Press Release
Spritz Finance, a Web3 personal finance platform for DeFi users to easily pay their bills with crypto, recently closed a USD 2.5 million pre-seed round. The funds will be used for hiring, expanding the platform’s crypto payments integrations, and making the product compatible across multiple blockchains.
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Here's your Wednesday edition of Cryptonews Crunch, featuring the latest stories with multiple crypto market analysts chiming in on Bitcoin's recent downwards price action, short BTC investment funds saw the largest weekly inflow on record, and Brazilians have spent more money than ever buying cryptoassets this year.
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Source: CoinMarketCap.com
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- Speaking in an interview with Barron’s earlier this week, Craig Erlam, Senior Market Analyst at Oanda, said that the lows that were seen in Bitcoin around mid-June this year may not hold. The price lows are “really being put to the test as risk aversion sweeps through the markets once more,” Erlam said. He added that any break of the lows from this summer could become “really damaging” for the Bitcoin market. “Considering the outlook for risk appetite in the near term, it’s not looking good,” he said. Others, including AvaTrade’s Chief Market Analyst Naeem Aslam, warned about a narrowing of Bitcoin’s daily trading range, saying this means that more volatility is in the cards for the number one cryptocurrency. On the other hand, popular Bitcoin proponent and podcast host Mary Bent, opined that the most likely outcome of the current energy crisis in Europe is that the US Federal Reserve (Fed) turns its dollar printer back on. As is well-known in investment circles by now, Bitcoin tends to respond positively to increased money printing in the US, which means that a turn-around from the Fed is likely to boost the bitcoin price going forward.
- According to CoinShares’ latest digital asset fund flows report, short Bitcoin investment funds – funds that rise in value when Bitcoin’s price falls – saw inflows of USD 18m last week, the largest weekly inflow ever recorded for the category. The inflows brought the total assets under management (AUM) in short Bitcoin funds to USD 158m. At the same time, conventional Bitcoin funds that rise in value as the Bitcoin price rises saw outflows of USD 11m, the data showed. The outflows represent the 4th consecutive week of outflows for Bitcoin funds, CoinShares said. Meanwhile, Ethereum-backed funds saw the second-largest outflows last week, with USD 2.1m leaving the funds.
- Brazilians have spent more money than ever buying cryptoassets this year – and in May shattered previous spending records by shelling out a combined USD 912 million on coins. Per the media outlet Portal de Bitcoin, the data was released by the nation’s Central Bank, which is yet to compile and release figures for June, July, and August. The May 2022 figure dwarfs the previous record high – again per Central Bank data – which was reached exactly a year beforehand: in May 2021, when Brazilians bought USD 756 million. Meanwhile, the newspaper Globo reported that the Central Bank’s prototype digital fiat – the so-called digital real – will be ready for real-world testing “by the start of the second quarter of 2023.”
- Since January 2022, Bitcoin and some of the world's largest altcoins have corrected by more than 50%. While some large-cap coins are losing market share, investors quickly shift their attention towards Tamadoge. This new cryptocurrency is providing staggering returns during its crypto presale. Tamadoge (TAMA) is a decentralized cryptocurrency platform that offers in-game crypto earning opportunities through its play-to-earn (P2E) ecosystem. Leveraging TAMA, the native cryptocurrency, Tamadoge offers playable NFTs through its platform. TAMA has collected more than $12.3 million of its $19 million presale targets. Launching in August 2022, TAMA sold out its beta presale targets of $2 million in only 10 days. Initially available at only $0.1 per token, Tamadoge will be trading at $0.3 by the end of this round.
- South Korean police officers continue to close the net on suspected darkweb-based drug traders – with officers in North Gyeongsang Province arresting 86 people they believe bought or sold narcotics using Bitcoin as a payments tool.
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- Switzerland-based crypto bank SEBA Bank, said it has launched ETH staking services, and now, "institutions can play a pivotal role in securing the network by staking Ethereum."
- Binance.US said it has launched ETH staking, offering a starting annual percentage yield (APY) rate of 6%.
- Hardware wallet manufacturer Ledger said that, on the day of the Merge, Ledger Live will pause Ethereum services "for as little time as possible, while making sure the network is stable and safe to use." "Important events like the Merge are magnets for scammers trying to gain access to your 24-word recovery phrase. Beware! You do NOT need to update/upgrade/sync/migrate your Ethereum accounts with your 24-word recovery phrase leading up to the Merge," they added.
- Voyager Digital received more than one acceptable bid for its assets, and no bid was clearly the best, Bloomberg reported, citing a notice filed in bankruptcy court Tuesday. A higher final price tag for Voyager may result in better recoveries for customers, per the report. The auction will be held on September 13.
- Digital asset investment products saw inflows totaling USD 9.2m last week, compared with USD 27m outflows a week earlier, per CoinShares data. The predominant inflow was into short investment products. Bitcoin saw outflows of USD 11m (USD 29m a week earlier), while Ethereum outflows increased from USD 0.9m to USD 2m.
- Crypto platform Nexo said it has today rolled out its new trading platform, Nexo Pro, to "all five million" clients. It provides its customers with spot, margin, and futures trading functionalities. "In the months to come, new trading incentives will provide additional benefits for existing and prospective NEXO Token holders," they added.
- Due to "liquidity problems," BTC and crypto mining pool Poolin said that the payout of the current BTC and ETH balances on the pool "will be temporarily suspended." Also, the firm suspended its swap services and paused withdrawals from Pool Account. "All user assets are safe and the company's net worth is positive," they said.
- CleanSpark said it has entered into a purchase agreement with Cryptech Solutions for 10,000 brand-new Bitmain Antminer S19j Pro units for a total price of USD 28m, after credits and discounts. The servers are expected to be delivered by late October or early November of this year. CleanSpark said it now has more than 37,000 bitcoin mining machines operational at all its sites, with a daily production high of 14.9 bitcoins.
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Kucoin - Promotion
At Kucoin, we are thrilled to announce that we'll co-host the USDC September Carnival with the USDC team to bring more benefits to our users and the USDC community. This USDC September Carnival will last all of September with various campaigns. You are welcome to join this feast and share 250,000 USDC!
Activity Period: 10:00:00 on September 5, 2022 – 10:00:00 on September 11, 2022 (UTC)
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