Author: Coin Viz

Aave DAO has received a proposal to integrate Coinbase’s upcoming Bitcoin wrapper, cbBTC, into its V3 platform on the Ethereum mainnet and Base. In a Sept. 10 post, Aave’s founder, Stani Kulechov, explained that the proposal aimed to position Aave as the preferred platform for launching Tier-1 assets. Proposal details The proposal seeks to expand the options for Bitcoin holders participating in DeFi on Aave V3. By adding cbBTC, users would gain more choices for leveraging their Bitcoin, which could boost liquidity and engagement. It noted that the integration of cbBTC aligns with Aave’s strategy to offer high-quality assets. It…

Osmosis, the leading interchain decentralized exchange (DEX) and DeFi hub on Cosmos has unveiled plans for a new product called Polaris, described as a “Token Portal” designed to address fragmentation issues in the digital assets ecosystem. According to information shared with CryptoSlate, Polaris aims to provide a unified interface for trading and managing tokens across multiple blockchain networks. The project is positioned as a solution to what Osmosis terms “The Great Chain Divide” – the tendency for individual blockchain ecosystems to create siloed environments that fragment liquidity and complicate user experiences. Sunny Aggarwal, Co-Founder of Osmosis and Polaris, told CryptoSlate,…

Today’s US inflation data showed a slight uptick in August, with the Consumer Price Index (CPI) rising 0.2% monthly. Year-over-year data is at 2.5%, down from 2.9% and a consensus of 2.6%. The core CPI, which excludes volatile food and energy prices, increased 0.3% month over month and held steady at 3.2% year over year. US CPI data (Trading Economics) Despite the marginally higher-than-expected MoM inflation figures, Bitcoin has remained relatively stable, trading around $56,700 as of 1:30 P.M. EST. While inflation has increased 0.1% higher than analysts expected this month, it continues to fall overall. This stability suggests that crypto…

Caroline Ellison, former co-CEO of Alameda Research, has requested no jail time for her role in the FTX collapse, according to a Sept. 10 court filing. Her legal team argued that her sentence should be limited to time served, followed by supervised release, because of her extensive cooperation with the authorities during Sam Bankman-Fried’s trial. Further, the lawyers noted that the Probation Department recommended a time-served sentence and three years of supervised release. They stated: “The Probation Department recommends a sentence of time served with three years of supervised release. The PSR grounds this recommendation in Caroline’s extraordinary cooperation with…

Bitcoin’s correlation with traditional financial markets has been a topic of significant interest and debate in recent months. The latest data suggests that Bitcoin is exhibiting behavior more closely aligned with tech stocks than gold, challenging its narrative as “digital gold” in the short term. Julio Moreno from CryptoQuant shared data showing that Bitcoin currently indicates a positive correlation of +0.39 with the Nasdaq index while displaying a negative correlation of -0.40 with gold over 30 days. This data showcases Bitcoin’s increasing ties to risk assets like tech stocks rather than behaving as a safe-haven asset like gold. However, Bitcoin…

The US national debt has reached a staggering $35.347 trillion as of Sept. 9, 2024, marking a significant increase of $1.357 trillion since the beginning of the year. This surge in debt, when viewed through the lens of Bitcoin, presents an intriguing perspective on the evolving relationship between traditional fiat currency and digital assets. According to Timechain Index founder Sani, the US national debt is equivalent to 644.071 million Bitcoin (BTC), over thirty times the maximum supply. This figure represents a notable decrease from the 761.325 million BTC equivalent recorded at the start of 2024 despite the substantial rise in…

On Sept. 10, data indicated mixed Bitcoin ETF activity across several major issuers. Fidelity’s FBTC ETF saw the most significant inflow, recording $63.2 million. Ark’s ARKB ETF followed with $12.7 million. Grayscale’s mini Bitcoin ETF BTC saw $41.1 million in inflows. Other major players, including Grayscale’s GBTC, BlackRock’s IBIT, Bitwise’s BITB, Invesco’s BTCO, Franklin’s EZBC, Valkyrie’s BRRR, VanEck’s HODL, and WisdomTree’s BTCW, showed no activity, with reported flows at zero. Bitcoin ETF (Farside investors) Overall, total flows for the day reached $117 million, primarily driven by Fidelity and Ark. Grayscale’s holdings, while unchanged, continued to represent a significant portion of…

Onchain Highlights DEFINITION: The number of unique accumulation addresses. Accumulation addresses are defined as addresses that have at least 2 incoming non-dust transfers and have never spent funds. Exchange addresses and addresses receiving assets from Coinbase transactions (miner addresses) are discarded. To account for lost coins, addresses that were last active more than 7 years ago are omitted as well. Bitcoin accumulation addresses have experienced a notable decline throughout 2024, diverging from previous years’ steady growth trends, based on Glassnode data, The number of these addresses began the year at over 840,000 but dropped to around 815,000 by mid-April. This…

A House hearing on DeFi highlighted deep divisions between lawmakers. Democrats pushed for stricter regulation to protect consumers from scams, while Republicans advocated for a light-touch approach to encourage innovation. The session, which aimed to examine the potential benefits and dangers of DeFi, saw Rep. Maxine Waters (D-CA) raise alarms over former President Donald Trump and his family promoting an upcoming DeFi project called World Liberty Financial. Waters, the ranking Democrat on the House Financial Services Committee, pointed to the project as a prime example of the risks posed by the largely unregulated DeFi space. She referenced a recent incident where…

Bitwise Chief Investment Officer Matt Hougan cautioned investors that ongoing market uncertainty is driving significant volatility in Bitcoin and other digital assets but expressed optimism for a recovery later in the year. In his latest investor note, Hougan highlighted key challenges, including the upcoming US presidential election and ongoing debates over Federal Reserve rate cuts, as major factors influencing the current downturn. According to Hougan: “Markets hate uncertainty, and right now, there’s plenty of it.” He added that with no clear direction on US leadership and monetary policy, Bitcoin has already fallen 7% in the first week of September, adding…