Rhythm Morning News｜A summary of important news from last night and this morning on August 14

glassnode: BTC holders' behavior seems to be returning to holding and hoarding mode

BlockBeats news, on August 14, encrypted data analysis platform glassnode The post stated, "After several months of relatively heavy selling pressure, the behavior of Bitcoin holders appears to be returning to a pattern of HODLing and hoarding. Spot market activity indicates that there has been a clear bias toward seller pressure recently, which has not yet completely subsided. Compared with the historical high breakthroughs in past cycles, a relatively large proportion of network wealth is currently in the hands of long-term holders. Overall, on-chain conditions show a high-conviction tone among the Bitcoin holder community.

As the market begins to gradually recover from last week's sell-off, there is clear uncertainty and indecision among digital asset investors. However, when analyzing investors' on-chain reactions to these volatile market conditions, a trend of HODLing begins to emerge.

Since Bitcoin prices hit an all-time high in March, the market has experienced a period of extensive supply distribution, with wallets of all sizes participating. In the past few weeks, this trend has shown early signs of a reversal, especially with ETFs.

The Accumulation Trend Score (ATS) indicator assesses the change in weighted balances in the market. The indicator also indicates that the market is shifting towards accumulation-led behavior. The above-mentioned shift towards accumulation caused the ATS to record its highest possible value of 1.0, indicating that there has been significant accumulation behavior in the past month.

Despite difficult market conditions and high volatility, long-term Bitcoin investors have remained steadfast in their conviction and there is evidence that they are increasing their hoarding behavior.

Compared to the historical highs of previous cycles, this group of investors holds a higher percentage of Bitcoin network wealth, indicating that investors are showing some patience and waiting for higher prices. In addition, despite the largest price declines in this cycle, this group of investors has not panic-sold, highlighting the resilience of their overall conviction. 」

Federal Reserve Chairman Bostic: Rate cuts are coming, and we hope to see more data

BlockBeats news, on August 14, Federal Reserve Chairman Bostic said that rate cuts are coming, and we hope to see more data. We need to make sure that the inflation trend is real. If we have to raise interest rates after cutting interest rates, it will be a very bad situation. If the economy develops as I expect, there will be a rate cut before the end of the year. (Jinshi)

Analysis: Whether SOL ETF can be passed depends on whether the US government changes

BlockBeats news, on August 13, Bloomberg ETF analyst Eric Balchunas said in an interview with CoinDesk that whether SOL ETF can be passed next year depends on whether the US government changes. "Gensler will not stay in office, and the government will not choose Gensler 2.0. If the Republicans take over, everything is possible, especially since Trump has been building some kind of relationship with these people and achieving some kind of breakthrough."

Yesterday, the U.S. Ethereum spot ETF had a net inflow of $25 million

BlockBeats news, on August 14, according to Trader T monitoring data, the U.S. Ethereum spot ETF had a net inflow of $25 million yesterday.

Yesterday, the U.S. Bitcoin spot ETF had a net inflow of $39 million

BlockBeats news, on August 14, according to Trader T monitoring data, the U.S. Bitcoin spot ETF had a net inflow of $39 million yesterday.

Bitcoin rebounded and broke through $61,000

BlockBeats news, on August 14, according to HTX market data, Bitcoin rebounded and broke through $61,000, with a 24-hour increase of 2.13%.

Banana Gun announced that it has destroyed 2% of the total supply of BANANA tokens, about $8.6 million

BlockBeats news, on August 14, according to official news, Telegram Bot project Banana Gun announced that it has destroyed 2% of the total supply of BANANA tokens, about $8.6 million.

Sonic Labs appoints Andre Cronje as Chief Technology Officer

BlockBeats news, on August 14, according to official news, Sonic Labs (formerly Fantom) announced the appointment of Andre Cronje as Chief Technology Officer. Andre will continue to lead the design and development of the new Sonic network, especially the new native bridging technology "Sonic Gateway", which will make the transfer of assets from other chains (such as from Ethereum to Sonic) safer and more convenient.

Base protocol leader: A huge Bitcoin economy will be built on Base

BlockBeats news, on August 14, Base protocol leader Jesse Pollak posted on social media, "Say it out loud: I love Bitcoin, and I am very grateful for its pioneering role in the field of cryptocurrency. We will build a huge Bitcoin economy on Base."

In addition, cryptocurrency trading platform Coinbase posted "cbBTC", which may launch related products with this name.

slisBNB will be included in the reward calculation in Binance Launchpool

BlockBeats news, on August 13, Lista DAO issued a statement that slisBNB assets will support Binance Launchpool and can obtain reward calculations. Hold slisBNB assets in the Web3 MPC wallet to qualify.

Earlier today, Binance Launchpool launched the 56th project Toncoin (TON), starting at 2024-08-15 00:00 (UTC), and mining will last for 20 days. The webpage is expected to be online within 24 hours before the launch of the new coin pool.

Public chain aelf completed v1.10.0 version upgrade

BlockBeats reported on August 13 that the public chain aelf mainnet was upgraded to v1.10.0 on August 12, 2024. Since aelf v1.10.0 has been released, all block producers and full nodes need to upgrade to the latest version or its mirror.

Earlier in April this year, aelf announced that it would integrate artificial intelligence (AI) into its blockchain, an initiative aimed at accelerating the integration of AI and blockchain. aelf's investment arm, aelf Ventures, will strategically deploy its $50 million ecosystem fund to support innovative AI initiatives seeking blockchain support.

Aethir community reward bonus claims are now open and will last for 15 days

BlockBeats news, on August 13, the Aethir Foundation has opened a claim channel for those who hold nodes and stake from the same wallet but did not connect to the user portal before the deadline.

Community reward bonus claims are now open, and this batch of node holders can claim these rewards within 15 days. In addition, in order to obtain claims and rewards in the future, users must connect the check node and staking wallet to the Aethir user portal.

Animoca Brands and ZetaChain have reached a cooperation to become its network validator

BlockBeats reported that on August 13, Animoca Brands has become a validator of ZetaChain. This cooperation brings the industry closer to the long-term vision of achieving seamless multi-chain connection and widespread adoption of digital assets.

Animoca Brands' expertise and experience in protecting blockchain networks combined with ZetaChain's proprietary ZRC-20 token standard for full-chain smart contract deployment will create a safer and more trustless environment, accelerating the development of innovative full-chain dApps that can seamlessly manage native assets and data on different blockchains without requiring users to switch networks.

Mt.Gox creditors may be nearing the end of repayment

BlockBeats news, August 14, according to Arkham Intelligence data, a wallet that received more than $2 billion in Mt. Gox bitcoins transferred most of the funds to another wallet on Tuesday.

After confirming what appeared to be a test transaction completed on Tuesday morning, Arkham speculated that the wallet may belong to the cryptocurrency exchange BitGo, which may mean that the Mt. Gox incident is about to enter the final stage.

According to Arkham data, a few hours later, the bc1q26 wallet sent nearly $2 billion worth of bitcoins to another wallet. Tuesday's activity may indicate that the repayment of Mt. Gox creditors is finally coming to an end.

For most of July, Mt. Gox has been transferring billions of dollars worth of bitcoins to designated cryptocurrency trading platforms, including Bitbank, Kraken, Bitstamp and SBI VC Trade. These trading platforms are then responsible for distributing these bitcoins to Mt. Gox creditors.

Man who mistakenly received a million-dollar refund from Crypto.com was sentenced to three years in prison

BlockBeats reported that on August 13, an Australian man was sentenced to three years in prison because his partner accidentally received a million-dollar refund from Crypto.com and spent it privately.

In May 2021, Crypto.com sent $6.86 million (A$10.47 million) to Australian couple Thevamanogari Manivel and Jatinder Singh instead of a $100 refund because an employee allegedly entered an account number in the payment section of an Excel spreadsheet.

However, the trading platform detected that the bank account did not match the exchange account. As a result, the exchange issued a refund, but instead of returning the $100 the couple had attempted to deposit, the exchange mistakenly transferred $10.5 million to Maniville's bank account. Singh then used the funds to make a large number of purchases.

Sentencing, Judge Martin Maric described Singh's actions as "at the very least reckless", adding that his actions were "prompted by extremely extraordinary circumstances".

Bloomberg: Ripple case is a good sign for other crypto companies fighting the U.S. SEC

BlockBeats news, August 14, according to Bloomberg, last week, one of the most watched legal cases in the cryptocurrency field made important progress. A federal judge ordered Ripple Labs Inc. to pay a $125 million civil penalty because the company sold its XRP tokens to institutional investors without registering with the U.S. Securities and Exchange Commission (SEC). This fine is only a small part of the $2 billion the agency sought-this may be good news for other crypto companies fighting the SEC.

Ripple’s case began in December 2020, when the SEC sued Ripple and its executives, including co-founder Christian Larsen and CEO Bradley Garlinghouse, alleging they “created an information vacuum” that allowed them to sell more than $1 billion of XRP in a market that only had information about the cryptocurrency they chose to share.

The lawsuit has united the entire crypto industry in support of XRP. More than a dozen advocacy groups, including the Chamber of Digital Commerce and the Blockchain Association, wrote to U.S. District Judge Analisa Torres in support of Ripple’s stance.

Since then, the SEC has launched enforcement actions against multiple crypto companies, including Terraform Labs, Binance Holdings Ltd. and Coinbase Inc. But Ripple’s case is seen as a potential milestone that could set a precedent on whether cryptocurrencies are securities, thereby determining whether issuers need to register tokens with the SEC and disclose specific information to investors.

The SEC had argued that XRP was considered a security under the so-called Howey test, which stems from a 1946 Supreme Court ruling. Under the Howey standard, an investment constitutes a security if there is "investment of money in a common enterprise with a reasonable expectation of profits from the efforts of others." Ripple argued that XRP does not meet that standard because sales were made in the secondary market and there was no common pool of profits.

The SEC asked Judge Torres to order Ripple to pay more than $876 million in disgorgement and more than $198 million in interest, as well as an $876 million civil penalty. The SEC said that since the company was sued by regulators, it has increased sales of the cryptocurrency without accepting liability and with intent to circumvent the law.

The judge issued an injunction barring Ripple from further securities violations. But she rejected the SEC’s request that Ripple return profits from the sales, saying the case “does not involve allegations of fraud, misappropriation or other more serious conduct” and that the SEC had not proven that Ripple’s failure to register the sales with the agency caused significant losses to investors.

Ripple’s legal counsel, Stuart Alderoty, said in a phone interview last week that the company respects the ruling and will be able to pay the fine “from our cash balance sheet,” adding, “We’re glad to finally put this behind us.”

The battle is far from over, and the SEC may challenge the judge’s decision on appeal. But the outcome is already helping shape the future of cryptocurrency legal cases. Bloomberg Intelligence analyst Elliot Stein said Torres’ latest ruling is a positive for Coinbase Global Inc. in its fight with the agency and could increase its chances of a favorable ruling in the case.