Bybit, globally recognized as the third most frequented crypto exchange, has unveiled a groundbreaking risk management tool unique to the crypto exchange realm, dubbed “Perp Protect.”
This pioneering tool procures options contracts automatically, providing a convenient hedge for both long and short positions, thus ensuring uncomplicated downside protection.
Developed exclusively by Bybit, Perp Protect is unparalleled and unavailable on other leading crypto platforms. It assures traders a semblance of serenity by proposing options contracts that shield investments from unfavorable price movements, without hampering the underlying investment strategy.
This innovative tool is crucial for traders who foresee market fluctuations, allowing them to fortify their positions amidst volatile market conditions.
Perp Protect distinguishes itself with its automatic options acquisition, delivering intelligent recommendations and allowing traders to proficiently traverse market vicissitudes.
Perp Protect serves as a dependable protection layer for novice perpetual traders, instilling confidence and allowing them to delve into perpetual trading with minimized risk of losses. This tool is notable for its user-friendly design, necessitating just a couple of clicks to activate, thus making its myriad of benefits seamlessly accessible.
Furthermore, it employs a smart algorithm which incessantly assesses market situations, providing optimal protection at minimal costs, starting at 2% of a user’s initial margin.
Ben Zhou, Bybit’s CEO and co-founder, emphasized the importance of providing traders with tools that augment their trading experience and reduce inherent market risks. “In the evolving crypto landscape, it’s imperative for traders to have access to instruments that not only enrich their experience but also lessen the risks intrinsic to this vibrant market,” Zhou stated. “We are elated to present Perp Protect, a revolutionary solution ensuring tranquility and security to traders across the spectrum.”
Established in 2018, Bybit stands as a top-tier cryptocurrency exchange offering a professional environment replete with an ultra-fast matching engine, round-the-clock customer service, and multilingual community support.
Bybit, having etched a partnership with the eminent Oracle Red Bull Racing team of Formula One, continues to stride forth in the crypto domain, offering state-of-the-art services and solutions like Perp Protect, signifying a monumental stride in facilitating secure and informed trading for users ranging from novice to experienced, ensuring protection and peace of mind amidst the dynamic crypto market.
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In the world of decentralized finance (DeFi), the past week has been marked by significant developments and debates.
Brian Armstrong, the CEO of Coinbase, stepped up to defend the fledgling DeFi ecosystem in the face of mounting calls for regulatory enforcement.
He suggested that DeFi protocols should consider resorting to legal proceedings in court to establish a precedent, citing the legal system’s commitment to upholding the rule of law.
He expressed concerns that the current approach may inadvertently drive this critical industry to offshore jurisdictions.
Armstrong’s comments also touched upon the role of regulatory bodies like the United States Commodities Futures Trading Commission (CFTC).
He argued against enforcement actions targeting DeFi protocols, pointing out that they operate differently from conventional financial service businesses, and it’s debatable whether the Commodity Exchange Act even applies to them.
Meanwhile, Rune Christensen, the co-founder of MakerDAO, expressed optimism about the future dominance of decentralized stablecoins, such as Dai, in the crypto market.
He believes this potential can be realized if the crypto industry lives up to its full potential. Christensen shared his views on the future of these stablecoins and their role in the broader crypto economy at the Token2049 conference in Singapore.
Polygon, a layer-2 blockchain firm, has been making substantial strides in the world of DeFi. Sandeep Nailwal, one of Polygon’s co-founders, highlighted the success of their $1 billion investment in zero-knowledge proof (ZK) technology for scaling solutions within the Ethereum ecosystem.
Nailwal discussed the development of “Polygon 2.0” scaling efforts and the promise of recursive ZK-proof technology for creating a seamless, interoperable blockchain ecosystem.
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In contrast to these positive developments, a report by market surveillance firm Solidus Labs revealed concerning statistics about decentralized exchanges (DEXs).
Over the last three years, more than 20,000 crypto tokens have been manipulated through wash trading on DEXs.
The report found that nearly 70% of a sample of 30,000 Ethereum-based DEX liquidity pools engaged in wash trades, amounting to approximately $2 billion worth of crypto.
Additionally, the DeFi Education Fund launched a petition aimed at reviewing a patent owned by True Return Systems, which they accuse of being a “patent troll.”
This term refers to companies that profit from patent lawsuits.
The DeFi Education Fund submitted a comprehensive petition to the Patent Trial and Appeal Board in an effort to cancel the contentious patent.
Despite these mixed developments and debates in the DeFi space, data from Cointelegraph Markets Pro and TradingView indicated that DeFi’s top 100 tokens faced a mixed week, with most of them trading in the red on weekly charts.
Nonetheless, the total value locked into DeFi protocols remained consistently above $49 billion, underscoring the continued interest and participation in the DeFi ecosystem.
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One year after Ethereum’s momentous shift to a proof-of-stake (PoS) consensus mechanism, the network has undergone a profound transformation.
On September 15, 2022, Ethereum executed “The Merge,” an event where the Ethereum mainnet merged with the Beacon Chain, a separate PoS blockchain.
The most striking change post-Merge was the reduction in energy consumption.
Data from The Cambridge Centre for Alternative Finance reveals that Ethereum’s energy use plummeted by over 99.9%, dropping from approximately 21 terawatt hours under proof-of-work (PoW) to a fraction of that.
Beyond energy efficiency, The Merge introduced an economically deflationary aspect to Ethereum.
The amount of Ether (ETH) issued to secure the network has been surpassed by the ETH removed from circulation.
Ultrasound.money data indicates that over 300,000 ETH (valued at $488 million) has been burned since The Merge, reducing the total ETH supply at a rate of 0.25% annually.
Despite expectations of a price surge due to this deflationary trend, Ethereum faced challenges in the form of macroeconomic factors, including banking crises and rising inflation.
While ETH’s growth lagged behind Bitcoin’s in the first quarter of the year, Bitcoin appeared to benefit from traditional financial instability.
The essence of the PoS upgrade was the shift from miners to stakers for network security.
The subsequent Shapella upgrade in April 2023 drove a significant portion of ETH towards staking. Liquid staking providers like Lido and Rocket Pool became key players in this ecosystem.
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Currently, these providers hold over $19.5 billion worth of ETH, with Lido accounting for 72% of all staked ETH.
However, the rise of liquid staking raised concerns about the level of control granted to providers like Lido Finance.
Some providers sought to impose a 22% limit rule to ensure network decentralization, but Lido voted against this measure, raising worries about centralization of validation on Ethereum.
Beyond staking, Ethereum grappled with regulatory pressures, especially in the United States.
Regulatory bodies in the U.S. appeared to be targeting blockchain companies, posing potential threats to Ethereum and the global blockchain community.
Additionally, client diversity remained a central issue for Ethereum.
The majority of active Ethereum nodes were run through centralized web providers like Amazon Web Services, leaving the network exposed to centralized points of failure.
Vitalik Buterin suggested statelessness as a solution to promote decentralization by reducing data requirements for node operators.
However, he acknowledged that these challenges might take another 10 to 20 years to fully address.
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The Terra Classic community is currently engaged in a series of crucial votes on various proposals, all amidst concerns about a noticeable surge in spam activity following a decline in Luna Classic (LUNC) prices.
In response to this pressing issue, a novel proposal, known as Proposal 11780 or the “Initiative to Address Spam Proposals by Raising Minimum Deposit to 5M LUNC,” has emerged as a potential solution.
This initiative aims to bolster the existing minimum deposit requirement from 1 million LUNC to 5 million LUNC, effectively creating a more formidable barrier to deter scam proposals from advancing beyond the initial deposit phase.
The primary goal here is to counteract the influx of spam and irrelevant proposals that have inundated the Terra Classic community’s voting system.
Validator consensus within the community is that the existing 1 million LUNC threshold is no longer adequate in discouraging these detrimental proposals.
Hexxagon, a developer team responsible for the community-owned Station wallet, has been closely monitoring the situation and has observed a substantial uptick in spam proposals, which has prompted the need for this proposed adjustment.
As of the latest update, Proposal 11780 has garnered support from 34% of the community votes in favor, while 64% have cast their votes against it, and a small fraction of 2% has opted for “No with veto.”
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Notably, nine validators, including prominent entities such as Hexxagon, Lunanauts, and Coinpayu, have endorsed the proposal, signaling their belief in its potential effectiveness.
In parallel to these developments, Terra Classic developers are actively preparing for the upcoming v2.2.1 core upgrade, scheduled for September 12 at 9:57 am UTC.
Simultaneously, the TerraUSD Classic (USTC) quant team is taking proactive steps by initiating contact with centralized exchanges in an effort to reestablish the peg of USTC.
Furthermore, both LUNC and Terra have recently experienced a significant surge in trading volumes, driven by a series of pivotal community-approved proposals.
LUNA, under the leadership of Terraform Labs, has witnessed a remarkable growth rate of over 5% in the past week, while LUNC is also exhibiting upward momentum in anticipation of the impending core upgrade, spearheaded by its developer team.
These developments underscore the dynamic nature of the Terra Classic ecosystem as it strives to address its evolving challenges and embrace opportunities for growth and improvement.
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Arkham Intelligence, a crypto analytics platform, has unveiled Robinhood, a financial services firm and crypto trading platform, as a significant holder of Ether (ETH) and the proprietor of the fifth-largest ETH wallet.
This wallet boasts a substantial sum of approximately $2.54 billion in cryptocurrency.
The announcement made on Arkham’s X (formerly Twitter) account highlighted that while the recognition of Robinhood’s possession of the third-largest Bitcoin wallet had garnered notable attention, its identification as the owner of the fifth-largest ETH wallet had received comparatively less recognition.
It is important to note that these funds are designated as user balances under Robinhood’s custody.
As per the data from BitInfoCharts, the most substantial Bitcoin wallets globally belong to Binance and Bitfinex, indicating their significant holdings in the crypto sphere.
Arkham Intelligence’s findings further disclosed that Robinhood’s associated wallet also contains various other cryptocurrencies, including 122,076 BTC (equivalent to $3.3 billion), a staggering 34.1 trillion Shiba Inu tokens (approximated at $277.8 million), 4.9 million Chainlink tokens (approximately $29.7 million), and 2.6 million Avalanche tokens (about $29.6 million).
Despite Robinhood’s prominence in traditional stock trading, its involvement in cryptocurrency trading has experienced a decline.
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In the second quarter, its crypto revenue dwindled to $31 million from the preceding quarter’s $38 million.
Recently, on August 30th, Robinhood disclosed the expansion of its wallet product offerings.
This extension incorporates features such as custodial services, as well as sending and receiving capabilities for Bitcoin and Dogecoin.
This augmentation is a direct response to the growing demand from users for enhanced support, as explicitly stated by the company.
During its initial launch in March, Robinhood Wallet rolled out self-custody services, catering to the Polygon and Ethereum networks.
The wallet also provided a selection of various tokens, including Compound, Polygon, SHIB, Solana, Uniswap, and the USD Coin stablecoin.
In conclusion, Arkham Intelligence’s revelations about Robinhood’s considerable holdings of Ethereum and other cryptocurrencies, coupled with the expansion of Robinhood’s wallet functionalities, signify the company’s continuous efforts to address user needs and diversify its offerings in the dynamic crypto landscape.
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The Grayscale Bitcoin Trust (GBTC) might see its BTC price “discount” eliminated by 2024, according to CoinGlass, a monitoring resource.
After Grayscale secured a legal victory over US regulators on August 29th, the declining performance of GBTC could potentially be addressed.
With a holding of over 600,000 BTC, the fund has been trading below the Bitcoin spot price, known as net asset value, since February 2021.
The once-positive “GBTC premium” has been negative for more than two and a half years, but this trend might be reversing soon.
The US Securities and Exchange Commission’s requirement to consider GBTC’s conversion into a Bitcoin spot price exchange-traded fund under the same terms as other applicants pushed the “discount” to its lowest point since December 2021, now standing at just -17%, less than half of its peak around 50%.
CoinGlass expressed optimism in a future recovery: “Expect Grayscale $GBTC premium to close the discount next year.”
Dylan LeClair, senior analyst at digital asset fund UTXO Management, emphasized GBTC’s significance in influencing Bitcoin’s journey to record highs in 2021 due to its vast assets under management.
He noted, “Today’s discount move from -26% to -17% is the equivalent of 56,000 BTC returning to the AUM of $GBTC if shares are marked to market.”
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The recent Grayscale development might also impact Bitcoin’s price action by reintroducing key moving averages (MAs).
The 200-week and 200-day trend lines, which failed to provide support during Bitcoin’s previous drop in August, could potentially regain their importance.
Despite BTC/USD struggling to maintain these levels, Rekt Capital, a prominent trader and analyst, highlighted the significance of these MAs in reclaiming bullish momentum.
Rekt Capital noted, “This is great initial momentum from ~$26K support which never broke down to fully confirm the Double Top.”
He also stressed the importance of Bitcoin reclaiming Bull Market moving averages as support to confirm a bullish outlook.
In summary, the Grayscale Bitcoin Trust (GBTC) could reverse its negative price “discount” in 2024, supported by recent legal developments and positive sentiments.
The fund’s large BTC holdings and its potential impact on Bitcoin’s price movement were highlighted, along with the significance of reclaiming key moving averages for sustained bullish momentum.
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Hashdex, a crypto asset management firm, has entered the race to establish a Bitcoin exchange-traded fund (ETF) in the United States.
To secure its spot, the company has filed an application with the U.S. Securities and Exchange Commission (SEC) for a Bitcoin futures ETF that will encompass actual spot Bitcoin holdings.
ETFs are investment vehicles traded on stock markets, deriving their value from an underlying assortment of assets like stocks, bonds, and commodities.
Similarly, Bitcoin ETFs mirror the value of BTC and are traded on traditional stock exchanges, distinguishing them from crypto exchanges.
Notably, Hashdex’s approach diverges from recent filings by sidestepping the Coinbase surveillance sharing agreement.
Instead, it plans to acquire spot Bitcoin from physical exchanges within the CME market.
As disclosed in a 19b-4 filing by NYSE Arca with the SEC, Hashdex aims to incorporate spot Bitcoin into its Bitcoin futures ETF and intends to rename it as the Hashdex Bitcoin ETF.
Industry experts have reacted to Hashdex’s novel Bitcoin ETF proposal. James Seyffart, an analyst at Bloomberg, highlighted the strategy’s exclusive reliance on exchange-for-related-positions transactions.
This technique involves exchanging futures contracts for an equivalent exposure to the spot market, bypassing direct cash purchases from exchanges.
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Seyffart speculates that Hashdex’s approach might enhance its chances of SEC approval.
This outlook is informed by the regulatory pressure faced by Gary Gensler, influenced by the Grayscale lawsuit, Ethereum futures submissions, and BlackRock’s implementation of the Coinbase surveillance sharing agreement.
Other specialists, such as Nate Geraci, President of The ETF Store, investor Alistair Milne, and finance attorney Scott Johnsson, have also commented on Hashdex’s distinct ETF submission.
They posit that Hashdex’s approach could address certain SEC concerns related to market manipulation and liquidity issues associated with the Bitcoin market.
As of now, the SEC, led by Chair Gary Gensler, has refrained from commenting on the status of spot Bitcoin ETF applications, the influx of Ethereum ETFs, and the potential approval timeline for a spot Bitcoin ETF within the current year.
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Bitcoin’s influence in West Africa is particularly prominent in Nigeria, a key player in the region’s economic landscape.
Yet, amid growing anti-French sentiment, French-speaking West African nations are also witnessing a surge in Bitcoin-related activities.
Senegal has inaugurated Bitique, its inaugural physical Bitcoin exchange and educational hub. Additionally, a Bitcoin Forum is scheduled for December in Dakar, Senegal’s capital.
Notably, a local Bitcoin advocate, Nourou, manages an autonomous Bitcoin node via satellite technology.
Meanwhile, Benin, located west of Nigeria, is preparing for its first exclusive Bitcoin Mastermind conference.
This pioneering event will unite local crypto enthusiasts and entrepreneurs from groups like Izichange, GoesPay, and Flash, fostering a space for Bitcoin education.
Nourou, founder of Dakar Bitcoin Days and Bitcoin Senegal, and Loïc Kassamoto, creator of Bitcoin Mastermind, offer insight into West Africa’s crypto evolution.
These French-speaking countries are beholden to the West African CFA franc currency, a remnant of colonialism.
Dissatisfaction with this currency has amplified anti-French sentiment, evidenced by recent public demonstrations and actions like Mali’s abandonment of the French language.
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The region is witnessing a surge in alternative currency initiatives, with Bitcoin gaining traction as a savings mechanism and medium of exchange.
In contrast to online discussions in the West, West African countries prioritize in-person meetups for financial discourse.
Although the pandemic temporarily shifted discussions to virtual platforms, a post-pandemic resurgence of physical spaces is underway.
Kassamoto highlights the significance of real-world interactions in advancing financial literacy and demonstrating Bitcoin’s potential in West Africa. He emphasizes the role of conferences, meetups, and stores in educating and engaging the community.
Nourou has established Bitique as Dakar’s inaugural physical Bitcoin store, not only facilitating cryptocurrency transactions but also offering in-person educational programs. Moreover, Bitcoin Senegal’s “Baol Digital Kids” initiative imparts Bitcoin and Lightning Network usage to children.
Across borders in Benin, Kassamoto and his peers maintain one of the country’s first Bitcoin nodes.
While Bitcoin adoption grows, Kassamoto acknowledges associated risks due to the broader crypto space’s challenges.
He distinguishes Bitcoin from other cryptocurrencies and underscores the importance of the West African community’s grasp of this distinction.
Bitcoin meetups continue to expand, providing platforms to differentiate Bitcoin from the broader crypto market.
Notably, the Central African Republic’s adoption of Bitcoin as legal tender garnered attention, though its subsequent development of Sango Coin and experimentation with asset tokenization diverted focus.
Ghana will also host a significant Bitcoin and educational conference this year, contributing to the ongoing Bitcoin education drive in West Africa.
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Cryptocurrency influencer Evan Luthra has initiated a legal battle against Bitget, a crypto exchange, alleging the freezing of his account following a new token listing in March.
Luthra asserts that his withdrawal requests were halted and approximately $200,000 in Tether was locked up while his attempts to gain clarity were met with silence.
This incident is intertwined with Luthra’s association with the Reel Star project.
He had been engaged as an advisor to Reel Star, a startup dedicated to a social media app for content creators.
As part of his compensation, Luthra received Reel Token (REELT), the project’s utility token. Following its listing, Luthra sold 1.3 million REELT tokens on Bitget.
However, this action led to the suspension of his account over suspicions of market manipulation.
Bitget’s spokesperson disclosed, “Bitget faced a manipulative attack by a group of traders attempting to profit by manipulating trades on the exchange.”
Bitget claims to have reached out to Luthra for an explanation, but despite admitting to the token sale, he reportedly failed to provide a satisfactory reason for the behavior.
Luthra contends his innocence, referencing alleged approval from Reel Star’s co-founder Navdeep Sharma for the token sale.
Seeking $16 million in damages and the release of his $200,000 held by Bitget, Luthra filed a lawsuit against the exchange, Foresight Ventures, and key executives.
He argued that Bitget unjustly restricted his tokens, which he had acquired through legitimate means.
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Gracy Chen, Bitget’s managing director, stated that the exchange prioritizes user protection and undertakes immediate action against illegal activities.
Bitget unveiled an investigation into the matter, disclosing findings and a compensation plan for over 500 affected clients.
The exchange’s response clarified, “After our investigation, we believe the account mentioned has been involved in suspicious trading behaviors on Bitget.”
The cryptocurrency community exhibited mixed reactions on platforms like X (formerly Twitter). While some supported Luthra, highlighting challenges faced by users of centralized exchanges, others defended Bitget’s actions as protective of users’ interests.
Well-known figures within the crypto space, including Changpeng Zhao, CEO of Binance, also chimed in on the dispute.
At present, Bitget’s CEO Chen notes that the exchange was unaware of the lawsuit. Evan Luthra contends he was merely a token recipient for consultation and should not be deemed a part of the project team.
The ongoing case underscores the evolving complexities of the crypto landscape and the vital role of exchanges in maintaining security and fairness.
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The United States House of Representatives Democrats have taken a proactive step towards the regulation of artificial intelligence (AI) by establishing an AI working group.
Comprising 97 members, the New Democrat Coalition unveiled this group on August 15th.
Their primary goal is to collaborate with President Joe Biden’s administration, stakeholders, and representatives from both sides of the political spectrum to construct sensible and bipartisan regulations for the rapidly growing AI sector.
With an emphasis on nurturing AI’s potential for economic growth, the working group acknowledges the importance of safeguarding the workforce.
They are dedicated to devising strategies that will protect individuals whose jobs might be threatened by the rise of AI-driven technologies, ensuring that they can remain employed.
Heading this initiative is Representative Derek Kilmer, who will serve as the chair of the AI working group.
Kilmer highlighted the pressing concern regarding the dissemination of misinformation and the proliferation of sophisticated AI-generated deepfakes across the internet.
He expressed the urgency of addressing these issues, emphasizing the need for Congress to swiftly grasp the intricacies of such matters to effectively counteract them.
The AI working group’s intentions align with the broader sentiment expressed by various stakeholders, including legislators, academics, and prominent tech CEOs.
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Recognizing the potential risks associated with unchecked AI advancements, Vice President Kamala Harris and senior advisors under President Biden convened with industry CEOs in May.
This meeting aimed to discuss the inherent dangers AI poses and explore ways to mitigate them.
Furthermore, President Biden, acknowledging the significance of AI, convened a meeting in June with leading AI experts in Silicon Valley.
This meeting served as a platform for thorough deliberation on the potential hazards brought about by AI’s rapid evolution and strategies to manage and regulate its growth.
In conclusion, the United States House of Representatives’ Democrats have formed an AI working group composed of 97 members, aimed at responsibly shaping AI legislation.
Their collaborative approach, involving various stakeholders, seeks to harness AI’s benefits while addressing concerns about misinformation and deepfakes.
These efforts align with recent discussions led by Vice President Kamala Harris and President Joe Biden, underlining the growing recognition of the need to regulate and manage the risks associated with AI advancements.
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