About SOL's peace treaty

DATE: 01-08-23 View online Hey Cryptonews, here's our curated daily bundle of crypto news. Bitcoin notes decline in transfer volume as price wavers below $30,000 The network also witnessed growth during the same period BTC whales were exerting selling pressure on the coin in the derivatives market Bitcoin has been witnessing a significant decline in transfer volume on the network. CryptoQuant revealed that on-chain transfer volume on the BTC network declined since the end of 2022. The on-chain transfer volume might have been dormant due to BTC's price action. While the king coin crossed the $30,000 mark over the last few weeks, it was unable to comfortably stay in that range.  On the other hand, the network also witnessed growth during the same period. One area that saw a rise was active addresses. This was while the tokens transferred remained dormant. The increase in active addresses can be attributed to a significant influx of institutional investors. Moreover, since early July, BTC whales have been active in the derivatives market. The Exchange Whale ratio witnessed a significant surge of 30%. The surge in BTC deposits by whales to the Binance exchange was most likely the cause of change in this metric. At press time, BTC was trading at $29,388.15, with a market capitalization of over $571 billion. Learn More Ethereum MEV rewards spike at over 6,000 MEV rewards stood at over 6,000 during the weekend Ethereum transactions and TVL remain normal as ETH's bearish trend continues Recently released reports revealed that the Ethereum Maximal Extractable Value (MEV) metric rose to notable heights. According to MevBoost, the weekend's DeFi exploit ironically resulted in profitability for validators on the Ethereum network as MEV rewards recorded a substantial spike. On 30 July, the recorded MEV rewards peaked at more than 6,000 ETH. This was the highest level observed since the Merge where Ethereum transitioned to Proof of Stake.  DefiLlama's data revealed that despite the spike in MEV rewards, there were no spikes in other on-chain metrics on Ethereum. The transaction activity on the network remained stable, with no anomalies observed. As of this writing, the transaction volume was over 976,000, slightly higher than the volume recorded on 30 July, which was around 950,000. Similarly, the Total Value Locked (TVL) exhibited no significant trends. As of the latest data, the TVL stood over $23 billion and showed only a slight downtrend. On the daily timeframe chart, Ethereum's press time price experienced a minor uptick. It was trading at approximately $1,860, reflecting a slight increase of less than 1%. Learn More SOL: Daily active addresses metric logs hike as TVL stays above $1B Solana's TVL remained above the $1 billion level for multiple weeks SOL was down by 2% in the last 24 hours Solana's Total Value Locked has been on a steady climb since the beginning of the year. The metric had been consistent with staying above the $1 billion level, its highest value, for multiple weeks, which in turn was also reflected in the hike in blockchain revenue. A sharp increase in the blockchain's daily active addresses was also noted.  On the flip side, popularity in the decentralized space nosedived. The DEX volume recently witnessed a drop. Moreover, Solana's daily transactions plummeted over the last few weeks. The blockchain's NFT sector followed the trend as SOL's daily NFT transactions fell over the last month, data from Dune revealed. The blockchain's total NFT trade volume sank as well.  The achievements seen in TVL and revenue reflected positively on the price. Last month, the token's value had rallied near the $30 mark, allowing it to become the 9th largest by market capitalization. However, in the last 24 hours, SOL's price declined by nearly 2%. At press time, it was trading at $24.55. Learn More Judge rejects motion to dismiss SEC's lawsuit against Terraform A judge denied Terraform Labs's motion of dismissal The SEC's lawsuit against Terraform is now set to go ahead On 31 July, Judge Jed Rakoff of the Southern District Court of New York overseeing a SEC lawsuit denied Terraform's motion to dismiss. The United States Securities and Exchange Commission lawsuit against Terraform Labs is now set to go ahead. The SEC first filed a suit against Terraform Labs and its founder, Do Kwon, on 16 February, alleging them of "orchestrating a multi-billion dollar crypto asset securities fraud." In response, Terraform Labs filed a motion of dismissal in April. Supplemental materials for the motion were provided in June.   In rejecting the motion to dismiss, Judge Rakoff stated, "… For purposes of this motion, all well-plead allegations must be taken as true, and all reasonable inferences therefrom must be drawn in the SEC's favor." Representatives from Terraform Labs argued that "Congress is not only engaging in robust debate over how crypto should be regulated, it is asking the SEC to wait for Congress to act," citing the Major Questions Doctrine. However, the Judge rejected the argument. Binance takes steps to diversify stablecoin offerings Binance CEO CZ emphasized the importance of diversifying stablecoin options to avoid reliance on a single one This, due to regulatory and transparency risks Binance CEO CZ Zhao is looking to introduce smaller algorithmic stablecoins to provide investors with alternatives to dominant stablecoin giants like Tether (USDT). He expressed concerns about Tether's lack of transparency during a Twitter AMA session on 31 July. He stated,  "...I personally have not seen any audit reports of USDT. I don't think most people I spoke to have not seen that either. So it's kind of a black box because we just don't know." CZ acknowledged that even well-regulated and fully audited stablecoins like Binance USD (BUSD) carry unforeseeable risks. Highlighting the instance of Paxos Trust Company ending its partnership with Binance and halting new BUSD issuance due to regulatory orders, CZ emphasized the importance of diversifying stablecoin options to avoid reliance on a single one. As a result of the regulatory and transparency risks, CZ disclosed that Binance is working on algorithmic stablecoins and expanding its partnerships with various stablecoin projects. This, with the goal of mitigating potential risks by diversifying their stablecoin offerings. Decentralized exchange LeetSwap halts trading amid concerns of an exploit The exploit is suspected to have occurred due to an exposed smart contract function Potential losses have been estimated at over $630,000 LeetSwap, a decentralized exchange operating on Coinbase's Base network, announced a temporary trading pause, citing concerns about a potential exploit. The exchange shared that it suspects some of its liquidity pools might have been compromised and added that it was collaborating with on-chain security experts to investigate the issue further and explore ways to recover the locked liquidity.  Although the exchange didn't disclose many details, several blockchain experts have subsequently offered their insights on how the exploit might have occurred. Wintermute's research head, Igor Igamberdiev, suggested the attacker exploited an exposed smart contract function, manipulating token prices to drain wrapped Ether from LeetSwap's liquidity pools. Furthermore, he added the potential exploit appears to have earned the attacker 342.5 ETH, worth over $630,000. Notably, Igamberdiev's theory was confirmed by multiple blockchain security firms, including PeckShield, Beosin, BlockSec, and CertiK. Japan blockchain association urges tax regime overhaul for crypto assets The JBA cited the tax regime as a significant obstacle for Web3 businesses, citizens using crypto assets The association proposed three major changes to reduce the fiscal burden on crypto holders The Japan Blockchain Association (JBA) has urged Japan's government to revise the national tax regime for digital assets, citing it as a significant obstacle for Web3 businesses and citizens using crypto assets. In their request, the association proposed three major changes to reduce the fiscal burden on crypto holders and boost the growth of the digital economy.  The first request is to eliminate the year-end unrealized gains tax on corporations holding crypto assets. This tax targets paper profits yet to be realized in transactions. The JBA also seeks to abolish taxes on unrealized gains for third-party-issued tokens, following a June decision by Japan's National Tax Agency to relieve local firms from such taxation. The second request proposed shifting the taxation method for personal crypto asset trading profits to self-assessment separate taxation, with a 20% uniform tax rate. It also suggests allowing a three-year deduction for losses due to digital asset depreciation. Lastly, the JBA advocated for eliminating income tax on profits from individual crypto asset exchanges. Top cryptos are bear-ly holding Coin Price 24hr Market Cap ↓BTC $28,922 -1.5% $562 Billion ↓ETH $1,832 -1.8% $221 Billion ↓ADA $0.30 -2.5%  $10 Billion BTC was trading at $28,922 following a 1.5% fall within the last 24 hours. The MACD noted several red histograms below the half-line as the lines headed south to reflect strong selling pressure. The Chaikin Money Flow (CMF) indicator plummeted to project strong bearish momentum too. ETH plunged by 1.8% over the day's trading and stood at $1,832 at the time of writing. The Parabolic SAR hinted at bearish momentum in the market - A sentiment that was also reflected by the Awesome Oscillator, with the same flashing red candlesticks below the midline.  ADA depreciated by 2.5% over the last 24 hours, with the altcoin trading at $0.30. The Awesome Oscillator glowed multiple red signal bars above the half-line, indicating significant bearish momentum. The RSI confirmed this trend as it dipped below the 50-mark, suggesting that sellers were in command. Altcoins follow Bitcoin's lead Coin Price 24hr Market Cap ↓SOL $23.36 -4.5% $9 Billion ↓BCH $242.55 -4.3% $4 Billion ↓MATIC $0.67 -4.2% $6 Billion SOL lessened by 4.5%, changing hands at $23.36 in the last 24 hours. The Relative Strength Index projected a weak bearish trend in the market with a reading of 49.99. The sentiment was also seen in the AO as it flashed red bars below the 0-level. BCH traded at $242.55 after dropping by 4.3% in the last 24 hours. The Parabolic SAR showed signs of bullish momentum in the market as the dots began to stand below the price. The sentiment was also reflected by the RSI as it flashed a reading of 50.68, giving buyers an edge. MATIC depreciated by 4.2% in the aforementioned period, changing hands at $0.67. The MACD revealed plunging red histograms below the half-line as the lines were bound south, indicating strong bearishness in the market. The AO also reflected the sentiment as it flashed minor red signal bars below the half line. Mid-cap alts note daily losses Coin Price 24hr Market Cap ↓↓COMP $61.93 -17.9% $423 Million ↓↓AAVE $62.14 -12.6% $901 Million ↓↓FXS $5.20 -12.4% $382 Million COMP plummeted by 17.9% over the last day of trading, standing at $61.93 at the time of writing. The RSI flashed a reading of 49.37, highlighting strong bearish momentum in the market. The ADX also reconfirmed this trend with a reading of 39.00. AAVE depreciated by 12.6% in the aforementioned period and was changing hands at $62.14 The RSI showcased a reading of 40.26 indicating bearish momentum. The On Balance Volume also witnessed a southward movement to reflect momentum favoring the sellers. FXS lessened by 12.4%, trading at $5.20 over the last day of trading. The Awesome Oscillator showed signs of bears increasing momentum by beginning to flash red signal bars above the half line. The Parabolic SAR also revealed bearish momentum, with the dotted markers beginning to stand above the price. Share with friends: Facebook  | |  Twitter  | |  Email © 2022 Unhashed. All Rights Reserved. Unsubscribe