News Updates September 03, 2022

1. Bitcoin market dominance plumbs 4-year lows as BTC price ditches $20K

Support slips from BTC bulls' grasp as "Septembear" delivers the first signs of classic downside.

Bitcoin (BTC) traded below $20,000 on Sep. 3 as commodities declined on news of a G7 Russian energy ban.

 *All down after gloomy macro week*

Data from Cointelegraph Markets Pro and TradingView showed ongoing lackluster performance on BTC/USD, which traded around $19,800.

The largest cryptocurrency looked increasingly unable to flip $20,000 to firm support as the weekend began, and the mood among market participants was jaded.

Eyeing the 8-day exponential moving average (EMA), popular trader Cheds noted its strength as intraday resistance continuing into September.

2. Bitcoin, Ethereum Technical Analysis: BTC, ETH Below $20,000 and $1,600 Respectively, on Saturday

Following a brief rally above $20,000 and $1,600 respectively, bitcoin and ethereum fell below these levels to start the weekend. The decline comes as momentum surrounding yesterday’s nonfarm payrolls report faded. Bitcoin moved closer to its support point of $20,500, while ethereum was trading close to its floor of $1,550.

Bitcoin (BTC) was back below $20,000 to start the weekend, as prices of the token moved closer to a key support point.

Initial bullish momentum following last month’s payrolls has seemingly faded, with markets gearing up an economic downturn.

Although Friday’s figure of 315,000 jobs was better than expected, this was lower than July’s number of 528,000.

As a result of this, BTC/USD slipped to a low of $19,779.55 on Saturday, less than 24 hours after trading at a peak of $20,401.57.

Looking at the chart, bitcoin is now on the cusp of colliding with its price floor of $19,500, which hasn’t been broken since July 16.

However, should the relative strength index (RSI,) which currently tracks at 35.77, fall to its own floor of 33.95, then this breakout will likely occur.

In addition to BTC, ethereum (ETH) was also lower during Saturday’s session, as the token once again fell below $1,600.

Following a high of $1,643.18 on Friday, ETH/USD slipped by about $100, hitting a bottom of $1,542.30.

This drop sees ethereum briefly break out out of its own support at $1,550 to start the weekend, as bearish sentiment in crypto returned.

Earlier declines have now eased, as profit takers opted to abandon their positions as opposed to keeping trades open.

Although prices have since risen above the earlier floor, there are some who fear that further declines are ahead.

Bears are likely looking towards a floor of $1,420 as a possible target, should volatility in markets remain geared to the downside.

3. Attorney Jeremy Hogan Says SEC Should Provide Regulatory Clarity By Disclosing Which Top 20 Cryptos Are Security  

Attorney Jeremy Hogan, a partner at Hogan and Hogan law firm, has also joined the list of cryptocurrency enthusiasts calling on the Securities and Exchange Commission (SEC) to provide regulatory clarity for the crypto sector. 

In a recent tweet, attorney Hogan said it would be easier for the SEC to go through the list of the top 20 cryptocurrencies by market capitalization and tell investors which of the assets fall under its jurisdiction. 

He wonders why the SEC adopted an ambiguous approach to regulating the cryptocurrency market. 

The SEC should be able to go down a list of the top 20 cryptocurrencies and tell us which are (and aren’t) securities. Why not? Why does it CHOOSE ambiguity?

Isn’t it supposed to protect us from these projects that aren’t following the law? Tell us!” attorney Hogan added. 

This is not the first time cryptocurrency enthusiasts have called on the SEC for regulatory clarity for the emerging market. However, the agency has ignored these calls. 

As reported by TheCryptoBasic, Gary Gensler, the chairman of the SEC, recently noted that Bitcoin is the only cryptocurrency he considers to be outside of the security list. 

“In many altcoins, the Public is hoping for a return just like in other financial assets we call securities, and many of these crypto assets have key attributes of security… Bitcoin is the only one I am going to say… is a commodity,” Gensler said.

4. Sanctioned Russian Bank Tests In-app Operations With Digital Rubles

 Russian bank, one of the country’s largest by assets, has conducted a successful trial with digital ruble transactions processed through its mobile app. The state-owned Promsvyazbank was one the institutions placed under Western sanctions earlier this year in connection with Moscow’s actions in Ukraine.

 *Russian Bank Experiments With Digital Ruble Transfers via Mobile Application* 

Promsvyazbank (PSB) is one of the first Russian lenders to join the trials of the central bank digital currency (CBDC) issued by the Bank of Russia. According to a report by the business news outlet Plus Journal, the bank has recently tested digital ruble transactions through its app for mobile devices.

To carry out the operations, participants had to pass a registration in the application and set up a digital wallet. Then, using their account, they were able to exchange regular electronic bank money for digital rubles and transfer digital cash to other clients of the bank as well as those of other banks taking part in the pilot project.

All the information about the performed transactions was provided by the digital ruble platform operated by the Central Bank of Russia (CBR), and was immediately reflected on the balances of the users’ digital wallets in the smartphone app, the report details. The platform’s prototype was launched by the monetary authority late last year.

“PSB is one of the first banks to implement a simple and understandable technology for making transactions with digital rubles in a mobile application and successfully test it. We see great potential in this instrument, which we expect will become a new settlement standard in the Russian economy,” stated Senior Vice President Alexander Chernoshchekin, who heads the bank’s digital business unit.

The top executive added that the successful testing lays down the foundation for future operations with the digital ruble and opens up new opportunities for the Russian public and companies. Reliable and secure transfers in digital currency will be available to the population while the state will have additional tools to administer budget payments and targeted social payments, he elaborated.

The new settlement technology will help businesses solve the issue of automating all payments and internal business processes, Chernoshchekin added. Bank of Russia is responsible for the storage and accounting in the digital ruble ecosystem and CBR officials claim all payments are subject to encryption and other measures to prevent fraud.

The new settlement technology will help businesses solve the issue of automating all payments and internal business processes, Chernoshchekin added. Bank of Russia is responsible for the storage and accounting in the digital ruble ecosystem and CBR officials claim all payments are subject to encryption and other measures to prevent fraud.

No less than a dozen credit institutions have decided to join the testing of the digital ruble, once their systems are ready to connect to the CBDC platform, as part of the trials that started in early 2022. This past summer, Russia accelerated the schedule for the project, aiming for a full launch of its digital currency in 2024.

Promsvyazbank is among the top 10 banks in Russia by assets and deposits. Once a private bank owned by Russian oligarchs, the brothers Dmitry and Alexei Ananyev, it was nationalized by the Russian government in 2018 and has since been recognized as a bank supporting Russia’s defense industry. It has been targeted with sanctions imposed over Russia’s military intervention in Ukraine.

5. Kyber Network offers bounty following $265K hack of decentralized exchange
"As a bug bounty, we are offering you 15% of the funds if you return it and have a conversation with our team," said Kyber Network.

KyberSwap, the decentralized exchange built on liquidity protocol Kyber Network, has offered a hacker 15% of the funds from a $265,000 exploit as a bug bounty.

In a Thursday blog post, Kyber Network said a hacker had used a frontend exploit to pilfer roughly $265,000 worth of user funds from KyberSwap. The protocol said it will compensate all users for any missing funds related to the exploit, and directly addressed the hacker to give them an opportunity to return the funds in exchange for “a conversation with our team” and 15% of what was taken — roughly $40,000.

“We know the addresses you own have received funds from central exchanges and we can track you down from there,” said Kyber Network. “We also know the addresses you own have OpenSea profiles and we can track you through the NFT communities or directly through OpenSea. As the doors of exchanges close upon you, you will not be able to cash out without revealing yourself.”

 
Kyber Network reported shutting down its frontend following the discovery of a “suspicious element” at 8:24 AM UTC on Sept. 1. The platform disabled its user interface and found “a malicious code” in its Google Tag Manager, which targeted “whale wallets with large amounts,” giving the hacker the ability to transfer funds to different addresses. According to Kyber Network co-founder Loi Luu, this was the first hack on the protocol in five years.

6. How to Transfer Crypto From Coinbase to PayPal and Vice-Versa: A Step-by-Step Guide.

Various users look to transfer crypto from Coinbase to PayPal and vice-versa as these are two of the largest financial institutions offering cryptocurrency buying and selling options to a wide audience. Whether you’re looking to consolidate your holdings on one platform or to boost your HODLing setup, transferring between both platforms can be extremely useful.

In July 2022, PayPal finally released a long-awaited feature: allowing users to send crypto to external wallets. This feature wasn’t allowed a few months ago, however. When PayPal decided to add support for cryptocurrencies in 2020, you could only buy and sell crypto within PayPal but not send it to external wallets.

This article will guide step-by-step on how to transfer crypto from PayPal to Coinbase and vice versa.

If you’re using Binance, please read: How to Transfer Crypto from Binance to PayPal: Step-by-Step

How to Transfer Crypto From Coinbase to PayPal
Transferring from Coinbase to PayPal is a straightforward process, as outlined in the steps below:

After logging in to your PayPal account, head to the crypto section on the dashboard.
Select the cryptocurrency you want to receive.
Click on the Transfers button —the little icon with two arrows— and then “Receive.”
Complete the ID verification process (which is only necessary if you’re using the service for the first time).

You will get a crypto address that you’ll use for the particular asset you want to receive.
Now you have to access your Coinbase account and click on Send/Receive, choose Send and select the crypto you want to transfer.

Paste the crypto address from PayPal into Coinbase’s “to” section and click on “Continue” to confirm the transaction.

7. Indonesia To Launch Crypto Stock Exchange By End 2022

The government of Indonesia plans to establish a crypto stock exchange by the end of this year, according to news reports from DealStreetAsia. The Indonesian government sees the exchange as a way of protecting consumers as interest in virtual assets have risen globally.

The Indonesian government has returned to its plan to set up a digital asset exchange which it first announced back in 2021. The country’s deputy trade minister confirmed the information. The so-called “crypto bourse” is planned to be established by the end of 2022. According to local news outlet DealStreetAsia, Indonesian Deputy Trade Minister Jerry Sambuanga confirmed during the NXC International Summit 2022 in Bali that the country is continuing with its plans to launch the crypto bourse, but the project has been delayed due to additional preparations:

The exchange will list companies in the digital asset industry such as some of the 25 exchanges that have already been granted licenses by the Indonesian financial watchdog Bappebti.

Despite global skepticism from regulators, Indonesia is keen to take advantage of the emerging industry of virtual assets. A few days ago, PT GoTo Gojek Tokopedia Tbk, one of the largest technology firms in the country, acquired a local cryptocurrency firm, PT Kripto Maksima Koin for $8.4 million. The CEO of GoTo said the move intends to diversify Indonesia’s currency management hub.

The total transaction volume of crypto assets in Indonesia in 2021 grew by more than 1,000% compared with 2020, rising to $57.7 billion according to data from Indonesia’s Commodity Futures Trading Regulatory Agency. About 4% of the country’s population has been investing in cryptocurrencies.

8. Crypto.Com Pulls Out Of $495M UEFA Champions League Deal

Cryptocurrency exchange market Crypto.com is reportedly backing out of a $495 million sponsorship deal with UEFA and its premier football event the Champions League.

According to an exclusive report by SportBusiness, Crypto.com’s concerns lie around regulatory issues in key football markets such as France and Italy as a key factor for their decision to cancel the potential five-year deal. If the deal had gone through, it would have been the most lucrative in the competition’s history. Crypto.com was set to replace Gazprom after UEFA severed links with the Russian energy provider over the war in Ukraine. Concerns are thought to relate to potential legal trading restrictions.

According to UEFA, the crypto sector has greatly helped clubs to fill the revenue streams that were lost as a result of the COVID-19 pandemic. Critics however are concerned about the volatility of the crypto market, particularly that the plummeting price of tokens can expose fans to potential debts.

Crypto.com is the world’s fastest-growing cryptocurrency platform boasting over 20 million users worldwide. Headquartered in Singapore, the firm also has sponsorship deals with Formula 1, the Ice Hockey World Championship and the 2022 Fifa World Cup in Qatar.

The exchange also has major sponsorship deals in American sports even airing an advert featuring basketball legend LeBron James during TV coverage of the Super Bowl. Crypto.com also agreed to a 20-year, $700 million naming rights deal with the Los Angeles Lakers, changing the NBA franchise’s name from the Staples Centre, to the Crypto.com Arena.