ONECOIN in the new again and a new look at TRON

Insights from blockchain intelligence platform Glassnode, Ethereum co-founder Joseph Lubin, an unsolved mystery and more.

Bitcoin and Crypto Market in a Low Volatility Phase, Could Signal Imminent Breakout

The crypto market has been in a state of uncertainty and stagnation since April, as capital inflows have slowed down and volatility has remained low. Bitcoin has been hovering around $26,000, despite the higher-than-expected U.S. inflation data that could affect the Federal Reserve’s interest rate policy. According to Glassnode, a blockchain intelligence platform, the market is currently experiencing minimal profits or losses, indicating that most of the coins being traded are roughly at the same price as when they were acquired. However, such periods of low volatility are often followed by periods of higher volatility, which could be a precursor to a significant price movement in the near future. While short-term holders are teetering on the edge of profitability, long-term holders remain steadfast and have reached a new peak of supply held.

Bankrupt crypto exchange FTX gets green light to sell and stake its crypto holdings

FTX, a crypto exchange that filed for bankruptcy in July, has received approval from a U.S. bankruptcy court to sell, stake and hedge its crypto holdings, which it claims are worth over $3.4 billion. The exchange said that these activities would help it pay back its creditors and generate returns on its idle assets. FTX also asked to hire Galaxy Digital’s Mike Novogratz as an adviser. FTX revealed that it holds $1.16 billion of solana (SOL), 16% of the token’s supply, and $560 million of bitcoin (BTC), among other cryptos. The judge overruled two objections that opposed the plan and asked questions about the ownership of the assets.

This could move the needle to put selling pressure on SOL.

OneCoin co-founder sentenced to 20 years in prison for crypto fraud

Sebastian Karl Greenwood, a co-founder of the fraudulent OneCoin cryptocurrency, has been sentenced to 20 years in a US prison for wire fraud and money laundering. He and his partner, Ruja Ignatova, who is still at large, scammed more than $4 billion from investors by claiming that OneCoin was the next Bitcoin. OneCoin, founded in 2014 in Bulgaria, was a global pyramid scheme that had no actual value. Greenwood, 46, a citizen of the UK and Sweden, was arrested in Thailand in 2018 and pleaded guilty in December. Ignatova, known as the Cryptoqueen, disappeared in 2017 and is on the FBI’s top 10 Most Wanted list. The FBI offers up to $250,000 for information leading to her arrest.

Personally, after listening to an excellent podcast on the story and reading a bit more, I think she was dismembered and killed at sea.

Ethereum co-founder says crypto regulation will benefit the U.S.

Joseph Lubin, the co-founder of Ethereum and the CEO of ConsenSys, said that he expects the U.S. to embrace crypto regulation as it aligns with the country’s philosophies of free markets, capitalism, and free speech. He spoke to CNBC amid the ongoing legal disputes between the U.S. Securities and Exchange Commission (SEC) and several crypto firms, such as Ripple, Coinbase, and Binance. The SEC claims that many crypto tokens are securities and should be registered with the agency. Lubin said that the SEC cannot just make that assertion without demonstrating it. He also reiterated his belief that ether is a commodity, not a security. He said that other countries often follow the U.S.'s lead on crypto regulation and that he hopes that “clear heads will prevail”.

TRON: A Decentralized Platform for Content Creation and Sharing

• Coin rank: 10

• Market cap: $7.1 billion

• Founded: 2017

• Price: $0.08

• Total supply: 100 billion tokens

• Circulating supply: 71.6 billion tokens

TRON (TRX) is a blockchain-based operating system that supports smart contracts, DeFi applications, and content distribution. TRON was founded in 2017 by Justin Sun, who is also the CEO of ConsenSys, a blockchain technology company. TRON aims to empower content creators by allowing them to connect with their audiences directly and receive rewards for their work without intermediaries. TRX is the native cryptocurrency of TRON, which powers its proof-of-stake consensus algorithm. TRX can be used to pay for transactions, run dApps, and stake for rewards on the network. TRX is listed on dozens of exchanges, including Poloniex, Bancor, KuCoin, Binance, Bitfinex, Coinbene, and others. However, it is not supported by Coinbase.

Why do you think?

Market Update: Bitcoin Remains Stable Above $26K Despite U.S. Inflation Data

Summary: The crypto market has shown a slight recovery in the past 24 hours, with most altcoins registering minor gains. Bitcoin, the leading cryptocurrency, has stayed above $26,000 despite the release of higher-than-expected U.S. consumer-price index (CPI) data for August, which could affect the Federal Reserve’s decision on interest rates. Higher rates could reduce the demand for riskier assets like cryptocurrencies. However, Bitcoin has demonstrated resilience and low volatility in the face of this macroeconomic factor. Solana and Litecoin are among the top performers in the crypto market, with 4% and 3% increases, respectively. The total crypto market cap is around $1.050 trillion.

Stack crypto. Safely.