DOT in high spirits?

DATE: 03-08-23 View online Hey Cryptonews, here's our curated daily bundle of crypto news. Bitcoin: Coinbase confirms plans to adopt Lightning Network Coinbase CEO talked about plans to integrate the exchange with the Lightning Network The Lightning Network may not be attractive to developers In a recent statement, Coinbase CEO Brian Armstrong confirmed that the exchange expected to implement Bitcoin's Lightning Network. Coinbase's CEO confirmed the implementation in response to former Twitter CEO Jack Dorsey's query about it. The Lightning Network was designed to achieve the facilitation and settlement of transactions. Initially, its adoption was rather slow. Most exchanges used networks such as Ethereum and Tron instead. However, despite Coinbase's confirmation, the number of exchanges that adopted Lightning has been on a downward trajectory for the last three months, reflecting a prevailing slowdown in the market. Due to low-volume market conditions, the network's fee rate has also been on a downward trajectory. One of the reasons for its slow adoption would be the fact that competing networks saw rapid growth in areas where projects were bringing in utility. Lightning Network was also complex and difficult to build, which has made developers averse and competing networks attractive. If the Lightning Network overcomes its developing challenge, Bitcoin might secure more utility. Learn More Ethereum notes decline in price as number of put options increase Put options for ETH rose significantly, indicating bearish sentiment within the market Implied Volatility witnessed an uptick as price declined Ethereum's development team recently faced backlash as Ethereum's price experienced a major downturn last month. This decline propelled a bearish sentiment in the market as on-chain data revealed a surge in bearish options on the network.  The trading activity had observed put options trades involving over 56,000 contracts, totaling more than $100 million in nominal value. This also represented about 30% of the overall trading volume across exchanges.  The trades were categorized into Bear Spread and Risk Reversal strategies. The first strategy involved buying contracts to sell Ethereum at prices of $1800 and $1600. The second strategy involved buying contracts to buy Ethereum at $2100 and selling contracts to sell Ethereum at $1600. Moreover, the bearish sentiment in the market could be attributed to the growth seen in the Implied Volatility (IV) of ETH options metric as it witnessed an uptick in the last few days. This meant that the market could expect heavier price fluctuations for the asset, hinting at uncertainty and market turbulence. At press time, Ethereum was trading at $1834.31. Learn More Polkadot network notes hike as social mentions stand at 643 The Polkadot network witnessed a massive surge on the social front However, its price action indicated that DOT had some recovery to make The end of the year may see Polkadot hitting its $100 mark. A tweet from Polkadot Insider revealed that the network seemed to be on its way as it hiked in popularity on the social front over the last week. The network's average galaxy score was up by 16% over the last week. Its social mentions also stood at 643, representing a surge of 36%. However, other metrics failed to follow suit. Despite the week's positive performance, a look at the DOT's long/short ratio showed that short holders had the upper hand. Long positions held stood at 41.27% whereas short positions made up 58.73% of the holders.  Polkadot saw the weighted sentiment reach its monthly peak. However, this did not reflect on the price front. At the time of writing, DOT was exchanging hands at $5.1386. Development activity also remained dormant. DOT's current volume did not surge to its previous monthly peak. Learn More Ripple CEO slams against SEC's use of XRP report in lawsuit A report released by Ripple was used against it by the SEC The company initiated the reports to enhance transparency  On 2 August, Ripple CEO Brad Garlinhouse stated that a report released by the company was used against it by the SEC. The company initiated the reports to enhance transparency and voluntarily offer updates on its XRP holdings.  As per an official announcement on 31 July, Ripple publicized its Q2 2023 XRP Markets Report. The report revealed key highlights such as the fact that Ripple's XRP holdings surged from 5,506,585,918 to 5,551,119,094, representing an increase of more than 45 million. The total XRP on ledger escrow decreased by almost 1 billion, thanks to the rising demand for XRP. XRP's lawyer strongly disapproved of the SEC's use of these reports as evidence against the company in the ongoing lawsuit. According to John Deaton, Ripple willingly publishes these reports every quarter, while other firms conceal and disguise token sales. The Markets Report also acknowledged the ruling made by Judge Torres on 13 July which declared that XRP is not considered a security. The report clarified that the ruling provided protection to sophisticated institutions but did not extend the same protection to retail buyers. US DoJ hesitant on charging Binance with Fraud DoJ officials fear an indictment could trigger a situation similar to the run on FTX exchange  The DoJ is considering fines or non-prosecution agreements instead of criminal charges The US Department of Justice may charge Binance with fraud, however, they are hesitant about moving forward due to potential adverse effects on consumers. A report from 2 August, from Semafor, citing sources familiar with the matter, revealed that DoJ officials fear an indictment could trigger a situation similar to the run on FTX exchange in November 2022. The DoJ is reportedly considering fines or non-prosecution agreements for Binance instead of criminal charges to minimize harm to consumers. Previously, Binance was already the subject of a criminal investigation in the U.S. over alleged violations of the country's sanctions on Russia. Furthermore, in June, the U.S. Securities and Exchange Commission filed a lawsuit against Binance, accusing them of offering unregistered securities and operating illegally. Additionally, in March, the Commodity Futures Trading Commission targeted Binance and its CEO Changpeng "CZ" Zhao for allegedly violating trading and derivatives regulations. KuCoin to suspend Bitcoin and Litecoin mining pools The mining pools will be suspended starting at 4:00 pm UTC on 15 August The exchange stated that the decision was in line with its evolving business strategy KuCoin has announced the suspension of its Bitcoin and Litecoin mining pools, starting at 4:00 pm UTC on 15 August. The exchange stated that the decision was "in line with KuCoin's evolving business strategy" but didn't provide further details.  While the reason behind this suspension remains unclear, it's uncertain if it's related to the upcoming Litecoin halving.  KuCoin staff noted,  "...To ensure uninterrupted earnings during our temporary suspension, users who are involved in cryptocurrency mining, we recommend transitioning your BTC and LTC miners to alternative mining pools before 16:00:00 on August 15, 2023 (UTC)." Furthermore, the exchange advised users to preserve their mining records and related data before 27 August. At the time of writing, Kucoin's Bitcoin and Litecoin mining pools had hash rates of 9.08 EH/s and 3.90 TH/s respectively, comparatively, the overall Bitcoin network had a hash rate of 349.19 EH/s and the Litecoin network 792.16 TH/s. Ukrainian government reports $81M tax loss from unregulated crypto exchanges This, between 2013 and 2023 Meanwhile, Ukrainian exchanges accumulated around $55 billion in Bitcoin, Ether, and Tether volume  The Ukrainian government recently revealed data that indicated cryptocurrency exchanges in the country failed to contribute over $81 million to the national budget in the last decade. The Economic Security Bureau reported that these unrelated crypto exchanges were responsible for a tax loss of around 3 billion hryvnia, approximately $81 million, between 2013 and 2023.  Furthermore, the government body revealed that it had analyzed trading activity on Ukrainian resident-created exchanges, which accumulated around $55 billion in Bitcoin, Ether, and Tether volume over the same time period. Andriy Pashchuk, deputy director of the Economic Security Bureau stated that the bureau acknowledges varying opinions on taxing these transactions and plans to adhere to provisions approved by deputies. He added,  "...But it is obvious that while the issue drags on, the state continues to lose tens of millions in taxes every month." Notably, Ukrainian President Volodymyr Zelenskyy signed the "On Virtual Assets" legislation into law in March 2022, creating a regulatory framework for crypto. However, as of August 2023, no amendments to tax and civil codes have been implemented to comply with the new law. Bitcoin & co. suffer setbacks Coin Price 24hr Market Cap ↓BTC $29,117 -1.7% $566 Billion ↓ETH $1,837 -1.3% $222 Billion ↓ADA $0.29 -2.5%  $10 Billion BTC traded at $29,117 after a fall of 1.7% over the past day of trading. The RSI was seen below the 50-mark with a reading of 42.89, indicating a selling bias. The Awesome Oscillator appeared to confirm this trend, displaying both the red and green bars below 0 in bearish territory.  ETH depreciated by 1.3% over the last 24 hours and was priced at $1,837 at the time of writing. The Parabolic SAR showed signs of bearish momentum in the market. The Chaikin Money Flow also reconfirmed this trend as it hinted at a seller-dominated market with a reading of -0.12 below the 0-level.  ADA traded at $0.29 after dipping by 2.5% in the last 24 hours. The MACD depicted multiple red histograms below the half-line, a sign of strong momentum favoring the sellers. This sentiment was also reflected by the On Balance Volume as it stood in bearish territory. Altcoins see red Coin Price 24hr Market Cap ↓LTC $86.94 -5.8% $6 Billion ↓BCH $229.44 -5.2% $4 Billion ↓DOGE $0.07 -3.7% $10 Billion LTC was changing hands at $86.947 with a 5.8% fall in the last 24 hours. The CMF's movement projected bearish market sentiment with a reading of -0.07. The OBV was also wavering in bearish territory as it moved with a southward progression. Finally, the RSI was treading along the oversold territory, indicating high selling pressure. BCH was trading at $229.4 after depreciating by 5.2%  in the last 24 hours. With a narrower convergence, the Bollinger Bands showed lower volatility as the prices progressed toward the lower bands. The Awesome Oscillator also flashed several red signal bars below the half-line to indicate a weak bearish trend.  DOGE sank by 3.7% during the day's trading session, changing hands at $0.07. The Bollinger Bands were converging around the candlesticks, indicating decreased market volatility. The Chaikin Money Flow (CMF) indicator was traversing below the half-line, indicating selling pressure. The Awesome Oscillator further confirmed the trend as it started glowing several red signal bars above the half-line. Weekly chart greets double-digit gains Coin Price 24hr Market Cap ↑↑FLEX $6.99 +46.1% $689 Million ↑↑XDC $0.08 +37.7% $1 Billion ↑↑KAS $0.04 +26.7% $962 Million FLEX saw a 46.1% appreciation over the last 7 days and was priced at $6.99. The crypto's marginal incline was reinforced by a positive reading on the Chaikin Money Flow, one which reflected a buyer's bias in the market as it flashed a reading of 0.14. The MACD appeared to confirm this trend, displaying several green histograms above the half-line. XDC rose by 37.7% over the last seven days and was trading at $0.08 during press time. The crypto saw an upward move as it flashed bullish momentum on the OBV with a northward hike. Buying pressure outweighed the selling pressure as the Parabolic SAR was seen treading along the overbought territory as dots stood below the price. KAS surged by 26.7% over the past week and was changing hands at $0.04 The RSI was seen moving slightly along the 50-mark, implying that average gains surpassed average losses. The MACD depicted several green histograms above the half-line as the lines moved north and stood above zero. This denoted momentum in favor of buyers. Share with friends: Facebook  | |  Twitter  | |  Email © 2022 Unhashed. All Rights Reserved. Unsubscribe