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A leaked video from Chainalysis indicates that despite Monero’s (COIN:XMRUSD) reputation for privacy, its transactions may be traceable. The video, which was removed, shows methods like using malicious Monero nodes to capture IP addresses and transaction data. While this raises concerns, some believe these methods could actually improve Monero’s security by enabling better privacy protection on the blockchain.
In the past eight days, the 11 US spot Bitcoin ETFs experienced net outflows of $1.2 billion, marking the largest exit since their launch in January. This occurred as Bitcoin dropped 17.28%, from $64,668 on August 26 to $53,491 on September 7.
Managers like BlackRock, Fidelity, and Grayscale saw $726 million in net outflows from crypto funds last week. CoinShares’ head of research, James Butterfill, cited uncertainty over US monetary policy as the main cause. US markets, particularly in Bitcoin, accounted for $706.1 million in outflows, while Europe showed resilience with net inflows in German and Swiss funds. However, Solana funds defied the trend with $6.2 million in inflows.
With Bitcoin (COIN:BTCUSD) priced at around $56,590, the market faces volatility due to events in the US. The Consumer Price Index (CPI), due on September 11, could impact market sentiment, followed by the consumer confidence report on September 13. Unemployment data and the September 10 debate between Donald Trump and Kamala Harris could also intensify Bitcoin fluctuations.
The debate has already attracted $850 million in bets on Polymarket, with Trump holding a 52% chance of victory according to bettors. The event is expected to draw over 70 million viewers.
Bernstein predicts Bitcoin could reach $90,000 if Trump wins the election due to his strong support for the cryptocurrency. Conversely, a Harris victory could cause Bitcoin to fluctuate between $30,000 and $40,000. Bernstein emphasizes that Trump aims to make the US the “world capital of Bitcoin,” which could stimulate innovation and attract investors.
Michael Saylor, CEO of MicroStrategy, believes Republicans, who are more crypto-friendly, have stronger support compared to Democrats. Despite Bitcoin’s recent drop below $53,000, Saylor maintains his prediction that BTC will reach $13 million in 20 years. MicroStrategy, which holds about $8.3 billion in Bitcoin, has seen its stock rise 879% since it began buying.
Additionally, the US jobs report suggests the Federal Reserve may cut interest rates by up to 50 basis points next week. 10x Research warns that such a move could raise economic concerns, leading investors to reduce exposure to risk assets like Bitcoin and stocks. The probability of a 50 bps cut stands at 30%, with some experts believing the Fed may opt for more moderate adjustments to avoid signaling panic.
Toncoin (COIN:TONCOINUSD) led the cryptocurrency market in the last 24 hours, rising by 8.4%, while Bitcoin (COIN:BTCUSD) and Ether (COIN:ETHUSD) increased by 4.8% and 3.9%, respectively. Analysts project that Toncoin could reach between $6.50 and $7.00 in September if the market reacts positively to a potential Federal Reserve rate cut. After a significant decline due to Pavel Durov’s arrest, Toncoin is gradually recovering and has surpassed $5 again.
Andre Cronje, CTO of Sonic Labs (formerly Fantom) (COIN:FTMUSD), announced on September 9 that the network will implement credit scores for digital wallets. This innovation will enable access to unsecured loans in the DeFi market without KYC requirements. The system has processed over 54 billion transactions and monitored 500 million wallets. The network also achieved transaction finality in 720 milliseconds, positioning itself as the fastest in blockchain.
This weekend, Binance Coin (COIN:BNBUSD) broke a descending trendline, surpassing a long-standing resistance level. However, buying strength is weak, signaling a potential correction. The negative Chaikin Money Flow (CMF) suggests that bullish momentum is fading. While futures traders remain optimistic, the lack of strong buying pressure could limit BNB’s rally, possibly leading to a drop to $468.90 if the move doesn’t hold. The token is currently up 4.6% in the last 24 hours, trading at $515.83.
Over the weekend, Cardano (COIN:ADAUSD) reached $0.3485 after the Artificial Superintelligence Alliance (ASI) launched its native token, FET (COIN:FETUSD), on the Cardano blockchain. Now rebranded as ASI, the token showcases ADA’s efficiency and low costs. The integration sparked an increase in active ADA addresses, reaching a five-month high. ADA’s strong correlation with Bitcoin may also be driving its recent positive performance.
Quant (COIN:QNTUSD), known for facilitating interoperability, saw its price hit the highest level since August 24, currently up 8.5% in the last 24 hours, trading at $72.30. Data shows a positive divergence between QNT’s price and daily active addresses, suggesting whale accumulation could signal future profits. Interest in QNT futures also increased, reaching $13.91 million, the highest since June.
Snapshot X, launched today, is a new Layer 2 protocol that enables on-chain voting with no gas fees, using Starknet roll-up technology. This advancement aims to simplify DAO voting by eliminating associated costs that discourage participation. With STARK scaling proofs, Snapshot X offers a secure and cost-effective process, enabling greater inclusion in decentralized decision-making. Jeremy Musighi, COO of Snapshot Labs, highlighted this as a milestone in on-chain governance.
The Proof of Workforce Foundation (POWF) and Careers In Government Inc. (CIG) have partnered to incorporate Bitcoin into public sector employment practices. The goal is to attract talent, enhance financial security, and promote innovation through Bitcoin-based salaries and incentives. The collaboration will also offer financial education and personalized training, aiming to create a scalable model for adoption by government employers across the country, protecting employees from inflation.
With the Markets in Crypto-Assets (MiCA) regulation being implemented in the European Union, Latvia has taken a proactive approach by offering pre-licensing consultations for crypto-asset service providers (CASPs). The country’s central bank will start issuing licenses in January 2025, helping companies prepare with free guidance. The initiative aims to ensure CASPs comply with MiCA’s requirements, positioning Latvia as an attractive hub for crypto companies in the EU.
On September 9, Indonesian exchange Tokocrypto received the Physical Crypto Asset Trader (PFAK) license from Bappebti, authorizing its full operation in the country. Backed by Binance, which increased its stake in Tokocrypto in 2022, the exchange now complies with local crypto asset trading regulations. Tokocrypto, the third exchange to obtain this license, seeks to solidify its market position in Indonesia, where it already holds a 43% share, with strategic support from Binance.
Monochrome Asset Management announced a partnership with Hoseki to implement proof-of-reserves verification in its Monochrome Bitcoin ETF (IBTC), making it the first Australian spot Bitcoin ETF to adopt such measures. Since its launch, the IBTC has accumulated 134 Bitcoins, totaling over AUD 11 million in inflows. With Hoseki’s advanced validation, the fund will provide daily proof that assets are fully accounted for, setting a new standard for transparency and integrity in Bitcoin ETFs in Australia.
Tokyo Electric Power Company (TEPCO) has begun mining Bitcoin using surplus renewable energy through its subsidiary Agile Energy X. This practice, aimed at reducing energy waste from solar and wind farms, takes place at mining rigs installed near those sources in Gunma and Tochigi. The project seeks to turn wasted energy into a new revenue source and promote further investments in clean energy. This approach also helps debunk the myth that Bitcoin mining is environmentally harmful.
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