Cryptonews

After what one imagines was an utterly riveting registration process with India’s Financial Intelligence Unit (doubtless involving more paperwork than a vicar’s funeral), Bybit is now rolling out the red carpet for features galore: spot, derivatives, options, copy trading… one half expects them to offer trading in tea and crumpets next! 🍵

Crypto price rallies are like that one flaky friend – exciting for a hot minute, then poof, gone. But hacks? Oh, they’re the party crashers that never get bored. Meet Nemo, the DeFi yield protocol who learned this the hard way.

Saylor, with the zeal of a true believer, argues that Bitcoin’s network effect will only grow stronger, creating a virtuous cycle where increased demand fuels higher prices, which in turn attracts more demand. It’s a cycle as inevitable as the changing seasons, or so he claims.

Now, if this story sounds familiar, that’s because it sort of is. As reported by U.Today (those busy bees), something eerily similar happened not too long ago with Block 907,283. But hey, lightning *does* strike twice, doesn’t it? ⚡️ Or at least, so we’re told.

‘Good golly!’ exclaimed the astute analysts from Token Terminal, as they spotted this peculiar period of proliferation. Since the foggy dawn of January 2024, the stablecoin supply on Ethereum had more than doubled, frolicking to an astronomical all-time high of $165 billion! Oh, how the little green monster laughed as it grew and ballooned! Although, depending on the junior alchemist fetching the numbers, RWA.xyz pintsonned that it was a wee bit less, at $158.5 billion, which remained an unprecedented record all the same, giving Ethereum a whopping 57% of the market game.

In the last revolution of this little blue marble, Worldcoin [WLD], that ambitious project of scanning eyeballs for digital trinkets, has decided to indulge in a rather boisterous 11% price increase. The derivatives market, that notoriously sensible corner of finance, is practically throwing money at it. Spot investors, bless their naive hearts, are joining the fray. Apparently, charts suggest a ‘free rally.’ Free, you say? As in, no strings attached? Ha!

So what happened? Well, Kinto raised a measly $1 million in debt to restore trading on their “modular exchange” after some hack back in July. The hack drained about 577 Ether (ETH) – that’s roughly $1.6 million, in case you’re keeping track. Not a good look, right?

The scriveners at Nansen declare that Tron, that… peculiar enterprise, shadows Solana’s numbers, exceeding 15.2 million souls engaged – a rather unsettling 11% increase. Bitcoin, the patriarch, remains stubbornly, almost pathologically, unexcitable, clinging to 10.6 million addresses, but with a nagging -4.6% decline. Ethereum, meanwhile, inches forward, a glacial 3.5% climb to 9 million addresses. Such incremental progress, one wonders, is barely noticeable. It’s as if a snail debates its route up a mountain.

According to Token Terminal (the folks who keep track of such things), August’s revenue was a mere $14.1 million, down from July’s $25.6 million. Ouch. 😬 And this all went down while ETH was rallying like a champ, up 240% since April and hitting an all-time high of $4,957 on August 24. Talk about mixed signals! 💔📈