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Chainlink’s September Surge and On-Chain Optimism

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In a month marked by crypto market fluctuations, Chainlink (LINK) has emerged as one of the top performers in September. What sets this decentralized oracle network apart from other digital assets is its unique price behavior, particularly when LINK tokens move to exchanges. Over the past two weeks, Chainlink has seen a remarkable 23% increase in its price, fueled by a shift in exchange supply back to cold wallets. However, recent on-chain data and analysis suggest that the rally may be far from over.

One significant aspect of LINK’s recent surge is its sensitivity to on-chain activity. Santiment, a leading analysis firm, has reported an uptick in unique address activity within the Chainlink network. This increase in activity, which reached its highest level in two months, signifies renewed interest and engagement with the platform. As LINK plays a critical role in bridging real-world data with smart contracts, growing address activity implies a rising demand for its services.

Santiment’s analysis further underscores the potential for Chainlink’s continued growth. The firm notes that LINK may witness further price rallies, especially if market participants remain relatively indifferent to its performance. The recent rise in LINK’s price to $7.08 is indicative of this potential. Lower social volume in cryptocurrencies, as highlighted by Santiment, often means that promising projects like LINK can operate quietly under the radar, accumulating value without attracting excessive speculative attention.

Chainlink’s On-Chain Sensitivity

Chainlink’s ability to maintain a balance between utility and speculative interest has long been its hallmark. As a project deeply integrated into the decentralized finance (DeFi) ecosystem, its relevance and adoption continues to expand. This, coupled with the commitment of its community and strategic partnerships, positions Chainlink as a formidable player in the blockchain space.

In conclusion, LINK’s impressive performance in September, driven by unique exchange dynamics and reinforced by on-chain activity, highlights its resilience and value within the crypto market. The potential for further growth, as suggested by Santiment’s analysis, underscores Chainlink’s ability to deliver both innovation and returns to its investors. As the crypto landscape evolves, LINK remains an asset worth watching, particularly as its ecosystem continues to mature and expand.

Bitcoin Holders Optimistic Amid Price Stagnation, Eyes On SEC ETF Decision

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In the face of Bitcoin’s recent price stability, dedicated holders of the leading cryptocurrency maintain unwavering confidence in an imminent bullish rally. Their optimism is primarily driven by the potential approval of a spot BTC ETF by the U.S. Securities and Exchange Commission (SEC), with expectations ranging from late 2023 to sometime in 2024.

Over the past few months, the crypto market has witnessed Bitcoin’s price meandering sideways. Nonetheless, on-chain data from Glassnode reveals that the number of addresses holding 10 or more BTC has surged to an all-time high. This record-breaking achievement surpasses the previous peak of 157,572, noted on September 22, 2023, signaling a growing interest and confidence among cryptocurrency holders.

Crypto Community Awaits SEC Decision On Bitcoin ETF

Prior analyst predictions indicate that BTC might have strategically set a bear trap, strategically paving the way for its triumphant resurgence toward the coveted $27,000 mark, as the impending deadline for the SEC’s judgment on spot Bitcoin ETF applications, slated for October 16, 2023, approaches.

Traders Eagerly Awaiting the SEC’s Ruling on BlackRock’s Filing, Expected on October 17, 2023. Nevertheless, Considering the SEC’s History of Delaying Application Deadlines, the Prospect of Another Extension Lingers, Highlighted by the Agency’s Recent Prolongation in Early September

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Source: Tradingview.com

As of the latest update, the recent Bitcoin price is $26,093.26, accompanied by a 24-hour trading volume of $11,051,016,581. Over the past 24 hours, BTC has experienced a 1.83% decrease in value, leaving market participants keenly watching for the next move in this ever-volatile crypto landscape.

Related Reading:| Bitcoin ETFs Await SEC Decision As Second Deadline Nears

Ethereum’s Vitalik Buterin’s Recent ETH Transfers: Details

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In the ever-evolving landscape of cryptocurrencies, every move made by influential figures like Ethereum co-founder Vitalik Buterin sends ripples through the crypto community. The latest development raising eyebrows is the transfer of approximately 400 ETH from a wallet linked to Buterin to Coinbase, with a current estimated value of $631,840. While the exact motive behind this transfer remains a mystery, recent on-chain data offers some intriguing insights.

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Source: Etherscan

Over the past seven days, Buterin has not been sitting idle when it comes to managing his crypto holdings. Reports indicate that he transferred 300 ETH to Kraken and converted 200 ETH to USDC. These moves suggest a proactive approach to managing his cryptocurrency portfolio, potentially reflecting his views on the crypto market’s dynamics.

What stands out is the stark difference between the two wallets associated with Buterin. The wallet simply labeled “Vb 2” holds a diverse portfolio of over 201 tokens worth a substantial $191,210, in addition to a significant Ethereum balance exceeding $2.7 million. In contrast, the wallet responsible for the recent Coinbase transfer maintains a meager balance of 0.00021 ETH, valued at a mere $0.34. This discrepancy raises questions about Buterin’s diversified approach to managing his assets and the potential strategies he may be employing.

Notably, this isn’t the first time Buterin has interacted with Coinbase. Just a month ago, he transferred 600 ETH worth $1 million at the time. These frequent interactions with the exchange platform underline Buterin’s ongoing involvement in the cryptocurrency space, beyond his foundational role in Ethereum’s development.

Ethereum’s Tangible Value Challenge

In a recent interview, Buterin highlighted a key challenge for both him and the Ethereum community: ensuring that Ethereum delivers tangible value to its users. His emphasis on making the on-chain experience “actually good” for regular people reflects his vision for the platform. According to Buterin, the last decade was dedicated to perfecting Ethereum, while the current decade is all about building practical applications that ordinary individuals can utilize.

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Source: Etherscan

Buterin’s recent activities, including the ETH transfers and his continued involvement in shaping Ethereum’s future, exemplify his commitment to turning his vision into reality. As he navigates the crypto landscape, his actions will undoubtedly serve as a barometer for the broader crypto market’s direction, leaving enthusiasts and investors eagerly anticipating his next move.

Bitcoin Discussion Ratio Drops, Altcoins Surge: Is Greed Taking Over the Crypto Market?

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Santiment, a prominent crypto analytics firm, reported a noteworthy trend in the world of digital currencies. Bitcoin has seen a significant drop in the ratio of discussions compared to various altcoins. 

This decline, marking a three-month low, has caught the attention of traders and cryptocurrency enthusiasts alike. The shift in focus towards smaller projects like $LOOM, $CREAM, and $SXP is a sign of increasing market greed.

Typically, when smaller cryptocurrencies start surging in online discussions and social media mentions, it signifies a growing interest from investors looking to capitalize on potential price pumps. 

These discussions often trigger a Fear of Missing Out (FOMO) sentiment among traders, leading them to explore alternative investment options beyond Bitcoin.

Bitcoin & S&P 500 Decline In Q3

Meanwhile, a comprehensive report has highlighted a challenging scenario for both Bitcoin (BTC) and traditional financial markets. Bitcoin has been facing a turbulent third quarter. 

Assuming losses continue through September 30, Bitcoin would record a substantial 14% decline during the third quarter, with its trading price hovering around $26,100.

On the other side of the financial spectrum, Wall Street’s benchmark equity index, the S&P 500, also faces a grim outlook for the third quarter. The S&P 500, often considered a barometer for global risk assets, including cryptocurrencies, closed at $4,320.05 on Friday, marking a nearly 3% drop for the quarter.

The equity risk premium is one key metric contributing to the decline in the appeal of stocks and risk assets. This premium represents the difference between the earnings yield of the S&P 500 and the yield on the U.S. 10-year Treasury note. Consequently, the 10-year Treasury yield is viewed as a benchmark risk-free rate of return against which other asset returns are compared.

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Another metric reflecting this trend is the gap between the S&P 500’s dividend yield and the yield on the 10-year Treasury note. This spread has declined to -2.87, a level not seen since July 2007, underscoring the growing attractiveness of bond investments.

These juicy bond yields and the increasing appeal of safe-haven assets like government bonds have reduced incentives for investors to allocate their capital to Bitcoin. While Bitcoin has often been likened to digital gold and considered a safe-haven asset in its own right, historical data reveals its tendency to act as a leading indicator for stock market movements. 

However, with heightened interest in bonds, the current environment suggests that more short-term investment options may overshadow Bitcoin’s role as a liquidity-driven asset.

Related Reading | Bitcoin ETFs Await SEC Decision As Second Deadline Nears

Shiba Inu’s BONE Rockets in Surprising Crypto Comeback: Details

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The Shiba Inu ecosystem token, BONE, has recently grabbed the attention of cryptocurrency enthusiasts and market observers as it experiences a significant surge in on-chain activity. According to data from IntoTheBlock, over the past 24 hours, large transactions involving BONE have spiked, totaling 342,590 BONE tokens, equivalent to a substantial $274,510. It is crucial to highlight that these transactions encompass those exceeding $100,000 in value.

What makes this development particularly noteworthy is that the two days leading up to this surge witnessed absolutely no transactions in this category, with a literal zero. This abrupt shift in activity has certainly piqued curiosity within the crypto community.

During this 24-hour timeframe, the total volume of BONE transactions reached an impressive 2.19 million tokens, equivalent to a substantial $1.76 million. Remarkably, large transactions involving the Shiba Inu token accounted for a significant 15.64% of the overall trading volume, signifying the magnitude of this surge.

Shiba Inu’s Role Amid Cryptocurrency Volatility

Shiba Inu (SHIB) investors and enthusiasts are well-advised to closely monitor the situation for further developments. Large transactions can often signal significant changes in the market sentiment or strategies employed by big players. Whether this uptick represents a strategic move by institutional investors, a response to market developments, or simply speculative trading, it underscores the need for vigilance in the crypto space.

Furthermore, it’s essential to consider the broader context within the cryptocurrency ecosystem. Cryptocurrencies are known for their volatility, and sudden shifts in activity can occur for a multitude of reasons. As such, market participants should exercise caution and conduct thorough research before making any investment decisions.

In conclusion, the recent surge in large transactions involving Shiba Inu’s BONE token demands attention and analysis. While it may be a short-term anomaly, it could also be a sign of larger shifts within the Shiba Inu ecosystem. Only time and continued observation will reveal the true nature of this development, making it crucial for all stakeholders to stay informed and remain adaptable in the dynamic world of cryptocurrencies.

Crypto Heist: North Korean Lazarus Group Holds $47M In Bitcoin & More

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North Korean hacking collective Lazarus Group has been revealed to hold a significant sum of $47 million in cryptocurrency, with the majority of it being in Bitcoin (BTC), according to recent data from Dune Analytics and 21.co, the parent company of 21Shares. 

This substantial digital asset holding includes $42.5 million in BTC, $1.9 million in Ethereum, $1.1 million in BNB (Binance Coin), and an additional $640,000 in stablecoins, primarily Binance USD. Notably, this amount appears to have decreased from the $86 million they held on September 6th, shortly after their alleged involvement in the Stake.com hack.

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The Dune dashboard has tracked 295 wallets associated with the Lazarus Group, as identified by the United States Federal Bureau of Investigation (FBI) and Office of Foreign Assets Control (OFAC). Surprisingly, these wallets do not contain any privacy coins, such as Monero (XMR), Dash, or Zcash (ZEC). 

Furthermore, the group’s crypto wallets remain active, with the latest transaction recorded on September 20th. 21.co has suggested that the actual holdings of the Lazarus Group may exceed the reported figures, describing them as a “lower-bound estimation.”

The Lazarus Group’s recent attack on the CoinEx cryptocurrency exchange resulted in a loss of at least $55 million. The FBI has also attributed several other hacks, including those on Alphapo, CoinsPaid, and Atomic Wallet, to the Lazarus Group, with a total of over $200 million stolen in 2023. 

Crypto thefts By North Korea-linked Hackers Down 80%

Nevertheless, Chainalysis reported that cryptocurrency thefts by North Korea-linked hackers had decreased by a significant 80% compared to 2022.

Despite the drop in thefts, Chainalysis cautioned against interpreting this as a sign of improved security or reduced criminal activity, emphasizing the high benchmark set in 2022. They warned that the cryptocurrency sector remains vulnerable, and a single large hack could quickly push stolen funds beyond the billion-dollar mark for 2023.

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Erin Plante, Vice President of Investigations at Chainalysis, stressed the need for cryptocurrency firms to educate their employees on countering social engineering tactics commonly employed by hacker groups like Lazarus. These sophisticated tactics often exploit human trust and carelessness to gain access to corporate networks.

Related Reading | UpBit’s Aptos (APT) Debacle: System Error Sparks Crypto Chaos

TRON: Justin Sun’s Legal Battle Takes an Unexpected Turn

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In a dramatic turn of events, TRON’s founder, Justin Sun, has been granted an extended lifeline in his legal battle against the U.S. Securities and Exchange Commission [SEC]. The court’s decision has given Sun until December 8, 2023, to explore potential resolutions to the SEC’s allegations, thus temporarily lifting the looming threat that has shadowed the cryptocurrency pioneer.

It all began several months ago when the US regulator served legal notices to three of Sun’s wholly-owned entities: Tron Foundation, BitTorrent Foundation, and Rainberry. The allegations were centered on the unauthorized sale of cryptocurrencies, TRX, and BitTorrent [BTT]. According to the SEC’s lawsuit, Sun was accused of orchestrating manipulative wash trading of TRX, a tactic designed to artificially inflate demand and maintain TRX’s market price.

In addition to these allegations, Sun faced charges of deceiving investors through misleading claims on social media, particularly in February 2021. The SEC contended that Sun enlisted the services of celebrities with substantial social media followings to promote unregistered offerings while concealing their compensation. Notable figures such as Lindsay Lohan, Akon, Ne-Yo, Soulja Boy, and others found themselves implicated in this complex legal web.

The SEC further asserted that Sun’s alleged scheme had generated illicit profits totaling $31 million at the expense of unsuspecting investors, all achieved through the controversial practice of wash trading. Gary Gensler, Chair of the SEC, emphasized the inherent risks faced by investors when crypto asset securities are traded without proper disclosure.

TRON’s Global Revival Plans

Unfazed by the SEC’s accusations, Sun took to Twitter to dismiss the civil complaint, asserting its lack of substance. He affirmed his commitment to building a more decentralized financial system through the Tron Foundation, maintaining that the SEC’s actions were unwarranted.

However, the recent court order has introduced a glimmer of hope into Sun’s legal battle. His legal counsel has argued convincingly for the extension, citing “good cause” for the postponement. This reprieve couldn’t have come at a more critical juncture for the Tron ecosystem, which is in the midst of an ambitious global expansion.

As part of its tenth-anniversary celebration, the cryptocurrency exchange Huobi has announced a rebranding effort, rechristening itself as HTX. This symbolic name change signifies the platform’s origins [“H” for Huobi], its unwavering commitment to the TRON network [“T” for TRON], and its core function as a cryptocurrency exchange [“X” for exchange].

With the extended timeline, Justin Sun now has room to strategize and potentially negotiate a resolution with the SEC. The Tron ecosystem’s future, as well as the broader cryptocurrency landscape, hangs in the balance, awaiting the outcome of this high-stakes legal showdown.

India’s First Crypto Unicorn Battles for Tax Reform

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The cryptocurrency landscape in India has undergone a seismic transformation since the contentious introduction of the Tax Deducted at Source [TDS] in 2022. In the wake of dwindling digital asset transactions, prominent figures within the industry have raised concerns. Sumit Gupta, the CEO of CoinDCX, India’s first crypto unicorn, has emerged as a leading advocate for lobbying the government for a reduction in the TDS rate from 1% to a mere 0.01%.

The previous year witnessed the implementation of a flat 30% tax on all crypto income in the nation, coupled with the imposition of a 1% TDS on crypto trades exceeding 10,000 Indian rupees [approximately $122]. Shockwaves from these tax measures were felt across the cryptocurrency landscape, prompting an estimated $3.85 billion in capital to migrate from domestic centralized crypto exchanges to foreign counterparts between February and October 2022, all in an effort to evade the tax burden, as reported by the Indian think tank, Esya Centre.

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India's First Crypto Unicorn Battles for Tax Reform 8

In a previous interview, Sumit Gupta argued that reducing the TDS rate to 0.01% could yield a win-win scenario. Firstly, it might entice traders back to Indian exchanges, aligning with the government’s objective of tracking virtual digital asset [VDA] transactions to combat money laundering. Secondly, it would contribute to the country’s tax revenue. Gupta further advocated for the tax treatment of crypto trading on par with other asset classes, such as equities.

Indian Crypto Exchanges: The Future

CoinDCX, valued at over $2 billion, plays a pivotal role as a founding member of the Bharat Web3 Association, an industry lobbying group. This collective has been actively advocating for clarification of the legal status of digital assets and the allowance of crypto traders to offset losses against other investment gains for tax purposes.

Despite these efforts, Nischal Shetty, the CEO of the WazirX exchange, cautioned that a transition to a more lenient crypto tax regime in India might still be a couple of years away. Shetty explained, “I don’t think we’ll see any immediate reduction in TDS since there have been no formal discussions between the industry and lawmakers specifically around it.”

India’s stance on cryptocurrency appears to be poised for transformation, as articulated by the Finance Minister. Ajay Seth, Secretary of the Department of Economic Affairs, announced during the recently concluded G20 leaders’ summit that “India’s approach to crypto will be determined in the coming months.”

He underscored that the G20 had established a framework for assessing risks, and India would base its policy decisions on the global consensus forged by world leaders. The crypto landscape in India stands at a crossroads, with the future direction hanging on the balance between taxation and industry growth.

UpBit’s Aptos (APT) Debacle: System Error Sparks Crypto Chaos

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UpBit, South Korea’s largest crypto exchange, has caused a stir in the crypto community. Temporarily suspending Aptos (APT) deposits and withdrawals, it’s due to a system error crediting a scam token as genuine, as reported by multiple users.

The incident first came to light when X account Definalist blew the whistle on the issue, prompting UpBit to swiftly acknowledge the problem. In a public statement, the exchange revealed that their system had detected abnormal deposit attempts and, as a precautionary measure, suspended deposits and withdrawals while engineers worked tirelessly to rectify the error.

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Source: X

The genesis of this crisis appears to be a malicious scam token that directed unsuspecting users to a fraudulent website called ClaimAPTGift.com. Astonishingly, blockchain data reveals that nearly 400,000 Aptos wallets received an airdrop of this deceptive token. A screenshot circulating on social media purportedly shows UpBit inadvertently crediting the fraudulent token as equivalent to the native APT token.

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Source: X

Aptos Holders Anxious Amid UpBit Chaos

The repercussions of this technical glitch were immediate and profound. Within hours of the error becoming apparent, the price of APT on ByBit, another popular cryptocurrency exchange, skyrocketed by over 35%. However, this meteoric rise was short-lived, as the market corrected itself just three hours later, causing the price to plummet.

Aptos, which boasts the highest trading volume on UpBit in the last 24 hours, has long been a favorite among crypto enthusiasts. The sudden interruption of Aptos-related transactions on UpBit has left traders and investors on edge, uncertain about the fate of their holdings.

The crypto world now eagerly awaits UpBit’s resolution of this issue and an official explanation for the system error. As the industry grapples with the aftermath of this incident, it serves as a stark reminder of the volatility and vulnerability inherent in the world of digital assets.

Hong Kong’s Crypto Crisis: Mixin Network Temporarily Halts Services

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Hong Kong has been the center of attention for the past few weeks due to the crypto crisis, so this series has another unfortunate event. Mixin Network, a Hong Kong-based decentralized wallet service, has temporarily suspended deposit and withdrawal services due to a recent cyberattack that resulted in the loss of approximately $200 million worth of assets. 

The attack took place during the early hours of September 23, 2023, Hong Kong time. Hackers specifically targeted the database­ of Mixin Network’s cloud service provide­r.

The company, Mixin Ne­twork, has announced via Twitter that they are currently investigating the bre­ach. They have also reached out for assistance from Google and SlowMist_Team, a blockchain se­curity firm.

While de­posit and withdrawal services are te­mporarily halted, transfers remain unaffe­cted. The company has indicated that once vulnerabilities are confirmed and resolved, they will re­store the service­s.

Mixin Network’s founder, Feng Xiaodong, will hold a public Mandarin livestream on September 25, 2023, at 13:00 HKT to address the incident and provide further details. The company has promised to announce a solution regarding the lost assets in due course and expressed deep apologies for the incident, thanking their supporters for their continuous backing.

Hong Kong SFC Takes Action Against Suspected Cryptocurrency Fraud

Meanwhile, in response to the JPEX incident, which could potentially be the largest fraud case in Hong Kong’s history, the Hong Kong Securities and Futures Commission (SFC) held a press conference today. 

They announced the creation of a special blacklist targeting suspicious cryptocurrency trading platforms. They pledged to collaborate with law enforcement to take legal action against platforms suspected of violating the law.

The virtual asset trading platform under scrutiny is suspected of fraud, with reports from 2,305 individuals involving around 1.43 billion yuan as of September 23, 2023. Hong Kong Legco member Johnny Ng supported the SFC’s efforts and emphasized the importance of timely information dissemination and investor education regarding virtual asset trading platforms.

The China Securities Regulatory Commission also held a press conference, unveiling a series of measures to strengthen information dissemination and investor education in the virtual asset space. 

These measures include publishing lists of virtual asset trading platforms, optimizing a special list of suspicious platforms, and conducting awareness campaigns for fraud prevention.

Ng expressed his support for these measures. Additionally, he proposed the establishment of a “Web3 and Virtual Asse­t Development Subcommitte­e” to enhance re­gulations and facilitate discussions on optimization measures.

He aims to ove­rsee the re­sponsible developme­nt of Hong Kong’s virtual asset industry. His goals include safeguarding inve­stors and reinforcing Hong Kong’s stature as a global financial hub in the virtual asse­t sector.

However, the crypto industry’s future in Hong Kong remains a topic of keen interest as both Mixin Network and regulatory authorities respond to these challenges. 

Related Reading | Coinbase’s AML Victory Ignites European Crypto Revolution