10.6 million BTC have not been transferred for more than two years, and the background of the Tether team is questioned

Headlines

▌10.6 million bitcoins have not been transferred for more than two years

According to HODL15Capital monitoring data, 4.33 million bitcoins have not been transferred for more than 7 years, and 10.6 million bitcoins have not been transferred for more than 2 years.

▌Cyber ​​Capital founder: The credibility of Tether's "Transparency Page" data is questionable, and the background of its team is worrying

Cyber ​​Capital founder Justin Bons posted on the X platform that Tether's transparency is questionable, and the credibility of its "Transparency Page" data is questionable. The background of the Tether team is worrying, and the founding members have been involved in scandals such as Ponzi schemes and gambling cheating. In addition, Tether is closely related to Bitfinex, and Bitfinex's partner bank Crypto Capital was once closed down for money laundering. These factors have led to Tether being accused of market manipulation and even affecting the rationality of the market. Tether's market manipulation suspicions have exacerbated concerns about the cryptocurrency sector, exposing serious internal corruption and conflicts of interest. Bons finally called for vigilance against Tether and the search for more reliable stablecoins.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $60,224.84, with a daily increase or decrease of -0.3%;

ETH's latest transaction price is $2,424.75, with a daily increase or decrease of -0.2%;

BNB's latest transaction price is $555.31, with a daily increase or decrease of -0.3%；

SOL's latest transaction price is 137.71 US dollars, and its intraday increase or decrease is -1.1%；

DOGE's latest transaction price is 0.1059 US dollars, and its intraday increase or decrease is -1.2%；

XPR's latest transaction price is 0.5906 US dollars, and its intraday increase or decrease is +2.1%.

Policy

▌US Senators Urge Top 10 Bitcoin ATM Companies to Address Crypto Frauds Targeting Seniors

On September 15, seven Democratic senators in the United States recently wrote to the country's 10 largest Bitcoin ATM operators, urging them to address cryptocurrency frauds targeting American seniors. The letter was sent to Athena Bitcoin, Bitcoin Depot, Bitstop, Byte Federal, Cash2bitcoin, Coinflip, Coinhub, Margo, Rockitcoin and Unbank. The letter stated: "We call on you to take immediate action to address the problem that Bitcoin ATMs (BTMs) are fueling widespread financial fraud targeting American seniors." Lawmakers said that cryptocurrencies like Bitcoin "have long been associated with criminal activities" and "the relative anonymity and irreversibility of cryptocurrency transactions make them particularly attractive to scammers." The letter also cited data from the FBI and the FTC. Losses from BTM fraud soared from $12 million to $114 million from 2020 to 2023. It added that older people are "more than three times more likely to report losses using BTMs than younger people." The senators asked the companies to take stronger measures to prevent fraud and ensure that their cryptocurrency ATMs are not abused, requiring the companies to respond by October 4 to provide details of their current measures.

Blockchain Applications

▌Gradient Network, the open layer of edge computing in the Solana ecosystem, completes a new round of financing, with participation from Pantera Capital and others

Gradient Network, the open layer of edge computing in the Solana ecosystem, announced the completion of a new round of financing, with participation from Pantera Capital, Multicoin Capital, Sequoia Capital and others. The specific amount of financing and valuation data have not yet been disclosed. The new funds will be used to promote its decentralized protocols and the development of solutions for converting computing power and staking in blockchain networks. Currently, Gradient Network has achieved liquidity staking and seamless connection between Ethereum, Solana and TAO networks. Its platform can use edge computing to support decentralized clouds, provide accessible and affordable AI-driven solutions for content delivery, allowing serverless functions and AI reasoning.

▌Bitfarms launches 2.2 EH/s mining machine hosting agreement ahead of schedule, opposed by Riot Platforms

Bitfarms announced that it will launch its 2.2 EH/s mining machine hosting agreement with Stronghold Digital Mining in October 2024, two months earlier than originally planned. The agreement will enable Bitfarms to add 10,000 Bitmain T21 mining machines to its Panther Creek facility in Pennsylvania. Bitfarms CEO Ben Gagnon said the facilities will help the company expand its business, reduce electricity costs, and enter the energy trading and AI fields. In addition, Bitfarms' Stronghold acquisition plan has triggered strong opposition from its largest shareholder, Riot Platforms. Riot has called for reforms to the Bitfarms board of directors and questioned the value of the Stronghold acquisition, believing that the transaction will dilute shareholder interests. Bitfarms responded that Riot's proposal was in its own interests and insisted that the acquisition of Stronghold was a strategic move to optimize its US business.

Cryptocurrency

▌More than 50,000 BTC flowed out of exchange wallets in the past 7 days

According to the latest data, 9119.17 BTC flowed out of exchange wallets in the past 24 hours, 50024.32 BTC flowed out of exchange wallets in the past 7 days, and 111373.42 BTC flowed out of exchange wallets in the past 30 days. As of press time, the total balance of exchange wallets is 2,338,018.46 BTC.

▌The total market value of cryptocurrencies is currently $2.189 trillion

According to CoinGecko data, the total market value of cryptocurrencies is currently $2.189 trillion, with a 24-hour increase of 0.9%. In addition, BTC's market share has risen to 54.1%, ETH's market share is 13.3%, and Ethereum's gas fee is 2.15GWEI.

▌Ethereum maintains a 35% share of the DEX market, and competitors such as Solana are catching up

According to IntoTheBlock, Ethereum (ETH) continues to dominate decentralized exchanges (DEX), accounting for nearly 35% of the market share. Despite the recent pressure on Ethereum prices, its network activity and application in the DeFi field remain strong. Meanwhile, blockchain networks such as Solana, Arbitrum, and BNB Chain are growing rapidly and gradually challenging Ethereum's market position. Among them, Solana's trading volume has risen significantly, showing its growing importance in the DEX market. Arbitrum and BNB Chain are also increasing their market share, reflecting the increasingly fierce competition in the DeFi field.

▌Electricity bills surge by $300 per household after Norwegian town bans Bitcoin mining

Satoshi Action Fund co-founder Dennis Porter said on the X platform that after a Norwegian town banned Bitcoin mining, the electricity bill per household rose by $300, an increase of more than 25%. After the ban was implemented, the decline in electricity demand in the area caused the remaining users to bear higher electricity costs to make up for the loss of income caused by the withdrawal of mining companies. This change has raised concerns about the cost sharing of power infrastructure.

▌Circle CEO claims the U.S. is becoming a "decisive leader" in cryptocurrency

Jeremy Allaire, CEO of stablecoin issuer Circle, wrote in an X post on Friday that the U.S. is at a "turning point" in cryptocurrency and is about to become a "decisive leader" in nurturing the technology. Allaire said that many people "complain" that the U.S. government is hostile to the cryptocurrency industry. However, Allaire does not agree with this view, and he is not the only one who holds this view.

▌The total market value of stablecoins has returned to above $170 billion, and the market value of USDT has exceeded $118.6 billion

DefiLlama data shows that the total market value of stablecoins has returned to above $170 billion, currently at $170.683 billion, with a 7-day increase of 0.69%. In addition, the total market value of USDT is now $118.609 billion, with a market share of 69.49%.

Important economic developments

▌Next week's outlook: The Federal Reserve leads the "Super Central Bank Week", and Powell holds a monetary policy press conference

According to Jinshi, after the US CPI report came out earlier this week, the market almost believed that the Federal Reserve would cut interest rates slightly by 25 basis points this month, but the situation reversed rapidly since Thursday. At that time, former New York Fed President Dudley said that the Fed had reason to cut interest rates by 50 basis points next week. The Wall Street Journal reporter known as the "Federal Reserve News Agency" and the Financial Times also reported that the Fed faced a difficult choice of cutting interest rates by 50 basis points or 25 basis points. Subsequently, the market's bets on the Fed's sharp interest rate cut next week rose significantly to "50-50". There will be many key events next week: Monday 20:30, US September New York Fed Manufacturing Index; Tuesday 20:30, US August retail sales monthly rate; Wednesday 14:00, UK August CPI monthly rate, UK August Retail Price Index monthly rate; Thursday 2:00, the Federal Reserve announced interest rate decisions and economic expectations summary; Thursday 2:30, Federal Reserve Chairman Powell held a monetary policy press conference; Thursday 20:30, US initial jobless claims for the week ending September 14, US September Philadelphia Fed Manufacturing Index; Friday 11:00, Bank of Japan announced interest rate decisions; At 14:30 on Friday, Bank of Japan Governor Kazuo Ueda held a monetary policy press conference.

Golden Encyclopedia

▌What is the Ethereum Prague-Electra (Pectra) upgrade?

Ethereum's Pectra upgrade combines two separate upgrades: the Prague upgrade and the Electra upgrade. The Prague upgrade focuses on changes to the network's execution layer, while the Electra upgrade affects the consensus layer. These upgrades are collectively referred to as the "Pectra" upgrade when combined. The Pectra upgrade will follow "Dencun," a merger of the Deneb and Cancun upgrades in March 2024. Technically, Dencun is an Ethereum hard fork designed to reduce transaction fees for Layer 2 solutions. Pectra is a new milestone on the Ethereum development roadmap and is scheduled to go live in the first quarter of 2025. This timeline allows for the inclusion of additional features to improve the Ethereum user experience (UX).

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish the correct investment philosophy and be sure to increase risk awareness.