Total Market Cap $356.9 BN (-2.03%)
Notable Movers (LEND) (+13.75%)
BTC Dominance 59.1% (+0.17%)
Digital assets market:
All of the top ten large-cap coins saw the red (approximately 6% drops across the board) with $ETH, $BCH, $ADA, $EOS taking the majority of the hit (each seeing > 6% drops). Only coin in the green within the top 20 range was ATOM, ranked 15, and moved up +2.37% overnight to 8.35 levels
Overall, digital asset market cap down 3.7% overnight to $360B
$BTC and $ETH began trading down (-4%) as we entered the evening hours in Asia. They’ve been downtrending for the past few hours with $BTC sliding an extra $60 to $11,280, and $ETH broke below $380 with some overdue profit taking action given the overall crypto market has been relatively hot in recent weeks
$BTC dominance increased slightly (0.2% to 59.2) with $BTC physical traded volumes increasing 21% to $23B
Alts and DeFi watch:
DeFi also didn’t fare well during this sell off either, with the sector’s market cap dropping to $13.9B and at 3.8% of overall digital asset market cap
$COMP peaked at $270 mid August and has been sliding down since, currently trading at 164 after a 10% drop over the past 24 hours. Trading below its 10D SMA by 6% or $11.
$XTZ down 8% overnight from $3.67 to $3.40 levels at oversold levels, trading 23c below its 10D SMA
$LINK slowly recovering after three consecutive days of drops currently trading at 14.5 levels with tested support $13.50, trading at neutral RSI levels
$YFI at $13,300 levels after recovering back to $14,473 prior to the global sell off last night. Daily traded range running wild at $1,900
Frontier successfully closes $1.85M Seed Round
Led by industry heavyweights Alameda Research, Woodstock Fund, Mechanism Capital, Danish Chaudhry (Head of Bitcoin.com Exchange), NGC Ventures, CoinGecko, Spark Digital Capital, Black Edge Capital, AU21, TRG Capital, Bidesk, and Sandeep Nailwal (Co-founder of Matic Network).
Frontier will be among the first batch of projects ever listed on Serum, the world’s first completely decentralized derivatives exchange with trustless cross-chain trading. The Frontier application suite will also support Solana’s lightning-fast web-scale blockchain and its SPL’s, including $SRM.
To date, Frontier has added support for DeFi on Ethereum, Binance Chain, BandChain, Kava, and Harmony. Via StaFi Protocol, Frontier will enter into the Polkadot ecosystem, will now put vigorous efforts towards Serum. The Serum team will also provide the project with immense support as they build native Frontier integrations to strengthen the platform.
In addition to listing on Serum, the project is also exploring $FRONT liquidity additions into Uniswap, Mooniswap, Balancer, and soon to launch UniLend Finance. Further token distribution avenues that align with Frontier’s goals will follow.
Crypto derivatives exchange FTX has acquired popular crypto price tracking app Blockfolio for $150 million in one of the largest acquisition deals in the digital asset space this year. Launched in 2019, FTX is known for quickly delivering new products to market for institutional traders, including a wide range of derivatives. The acquisition of Blockfolio will help the firm expand its footprint in the retail market, chief executive Sam Bankman-Fried said in an interview with The Block.
Faith in Polkadot hasn’t been tarnished by the ham-fisted actions of Binance and Kraken, after the cryptocurrency exchanges commenced trading for DOT two days before the token was due to be redenominated, reducing its unit value by 100x. Because the CEX listings preceded a scheduled token redenomination, the Polkadot community was, for a short time, exposed to two different token prices. Despite this, Polkadot was ranked as the seventh-largest cryptocurrency by market cap on Aug 25, following a 79% surge less than one week after trading officially commenced.
An update in the OpenEthereum client, the community successor of the Parity client for Ethereum, made the nodes running on the new version essentially useless. The bug appears to have been introduced in the 2.7.2 version of OpenEthereum, upon which the subsequent 3.0 update was based as well. Though the 2.7 release was marked as stable, since June the community started reporting about the client occasionally freezing, which required a manual hard restart for the node.
Ethereum-focused enterprise blockchain development firm ConsenSys announced that it will acquire JPMorgan’s Quorum distributed ledger solution. According to an announcement published by Consensys on August 25, the Brooklyn-based Ethereum venture studio is taking over Quorum development as part of a strategic investment in the firm by JPMorgan.
The Seoul Metropolitan Police Agency has reportedly seized local crypto exchange Coinbit for allegedly inflating trading volumes. The exchange is accused of using multiple "ghost accounts" to inflate trading volumes. About 99% of Coinbit's trading volume is said to have been manipulated in recent months, which resulted in "unfair profits" of at least 100 billion won (about $84 million) for the exchange and its team. Coinbit's accounting practices are also poor, per the report.
New information indicates that the U.S. Internal Revenue Service has sent a new batch of letters to suspected crypto holders about whether they correctly reported their transactions. CoinTracker.io, which offers a service for crypto-related tax preparation, published a letter Tuesday that it said came from one of its users. The service's blog post said that "[i]t has come to our attention from CoinTracker users that the IRS has starting sending out another wave of cryptocurrency tax warning letters to U.S. crypto users."
Starbucks, the biggest coffee shop chain in the world, now allows its customers to trace the origins of its coffee using Microsoft's blockchain solution. Customers will be able to scan codes on the bags of coffee they purchase to discover their origins. Little information has been provided concerning the traceability solution other than the fact that it employs blockchain. Microsoft is one of the leading providers of blockchain-as-a-service platforms, though IBM's Food Trust platform is better known in the space.