| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Bitcoin transaction volume metric notes decline to three-year low |  | | The Bitcoin market is currently grappling with uncertainty, as seen from nearly two weeks of sideways price movement. According to analysis from Santiment, this stagnant phase is reflected in Bitcoin's metrics, with network activity and transaction volume reaching their three-year lows, causing a decline in miner fees.
However, historical data suggests that low activity periods are often followed by a surge in volume and price movement. The holder growth rate, a reliable measure of Bitcoin cycles, is signaling potential volatility ahead. This metric's descending trend line has historically coincided with notable rallies, showing signs of slowing accumulation.
Bitcoin's mean coin age is on the rise and recently reached a 6-month high, indicating ongoing long-term hodling. Yet, 24-hour active addresses have declined since mid-August, in sync with reduced trading activity. While oversold conditions hint at a potential recovery, the market remains uncertain due to external factors such as potential interest rate hikes. As August comes to a close, the direction of Bitcoin's volatility and market movement remains uncertain, encapsulating the current standstill and the potential for significant shifts. | | | Learn More | | Ethereum sees growth of 5% amid liquidation of short-leveraged positions
|  | | Ethereum (ETH) experienced a bullish surge following Grayscale's legal triumph against the SEC. This win not only led to a rise in open interest but also boosted market sentiment. Breaking free from a period of uncertainty, ETH marked an almost 5% increase in the last 24 hours at press time, trading at $1,728.
The investment management's lawsuit challenged the SEC's denial of an ETF application, and this victory raises the possibility of future approval for the ETF application. This ruling has instilled renewed confidence in the market, especially among institutions, as an approved ETF would enable legal ownership of cryptocurrencies. The market's response was a surge in demand for Ethereum among other top cryptocurrencies.
The positive shift in sentiment also led to an increase in open interest, indicating growing interest and participation. This bullish pivot also triggered the liquidation of short-leveraged positions, adding to buying pressure. The news prompted a spike in short-positioned ETH futures contracts, reaching a new monthly high within the last 24 hours. This combination of factors suggests a more positive outlook for ETH in the near term. | | Learn More | | Optimism Protocol to unlock 24.16 M OP tokens, could cause saturation |  | | The Optimism (OP) protocol, a prominent layer 2 solution, has seen impressive growth recently, attracting attention and showcasing its potential. However, the upcoming unlock of the OP token could potentially impede its growth trajectory, compounded by declining velocity and network growth.
The impending token unlock could saturate the market with a substantial supply of 24.16 million OP tokens in the coming months, potentially stalling the token's price growth. Currently trading at $1.439, the token's price has faced resistance around $1.839, and bearish indicators like the Relative Strength Index (RSI) at 36.35 and Chaikin Money Flow (CMF) at -0.11 signal a bearish sentiment.
The Market Value to Realized Value (MVRV) ratio suggests that most OP token holders aren't profitable, implying low selling pressure. However, the dominance of short-term holders could negatively impact price if they decide to sell quickly. Despite these challenges, the rising number of OP token holders remains a positive sign amid the uncertainties surrounding the protocol's growth potential. | | Learn More | | Grayscale wins SEC lawsuit for Bitcoin ETF review
|  | Judge Neomi Rao directed that Grayscale's request for review should be approved Subsequently, the SEC's decision to reject the GBTC listing application is to be nullified
Grayscale Investments has achieved a significant victory over the US SEC. The company aimed to convert its Grayscale Bitcoin Trust from an over-the-counter entity to a publicly listed Bitcoin exchange-traded fund (ETF). Despite the SEC's earlier refusal citing lack of safeguards against manipulation and fraud prevention, Grayscale's legal action has led to a successful overturning of the decision.
As per court documents filed on 29 August, Judge Neomi Rao of the U.S. Court of Appeals Circuit has directed that Grayscale's request for review should be approved, and the SEC's decision to reject the GBTC listing application should be nullified. Earlier, Judge Rao highlighted that the SEC had not provided any justification for their stance against Grayscale.
Here it is noteworthy that the directive doesn't assure the future launch of a Grayscale Bitcoin ETF. Meanwhile, Grayscale's CEO, Michael Sonnenshein stated in a post on X that their legal team is actively examining the court's opinion.
| | USDC set to launch natively on Base network by next week |  | This move will involve the replacement of the current USD Base Coin (USDbC) that serves as an alternative for many users On launch day, details will be provided on redeeming the existing USDbC for the native USDC
Next week, USD Coin, Circle's stablecoin tied to the United States dollar, will be launching directly on the Base network. This move, as revealed by CEO Jeremy Allaire in a social media post on 29 August, will involve the replacement of the current USD Base Coin (USDbC) that serves as an alternative for many users.
Upon its launch on 9 August, Coinbase's Base network went live without native USD Coin support. To address this, the Base team introduced a solution allowing users to bridge USDC from Ethereum using an official app. This resulted in a token named "USDbC," backed by Ethereum-locked native USDC, effectively solving the cash-to-USDC deposit issue on Base.
The recent announcement, however, stated that Circle will soon introduce USDC on Base, eventually phasing out the Ethereum-backed bridged coin. The contract for this new token has already been deployed on Base, and on launch day, details will be provided on redeeming the existing USDbC for the native USDC, as outlined in the accompanying blog post.
| | Binance case takes new turn as SEC requests sealed document submission |  | Former SEC exec John Reed Stark opined that this move suggests an ongoing criminal investigation by the U.S. DoJ This comes amid reports of the US DoJ looking into Binance for suspected money laundering
The legal representatives of the U.S. SEC are urging the court to permit the submission of sealed documents in the civil lawsuit against Binance. The SEC requested approval in a filing on 28 August, seeking to file sealed documents in its case involving Binance, Binance.US, and CEO Changpeng Zhao (CZ).
Commenting on this development, former SEC official John Reed Stark suggested that the motion to submit sealed documents might imply an ongoing criminal investigation by the U.S. Department of Justice. He added that Binance is unlikely to object to the SEC's motion, due to their apprehension about disclosing possibly incriminating evidence or serious criminal accusations related to their operations.
The SEC's motion itself being under seal has sparked speculation that the SEC intended to make filings with sensitive information. It is also noteworthy that this comes amid reports of the US DoJ looking into Binance for suspected money laundering and potential breaches of sanctions related to Russian entities. | | EOS token receives whitelist approval from Japanese regulators |  | | The EOS Network Foundation (ENF) has revealed that the EOS token received whitelist approval from the Japanese Virtual and Crypto Asset Exchange Association. This greenlights the token for trading against the yen on regulated exchanges. ENF also noted that trading of the token will be live on the BitTrade exchange starting in September.
In a statement, ENF's CEO Yves La Rose emphasized that tapping into the Asian market is very important to EOS. La Rose highlighted that the region has consistently remained "an important pillar" for EOS due to its substantial number of tokenholders. He added,
"...We strongly believe that the next wave of Web3 innovation will come in the form of blockchain-based gaming and GameFi. Asia is clearly a leader in that space."
The CEO remarked that Japan's progressive market, well-established regulations, and government support create an excellent opportunity for market expansion. La Rose also pointed out the potential to tokenize numerous gaming intellectual properties in the country, given its conducive environment.
| | Top cryptos take off on bullish flight |
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