The Solana network is experiencing an increased influx of users and a “break-through moment,” thanks to the introduction of liquid staking on the blockchain.
A new report by the leading cryptocurrency exchange, Bybit, stated that Solana’s liquid staking model, especially the exchange-launched liquid-staked SOL, would mobilize masses and accelerate the onboarding of retail users in the ecosystem.
The State of Liquid Staking on Solana
As a proof-of-stake network, staking is crucial to the security of the Solana ecosystem. While the process involves users delegating their SOL to one or more validators, which participate in network consensus and validate transactions for rewards, liquid staking offers much more.
Liquid staking provides flexibility, liquidity, and potential for

The number of addresses holding Tron’s native token TRX for the long term has skyrocketed over the past 12 months, according to data from the blockchain intelligence firm IntoTheBlock.
A tweet from the market analytics platform revealed that the Tron network currently has nearly 90 million long-term holder addresses, representing a 237% increase in the past year.
TRX Long-term Holders Are Increasing
IntoTheBlock said the increase in TRX’s long-term holder addresses shows strong confidence in the network’s future, as more investors are willing to hold the cryptocurrency for a prolonged period.
The address spike also reflects significant growth and high activity on the Tron network. Over the past few weeks, TRX has been among the top-performing crypto assets in the market.

Within the next six months, the United States arm of the financial services company, eToro, would cease trading almost all crypto assets on its platform due to a new order from the Securities and Exchange Commission (SEC).
According to a press release from the SEC, eToro has violated federal securities laws since at least 2020. As a result, the exchange would pay a fine of $1.5 million and make a limited set of cryptocurrencies available for trading.
SEC Announces Settlement With eToro
The SEC accused eToro of operating as an unregistered broker and clearing agency and facilitating the buying and selling of crypto assets as securities on its online trading platform. While the exchange offered these services, it failed to comply with the registration provisions of the

American singer and dancer Jason Derulo has not provided any updates about his meme coin JASON since July, raising concerns about the cryptocurrency’s fate despite multiple promises about its future and development.
On-chain sleuth ZachXBT brought Derulo’s silence on the project to light in a recent tweet, reprimanding influencers who promoted the token at its launch. Zach insisted that the influencers were wrong to believe that the JASON project would differ from the over 15 scams Derulo had previously promoted.
Derulo’s “Commitment” to JASON
Three months ago, Derulo joined the growing list of celebrities who have launched meme coins to unveil his project on the Solana network. The popular musician made several posts about the coin, created memes around the project, and

The percentage of Bitcoin Unspent Transaction Outputs (UTXOs) in profit has fallen to its lowest level this year, last seen in October 2023. This decline in this metric aligns with the current plunge in bitcoin’s (BTC) price and the downward trajectory of the broader crypto market.
According to a report by CryptoQuant analyst EgyHash, this could be a sign of an incoming massive rally.
Bitcoin UTXOs in Profit Decline
A Bitcoin UTXO refers to the amount of cryptocurrency that remains after a transaction on the network. Analyzing UTXOs is often crucial in understanding investor behavior over different periods.
In June, 99% of Bitcoin UTXOs were in profit; however, that number had declined to 68.5% by September. EgyHash said the plunge suggests that some market participants

The Bitcoin hash price, a metric measuring miner revenue per terahash or computing power, has fallen to its lowest level ever. According to recent data, this is a sign of upcoming bullish momentum.
A Quicktake by CryptoQuant analyst Woominkyu revealed that the current level of the bitcoin hash price indicates a good buying opportunity.
A Buying Opportunity
Woominkyu shared a chart highlighting the relationship between the price of bitcoin and the network’s hash price. The chart showed periods when a drop in hash price corresponded with BTC bottoms; hence, based on historical data, lower hash level periods have occurred simultaneously with BTC price bottoms.
With the hash metric at its lowest level, the price of BTC could be near or already at its bottom, and historical

The iShares Bitcoin Trust (IBIT), issued by BlackRock, the world’s largest asset management firm, just recorded its first day of outflow in almost four months.
Data from Farside Investors shows that IBIT investors withdrew $13.5 million from the fund on Thursday, August 29. The last time the BlackRock spot Bitcoin exchange-traded fund (ETF) recorded a negative flow was on May 1, and the outflow amounted to $36.9 million. Since then, the fund has either witnessed inflows or zero flows.
IBIT Sees First Daily Outflow Since May
BlackRock’s IBIT has been the leading Bitcoin ETF since May when it surpassed the Grayscale Bitcoin Trust (GBTC) after 96 trading days following its launch. At the time, IBIT became the largest spot Bitcoin ETF, with assets under management (AUM)

The Singapore-based cryptocurrency exchange Crypto.com has partnered with Standard Chartered, the leading multinational banking institution, to offer fiat services to retail users worldwide.
According to a press release shared with CryptoPotato, Standard Chartered will provide the exchange with banking and payment solutions to enable the deposits and withdrawals of the United States dollar (USD), the euro (EUR), and the United Arab Emirates Dirham (AED) on the Crypto.com app.
Crypto.com Launches Retail Services
Crypto.com’s new services would initially be available only to retail clients in the United Arab Emirates (UAE). The exchange intends to eventually expand its offerings to global users through its regional hub in Dubai. The firm attributed the possibility of the

The leading Bitcoin layer-2 network, Stacks, has commenced implementing its Nakamoto upgrade, which will enhance functionality and integration with its base blockchain.
According to a press release shared with CryptoPotato, Stacks began the Nakamoto Activation Sequence on August 28. The process has four key steps, including the final code delivery, Cycle 92; the upgrade period for network operators; Cycle 93, which entails core developers selecting the final hard fork; and the Hard Fork Block, which would see the full implementation of Nakamoto rules.
Stacks Begins Nakamoto Upgrade
The Stacks Nakamoto upgrade is named after Satoshi Nakamoto, the pseudonymous creator of the Bitcoin network. It will introduce several improvements to the Stacks protocol, including increased

One of the biggest upgrades on the Cardano network is set to be deployed in the next three days. It will introduce new features and finalize the blockchain’s transition into a community-run network.
The Chang hard fork was initially scheduled to go live on Tuesday, August 27, per an announcement on August 20; however, Cardano founder Charles Hoskinson revealed on August 23 that the launch had been moved to September 1, 2024.
According to Hoskinson, crypto exchanges like Binance and others need more time “to get their houses in order, so the rocket is going to wait on the pad, another epoch for the weather to get better.”
What Is the Chang Hard Fork?
The development of the Cardano network is grouped into five eras: Byron (foundation), Shelley (decentralization), Goguen

The bankrupt cryptocurrency lender Celsius Network has released its first status report on creditor distributions, revealing that affected parties have received over $2.53 billion in liquid crypto and cash.
According to a filing with the United States Bankruptcy Court for the Southern District of New York, the $2.53 billion in crypto and cash was distributed to more than 251,000 creditors at prices set on January 16, 2024. Celsius is in the process of repaying other creditors through their respective distribution agents.
Celsius Repays $2.53B to 251K Creditors
Following the approval of Celsius’ reorganization plan by a bankruptcy court and the U.S. Securities and Exchange Commission earlier this year, the beleaguered crypto firm began distributions around January 31. The

Bitcoin’s correlation with the U.S. equities market has been rising for more than a month, as seen in the collective plunge and rally across different asset classes during the Japanese yen crisis earlier this month and the Federal Reserve’s statements at the Jackson Hole symposium last week.
According to the recent edition of the Bitfinex Alpha report, the Pearson Correlation metric, which measures the relative correlation of bitcoin (BTC) with the S&P 500 and the NASDAQ, shows an increase in the 30-day correlation between the assets. This rise began on July 12; however, BTC has been relatively weaker than the indexes since the August 5 capitulation low during the yen crisis.
Bitcoin’s Rising Correlation With Equities
Following Fed chair Jerome Powell’s statements at the

Thailand’s law authorities recently raided a house occupied by a company running Bitcoin mining operations.
According to the South China Morning Post’s coverage, the illegally operated Bitcoin mining activities triggered frequent power outages in the vicinity for over a month.
Illegal Bitcoin Mining Operations
Bitcoin, the leading cryptocurrency, uses a proof-of-work (PoW) consensus mechanism. This entails that transactions are added to the blockchain through the mining process. Miners use mining machines and associated equipment to perform this task and get rewarded with BTC. The whole process is an energy-intensive activity, implying that machines used for the operation consume large amounts of electricity and expel heat.
The Thai government classifies Bitcoin mining as

Historical on-chain data shows that high bitcoin (BTC) demand often precedes price recoveries and rallies; however, this is not the case at the moment. Current market dynamics suggest that such price movements are unlikely in the near term because BTC demand growth has remained at low levels.
A recent report from CryptoQuant revealed that bitcoin demand has slowed significantly since early April, when the crypto asset hovered around $70,000. This is seen in the slow daily growth of bitcoin and the declining increase of large investor holdings.
Bitcoin Demand Metrics Still Weak
Bitcoin’s 30-day Apparent Demand growth has fallen from 496,000 BTC in early April to 25,000 BTC recently. The increase seen in April was also the highest recorded since January 2021, and as demand

The Malaysian police are destroying Bitcoin mining rigs as part of a broader crackdown on crypto miners who steal electricity for their operations.
A report from local media, Malaysia Gazette, disclosed that the police headquarters in the Perak District crushed 985 mining rigs worth RM1.98 million ($452,500) earlier this week. A video on the platform’s X account showed the machines being crushed with a steamroller with local officials present.
Malaysian Authorities Destroy Mining Rigs
The Perak Tengah District Police chief said the department had received an order from the court to destroy the mining equipment. Authorities confiscated the rigs during enforcement operations and raids against Bitcoin miners from 2022 to April.
“The Bitcoin mining items out of the 24 recorded

According to data from Soso value, Grayscale’s Bitcoin Mini Trust contributed the bulk of the total amount with $14.2 million in net inflows. It is closely followed by Fidelity’s FBTC and Bitwise’s BITB, with $10.7 million and $10 million in inflows, respectively.
BlackRock’s IBIT, which is the largest spot Bitcoin ETF by net assets, recorded $8.4 million in inflows, while Franklin Templeton’s EZBC and Invesco Galaxy’s BTCO received inflows of $3.5 million and $2.5 million, respectively.
Grayscale’s Bitcoin Trust was the only ETF that recorded negative flows, with a total outflows of $9.8 million on August 21. The remaining five Bitcoin ETFs recorded zero flows for the day.
While the net inflows recorded on August 21 dropped by 55% compared to the $88.06 million registered

The Bitcoin network hashrate hit a new all-time high earlier this week following increased selling from smaller mining entities. At the same time, the miner hash price has plunged to a record low.
According to a report from CryptoQuant, Bitcoin’s hashrate currently stands at 627 exahashes per second (EH/s), representing a significant recovery from an 8.5% drawdown in July. The spike comes as BTC struggles to remain above $58,000 and trades at a level 20% below its all-time high of $73,000.
Miner Hashrate Increases
The surge in hashrate translates to more difficulty for miners because mining each block becomes harder and more competitive, requiring more computing power and increased energy costs. However, such an occurrence also means high security for the largest

Investigations into a multi-million dollar hack on the omnichain tokenization platform Holograph have begun to yield results. French authorities have arrested two individuals who may have been involved in the attack.
According to a tweet by the official Holograph X account, the Italian Directorate of Anti-Mafia Investigations, in collaboration with multiple enforcement agencies, including Europol, France’s Office for the Prevention of Cybercrime, and the Paris Search and Intervention Brigade, have apprehended suspects tied to the Holograph hack, confiscating assets and electronics as part of the arrests.
The Holograph Hack
On June 13, a cybercriminal exploited a vulnerability in the Holograph operator contract and minted 1 billion HLG tokens valued at $14.4 million. HLG is

A United Arab Emirates court has recognized cryptocurrencies as a mode of salary payment in a landmark ruling affecting employment contracts.
According to a report by Lexology, the ruling by the Dubai Court of First Instance starkly contrasts a decision taken in a similar case and highlights the growing adoption of cryptocurrencies in the UAE.
Crypto as Salary Payment
The plaintiff sued its former employer for wrongful termination and unpaid wages, seeking compensation and other employment benefits. The employment contract set forth a monthly salary in the United Arab Emirates Dirham (AED) and 5,250 EcoWatt tokens (EWT). EcoWatt is a crypto project that blends renewable energy and blockchain technology to impact the global climate crisis.
The lawsuit focused on the

Gas fees on the Ethereum network have been declining since March 2024, but last week, they hit a level not seen in the past five years.
Data on the crypto analytics platform Dune shows that the median Ethereum gas fee fell below 2 gwei last week for the first time since 2020.
Median Ethereum Fees Plummet
Since August 3, the median Ethereum gas fee has been falling below 2 gwei. Although the figure has recorded subsequent spikes, those upticks have only been momentary as the fees eventually return below 10 gwei.
Earlier Friday, the median gas fee was at 1.4 gwei and even went as low as 1.1 gwei before climbing to 1.9 gwei at the time of writing. Notably, the real-time gas price also hovered around 1.93 gwei at the time of publication.
The plunge in real-time and median

The Singapore-based cryptocurrency exchange Crypto.com has secured a first-of-its-kind partnership with the Union of European Football Associations (UEFA) Champions League.
According to an official announcement, Crypto.com will serve as the official global sponsor of the UEFA Champions League during the multi-year partnership, earning it a spot as the football competition’s first and exclusive crypto platform partner.
Crypto.com Partners With UEFA Champions League
During the UEFA Super Cup on August 14, 2024, Crypto.com will unveil its branding as the league’s official sponsor, kickstarting unique activities that would give fans memorable experiences at the football matches.
The exchange said the sponsorship includes in-stadium activations, broadcast integrations, and

A CryptoQuant analyst says Ether (ETH) could experience a rally soon, as shown by metrics in the cryptocurrency’s futures market.
According to a post by the analyst, Shayan, ETH has just witnessed a significant liquidation event, and historically, such occurrences are often followed by price rallies as markets stabilize and spot buying pressure dominates.
ETH Could Rebound Soon
Earlier this month, ETH price took a downward trajectory, causing the crypto asset to lose almost 34% of its value. According to CoinGecko data, ether tumbled from $3,329 to $2,197.
The dip stirred investor speculation on whether the cryptocurrency would plummet further; however, significant buying activity near the $2,100 region caused the asset to rebound slightly to the $2,500 level, where it

During the bloodbath that plagued financial markets on Monday, Cathie Wood’s investment management firm Ark Invest loaded up on shares of the largest American cryptocurrency exchange, Coinbase, ending months of selling the stock.
According to a tweet from Ark Invest outlining its trade activity for August 5, the company purchased 93,797 Coinbase shares (COIN) worth approximately $17.8 million at an average price of $189 per share.
Ark Invest Buys Coinbase Shares
Ark Invest made the COIN purchase through three exchange-traded funds (ETFs), including the ARK Innovation ETF (ARKK), the Ark Fintech Innovation ETF (ARKF), and the ARK Next Generation Internet ETF (ARKW). ARKK acquired 65,165 COIN worth $12.3 million, ARKF purchased 15,629 COIN worth $3 million, and ARKW bought

The ongoing turmoil in the Japanese and United States stock markets has triggered heightened volatility in the crypto space. This highlights the interconnectedness of global markets and Bitcoin’s growing correlation with traditional finance (TradFi) markets.
Analysts at the crypto exchange Bitfinex explained in the latest Alpha report that Bitcoin’s rising correlation with TradFi markets could mean continued downward momentum for the digital asset if stock market declines persist.
Bitcoin Could Plunge Further
Economic and political developments exerting influence across all markets have triggered a broader instability that saw the Japanese stock market Topix index record its most significant two-day decline since the 2011 tsunami. The index has fallen 9.2% over the last

The weekend has been characterized by a rollercoaster of emotions for the crypto community, with fear gripping investors who are concerned about the latest market conditions.
According to current data from Alternative.me, the Crypto Fear & Greed Index sat at 26/100, signaling fear among investors. If the market condition worsens, the indicator may inch closer to extreme fear, a sentiment that could further harm the market.

Source: Alternative.me
Investors Are Fearful of Market Condition
The Crypto Fear & Greed Index compiles investors’ dominant emotional sentiments at a given time. The indicator comprises five main states – extreme fear, fear, natural, greed, and extreme greed. This indicator helps market participants access the prevalent emotional conditions needed to

Bitcoin’s 24-hour bloodbath has reduced the number of its investors in profit. According to data from blockchain analytics platform IntoTheBlock, the percentage of BTC holders in the green has crashed from 93% in late July to 75% at the time of writing.
The significant decline in BTC profitable holders comes as the leading cryptocurrency crashed below $50,000 for the first time since February this year.
A Decline in Profitable Bitcoin Addresses
The last time the percentage of bitcoin-holding addresses was at this level was in January when the value of the crypto asset formed a local bottom of around $39,000. This was shortly after the United States spot Bitcoin exchange-traded funds went live, eventually triggering an uptrend that saw the cryptocurrency surge to $73,000.

Bitcoin (BTC) could be seeing less selling pressure from miners in the near term due to an increase in the profitability of this cohort of market participants and the recovery of their hashrate following the cryptocurrency’s rally to the $69,000 range.
According to a CryptoQuant report, the Bitcoin network hashrate recovered while BTC had its latest rally. The metric’s drawdown from its all-time high is now 3%, compared to 8% on July 9.
Bitcoin Network Hashrate Recovers
On July 9, the Bitcoin hashrate plunged to its lowest level since February 28; however, at the time of writing, the rate had risen 6% to 604 EH/s. CryptoQuant analysts say a hashrate recovery is often associated with a sustained rally of bitcoin’s price.
Miners’ increased hashrate comes alongside their

The world’s largest stablecoin issuer, Tether, has released its attestation report for the first half of the year, revealing a record $5.2 billion profit.
According to an official release from the firm, Tether recorded a net operating profit of $1.3 billion in the second quarter of 2024, and its ownership of United States Treasury bills hit a new all-time high of $97.6 billion.
Tether Releases Attestation Report
Tether revealed that the review was conducted by BDO, a global independent accounting firm, and confirms the accuracy of its Consolidated Financials Figures and Reserves Report. The review broke down its assets and token reserves held as of June 30.
The company’s $5.2 billion profit for the first half of 2024 is its best result since inception. Tether boasts a

Bitcoin (BTC) investors are moving their assets out of crypto exchanges at an increasing rate. An analysis from on-chain intelligence platform CryptoQuant revealed that over the past few days, exchanges have witnessed a rising outflow of BTC, even though the leading digital currency has been in a fluctuation area since February.
While the outflows from exchanges continue, new BTC addresses are on the rise daily.
CryptoQuant’s analysts say the uptick in bitcoin outflow can be a positive signal for the possibility of a BTC price increase and the asset’s exit from the fluctuation area in the future.
Investors Withdraw BTC From Exchanges
The surge in BTC withdrawals from exchanges could be linked to investors’ preparations for the second leg of the bull cycle, which is

The crypto investment management company has launched a new product called the Grayscale Bitcoin Mini Trust, which has the ticker $BTC.
The new offering, endorsed as a spin-off of Grayscale’s Bitcoin exchange-traded fund (ETF) GBTC, has a competitive, “ultra-low” fee of 0.15%.
Grayscale’s New Spin-Off Fund
Months ago, Grayscale filed for the Mini Trust fund with the United States Securities and Exchange Commission (SEC). The firm describes this spin-off product as a new fund coined from an existing and possibly larger one. Following the creation, both funds will exist independently in the financial market. The difference is that the new product will potentially offer lower costs to attract more investors and increase their investment options.
The investment company