Mikhail

@sleepymishka

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Bitcoin is showing growth dynamics that could lead to a new all-time high even before the US presidential election. This forecast was given by Jeff Kendrick, an analyst at the British bank Standard Chartered, based on the decline in US government bond yields, renewed interest in bitcoin exchange-traded funds (ETFs), and the growing chances of former President Donald Trump to win the upcoming election. On March 13, the bitcoin rate reached a record high of $73.8 thousand. This year, analysts at Standard Chartered have repeatedly published forecasts for the movement of the bitcoin rate. In April, they allowed the BTC price to rise to $150 thousand by the end of this year and to $200 thousand by the end of 2025. For Ethereum, their forecast is $8 thousand and $14 thousand, respectively.

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In 2024, the US Securities and Exchange Commission (SEC) continued enforcement actions against crypto companies. According to data for 2023, the American regulator initiated 46 enforcement actions related to cryptocurrencies. Compared to 2022, this figure has increased by 53%, according to a report by the analytics company Cornerstone. The trend of increased attention to the crypto market from the SEC is expected to continue in 2024. At the end of August, the head of the NFT marketplace OpenSea, Devin Finzer, announced that the company received a notice of investigation from the SEC, in which the agency threatens to sue it. The SEC, as in the case of other crypto platforms, equates NFT transactions with transactions in unregistered securities that violate US laws. OpenSea is one of the first and largest platforms for trading NFT tokens. The notifications (the so-called Wells notice), one of which was received by the platform administrators

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The Bitcoin (BTC) rate fell below $60,000 again on the night of August 28. All major crypto assets also showed a decline. As of 12:30 Moscow time, Bitcoin is trading at $59.2 thousand, the price of Ethereum (ETH) is $2,465. Of the top ten largest cryptocurrencies, Solana (SOL) and Dogecoin (DOGE) fell the most — by 8% and 6%, respectively. The price of Toncoin (TON) did not show a significant decline, despite the large-scale network failure that occurred from August 27 to 28.

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The registry of Russian miners should not be publicly available, said Anton Gorelkin, deputy chairman of the State Duma Committee on Information Policy. The fact is that some miners have already been sanctioned “for their activities in the technology sector,” and the appearance of a full list of Russian mining companies in the public space could seriously worsen this situation. President Vladimir Putin signed a law that legalizes cryptocurrency mining in Russia. The law on regulating the circulation of cryptocurrencies and mining in Russia was adopted by State Duma deputies on July 30. At the same time, a law on experimental settlements in cryptocurrency in foreign trade transactions was adopted.

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The price of the Toncoin (TON) cryptocurrency has fallen by about 20% after the arrest of Pavel Durov in France. Before the news, the TON price was at $6.8, as of 10:20 Moscow time on August 26, the coin is trading at $5.6, according to the OKX exchange. Toncoin's capitalization has decreased by more than $2 billion. With a capitalization of $14.2 billion, the coin now ranks last in the top 10 largest cryptocurrencies in the Coinmarketcap rating, where it has been since the spring of 2024, when its rate began to actively grow. According to analysts interviewed by RBC-Crypto, from a technical point of view, the nearest support levels on the TON price chart are $4.45 and $5.15, but further movement of the rate will depend one way or another on fundamental factors, namely, how the situation with Durov develops. According to AFP, Durov's detention has been extended. Below the designated marks there are several key levels to which the price may fall: $4.00 and $3.50.

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Pump.Fun, a platform for creating memecoins on the Solana blockchain, has reached almost $95 million in total revenue in the eight months since January 2024. As of early July, that figure was $52.2 million, according to DeFiLlama. However, the platform's "successes" do not apply to all the tokens created on Pump.Fun and its users. Over the entire period of operation, more than 1.82 million memecoins have been created using the service, according to the dashboard on Dune, and the percentage of tokens that have hit the exchanges is around 1.4%, according to Adam Cochran, a partner at Cinneamhain Ventures. Even fewer coins have maintained a capitalization above $10 million - only 15 pieces. Only 41 tokens have a capitalization above $1 million, according to a cryptocurrency market analyst under the pseudonym Newton Einstein.

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Sun.io, a decentralized project linked to Justin Sun's Tron ecosystem base, has launched the SunPump platform, which allows users to create memecoins on the Tron platform, CoinDesk writes. The TRON blockchain is a decentralized entertainment content ecosystem launched in 2017 by Chinese owner Justin Sun. According to TRONSCAN, the total amount of transfers in the TRON network has exceeded $13 trillion, and the number of accounts is 215 million. On the network, Tron developers create entertainment applications (dApps) and directly provide them to users, bypassing intermediaries. Following other crypto projects that have installed memecoins, the Tron ecosystem has begun to actively support this token mode.

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The OKX crypto exchange announced the listing of the Dogs token, built on the TON blockchain, on the spot market. Trading will begin on August 20 at 15:00. The Dogs project logo features the character Spotty, an unofficial mascot of the VK social network, created by Pavel Durov during a charity auction. The project quickly gained popularity in the crypto community. In just three days after its launch, over 10 million users registered in the Dogs app.

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The Bitcoin Dominance Index, which measures the share of the main cryptocurrency relative to the rest of the market, has reached a three-year high of 55.9%. The last time such values were observed was in April 2021, according to Coinmarketcap. The upward trend in Bitcoin's share has not stopped since the end of 2022 from a local minimum of 38%, while the minimum for the past six years was recorded at 32.5% in early 2018. The Bitcoin Dominance Index, Bitcoin Market Share, or Bitcoin Dominance is the ratio of Bitcoin's market capitalization to the market capitalization of the entire crypto market. Among the factors that influence this metric are: changes in the Bitcoin price, altcoin valuations, the growth of stablecoin use, market conditions, and the emergence of new cryptocurrencies.

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The average cost of sending a transaction on the network of the second-largest cryptocurrency by market cap has fallen to a five-year low due to low activity on the Ethereum blockchain, which has led to an increase in the inflation rate of ETH coins. The average gas fee on the Ethereum blockchain fell to 1.9 gwei on August 10. This is the lowest level since mid-2019 and almost 98% below the yearly high of 83.1 gwei in March, according to Dune Analytics. Network fees on the Ethereum blockchain are called “gas”. It is measured in units denoted by Gwei, which is a fraction of the Ether coin, namely 0.00000001 ETH. Gwei are used to pay for the computing resources in Ethereum required to conduct each blockchain operation, including transfers, exchanges, token conversions, protocol interactions, and NFT issuance.

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On August 8, two large Telegram channels with a combined subscriber count of over 500,000 announced that the OKX crypto exchange had begun blocking accounts of users from Russia and the CIS. “Traders began to complain en masse about their accounts being blocked for a variety of reasons. At the same time, a number of users lost funds due to the inability to withdraw them. Providing documents confirming the origin of funds or appealing the blocking takes at least 60 days and does not guarantee restoration of access to the account and assets, users note”

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The November US presidential election turned out to be one of the most discussed topics in the cryptocurrency market. This led to interest among some of the public in trading instruments related to candidates for the post of the head of the US. The largest cryptocurrency platform for trading expectations of the election results was Polymarket, where participants can bet on the outcome of future events. The volume of bets on the platform exceeded $1 billion, most of which amounted to $550 million on the upcoming US elections.

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The Democratic Party is actively working on forming a policy on cryptocurrencies. One of the key issues on the agenda is the position of vice presidential candidate Kamala Harris and her advisers on this issue. According to Fortune, Tim Walz, Kamala Harris's choice for vice president, has no clear idea about cryptocurrencies. In contrast, her two new key advisers are no strangers to the industry: one of them sued the crypto exchange Binance, and the other worked for this company.

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The flagship of the crypto market, Bitcoin, partially recovered from Monday's decline and rose by 4% over the past 24 hours. On Tuesday, August 6, the price of the first cryptocurrency momentarily rose above $56,000. Experts interviewed by Cointelegrapg attribute the partial recovery to sellers running out of strength.

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The third month of summer is historically quite calm in terms of volatility in the crypto market. Coinglass data shows that on average since 2013, Bitcoin has grown by 2.7% in August. But at the end of summer 2024, the situation may be complicated by Bitcoin payments to clients of the bankrupt Mt. Gox exchange, as well as the unblocking (unlocking) of tokens worth a total of $1.64 billion in the altcoin market.

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Bitcoin miners are strengthening their positions in the cryptocurrency market and preparing for future changes. As The Block writes, citing data from analysts, miners have stepped up their purchases of bitcoin and are increasing their reserves.

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Gas in cryptocurrencies is the amount of computational effort required to complete a transaction. More complex transactions consume more gas, and therefore entail higher fees. Also, if a transaction needs to be confirmed as quickly as possible, the user sets a higher gas price. If the gas price included in the transaction is too low, miners may ignore it.

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