Brazilian bank Nubank halts trading of its cryptocurrency
Fintech leader Nubank has announced that it will halt trading of its cryptocurrency Nucoin, a move that has raised questions about the bank’s financial stability.
Nubank policy change:
In a statement published on the bank’s blog on September 10, Nubank said that as of now, users will no longer be able to buy or sell Nucoin via the app.
The coin was launched in late 2022 on the Polygon blockchain as part of a rewards program aimed at providing multiple benefits to customers.

Nubank added that customers will still be able to exchange Nucoin for other cryptocurrencies such as Bitcoin or the digital dollar (USDC) until December 9, 2024.
The bank will also hold raffles with prizes of up to one million Brazilian reals for individuals who choose to redeem their coins.
While the exact reasons behind the decision remain unclear, the move comes at a time when the bank is under scrutiny over its financial health, amid growing concerns over rising non-performing loans and asset quality.
According to a Bloomberg report, although Nubank’s shares have risen more than 60% this year, some analysts have expressed reservations, suggesting that the stock may be “overvalued.”
The report notes that Nubank’s non-performing loans, which are more than 90 days past due,

UK introduces bill to formally recognize cryptocurrencies as personal property
The UK Parliament has introduced a bill that aims to formally recognize digital assets such as cryptocurrencies and non-fungible tokens (NFTs) as personal property, marking a significant step in modernizing the legal system to keep pace with rapid technological innovations.
The legislation represents a fundamental shift in how England and Wales deals with digital assets, providing additional protection against fraud and theft.
The bill is part of an ongoing effort to develop the legal system to keep pace with the rapid changes in the digital economy.
Bill to address legal loopholes:
For years, digital assets have been excluded from traditional property law, leaving their owners without clear legal protection in the event of theft or fraud.
The new legislation seeks to close this loophole by recognizing cryptocurrencies and NFTs as a new type of property.
Strengthening the UK’s role in the crypto market:
By introducing this legislation, the UK is strengthening its position in the digital asset market.
The formal recognition of digital assets is expected to attract more business and investment to the country’s legal services sector.
Alexander pointed out that the British legal services sector.
#NFT

Bitcoin Hash Rate Hits All-Time High Despite Price Drop
While the price of Bitcoin may not seem all that exciting this month, the network’s overall hash rate has hit new highs.
This discrepancy between security and price reflects the continued confidence of Bitcoin mining companies in adding more mining hardware, despite volatile market conditions.
Bitcoin’s Hash Rate Continues to Rise:
According to a report from analytics firm Glassnode, Bitcoin mining revenue has seen a significant decline since the currency hit its all-time high in March.
This decline is primarily due to the decline in the price of Bitcoin and the impact of the Bitcoin halving event, which reduced the rewards awarded for mining new blocks.
A sharp decline in Bitcoin transaction fee revenue has also contributed to the decline in miners’ profits.
Despite these challenges, Bitcoin’s hash rate hit a new high of 693 exahashes per second (EH/s) on Sunday, increasing competition in a low-revenue environment.

Amid these circumstances, Bitcoin mining companies were expected to resort to selling their coins to cover costs.
However, the data suggests that many of these companies are adopting a long-term holding strategy rather than selling.

Gold hits all-time highs as Bitcoin attempts to reach $60,000

In contrast, gold reached an all-time high of $2,518 per ounce.

The data suggests a negative correlation between gold and Bitcoin performance, which calls for a deeper analysis of this economic phenomenon.

Historical gold performance:
At the beginning of the year, gold was at $2,043 per ounce, falling slightly in February to $1,993.

As March approached, and days before Bitcoin hit its all-time high, gold rose to $2,183.

After Bitcoin hit its yearly peak on March 16, gold saw a slight decline to $2,156.

Between March 24 and April 17, the positive momentum in the gold market increased, pushing the price of an ounce to $2,391.

Since then, gold has maintained its upward trend with slight fluctuations, now reaching its all-time high, which has not been recorded in the past two decades.
The inverse relationship between Bitcoin and gold:
Data shows that there is a negative relationship between Bitcoin and gold prices, as while the value of Bitcoin has declined, gold has risen to unprecedented levels.

This may be an indication that investors are moving away from riskier assets like Bitcoin and towards safer assets like gold.

Therefore, it remains necessary to follow this trend carefully to assess the future of the market.

Donald Trump-linked cryptocurrencies see sharp decline after Kamala Harris debate
The cryptocurrency market witnessed a strong reaction after the debate between Donald Trump and Kamala Harris, with Trump-linked cryptocurrencies significantly affected.
Trump’s chances of winning the election decline and its impact on cryptocurrencies:
After the debate, which focused on key topics such as the economy, immigration, and foreign policy, Trump-linked cryptocurrencies experienced sharp declines.
For example, the total market cap of PolitiFi coins fell by 8.7%.
While some other cryptocurrencies were more affected, with TRUMP falling by 10% and MAGA by 22.5%, while TREMP fell by 27.5% and STRUMP by 12.3%.
On the other hand, Kamala Harris-linked cryptocurrency KAMA saw a 7.3% increase.
This volatility in cryptocurrency prices coincides with changes in the election odds on platforms like Polymarket, where Harris’s chances of winning increased by 3% after the debate, while Trump’s chances of winning decreased by the same percentage. As a result, the two candidates are now neck and neck on these decentralized platforms.

Standard Chartered Bank launches digital asset custody services in the UAE
Standard Chartered Bank announced yesterday, Tuesday, the launch of its digital asset custody services in the United Arab Emirates.
Brevan Howard Digital, the digital assets arm of the British hedge fund, became the bank’s first client to benefit from this service.
Choosing the UAE as a launch center:
The bank explained that its choice of the UAE came due to the country’s balanced policies in adopting digital assets and regulating their finances.
The UAE is actively seeking to attract major global crypto companies such as Binance and OKX, and is working to develop regulatory frameworks for virtual assets with the aim of enhancing economic competition in the Gulf region.

In addition to digital asset services, the bank announced its investment in the London-based United Fintech Group Limited, which specializes in the digital transformation of financial markets.
This investment falls within Standard Chartered’s strategy to acquire and partner with financial technology companies, with the aim of creating a comprehensive technology platform for capital markets.
This platform aims to support innovation and foster collaboration between technology providers, serving banks, hedge funds and asset managers.

Bitcoin price reaction to US CPI data
The latest US CPI data for August showed a 2.5% year-on-year increase, in line with general expectations and 0.4% lower than July.
Analysts believe that this data almost settles the debate about the size of the expected interest rate cut by the Federal Reserve, which could range between 25 and 50 basis points.

The highest level of this index in 2024 was in March, reaching 3.5%.
At the same time, the core CPI, which excludes the more volatile food and energy items, rose by 3.2% in August 2024, the same level as in July.
This data is of particular importance to investors because it comes ahead of the Federal Open Market Committee meeting scheduled for September 18 and 19.
It is worth noting that Federal Reserve Chairman Jerome Powell indicated last August that the time may be right to start cutting interest rates.

Following the announcement, Bitcoin’s price dropped to $56,200 (on Bitstamp) before rebounding by around $1,000. However, given Bitcoin’s past price movements, today’s $1,000 price drop and rise is considered insignificant compared to the large swings the currency has seen in the past.

Bitcoin saw one of the strongest daily moves yesterday, jumping from a low of $53,600 to over $58,000 in just one day.
Factors that may explain this surge:
1. The impact of ETF flows:
Since the launch of ETFs in January of this year, they have played a significant role in influencing Bitcoin price movements.
Positive trends in ETF flows usually lead to higher prices, and vice versa.
Over the past weeks, Bitcoin has fallen sharply from a high of $64,000 (on August 26) to below $52,500 (on September 6), with ETFs recording net negative inflows of $900 million.

2. Going against the market trend:

Over the past few days, Santiment reported that traders have been opening large short positions on platforms such as Binance and BitMEX.

3. Stablecoin Inflows:
The influx of stablecoins into exchanges is one possible reason behind the huge surge in Bitcoin’s price, as investors seek to take advantage of the price decline.
According to data from IntoTheBlock, $300 million in stablecoins were transferred to exchanges on Monday, which means buying is possible.
#bitcoin $BTC

What’s Next for Bitcoin Price After Its Recent Rise?
Bitcoin price has been on a steady decline since last August, with the coin falling below several key support levels.
However, the cryptocurrency is starting to show signs of a potential recovery, with Bitcoin rising over $4,000 yesterday.
Does this signal additional bullish moves ahead?
Bitcoin price technical analysis:
Technical analysis by analyst: Edris Derakhshi
Daily curve:
The daily chart shows that Bitcoin started to decline after the price rejected the 200-day moving average, which is near the $64,000 resistance level.
The price has since broken several support levels, falling to just above $52,000.
Despite a slight bounce from this level, the overall momentum remains clearly bearish.
As such, the price needs a clear break above the $64,000 level and the 200-day moving average in order to start a new sustainable uptrend.$BTC

Crypto ATMs worth £2.6m fail to operate, those behind them prosecuted: Details here
This is the first case of its kind involving the use of physical devices to buy and sell digital assets, according to the authority.
The Financial Conduct Authority confirmed that there is no legal operator of cryptocurrency ATMs in the UK, and any such machine is operating illegally.
The authority also explained that those who use these machines are indirectly contributing to money laundering operations at a global level.
Details:
A 45-year-old man from London is accused of operating several cryptocurrency ATMs without obtaining registration from the Financial Conduct Authority.
The devices allowed users to buy cryptocurrencies or transfer money to digital currencies, with transactions totalling around £2.6 million between December 2021 and September 2023.

This is the first criminal prosecution by the FCA of unregistered cryptocurrencies under the Money Laundering Regulations 2017.

This case sets a legal precedent, as it is the first time a person operating a network of cryptocurrency ATMs has been charged in the UK.
#atm
#CryptoMENA

Bitcoin ETFs Make Small Steps Towards $50 Billion Success
Last October, analyst Matthew Hogan predicted that bitcoin ETFs would attract $55 billion in assets in their first five years.
By the end of August this year, about eight months after the funds launched, they had already surpassed $52 billion, according to TrackInsight data.
Individual and institutional investment:
So far, inflows into bitcoin ETFs have been driven primarily by individual investors, with a handful of large institutions, such as the Wisconsin Investment Board and hedge funds, publicly stating their stance on the funds via regulatory filings.
But for some, like attorney Andrew Lum of Norton Rose Fulbright, the real test of bitcoin ETFs will not be how much money they raise, but how they can boost liquidity.
Lum suggests that these funds could become a mainstream part of the market when financial advisors start allocating a portion of them to their clients’ portfolios, which would be the next stage in the evolution of the field. Even now, some ardent Bitcoin advocates admit that a full transformation could take six to 12 months.
#ETF✅

The Financial Conduct Authority: 87% of crypto companies fail to meet registration requirements!

Registration results: 87% of companies fail to comply
The authority revealed in its report that 87% of registration applications for crypto companies were either rejected, withdrawn or denied.
The authority explained that it is working to guide companies seeking licenses by providing the necessary guidance on good and bad practices.
It added that 44 companies operating in the cryptocurrency sector have obtained approved registration.
Tightening regulations:
In addition, the report highlighted the implementation of stricter marketing regulations on the promotion of cryptocurrencies, which came into effect in 2024.
These regulations include a 24-hour cooling-off period for investors, and the classification of crypto assets within restricted collective market investments.
These measures aim to ensure that promotional offers for crypto assets are clear, fair and not misleading, which requires companies to adhere to strict standards that protect investors from high risks.
The report indicated that the authority issued 450 warnings against companies that illegally promote crypto assets during the first three months of implementing these new rules.

Venezuelan Opposition Leader Proposes Bitcoin Reserve, Maduro Seeks to Restart Crypto
Venezuelan opposition leader Maria Corina Machado, who is contesting the recent election results that declared President Nicolas Maduro the winner, has proposed establishing a Bitcoin-based reserve.
In a recent interview with Alex Gladstein, Public Relations Director at the Human Rights Foundation, Machado addressed the economic challenges that Venezuela has faced, pointing to crises caused by hyperinflation and the sharp devaluation of the national currency, which has lost 14 zeros of its value.
Machado stressed that Bitcoin has been a lifeline for many Venezuelans, helping them protect their wealth, transfer it, and flee the country.
For his part, Venezuelan President Nicolas Maduro has indicated the possibility of restoring the role of cryptocurrencies in the country.
In a meeting with representatives from the banking sector, Maduro spoke about the importance of reconsidering the use of cryptocurrencies, especially after previous measures that affected trading platforms and mining initiatives.
Maduro explained that the world is moving towards a multi-currency model that includes the dollar, yuan, ruble, and rupee, in addition to cryptocurrencies.
#bitcoin
$BTC

Ethereum Founder Confirms He Hasn’t Retained L2 Coin Proceeds Since 2018
Ethereum co-founder Vitalik Buterin has addressed speculation about his involvement in Layer 2 (L2) token projects, publicly clarifying his position on the matter.

On the “X” platform, Buterin confirmed that any profits he makes from L2 coins or any other projects are donated to the Ethereum ecosystem or for charitable purposes.

Buterin’s position on Layer 2 coins:
Buterin’s statement came in response to a comment from a user who pointed out that cryptocurrency founders have the right to make profits from their investments, given the significant role they play in developing these projects.
Buterin rejected this suggestion, indicating that his goal is to support projects that contribute to improving the Ethereum ecosystem, especially in areas that may not receive enough attention from others.
Buterin has confirmed that he has no plans to invest in layer two projects or other digital tokens in the near future, stressing that his dedication is focused on using his assets to promote Ethereum and support charitable causes.

He also contributed to relief efforts after the 2023 Turkey earthquake, donating
50 ETH to support humanitarian organizations.
#etherreum
#ETHETFS

Will Bitcoin Fall Below $50,000 as Economic Fears Rise?
Former BitMEX CEO Arthur Hayes has suggested that Bitcoin could fall below $50,000.
Hayes expressed his opinion on Friday and announced that he is taking a short position in the Bitcoin market, meaning he is betting on the price to fall.

The move reflects his pessimistic outlook as economic conditions turn increasingly anxious.

Will Bitcoin Fall Below Where It Is?
The Fear and Greed Index, which tracks investor sentiment in the cryptocurrency market, fell to 22 on September 6, indicating “extreme fear.”

Meanwhile, Bitcoin fell 2.7% over the past day, hitting a low of $55,838, wiping out around $29.7 billion in market value.
Despite the slight recovery, the price is trading back below $55,000, suggesting that the mood remains tense.
Short selling has become a popular option for traders in these volatile economic times. Traders like Hayes short sell by borrowing Bitcoin and selling it immediately in the hope of buying it back later at a lower price, which allows them to profit in bear markets.
$BTC
#BTC

Michael Saylor comments and warns as Bitcoin prices fall:

In light of the current decline in Bitcoin prices, Michael Saylor, co-founder and chairman of MicroStrategy, issued a warning that has caught the attention of the crypto community.

This warning comes at a time when some investors may be under pressure to sell, especially with the Fear and Greed Index indicating a state of “extreme fear” in the market.

This type of panic could lead to random sales driven by fear and uncertainty, which Saylor warned of in his tweet, urging investors to be patient.

After the economic data was announced, Bitcoin price crossed the $57,000 threshold, but it quickly lost those gains and fell below $54,000, its lowest level since August 5.
For his part, Julio Moreno, head of research at CryptoQuant, indicated that Bitcoin’s weak performance may be the result of declining demand, adding that demand is declining significantly, and all valuation metrics are pointing to a downward trend.
For his part, Ki Young Joo, CEO of CryptoQuant, explained that the dominance of spot Bitcoin trading volume on Coinbase has returned to pre-ETF levels.
#MicroStrategy

Residency Extraction Service in Palau: Save Time and Effort Through Specialized Companies
If you are planning to move to the Republic of Palau, whether for work, investment or even permanent residence purposes, the procedures related to obtaining residency may seem cumbersome and complicated.
The process usually requires submitting a set of documents, filling out forms, conducting medical and security checks, in addition to following up on applications with the relevant authorities.
However, there are solutions that simplify this entire process, through specialized companies that do all the procedures on your behalf, for a fee of $ 1,000 for a 5-year residency.
Comprehensive Residency Extraction Services Company
Many companies are now working to provide a complete residency extraction service, as they do all the complicated procedures on your behalf, without you having to deal with the required papers and documents. All you have to do is provide some basic information, pay the fees, and the company will take care of everything else.
The bottom line:
If you are looking for an easy and quick way to obtain residency in Palau without being exposed to the complexities of official procedures, then using specialized companies in this field is the ideal solution.
These companies provide comprehensive services that spare you all the complicated details, and allow you to enjoy a comfortable and stress-free experience.

Ripple Heads to Japan for RLUSD Launch Amid Regulatory Challenges in the US
Cryptocurrency leader Ripple is facing ongoing regulatory challenges in the US that have delayed the launch of its new stablecoin Ripple-USD (RLUSD).
After announcing its intention in April, the company cited regulatory restrictions and lack of approvals in the US as the reason for the multiple delays.
The company’s CEO, Brad Garlinghouse, highlighted this ongoing challenge, repeatedly stating that a lack of regulatory clarity has slowed the pace of progress.
Despite the company’s attempts to comply with regulations, including its acquisition of Standard Custody to strengthen its regulatory position, key approvals from regulators, such as the New York Department of Financial Services (NYDFS), have yet to be granted.
Heading to Japan:
As a result of these regulatory challenges in the US, Ripple has begun to set its sights on Japan, which has a clearer and more flexible regulatory system for cryptocurrencies.
Recently, the Japanese Financial Services Agency has issued favorable regulations for stablecoins, making Japan an attractive option for Ripple’s expansion strategies.
#Xrp🔥🔥
#Ripple

Scotland’s first cryptocurrency seizure: Details here
In a historic first for Scotland, authorities have seized £110,000 (around $144,384) from 29-year-old John Ross Rennie.
The seizure is the first time the Proceeds of Crime Act has been used to seize cryptocurrency.
The case was heard at the High Court in Edinburgh.
Details:
Rennie, from Cambuslang, was found guilty of possessing stolen goods following a violent robbery in Blantyre, southeast of Glasgow, in March 2020.
The court heard the incident last year, in which three men broke into the victim’s home.
The victim woke up to find one of the attackers standing over him with a machete, forcing him to transfer 23.5 bitcoins, which at the time was worth around £109,601.
During the attack, another woman in the house was violently assaulted, repeatedly beaten with a Toblerone chocolate bar before being thrown into the bedroom. The attacker then tried to slit the woman’s throat with the bloody chocolate before fleeing the scene. Although he denied direct involvement in the robbery, Rene was described as the technical brains behind the operation, offering his expertise on how to transfer cryptocurrencies, according to the BBC.

96% of Non-Fungible Tokens (NFTs) Are ‘Dead’: Details Here
The non-fungible token (NFT) market has been volatile since its big launch, with rapid growth followed by significant declines, leaving many investors in a state of uncertainty.
Despite the initial hype surrounding the market and the massive investments that followed, NFTs are now facing significant challenges related to instability and price volatility.
According to a report by “nftevening.com”, 96% of NFTs are considered “dead” based on three key indicators:
Zero trading volume.
Low sales over a seven-day period.
Lack of activity on social media platforms, such as Twitter.
NFT market decline:
Based on an analysis conducted by “nftevening”, which included examining more than 5,000 NFT collections and 5 million transactions from the NFTScan platform, it was found that 43% of NFT owners are currently in an unprofitable position.
In addition, the average lifespan of an NFT is 1.14 years, which is about 2.5 times shorter than that of traditional cryptocurrency projects. This short lifespan underscores the speculative nature of the NFT market, as many digital assets fail to maintain their value in the long term due to rapid price fluctuations and poor sustainability of investment appeal.
#Azuki
#nft