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NFT collector Pranksy has been refunded the 100 Ether he spent on a digital artwork fraudulently claiming to have been composed by popular artist, Banksy. Nonfungible token collector Pransky was duped out of 97.67 Ether, worth $341,500, after the website of popular artist Banksy was hijacked to promote a fake NFT auction. However, almost all of the money has since been refunded.  On Aug. 31, Pransky spotted a page on Banksy’s official website promoting an NFT auction on the popular marketplace, OpenSea . Despite voicing his misgiving as to the authenticity of the token, Pranksy opted to participate in the auction and increased the highest bid by 87 Ether ($304,500) to almost 100 ETH. It seems to be hosted on https://t.co/J8U3TmR3gE ? So could be genuine, one to watch over the next 3 days — Pranksy (@pranksy) August 31, 2021 The bid was accepted, but after a link to the OpenSea auction was removed from Banksy’s website, the NFT investor began to fear the listing may have been

El Salvador's government has set aside $23.3 million toward rolling out crypto ATMs and $30 million to incentivize use of the state-backed "Chivo" wallet. El Salvador’s Legislative Assembly has passed legislation creating a $150 million dollar Bitcoin Trust and supporting the development of crypto infrastructure and services across the country.  The bill passed on Aug. 31, with 64 officials voting in favor and 14 opposing the trust’s creation. The Trust is designed to facilitate conversion of Bitcoin into U.S. Dollars, and support the roll out of vital technological infrastructure enabling widespread adoption of crypto assets. The news comes just one week before the country’s controversial Bitcoin Law is set to take effect. The impending legislation will recognize BTC as legal tender across El Salvador and is slated to take effect on September 7th. Currently, U.S. dollars are used as legal tender in the country. The Development Bank of El Salvador (Bandesal) has bee

Ethereum started a steady increase and it cleared $3,400 against the US Dollar. ETH price is showing positive signs and it might accelerate further above $3,500. Ethereum started a steady increase above the $3,350 and $3,380 resistance levels. The price is now trading above $3,400 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $3,425 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate further higher if it clears the $3,480 resistance zone. Ethereum Price Gains Momentum Ethereum formed a base above the $3,250 level and started a steady increase. ETH price was able to clear the $3,350 and $3,380 resistance levels. It even surged above the $3,400 zone and settled well above the 100 hourly simple moving average. A high was formed near $3,477 before there was a downside correction. The price corrected lower below $3,400, but the bulls were active near $3,350. It formed a low near $3,340 and started

China’s Blockchain Service Network is going global, with Korean blockchain firm MetaverseSociety announced as the first BSN portal operator outside of China. Red Date Technology, one of the four founding members of the Chinese Government-backed Blockchain Service Network (BSN), has announced Korean firm MetaverseSociety as the first BSN portal operator located outside of mainland China. Twitter account “BSNbase” broke the news on Sept. 1, announcing that MetaverseSociety expects to launch its BSN portal during November of this year. According to the tweet, the Korean portal will allow local developers to “build and operate blockchain applications quickly and effectively” on top of the BSN once live. Thrilled to introduce MetaverseSociety @MarX_Metaverse , the exclusive BSN portal operator in Korea. The portal will launch in Korea in November 2021 and will empower Korean developers to build and operate blockchain applications quickly and effectively. Stay tuned! pic.twitter.com/N

PleasrDAO will offer exposure to the Doge NFT via 16,969,696,969 fractionalized ERC-20 tokens named “$DOG”. The $4 million NFT depicting the original Doge meme is set to be fractionalized into ERC-20 Tokens, and auctioned off in pieces. The owner of the Shibu Inu depicted in the beloved meme, Atsuko Sato sold the Doge NFT for 1696.9 Ether, or $4 million on June 12 to art-focused decentralized autonomous organisation, PleasrDAO. Starting from Sept.1 at 5pm UTC PleasrDAO will offer exposure to the Doge NFT via a fractionalization that will see the nonfungible token broken down into 16,969,696,969 ERC-20 tokens named “$DOG”. According to a blog post from PleasrDAO, 20% of the total $DOG supply will be available for purchase initially, with the sale being hosted on open-source smart contract platform, Miso. https://t.co/9c9899X73H https://t.co/osEMZpxkg3 blog: https://t.co/wE7yDLC3xu pic.twitter.com/vtiC7IFsdv — ✨ PleasrDAOGE (@PleasrDAO) August 31, 2021 After the launch, $D

Bitcoin price is trading below the $48,000 resistance zone against the US Dollar. BTC could decline heavily if it fails to stay above the $46,500 support zone. Bitcoin failed to surpass $48,250 and dropped back to $46,500. The price is now trading well below $48,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $47,850 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate further lower if there is a break below the $46,500 support zone. Bitcoin Price Tests Key Support Bitcoin price attempted an upside break above the $48,000 resistance zone. However, BTC remained below the 100 hourly simple moving average and topped near the $48,250 level. A high was formed near $48,245 and the price started another decline. It broke the $47,500 and $47,000 support levels. It traded close to the $46,500 support zone and a low is formed near $46,540. It is now consolidating losses near the 23.6% Fib r

More than 400 teams are already building on Arbitrum One. Offchain Labs, the team behind the highly anticipated Ethereum layer two platform, Arbitrum One, has completed the public mainnet launch of its optimistic rollups solution. Announced on Aug. 31, Offchain Labs also revealed that it has secured $120 million in a Series B fundraising round. The round was led by Lightspeed Venture Partners and also saw participation from heavyweight crypto investors Polychain Capital, Pantera Capital, Alameda Research and Mark Cuban. Lightspeed partner Ravi Mhatre also joined Offchain Labs’ board as part of the round. Amy Wu, also a partner at Lightspeed, stated: “[Offchain Labs’] dedication to the Ethereum developer community is second to none and they have the best, easiest-to-use scalability product. That’s why over 400 projects have chosen to launch with Arbitrum, including Reddit.” In May, Offchain Labs, completed its beta launch of Arbitrum One for developers, allowing developers to be

Larva Labs' blockchain-created IP is set for Hollywood after the firm signed a representation deal with United Talent Agency for CryptoPunks, Meebits and Authoglyphs. Larva Labs, the team behind the outrageously popular NFT project CryptoPunks, has penned a deal with Hollywood agents United Talent Agency (UTA). According to an Aug. 31 article from the Hollywood Reporter, UTA will represent Larva Labs for intellectual property (IP) deals in TV, film, video games, licensing and publishing. Two other NFT projects from Larva Labs, Meebits and Autoglyphs, will also be represented by UTA. CryptoPunks was launched back in 2017 and is one of the first NFT projects created on Ethereum. The IP-related deal with UTA marks a significant milestone for Larva Labs, as it is one of the first examples of content created in the blockchain sector that has entered the mainstream entertainment industry. Lesley Silverman, head of UTA Digital Assets told the Hollywood Reporter: “I would say that i

An exchange token valuation methodology suggests that SUSHI trades at a 33% discount and that UNI price is 36% overvalued. Just looking at Binance Coin's ( BNB ) reported market capitalization, one might conclude that the token is the dominant asset when compared to other exchange tokens. Although there is no direct relationship between Binance's exchange volume (or revenue) and token economics, traders seem to use it as a proxy. The controversial burn mechanism has been losing impact since April 2019, when the exchange changed the BNB whitepaper .  Initially, the whitepaper proposed a plan where BNB tokens equivalent to 20% of the exchange's profit would be bought under a "repurchasing plan", but the new version scrapped that plan. Exchange tokens market cap and volume. Source: Messari Screener and CoinGecko However, excluding the 60 million BNB that have never been in circulation drastically changes the outcome because these excess tokens are meant to be

Ethereum has been on an impressive growth path recently. The digital asset recently broke a three-month high after it broke through $3,400 in the early hours of Tuesday. Usage on the Ethereum network has increased drastically in the recent weeks, causing fee rates to surge 200% in the space of a week. As more users adopt the leading smart contracts platform, predictions for the asset’s value have risen accordingly. Raoul Pal is an ex-Goldman hedge fund exec who is bullish on cryptocurrencies. The ex-hedge fund exec had then gone on to co-found Real Vision, a platform that provides insights and analysis for investors. Pal was on a podcast to talk about his cryptocurrency investment strategies for the top 2 largest projects in the market, Bitcoin and Ethereum, and he had some interesting predictions for both cryptocurrencies. Related Reading | You Can Now Use Your .COM Domain As An Ethereum Wallet Thanks To This Integration Ethereum To $20,000, Bitcoin To $250,000 Real Vision CEO Raou

Rising trading volume, investor excitement over the upcoming parachain auctions and the success of KSM, have investors looking at DOT as the next altcoin to hit a new high. Layer-1 smart contract platforms increased their market share throughout August after the Ethereum network  London hard fork did little to solve the major issues of high transaction fees and network congestion.  One top-10 protocol that has been gaining momentum, but has yet to experience a significant price breakout to new highs like some of its competitors is Polkadot (DOT), a multichain protocol focused on facilitating the creation of cross-chain bridges between separate blockchain networks. Data from Cointelegraph Markets Pro and TradingView shows that after bottoming out at $10.36 on July 20, the price of DOT increased 205% to an intraday high at $31.70 on Aug. 31 as the chatter of an impending altseason begins to rise. DOT/USDT 4-hour chart. Source: TradingView Three reasons for the increasingly bu

Visa now makes a full head plunge into the NFTs following its evaluation of the technology behind the assets. The global payment giant described NFTs as having the potential to serve as the engagement medium for fans. Visa made this description through its recent whitepaper publication. The publication suggests that Visa sees non-fungible tokens as a crucial innovation during the recent pandemic. The publication observed that strict restriction orders cause a limitation to live sports, music festivals, and entertainment. Related Reading | Former DigitalX Executive Appointed As The New Binance Australia CEO The emergence of NFTs came when fans are eager to join digital communities that portray their favorite sports teams and artists. What Will Trigger The Move For NFTs? Professional sports got the hardest blow from the pandemic. There’s an estimation of an $18 billion revenue loss across the major global leagues. Visa envisages that this further pushes for the need for revenue dive

The former executive of the first blockchain listed publicly is now the current CEO of Binance Australia. The exchange announced Leigh Travers’s appointment. The new CEO was formerly the chief executive of DigitalX, a locally known blockchain technology and payment enterprise. Leigh Travers served seven years at DigitalX. He also served as a board member in Blockchain Australia, the local leading blockchain sector body. DigitalX broke records as the first publicly-listed blockchain organization in June 2014. Related Reading | Cryptocurrency Firms In Switzerland To Offer Tokenized Products On Tezos This announcement was made after the firm completed the reverse takeover of Macro Energy Ltd, an Australian Stock Exchange-listed Firm. Travers Reaction To The New Office Leigh Travers disclosed that his priority is to build relationships for Binance Australia with regulators. Also, he emphasized that he aims to grow Australia’s brand. He stated that the company has a special part to pla

DeFi platforms have seen a steady surge in user activity and token prices, leading some analysts to say that the ‘DeFi Summer 2.0’ is well underway. After a blistering start to 2021 saw token valuations and trading volumes surge to ignite the current bull market, the DeFi sector as a whole took a break while the NFT sector stepped into the limelight . While investors' attention was elsewhere, DeFi prices have had time to consolidate and project developers were able to focus on protocol upgrades and in the past month, DeFi-related tokens have been gaining traction and look poised for a breakout in September.  DeFi Index perpetual futures 4-hour chart. Source: TradingView Data from Cointelegraph Markets and TradingView shows that multiple DeFi tokens, including Aave (AAVE), Synthetix (SNX), YFI and SushiSwap (SUSHI) have rallied nearly 40% since May 10, while the price of BTC is still 27% away from its all-time high. The recent bullishness in DeFi tokens prompted some anal

Attractive staking options, gameplay teasers and the overall strength of the NFT sector back the massive rally seen in ILV price. The world of nonfungible tokens and blockchain gaming has seen immense growth and progress towards mainstream adoption in 2021. Recently, the movement picked up steam as an array of  celebrities and internet influencers jumped on the hype train by purchasing premium digital collectibles.  One project that has quickly risen in value over the past two months as details about its ongoing development trickle to the public is Illuvium (ILV), an open-world fantasy battle game built on the Ethereum ( ETH ) blockchain. ILV/USD 1-day chart. Source: CoinGecko Data from CoinGecko shows that after hitting a low of $29.32 on June 22, the price of ILV skyrocketed 1,765% to post a new all-time high at $545.26 on Aug. 13. Three reasons for the tremendous price growth seen in ILV include the introduction of multi-asset staking features on the ILV protocol, the stea

Some institutional players, online retailers, and media organizations have called for recruits with experience in crypto or blockchain. As crypto and blockchain firms grow and need to navigate regulatory and economic challenges for the industry, many have to hire outside to find the best workers. This year, major companies, financial institutions, and even government agencies announced they were searching for fresh blood to help them adapt to the ever-changing crypto space.  In February, major online retailer Amazon posted it was seeking a software development manager in Mexico to help launch “a new payment product.” The Digital and Emerging Payments project was aimed at allowing residents of Mexico to buy cryptocurrencies with cash so they could spend digital currency while shopping on Amazon. Though there are reports the online retailer intends to accept Bitcoin ( BTC ) payments by 2022, the company has not officially announced such plans. In July, Amazon said it was looking f

It's a frustratingly sideways market for Bitcoin bulls as August ends and September, which is typically a boring month for BTC price, looms. Bitcoin ( BTC ) continued to range below $50,000 on the last day of August as analysts demanded higher levels in order to continue the bull run. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $51,000 remains the deal-breaker for BTC Data from Cointelegraph Markets Pro and TradingView  painted a dull picture for investors Tuesday as BTC/USD continued to trade in a four-day-old descending channel. Despite highly encouraging on-chain metrics and fundamentals, BTC price action disappointed the market throughout the weekend and beyond as a lack of momentum kept $50,000 at bay. Major resistance, now solidified on exchanges at $51,000 and above, remains firmly in place and analysts say the outlook remains muted until this level is turned to support. According to Cointelegraph contributor Michaël van de Poppe, "We clearly

A Bitcoin ETF approval will open the door for more conservative investors and this could have an irreversible impact on BTC price. Some financial experts believe that the price of cryptocurrencies is solely driven by investors' speculation, and in the past few years detractors have suggested that fixed income instruments like treasury bills have no relation to do with digital assets. This point of view is fairly accurate because, at this time, most investors from the asset class are not allowed to invest in Bitcoin ( BTC ) and altcoins. Public pension funds, retirement plans, fixed income and most non-leverage equity and multimarket mutual funds can only invest in certain asset classes. These limits arise from the fund class regulation, the fund's own bylaws, and the administrator's risk assessment. Not every fund can invest in Grayscale's GBTC Trust Unbeknownst to most, the mutual fund manager does not have absolute control of the investment decision. The fund adm

Top Quant uses the puell multiple to point out a pattern that explains why the current Bitcoin bull cycle is only in the first phase. The Bull Market Is Not Over, Phase 1 Has Just Begun According to a CryptoQuant analyst, past cycles show that the current Bitcoin bull market isn’t over yet. The puell multiple seems to reveal where the price might head next. The puell multiple is a BTC indicator used to tell how healthy miners’ revenue is. It’s calculated by dividing the mining revenue by the 365-day moving average (MA) of the same. Puell Multiple= Mining Revenue USD ÷ 365 MA​ (Mining Revenue USD​)​ With the help of the metric, it becomes possible to say how much selling pressure miners are facing. When the indicator has high values, miner revenue is relatively healthy, thus miners aren’t compelled to sell. While low values could suggest they are facing considerable selling pressure. Since miners hold large amounts of Bitcoin, significant selling pressure among them could impact th

He seemingly dismissed the crypto market's potential in favor of strengthening the U.S. dollar in a recent interview. In an interview with Fox Business released today, former U.S. President Donald Trump was questioned about his views on the health of the Wall Street markets, the current administration's progress, as well as the potential of Bitcoin and the cryptocurrency market. In response to the latter question, the former President stated: “I like the currency of the United States, but I think the others are potentially a disaster waiting to happen.” He continued: “They may be fake. Who knows what they are? They [cryptocurrencies] are certainly something that people don’t know very much about.” He also spoke of protecting the sovereignty of the US Dollar as first priority, rather than advancing the stagnant financial system and grasping the overwhelming benefits that crypto and blockchain technologies have to offer. Despite these less-than-favorable comments, crypto pr

MTL, RGT and KSM post gains in excess of 36% after the ETH/BTC pair turned bullish and Bitcoin price trades in a range-bound pattern. Signs that an altseason is underway are beginning to increase across the cryptocurrency market after numerous altcoins posted double-digit gains on Aug. 31. Meanwhile, the price of Bitcoin ( BTC ) continued to face headwinds and the digital asset trades at $47,100 .  The top altcoin Ether ( ETH ) looks poised to stage a 40% rally against BTC according to analysts, and a 5% gain in the ETH/BTC pair on Tuesday is thought to be the fuel behind altcoins which rallied more than 30% today. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Metal (MTL), Rari Governance Token (RGT) and Kusama (KSM). Metal Pay expands to Georgia MTL, the top-performing token, is the native cryptocurrency of the Metal Pay pla