Bitcoin tests $60,000 support amid U.S. rate cut expectations
On August 29, 2024, Bitcoin (COIN:BTCUSD) attempted to recover and maintain the $60,000 level after favorable U.S. macroeconomic data. Jobless claims and GDP were in line with expectations, fueling optimism for a potential 0.25% rate cut by the Federal Reserve in September. Analysts remain optimistic, predicting that the recovery could push BTC to test higher levels, such as $62,000 and $65,000, if strength continues. Bitcoin is up 2.4% to around $60,430 at the time of writing, while Ethereum (COIN:ETHUSD) is up 1.9% to $2,574.
Bitcoin ETF outflows total $105.3 million
On August 28, Bitcoin ETFs saw outflows totaling $105.3 million. Among 11 issuers, ARK’s ETF (AMEX:ARKB) led with a loss of $59.3 million. Other funds, including Fidelity’s ETF (AMEX:FBTC), VanEck (AMEX:HODL), Bitwise (AMEX:BITB), Grayscale (AMEX:GBTC), and Grayscale Mini (AMEX:BTC), experienced outflows of $10.4 million, $10.1 million, $8.7 million, $8.0 million, and $8.8 million, respectively. Despite this, BlackRock’s ETF (NASDAQ:IBIT) did not record any outflows or inflows.
First positive Ether ETF inflow since August 14
Ether ETFs saw positive inflows for the first time in over two weeks, with net inflows of $5.9 million. BlackRock’s ETF (NASDAQ:ETHA) led with $8.4 million in daily inflows, followed by Fidelity’s (AMEX:FETH) $1.3 million inflows. The slowdown in outflows from Grayscale’s ETF (AMEX:ETHE), which totaled $3.8 million, helped reverse the trend. However, Ether’s price has dropped 25% since the ETFs launched in July.
Australian Bitcoin ETFs show steady growth and sustained interest
Australian Bitcoin ETFs, VanEck and Monochrome (IBTC), have consistently accumulated Bitcoins since their launches. VanEck, with $40.72 million in assets, debuted in June, while IBTC, which holds about 123 Bitcoins, began in June and continues buying BTC. Unlike U.S. ETFs facing outflows, Australian ETFs show growing interest, reflecting robust demand for Bitcoin in the region.
IREN reports record Bitcoin mining revenue and expands operations
In 2024, Iris Energy (NASDAQ:IREN) achieved a record $184.1 million in Bitcoin mining revenue, mining 4,191 BTC, a 28% increase from the previous year. The company installed 15 EH/s and aims for 30 EH/s by year-end. Additionally, it generated $3.1 million from AI services and plans to expand its data centers to 510 MW. With $404.6 million in cash, no credit lines, and 100% renewable energy, IREN is well-positioned for continued growth. Shares are up as much as 18% during Thursday trading.
TeraWulf launches new mining unit and considers partnerships with tech giants
TeraWulf (NASDAQ:WULF), the sixth-largest Bitcoin miner, will launch the new Wulf Den 2-megawatt unit by the end of September, featuring liquid cooling technology to accelerate operations. This facility precedes the opening of a larger 20-megawatt unit by the end of 2024. Additionally, TeraWulf is in talks with major tech companies, including those in the Magnificent Seven group, for future partnerships and expansion. The company stands out for its low Bitcoin production costs and daily selling strategy to maximize profits.
Genesis Digital Assets expands Texas data center to 400 megawatts
Genesis Digital Assets (GDA) will expand its Rowdy data center in Vernon, Texas, to 400 megawatts, emphasizing its commitment to the state as a Bitcoin mining hub. The expansion, which leverages renewable energy policies and innovation, begins with 60 MW operational and uses local wind power. GDA also rehabilitated the Oklaunion Power Station, creating jobs and strengthening the Bitcoin network with renewable energy.
Trump launches “World Liberty Financial” as crypto platform with financial revolution promise
Donald Trump promoted the new cryptocurrency platform “World Liberty Financial,” rebranded from “The DeFiant Ones,” highlighting it as part of his vision to make the U.S. the world’s crypto capital. In a video for his followers on X, Trump, along with his sons Eric and Donald Trump Jr., pushed the project as an alternative to the traditional banking system, attracting crypto voters and donors. Despite the enthusiasm, specific details about the platform’s functionality remain vague. The project aims to offer alternatives to traditional banking while Trump continues to promote his NFTs and garner support in the crypto sector.
Donald Trump’s new NFT collection raises $2.2 million in sales
Donald Trump’s new NFT collection, launched on August 27, quickly generated $2.2 million in sales. Called “America First,” the collectible cards are selling for $99 each and offer the chance to dine with the former president. With 22,360 mints and 1,210 holders, the total stock of 360,000 could raise up to $35 million. The collection has been criticized by some as a “scam” and coincided with the SEC’s notice to OpenSea, sparking speculation about a possible connection.
Forbes and OKX Wallet launch exclusive NFT to connect Web3 communities
Forbes is enhancing its Web3 offerings with OKX Wallet through the Forbes Legacy Pass, an exclusive NFT that provides access to high-level events and special benefits. Announced on August 29, the partnership makes OKX Wallet the only platform to quickly process sign-ups for this digital collectible, with a limited supply of 1,917 units. The NFT promotes the connection between the digital space and physical events, reinforcing Forbes’ commitment to innovation and the Web3 community.
Pavel Durov released on bail in France; bettors lose $270,000 on Polymarket
On August 28, 2024, Telegram CEO Pavel Durov was released on bail after paying €5 million, surprising bettors who lost $270,000 on the Polymarket prediction market. Many had bet on a prolonged detention. Meanwhile, Telegram faces a potential ban in Indonesia due to failures in moderating illicit content. The decision on the ban depends on further evidence of rule violations.
Bitcoin’s gains and impact in El Salvador
Nayib Bukele, president of El Salvador, revealed that the country has earned approximately $265 million from adopting Bitcoin (COIN:BTCUSD) as legal tender and a reserve asset. El Salvador invested $135 million in Bitcoin, which grew to $400 million in the public wallet. Besides profits, Bukele highlighted the increase in financial inclusion and the positive impact on tourism and investments.
Aptos integrates Nillion to enhance privacy in blockchain applications
Aptos (COIN:APTUSD) is integrating Nillion, a privacy platform, to support data-preserving applications on the layer-1 blockchain. The collaboration will enable the creation of solutions such as confidential DeFi, private AI assistants, and secure gaming. Nillion uses blind computing and cryptography to protect sensitive information. This integration is significant for the development of private DApps and comes amid concerns about privacy following the arrest of Telegram CEO Pavel Durov.
Binance and Bybit may launch liquid staking products for Solana
Binance and Bybit have sparked rumors about new products related to Solana (COIN:SOLUSD), suggesting a possible entry into the liquid staking market. On August 29, Binance posted “BNSOL,” and Bybit announced “bbSol,” leading to speculation that they may be developing liquid staking solutions for Solana. This type of staking allows users to maintain liquidity while earning additional yields, with the sector growing rapidly, especially on platforms like Solana. If confirmed, these launches could accelerate market expansion and attract more investors.
Journalist adopts MakerDAO’s old username after rebranding to Sky
A Foresight News journalist confirmed capturing MakerDAO’s original username on X after the rebranding to Sky. The journalist noticed that while the company’s name changed, the handle remained available. By quickly claiming it, they succeeded. Sky founder Rune Christensen commented that a team was prepared for this change. The journalist, who plans to use the name to promote Foresight News, also reported discussions with Sky’s team about regaining control of the handle.
Nostriga in Riga explores convergence between Nostr and Bitcoin
The third edition of NostrWorld, held in Riga, Latvia, brought together enthusiasts and developers of the Nostr protocol, led by Jack Dorsey. The event highlighted Nostr’s potential to integrate with Bitcoin, strengthening internet decentralization. Discussions covered how micropayments with Bitcoin through Nostr are popularizing Bitcoin in social interactions and how ecash could be boosted by the technology, promoting a new decentralized internet architecture.
Alchemy expands European operations with Bware Labs acquisition
Alchemy, specializing in blockchain development infrastructure and tools, acquired Bware Labs, expanding its team by 25% with the addition of 41 engineers. While the purchase value was not disclosed, executives say this was Alchemy’s largest acquisition. Founded in Romania, Bware Labs will integrate with Alchemy’s operations, particularly in Europe, to strengthen its blockchain infrastructure offerings. Alchemy now has 190 employees, with a growing focus on the European market.
Hackers stole over $1.2 billion in crypto in 2024, raising concerns
In 2024, hackers stole $1.21 billion in cryptocurrencies, a 15.5% increase from last year, with 154 individual attacks. In August, monthly theft dropped 94% to $15 million compared to July. Despite the monthly decline, concerns persist, particularly due to the continued vulnerability of CeFi infrastructure.
Crypto scammers shift from Ponzi schemes to more targeted and emotional tactics
According to a Chainalysis report, crypto scammers are moving away from large-scale Ponzi schemes and adopting more targeted and emotionally manipulative strategies, such as “pig butchering.” These scams involve using fake relationships to trick victims into investing in fraudulent opportunities. Chainalysis also revealed that platforms like Huione Guarantee are facilitating money laundering for these schemes, moving billions of dollars in illicit transactions.
Mbappé’s account hack causes millions in losses in crypto scam
On August 29, Kylian Mbappé’s X account was hacked, promoting a fake cryptocurrency token that promised to double the tokens sent. The token, called MBAPPE, saw its market value soar to $460 million before crashing to less than $100,000. A trader lost over $1 million in Solana by investing in the fraudulent token. Despite the scam, some traders made significant profits before the token’s value plummeted. Crypto.com and other companies warned about the fraud.