Weekly Crypto Digest for September 01-08, 2024
Sunday, September 08, 2024
In the latest issue of Weekly Crypto Digest, read about the number of active BTC addresses is at its lowest for 2024, top-10 meme coins fell by an average of 63.73% from ATH, Uniswap was fined $175,000, BTC mining revenue fell to a new annual low, 96% of NFTs collections are dead, and a Swiss bank opened trading in Bitcoin and Ethereum.
The number of active addresses in the Bitcoin network has reached a minimum for 2024
The number of active addresses in the Bitcoin network has reached a minimum for 2024. This was reported by experts from the analytical company CryptoQuant.
They noted that the same activity was observed three years ago when the first cryptocurrency was trading near the $45,000 mark.
Experts emphasized that the first cryptocurrency has been trading in the range between $71,000 and $50,000 for about six months. According to them, for some investors, the drop in the number of active addresses and the price of the asset may be seen as an opportunity to buy Bitcoin in anticipation of a future rally.
The top 10 meme coins fell by an average of 63.73% from their All-Time High
The top 10 memecoins by market capitalization fell by an average of 63.73% from their historical maximum. This was reported by experts from the analytical company Lookonchain.
They noted that the BOOK OF MEME (BOME) token demonstrated the largest drop, its price decreased by 79.48%, the price of dogwifhat (WIF) fell by 70.93%, and the Shiba Inu (SHIB) rate collapsed by 70.86%.
CFTC fines Uniswap Labs $175,000
The Commodity Futures Trading Commission (CFTC) has fined Uniswap Labs $175,000 for offering digital asset derivatives using the DeFi protocol.
The company is also required to refrain from further violations of the Commodity Exchange Act.
The regulator's claims concerned a "limited number" of leveraged tokens traded on a decentralized exchange. The CFTC classified these products as derivatives.
The Commission noted that such "commodity transactions" without actual delivery within 28 days can only be offered to retail users by market participants registered with the CFTC. Uniswap Labs is not one of them.
Bitcoin miners' revenue fell to a new annual low
Bitcoin miners recorded their lowest monthly revenue since September 2023 in August. They mined 13,843 BTC with an estimated value of $800 million at the time of publication.
For comparison, miners' revenue exceeded $927 million in July, having mined 14,725 BTC during the month. Meanwhile, August was the worst month of the year in terms of profit.
Compared to March 2024, when the first cryptocurrency updated its historical maximum and miners' profits exceeded $2 billion, the profitability of Bitcoin mining has fallen by more than 57%.
Among the reasons for the decline in indicators, it is worth noting the reduction in the number of transactions, the increase in mining complexity and the April halving, as a result of which the reward size was halved - from 6.25 to 3.125 BTC.
96% of NFT collections are 'dead'
NFT Evening specialists, based on the analysis of 5,000 collections and 5 million transactions of non-fungible tokens, came to the conclusion that 96% of them are dead.
Experts included in this category NFTs with zero sales volumes, low sales during the week, and no project activity on X.com. According to these criteria, the trend of the death of collectible assets peaked in 2023 - more than 30%.
The average lifespan of NFTs is 1.14 years, which is 2.5 times less than the indicator of traditional crypto projects.
On the contrary, owners of the NFT of the most unprofitable collection - Pudgy Penguins - faced a loss of 97% of their investments.
Cardano has undergone the Chang hard fork
The Cardano network has successfully undergone the Chang hard fork at block #10,764,778. The update marked the beginning of the Conway registry era and the transition of the ecosystem to decentralized governance.
ADA token holders will be able to take part in voting, determining the future of the network. The implementation of CIP-1694 established a new governance structure with three components: the Constitutional Committee (CC), delegate representatives (dReps), and staking pool operators (SPO).
Swiss bank ZKB has opened trading in Bitcoins and Ethereum
The fourth largest bank in Switzerland, Zürcher Kantonalbank (ZKB), has opened access for clients to purchase cryptocurrency. According to a press release, users can buy bitcoin or Ethereum around the clock.
ZKB is the largest cantonal financial institution in the country, managing assets worth $235 billion.
According to company representatives, clients can use the ZKB eBanking and ZKB Mobile Banking platforms to trade cryptocurrency. The offer is aimed at both existing users of the bank and other financial institutions.
At the same time, ZKB provides services for the storage and management of assets. The press release says that clients do not need to set up a crypto wallet or connect third-party software. The bank takes care of all operations related to cryptocurrency.
Bank of Japan Announced Possible Interest Rate Increase
BoJ Governor Kazuo Ueda has announced a possible further tightening of the regulator's policy if the central bank's economic forecast materializes. This was reported by Bloomberg, citing the official's comment in a document for the government group.
According to Ueda, the real interest rate remains negative. The central bank's current rate supports economic activity and helps strengthen the yen, he emphasized.
According to the document, the Bank of Japan will continue to raise the interest rate if the regulator's forecast turns out to be accurate. The next meeting on this issue is scheduled for September 19, 2024.
Recall that on July 31, the Bank of Japan decided to raise the interest rate from 0-0.1% to 0.25%. This caused a collapse of stock indices on the Asian stock market.
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