XRP approaches the apex of the triangle, it suggests {that a} huge transfer is about to happen. Measuring the peak of the sample and connecting it to the breakout exhibits that price can transfer 31.7% both manner.
Only a day by day bar shut outdoors the vary of $ 1.1 to $ 1.17 will decide the following place for XRP. If price breaks above the resistance degree, the following cease will likely be at $ 1.55, however a lack of $ 1.10 may end in a correction in the direction of $ 0.75.
XRP / USDT day by day chart | Source: TradingView
Despite the imprecise outlook provided by the symmetrical triangle, knowledge from Santiment exhibits that some whales have taken income.
The variety of addresses with greater than 10 million XRP has decreased by 1.5% up to now three days. Approximately 5 whales left the community or redistributed their tokens throughout this era.
The sudden drop in massive traders on the community is a damaging signal, particularly as they maintain greater than $ 11 million in XRP. Further heightened promoting strain may push XRP under the essential assist at $ 1.10, leading to a 31.7% retracement.
However, the price wants to shut the day by day candle outdoors of the $ 1.10 – $ 1.17 price zone to decide the following pattern for XRP.
Massive anti-BTC protests fill the streets of El Salvador as Nayib Bukele prepares for the day bitcoin laws turns into obligatory as we learn extra on immediately’s bitcoin information.
The ready interval for the Bitcoin legislation to turn out to be binding is over and in line with the textual content of the legislation, all financial authorities should begin accepting Bitcoin together with the greenback as a method of cost, so long as the political state of affairs in the nation is over. Bukele guarantees that this transfer, which can profit the folks and save the nation as much as $ 400 million in referral commissions, will allow safer and extra instant monetary transactions. However, folks in the nation appear to disagree as large anti-BTC protests fill the streets.
In the previous few days, concern of the legislation’s utility has worsened Salvadoran sentiments and protests towards BTC have erupted on the streets. Hundreds of protesters took to the streets to specific their opposition to the legislation, and the organizing teams included veterans and staff, in addition to retirees. Volatility and instability are worrying and Supreme Court union member Stanley Quinteros says obligatory BTC adoption may damage Salvador’s funds as there is no such thing as a approach to management or stabilize costs.
“We know this coin is unstable. Its worth adjustments from second to second and we’ve got no management over it. “
The protesters stated that almost no one wants to buy BTC and they reject the fact that using cryptocurrency can facilitate corruption in a country known for its authoritarian and opaque policies. In massive protests, the Salvadoran International Cargo Carriers Association has called for an amendment to Article 7 of the BTC law, which provides for the binding acceptance of BTC. In the official statement shared by Telesur, the association said:
“No Central American freight forwarder employed by a enterprise entity in El Salvador will settle for Bitcoin as a method of cost, which ends up in divisions in the space of funds to foreigners in {dollars} and international locations have obligations with cryptocurrencies”.
They make sure that if they don’t get a response to the inquiries, they’ll charge 20% more from those who pay their fees in BTC to protect themselves from crypto volatility. A month ago, a group of activists, unions and students gathered outside the National Assembly and called for the BTC law to be rejected, arguing that the law was introduced and passed without consultation and could even harm people’s interests. The team released a written statement arguing that decentralizing Bitcoin will do more harm than good, and concluded that BTC will facilitate public corruption and the operation of weapons, drugs, human trafficking, and tax evasion. It will create currency chaos and affect people’s wages, savings and pensions.
Bitcoin makes everybody interested in what’s going to occur this week when the price begins under $ 50,000 on Monday.
After area-bound strikes over the weekend, the cops are nonetheless ready for a decisive assault on the $ 50,000 mark.
Despite the bullish sentiment amongst analysts, it seems that even the “overly cautious” tone of the US Federal Reserve (Fed) just isn’t sturdy sufficient to push BTC above the foremost resistance.
The article appears at 5 components that may give Bitcoin new impetus.
The greenback falls as shares hit greater highs
Shares hit an all-time excessive (ATH) final week following feedback from Fed chairman Jerome Powell.
Accordingly, the energy of the US greenback suffered and the US greenback foreign money index (DXY) started a downtrend for a number of days.
Such circumstances are sometimes favorable to Bitcoin, and the absence of headwinds from the macro setting can enliven bulls.
“There is no doubt that Powell is loosening up on pricing and market positioning,” mentioned one analyst, echoing the final sentiment from Friday’s speech.
1-day DXY candlestick chart | Source: TradingView
Resistance holds Bitcoin bulls
Saturday and Sunday had been very attention-grabbing for Bitcoin traders, with two rallies over $ 49,000 giving them excessive hopes for a “big showdown” in opposition to the $ 50,000 mark.
In the tip, nevertheless, each makes an attempt under $ 49,500 had been unsuccessful and BTC stayed within the excessive, slender vary of the $ 40,000 area.
The scenario did not change a lot on Monday, with $ 47,000 now again in help.
“Bitcoin bullish forecast of $ 51,000, but after that it was just gossip,” dealer Michaël van de Poppe summary when the weekend is over
Given the unsure setting, others warn that purchase aspect energy may collapse within the brief time period to re-test the decrease help.
“BTC is still trying to hold this red zone as support and is creating increasingly volatile bearish wicks underneath. So far the bears have been successfully bought out, but the blue downtrend resistance continues to affect the price, ”mentioned the dealer and analyst Rekt Capital. comment on the day by day chart.
Source: Rekt Capital
Monitoring the purchase and promote ranges on the Binance alternate on Monday exhibits a relative lack of help above $ 40,000 whereas stiff resistance nonetheless lies forward.
BTC / USD (Binance) purchase and promote ranges as of August thirtieth | The supply: Material indicators
Hashrate check once more The bearish zone in April
In addition to spot costs, the basics are additionally holding again development.
After a powerful 13.2% improve in adjustment difficulties over the previous week, Bitcoin is now wanting to its subsequent transfer, however not a lot appears to have modified – lower than 1% estimated.
(*5*)
Hashrate and subsequent estimated problem adjustment | The supply: BTC.com
Accordingly, it can not be dominated out that this correction will flip detrimental, which suggests a break for the miners after having made an enormous return to the community in current weeks.
However, as the issue stage will increase, 2021 will be the second time that there’ll be 4 consecutive problem changes.
Additionally, the community’s hashrate additionally spiked this week, nearing the 130 exahashes per second (EH / s) mark.
Bitcoin 7 Day Average Hashrate Chart | Source: Blockchain
The hashrate has recovered extraordinarily properly since July and is simply about 40 EH / s away from its all-time excessive. The index is up 4 EH / s since final Monday.
Average Bitcoin hashrate (orange) | The supply: DR. Jeff Ross
“Since the Bitcoin miners had been expelled from China in May, the V-shaped restoration has been speedy. The common weekly hashrate has elevated by round + 38% for the reason that low on the finish of June 2021. There is not any time to shorten “, says founder Dr. mentioned Jeff Ross of Vailshire Partners.
Investor and analyst Vince Prince famous that present ranges mirror transient lows after the ATH in April, and the hashrate then rose to ATH earlier than China’s ban despatched shock waves via the market.
#Bitcoin hash-rate recovered massively since China miners settled into other places now testing the low established in April this year.💥 pic.twitter.com/7PGfm1AWm2
“The Bitcoin hashrate is returning to the November 2020 stage. I would not be stunned if the hashrate hits a brand new ATH by the tip of the yr, “he mentioned.
What are the probabilities of hitting the $ 50,000 mark?
The upcoming U.S. job information on Friday could have set a deadline for BTC to return.
Contributing to this are the impartial financing charge through a number of trading platforms and the rising provide of stablecoins, which has reached 19 billion US {dollars}.
“Since collecting $ 1.8 billion in a single day on August 24, the number of stablecoins collected on centralized exchanges has exceeded 19 billion in one week,” mentioned the on-chain analytics agency. KryptoQuant make an observation of Monday, citing information from CoinGecko.
On high of that, the trading quantity of the foremost stablecoins additionally elevated, of which USDT is up 28% within the final 5 days.
Charles Edwards, Founder of Capriole Investments, Note that Bitcoin’s declining dominance charge (at the moment at 43.7%) is a bullish engine ready for you.
“This sideline is like rocket fuel when prices start to close above $ 50,000 a day.”
For analyst William Clemente, the low quantity stays a problem within the brief time period
Currently, many traders assume that Bitcoin will face the “final hurdle” earlier than difficult all-time highs.
After BTC / USD had risen 60% in a number of weeks, sentiment additionally went from “extreme fear” to “extreme greed” in accordance to the crypto concern and greed index.
Now that the rally is slowing on the $ 50,000 resistance, the “extreme” sentiment can also be giving approach to extra average “greed” for the index.
“Last chance to buy Bitcoin under $ 50,000. Retesting ATH is one way to show up and get FOMO a lot of attention. “
In truth, August is generally mentally secure. The index has been between 70 and 80 for the final 3 weeks.
The ultimate rally usually combines a strong upward transfer with a gradual rise in sentiment. As historical past exhibits, the concern and greed index hit the 95/100 excessive too rapidly to coincide with the BTC price drop.
Cryptocurrency Fear and Greed Index | Source: various.me
A blockchain is a specific type of database, stored in so-called blocks connected through complex cryptographic protocols. These make it almost impossible to compromise the data stored on the blockchain. This is because any changes to one block immediately corrupt the data in other blocks. Blockchains store data in blocks that are then chained together. As new data comes in it is entered into a fresh block. Once the block is filled with data it is chained onto the previous block, which makes the data chained together in chronological order.
Who Invented Blockchain
The first blockchain launched in 2009 as the technology underpinning Bitcoin, made by a person or group of people under Satoshi Nakamoto’s name. It is considered that blockchain separated from Bitcoin in 2014, and from then on, the technology is sometimes referred to as blockchain 2.0. This means that it is used for purposes other than Bitcoin from that time on, first starting with other cryptocurrencies and then moving on to other use cases.
Three main characteristics of Blockchain
1. Immutability: Immutability means that something cannot be changed once it has been created. Of course, information can be updated, but this is added to a new block. This ensures that you can trace its history reliably and serves as fraud prevention.
2. Decentralization: Decentralization is the transfer of authority and responsibility from a single, central authority to all participants.
3. Transparency: Anyone can see every transaction and all related information through so-called block explorers.
Bitcoin vs. Blockchain
The computers that makeup Bitcoin’s network are called nodes. In a blockchain, each node has a full record of the data that has been stored on the blockchain since its inception. For Bitcoin, the data is the entire history of all Bitcoin transactions.
The key thing to understand here is that Bitcoin merely uses blockchain as a means to transparently record a ledger of payments, but blockchain can, in theory, be used to immutably record any number of data points. This could be in the form of transactions, votes in an election, product inventories, state identifications, deeds to homes, and much more.
Currently, there is a vast variety of blockchain-based projects looking to implement blockchain in ways to help society other than just recording transactions. One good example is that of blockchain being used as a way to vote in democratic elections. The nature of blockchain’s immutability means that fraudulent voting would become far more difficult to occur.
Smart Contracts
A smart contract is a computer code that can be built into the blockchain to facilitate, verify, or negotiate a contract agreement. Smart contracts operate under a set of conditions that users agree to. When those conditions are met, the terms of the agreement are automatically carried out.
How Does Blockchain Work?
You create a transaction, pay the network fee, your transaction is added to a block, the block is added to the blockchain.
Public vs Private Blockchains
All the properties we covered throughout this guide are specific to so-called public blockchains. With the ascent of blockchain 2.0, some enterprises needed to use the technology for their own purposes. As their name implies, private blockchains are not available to everyone. They are usually reserved for the company and its partners.
Blockchain Use Cases
Supply chain: suffering from long and heavy paper trails, the supply chain industry benefits from blockchain in that it removes the need for all participants to have their own copies of everything. With a single, immutable source of information, data reconciliation becomes much faster and removes the need for any unnecessary third parties.
Insurance: another case in which data reconciliation is important, blockchain allows all participants to see what was done by whom. This prevents insurance fraud and speeds up all processes.
Banking: blockchain allows for faster and more efficient cross-border payments but also adds a new layer of transparency and accountability to traditional finance. This is why many banks are looking into their own central bank digital currencies (CBDCs).
Healthcare: the coronavirus pandemic has proven a need for accessible healthcare information. Using blockchain, users can decide who to share their information with, which includes vaccination status, whether or not they’ve had Covid, and if they are at risk—all information that can help them lead a more normal life, like go to concerts and events, if they’re healthy.
Pharmacy: pharmaceuticals are often counterfeit and/or sold on black markets, which can be extremely dangerous. Being able to track an item from its production to the time it reaches the end-user can help prevent that, along with checking whether it is expired.
Government: voter fraud is a globally widespread issue that blockchain can help combat. This is why many countries are looking into implementing a blockchain-based voter system that cannot be manipulated in favor of any party to facilitate a truly democratic process.
Art: perhaps the best-known example are NFTs. To own an NFT is to be able to prove you own an original digital item—something like the difference between owning an original painting and only having a print of it.
Gaming: similar to art, NFTs take ownership to a completely new level, so collecting games are thriving thanks to the technology.
Advantages and Disadvantages of Blockchain
Pros
Improved accuracy by removing human involvement in verification
Cost reductions by eliminating third-party verification
Decentralization makes it harder to tamper with
Transactions are secure, private, and efficient
Transparent technology
Provides a banking alternative and way to secure personal information for citizens of countries with unstable or underdeveloped governments
Cons
Significant technology cost associated with mining bitcoin
One remark signifies that Bitcoin is at the moment hovering below $ 49,000 so as to add a brand new kind of account to the XRPL toolkit for XRP Ledger. Here are some highlights from the crypto market.
Bitcoin information
Just a couple of days in the past, Bitcoin fell to a weekly low of $ 46,300 on the Bitstamp trade. However, it was at this level that the bulls started to enter the market, sending the price hovering above the $ 49,600 zone.
However, because the bulls put together for one more try and hit the $ 50,000 zone for the second time in per week, the bears have are available in. In reality, they regained full management of the cryptocurrency, pushing the price to a each day low of $ 48,000.
BTC Price Chart | Source: Coinmarketcap
After dropping almost $ 2,000 in only a few hours, Bitcoin has now risen to a number of hundred US {dollars}. However, the price is still hovering below the $ 49,000 area, with a market cap in extra of $ 900 billion.
Ethereum information
Wu Blockchain stated 28,000 ETH was transferred from the Mutant Ape Yacht Club, BAYC to the deal with recognized because the Blockfolio Exchange (FTX).
The group suspected they had been promoting ETH, which brought on ETH to drop 4%.
The 28,000 ETH obtained by Mutant Ape Yacht Club, BAYC transferred to the address identified as the Blockfolio (FTX) exchange. The community suspected that it was selling ETH which caused a 4% drop in ETH. https://t.co/5rOe2fA3Z6
More than $ 400 million price of ETH (about 124,865 ETH) has now been stolen burn as a result of the community has undergone a brand new improve. About 200 ETH ($ 643,000) is burned each hour.
The ETH replace EIP-1559 comes into pressure on August fifth. It goals to stabilize Ethereum’s risky transaction charges and speed up the transition to Ethereum 2.0.
Ripple News
XRPL Labs, the software program improvement workforce of the blockchain platform XRP Ledger, has revealed an necessary proposal: a brand new account kind might be added to the XRPL toolkit.
According to the official announcement by XRPL Labs on its official platforms, the usual proposal XLS-23d has been submitted by the builders.
Announcing "Lite Accounts". Richard and @WietseWind came up with a new standard proposal (XLS-23d) for XRP Ledger accounts with lower reserve requirements, consuming less XRPL space.
According to the venture’s GitHub, it’s proposed to permit XRP owners to open a brand new kind of XRP ledger accounts (“Lite Accounts”) with only one XRP, whereas the “Account Reserve” for normal accounts is 5 XRP.
HEX messages
HEX set a brand new ATH at $ 0.2386 and its price has nearly doubled prior to now 4 weeks, adopted by a decline within the greenback’s longevity, market analyst Santiment stated.
This is a sign that underground funding is pouring into the market and inflicting the price to rise.
📈 $HEX has made a new #AllTimeHigh of $0.2386, and its price has nearly doubled in the past four weeks followed by a massive mean dollar age drop at the beginning of the month. This generally indicates a move of dormant investments, and propels prices. https://t.co/jTI0boS7JZpic.twitter.com/hPtfJQwf2J
Wu Blockchain stated Binance has suspended Raydium (RAY) deposits and withdrawals for 2 days and has not but reopened the service.
This ends in the RAY price on Binance being 30% above the market price. (There are rumors in the neighborhood that this exercise can be returning quickly.)
Binance has suspended the recharge and withdrawal of Solana's Raydium (RAY) for two days, and it has not yet resumed. This caused the RAY price in Binance to be 30% higher than the market price. (There were rumors in the community that it would resume soon) pic.twitter.com/JNp1jABSMr
The Solana (SOL) and Terra (LUNA) programs each reached the ATH degree within the final 24 hours.
From August twenty sixth; SOL price has began rising from a comparatively low place at $ 67.55. On August 28, it had handed the $ 90 mark and formally hit the $ 100 area, however the token has now fallen to $ 97.66, a acquire of almost 25% over a seven-day interval.
SOL price desk | Source: Coinmarketcap
This dramatic enhance has resulted in a slight change within the market capitalization rating; SOL is at the moment the ninth largest cryptocurrency with a complete market cap of $ 26.9 billion.
LUNA has grown almost 30% this week and is at the moment the eleventh most beneficial cryptocurrency by market capitalization.
LUNA price chart | Source: Coinmarketcap
LUNA hit an ATH at $ 36.61 on the morning of August 29. Previously, the token hit a low of $ 26.73 on August twenty sixth. Since then, nevertheless, LUNA has bounced again, testing $ 35 and breaking it on Sunday.
Other information
The Dallas Mavericks are handing out digital present playing cards to their followers.
The Dallas Mavericks, the skilled basketball workforce of billionaire Mark Cuban, are freely giving e-gift playing cards to crypto followers as a part of the newly launched “Cryptomania” marketing campaign.
Anyone who purchases Mavs merchandise price not less than $ 150 in a single transaction utilizing any of the supported cryptocurrencies can get $ 25 again. The marketing campaign is anticipated to final till the top of this 12 months.
Kraken and five other DeFi projects contribute $250,000 each to support the teams that work on the Ethereum upgrade. In addition, they donated the sum to the ETH Foundation to develop the network’s version 2.0.
Open-source developer teams like Erigon, Besu, Nimbus, Geth, and Nethermind will join the ETH Foundation in the donation.
The Ethereum Foundation announced the source of the donations. They mentioned that the tips came from crypto exchange Kraken, Synthetix, the Graph, Compound Grants, and Uniswap Grants.
The donations will add to the funds the Foundation provided earlier back the layer teams of ETH execution.
The Funds Aim To Empower The Ethereum Team
The Foundation of what we build together incudes the various client ecosystem of Ethereum. It consists of the consensus layer clients and the execution layer; both are vital aspects of future Ethereum mergers. The announcement also reads:
“The donation sums up to $1.5 million and goes to open-source developer teams like Nimbus, Besu, Geth, Erigon, and Nethermind”.
The developer team is to make provision for the network’s critical infrastructure to see the transition of ETH. The ETH is to transit to proof-of-stake mechanism from a proof of work. An August 24th post on the Ethereum web page reads:
“In the heart of what we are developing together is a broad execution-layer client ecosystem. So today, we gladly announce that Kraken-fx, Uniswap, synthetix_io, graph-protocol, compound-grants, LidoFinance, and donates $250K each to support ETH 20 client teams.”
Jesse Powel, the co-founder and CEO of Kraken, says that the company is proud to give back to valiant builders who work hard on cutting-edge crypto innovation.
Kraken proposed that the exchange users would have staked up to 800,000 ETH in Eth2 by July. This is worth about $2.5 billion with current prices. The network platform had given out 25,300ETH as rewards emerging from staking when it started initially.
This project portrays an effort to ensure the security of Ethereum’s consistent growth and decentralization. Each of the elements is exemplified by the diversity of clients, our belief in Ethereum’s continued success, and the strength of the teams. The announcement revealed.
Etherscan Reports
The ETH Improvement Proposal (EIP) 1559 upgrade was launched early this month. It introduces a burning mechanism as an aspect of its regulated gas fee structure.
According to Etherscan data, about 4.85 ETH worth almost $15,300 are burned every minute as of writing. Over 70,000 Ethereum (ETH) has been burned or removed from the network’s circulation.
Etherscan is a Block Explorer and Analytics Platform for Ethereum, a decentralized smart contracts platform. As of August 12, 31,792.48 ETH has been burned via Etherscan, amounting to $99,871,306.11.
Turkish police have launched an investigation into a dogecoin investment scheme that has allegedly duped 350 million dogecoins from about 1,500 investors.
Dogecoin Scheme Dupes Investors in Turkey
The chief public prosecutor’s office of Küçükçekmece, a suburb of Istanbul, is conducting a large-scale investigation into a cryptocurrency scam, Turkish news television channel TV100 reported this week.
The scheme claims to be a cryptocurrency system operating under the name “Dogecoin mining.” It promised users a 100% profit in 40 days.
The scam’s alleged mastermind, Turgut V., organized one-on-one meetings in luxury venues, with attractive promotions in order to convince investors to join the scheme. He also used a Telegram channel to direct investors to transfer their dogecoins to the system.
The system worked well for the first three months and investors were able to regularly receive their promised returns. This has caused the number of investors to substantially increase. In total, about 1,500 people transferred their dogecoins to the scheme.
However, in the fourth month, Turgut V. abruptly shut down the system. Unable to log in, confused investors tried to contact him and his associates by phone or at their office to no avail.
Realizing that they were defrauded, some investors filed a complaint in the prosecutor’s office through their lawyer Sinan Keskin. One of the victims, Ecem Ashyrova, told TV100: “I deposited 4 million dogecoins. I have lost 12 million Turkish lire at the moment. We were promised to gain 100% with a 40-day package, but what we had in the palm of our hand is gone.”
The Turkish Terrorism and Organized Crimes Bureau launched an investigation on Turgut V. and 11 other suspects associated with him. The prosecutor’s office has also issued a ban on leaving the country for Turgut V.
According to the investigation, Turgut V. had collected 350 million dogecoins by the fourth month of the system’s operation. The meme cryptocurrency is currently trading at $0.2849. At the current DOGE price, this amount is worth approximately $100 million.
