Blockchain DXB

13th Aug: Crypto & Coffee at 8

🔥 BTC miners hit 2024 revenue low 👀47 firms apply: Turkey crypto ⭐PlayDoge and MPEPE attract $10M 🔻Canto Blockchain down since 9th Aug

👀 On August 11, Bitcoin miners' daily revenue fell to a yearly low of $2.54 million, the lowest since October 2023. This decline follows the Bitcoin halving event in April, which halved mining rewards. Daily revenue had already dropped below $3 million in May, down from $6 million earlier in the year. Factors contributing to the low revenue include the bear market, reduced Bitcoin prices, increased network difficulty, and liquidations. Despite this, some major miners, like Bitfarms, have adapted their strategies and equipment to remain profitable.

- How will this impact the long-term sustainability of mining operations?

🎙️ Check out the Blockchain DXB podcast we share our commentary on this. Also, see slides 1,2 & 3 for the Global Crypto Market Snapshot

🟣 Capital Markets Board of Turkey (CMB) has updated its list of crypto asset service providers following new regulations. The update includes 47 companies that have applied to operate under the new law but are not yet officially authorized. Three companies have announced their intention to liquidate. Providers must apply for permits or cease operations by specified deadlines, with legal penalties for noncompliance. Foreign providers targeting Turkish residents must also halt such activities by October 2. Info via Bitcoin.com here https://tinyurl.com/yznvdy73 

👀 Dogecoin rivals PlayDoge (PLAY) and Mpeppe (MPEPE) are gaining traction, with a significant $10 million investment from a Dogecoin whale in their presales. PlayDoge, inspired by Tamagotchi, offers a Play-to-Earn model and has quickly amassed $6 million in presale valuation and a growing social media following. Mpeppe, focused on revolutionizing gambling in the meme coin space, is also seeing high demand. These developments indicate potential challenges for Dogecoin's dominance as new and innovative meme coins like PlayDoge and Mpeppe gain momentum and attract substantial investment. News via NEWSBTC https://t.ly/TjioP;lm

❗ Canto, a layer-1 blockchain, has been offline since Saturday due to a consensus issue. The CANTO token initially dropped by 21% but recovered over the weekend. An upgrade to address the issue is scheduled for Monday, August 12. Info via CoinDesk here https://shorturl.at/m4OfH 

❗ Canto saw explosive growth after launching last August, with TVL peaking at $200 million in March. However, on-chain activity has since declined, dropping TVL to $13.7 million, and the CANTO token has fallen 83% since May 24.

🟠 Two UAE news (See slides)

⚡ DMCC (Dubai Multi Commodities Centre) H1 2024 report. - Crypto, tech, energy and services lead ecosystem expansion

⚡ Ai- Dubai International Chamber supports UAE-based MEERANA’s collaboration with Vietnamese technology company FPT

For slides click here: https://shorturl.at/VMPVf

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Podcast Host: @black_incarnation

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12th Aug: Crypto & Coffee at 8

Podcast Host: @black_incarnation

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⚡ Ethereum address 0x2662CFE66d24bB7930b9d9dC0B5Fe809A1501d28

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08th Aug: Crypto & Coffee at 8
💯Institutions are 'Buying the Dip' 🟠New DeFi and Smart Contract Solution on Bitcoin 🥶Defi- Nexera hacked 🔴California county to regulate Bitcoin ATMs
🔥KAMALA KRASH - Aftermath
- According to Coinglass, 300,000 traders were liquidated due to extreme market movements. However, Arkham data shows that BlackRock, MicroStrategy, and Fidelity did not sell their Bitcoin holdings, indicating a long-term bullish outlook. JPMorgan analysts suggest that the rotation away from tech stocks may end, presenting a potential "buy the dip" opportunity. John Schlegel of JPMorgan advises that now could be a favourable investment time.
🔴 FalconX said in a series of tweets on Tuesday, referring to the purchasing of BTC and ETH. Tweet here https://rb.gy/myg68q
- Proprietary Trading Desks: Accounted for 57% of total buying flows.
- Hedge Funds: Represented 63% of buying activity.
- Venture Funds: Made up 61% of the purchases.
- Retail Aggregators: Contributed 72% of buying flows.
🟣 Developers are launching the OP_NET testnet on Wednesday to introduce decentralized finance (DeFi) and smart contracts to Bitcoin. By utilizing the Taproot upgrade's Tapscript component, OP_NET aims to enable these features on Bitcoin, which has traditionally lacked native support. Led by Chad Master, the project will create a permissionless system for deploying decentralized applications. The mainnet is expected to launch in late September. More info via Decrypt here https://lnkd.in/d-ccCssa
😨 Nexera, a DeFi protocol, was hacked for $1.5 million worth of NXRA tokens due to a smart contract exploit. The hacker gained control of Nexera's proxy contract, upgraded it, and used the withdraw admin function to transfer the tokens. The stolen funds are being sold for Ether and bridged to the BNB chain. This attack is linked to previous exploits by the same hacker, who has been involved in other major incidents, including a recent $230 million hack of the WazirX exchange. Nexera has paused the token contract and advised against trading NXRA.
The Communist state of California
👀 Andy Pickett, the chief administrative officer at the County of Butte, spoke about the ongoing efforts toward regulating Bitcoin ATMs. Official documents here https://shorturl.at/MR7yO
❗ Chico, California is tightening regulations on Bitcoin ATMs to combat fraud and boost transparency. New state laws will cap deposits at $1,000 per day, mandate receipts, and require operator disclosures. Starting July 2025, Bitcoin ATMs will face stricter regulations akin to banks, including licensing, asset disclosures, audits, fingerprinting, and reporting of legal issues, aiming to tackle problems without extra local ordinances.
🟠 Two UAE news
⚡ Ripple Partners with DIFC Innovation Hub to Boost Blockchain Innovation in Dubai
⚡ AI: Abu Dhabi Department of Education and Knowledge AI Summer Programs Prompt Engineering bootcamp enrols 2,400 students

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⚡ Ethereum address 0x2662CFE66d24bB7930b9d9dC0B5Fe809A1501d28

07th Aug: Crypto & Coffee at 8
🥶Fear & Greed Index - FEAR 💰Binance $86M tax - 👀 India Ronin Bridge Pause -$9M hack 🔴Tokenizing Olympic Medal 👀 Reserve Bank of India (RBI) Bank of India -CBDC has Google Pay, Amazon Pay, and Walmart-backed Phonepe
🥶 KAMALA KRASH - 05/08/24
🎙️Check out the Blockchain DXB episode on Crypto Bloodbath - Black Monday via Spotify here https://lnkd.in/d6Pz2FBH The Fear and Greed Index is FEAR via CoinMarketCap. Since the last 24 hours, the largest gainers in the industry right now are Polkadot Ecosystem and Base meme cryptocurrencies.
💰 Binance is contesting an $86 million tax notice from India's Directorate General of Goods and Services Tax Intelligence (DGGI) for allegedly not paying GST on transaction fees collected from Indian customers between July 2017 and March 2024. This is the first time the DGGI has issued such a notice to an international crypto exchange. Binance has stated it is reviewing the details and cooperating with Indian authorities while emphasizing its commitment to compliance. The notice follows a $2.2 million fine in June 2024 for anti-money laundering violations.
- Binance has acknowledged the notice and stated that it is reviewing the details while fully cooperating with Indian authorities. Info via The Times Of India https://t.ly/TCCHe
😱 White hacker $9M : Ronin Bridge, a prominent crypto bridging service, was paused after $9 million in tokens were drained in what appears to be a whitehat hack. The co-founder, @Psycheout86, stated on X (formerly Twitter) here https://rb.gy/72odz3 that the bridge, which secured over $850 million, is safe despite the incident. The pause was due to reports of a potential Miner Extractable Value (MEV) exploit. "Whitehat" hackers are those who find security vulnerabilities to help improve software security. Ronin's RON tokens remained stable, showing a 7.4% increase in the past 24 hours amid a general market rise.
🔥Media personality Caitlyn Jenner is launching a new crypto project that will allow investors to own a digital piece of her 1976 Olympic gold medal. The gold medal will be represented by an NFT on the Ethereum layer-2 network Base, with a tradable token called MEDAL launching alongside. The project will involve JENNER token holders in some way, Jenner told Decrypt https://shorturl.at/IL38d
👀 Google Pay, Amazon Pay India, and Walmart-backed PhonePe are reportedly looking to join India's central bank digital currency (CBDC) initiative, led by the Reserve Bank of India (RBI). Other fintech firms like Cred and Mobikwik are also interested in participating. These companies aim to enable transactions using the e-rupee. The initiative seeks to increase transaction volumes by extending access beyond banks to major payment platforms.
🟠Two UAE news
⚡ stc Bahrain: A New Blockchain Network on Avalanche Bridging Real-World and Web3 Innovation with a New Blockchain Network
⚡ Emirati-born Birbal AI unleashes revolutionary tech hiring solutions 

For slides click here: https://shorturl.at/rdXkF

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⚡ Ethereum address 0x2662CFE66d24bB7930b9d9dC0B5Fe809A1501d28

Crypto Bloodbath - Black Monday 05th August

Date: August 6, 2024

Guests: Markose Chentittha, RA George

Overview:

Key Metrics:

Discussion Points:

Conclusion:

Jobs Report - Official Link

https://www.bls.gov/news.release/empsit.nr0.htm

05th Aug: Crypto & Coffee at 8

🔴Crypto market 🔻 Morgan Stanley to offer Bitcoin ETFs.❗ France Opens for MiCA Applications 👀XRP Ledger -65% decline On-Chain Transactions 🟣Lido institutional-grade liquidity Staking solution 

🟣 Morgan Stanley is set to become the first major Wall Street bank to offer Bitcoin ETFs. Starting August 7, its 15,000 financial advisors can offer eligible clients shares in BlackRock’s iShares Bitcoin Trust and Fidelity Investments’s Wise Origin Bitcoin Fund. This move, driven by client demand and market trends, targets clients with a net worth of at least $1.5 million and a high-risk tolerance. The bank will monitor clients’ crypto holdings to prevent excessive exposure and has yet to decide on offering ether ETFs. Info via CNBC here https://shorturl.at/wB2nE

❗ France has become the first major European Union economy to accept applications for crypto asset services provider (CASP) licenses under the Markets in Crypto Assets (MiCA) regulations. Starting July 1, the French markets regulator, Autorité des Marchés Financiers (AMF), is open to these applications, with MiCA set to take effect in December. By July 2026, companies must be licensed under this regime to offer services in the EU. The AMF highlighted key aspects of the legislation, such as custody and administration of crypto assets and operating trading platforms, which will be implemented on December 30. Previously, the AMF had already registered 74 companies under its own regime. Other major EU economies like Germany, Italy, and Spain have not yet announced their processes for CASP licensing.

🔻 XRP Ledger Ripple

The XRP Ledger has faced a major decline, with transaction volume down over 65% and costs up nearly 170% in Q2 2024 due to network congestion. To address this, Ripple plans to introduce tokenized assets and launch a stablecoin, Ripple USD, aiming to boost activity and attract institutional investors. While these initiatives offer potential growth, their success and immediate impact remain uncertain. More info via DailyCoin here https://rb.gy/rfhlo3

🌟 Lido Institutional

❗ Lido Finance has introduced Lido Institutional, a liquidity staking solution for large investors like custodians and asset managers. This service offers enterprise-grade security and liquidity for institutional strategies. Lido, which holds over 28.5% of all staked Ether, partners with Taurus and Fireblocks for infrastructure. Founded in 2020, Lido lets users stake any amount of ETH and earn rewards without needing the 32 ETH minimum. The U.S. SEC claims that Lido and Rocket Pool sell unregistered securities, although no direct action has been taken against them.

🟠 Two UAE news (See slides)

⚡ UBXS Token Launches Home Tokenization in Dubai

⚡ The Blockchain Center in Abu Dhabi officially launched, and aims to drive innovation and growth in Web3

For slides click here: https://shorturl.at/cjOP5

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⚡ Ethereum address 0x2662CFE66d24bB7930b9d9dC0B5Fe809A1501d28

01st Aug: Crypto & Coffee at 8

👀FOMC- Rates Unchanged 💰Tether.io record-breaking $5.2B profit ⚡ Bitcoin Difficulty rose by 10.5% 🟠Terra Blockchain exploit lost $4 million

🏦 Federal Reserve Board chair Jerome Powell has decided to keep the interest rates the same. We strongly recommend watching his speech via YouTube here https://rb.gy/rc1ehm Jerome Powell gives his reason for keeping the interest rate unchained. How will this impact the price of Bitcoin & the cryptocurrency market? 

- He mentioned no plans on implementing CBDC yet and they do not have any authority to launch retail CBDC. 

- The FOMC team thinks CBDC is not a good idea

Check out the Blockchain DXB podcast for today we share more information about the FOMC meeting & its impact on the prices 

🔴 Tether.io Holdings Limited's Q2 2024 attestation by BDO highlights a record $5.2 billion profit for the first half of the year and $1.3 billion for Q2 alone. Tether's U.S. Treasury holdings have reached an all-time high of over $97.6 billion, making it 18th globally in U.S. debt ownership. The Group's equity increased to nearly $12 billion, despite a Bitcoin price drop. Tether's reserves exceed liabilities by $5.3 billion, with over $8.3 billion in USDt issued in Q2. CEO Paolo A. emphasized Tether's commitment to transparency and stability.  

❗ The Consolidated Financials Figures and Reserves Report can be found here https://rb.gy/n7o8ra 

🟤 The Bitcoin network has recently experienced its most significant difficulty adjustment since October 2022, with a 10.5% increase driving the metric to a record 90.67 trillion. Bitcoin.com has reported that On Wednesday, at block height 854,784, Bitcoin’s mining difficulty saw its largest increase of the year and the most substantial since October 2022. The difficulty rose by 10.5%, climbing from 82.05 trillion to 90.67 trillion. This shift signifies a 10% increase in the effort required to find a block compared to the previous two weeks or 2,016 blocks. Info here https://rb.gy/zzmdb5 

🔥 A Terra blockchain exploit led to the loss of over $4 million in tokens, including around 60 million ASTRO tokens, which caused the price of ASTRO to drop to an all-time low. According to blockchain security firm Beosin, the attack drained bridged assets, including 2.7 BTC, $3.5 million in USDC, and $500,000 in USDT stablecoins. Their tweet here https://rb.gy/bnim1b The attacker exploited a reentrancy vulnerability in the timeout callback of ibc-hooks. The vulnerability was disclosed in April this year, some info via GitHub here https://t.co/CY39X28KyE 

👀 The team mentioned via (X), Twitter that the chain will be halted shortly at block height 11430400 and transactions will not be processed during this time Tweet here https://rb.gy/kd83op

🟠 Two UAE news (See slides)

⚡ Commercial Bank of Dubai introduces core banking services for virtual asset service providers

⚡ Digital Dubai approves measures to implement strategic vision for 

For slides click here  https://t.ly/cL6O5 

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⚡ Ethereum address 0x2662CFE66d24bB7930b9d9dC0B5Fe809A1501d28

31st July: Crypto & Coffee at 8

🟠Wyoming #BTC Research Institute. 👀 Bybit Launches Digital Rupee 🔥Russia legalizes crypto for trade 🚨Trust Wallet partners with TON❗ DraftKings exits NFTs⚡

🔥The University of Wyoming has launched the first Bitcoin Research Institute to enhance the quality and impact of Bitcoin research. The institute will create faculty positions, incentivize academic work, and offer workshops. It aims to provide rigorous, evidence-based research accessible to academics, journalists, and policymakers. Leveraging its interdisciplinary collaboration, renewable energy access, and favourable legislative environment, the university will collaborate with various departments. News via Bitcoin Magazine here https://rb.gy/h2epqt UNI Info https://shorturl.at/aHWJG 

🔴 Bybit has launched a digital rupee (eRupee) to offer a secure payment method for Indian rupee transactions on its platform. This wallet-based solution aims to enhance security and attract more merchants by protecting against cyber threats. The move is expected to improve user trust and expand Bybit’s market reach. The introduction of eRupee reflects the growing role of stablecoins and fiat-pegged tokens in bridging traditional finance with cryptocurrency. news via Bitcoin.com https://rb.gy/4evnz7

⭐Reuters reports that Russia has passed a law to use cryptocurrencies in international trade to evade Western sanctions. Set to take effect in September, this aims to counter payment delays with key partners like China and India, which have led to an 8% drop in imports. The law will establish a new crypto payment infrastructure as Russia seeks alternatives to dollar and euro transactions. Article here https://shorturl.at/I9wil 

🚨 Trust Wallet has partnered with The Open Network (TON) to boost blockchain adoption. The collaboration will enable Trust Wallet to leverage Telegram's user base and focus on gaming finance (GameFi) and decentralized applications (DApps). This integration will allow Trust Wallet's 100 million users to send and receive Toncoin (TON) tokens. Details via Cointelegraph https://shorturl.at/yi9DY 

👀 DraftKings is shutting down its NFT business, including Reignmakers and its NFT Marketplace, due to recent legal developments. This decision follows a federal judge allowing a class action lawsuit to proceed, alleging that DraftKings' NFTs are unregistered securities. 

❗ An earlier article https://shorturl.at/jTWct here in July states Federal Court finds DraftKings NFTs may be securities.

🟠Two UAE news (See slides)

⚡ intelmatix secures $20mln in region’s largest AI Series A funding round

⚡Cleveland Clinic Abu Dhabi becomes UAE’s largest centre for AI-assisted colonoscopy procedures Abu Dhabi Media Office

🎙️Check out Blockchain DXB Podcast we share our commentary on this. See slides 1 & 2 for global crypto snapshot that cover #defi, #stablecoins, #NFT #Oracles and more

For slides click here: https://rb.gy/qj6av8 

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⚡ Bitcoin address: 02ddf96964b352b75dd660a56a5162bf9e76e549e31263b88ed93015e635771795

⚡ Ethereum address 0x2662CFE66d24bB7930b9d9dC0B5Fe809A1501d28

30th July: Crypto & Coffee at 8
👀 SEC approves Grayscale #BTC Mini Trust 🚨 Swiss FINMA- guidelines for stablecoin issuers 🟠Qatar Crypto Regulations 🔴Hong Kong Legislator - #BTC Strategic Reserve
👀 The U.S. Securities and Exchange Commission has approved the New York Stock Exchange (NYSE) Arca’s request to list shares of Grayscale Investments’s Bitcoin Mini Trust. Official info here https://rb.gy/bknjlq
⭐ Swiss Financial Market Supervisory Authority FINMA Authority (FINMA) has proposed new guidelines for stablecoin issuers. The proposal comes amid growing concerns over the potential impact of stablecoins on regulated institutions and the broader financial ecosystem. Guidelines here https://shorturl.at/MGLgb Some key points include
- Legal Classification of Stablecoins
- Anti-Money Laundering Regulations
-Banking Law Treatment
- Requirements for the default guarantee
- Requirements for Default Guarantees
- Reputational Risks for Banks
- Federal Council Report
🎙️ Check out Blockchain DXB podcast we explain this in detail and share our commentary on it
⚡ Qatar is shifting its stance on cryptocurrencies and is working towards establishing a regulatory framework for digital assets. The Qatar Financial Centre Regulatory Authority (QFCRA) and the Qatar Financial Centre (QFC) Authority have proposed a digital assets framework to regulate investment tokens backed by tangible assets. The final legislation is expected in Q4 2024, and the QFC has also established a Digital Assets Lab to encourage innovation in the financial and digital asset sectors.Info via Unlock media here https://shorturl.at/LiZEo
🚨 Johnny Ng, a member of Hong Kong’s Legislative Council mentioned via Twitter (X) the need for Hong Kong to discuss the feasibility and opportunities of including Bitcoin in financial reserves with stakeholders and will provide updates on the situation. This is in response to Former U.S. President Trump's speech at the U.S. Bitcoin Summit, sharing his views on Bitcoin. Tweet here https://t.ly/Irfxn
🟠 Two UAE news (See slides)
⚡ PCFC launches Dubai Customs AI Platform to boost innovation and support SMEs
⚡ MBZUAI (Mohamed bin Zayed University of Artificial Intelligence) Opens Six-day Executive AI Programme

For slides click here:  https://t.ly/-vBiK 

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