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Rhythm Morning News|A summary of important news from last night and this morning on August 20

Rhythm Morning News|A summary of important news from last night and this morning on August 20

BlockBeatsBlockBeats2024/08/20 01:54
By:BlockBeats

1. Bitcoin rebounded above $60,000; 2. UXD Protocol will gradually shut down and return unused funds to investors 3. Azuki released the latest animated short film, including female characters and Beanz; 4. The US SEC discussed the securities attributes of SOL with ETF issuers; 5. CryptoQuant analyst: Two on-chain indicators indicate that Ethereum may be in the late stage of a pullback

CryptoQuant Analyst: Two on-chain indicators suggest that Ethereum may be in the late stages of a pullback

BlockBeats news, on August 20, CryptoQuant analyst Burak Kesmeci posted on social media, "2 different on-chain indicators may indicate that we are in the late stages of ETH's pullback. Current data shows that Ethereum's buyers are gradually regaining strength. However, whether this is just a temporary rebound or the beginning of a strong rebound led by bulls, time will tell."


Bitfinex Report: Market confidence in Bitcoin remains strong, and Q4 is expected to be very bullish

BlockBeats news, on August 19, Bitfinex released a report saying that compared with the Bitcoin ETF, Ethereum ETFs continue to struggle, with heavy outflows causing Ethereum to underperform relative to Bitcoin. While new Ethereum ETFs like BlackRock’s iShares Ethereum Trust have seen some positive inflows, established products like Grayscale’s Ethereum Trust (ETHE) have seen significant outflows, exacerbated by aggressive selling from major market makers like Jump Trading. This has resulted in a 40% drop in Ethereum prices as of early August, with the ETH/BTC ratio falling to its lowest level in over 1,200 days.


In contrast, Bitcoin ETFs have shown resilience, with continued inflows and more stable price performance. Despite challenges such as oversupply, market sentiment in Bitcoin remains strong. Bitcoin is still expected to follow its previous halving year trajectory, and we expect a very bullish fourth quarter. Based on historical data, either the Q3 low has already occurred or we have one last leg down to find a bottom for Bitcoin.


With the Ethereum ETF facing challenges in terms of performance and outflows, the next few months will be a key factor in determining whether it can recover and attract continued investor interest. Key factors such as the macroeconomic environment and potential Fed rate cuts will significantly affect future ETF fund flows and market dynamics, affecting the market performance of Ethereum and Bitcoin.

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The number of cryptocurrency holders increased by 6.4% to 617 million in the first half of the year

BlockBeats news, August 20, according to Crypto.com's latest market size report, the global cryptocurrency market holdings increased significantly in the first half of this year. By June, the number of holders increased by 6.4% from 580 million at the end of 2023 to 617 million.


This growth is mainly due to the key developments in the Bitcoin and Ethereum ecosystems, especially the launch of spot ETH linked to these two digital assets.


Bitcoin remains the dominant cryptocurrency, with its holdings increasing by 5.9% to 314 million by mid-year, accounting for 51% of all cryptocurrency holders.


At the same time, Ethereum's adoption rate has increased significantly, up 9.7%, bringing the total number of ETH holders to 136 million, accounting for 22% of the global market.


Spot Bitcoin ETFs had a net inflow of $70.6 million yesterday

BlockBeats news, on August 20, according to Trader T monitoring, yesterday's US spot Bitcoin ETF had a net inflow of $70.6 million, and has achieved net inflows for three consecutive trading days.


Bitcoin rebounded above $60,000

BlockBeats news, on August 20, according to HTX market data, Bitcoin rebounded above $60,000, with a 24-hour increase of 3.30%.


Parcl official website front-end suspected of being attacked

BlockBeats news, on August 20, Web3 security company Pocket Universe issued a statement saying that it detected that the Solana ecological real estate transaction protocol Parcl official website front-end was hacked. The attacker will extract tokens from the user's Solana wallet and display false transaction results in Phantom.


The stable calculation protocol UXD Protocol will be gradually closed and unused funds will be returned to investors

BlockBeats news, on August 20, the algorithmic stablecoin protocol UXD Protocol announced that it is gradually closing its business and will return unused funds to investors. The project currently has $7.5 million in user deposits.


The UXD team said that due to insufficient liquidity and the failure of its stablecoin model to succeed in the market, it decided to close the project. The closure and capital repayment process of the protocol is awaiting a DAO vote, which is already underway and will last for a week.


The team said that if the vote passes, the entire closure process may take up to two years due to the presence of illiquid assets in the insurance fund. This window period provides investors with enough time to convert these illiquid assets into USDC and exit the protocol.


Azuki releases latest animated short film, including female characters and Beanz

BlockBeats news, on August 20, Azuki released a new animated short on the official social platform with the caption "It is a trap!". The video includes female characters and Beanz, and was created by animation producer Yasuda Xiang.

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Meme Project DOGS Announces Extension of Airdrop Claim Period

BlockBeats news, on August 20, Meme Project DOGS officials said that 6 million verified users have requested to deposit their DOGS directly into trading platforms and Telegram wallets.


DOGS decided to add more withdrawal options and extend the claim period to ensure that everyone has enough time. The updated schedule is:


· The deadline for claiming to trading platforms and Telegram wallets will be extended to 2:00 am on August 22, Beijing time;

· The service for claiming to non-custodial wallets will be available from 16:00 on August 23, Beijing time;

· TGE and listing will be carried out at 20:00 on August 23, Beijing time.


UniSat announced that the BRC-20 engraving service of the Fractal test network has been officially launched

BlockBeats news, on August 19, according to official news, UniSat announced that the BRC-20 inscription service of the Bitcoin expansion network Fractal Bitcoin testnet has been officially launched.


In order to avoid conflicts with existing assets on the Bitcoin mainnet, the rules of brc-20 on Fractal have been specially customized. The token code names on this public testnet will be limited to 6 - 12 bytes. Token codes of 4 or 5 characters are not allowed because they are already used on the mainnet. For brc-20 on Fractal, the token code name can contain letters (uppercase and lowercase: az/AZ), numbers (0-9), and underscores (_). A total of 63 different characters are available. All brc-20 assets on Fractal support fair issuance and self-issuance.


The US SEC has discussed the securities attributes of SOL with ETF issuers

BlockBeats news, on August 20, The Block quoted people familiar with the matter as saying that before Cboe BZX deleted the Solana ETF-related 19b-4 form from the website, the US SEC had held talks with potential Solana ETF issuers and expressed concerns about Solana's potential status as a security.


After the discussion, the SEC and Cboe agreed not to submit the 19b-4 form to the Federal Register. The 19b-4 documents submitted by Cboe on behalf of ETF issuers last weekend are no longer displayed on the exchange website. They are also not currently in the Federal Register. For an ETF to be approved, the 19b-4 form must first be approved and the S-1 registration statement must become effective.


Currently, VanEck's Solana ETF's S-1 registration statement is still displayed on the SEC's filing system EDGAR. The 21Shares S-1 registration statement document no longer appears in search results, but the direct link is still valid.


The source said that given that the SEC had previously called Solana a security in multiple court documents, its stance was not surprising to the issuer. The sources said they expect there may be new filings or amendments to the 19b-4 in the future that will attempt to prove that Solana is not a security.


While both Bitcoin and Ethereum spot ETFs have cleared regulatory hurdles and started trading, most market observers had expected the SEC to be even more reluctant to approve the new Solana fund.


"Two Highs": Conversion of criminal proceeds through virtual asset transactions can be identified as "money laundering" judgment criteria

BlockBeats news, on August 19, according to the WeChat public account of the Supreme People's Procuratorate, on the morning of August 19, the Supreme People's Court and the Supreme People's Procuratorate jointly held a press conference and issued the "Interpretation on Several Issues Concerning the Application of Laws in Handling Criminal Cases of Money Laundering" (hereinafter referred to as the "Interpretation"). The "Interpretation" will take effect on August 20, 2024.


The Interpretation has 13 articles, and its main contents include: First, it clarifies the identification standards for the crimes of "self-laundering" and "money laundering by others", as well as the review and identification standards for the subjective knowledge of the crime of "money laundering by others". Second, it clarifies the identification standards for "serious circumstances" of money laundering. Third, it clarifies the seven specific circumstances of "covering up and concealing the source and nature of the proceeds of crime and its proceeds by other means". Fourth, it clarifies the principle of concurrent punishment for the crime of money laundering and the crimes of covering up and concealing the proceeds of crime and the proceeds of crime. Fifth, it clarifies the standards for the amount of fines. Sixth, it clarifies the standards for lenient punishment.


The Interpretation clarifies that if the amount of money laundering is more than 5 million yuan, and there are multiple acts of money laundering; refuses to cooperate with the recovery of property, resulting in the inability to recover the stolen money and property; causes losses of more than 2.5 million yuan; or causes any of the other serious consequences, it shall be determined as "serious circumstances".


The Interpretation lists "virtual asset" transactions as one of the methods of money laundering. It is clarified that the transfer and conversion of criminal proceeds and their proceeds through "virtual asset" transactions and financial asset exchanges can be identified as "covering up and concealing the source and nature of criminal proceeds and their proceeds in other ways" as stipulated in Article 191, Paragraph 1, Item 5 of the Criminal Law.


The "Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Application of Law in Handling Criminal Cases of Money Laundering" was adopted at the 1880th meeting of the Judicial Committee of the Supreme People's Court on March 20, 2023 and at the 28th meeting of the 14th Procuratorial Committee of the Supreme People's Procuratorate on March 29, 2024. It is hereby promulgated and will come into effect on August 20, 2024.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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