Market update
Cointree Crypto Market Update - August 28th 2024
Market report for traders
đź”® BTC and altcoins
Over the last 7 days, Bitcoin ends at AU$87,153, moving -0.51% at the time of writing. Meanwhile, Ethereum ends at AU$3,602 moving -5.81% week-on-week. On the Altcoin side, Solana rises 2.36%, Cardano moves +0.63%, and XRP drops 5.45%.
🗞 What’s happening in the news?
đź”® Ethereum's $206 Million 2023 Budget
Ethereum Foundation's spending in 2023 has been released by none other than co-founder Vitalik Buterin. Here's how the $206 million budget was distributed:
- New Institutions: 36.5% to support new organizations that enhance the Ethereum network.
- Layer-1 Research and Development: 24.9% focused on fundamental blockchain research and improvements.
- Community Development: 12.7% dedicated to fostering a supportive environment for Ethereum users and developers.
- Other Expenses: 25.9% split among zero-knowledge projects, internal operations, Layer-2 research, and development platforms.
Vitalik Buterin emphasises, "These investments are crucial for maintaining Ethereum's leading position in blockchain technology."
đź’ŽÂ Turmoil for TON: Pavel Durov's Arrest Sends Prices Tumbling
In recent news, Pavel Durov, the CEO of Telegram and the creator behind Toncoin, was arrested in France, causing the asset to plummet by 14.5%. Durov's detention is linked to a warrant from France's OFIM, amid allegations of insufficient moderation on Telegram, which may have facilitated illicit activities.
The market reacted swiftly to the news, with Toncoin taking a notable dip. This incident raises important questions about the responsibilities of platform providers in moderating content and cooperating with law enforcement.
🛄 The Explosive Rise of Telegram Mini Apps
On a related note, Telegram's Mini Apps are seeing explosive growth, with a staggering 2,000% increase in total value locked, now standing at $307.6 million. These Mini Apps, powered by TON, The Open Network (TON), have transformed the messaging app into a bustling hub for blockchain innovation.
Alena Shmalko, the TON Foundation ecosystem lead, shared her enthusiasm:Â
"The integration of Web3 technology gives our Mini Apps a distinct edge, opening up unprecedented opportunities for developers and users alike."Â
This growth not only showcases the potential of integrating blockchain technology with existing platforms but also marks a new era of mainstream digital interaction and monetisation.
📖 What we’ve been reading
Ether ETFs Have Bled Money, but That's Not the Whole Story
"Ethereum funds have collected billions of dollars worth of inflows. Massive outflows from the Grayscale Ethereum Trust (ETHE) have overshadowed that, though."
Telegram CEO's Arrest Is Unlikely to Be the Last
"Telegram and Pavel Durov were probably resisting takedown or information requests from Europe or France, the report said."
Bet more on the Bitcoin miners cashing in on AI
"Supplying AI apps with computing power is a multibillion-dollar opportunity for Bitcoin miners."
Calm Before the Storm?Â
“Historically, periods of quiet and calm market structure are short-lived, and often precede an expectation for heightened volatility,”
Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.
