Litecoin Falls, Polygon Rises, but Borroe Pre-sale Outshines them all

Audy Castañeda
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Litecoin Falls, Polygon Rises, but Borroe Pre-sale Outshines them all

Investors are trying to find new hidden gems ahead of the next cryptocurrency rally. Litecoin (LTC) and Polygon (MATIC) have been surging, but their recent performance is nowhere near the anticipated Borroe ($ROE) rally. After a 25% rise, investors are saying that Borroe ($ROE) will emerge as one of the top 5 cryptocurrencies.

Litecoin (LTC) in Shock Decline as Markets React to Recent Halving Event

Litecoin (LTC) is decentralized money, free from censorship and open to all. Send low-cost, private, secure, borderless payments to anyone, anytime, anywhere. https://litecoin.com/

Despite being on a bullish rally since the beginning of the year, the price of Litecoin (LTC) has fallen in the past two weeks. Litecoin (LTC) trading activity has been elevated since the beginning of the year.

Litecoin’s strong rally since January made it one of the top 10 altcoins. It surged further in July following the announcement of Litecoin’s (LTC) listing on the EDX markets owned by Citadel and Fidelity Digital Assets. However, the drop in Litecoin (LTC) followed its halving, which saw a 50% reduction in LTC block rewards. The drop led to a decrease in Litecoin (LTC) trading activity, causing its price to fall sharply.

Polygon (MATIC) Rises as Competitors Fall

Polygon (MATIC) is an Ethereum token that powers the Polygon Network – a protocol and framework for building and connecting Ethereum-compatible blockchain networks.

Polygon (MATIC) is in an uptrend due to weeks of rising network metrics and market declines among its competitors. Polygon (MATIC)’s network activity and transaction count had increased sharply following its partnerships in July.

In addition, Polygon (MATIC)’s competitors, including Solana and Ethereum, experienced declines in network activity, leading to a boost in Polygon (MATIC)’s market performance. Many analysts expect Polygon (MATIC) to rise to $0.81 if its network activity and social sentiment remain high.

Borroe ($ROE): We Provide Innovative Solutions to Make it Easier for Companies to Raise Capital

Borroe ($ROE) is a blockchain-based solution to the fundraising problem. Powered by Polygon (MATIC), the platform provides a secure and instant way to generate capital through fundraising that meets customer needs.

Borroe allows users to raise funds by taking out loans embedded in NFT using their future invoices as collateral. Users gain unusual access to liquidity through Borroe’s marketplace, which connects Web3 companies with willing providers of short-term capital.

Both buyers and sellers enjoy Borroe Marketplace Rewards ($ROE) and special recognition for their contributions. Users also receive access to low-risk investments and special notifications of the latest deals.

Joining the Borroe ($ROE) ecosystem requires only the purchase of the $ROE token, which costs $0.0125. $ROE is currently in Stage 1 of its presale but is expected to increase to $0.0150 in Stage 2. At the end of its presale, $ROE is expected to be one of the best altcoins to buy, generating an initial ROI of 300%.

With the high demands of online business in the Web3 world, fundraising is a critical but difficult part of being a successful brand. Traditional fundraising is expensive, time-consuming, and often unable to meet a company’s short-term capital needs.

Borroe is an innovative AI-powered funding marketplace designed specifically for content creators and Web3 participants. Its unique model offers the opportunity to generate instant cash flow by allowing users to sell their future revenue from sources such as subscriptions, royalties, and invoices.

By Audy Castañeda

Tether’s Chief Technology Chief Remains Silent on Bitcoin Farms Location

Leonardo Perez
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Tether’s Chief Technology Chief Remains Silent on Bitcoin Farms Location

Tether CTO Paolo Ardoino stablecoin issuer Tether implied that operations are based in Latin America, but hesitated to disclose further details and recently found himself dealing with rumors about images of large industrial containers on the Internet. This speculation led him to reject questions about where Tether is mining Bitcoin.

In a post on X (previously known as Twitter) on August 26th, Ardoino shed light on the curiosity sparked by the photo he shared on August 24th. The image showed a container with the Tether Energy logo photoshopped on it, leading many to wonder what it was.

    “One of #Tether energy production and #Bitcoin mining sites coming along well. pic.twitter.com/6Z8o6A5OaE

    – Paolo Ardoino (@paoloardoino) August 24, 2023”

He clarified that the photo shows a control room at a Bitcoin mining facility that Tether is completing and in which it will soon begin operations.

 However, Ardoino has firmly said that he will not disclose the location, thus responding to numerous users who have asked about it. Although he mentioned that the location is somewhere in Latin America, he did not add further details for security reasons.

Where? In Latin America

Ardoino indicates that they tend not to share exact locations to avoid harassment from staff, a valid concern given the number of Tether-obsessed detractors, admitting that it has led many Tether skeptics to question its legitimacy. “You can almost hear some of them screaming, “Nooo if you don’t tell us the address, zip code, last name of the cow eating the grass nearby then it’s not real!!!!!”

He addressed skeptics who were curious about the photoshopped logo appearing on the garbage cans, explaining that it was a deliberate media decision.

Ardoino noted that they thought the photo would be shared in newspapers, so the team wanted to brand it. However, he believes that displaying logos on mining sites would not be wise from a safety standpoint, and also, putting giant Tether logos would not be great from the standpoint of physical privacy of the facility.

Ardoino anticipated that operations would possibly begin in September. The work is progressing at a good pace, and the whole team is very excited and working against the clock to get up and running in the next few weeks.

This comes on the heels of news that Tether is developing mining software aimed at providing more transparency at Bitcoin mining sites.

On August 17th in an interview with Cointelegraph, Ardoino explained that Tether is working on a mining software called Moria, which provides more comprehensive data analytics on power production at a Bitcoin mining facility.

He emphasized the need for improved analytics and performance reviews in Bitcoin mining. He believes Moria will help assess the performance of the facility and the surrounding environment:

If the power the mining facility uses is wind or solar, there are optimization parameters, such as the predicted wind speed for a particular day or a particular time of the day, that could be used to overclock some of the miners and increase production.

By Leonardo Pérez

 

PEPE Price Crash: Developer Blames Team, Promises Recovery Measures

Leonardo Perez
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PEPE Price Crash: Developer Blames Team, Promises Recovery Measures

One of the original members of the PEPE development team released a statement that pointed the finger at fellow developers regarding a massive drop in tokens stored in a team multi-signature (multisig) wallet.

In the wake of the PEPE devaluation, which saw the currency plummet by up to 20% from August 24th to the 25th, @pepecoineth apologized for the event and announced steps to restore trust in the coin.

Big Egos and Greed Caused the Dump of PEPE Token

The developer stated that “big egos and greed” caused the dump of multisignature tokens. The PEPE price went down because the token development team made transactions from their wallet. The wallet held 6.9% of PEPE’s total supply previously.

On Thursday, the wallet moved about 16 billion tokens to cryptocurrency exchanges. After that, some members of the team lowered the number of signatures needed to control the wallet, from 5/8 to 2/8. This can be observed in a PEPE price chart published by BeInCrypto.

PEPE developer @pepecoineth accused team members of acting against the group for the recent issue on Twitter. @Pepecoineth stated that the crew had four developers, but three of the original members have already gone from the initiative and carried away over half of the team’s tokens.

They left multisig wallet to distance themselves from $PEPE, deleting all social media accounts. The only message I received was ‘multisig upgraded, you’re in control.’ @pepecoineth revealed new information about the founding team, stating that internal conflicts and greed led to some team members becoming bad actors with big egos. Unfortunately, $PEPE has been plagued by these issues since its creation.

Pepe Developers Are in a Dispute over Assets Control  

PEPE developers are in a dispute over control of the assets held in the team wallet. The funds were reserved for specific purposes, as stated on the official PEPE website. These include future exchange listings, bridges, and liquidity. The funds were successfully used for previous exchange listings on centralized exchanges.

However, @pepecoineth’s statement has revealed that there have been disagreements about control of the wallet in the past. He pointed out that: If I were in charge from the beginning, I would have given some money away and destroyed most of the wallet a while ago.

As for the project’s media files, it seems that one person has control over the @pepecoineth X account; however, who owns PEPE’s official Telegram channel is still unclear.

A message on the channel announced that PEPE Telegram group is currently inaccessible as the group owner’s old Telegram account was hacked, and the group was taken over during the process of regaining access or creating a new one. Until further notice, all official PEPE communications will be made through @pepepe account, and new official group links will be shared here.

Going forward, @pepecoineth promised supporters that they would move the remaining 10 billion tokens from the multi-signature wallet to a new location.

According to his initial statement, the money is secure and managed by someone who has the best interests of everyone and $PEPE in mind and is inaccessible to malicious former team members.

Pepecoineth will keep PEPE’s $10 billion while planning for the future. They are in talks to buy specific web domains and usernames.

Additionally, they plan to give away some of their multi-signature tokens and destroy the remaining ones.

By Leonardo Pérez

30,000 BTC Migration to Cold Wallets Means Good News for Bitcoin Price

Audy Castañeda
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30,000 BTC Migration to Cold Wallets Means Good News for Bitcoin Price

Recently, 30,000 BTCs were sent to unknown cold wallets, prompting investors to speculate about Bitcoin’s future. This movement of a large amount to cold storage can decrease selling pressure and imply that whales and institutional investors anticipate an increase in price and opt for self-custody.

According to rankia.com, a “cold wallet” is one of the ways that exist to protect cryptocurrency investment and that provides greater security when seeking to prevent hackers from accessing and stealing the keys to your wallet by entering remotely and getting hold of the cryptocurrencies. Thus, cryptocurrency wallets allow storing private keys, keeping cryptos in a very secure way and at the same time accessible to the owner.

Considerable BTC Migration to Cold Storage

Data from CoinGlass indicated that approximately 30,000 BTCs were taken out of exchanges the previous week. With Bitcoin presently exchanging at circa $26,000, this means over $780 million has been relocated to cold storage.

Most of these transfers were made from Binance, resulting in a net reserve change of 11,457 BTC. Coinbase, Bitfinex, and Gemini also saw a net outflow of 4,455 BTC, 2,808 BTC, and 6,004 BTC, respectively. In contrast to this, crypto exchange OKX received 2,149 BTC.

This week’s Whale Alerts reported that large amounts of BTC were moved from crypto exchanges to wallets with unidentified owners.

 5,140 #BTC (134,268,844 USD) transferred from #Bybit to unknown wallethttps://t.co/LWXJsbooVX  — Whale Alert (@whale_alert) August 25, 2023

2,910 #BTC (76,010,381 USD) transferred from unknown wallet to #Coinbasehttps://t.co/5bD9vpvMAE — Whale Alert (@whale_alert) August 24, 2023

4,000 #BTC (106,039,171 USD) transferred from #Bitfinex to unknown wallethttps://t.co/982bCEb4SO — Whale Alert (@whale_alert) August 24, 2023

These unknown wallets are usually cold storage, which means storing cryptocurrency offline. Cold wallets are often used by investors to hoard Bitcoin for long-term asset accumulation.

For many people who own cryptocurrencies for the long term, storing them in cold storage is a safer choice than keeping large amounts on an exchange that may be vulnerable to attacks or fraud.

Why is this Good News for Bitcoin?

Serious investors’ use of Bitcoin cold storage suggests a positive outlook. It eases selling pressure because the amount of BTC up for sale on exchanges decreases. According to economic principles of supply and demand, if supply decreases, prices will increase.

While it is not completely clear what is causing the shift to cold storage. Additionally, it’s worth noting that the SEC’s decision on Bitcoin ETF applications is coming soon, and approval could cause the price of Bitcoin to go up. However, the regulator could delay applications for up to 240 days.

As stated by Tradingview.com, the Bitcoin price is now above $26,000 so the cost has decreased markedly during the past month due to market reactions to different events. However, it has shown a slight increase of 0.42% over the course of a week.

The cryptocurrency is presently trading at $26,000 and has decreased 11.83% in the past month, yet has increased 0.42% over a 7-day stretch. This proposes the shift to cold storage has not had a substantial impact, as Bitcoin’s value is still struggling to rebound.

By Audy Castañeda

Binance Stops P2P Trades with Sanctioned Banks

Audy Castañeda
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Binance Stops P2P Trades with Sanctioned Banks

Cryptocurrency traders have been using P2P exchanges to evade the international sanctions imposed on some Russian banks.

Binance’s latest regulatory hurdle may be intensified as it ceases support for P2P payments from five sanctioned Russian banks such as Rosbank and Tinkoff Bank, prohibiting all card payments.

This measure was informed by the exchange in a statement published today, which was quoted by several media especially in the midst of the legal problems the platform has been facing in several countries, indicating that the measure is due to the need to align Binance’s operations with international regulatory standards, so it will be subject to the applicable regulations in case of political and financial sanctions.

The company’s P2P service previously failed to follow international sanctions against particular banks, as reported earlier this week.

Due to international sanctions, many cryptocurrency exchanges restricted or ended their ruble-based services, causing Russian cryptocurrency traders to opt for P2P alternatives.

Binance Separates from Rosbank, Tinkoff, and other Russian Banks

Binance’s P2P marketplace allows interested parties to trade cryptocurrencies, which will remain in escrow while the buyer transfers the corresponding fiat amount to the seller outside the platform.

As such, the sanction prevents users from being able to set up any of these banks as a means of payment in their trade orders, something that those who usually operate through these institutions to move their money should be aware of.

The Wall Street Journal recently said that Binance is permitting P2P trades of rubles for cryptocurrencies that include Russian banks under sanctions. These banks are Tinkoff Bank, the second-biggest credit card provider in Russia, and Rosbank, a former subsidiary of Société Générale.

Until this week, customers at sanctioned banks were still using their cards to purchase cryptocurrencies.

The banks were referred to by colors instead of their actual names, apparently in an attempt to hide the payment method. For instance, Sber and Tinkoff bank cards were labeled as “green” and “yellow” payment options respectively on the P2P platform.

Binance is being investigated in the U.S. for helping to violate sanctions. These recent revelations could make things even harder for the exchange.

However, on August 25th, Binance blocked payments made with cards from five banks that are under sanctions. At the same time, the platform prohibited Russian users from conducting P2P transactions with currencies other than the ruble.

ByBit is Replying to Russian Sanctions by Cutting Ties with certain Russian Banks

BeInCrypto’s Russian team discovered this development recently. Similar to Binance, ByBit has also delisted cards held at these sanctioned institutions as P2P payment options.

ByBit has a Telegram chat support channel, which includes information on P2P support for Russian-sanctioned banks. The source of this information is the BeInCrypto ByBit Telegram support channel.

The report states that it is impossible to use certain bank-issued cards for P2P payments on ByBit now as it has implemented tighter restrictions on payments made with Tinkoff and Sberbank cards.

ByBit’s support team stated that certain banks can no longer be used to make payments on their platform.

Additionally, those who wish to use cards issued by Tinkoff and Sberbank must have completed an enhanced Know Your Customer (KYC) process. The same KYC requirements also apply to other payment services, such as YuMoney.

By Audy Castañeda

Ethereum Staking Is Booming, yet the Worth of DeFi Assets Is Decreasing

Audy Castañeda
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Ethereum Staking Is Booming, yet the Worth of DeFi Assets Is Decreasing

Data reveals that blocked assets are consistently decreasing, possibly resulting from staking returns that provide investors with less reason to use other DeFi protocols. Nearly $38 billion is currently invested in decentralized finance (DeFi), despite the security weaknesses of centralized exchanges.

Liquid staking is gaining favor over DeFi lending since it offers risk-free returns. The Federal Reserve’s extensive monetary policy makes government debt more appealing than DeFi yields.

Despite numerous losses at centralized cryptocurrency exchanges and services over the past year, decentralized finance (DeFi) has experienced steady outflows during that time, according to data.

DefiLlama Report

DefiLlama (https://defillama.com/) indicated that less than $38 billion in cryptocurrencies remain locked in DeFi protocols on different chains, compared to the industry peak of $178 billion in November 2021. Nearly $21.8 billion of that amount is currently held on Ethereum protocols.

The total value is lower than the roughly $40 billion in total value locked up (TVL) in DeFi shortly after the collapse of the centralized FTX exchange in November 2022. This reduced the amount of assets locked up in those protocols to a two-year low. Centralized cryptocurrency lenders such as BlockFi, Genesis, and Gemini Earn also collapsed amid the surrounding contagion.

New court documents reveal that bankrupt cryptocurrency exchange FTX plans to safeguard its remaining assets through hedging arrangements, or alternatively generate yield from them.

Lawyers handling the company’s liquidation filed a request yesterday with the bankruptcy court. Along with this request, they also asked for the ability to carry out other activities. They asked for permission to access their inactive cryptocurrencies and sell some of them.

Although the Total Value Locked (TVL) rose to around $50 billion in April when the market improved, it quickly dropped back to below $38 billion. Surprisingly, the value of crypto underpinning it hardly changed during this period.

The $37.6 billion figure excludes the funds held in widely-used protocols for liquid staking, such as Lido; its LTV surged from $6 billion to $13.95 billion after FTX’s collapse. According to DeFiLlama, these protocols “bank within another protocol,” so they are not included in the total.

Additionally, since its launch in September 2022, Coinbase’s staking service has gathered an additional $2.1 billion in ETH. The combined assets for these services are worth $20.2 billion.

Liquid staking enables investors to stake their assets and earn returns, while also maintaining trade liquidity through linked assets provided by the staking provider (e.g. cbETH and stETH)

This could be a better option for investors than utilizing a lending platform like Aave, which requires users to secure their tokens and potentially encounter risky protocols. At present, Aave yields 1.63% for ETH and 2.43% for USDC, compared to Coinbase’s ETH staking rate of 3.65% and USDC rate of 4.5% (source).

Aave’s overall locked value has decreased by 21% in the last month, reaching just $4.5 billion, whereas Curve Finance’s has dropped by 26% to $2.3 billion.

Other than DeFi, the U.S. Federal Reserve’s strict monetary policy resulted in higher returns on short-term government bonds, which could appeal to investors.

By Audy Castañeda

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