A user had an unfortunate start to their day

They sent 0.88 ETH (about $2,200) but unexpectedly paid a massive fee of 34.6 ETH (approximately $88,000). This incident occurred against the backdrop of a significant drop in Ethereum network fees.

Currently, the median fee on the Ethereum network has fallen to a five-year low—just 1.9 gwei. This is the lowest value recorded since data tracking began in 2019. Moreover, just a few hours ago, fees for low-priority transactions were less than 1 gwei, and now the range is 1–2 gwei ($0.05), making this situation particularly striking.

Such a sudden spike in fees highlights the importance of carefully choosing transaction parameters, especially in the ever-changing conditions of the crypto market.

#eth

Authorities May Turn Their Attention to Morgan Stanley Over Promotion of Spot Bitcoin ETFs – Former SEC Chief

Financial giant Morgan Stanley could face a serious investigation from U.S. regulators due to its decision to promote spot Bitcoin ETFs among its clients, according to former SEC Chairman John Reed Stark.

“By instructing its army of 15,000 brokers to actively promote spot BTC ETFs, Morgan Stanley has effectively opened the door to what could become the largest investigation in SEC and FINRA history,” Stark emphasized.

He also added that SEC and FINRA officials will gain full access to all internal company correspondence related to the sale of spot Bitcoin ETFs to retail investors. This will allow regulators to thoroughly scrutinize every aspect of Morgan Stanley’s activities in this area, and identifying potential violations could prove as easy as shooting fish in a barrel.

In Stark’s view, regulators will pay particularly close attention to how Morgan Stanley complies with…

Symbiotic Team Launches Devnet with Advanced Security Features

Symbiotic, the team behind the innovative restaking protocol, has announced the launch of its developer network (devnet). The public mainnet, representing the next phase of development, is scheduled for release in the third quarter of 2024.

The network is already operational with key contracts activated, including storage and collateral systems. These components enable users to securely stake their assets to enhance the protection of third-party projects, making Symbiotic a crucial element in the blockchain ecosystem.

One of the most significant features of Symbiotic is the introduction of a unique slashing mechanism. This is the first-ever implementation of slashing within restaking protocols, aimed at preventing potential violations and misuse by node operators. The Symbiotic team believes this step will ensure a higher level of trust and security within the decentralized environment.

Ethereum is showing growth, but only 66% of addresses are currently in profit

This means that about a third of all ETH holders are still facing losses despite the recent price surge. The last time this percentage of profitable holders was observed was in October 2023, when Ethereum was trading around $1800.

In comparison, Bitcoin is faring much better: over 80% of addresses are in profit, and not long ago, this figure exceeded 95%. This indicates a stable profitability for most BTC holders, even amid market fluctuations.

Altcoins generally show a significantly lower level of profitability. On average, less than 50% of addresses are in profit, and in some cases, this figure drops even lower. This reflects the high volatility and risks associated with investing in alternative cryptocurrencies compared to more established assets like Bitcoin and Ethereum.

El Salvador Secures $1.62 Billion for Bitcoin City and Infrastructure Development

The government of El Salvador has announced the acquisition of private investments totaling $1.6 billion—the largest in the country’s history. These funds have been provided by the Turkish holding company Yilport and will be allocated to key infrastructure projects.

A portion of the investment will be used to modernize the port of Acajutla, enhancing its capacity and improving economic ties with other countries. Additionally, a significant portion of the funds will go toward the construction of a new port in La Unión, where the ambitious Bitcoin City project—first proposed by El Salvador’s president in late 2021—is set to be developed. Bitcoin City is envisioned as an innovative hub, integrating technology and cryptocurrencies to drive economic growth and attract new investments to the country.

According to Bitcoin Office, El Salvador already holds 5,840.76 BTC (approximately $345 million) and continues…

#JTO One of the very few coins that have a strong market structure!

The daily pivots are coming: 14.08; 16.08; 22.08

The main support is at 2.3$ and we need to hold it until 22 of August. The key resistance is 3.6$ , if we flip it the next target would be all time high.

It’s recommended to hold the position in your bag, the only requirement to exit position if we break down 2.3$ and consolidate below it!

https://www.tradingview.com/x/gNanfygq/

Sigma Crypto Chad

The volume of Bitcoin in U.S. ETFs could surpass Satoshi Nakamoto’s holdings

U.S. Bitcoin ETFs continue to show steady growth, increasing by 37,510 BTC (approximately $2.278 billion) per month. According to Bloomberg ETF analyst Eric Balchunas, if this pace continues, by October 2024, the amount of Bitcoin held in ETFs could surpass the estimated holdings of Satoshi Nakamoto, the creator of Bitcoin and the holder of the largest amount of this cryptocurrency.

This milestone would mark an important turning point in Bitcoin’s history, reflecting not only the growing popularity and acceptance of the cryptocurrency but also the strengthening of its position in the institutional sphere. As large volumes of Bitcoin come under the management of ETFs, the market becomes more stabilized, attracting the attention of major investors, which in turn increases the overall market capitalization and boosts confidence in Bitcoin as an asset.

Balchunas also noted that without the existence of ETFs,…

Singapore’s DBS Bank has announced the launch of an innovative pilot project

According to DBS, the use of blockchain technology in this pilot will significantly simplify and accelerate the settlement process for Ant International, reducing transaction processing time from several days to mere seconds. This revolutionary improvement will not only speed up operations but also provide a higher level of reliability and security, which is especially crucial in the context of the global digital economy.

“We are confident that the DBS Treasury Tokens initiative will become an essential tool for our corporate clients, offering them an unprecedented level of transparency and control over liquidity and cash flows,” said representatives of the bank. “This will enable our clients to manage working capital with maximum efficiency, making their financial operations more predictable and resilient in a constantly changing market environment.”

The DBS Treasury Tokens project also underscores DBS’s…

Coinbase announced the release of cbBTC

Cryptocurrency exchange Coinbase has announced the release of a new product called cbBTC.

Although the company has yet to disclose details about the project, the announcement has generated significant interest within the crypto community.

A comment from the official account of the L2 solution Base appeared under Coinbase’s post on social media, simply stating “Based,” which sparked further discussions among users.

Additionally, Base’s founder, Jesse Pollak, mentioned that they plan to build a large-scale Bitcoin ecosystem on the Base platform. This statement suggests that cbBTC could play a key role in developing Bitcoin infrastructure on the platform, potentially opening up new opportunities for users and developers working with Bitcoin.