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According to reports, losses from cryptocurrency hacking and fraud have decreased in the third quarter of 2024, although Ethereum (ETH) remains the main target of hackers. Two major hacks in WazirX and BingX exchanges accounted for 69.5% of the total losses. Centralized financial platforms (CeFi) were responsible for 74.8 percent of all successful attacks, while decentralized financial platforms (DeFi) suffered 25.2 percent of losses. Compared to last year, the losses of Defi have decreased by 79.2% and the losses of centralized financial affairs have increased by 66.4%. Ethereum and China's Binance (BNB) have been the most targeted of attacks.
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PayPal announced that US businesses can now buy, sell and hold cryptocurrencies through their merchant accounts on the platform. This service is available in 49 US states except New York. Jose Fernandez da Ponte, senior vice president of blockchain and crypto at PayPal, said the decision was made in response to increased demand. In addition, PayPal has also provided the possibility of transferring digital currencies to foreign wallets for these businesses. This action could be an important step in increasing the adoption of digital currencies among American companies.
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Mira Murati, the chief technology officer of OpenAI, has resigned from the company after 6.5 years. The resignation is part of a wide-ranging change in OpenAI leadership that also includes the departures of Ilya Sutskever, John Schulman and the extended leave of absence of Greg Brockman. Sam Altman, CEO of OpenAI, praised Moratti's important role in transforming the company from an unknown research lab to a leading institution in artificial intelligence. At the same time, OpenAI is in talks to raise new capital, which could increase the company's value to $150 billion.
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With $100 billion in assets under management, asset management firm VanEck predicts that Solana (SOL) has the potential to reach 50% of Ethereum's (ETH) market cap. The company's research report shows that Solana's price can reach $330. "Solana processes 3,000 percent more transactions than Ethereum, has 1,300 percent more daily active users, and its transaction fees are almost 5 million percent cheaper," Van Eck said comparing Solana and Ethereum data. The company believes that both retail and institutional investors are becoming aware of Solana's benefits.
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A cryptocurrency analyst has warned that selling Bitcoin (BTC) at around $74,000 would be a disastrous mistake. He believes that fundamental factors such as the injection of liquidity by the Central Bank of China, the weakening of the US dollar index and the increasing interest of financial institutions in Bitcoin can cause a further increase in the price. Technically, Bitcoin is in a bullish pattern and breaking the $65,000-$66,000 resistance could push the price to higher levels. Also, BlackRock's approval to trade bitcoin exchange-traded fund options (ETF) and the interest of banks like BNY Mellon to hold bitcoin are positive signs for the future of this digital currency's price.
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Circle, the issuer of USDC stablecoin, announced the launch of a set of blockchain-based compliance products called Compliance Engine. The platform includes transaction screening and monitoring tools and services related to KYC requirements and will be active on the Avalanche (AVAX), Ethereum (ETH), Polygon (POL) and Solana (SOL) networks. This action is part of Circle's effort to increase USDC adoption and compete with Tether's USDT. USDC has a market cap of $36 billion versus USDT at $119 billion. The platform could help develop the multi-trillion dollar market for tokenized real-world assets (RWAs).
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The Ethereum (ETH) Base layer 2 network, owned by the Coinbase exchange, was down for 20 minutes on September 21 and did not produce any blocks. This was the second base outage since its launch. Bass producer Jesse Pollak confirmed the event. Notably, the event received little news coverage compared to similar outages on networks such as Solana (SOL). Base is one of Ethereum's most popular Layer 2, and this outage could raise concerns about its reliability. However, the base team was praised for their quick response and technical skill in fixing the problem.
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Total digital asset investment products saw net inflows of $321 million for the second week in a row, according to CoinShares, a cryptocurrency asset management firm. This performance is attributed to the 0.5% interest rate cut by the Federal Reserve. Bitcoin-related products led the inflows with $284 million, while Ethereum products had $29 million in outflows. This was the fifth consecutive week of outflows from Ethereum products. Kevin Shares attributed this to continued outflows from Grayscale Trust and low inflows into new ETFs. Ethereum ETFs have underperformed Bitcoin ETFs since launching in the US in July.
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The market value of Tether (USDT) has reached a new record high of $119.2 billion in the last seven days, which could be a sign that investors are ready for massive buying of digital currencies. This increase coincided with the 8.1% growth of Bitcoin to $63,464 and the increase of $40 billion in the total value of Ethereum last week. Analysts report the possibility of the beginning of the season of altcoins and their market value reaching more than 1 trillion dollars. However, there are concerns about Tether's true underpinning and its potential impact on market stability. Some believe that Tether's recent rise in value could lead to a strong market rally in October, while others warn of systemic risks.
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The price of gold has increased by 26% this year and is on track to record its best performance since 1979. Peter Schiff, a famous economist, has announced that the price of gold will increase to more than $540 in 2024, which is the largest dollar growth in history. This price increase coincided with interest rate cuts by the Federal Reserve and an increase in the US national debt. Despite gold's strong performance, Schiff believes investors haven't fully recognized the bull market yet, as shares of gold mining companies are up just 31%. He attributes this trend to current economic conditions, including low interest rates and inflationary concerns.
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The digital currency exchange BingX (BingX) in Singapore was attacked by hackers. According to the Cyvers Alerts report, more than 52 million dollars have been stolen from the hot wallets of this exchange. Bing X has announced that it has activated the emergency program and stopped the withdrawals. This exchange claims that the damage is minimal and manageable. This hack has affected several blockchains including Ethereum (ETH), Binance Smart Chain (BNBChain), Polygon and Avalanche. Some experts have criticized the transparency of BingX in this regard.
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Following Bitcoin's recent rally that pushed its price above $60,000, leading cryptocurrency expert Ali Martinez has warned that investors should realize some of their profits. Technical analysis tool TD Sequential has issued a sell signal for Bitcoin, indicating an imminent correction. Martinez also noted that if Bitcoin fails to hold the 200-day simple moving average of around $63,956, it could fall as much as 50% to around $30,000. However, some analysts believe that October could boost Bitcoin's rally and push its price above $70,000.
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Ethereum (ETH) is poised to shine again after its recent underperformance, research firm Steno predicted. The Fed's interest rate cut will lead to an increase in on-chain activity and Ethereum blockchain profits. While Bitcoin (BTC) has grown by 43% since the beginning of the year, Ethereum has only grown by 8%. Steno believes that Bitcoin ETFs can no longer outperform their Ethereum counterparts.
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PricePredictions artificial intelligence algorithm predicted that the price of Bitcoin (BTC) will reach $70,107 by October 1, 2024. This is an increase of 10.8% compared to the current price. Analysts also predict a bullish outlook for Bitcoin after the Federal Reserve cut interest rates by 0.5 percentage points.
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British financial services company Revolut, which offers cryptocurrency trading services, plans to launch its own stablecoin. The company, which received a UK banking license in July and is valued at $45 billion this year, is apparently in the final stages of creating this stablecoin. Rolot's spokesperson stated that the company plans to expand its digital currency services with a regulatory approach. The lucrative stablecoin market, led by Tether with a market capitalization of around $119 billion, has seen the entry of new players. PayPal released its stablecoin last year, and Ripple and BitGo are also planning to enter this arena. Roulot has provided the possibility of buying and selling digital currencies in its application since several years ago.
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In September, the amount of bitcoins held on exchanges fell significantly, reaching levels last seen in mid-November 2018. Since the beginning of the month, Bitcoin reserves of exchanges have decreased from about 2.62 million to 2.58 million. This drop of almost 38,000 bitcoins in two weeks shows the continuation of the rapid outflow of bitcoins from exchanges. The annual trend of decline is even greater; With a decrease of about 430,000 bitcoins since the beginning of the year. A decrease in Bitcoin reserves on exchanges is usually a sign of investor confidence in Bitcoin's future price potential, as it reduces the supply available for trading. This behavior could indicate a build-up phase in the current market cycle, possibly setting investors up for a significant price move.
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Bitcoin (BTC) mining profitability has reached an all-time low, according to JPMorgan. The price of Bitcoin remains below $60,000 and the network hashrate has returned to pre-halving levels. The hash price, a measure of miners' daily profitability, is down 2% this month and is more than 50% below pre-halving levels. The market value of 14 American Bitcoin mining companies decreased by 3% and reached below 20 billion dollars.
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A cryptocurrency trader lost $1.13 million of his capital in the Meerdao token (MKR) in 50 days. This loss occurred after the announcement of MakerDAO's name change to Sky Ecosystem. Meerdao recently announced that it will change its name to Sky Ecosystem and introduce a new token called SKY. This decision has caused the price of MKR to drop by 18.58% in the last 30 days.
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Michaël van de Poppe, a well-known cryptocurrency analyst, predicted that the price of Bitcoin (BTC) could reach $300,000 to $600,000 in this cycle. He believes investors may use Bitcoin as a hedge against geopolitical tensions, banking instability and devaluation. The current price of Bitcoin is $59,905, which has increased by about 3% in the last 24 hours. Van de Pop also noted that the TOTAL3/BTC chart is showing bullish signs.
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After the announcement of the launch of the Grayscale investment fund for the digital currency Ripple (XRP), its price rose 6% to $0.57. XRP, which is the native token of the Ripple network, rose from $0.54 to more than $0.58 after this news, making it the biggest gainer among major digital currencies today.
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