The biggest news in the cryptoverse for August 29 includes the liquidation of $9 million in bitcoin shorts, a report showing that the majority of Gamefi investors are interested in profit rather than gameplay, and that the CEO of Ava Labs has been swayed by allegations of cryptoverse. Denied that it was a deal. With law firm Roche Friedman for using “litigation as a tool” to obstruct competitors and misdirect regulators.
cryptoslate top stories
Bitcoin shorts liquidated a total of $9 million as BTC moves above $20,000
Powell’s Jackson Hole speech on August 26 forced the crypto market to hit a low of $19,500 in the early hours of August 29. But by 14:00 UTC, BTC had risen to $20,300.
The sudden spike was the result of bitcoin bulls fighting to regain psychological resistance at the $20,000 level. As a result, $9 million in bitcoin shorts was liquidated. Coinglass data.
Singapore considers stringent crypto regulations to protect retail traders
Ravi Menon, Managing Director, Monetary Authority of Singapore (MAS) Told That the Authority will introduce new measures to limit the use of leverage and credit facilities by retail investors who are easily lured for quick profits.
He added that the borderless nature of the crypto industry makes it unlikely to impose an outright ban on its use in the region. However, MAS is currently working on measures to regulate stablecoins and will reveal broad guidelines by October.
Limit Break’s DigiDaigaku NFT collection rises over 100% as firm raises $200m . collects
Web3 gaming startup Limit Break announced that its parent company has raised $200 million to advance its “free-to-own” gaming model, which will give the brand its NFTs for free.
Responding to the announcement, the price level of its free minted NFT DigiDaigaku increased to 15.67 ETH. According to nftgo data, The collection’s 24-hour trading volume increased by over 400% and increased sales by nearly $4 million.
Chainplay report shows 3 out of 4 investors get into crypto because of GameFi
Chainplay released its Status of GameFi report showing that 3 out of 4 GameFi investors are in for a quick profit. Of the 2428 investors who took part in the survey, 51% confirmed they were in for a profit, while only 18% were interested in the gameplay.
Participants reported that they had lost more than 50% of their earnings in the previous six months while trying to profit from the GameFi arena. The major drivers of their losses were poor game economy design and declining market position.
Bitcoin exchange outflows top $1 billion a day, while Ethereum sees net inflows
CryptoSlate analyzed the exchange flows of Bitcoin and Ethereum to reveal a contrasting activity between the assets.
Investors have shown more bullish sentiment towards BTC as an average of $1 billion flows through exchanges daily.
In contrast, Ethereum has experienced negligible outflows as speculative investors place their assets on exchanges to make it easier to sell after the result of the merger.
Data Shows Bitcoin Whales Are Selling Mass Holdings
According to Glassnode data analyzed by CryptoSlate, the Bitcoin accumulation propensity score reached near zero between April 2020 and August 2022, indicating that BTC whales are selling their holdings.
On the other hand, Shrimp’s bitcoin accumulation data shows that although smaller-sized BTC holders have slowed their purchases, they still make more deposits than whales who have stopped making lump-sum deposits.
News from around the Cryptoverse
US Fed set to launch its payment system in 2023
FedNow, a payment system the US Federal Reserve has been working on for more than seven years, will reportedly launch in 2023, wall street journal informed of.
The payment system would modernize the old railroads that power the Federal Reserve and provide near-instantaneous payments globally. It will also help reduce costs and improve the efficiency of the US financial system.
Ava Labs CEO Treats Report of Crypto Leaks as ‘Conspiracy Theory Rubbish’
CryptoLeaks recently published a series of videos alleging that Ava Labs struck a deal with law firm Roche Freedom to obtain legal services in exchange for providing AVX tokens and Ava Labs equity. The video also alleged that the law firm in partnership with Ava Labs would use “litigation as a tool” to circumvent competitors and erroneous regulators.
Reacting to the allegations, Ava Labs CEO Emin Gun Sirer tweeted that the report was “conspiracy theory nonsense”. He added that AVA Labs will never engage in any illegal and unethical behavior as explained in the video.
Bitcoin was up 1.19% on the day, trading at $20,215, while Ethereum was trading at $1,544, representing an increase of over 4.54%.