| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Bitcoin Cash outperforms top cryptos with 15.17% increase in price |  | BCH's price increased by 15.17%, outperforming Bitcoin and other altcoins Investor confidence increased as active addresses surged to 45,200
In a surprising turn of events, Bitcoin Cash's value soared by 15.17% within 24 hours, surpassing not only Bitcoin but also other top 50 altcoins. Despite the surge, market scepticism loomed over BCH's price action, even with an increase in Open Interest.
While Grayscale's victory over the U.S. SEC led to a 4.91% rise in the crypto market cap, the beneficiary wasn't Bitcoin. Instead, Bitcoin Cash, the 2017 hard fork, reigned over. This hard fork has sustained its relevance and boasts a strong correlation with Bitcoin, indicating similar price movements. At the time of writing, BTC and BCH had a three-month correlation coefficient of 0.8.
Recent trends reveal a striking difference in growth. Bitcoin Cash recorded a 90-day increase of 93.47%, compared to Bitcoin's modest 2.34% surge. This divergence traces back to the BlackRock futures ETFs' success and Bitcoin Cash's listing on the EDX markets. Intriguingly, Grayscale's win amplified Open Interest in BCH contracts, signaling increased investor confidence. Moreover, a surge in active addresses to 45,200 indicates heightened speculation and engagement with BCH. | | | Learn More | | Ethereum sees MEV earnings surge to 772 ETH per day amid staking concerns |  | | Despite Ethereum's recent upswing, MEV (Miner Extractable Value) bots are becoming a growing concern within the Ethereum ecosystem, prompting discussions about transaction prioritization and network congestion. The network has seen a concentration of bots amid increasing MEV earnings, amounting to 772 ETH daily and 187,000 ETH this year. While Ethereum's staking community expands, staking rewards have seen a recent drop, which could potentially impact network decentralization and security.
Gas usage on the Ethereum network remains steady, ensuring stable transactions and bolstering user experiences. Moreover, NFT trades surged, revealing a thriving digital collectables market and Ethereum's adaptability. Retail interest in Ethereum is rising, with an all-time high of 24,832,506 addresses holding over 0.01 coins. This could pave the way for broader adoption.
However, declining implied volatility suggests a more stable market environment, which might influence trader behavior positively. Although Ethereum's performance remains robust, a decrease in long-term addresses raises concerns about potential selling pressure from short-term holders. | | Learn More | | Chiliz network notes decline to all time low of $0.06 |  | | Chiliz's move to integrate with major exchanges, notably Binance, highlights its expansion efforts, which could drive adoption and liquidity. Despite a bearish trend since last year's peak, Chiliz's recent exhaustion of bearish momentum and oversold conditions, as it tanked to a historic low of $0.060, suggest a possible turnaround.
Changing dynamics are evident, with mean coin age decreasing over the last three days and transaction volume spiking during the same period. Moreover, the Market Value to Realized Value (MVRV) ratio's bounce from the bottom range confirms recent accumulation and profitability for those who bought at lows.
However, top addresses holding supply and whale activity could hold back CHZ's full potential for a rally. Over the last month, The supply held by the top addresses metric had reached its lowest level. As CHZ traders await a possible supply pivot from top addresses, whale activity remains a crucial factor influencing CHZ's price trajectory. | | Learn More | | Judge grants ex-FTX CEO's defense limited time for trial date revision
|  | Judge Kaplan noted that If the defendant felt a postponement was necessary, they could request it However, he added that they would have to demonstrate a genuine need
Former FTX CEO Sam Bankman-Fried's legal team hasn't sought a trial date change to prepare. However, Judge Lewis Kaplan has provided a limited window for such a request to be made. A tweet from Inner City Press on 30 August revealed that the deadline to request a jury based on Bankman-Fried's trial start date is set for 7 September.
Kaplan noted in the thread that If the defendant felt a postponement was necessary, they could request it. However, he indicated that he might not automatically grant it. Adding that they would have had to demonstrate a genuine need rather than just recounting the number of documents, emphasizing the necessity for substantial and valid justifications.
Reportedly, SBF's legal team mentioned that they had opted for a bold trial date, allowing the ex-FTX CEO a chance to defend himself. However, they stated that they hadn't completely dismissed the option of seeking an extension due to apparent challenges in accessing discovery materials, hinting at potential prep time adjustments.
| | Binance urges users to shift to new stablecoin amid BUSD support phase-out |  | | Binance has urged users to convert their Binance USD stablecoin holdings into other assets, including a newly introduced stablecoin. This comes as the exchange intends to phase out support for BUSD by February 2024, aligning with Paxos' decision to halt BUSD redemption around the same time. This move was confirmed in a statement from Binance on 31 August.
In its statement, Binance prompted users to trade or convert their BUSD holdings to the First Digital USD (FDUSD) stablecoin, a stablecoin introduced by Hong Kong's First Digital Group and listed on Binance in late July. Notably, the statement marks the first time the exchange has discussed the matter, after several users had shared app pop-up screenshots about the impending support halt.
Furthermore, the exchange noted that BUSD to FDUSD trades and conversions would be fee-free and also delisted eight BUSD pairs on 30 August. It is noteworthy that this decision to cease BUSD support appears to be influenced by the U.S. SEC, which, on 13 February, alleged that BUSD was an unregistered security in a wells notice sent to Paxos.
| | BlockFi seeks court approval to convert trade-only assets into stablecoins |  | | Defunct crypto lending firm BlockFi has sought court approval to move "trade-only" assets from users' accounts to stablecoins, enabling their withdrawal. This move is part of the ongoing effort by the firm, initiated in August, to facilitate the return of users' funds, signifying progress in the fund recovery process.
BlockFi submitted a request on 29 August to the US Bankruptcy Court in New Jersey, to gain approval for the transformation of "trade-only" assets like ALGO, BCH, and DOGE into stablecoins due to their withdrawal complexities. BlockFi proposes exchanging them for Gemini Dollar (GUSD) or an alternative stablecoin.
The application stated that trade-only assets make up less than 0.5% of all US wallet assets held by BlockFi users. Meanwhile, additional assets like ADA, SOL, AVAX, etc., are under BlockFi International's custody. Notably, the court-recognized committee of BlockFi creditors has backed the company's plea.
| | Vietnamese crypto investors rely heavily on friends' referrals, report shows |  | A survey involving 3,300 participants revealed, 75.5% of investors invest based on recommendations from friends This figure is notably higher, 2.5 times more, than the rate seen in the U.S.
According to a report from Vietnamese venture capital firms Kyros Ventures and Coin68, along with Animoca Brands, over 75.5% of Vietnamese cryptocurrency investors base their investment decisions on recommendations or referrals from friends. This figure is notably higher, 2.5 times more, than the rate seen in the U.S., and was derived from a survey involving 3,300 participants.
The report highlighted that nearly half of Vietnamese crypto investors, rely on self-study, community groups, and media for information. In addition, the "Vietnam Cryptocurrency Market Report" for the first half of 2023 indicated that around 70% of respondents believed the bear market was concluding or close to its end. Interestingly, 75% of participants expressed a desire for increased regulatory intervention within the crypto sector.
According to Chainalysis, Vietnam currently leads worldwide in crypto adoption and ranks second in decentralized finance (DeFi), with over 19% of adults owning digital assets. However, the country lags in education with just nine institutions offering blockchain courses, and only eight blockchain infrastructure projects established in Southeast Asia.
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