The most important information within the cryptoverse for Aug. 31 consists of  US Congress asking 5 crypto exchanges to elucidate how they’re combatting crypto fraud, Michael Saylor getting sued for tax fraud in Washington, and Christopher Hamilton being extradited to the U.S. for trial on OneCoin Rip-off.

CryptoSlate High Tales

US Congress sends 5 major crypto exchanges letter inquiring how they are combatting crypto fraud

In its effort to deliver clearer regulation to the crypto business, the U.S. Congress has issued a letter to Coinbase, FTX, Binance.US, Kraken, and KuCoin to element efforts they’ve taken to establish and fight crypto fraud.

Congress additionally inquired to know what instruments and mechanisms the exchanges have applied to curb the danger of fraudulent actions on their platform. Expectedly, the exchanges have till September 12 to answer the letter.

Cryptocurrency markets trade flat as Eurozone inflation hits record 9.1%

Inflation figures within the Eurozone for August spiked to a document excessive of 9.1%, in line with information from Europe’s statistics workplace. Consequently, the European Central Financial institution (ECB) is predicted to aggressively hike rates of interest on September 8.

The crypto market, nevertheless, didn’t react a lot to the information. As of press time, Bitcoin went up 0.1%, whereas Ethereum rose 0.25%

Bitcoin mining difficulty rises by over 9%, highest since January

Glassnode information analyzed by CryptoSlate exhibits that the Bitcoin (BTC) mining issue has spiked by 9.26%. the very best since January 2022. The information means that extra miners are becoming a member of the community.

Additional evaluation of the Bitcoin common hash charge exhibits a rise as much as 224.7EH/s (exahashes per second) on Aug.30 as towards 197.7 EH/s noticed on Aug. 16.

Combining the information factors, market gamers famous that the spike in Bitcoin mining issue and hash charge is a results of extra miners returning to work after surviving the crackdown throughout Europe and North America.

Helium developers propose migration to Solana

A current HIP 70 proposal to the group revealed that Helium builders are inching emigrate to the Solana community s as to enhance the community’s effectivity.

The builders claimed that the migration will open up entry to Solana developer instruments and options which can assist Helium deal with its information movement and accounting points.

Reactions from the group members point out the migration concept might face issue to realize approval owing to Solana’s frequent community outages.

Michael Saylor, MicroStrategy getting sued for tax fraud in Washington

Bitcoin Maxi Michael Saylor and his firm MicroStategy will face a lawsuit for allegedly evading tax funds in Washington.

The case towards him claimed that Saylor who had lived in Washington for over a decade conspired along with his firm to assist him evade taxes.

UK judge rules to extradite Christopher Hamilton to US for trial on OneCoin scam

A Briton Christopher Hamilton who was indicted within the $4 billion OneCoin Rip-off of 2014, might be extradited to the U.S. following a court docket ruling within the U.Ok.

The accused had earlier filed to evade trial within the U.S., however District Decide Nicholas Rimmer in his ruling acknowledged that Hamilton needs to be tried within the U.S. the place his victims are based mostly.

Analysis Spotlight

Research: Liquidations, volatility expected ahead of Ethereum’s Merge as leverage, open interest, and shorts hit an all-time high

On-chain datasets analyzed by CryptoSlate point out that the Ethereum merge might include excessive volatility.

Utilizing the Estimated Leverage Ratios (ELS) in line with Glassnode, we noticed that the amount of leverage reached an all-time excessive of 0.28, indicating the potential for prime volatility ought to a big value swing outcome from the Merge.

estimated leverage ratio ethereum

Funding charges have been extremely adverse because the begin of August, implying that extra quick positions are in play.

For open curiosity. the Ethereum futures market reached an all-time excessive of 5 million ETH in August indicating a steady sustained rise in open curiosity.

Despite market downturn, US sees 44% increase in retail crypto investors

A survey by Bitstamp revealed that the curiosity and belief of Individuals have elevated considerably, regardless of the unfavorable market situations.

61% of U.S.based mostly respondents made their first funding in Q2 2022 indicating a 44% rise in curiosity from new buyers in Q1.

The respondents indicated excessive confidence in cryptocurrencies because the belief score rose from 61% in Q1 to 73% in Q2 2022.

Information from across the Cryptoverse

FTX to assist South Korean metropolis construct a crypto alternate

South Korea’s Busan metropolis has signed a memorandum of understanding (MoU) with FTX to supply technical and infrastructure help as town works to construct its native crypto alternate.

FTX additionally hinted at launching its Korea workplace in Busan to assist drive adoption within the metropolis which was designated as Asia’s blockchain-regulatory-free zone.

Ticketmaster companions with Dapper Labs for NFT occasion tickets

Ticketmaster introduced at present that it’s going to proceed issuing NFT tickets which can be minted on the Move blockchain by Dapper Labs. The formal partnership is coming six months after the ticket platform minted over 5 million NFTs with Move.

Customers will have the ability to join with their pockets to entry Ticketmaster’s market the place they will simply view and commerce NFTs tickets.

Russian crypto farms’ electrical energy capability attain 85MW

Evaluation by Vygon Consulting reveals that cryptocurrency mining farms in Russia’s oil fields consumed 85 megawatts of electrical energy, representing 23% of all power generated by burning related petroleum fuel (APG)

The examine additionally signifies that APG miners are nonetheless worthwhile regardless of the declining market situations. On common, the miners earn roughly $6.6 million, which is projected to quantity to $79 million within the subsequent yr.

Crypto Market

Bitcoin was up +1.19% on the day, buying and selling at $20,154, whereas Ethereum was buying and selling at $1,566, reflecting a rise of +1.3%

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