Category: Cryptocurrency News

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Despite the less-than-impressive performance over the last few months, Bitcoin investors are still digging their heels deeper into the digital asset. This is evidenced by the continuous rise in wallet activity that has been recorded during this time. Bitcoin Wallet Activity Hits Highest In 5 Months In a Tuesday post, on-chain data aggregator Santiment revealed that there has been a significant uptick in Bitcoin wallet activity despite the BTC price downtrend. Apparently, while the market had fluctuated heavily due to regulatory uncertainties, Bitcoin investors held their own, especially in terms of new wallet address activity. Related Reading: Institutional Investors Flee Ethereum Amid Plunge Toward $1,500 The Santiment reports show fluctuations in this metric over the months. However, the one consistent thing was the tendency to jump back up even after dipping significantly. In September alone, the metric has moved from a low of around 860,000 to over 1.1 million unique daily Bitcoin addresses active. Unique daily addresses hit 5-month high | Source: Santiment on X Interestingly, this figure is the highest this metric has been since April, proving that the BTC price downtrend has not served as a deterrent for Bitcoin investors. Rather, it looks as if investors are using the current low prices as a way to increase their footprint. The uptick can also be explained by the euphoria triggered by asset manager Franklin Templeton filing for a Spot Bitcoin ETF. While the hype around the filing was short-lived, it triggered a brief uptick in the price of the digital asset, and likely aided the rising wallet activity rate as investors rushed to take advantage of the growth. Will BTC Price Follow Wallet Activity? Even though wallet activity is up, the BTC price is still straining below $26,000. This could suggest that this metric does not really have much bearing on the price of Bitcoin. Rather, it just points to investors not slowing down usage of the network despite low prices. BTC price recovers above $26,000 | Source: BTCUSD on Tradingview.com Presently, investors are still eagerly awaiting a decision on the numerous Spot BTC ETFs that have been filed by fund managers. The outcome of these filings, whether rejected or accepted, will likely be the defining factor for the Bitcoin price going forward. Related Reading: Analysts Are Bullish On ADA But Price Keeps Tanking, What’s Going On? For now, there are no big moves to be expected for the digital asset, especially given the fact that it is still ranging below its 50-day and 100-day moving averages. Mounting resistance between $26,000-$27,000 suggests that Bitcoin might continue to trade sideways for the better part of September. At the time of writing, Bitcoin is treacherously holding above $26,000 with meager gains of 0.64% in the last day. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com

I noticed people get scammed Manny times of up to 30 k dollars. I would be enraged and furious. Of course they are. If you are about to get scammed just send me some too. I need money too. Plus this is the only reddit account I have and I would give it back too.…
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The bank messaging network has seen a dramatic increase in processing speed and is developing technology to connect CBDCs.

In a recent move that intensifies the Securities and Exchange Commission’s (SEC) crackdown on the Non-Fungible Token (NFT) sector, the SEC has charged Stoner Cats 2 (SC2) with conducting an “unregistered offering of crypto asset securities.”  The charges specifically target Stoner Cats’ sale of non-fungible tokens, which raised approximately $8 million from investors to finance the production of an animated web series. Related Reading: TON Jumps By Nearly 8% Following Wallet Integration On Telegram SEC’s Legal Earthquake Hits NFT Market Once Again  The SEC order reveals that on July 27, 2021, SC2 sold over 10,000 NFTs to investors at approximately $800 each, with the entire supply being sold out within a mere 35 minutes. The SEC alleges that SC2’s marketing campaign highlighted the potential benefits of owning the NFTs, including allowing owners to resell them on the secondary market.  Furthermore, the SEC claims that SC2 emphasized its Hollywood producer expertise, knowledge of crypto projects, and involvement of well-known actors in the web series, which led investors to anticipate profits from the potential rise in resale value. According to the SEC, SC2 configured the NFTs to provide a 2.5% royalty for each secondary market transaction, incentivizing individuals to buy and sell the NFTs. Subsequently, purchasers allegedly engaged in over 10,000 transactions, amounting to more than $20 million.  The SEC alleges that SC2 violated the Securities Act of 1933 by offering and selling these SEC-denominated “crypto asset securities” to the public without registering the offering or qualifying for an exemption. Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, emphasizes that the determination of whether an investment contract qualifies as security lies in the economic reality of the offering, rather than the labels attached to it. Grewal stated:  Here, the SEC’s order finds that Stoner Cats marketed its knowledge of crypto projects, touted that the price of their NFTs could increase, and took other steps that led investors to believe they would profit from selling the NFTs in the secondary market. Stoner Cats Settles Charges, Agrees To NFTs Destruction While the SEC’s actions are intended to “protect investors” by ensuring proper disclosures, some critics argue that the SEC’s language and terminology surrounding the NFT market are biased and lack clarity.  Crypto enthusiast and investor Adam Cochran expressed his concerns, highlighting that there is no such thing as an “unregistered offering of NFTs” since registration requirements typically apply to securities. Cochran believes that the SEC’s communications should accurately reflect the law to avoid a chilling effect through fear-mongering. In response to the charges, SC2 has agreed to a cease-and-desist order and to pay a civil penalty of $1 million. The order also establishes a Fair Fund to return funds to injured investors who purchased the NFTs.  Additionally, SC2 has committed to destroying all NFTs under its possession or control and publishing notice of the order on its website and social media channels. Related Reading: Can Ethereum Tally Spring Highs After Correction? Top Analyst Shares His Views The SEC’s lawsuit against Stoner Cats underscores the ongoing regulatory battle surrounding the NFT sector. As the industry evolves, stakeholders are calling for clearer guidelines and unbiased regulatory practices to strike a balance between investor protection and fostering innovation in the digital asset space. Featured image from iStock, chart from TradingView.com 

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