Tron to the rescue!

DATE: 04-08-23 View online Hey Cryptonews, here's our curated daily bundle of crypto news. Bitcoin's growth hindered by these declining metrics A decline in trading volume, exchange outflow, and stablecoin inflow were behind the king coin's sluggish movement Despite this, long-term holders remained steady Bitcoin's growth has been hindered in recent months. As per a recent article by CryptoQuant declining metrics like trading volume, exchange outflow, and stablecoin inflow were behind the king coin's sluggish movement. Despite this, long-term holders remained steady, exhibiting resilience during the apparent stagnation.  An analysis of the aforementioned metrics for July indicated a decline, with BTC spot and derivative trading volumes lacking significant daily spikes compared to previous months, indicating a decline. Additionally, the BTC exchange outflow chart depicted a decline in the rate of BTC leaving exchanges, suggesting more holders were depositing their BTC rather than withdrawing. Furthermore, stablecoin exchange inflow sharply dropped, indicating reduced buying pressure. These declines pointed towards an overall bearish sentiment for Bitcoin, suggesting that BTC would likely face challenges in making substantial price gains going forward. Learn More Surge in liquid staking derivatives propel Solana's growth Solana was exposed to the liquid staking derivative sector through Jito However, weighted sentiment around Solana continued to decline  Amidst market volatility and reduced DeFi interest, the Liquid Staking Derivatives (LSD) vertical has seen significant growth, particularly after the Shapella upgrade. Solana (SOL) stands to gain from this sector's expansion, as indicated by increased activity in the Jito LSD protocol on the Solana network, according to data from Token Terminal. This surge in activity led to a record-breaking 195.6% increase in net deposits over the past six months within the protocol. Additionally, the success of LSDs on the protocol contributed to a substantial increase in Total Value Locked (TVL) on Solana, according to data from Artemis. However, social activity supporting the Solana protocol declined despite Jito's success. Lunar Rush reported a 53% drop in social engagements and a 47% decrease in social mentions over the last week. Furthermore, the weighted sentiment for Solana also dropped, indicating more negative comments than positive ones on the social front. Learn More Tron gains popularity in Lebanon amid economic crisis Lebanon's adoption of the Tron network highlights the potential of blockchain networks during economic crises Despite this, TRX has been in a bearish retracement over the past week Tron [TRX], a cryptocurrency network, is gaining popularity in Lebanon due to the country's economic crisis and the need for an alternative to the traditional fiat system. As Lebanon faces triple-digit inflation and a severe economic downturn, the adoption of Tron reflects the growing demand for alternatives to cope with the worsening financial situation. Recent reports indicate that the majority of Lebanese individuals and businesses are now conducting commerce using USDT on the Tron network. The factors driving this adoption include the network's ease of use, low transaction costs, and the extensive support for USDT, making it a viable solution in the face of the country's severe economic crisis. Lebanon's adoption of the Tron network highlights the potential of blockchain networks during economic crises. Despite this, TRX has been in a bearish retracement over the past week, following a remarkable rally since the second week of June. At the time of writing, it was trading at $0.076, reflecting a 10% decline from its weekly high and falling below the 50-day moving average. Learn More Coinbase to file order seeking dismissal of SEC lawsuit Coinbase Chief Legal Officer Paul Grewal stated that they will be moving the court for an order dismissing the case in its entirety He anticipates submitting the brief to the court by the end of October Coinbase is seeking the dismissal of the SEC lawsuit and plans to file an order for the same on 4 August. During their second-quarter earnings call, Coinbase Chief Legal Officer Paul Grewal stated,  "...With respect to the litigation with the SEC, I want to be very clear. We do think we can win. We expect to win." Grewal added that they will be moving the court for an order dismissing the case in its entirety. Notably, the SEC sued Coinbase on 6 June for allegedly selling unregistered securities and operating as an unregistered securities exchange.  Grewal revealed that Coinbase plans to argue that the exchange didn't list securities, the SEC lacks regulatory authority over crypto exchanges, and it never suggested to Coinbase there was a requirement to register when it declared Coinbase's registration statement effective in April 2021. He anticipates submitting the brief with these arguments to the court by the end of October. Furthermore, Grewal stated,  "...Our goal across not just the litigation, but all of our efforts engaging with the SEC and engaging with the U.S. government as a whole is to achieve regulatory clarity." SEC freezes assets of DEBT Box, alleging $50M node license 'sham' The SEC has alleged the firm was selling unregistered securities since March 2021 The firm called these "node licenses" The US SEC has secured a temporary asset freeze against Utah-based crypto company Digital Licensing Inc., accusing the firm of running a $50 million fraudulent crypto scheme under the name "DEBT Box."  The SEC has alleged the firm was selling unregistered securities since March 2021, which it called "node licenses." It also filed an enforcement action against the firm's four principals — Jason Anderson, his brother Jacob Anderson, Schad Brannon and Roydon Nelson — and 13 other defendants. The SEC complaint states that the firm falsely promoted "nodes" as generators of crypto tokens through mining, leading to significant investor gains driven by revenue-generating businesses. In a statement, the SEC characterized the node licenses as a sham, designed to hide the company's creation of the total supply through blockchain code. Tracy Combs, director of the SEC's Salt Lake Regional Office, stated,  "...We allege that DEBT Box and its principals lied to investors about virtually every material aspect of their unregistered offering of securities, including by falsely stating that they were engaged in crypto asset mining." Binance introduces BTC/FDUSD and ETH/FDUSD trading pairs Users can avail zero make, taker fees for BTC/FDUSD spot and margin trades under the Zero-Fee Bitcoin Trading Program Users can trade ETH/FDUSD with zero maker fee, while the standard taker fee will apply based on the user's VIP level On 3 August, Crypto exchange Binance revealed its plans to introduce trading for the Bitcoin/First Digital USD (BTC/FDUSD) and Ether/First Digital USD (ETH/FDUSD) pairs. Additionally, they announced an enhanced zero-fee trading for Bitcoin and Ether, along with the inclusion of FDUSD stablecoin spot and margin pairs. According to the announcement, as of 08:00 UTC on 4 August, users will enjoy zero maker and taker fees for BTC/FDUSD spot and margin trades under the Zero-Fee Bitcoin Trading Program. Moreover, for ETH/FDUSD trading, users can avail of zero maker fee, while the standard taker fee will be applied based on the user's VIP level. Notably, during the promotion, the trading volume of BTC/FDUSD spot and margin trading pairs will be excluded from both the VIP tier volume calculation and the Liquidity Providers programs, which aims to improve the overall trading experience for users. Furthermore, BNB discounts, referral rebates, and any other adjustments will not be applicable to the BTC/FDUSD spot and margin trading pairs during this period. Curve Finance's crvUSD stablecoin faces temporary depegging This, in response to uncertainties surrounding the protocol following a recent exploit The decentralized stablecoin is facing its first stress test since its launch in May, putting its PegKeeper algorithm to work On 3 August, crvUSD, the native stablecoin of Curve Finance, experienced a temporary depegging in response to uncertainties surrounding the protocol following a recent exploit. Throughout the day, the stablecoin briefly dropped by up to 0.35% before eventually recovering and returning to its peg against the United States dollar. In a tweet, Curve Finance likened the stablecoin's devaluation to the situation in March when USD Coin briefly depegged due to the collapse of Silicon Valley Bank. The protocol noted,  "...Events of recent days felt similar to SVB/USDC situation in some sense. However, crvUSD had just a 0.35% dip, and currently 0.1% from the peg." Notably, the decentralized stablecoin is facing its first stress test since its launch in May, putting its PegKeeper algorithm to work. With the vyper hack it suffered on 30 July and the CRV price declining, many within the crypto community have expressed concerns about potential ripple effects on other protocols. Nevertheless, DeFi protocols have remained supportive of Curve during this challenging period. Top cryptos inch upwards Coin Price 24hr Market Cap ↑BTC $29,161 +0.3% $567 Billion ↓ETH $1,831 -0.2% $220 Billion ↑BNB $241.84 +0.7%  $37 Billion BTC recorded gains of 0.3% over the last 24 hours and was changing hands at $29,161. The MACD revealed red histograms below the half-line as the lines were bound south, indicating that sellers were in command. The OBV was seen plunging south to reflect the market's bearish sentiment. ETH depreciated by 0.2% over the last 24 hours and was priced at $1,831 at the time of writing. The negative Directional Index (-DI) crossing over and lying above the positive Directional Index (+DI) indicated bearish momentum. The AO flashed red candlesticks below the midline, further establishing the previous reading.  BNB traded at $241.84 after gaining by 0.7% in the aforementioned period . The Parabolic SAR hinted at bearish momentum in the market. The Chaikin Money Flow lying around the 0.01-mark, drawing close to the zero line, also favored the bearish sentiment. Market's altcoins slide down Coin Price 24hr Market Cap ↓SOL $22.84 -0.6% $9 Billion ↓MATIC $0.66 -0.4% $6 Billion ↓UNI $6.10 -0.9% $4 Billion SOL traded at $22.84 after dipping by 0.6% in the last 24 hours. The RSI showcased a reading of 46.35 - A sign of weak 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.  MATIC fell by 0.4% over the day's trading session and was trading at $0.66. The MACD revealed red histograms below the half-line as the lines were bound south, indicating that sellers were in command. The Moving Average line confirmed this momentum as it aligned with the dipping red candlesticks.  UNI depreciated by 0.9% in the aforementioned period, changing hands at $6.10.  The Awesome Oscillator flashed red signal bars over the half line, indicating momentum favoring the sellers. This was a sentiment reflected by the Chaikin Money Flow as it flashed a negative reading - A sign of sellers' bias. Mid-cap alts face bearish bite Coin Price 1w Market Cap ↓↓SNX $2.37 -15.0% $761 Million ↓↓AAVE $62.83 -13.3% $911 Million ↓↓XLM $0.13 -12.5% $3 Billion SNX depreciated by 15.0% over the past week and was changing hands at $2.37. The AO flashed green below 0 levels, showing pullback on the cards. The RSI was in conjunction with this sentiment as it flashed a reading of 49.42 - A sign of weak bearish momentum.  AAVE nosedived by 13.3% in the last 7 days, changing hands at $62.83. 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. XLM traded at $0.13 following a fall of 12.5% in the last 7 days. The Parabolic SAR highlighted a bullish trend on the cards. The Directional Movement Index projected buying pressure as the +DI climbed uphill. This, while the ADX exhibited neutral directional strength. Share with friends: Facebook  | |  Twitter  | |  Email © 2022 Unhashed. All Rights Reserved. Unsubscribe