#trading

This August, Huobi bolstered its stance in the market by 2%, while MEXC followed closely with a 1.5% increase, and WhiteBit saw a boost of about 0.5%. However, the likes of Binance, Upbit, and OKX didn’t fare as well, each dropping by an average figure hovering around 1.75%. To curb trading vulnerabilities, many are now gravitating towards alternate crypto hubs in their endeavors.

X, previously known as Twitter, has successfully obtained the Rhode Island Currency Transmitter License, enabling it to offer cryptocurrency payments and trading services in the U.S. This acquisition, confirmed on August 28 via NMLS data, aligns with X's ambition to be a "cryptocurrency-friendly" platform. Earlier, X had integrated features like Bitcoin tipping and NFT profile picture support. With this license, users might soon be able to send, receive, and store crypto directly on X, further mainstreaming cryptocurrency use.

OpenSea Head of Product Receives Prison SentenceNate Chastain has been sentenced to three months in prison for engaging in insider trades that amounted to $50,000. Chastain, aged 33, was found guilty of fraud and money laundering in a federal court in New York in May. This case marked the conclusion of what prosecutors deemed the first significant NFT insider trading case. Chastain profited by purchasing and selling at least 45 NFTs he was aware would be featured on OpenSea’s homepage. U.S. Attorney stated, “Today’s sentence should serve as a warning to other corporate insiders that insider trading – in any marketplace – will not be tolerated.”

After the market crash on August 18, analyst Andrew Kang adopted a bullish stance. He opened long positions on Bitcoin (BTC), Ethereum (ETH), and Arbitrum (ARB). However, this decision resulted in a significant loss. Due to his use of extremely high leverage, which reached up to 100x, Kang's positions became vulnerable and were liquidated not once, but as many as fourteen times. These successive liquidations caused Kang to lose approximately $432,000 in a single day. This incident highlights the risks associated with trading and employing high leverage, especially during periods of intense market volatility.

The country intention to seek a court-ordered shutdown of Facebook unless the social media giant takes decisive action to address alleged investment and cryptocurrency scam advertisements on its platform. According to the Ministry of Digital Economy and Society, over 200,000 individuals fell victim to deceptive Facebook ads. The ministry highlighted that common tactics employed by scammers included crypto investment and trading schemes, often featuring images of celebrities and prominent financial figures, and promising daily returns of up to 30%. The ministry is in the process of gathering evidence regarding these scam advertisements, with their number estimated to be over 5,300.

DappRadar's recent report reveals a staggering 98% drop in Bitcoin Ordinals NFT trading volume since May, plummeting from $452 million to just $3 million. Transaction numbers also fell by approximately 97% to 20,571 during this period. While DappRadar acknowledges the decline, they emphasize the need for more time to discern if this is a short-term hiccup or a deeper issue with Bitcoin-based NFTs.