Acala (ASEED) news

Bitget Hot Takes (January 02 - January 08)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. Central Themes • BGB saw minor gains, volume jumped by 7.5%. • Celsius ruling: Celsius’ terms of use turns Earn account holders into unsecured investors, meaning they will be the last in line to receive repayments. • Mt. Gox repayments timeline pushed back by two months to March 10, 2023. • Indonesia and Israel propose to treat cryptocurrencies as securities. BGB Saw Minor Gains BGB saw minor gains last week of 2.49%, almost the same as Bitcoin’s 2.48%, but falling behind Ethereum’s significant 5.70%. In terms of seven-day volume, BGB also recorded a 7.45% increase to USS$24.6 million. The 0.18-something level is supposed to be a good accumulation zone for BGB hunters, with the current 4H RSI and Accumulation/Distribution lines showing support for this suggestion. Check the previous months’ analysis of BGB price trend here: BGB Sail: November Edition BGB Sail: October Edition BGB Sail: September Edition BGB Sail: August Edition BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition If you are completely new to the token, we are delighted to give you the full guide to BGB - the golden ticket to the Bitget Ecosystem here: Why BGB Is Your Bluechip Exchange Token. Not So Much Of A Good Start We began the week with news of an exploit to a Bitcoin developer, and ended the bumpy ride with Solana’s going offline. On late night January 1, 2023, Bitcoin core developer Luke Dashjr tweeted that his Pretty Good Privacy (PGP) key was compromised, resulting in a loss of ‘all’ assets stored. PGP is a long-used method for encrypting sensitive files and is actually unhackable, but the encrypted information, stored on a server, is vulnerable to exploitation if the server is attacked. Earlier in November 2022, Dashjr informed his followers of PGP download after his server was compromised. Then, less than two months after Sam Bankman-Fried ‘I’m sorry’, the community once again heard the word loud and clearly from DNP3, founder of The Goobers NFT, Gridcraft Network, CluCoin, among others. The guy publicly admitted that he has a gambling addiction and is now ‘completely broke’. Source: DNP3 via TwitLonger Phishing isn’t new, but even the expert fell for it. Nikhil Gopaani, COO of Nike-owned RTFKT, told the news to the Community X community. His wallet balance currently shows ca. US$0.12, which means at least US$175,000 NFT pieces (at floor price) of CloneX, RTFKT, Loot Pods and Crypto Kicks were stolen. Another victim of a phishing attack is a DeFi user who owned US$3.4 million of GMX. the native token of the decentralised perpetual exchange GMX. The GMX team is working with the anonymous victim to solve the problem. Wondering about rugpull(s)? Mutant Ape Planet and CryptoZoo NFT game are in the spotlight. Creator of the Mutant Ape Planet NFT collection is facing charges by the U.S. Department of Justice for ‘defrauding purchasers of more than US$2.9 million in cryptocurrency’. And Logan Paul has been denying claims that his GameFi project CryptoZoo is a scam, even though no updates on the development are available after May 2022. Some users of Solana-native NFT Marketplace Magin Eden accidentally bought fake y00ts and ABC NFTs due to a flaw in the project’s newly upgraded verification system. The bug has been fixed right away, and Magic Eden is offering refunds for affected users. Meanwhile, Solana RPC endpoints went offline again less than 24 hours ago, disconnecting various DApps and wallets from the network. The spreading contagion is causing more crypto firms to cut down their workforce, with the latest names calling for Silvergate (numbers undisclosed), Genesis (another 30%), Huobi (20%) and SuperRare (30%). The aftermath of FTX’s dismay didn’t stop there; it may very well have pushed authorities to adopt the predatory approach. The crypto regulatory in Indonesia and Israel will soon recognise crypto as a security rather than a commodity. The House of Representatives in Indonesia approved The Financial Sector Development and Reinforcement bill (P2SK) in December 2022, which leads to the establishment of a national crypto exchange and a shift in oversight from the commodities-focused Bappebti to the securities-focused Financial Services Agency (FSA), whereas Israel has published the ‘Proposal to amend the applicability of securities laws regarding digital assets’, which are open to receive public comments until February 12. In addition: • U.S. regulators are warning banks of ‘significant volatility and the exposure of vulnerabilities in the crypto-asset sector’; • Francois Villeroy de Galhau, governor of France’s central bank, is urging regulators to introduce an ‘obligatory licensing’ for digital assets service providers (DASPs); and • a job filing of the UK's National Crime Agency shows the agency is set to ‘proactively investigate UK Cyber incidents’ Of course the active regulatory presence regarding crypto-related topics can greatly benefit users in the space also. The community is delighted to see Mashinsky of Celsius sued by the New York State for ‘defrauding investor’ and the unapologetic Mango Market exploiter Avraham Eisenberg facing trial for ‘market manipulation and fraud’ and even ordered into detention pending trial because ‘no condition or combination of conditions of release will reasonably assure the defendant’s appearance as required’. Never before have we seen subpoenas served on Twitter - Three Arrows Capital founders are the first. Kyle Davies and Zhu Su are reported to not cooperate with liquidators, hence the unusual subpoena tweet. Talk about litigation, Gemini Earn investors filed a class action request against Genesis and DCG with the American Arbitration Association in hope to receive the out-of-court return of their digital assets. Roughly around the same time, DCG’s Silbert and Gemini’s Winklevoss took part in a Twitter beef concerning Gemini Earn repayments. Cameron Winklevoss accused Barry Silbert of ‘bad faith stall tactics’, and Silbert shot back that ‘DCG has never missed an interest payment to Genesis’. Both firms have been experiencing an endless chain of dire events since the collapse of FTX, for this week: • Grayscale Ethereum Trust saw -60% discounts; • DCG closed wealth management unit; • Gemini U.K. arm is 3 months late in filing its 2021 accounts with Companies House, the British agency responsible for the registration of all companies in the U.K. Also engaged in a back-and-forth were Vauld and Nexo. The latter sent the ultimate acquisition proposal to the former on December 26, 2022, only to be rejected by Vauld and its committee of creditors because of ‘uncertainty’ around Nexo’s solvency status. All that bad news can’t stop builders of the space doing their jobs. Security firm Debaub finds critical vulnerability in Uniswap smart contract, which was addressed and treated immediately by the Uniswap team. Its peer, Immunefi, on the other hand helped discover a vulnerability on the Polkadot ecosystem, thus preventing a potential hack of US$200 million on Moonbeam, Asta Network and Acala. The new DEX aggregator by on-chain data intelligence provider DefiLlama turns out to be a beast, beating Coinbase and MetaMask in terms of volume on its first day and has since secured its place in the Top 5 most used DEX aggregators by volume. Projects are focusing more on cross-chain communications, with Evmos adding auto-conversion for swaps between Ethereum and Cosmos tokens, OpenSea now supporting Arbitrum Nova and Trade Joe’s expanding its services to BNB Chain. After the New Year and the upcoming Lunar New Year, a major upgrade for Ethereum (Shanghai Upgrade) will most likely take place in March 2023, enabling withdrawals for staking validators. What’s next? EIP-4844 somewhere in Q3 2023. The Latest Bitget News Happy new year to our users with the upgraded 5,005 USDT Welcome Package for newbies! Register here and complete all tasks in Bitget Rewards Center to receive the gifts! The latest Proof-Of-Reserve snapshot has also been updated! Bitget commits to maximum transparency to bring back trust to the crypto industry. View the Dec 2022 Bitget Proof-Of-Reserve right now! Bitget Settled Futures, also known as delivery contracts, have launched on Bitget! Different from the never-expire perps, our currently available delivery contracts have a 3-month expiration and will be settled on December 30, 2022 and later on March 31, 2023. New contracts for June 30, 2023 are available for trading, allowing our users for a continuous observation of market activities. The comprehensive intro for delivery contracts and Bitget Settled Futures is available here. New Listings Spot Trading BONKUSDT GEARUSDT OASUSDTKAVAUSDT Futures Trading BTCUSD0331 BTCUSD0630 ETHUSD0331 ETHUSD0630 BATUSDT New Events Bitget Strategy Profit Competition, Earn BGB for Profit! Join Bitget Global Telegram Group (New), Win 5500 USDT VIP Earn Rewards for New Year: 3x APR, Free VIP Privileges! Anybody can be a Merchant on Bitget P2P and Earn 125$ in Weekly rewards! Get 3$ Free on your first P2P trade on Bitget P2P! [Bitget VIP] Free To Claim Your New Year Gifts Learn to Earn: Learn Copy Trading Take the Quiz to Get 20 BGB Hero Trader Awards 2022 is Live! Vote to Win Limited Edition NFTs! Bitget Partners with TealStreet; Plus, Register, trade for up to $8000 bonus！ Good Reads The Crypto Burrito Volume I: Ethereum Merge QA On Take Profits And Stop Loss What Is Payment Settlement? Smart Trader Tool: Bitget Futures Grid Trading Introduction To Bitget Spot Grid Trading Follow us for the latest updates: Twitter | Telegram | LinkedIn | Facebook | Instagram

Bitget Hot Takes (October 03 - October 09)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. Bitget Hot Takes last week can be found here. Central Themes • The mess of the week: Celsius. • BNB cross-chain bridge exploited for 2 million BNB. • FTX now offers DXY perpetual futures. • U.S. Job Report out; Bitcoin failed to hold the US$20K mark. • Mt.Gox repayment is planned to take place next year after creditors’ registration deadline on January 10, 2023. BGB Had The Lowest Number Of Loss Days Last week was clearly not the most brilliant time of the year for exchange tokens, with almost all experiencing a red Sunday. The least worst performers of the week are FTT (-0.65%) and BGB (-0.82%). The others’ losses are recorded at over 1.25% WoW, and 4-5 days of red in the last 7 days: BNB (4 days), FTT (5 days) and KCS (5 days). Not only were BGB losses controlled below minus 1%, but the token also recorded the lowest number of loss days at 3, together with OKB. BGB has continuously demonstrated its ability to resist the broader bearish sentiment, which is a sufficient reason to hold BGB as a hedge for your wealth. Unconvinced? Below are our BGB reports for the last months: BGB Sail: August Edition BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition The Week’s Biggest Stories This is the third consecutive week of falling global crypto spot volume (-27.21%), even though the global market capitalisation reached the highest of US$972 billion on Thursday (October 6). Bitcoin’s highest price stood at US$20,494.05 on October 4, but couldn’t keep the US$20K for longer than three days, especially after the release of the U.S. Non-Farm Payroll Data for September 2022. The key takeaways of this report - employment increased by 263,000, jobless rate went down by 3.5% and average hourly earning increased by 0.3% MoM and 5% YoY - appear to be much more positive than expected, and will most likely encourage FED’s aggressive actions. However, it’s nice to see the biggest cryptocurrency holding the line; we are still exploring the tight range between US$19,000 and US$21,000 over the last seven days, with little movements on the weekend. BTC still achieved a weekly growth of 0.54%. Source: TradingView Related to the topic, Mt. Gox trustee has announced the first step of the rehabilitation plan here, a move supported by several crypto exchanges. With everything seeming to be so volatile right now, Treasury bills suddenly become sexy again with the 4% yields recently recorded. Tether’s CTO reveals that 58.1% of the company’s holdings are made up of the U.S. T-bills as of September 30, 2022. Another crypto big name to venture into TradFi assets is MakerDAO. A proposal approved by MAKER holders last week has authorised the 1 million DAI (equivalent to US$1 million) pilot transaction to buy liquid short-term U.S. T-bills and investment-grade corporate bonds. Meanwhile, a new regulatory framework for digital assets is about to be established in the Eurozone. The MiCA bill, which was already passed by the European Council on October 5, will go through a voting process by the European Parliament Committee on Economic and Monetary Affairs this week. The focus of this bill falls heavily on stablecoins and crypto asset service providers. In the U.S., the Commodity Futures Trading Commission (CFTC) received a motion from North California District Judge William Orrick to serve the DAO members, i.e. deliver the complaint and relevant documents, via chatbot and forum posts. The Securities and Exchange Commission also charged Kim Kardashian for ‘unlawfully touting crypto security’ named EthereumMax (EMAX) on Instagram, which the reality TV star agreed to settle for US$1.26 million, but that should also mean more complications in her other case regarding EMAX as well. The project, on the other hand, definitely benefited from the charge, seeing a jump of 63% on October 4 to US$0.00000000702 and closing the week with a 7% rise in profits. On another note, giants in the traditional market are increasingly interested in entering the metaverse. Hugo Boss recently announced the partnership with Imaginary Ones, a well-known Web3 project, to create its first-ever NFT collection named "Embrace Your Emotions" (EYE). The collection, which consists of 1001 NFTs and offers a new 360-degree metaverse experience, is scheduled to launch in November this year. Another industry leader, Warner Music Group, also shows their plans to further penetrate the metaverse scene by looking to recruit a metaverse development director. BNB Cross-chain Hack Concerns around crypto cross-chain bridges rose again after BNB Chain suffered an exploit on October 7, 2022. In summary, the hacker(s) took advantage of a vulnerability in the Binance Token Hub (the native cross-chain between BNB Beacon Chain and BNB Smart Chain), leading to a 3% decrease in BNB value right afterwards. A full report on the event is available here. Acala, the Solana-based project that suffered a security exploit last month, has announced the resumption of all functionalities and aUSD’s fit state. The Bothersome Celsius In their filing with the U.S. Bankruptcy Court, Celsius set the final deadline for the auction of its assets on October 17, 2022. The company’s deficit is disclosed at US$1.2 billion according to the July filing, whereas the execs were able to withdraw nearly US$30,000 before customer withdrawals were frozen. That piece of information is available in its Statement of Financial Affairs to the Court on October 5, together with customer personal info and transaction data. The whole crypto community is filled with rage as the filing exposes all CEL users in 14,000 pages. Lots Of Step-downs Apparently, the Celsius saga does not end there. One week after Alex Mashinsky (Celsius’ former CEO) announced his resignation, he was joined by Celsius’ co-founder Dan Leon. Other departures that made the headline last week include: • Bitcoin investment firm NYDIG’s CEO and President • FTX’s Head of OTC and Institutional Sales • Bridgewater Associates’ co-CIO Ray Dalio • OpenSea’s CFO Crypto Stocks And New Funds Bitcoin mining firm Marathon Digital Holdings stocks (MARA) has published a statement on October 6, saying that they invested US$31.3 million in the rankrupt data centre Compute North via convertible preferred stocks and an unsecured senior promissory note and paid US$50 million in operating deposits. However, MARA still saw a return of 5.42% compared to the -6.38% of Riot Blockchain stocks (RIOT). Crypto stocks in general had a profitable week, even Grayscale Trusts. Speaking of whom, the company is launching a new ‘private, co-investment’ product that focuses on Bitcoin mining hardware. Investing in Bitcoin is still appealing to institutional investors, with NYDIG Institutional Bitcoin Fund LP having raised US$719.9 million since 2018, according to their SEC filing. Web3 is another talk of the town as Bitwise announced their new ETF with focused exposure to Web3. The Latest Bitget News New Bitget Launchpools are live: Stake BGB to earn VINU and Stake VINU to earn VINU! Bitget ABCs is the new program where you can request the listing of your favourite tokens and express your loyal support! Check out the compiled list from A-H here - all are available on Bitget Spot Trading! Don’t forget that we are charging 0% spot fees and even offering additional trading rewards for newly listed tokens, BGB Airdrop, and up to 48% APY for Flexible Savings subscribers! New Listings Spot Trading GMXUSDT SSVUSDT WAXLUSDT KDAUSDT ONEUSDT PLEXUSDT Fan Token Zone BRAZILUSDT SNFTUSDT ARGUSDT Futures Trading JASMYUSDT STGUSDT LUNCUSDT ONEUSDT New Events Halloween Referral For $25 Each Receive $500 As You Become The New Copy Trader Extra Benefits For New Users Bitget x Trading High: 110 USDT In Bonus Available For Each User The Upgraded VIP Referral Program Good Reads Swing Trading Or Day Trading? What Are The Bitcoin Layers? What Is A Crypto Faucet? APR versus APY Bitget's Insights: October Crypto Market Predictions Follow us for the latest updates: Twitter | Telegram | LinkedIn | Facebook | Instagram

Bitget Hot Takes (August 15 - August 21)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. Bitget Hot Takes last week can be found here. Central Themes Global market cap briefly dipped below the US$1 trillion mark on August 21. This week’s drop wiped out gains from the previous week; BGB proved its resistance against market changes. Acala has traced US$2.97 billion from the ‘error mints’ of its stablecoin aUSD. Huobi’s USD lost its U.S.-Dollar peg. US$562 millions were liquidated in one single day of August 19, causing an outflow of BTC from exchange reserves. BGB’s Resistance This was definitely a bad week for crypto traders. Most major cryptocurrencies were hit with a two-digit decline, with the worst performers being Ethereum (-20.3%) and OKEx Token (-21.1%). Compared to the growing market’s pain and fear, BGB holders endured a less intense suffering at the 11.4% loss, the lowest out of the eight. Regarding the recent volatility, we recommend you take advantage of our Bitget Spot Grid Bot, which executes buy/sell orders commensurate with market’s ups and downs. Historical data proves that BGB tends to be more resilient in tough times and able to maintain a steady growth in uptrend cycles. Need to check on BGB’s self-sustained growth? Here are our BGB Report for the last three months: BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition Don’t forget to check out BGB Earn to make sure that you are generating even more BGB! Authorities’ Moves As institutions, banks, even pension funds are planning, if not already facilitated, their expansion into the crypto industry, authorities across regions have officially issued crypto guidance for banks and other regulated entities this week. Canadian banks will need to report to the Office of the Superintendent of Financial Institutions (OSFI) if their total gross positions of crypto assets surpass 1% of their total capital. In the case of short positions, a net exposure of 0.1% or above of the total capital must be shared with the OSFI. Previously, a blog post by the crypto exchange Newton clarified a compliance policy issued by the Ontario Securities Commissions (OSC) and securities regulators in other provincial areas of Canada as follows: Source: Newton Meanwhile, FED-supervised banks should notify their point of contact at the U.S. Federal Reserve before ‘engaging in any crypto-asset-related activity’. The guidance calls for the setup of an appropriate risk management system from all banking organisations. A few days earlier, FED also released the guidelines for crypto banks to apply for access to FED accounts, meaning crypto bankers are one step closer to joining the global payment system. Blood Has Been Spilt With major cryptocurrencies seeing red in the second half of the week, it’s fair to say that both the spot and futures markets were affected. Global market cap has fallen below US$1.05 trillion since August 19 and even breached the 1T mark for roughly 40 minutes on August 21. Bitcoin Futures Rekt It took Bitcoin less than three days to lose the US$24,000 level and continued its losing streak to the week’s low of US$20,800. That reverse momentum became the nightmare of long traders, whose total positions of US$562 million were liquidated in one single day of August 19. Source: Coinglass This is a screenshot of Coinglass through the middle of that day. Traders who speculated on Bitcoin’s return to US$31,000 were hit hard. Source: Coinglass August 19’s figure represents the second highest daily liquidation since the end of May. Over the same period, Bitcoin was relentlessly withdrawn from exchanges until August 11, where data notices a slight influx of the coin into exchange reserves. Many traders once again decided to drain Bitcoin to their personal wallets after the liquidations. Source: CryptoQuant Please note that forced liquidations occur when there is a margin call (account balance lower than the required maintenance margin) and traders refuse to deposit more into their account. At Bitget, we adopt another type of margin called risk margin, which will notify users immediately when their account balance falls below their actual delivery obligations, meaning that you will have plenty of time to adjust your positions before the alert for maintenance margin rings. More information on the topic can be found here: What is Margin Trading? Re-peg De-peg After the error mint event of last week, Acala Network has traced US$2.97 billion out of US$3 billion exploited. The breach caused Acala Network to temporarily pause its operation and the protocol’s stablecoin to lose at least 95% of its value on Sunday 14. The team quickly recovered these error mints during the week, thereby helping restore the peg. aUSD was trading between US$0.72 and US$0.88 in the last 7 days. Source: TradingView However, stablecoins’ misfortune didn’t stop at aUSD. Huobi USD was the latest to record a depeg of roughly 15% in 30 hours from August 17 to August 18. Per Huobi’s official Twitter statement, this depeg was the result of a liquidity issue from HUSD, which is no longer managed by the exchange. It is worth noting that FTX announced the removal of HUSD from the USD basket two weeks ago, but the official news is removed from the FTX page. Source: Curve Finance Amidst crypto users’ protest against Circle’s privacy standpoint, Tether released audit results by the Top 5 accounting firm BDO. The audit report reveals that 43.45% of USDT supply is backed by the U.S. Treasury bills and 12.65% by commercial papers, which demonstrates a nearly 60% decline in Tether’s commercial paper holdings from the previous quarter. Funding Still Pouring In The Need To Increase Blockchain’s Use Cases More than US$65 million in funding was allocated to crypto projects - a modest number compared to past weeks’ capital inflow. The names to be mentioned include: SnackClub DAO (US$9 million raised), StarkNet’s MatchboxDAO (US$7.5 million), Tessera (formerly Fractional) (US$20 million), DWallet Labs (US$5 million), GitPOAP (US$4 million), Unlockd (US$4.4 million), Primitive (US$9 million) and SafeHeron (US$7 million). Funds have been receiving more capital to support buidlers: CoinFund (US$300 million), Shima Capital (US$200 million), Galaxy Digital (US$100 million) and SuperLayer (US$25 million). However, the industry’s assignment remains exploring new use cases for blockchain and penetrating commercial markets. Two responses from the crypto community this week were: - Yuga Labs’ release of the intellectual property right licensing agreement for CryptoPunk and Meebits holders, which will allow them to create products and projects using their NFTs; - Compound’s transition to a multi-chain protocol with the Comet upgrade. The Latest Bitget News Determined to bring our users the best crypto experience, Bitget constantly adds new trading pairs each week alongside the interesting, bountiful events. Don’t forget to register your Bitget account here to join the weekly, exclusive Live Trader AMA in our community group! Moreover, as pressure mounts on crypto firms, many exchanges have shut down or are about to, and you know that millions were drained from crypto wallets over the last seven days. That is to say how timely the launch of Bitget Investor Protection Fund is; with more than US$200 million available for any emergency compensation, Bitget is showing that nothing can stop us from providing an impeccably safe and reliable environment for crypto traders! To find out more about Bitget's Protection Fund, please visit here. One more exciting news we want to share with our users and football fans is the renewed partnership between Bitget and Juventus! For the second consecutive year, Bitget will support Juventus as their sole official crypto exchange partner and pursue the common goal of encouraging social developments. New Listings TUPUSDT IXTUSDT ZIGUSDT HUBUSDT MHUNTUSDT New Events Sign Up Refer Your Friends To Share 500,000 BGB 10 USDT for Referrals + Exclusive New User Bonus Pool Up to $11,000! BGB Army 3.0 Giveaway Celebrating The Renewal Partnership With Juventus! ETH is Back! 5,000 USDT Worth of ETH is Up for Grabs! Deposit and Trade to Share in the $10,000 + $1,000 Prize Pool! Buy Crypto with GEO Pay, Enjoy Zero Fees for a Month Receive $4,163 In Welcome Bonus! Good Reads How to Build a Well-Balanced Crypto Portfolio Things you need to know about the ‘Merge' Bitcoin 101: Bitcoin Value and Price Trading 101: Macroeconomic Factors That Can Affect Crypto Prices Follow us for the latest updates: Twitter | Telegram | LinkedIn | Facebook | Instagram

Bitget Hot Takes (August 08 - August 14)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. Bitget Hot Takes last week can be found here. Central Themes Weekly returns of BGB and BNB hit parity. July CPI for the U.S. confirms tha t price increases have eased. Bitcoin soared to the good ol’ US$25,000 and Ethereum to US$2,000. Tornado Cash faced sanctions. CEXs in turmoil, DEXs in havoc. BlackRock announced its first BTC spot trust. BGB and BNB Hit Parity The week was full of positive news - CPI July Release is lower than expectations, and Ethereum's last merge testnest has been successfully completed. Ethereum obviously remains the gang leader; however, BGB’s weekly growth of 2.59% is roughly on the same level with BNB’s 2.65%. The negligible 0.06% difference between these two figures indicates that BGB has, in fact, hit parity with BNB not just in less favourable eae84f80-3bbf-4e17-a50e-a89147c2697f conditions, but also in the next positive cycles. Nearly US$10 million in BGB changed hands in the last seven days, thus scoring a 6.63% increase in Bitget Token’s weekly volume. Need to check on BGB’s self-sustained growth? Here are our BGB Report for the last three months: BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition Back to US$25K and US$2K The Bureau of Labour Statistics has released the July CPI numbers on August 10, 2022, which records inflation in the U.S. during July at 8.5%. This figure is slightly lower than the expected 8.7%, breathing a breeze of optimism in almost all markets. Bitcoin jumped to US$24,000 right after the release; the momentum has paved the way for BTC to cross US$25,000. Ethereum prices also benefited from the news. Moreover, the final testnet merge on Goerli has pushed ETH price further up to end the week at 16% growth. We can bet on another upsurge in ETH price as Ethereum Foundation suggested tentative dates for The Merge on September 15 and September 16. Pressure On Decentralised Bodies Last Monday, the U.S. Treasury’s Office of Foreign Asset Control (OFAC) announced the blacklisting of crypto-mixing service Tornado Cash, saying ‘Tornado Cash has repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors on a regular basis and without basic measures to address its risks’. Following the sanctions, Circle has frozen USDC funds in all related wallets, whereas Infura, Alchemy and dYdX have blocked access of any kind to Tornado Cash. To join the force later were Aave, Uniswap, MakerDAO and Balancer. Tornado Cash’s users are also flocking out, with US$62 millions already withdrawn from the protocol as of August 12. That is approximately 15% of the TVL on Tornado Cash. Source: The Block On Friday the 12th, a developer suspected to be involved with Tornado Cash was arrested by the Netherlands’ Fiscal Information and Investigation Service (FIOD) in Amsterdam. Around the same time, Tornado Cash’s Discord server, governance forum and Github page were taken down. The disarray of Tornado Cash splits the decentralised world in half, one believes that cryptocurrency markets are better off in the long run with regulations and the other holding on to the notion of utter decentralisation. A research by Delphi Digital shows that prices of governance tokens of decentralised stablecoin projects have increased by 40% over the week as a result. Source: Delphi Digital The whole situation took an ironic turn as blocked Tornado Cash addresses began to send 0.1 ETH to wallets of crypto influencers as a form of protest, including ETHHub Co-founder Anthony Sassano, Crypto Trader Loomdart, Coinbase CEO Brian Amstrong and Tron Founder Justin Sun. Source: Justin Sun’s personal Twitter. Rough Week For Crypto Exchanges The fallout between Binance and India-based WazirX escalated as Binance disables off-chain bilateral transfers. Last week, both Binance CEO and WazirX Founder turned to Twitter for clarification on the issue, but of different minds. Other crypto exchanges facing financial hardships were Nuri, CoinFlex, Hotbit, BitMart and Huobi. Nuri, previously Bitwala, filed for insolvency in Germany on August 9, while CoinFlex filed for restructuring in Seychelles to resolve its US$84 million shortfall. On August 10, Hotbit suspended trading, deposits and withdrawals after the exchange’s funds were frozen as part of the investigation into its former employee. Also under investigation is BitMart, which would become the first cryptocurrency probe of the U.S. Federal Trade Commission. A Bloomberg report on Friday reveals that Huobi Founder Leon Li is selling 60% of his take in the exchange, eyeing an exit of ca. US$1 billion. Rumours said Sam Bankman-Fried and Justin Sun joined the talk, but Tron Founder shut down the story publicly via his Tweet. Centralised exchanges are not the only ones to face growing problems. Curve Finance’s front-end was compromised on August 9, resulting in an exploit of over US$612,000 in stablecoins. The issue was quickly addressed and reverted afterwards. The attacker swapped all into Ethereum and attempted to launder the stolen funds via Fixed Float and Binance, but didn’t succeed: Fixed Float helped seize US$200,000 and Binance US$450,000 in ETH, which will be returned to users. Just a couple of hours ago, a minting error occurred on the Polkadot and Kusama-based financial hub Acala Network, causing its stablecoin aUSD to depeg. Source: Twitter Acala has rectified the misconfiguration, but announced a temporary pause of its functions ‘via urgent governance vote’ ‘until further notice’. The Latest Bitget News Determined to bring our users the best crypto experience, Bitget constantly adds new trading pairs each week alongside the interesting, bountiful events. Don’t forget to register your Bitget account here to join the weekly, exclusive Live Trader AMA in our community group! Moreover, as pressure mounts on crypto firms, many exchanges have shut down or are about to, and you know that millions were drained from crypto wallets over the last seven days. That is to say how timely the launch of Bitget Investor Protection Fund is; with more than US$200 million available for any emergency compensation, Bitget is showing that nothing can stop us from providing an impeccably safe and reliable environment for crypto traders! To find out more about Bitget's Protection Fund, please visit here. New Listings TUPUSDT New Events Giveaway Celebrating The Renewal Partnership With Juventus! Exclusive For Dota2 Fans: US$50,000, Logitech and Alienware For Grab! US$20,000 Prize Pool For Deposit Trade Bitget Futures Trading Competition: US$10K and Samsung S22 Up For Grab! Upgraded Bitget Referral Program Receive $4,163 In Welcome Bonus! Star Traders Recruitment - Bitget Copy Trade Needs You 1,000,000 SHIB For New Users Good Reads Bitget Semi-annual Report 2022 Things you need to know about the ‘Merge' A Compendium Of Crypto Important Milestones What Is Bitget’s Trial Fund? How To Claim and Use It? Follow us for the latest updates: Twitter | Telegram | LinkedIn | Facebook | Instagram