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Crypto Industry Fundraiser for Kamala Harris

Monday. September 2 at 11:30 PM

Crypto executives and industry advocate groups are planning to raise $100,000 for Vice President Kamala Harris to influence her stance on crypto if she becomes president. The Blockchain Foundation is organizing a fundraiser in Washington, D.C., with tickets ranging from $500 to $5,000. Despite Harris being quiet on crypto compared to Trump, some in the industry support her over the current president. Harris holds a lead over Trump in national polls and has gained momentum in recent weeks. The fundraiser aims to showcase crypto's importance to Democrats and discuss how a Harris administration could support the sector. The organizers hope Harris will be more favorable towards crypto than the current administration. The meeting between Harris' campaign and crypto industry representatives indicates a growing interest in the sector within the Democratic Party. This fundraising effort highlights the increasing influence of the crypto industry in political circles.

Blockchain Gaming

Navigating the NFT Market Safely with Itheum Protocol

Monday. September 2 at 11:00 PM

The NFT market is projected to reach over $3.3 billion in revenue with 16 million users by 2028. NFTs, unique digital assets on a blockchain, represent ownership of specific items like art and music. However, the market's growth has attracted fraudulent activities, including rug pull scams and fake auctions. To address these concerns, Itheum Protocol has introduced the Liveliness mechanism. Creators bond ITHEUM tokens to earn a Liveliness score, indicating their commitment and trustworthiness. The score decreases over time but can be renewed to maintain credibility. The Protocol Curation DAO monitors for bad actors and rewards users with staking incentives based on their Liveliness scores. Additionally, Itheum Protocol offers NFMe ID Vault Data NFTs and BiTz XP to enhance user engagement and credibility. These innovations set a standard for trust and transparency in the NFT market, ensuring a secure environment for digital asset trading.

NFT

Central Banks Increasing Gold Reserves in 2024

Monday. September 2 at 10:30 PM

Central banks worldwide have been boosting their gold reserves to record levels in 2024 as a shift towards store of value assets. According to a report by the Kobeissi Letter on Sept. 2, global net gold purchases by central banks hit 483 tonnes in the first half of 2024, a new high. This marks a 5% increase from the previous record of 460 tonnes in the first half of 2023. Major buyers during this period included the National Bank of Poland, the Reserve Bank of India, and the Central Bank of Turkey. The trend of increasing gold reserves is driven by a lack of trust in Western reserve assets, with gold being seen as a neutral and stable option. Despite gold's strong performance, Bitcoin has also shown significant growth in 2024. While gold prices hit a record high, Bitcoin has outperformed gold this year, despite some fluctuations.

Stablecoins

Bitcoin Miners Adapt to Decreasing Revenues Post-Halving

Monday. September 2 at 10:00 PM

Bitcoin miners have experienced a significant drop in mining revenues following the April halving event, reaching a 12-month low in August 2024. Data from Bitbo reveals that monthly BTC mining revenues plummeted to around $827 million, the lowest since September 2023 and a stark contrast to the pre-halving peak of nearly $2 billion in March 2024. The halving event, which occurs approximately every four years, slashes the number of BTC mined per block in half. Consequently, monthly mined BTC has steadily decreased after each halving, emphasizing the challenges faced by miners. To combat this trend, some miners are diversifying their business models by investing in AI applications or upgrading equipment for improved efficiency. These strategic moves aim to mitigate the impact of reduced mining rewards and ensure long-term profitability in the evolving Bitcoin mining landscape.

Mining

Cryptocurrency Market Liquidations: A Closer Look

Monday. September 2 at 9:30 PM

A recent report suggests that the extent of crypto market liquidations may be more severe than what major exchanges are reporting. K33 Research's Vetle Lunde highlighted discrepancies in liquidation data from exchanges like Binance, Bybit, and OKX since 2021. These discrepancies led to exchanges only recording one liquidation per second instead of all. This inaccurate data could have clouded traders' understanding of market conditions and risk levels. The research also pointed out that open interest in crypto derivatives does not always align with liquidation data. The article raises concerns that exchanges may be manipulating data for their benefit or PR reasons. Monitoring changes in open interest could provide insights into leverage flush outs during market volatility. However, the accuracy of such data remains questionable. Despite reports of significant liquidations, the information is still reliant on data from these exchanges.

Cryptocurrency

Empowering Blockchain Innovation: BingX Labs' Vision for the Future

Monday. September 2 at 9:00 PM

The rapid evolution of blockchain technology is transforming industries through decentralization, security, and user empowerment. BingX, a leading cryptocurrency exchange, is expanding its efforts to drive innovation in the blockchain space with the launch of BingX Labs. Vivien Lin, BingX's chief product officer and head of BingX Labs, aims to provide a range of services including incubation, technical support, and financial investment to support blockchain projects. BingX Labs focuses on driving innovation in the Web3 space by bridging traditional trading tools with decentralized systems. The incubator differentiates itself by offering comprehensive support tailored to each project's needs and selecting projects based on technical innovation, market potential, and feasibility. BingX Labs is particularly interested in sectors like RWA tokenization, artificial intelligence, GameFi projects, and DeFi. Through community engagement and strategic partnerships, BingX Labs aims to drive blockchain innovation and global adoption, aligning with BingX's long-term global expansion strategy.

Blockchain Gaming

Qatar Financial Centre Releases Comprehensive Digital Assets Regulatory Regime

Monday. September 2 at 8:30 PM

The Qatar Financial Centre (QFC), located in Doha, Qatar, has introduced a detailed framework for overseeing and establishing digital assets. The QFC's regulatory bodies, the Qatar Financial Centre Authority (QFCA) and Qatar Financial Centre Regulatory Authority (QFCRA), have unveiled guidelines that lay the groundwork for digital assets within the QFC. These rules cover tokenization processes, legal recognition of property rights in tokens and underlying assets, custody arrangements, transfer and exchange, as well as the acknowledgment of smart contracts. Similar to free economic zones in the UAE, the QFC operates independently with its own legal, regulatory, tax, and business framework. The framework aims to ensure a secure and transparent digital asset ecosystem that complies with international standards, fostering trust among consumers, service providers, and stakeholders. Qatar Central Bank Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani views these regulations as a significant step towards realizing the country's Third Financial Sector Strategy, which includes embracing emerging technologies for economic growth. The framework, developed in collaboration with industry stakeholders, has already facilitated the acceptance of over 20 startups through the QFC's Digital Assets Lab for product development and commercialization.

Tokenization

Legal Dispute Over Bitcoin Loan Repayment

Monday. September 2 at 1:30 PM

The Supreme Court of British Columbia has ruled that defendant Daniel Tambosso must repay $1.2 million to plaintiff Hung Nguyen, settling a dispute over a 22 Bitcoin loan. Nguyen loaned Tambosso 18 Bitcoin initially, with an additional 4 BTC later requested. The court demanded repayment of the full 22 Bitcoin, regardless of the success of Tambosso's initiative. This case highlights the increasing acceptance of cryptocurrencies in legal matters. Recent court decisions, such as the US Supreme Court ruling in favor of Coinbase, demonstrate a shift towards recognizing and regulating crypto assets. Despite this, authorities worldwide maintain strict oversight over crypto exchanges to protect investors. For example, the US federal court denied Kraken's motion to dismiss an SEC lawsuit. In Hong Kong, operating an unlicensed virtual asset trading platform is now a criminal offense, prompting exchanges to seek full licenses.

Cryptocurrency

Metaplanet Partners with SBI VC Trade to Enhance Bitcoin Strategy

Monday. September 2 at 1:00 PM

Metaplanet announced a collaboration with SBI VC Trade on Sept. 2 to strengthen its Bitcoin strategy with support from Japanese firms. The partnership includes trading, custody, and management of Metaplanet's Bitcoins. As a publicly-traded company on the Tokyo Stock Exchange, the alliance with SBI's crypto arm aims to ensure compliance. This includes access to a compliant corporate custody service for tax efficiency and using Bitcoin as collateral for financing. The partnership aligns with Metaplanet's goal of becoming a leading financial services firm and enhances its corporate strategy to accumulate more BTC through equity and debt financing. Metaplanet's increasing focus on Bitcoin as a core treasury asset mirrors MicroStrategy's approach, with the company already acquiring 360 BTC. The collaboration with SBI VC Trade signifies a significant step in Metaplanet's journey towards expanding its Bitcoin holdings and financial services offerings.

Cryptocurrency

Innovative Blueprint for a Hybrid City

Monday. September 2 at 12:30 PM

Ethereum co-founder Vitalik Buterin recently presented a groundbreaking plan for a city that combines elements of democracy, capitalism, and decentralization. This concept was shared in response to a discussion on Farcaster, Buterin's preferred social media platform. The conversation revolved around the notion of 'for-profit cities,' which envisions city governance as a business venture. Buterin proposed a hybrid model where citizens have governance rights through 'assets,' while landowners face reduced ownership stakes and higher taxes. This approach aims to align incentives for the city's overall success. By implementing land value taxes, governments can influence local public goods without interfering with the value of structures built on the land. Buterin's vision mirrors a decentralized autonomous organization system with taxation and profit motives, blending democratic principles with capitalist ideals. This innovative concept could revolutionize urban governance and economic structures.

DAO

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