Author: NBTC

Based on the latest data, Ethena’s yield-generating stablecoin, USDE, has experienced a dramatic contraction in supply since July 4, 2024. Over the span of less than two months, its market capitalization has decreased by $770 million. Ethena’s USDE Supply Plummets as Competition Heats Up From Aug. 23 to Aug. 30, the stablecoin economy expanded from $169.72 billion to $171.08 billion. Over the past week, the fiat-linked token market saw an uptick of $1.36 billion. However, Ethena’s USDE has been on a downward trajectory since reaching its peak market cap on July 4. Back then, 3.61 billion USDE was in circulation,…

Japan’s Financial Services Agency (FSA) has announced its tax reform demands for fiscal year 2025. Among the recommendations, the agency highlighted crypto assets, commonly referred to as virtual currencies, within its broader plan titled “Plan to Double Income and Achieve a Nation Built on Asset Management.” In the section addressing the integration of financial income tax, the FSA specifically emphasized the need to reconsider the tax treatment of virtual currency transactions. The agency took a step toward addressing how virtual currencies could be treated under Japan’s tax regime by proposing to consider whether these assets should be classified as investment…

Bitcoin buyers might be upbeat after the uptick on August 8. While traders are waiting for a conclusive close above $63,000, confirming bulls of the second half of last week, on-chain data points to risk and traders staying on the sidelines. Traders Cautious: Will The Bitcoin Consolidation Continue? Taking to X, one on-chain analyst said. However, traders are bullish and expecting immediate price expansion; key metrics show that most are more cautious, meaning the uptrend might be delayed. One key indicator, the Bitcoin Estimated Leverage Ratio (ELR), a dynamic ratio between the Bitcoin open interest in futures exchanges and the…

Lynex, the premier decentralized exchange (DEX) on the Linea blockchain, has announced an exciting new integration with Orbs’ Liquidity Hub protocol. This move will expand the liquidity options available on Lynex, offering users enhanced trading features and more efficient order execution.—Revolutionizing Trading with Advanced FeaturesThe integration of Orbs’ Liquidity Hub introduces several key benefits to Lynex users:Enhanced Execution Prices: By tapping into a wider range of liquidity sources, traders will experience improved execution prices and reduced slippage.MEV Protection: Users are shielded from miner extractable value (MEV) attacks, ensuring fairer trading conditions.Gasless Transactions: The integration eliminates transaction fees, making trading on…

Billy Markus, who created the iconic meme cryptocurrency, Dogecoin, in collaboration with Jackson Palmer in 2013, and who is known on the X platform as Shibetoshi Nakamoto, has addressed his 2.1 million army of X followers with a tweet that debunked the popular way of getting wealthy. This “fool-proof” method is called a lottery, and Markus shared the outcome of his attempts to win a fortune on his X profile. “Game of chance fails to work for DOGE creator” Billy Markus shared his take on the lottery, “a game of chance,” as a popular way to grow one’s wealth or…

Stuart Alderoty, Ripple’s top lawyer, took aim at the SEC’s controversial “crypto asset security” term in his recent social media post. Alderoty argues that this is a fabricated term without any legal basis. “The SEC needs to stop trying to deceive judges by using it,” he stressed. As noted by Alex Thorn, head of research at prominent crypto firm Galaxy Digital, the agency is once again reserving the right to claim that USD-backed stablecoins are “crypto asset securities.” This came after it dropped its enforcement action against stablecoin firm Paxos. The firm was at loggerheads with the SEC over the…

In a recent update, Lookonchain shared that the crypto market has witnessed significant activity in Ethereum and Bitcoin ETFs. Data reveals that Bitcoin ETFs have experienced an outflow of 4,255 $BTC worth $254.17 million. While on the other hand, Ethereum ETFs have shown a slight inflow of 2,533 $ETH worth $6.77 million. Lookonchain, an analytical firm shared the stats on its X official account. Aug 9 Update:10 #Bitcoin ETFsNetFlow: -4,255 $BTC(-$254.17M)🔴#Grayscale(GBTC) outflows 3,090 $BTC($184.56M) and currently holds 233,840 $BTC($13.97B).9 #Ethereum ETFsNetFlow: +2,533 $ETH(+$6.77M)🟢#iShares inflows 7,576 $ETH($20.25M) and currently holds 293,939… pic.twitter.com/xGXKwRLsY8 — Lookonchain (@lookonchain) August 12, 2024 Statistical Analysis of…

Decentralized finance (DeFi) protocol Penpie, built on top of tokenized yield platform Pendle, suffered an exploit on Wednesday, crypto observers reported. The alleged exploiter drained roughly $27 million of crypto assets including various types of staked ether (ETH), Ethena’s sUSDE and wrapped USDC stablecoin from the protocol, blockchain data shows. Later, it converted the proceeds to ETH using predominantly Li.fi and forwarded to asset to a new address, according to Etherscan data. The exploiter’s address was originally funded with 10 ETH, worth roughly $25,000, via crypto mixer Tornado Cash a few hours before the exploit took place, data shows. Pendle…

Cardano’s recent weekly development report for August 30, 2024, highlighted a range of technical updates and on-chain statistics, noting the network’s ongoing progress. The report revealed a notable increase in Total Value Locked (TVL), now reaching $573 million, up from the previous week’s $556 million. Additionally, the network’s ecosystem continues to expand, with 1,373 projects actively building on Cardano and the number of native tokens rising slightly to 10.32 million from last week’s 10.31 million. Transactions have also seen steady growth, now totaling 95.6 million. What’s going down on #Cardano? Check out this week’s development update on #EssentialCardano and stay…

Tigran Gambaryan, the Binance executive who has been detained in Nigeria since February, limped into an Abuja courtroom on Monday, dragging his left leg behind him, after prison authorities denied his request for a wheelchair. In a video uploaded to X (formerly Twitter) on Monday afternoon, a distressed Gambaryan pleads with a prison guard escorting him into the courtroom for help walking. “I’m not okay, this is f*cked up,” Gambaryan said in the video, as he clutched the guard’s wrist for support. When the guard stepped away, leaving Gambaryan with only a single crutch to lean on, Gambaryan turned to…