The biggest news in the Cryptoverse on August 29th included the liquidation of a $9 million Bitcoin short, a report showing most GameFi investors were more interested in profits than gameplay, and Including the Ava Labs CEO denying claims he made a deal with CryptoLeaks. Law firm he worked with Roche Freedman to use “litigation as a tool” to confuse competitors and misdirect regulators.
CryptoSlate Top Stories
Bitcoin short liquidates total $9 million as BTC rises above $20,000
Powell’s Jackson Hole speech on Aug. 26 caused the crypto market to bottom out at $19,500 in the early hours of Aug. 29. However, as of 14:00 UTC, BTC surged to $20,300.
The sudden surge is the result of Bitcoin bulls fighting to regain psychological resistance at the $20,000 level. As a result, a $9 million Bitcoin short was liquidated. Coin glass data.
Singapore Considers Tighter Crypto Regulation To Protect Retail Traders
Monetary Authority of Singapore (MAS) Managing Director Ravi Menon Said The authorities will introduce new measures to limit the use of leverage and credit lines by retail investors looking for easy and quick money.
He noted that due to the cross-border nature of the cryptocurrency industry, a complete ban on its use in the region is unlikely. However, the MAS is currently working on measures to regulate stablecoins and plans to reveal comprehensive guidelines by October.
Limit Break’s Digi University NFT collection grew by over 100% as the company raised $200 million.
Web3 gaming startup Limit Break has announced that its parent company has raised $200 million to pioneer a “free to own” gaming model in which brands offer NFTs for free.
In response to this announcement, the minimum price of free Mint NFT DigiDaigaku has increased to 15.67 ETH.according to nftgo data, The collection’s 24-hour trading volume increased by more than 400%, generating nearly $4 million in sales.
Chainplay reports that 3 out of 4 investors are in crypto thanks to GameFi
Chainplay released the current state of the GameFi report showing that 3 out of 4 GameFi investors will see immediate profits. Of her 2,428 investors who participated in the survey, 51% said they were profitable, but only 18% said they were interested in gameplay.
Participants reported losing more than 50% of their revenue in the last six months trying to profit from the GameFi sector. The main drivers of their losses were poorly designed game economies and deteriorating market conditions.
Bitcoin Exchange Outflow Exceeds $1 Billion Daily, Ethereum Sees Net Inflows
CryptoSlate analyzed Bitcoin and Ethereum exchange flows to reveal contrasting activity between the assets.
Investors are showing more bullish sentiment towards BTC as an average of $1 billion is withdrawn from exchanges every day.
Conversely, Ethereum has experienced a minor outflow as speculative investors keep their assets on exchanges to facilitate a sale following the outcome of the merge.
Data Shows Bitcoin Whales Are Selling A Lot Of Their Assets
According to Glassnode data analyzed by CryptoSlate, the Bitcoin Accumulation Trend Score from April 2020 to August 2022 approaches zero, indicating that BTC whales are selling their holdings.
Meanwhile, Shrimp’s bitcoin accumulation data shows that even though small bitcoin holders are delaying their purchases, they are accumulating more than whales that have stopped accumulating altogether.
News around CryptoVerse
US Federal Reserve plans to launch payment system in 2023
FedNow, a payment system that the US Federal Reserve has been working on for more than seven years, will reportedly launch in 2023. wall street journal report.
This payment system modernizes the old rails that underpin the Federal Reserve and provides near instant payments worldwide. It also helps reduce costs and improve the efficiency of the U.S. financial system.
Ava Labs CEO Deems CryptoLeaks Report ‘Conspiracy Theory Is Nonsense’
CryptoLeaks recently released a series of videos alleging that Ava Labs struck a deal with law firm Roche Freedom to get legal services in exchange for AVAX tokens and Ava Labs stock. The video also alleges that law firms affiliated with Ava Labs use “litigation as a tool” to confuse competitors and mislead regulators.
Ava Labs CEO Emin Gun Sirer responded to the allegations by tweeting that the report was a “nonsense conspiracy theory.” He said AVA Labs would never engage in illegal and unethical behavior as claimed in the video.
Bitcoin was up 1.19% on the day, trading at $20,215, while Ethereum was trading at $1,544, reflecting a gain of more than 4.54%.