Bitcoin Price: US$ 59,436.06 (+0.59%)
Ethereum Price: US$ 2,527.61 (+2.89%)
Threshold, a Bitcoin DeFi protocol, has proposed merging its BTC wrapper token, tBTC, into Wrapped Bitcoin (WBTC) to address concerns over WBTC’s control following a controversial partnership involving Justin Sun, aiming to transition WBTC to decentralised custody under Threshold’s DAO while deprecating tBTC. Meanwhile, the UK’s Financial Conduct Authority (FCA) is facing criticism for taking over a year to process crypto firm registrations, which is seen as a hindrance to the UK’s ambitions to become a crypto hub, as the number of applications declines with firms possibly seeking opportunities abroad. In the U.S., a recent poll suggests that Donald Trump’s outreach to crypto voters may be boosting his chances in the upcoming presidential election, particularly among single-issue crypto voters, where he leads Kamala Harris by 12 points, though Harris leads among non-crypto holders, highlighting a potential divide in voter preferences.
A report from Henley & Partners reveals that Singapore leads global cryptocurrency adoption, followed closely by Hong Kong and the UAE, due to supportive regulatory environments, strong financial systems, and blockchain innovation, with the Henley Crypto Adoption Index 2024 highlighting Singapore’s advanced regulatory framework and Hong Kong and the UAE’s tax-friendliness and public interest in crypto. Meanwhile, Ethereum’s research team has grown by over 2,100% since 2019, signalling strong innovation, though active developers slightly declined in 2024, and despite a 1,200% increase in Ether’s price over five years, the network struggles to break the $2,700 resistance level. Moreover, a BIS paper warns that permissionless blockchains like Ethereum pose risks for banks, including operational, security, and compliance challenges, recommending mitigations such as business continuity planning and privacy-preserving identity verification, while noting that these practices are still developing and untested under stress.
Binance is set to support Cardano’s network upgrade and Chang hard fork on September 1, after a brief delay, with plans to suspend ADA transactions temporarily to ensure a smooth transition. The Chang hard fork marks the beginning of Cardano’s Voltaire era, introducing significant governance changes. Meanwhile, Feixiaohao, a major Chinese cryptocurrency data platform, is under investigation by local police with key executives reportedly arrested, although the reasons for the investigation remain unclear. Furthermore, Bitcoin faces potential selling pressure as the US government and Mt. Gox are expected to release nearly $15 billion worth of Bitcoin into the market, which could impact prices, though analysts believe the market may absorb this without major disruption.
The recent surge in Ethereum restaking is attributed to declining annual percentage rates (APRs) for staking, which has driven increased demand for restaking as a way to optimise rewards and enhance network security. BlackRock’s Bitcoin ETF experienced its second-largest outflow of $13.5 million on August 29, amidst a broader trend of significant outflows across U.S.-based Bitcoin ETFs, reflecting a downturn in Bitcoin’s price. In South Korea, tech giant Naver has launched its first crypto wallet, Naver Pay Wallet, in collaboration with Chiliz, aiming to serve over 33 million users with a non-custodial wallet that supports both cryptocurrencies and NFTs, and is positioned to expand with additional blockchain functionalities in the future.
A solo Bitcoin miner from the Solo CK Pool recently achieved the rare feat of mining a Bitcoin block with only 0.012% of the network’s total hashrate, earning nearly $200,000, a notable accomplishment given the dominance of large mining firms. In Australia, the number of crypto ATMs has surged 17-fold over the past two years, making it one of the fastest-growing markets despite concerns about their role in money laundering, while globally, crypto ATMs have been linked to $160 million in illicit transactions, underscoring regulatory and security challenges. Meanwhile, French President Emmanuel Macron has denied inviting Telegram co-founder Pavel Durov to France and claimed ignorance of his visit, amidst international backlash and criticism from the tech and crypto communities, who argue that Durov’s detention undermines free speech and decentralised technology.
Source: https://cointelegraph.com
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