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The Optimism Network has revealed that it will sell 116 million OP tokens in a series of planned sales. Ethereum layer-2 scaling solution Optimism (OP) has disclosed plans to sell 116 million OP token s to seven private buyers for treasury management purposes At current prices, the sale will see $159 million worth of OP tokens change hands. Starting today, there will be several transactions totaling approximately 116M OP token s. We’re sharing as a heads up to our community that these are planned transactions. — Optimism (_) (@optimismFND) September 20, 2023 While some observers feared the sale would bring about depressed prices from Optimism “dumping” its tokens on the market, it seems unlikely that the sale of the tokens will have any material impact on the price of OP, due to the sale being private. Additionally, the tokens are being sourced from the unallocated portion of the OP token treasury — meaning that they are not part of the circulating supply. Optimism (OP) token...

Bitcoin and other cryptocurrencies are likely to witness a pick up in volatility following the Fed’s rate decision on Sep. 20. Bitcoin’s (BTC) recovery is facing selling above $27,000, indicating near-term nervousness due to the Federal Reserve’s meeting on Sep. 20. However, long-term investors are unfazed and they have continued to accumulate. Glassnode data shows that Bitcoin’s inactive supply has been at all-time highs since July. This bullish temperament is not reflected in institutional activity, however. Investors have cut down on their cryptocurrency exposure and are sitting on the sidelines awaiting more clarity on the regulatory and macroeconomic front. Asset manager CoinShares reported that outflows from exchange-traded products hit $455 million over the past nine weeks. Daily cryptocurrency market performance. Source: Coin360 Meanwhile, analysts remain divided about Bitcoin’s near-term price action. Bollinger Bands creator John Bollinger speculated in a X (formerly Twitter)...

Bitcoin looks ready to start a relief rally and this could trigger interest in MKR, AAVE, RUNE and RNDR. After forming successive Doji candlestick patterns on the weekly chart for the past three weeks, Bitcoin (BTC) is on target to end the week on a positive note. This is an early sign that the uncertainty between the bulls and the bears is resolving to the upside. Although the recovery is still in its early stages, the Federal Open Market Committee meeting on Sep. 20 could boost volatility. The majority of the market participants expect the Federal Reserve to maintain a status quo on rates but surprises could arise during Fed Chair Jerome Powell’s press conference following the rate decision. Crypto market data daily view. Source: Coin360 Bitcoin’s recovery from the strong support near $24,800 has ignited buying interest in select altcoins, which are providing trading opportunities. For these altcoins to continue their upward trajectory, Bitcoin needs to maintain above $26,500. Coul...

The recovery in Bitcoin and altcoins is facing selling at higher levels, indicating that the overall sentiment remains negative. Bitcoin (BTC) has been stuck inside a large range since April, indicating indecision about the next directional move. Efforts by the bears to sink the price below the support of the range were thwarted by the bulls on Sep. 11. However, Bitcoin is not out of the woods yet.  Jamie Coutts, a chartered market technician and crypto market analyst at Bloomberg Intelligence, while speaking to Cointelegraph said that if the tightening cycle extends, followed by “an uptick in unemployment and more stress in the banking sector, then there could be a bit more pain for risk assets like Bitcoin.” Daily cryptocurrency market performance. Source: Coin360 Cryptocurrency traders have also remained cautious. A Bitfinex report shows that the cryptocurrency industry witnessed capital outflows of $55 billion in August. The drop in liquidity has caused isolated events to “have a ...

MKR looks primed to continue the rally given its recent buyback mechanism and two other key metrics that impact Maker’s price. Maker has gained 53.5% over the past month, and the cryptocurrency witnessed a remarkable 28.1% surge between July 15 and July 22, achieving its highest daily close in nearly a year. While the gains are impressive, the real question is: Can the cryptocurrency sustain its current trajectory, or were short-term factors behind the price pump? Average Maker (MKR) price at Coinbase, Binance and Bybit. Source: TradingView MakerDAO, the decentralized autonomous organization (DAO) responsible for the Dai (DAI) stablecoin and the governance token Maker (MKR), unveiled a five-phase roadmap in mid-May. Dubbed “Endgame," the upgrade plan includes a new blockchain, a rebrand and the introduction of two tokens featuring updated functionalities. Rune Christensen, co-founder of MarkerDAO, revealed that the primary component of “Endgame” entails developing incentive prog...

Vermont issued the investor alert after a 74-year-old man lost his life savings of over $340,000 in a crypto fraud orchestrated over Instagram and Telegram. The Vermont Department of Financial Regulation (DFR) — the United States state of Vermont’s financial regulatory agency — warned citizens against rising crypto investment frauds perpetrated over popular social media sites. On June 25, 74-year-old Naum Lantsman lost his life savings of $340,000 to a crypto scam orchestrated over Instagram and Telegram. The DFR referenced the incident as it emphasized “the need for Vermonters to exercise extreme caution and vigilance when using or investing in cryptocurrency.” A snippet of Vermont’s investor alert against crypto scams. Source: dfr.vermont.gov Instagram has been rated as the top platform connected to crypto fraud by the Federal Trade Commission (FTC), which is also true for Lantsman. His initial contact with the crypto scammer happened over Instagram, wherein he came across a post fr...

However, Ethereum saw outflows in the amount of $2 million and remains the asset with the most outflows year-to-date. Bitcoin continues to shoulder the market, as digital asset inflows saw positive movement for the fourth consecutive week, with $137 million incoming.  According to CoinShares, this brings the four-week total to $742 million — correcting the nine weeks’ worth of outflows before the streak began and marking the largest inflow run since the fourth quarter of 2021. The continuing positive momentum might be attributed to several factors, including a recent partial victory for the crypto community in the form of a legal decision in the Securities and Exchange Commission v. Ripple lawsuit. Related: SEC could be waiting ‘years’ to file appeal in Ripple case — Brad Garlinghouse The XRP (XRP) token soared on news of the ruling, and the market followed suit with a week of activity that received an overall rating of 56 on the “Fear and Greed Index” for crypto currency — an indica...

The researchers also determined that “news sentiment” is a much less effective predictor of cryptocurrency returns. Researchers at Pennsylvania State University recently analyzed whether attitudes and emotionality surrounding cryptocurrency could help predict returns. What they found may stand in stark contrast to related financial markets. According to the team’s research paper, social media plays an outsized role in adoption and activity rates, while crypto currency journalism isn’t a great predictor of market movement: “Our findings indicate that social media sentiment significantly predicts crypto returns, while sentiment from news media does not.” The researchers used natural language processing to analyze millions of financial news articles and social media comments and generated sentiment scores along 53 topics and attention metrics for over 300 crypto currencies. They then compared the ground truth returns over a given period of time to the coinciding news and social media ...

Chris Maurice, founder and CEO of crypto exchange Yellow Card said in Africa, crypto isn't the "casino" that it can sometimes feel like in the West. While many investors in the West may look to crypto to speculate the next biggest trend, blockchain technology is actually solving “real-world problems” in Africa such as hyper inflation and " corruption ," executives told Cointelegraph. Speaking to Cointelegraph, Chris Maurice, founder and CEO of Yellow Card — Africa’s largest cryptocurrency exchange — said crypto in Africa “is growing at the speed of light” because it allows many Africans to escape from the traditional financial system’s failures and transact more freely. “Crypto solves real-world problems with banking and currencies on the continent, and it isn't the casino that it can feel like sometimes in the West.” Maurice said the most common use cases in Africa are to make international payments, to send money to friends and family and to “save money ...

Trevor Power hopes the framework will fall closer on the “spectrum” to the EU’s MiCA, as opposed to the current regulatory position in the U.S. The Australian Treasury’s token mapping of digital assets will adopt a “tech agnostic ” and “principles-based” approach in order to define crypto assets, according to a Treasury official . Speaking to Cointelegraph on June 26 at the Australian Blockchain Week, Trevor Power, an Australian Treasury Assistant Secretary said the framework will be structured to easily classify tokens based on their “function” and “purpose.” “The token mapping paper spends a lot of time talking about the token, the system, the value delivered for the very purpose of trying to structure whatever regulation such that it draws on those principles so then a token can be placed within that,” Power said, adding: “It's trying to be tech agnostic. It's not trying to be token specific.” Power said “it’s fair to assume” crypto-specific legislation will appear someti...

The strength in the S&P 500 and weakness in the U.S. Dollar Index could limit the short-term downside in Bitcoin and select altcoins. The S&P 500 Index (SPX) has gained for five consecutive weeks, the first such instance since November 2021. In comparison, Bitcoin (BTC) is trading well below its local high of $31,000, made on April 14. This shows a clear divergence between the performance of the two asset classes. Some analysts expect Bitcoin’s range-bound action to continue for some more time. Cryptocurrency traders will be looking for some positive triggers that could push the price above the range. One such rumor floating in the markets is that after BlackRock filed for a Bitcoin spot exchange-traded fund, Fidelity Investments may also follow suit. If that happens, it will be a positive sign for the markets. Daily cryptocurrency market performance. Source: Coin360 Another positive for the cryptocurrency markets has been that the U.S. Dollar Index (DXY) softened in the past...