Uk Jin

World (WLD) is experiencing an intraday surge. On the 8th (Korean time), according to CoinMarketCap, a website providing crypto market data, World is trading at 1.29 dollars, up 27.42% from the previous day. This is 50% higher than a week ago. The background to this rise is analyzed to be the launch of the anonymous multi-party computation (APMC) initiative. World APMC is a measure to further strengthen World’s quantum security technology. It is assessed that it will greatly contribute to increasing the reliability of personal data protection and identity authentication systems going forward. APMC involves Korea's Korea Advanced Institute of Science and Technology (KAIST), the UC Berkeley Center for Responsible Decentralized Intelligence, NedelMind, and Germany's University of Erlangen–Nuremberg.

Whales holding large amounts of Bitcoin (BTC) are showing significant selling pressure. On the 8th (Korean time), crypto-asset (cryptocurrency) specialist media Cointelegraph reported, citing a CryptoQuant report, that over the past 30 days Bitcoin whales sold 114,920 bitcoins. This amounts to about $12.7 billion (about KRW 17.7 trillion) in cash terms, and is the largest monthly sell-off since 2022. CryptoQuant contributor 'caueconomy' analyzed in the report, "Large investors' risk-avoidance tendencies are increasing," and "they are exerting downward pressure on the price in the short term." In fact, as whales sold large amounts of Bitcoin, Bitcoin at one point in August fell below $108,000. However, despite the whales' sell-off, there are opinions that Bitcoin's price is somewhat stabilizing due to inflows from institutional investors. Nick Luck, LVRG Research Director, said, "Recent whale selling has triggered short-term volatility and liquidations, but during the same period, buying from institutional investors also flowed in," and assessed, "Medium- to long-term resilience appears to be maintained to some extent."

Even if the Federal Open Market Committee (FOMC) cuts rates at its meeting in September, there are views that upward pressure on Bitcoin (BTC) could be limited. On the 8th (KST), The Block reported that Vincent Liu, Chief Investment Officer (CIO) at Chronos Research, said, "A rate cut could be a sign of economic slowdown," and forecasted, "Unless there is expanded inflow into exchange-traded funds (ETF) or increased liquidity, breaking through $120,000 may not be easy." Rachel Lucas, a BTC market analyst, also analyzed, "Weak U.S. employment data raises expectations for the Fed's easing stance, but the market already seems to have priced this in to some extent," adding, "Profit-taking by institutional investors and weak ETF inflows are suppressing price increases." Experts said that U.S. initial jobless claims, stablecoin issuance, exchange Bitcoin holdings, and ETF flows to be released after the FOMC are variables that will determine the market's future direction. Meanwhile, it is becoming a foregone conclusion that the Fed will implement a rate cut at the FOMC meeting on Sept. 17 (local time). According to the Chicago Mercantile Exchange (CME) FedWatch tool, the probability of a 25bp cut by the Fed in September is 90%, and the probability of a 50bp cut is 10%.

According to Kaito's Token Mindshare (Token Mindshare · an indicator that quantifies the influence of a specific token in the crypto asset market) top gainer, as of the 8th the top 5 crypto asset-related keywords that people are most interested in are Hyperliquid (HYPE), Avalanche (AVAX), USDC, Maverick (MVRK), and Somnia (SOMI). Decentralized perpetual futures exchange Hyperliquid announced it will launch a dedicated stablecoin USDH, drawing significant attention. In particular, the process attracted interest as various stablecoin infrastructures such as Paxos, Frax, and Agora formed a competitive structure over issuance rights. USDe issuer Etena (ENA) has also hinted at joining. Avalanche ranked second. It was reported that Toyota's blockchain lab is piloting a new mobility network model using Avalanche. Toyota appears to be exploring the possibility of connecting finance, ownership, and vehicle lifecycle services using blockchain. Third was USDC. The issuance of USDC on Hyperliquid has drawn many investors' attention. Fourth was Maverick, as investor mentions for Kaito Yapping Points increased. Finally, fifth was Somnia, which recorded a notable rise for the second consecutive day. As of 1:19 PM that day Somnia had surged 43.89% from the previous day to $1.50. It intraday jumped as high as $1.80 but the gains have slightly narrowed since then. Investors also showed interest in Bitcoin (BEC), Linea (LINEA), Black Mirror (BLACKMIRROR), Huma Finance (HUMA), and Dogecoin (DOGE).

Ethereum (ETH) appears unable to mount a rebound. As of 12:36 PM KST on the 8th, CoinMarketCap reports Ethereum is trading at 4317 dollars, up 0.44% from the previous day. Although it rose slightly that day, its rate of increase is lower compared to major virtual assets (cryptocurrencies) such as XRP(+2.56%) and Solana(+2.67%). Crypto-focused outlet NewsBTC identified 4360 dollars as Ethereum's major resistance level. The outlet forecasted, "If this is broken, it could rise to 4420 dollars, and further to 4500 dollars, but conversely if the support at 4220 dollars collapses, it could fall to 4160 dollars and 4120 dollars."

Metaplanet, known as Japan's Strategy (formerly MicroStrategy), has purchased additional Bitcoin (BTC). On the 8th (KST), Simon Gerovich, Metaplanet CEO, announced via X (formerly Twitter) "Metaplanet purchased 136 bitcoins at an average price of $111,666". As of that day, Metaplanet's total Bitcoin holdings stood at 20,136.

Hong Kong-listed companies are showing signs of actively beginning to accumulate virtual assets (cryptocurrencies). On the 8th (Korean time), according to China's Phoenix Net, Hong Kong-listed Yunfeng Financial, in which Alibaba founder Jack Ma and others hold stakes, recently announced via a board resolution that it had purchased 10,000 Ethereum (ETH) on the public market. The investment amounted to about $44 million. The outlet said that the 'Digital Asset Treasury (DAT)' model has recently been drawing attention in Hong Kong's financial sector. According to Hong Kong's 'Digital Asset Listed Companies Association', 38 of the 49 member listed companies have purchased virtual assets or are reviewing plans to purchase them in the future. Boyaa Interactive already holds 3670 Bitcoin (BTC). Binance founder Changpeng Zhao's family office, Ez Labs, is also reportedly seeking companies to accumulate Binance Coin (BNB) through Hong Kong. Ez Labs' CEO Ella Zhang is visiting across Asia, and Ez Labs has been expanding treasury projects through the Asian market, including raising funds for a $1 billion 'B Strategy' fund.

The issuer of the stablecoin USDe, Etena (ENA), appears poised to enter the bidding competition for issuance rights of Hyperliquid (HYPE)'s platform-exclusive stablecoin USDH. On the 8th (Korea time), Etena's developer Etena Labs said on X (formerly Twitter), "I wrote a letter to Jeff (the nickname of Hyperliquid's founder), but there has been no response yet," and added, "We sent two USDH proposals last year, but it seems they didn't receive them. It seems the Discord was incorrect." This has led the community to speculate that Etena may be entering the bidding competition for USDH's issuance rights. Previously, Hyperliquid said it would launch a platform-exclusive stablecoin USDH, and currently Paxos, Frax, and Agora have entered the bidding competition.

Anonymous Bitcoin (BTC) creator Satoshi Nakamoto could return to the industry in the future if needed. On the 8th (Korean time), according to crypto asset (cryptocurrency) specialist media Decrypt, Joseph Shalom Shaplink, CEO of Shaplink Gaming, claimed, "When the Bitcoin network faces the quantum resistance (quantum-proof) problem, Satoshi could return." CEO Shalom said, "The Bitcoin network will have to make major decisions such as whether to hard fork and how to handle long-dormant wallets in the next 5-10 years," adding, "I think Satoshi will announce his position via his old accounts at that time." Satoshi appeared to the world through the Bitcoin whitepaper in 2008. However, he has never revealed his identity since then, and his identity remains shrouded.

Whales holding large amounts of virtual assets (cryptocurrencies) appear to be accumulating Hyperliquid (HYPE) tokens in large quantities. On the 8th (Korean time), according to OnChainLens, one whale recently deposited 2.05 million dollars (about 2.85 billion won) to buy Hyperliquid. The Hyperliquid held by that whale amounts to 213,636 tokens (about 10 million dollars). Another whale also deposited 2 million USDC and used it to buy Hyperliquid. The amount that whale acquired was 42,449.

On the 8th, according to Alternative, a virtual asset (cryptocurrency) data provider, the virtual asset Fear & Greed Index recorded 51 points, rising 7 points from the previous day. As of 9 a.m. that day, Bitcoin (BTC) was trading at $111,146 on CoinMarketCap, up 0.84% from the previous day. Altcoins also showed strength. At the same time, Ethereum (ETH) and XRP rose 0.73% and 2.38%, respectively. In addition, Binance Coin (+2.15%), Solana (+3.07%), Dogecoin (+5.86%), TRON (+5.22%), and Cardano (+2.01%) also increased compared with the previous day. The Fear & Greed Index is an indicator expressing market sentiment: the closer to 0, the extreme fear; the closer to 100, the extreme greed. The indicator is calculated based on volatility (25%), trading volume (25%), social media (15%), surveys (15%), Bitcoin market cap dominance (10%), and Google search volume (10%).

Somnia(SOMI) is showing strength for two consecutive trading days. As of 8:57 a.m. on the 8th (Korea time), Somnia is trading at 1.65 dollars, up 60.66% from the previous day, based on CoinMarketCap. Somnia also recorded an intraday gain of 55% the previous day.

The world's largest exchange Binance reportedly saw large withdrawals of certain altcoins. On the 8th (Korean time), CryptoQuant contributor Burakesmesi said in a report, "Fetch.ai (FET), Amp (AMP), Synthetix (SNX), 0x Protocol (ZRX), and Ankr (ANKR) were withdrawn in large quantities from Binance," and added, "This is interpreted as a sign that buying pressure is strengthening." There were also altcoins that recorded net inflows. The contributor warned, "On the other hand, Polygon (MATIC), Chiliz (CHZ), Sui (SUI), Yield Guild Games (YGG), and Ethereum Name Service (ENS) recorded net inflows, so be cautious of selling pressure."

The publicly listed company Strategy (formerly MicroStrategy), which holds the most Bitcoin (BTC) in the world, is suspected to be making additional purchases of Bitcoin. On the 7th (local time), Michael Saylor, Strategy's CEO, posted a 'Saylor Tracker chart' on X (formerly Twitter). CEO Saylor has a habit of posting the chart when Strategy has bought additional Bitcoin. Meanwhile, Strategy currently holds 636,505 Bitcoin.

Crypto Now Escaping weakness as hopes for rate cuts grow Record-high gold prices also influential The leading cryptocurrency Bitcoin surpassed $110,000 again earlier this month. Attention is focused on whether it can overcome the so-called 'September nightmare.' According to CoinMarketCap on the 7th, Bitcoin returned to the $110,000 range on the 2nd. Bitcoin had repeatedly hit record highs in mid-last month and surged to the $120,000 range, but was then strongly corrected and fell back to the $100,000 range by the end of last month. Analysts say that Bitcoin, classified as a risk asset, is rebounding as hopes grow that U.S. policy rates will be cut due to weakening employment indicators. Employment data firm Automatic Data Processing (ADP) announced on the 4th that U.S. private employment in August increased by only 54,000 compared with the previous month. The increase was halved compared with July (106,000). On the same day, the U.S. Department of Labor reported initial jobless claims for the last week of August at 237,000, exceeding market expectations (230,000). These changes have strengthened views in financial markets that the U.S. central bank (Fed) will cut policy rates this month. According to the Chicago Mercantile Exchange (CME) FedWatch tool, the current fed funds futures market reflects a 99.4% probability that the U.S. policy rate will be cut by 0.25 percentage points this month. In the cryptocurrency market, attention is on whether Bitcoin will this time pass through September — which has generally been weak — more smoothly. Bitcoin recorded negative returns in September for six consecutive years from 2017 to 2022. Yang Hyun-kyung, a researcher at iM Securities, analyzed, "If the U.S. policy rate is cut this month, Bitcoin's price could shift into an uptrend." The fact that gold prices, which have shown a coupling (synchronization) with Bitcoin, have recently repeatedly hit record highs is also cited as a positive factor. Bitcoin's price surged in 2020 when the gold price exceeded $2,000 per ounce. It also rose alongside gold last year when the gold price broke through the $3,500 level.