Bitcoin has returned to its July level. The Russian central bank has moved to strengthen monitoring of bank transactions in digital assets. The Tron community supported a 60% reduction in fees. And other highlights of the week.
Bitcoin will flow summer profits
On Monday, the price of digital gold fell to $111,000. Subsequent revisions fell below $110,000.
A short attempt to regain the previous level quickly disappeared. On Saturday, August 30th, assets fell below $108,000. At the time of writing, Bitcoin has traded around $108,300. By the end of August, cryptocurrency had surrendered its summer bull run and returned to its early July mark.
Over the week, pioneering fell by 5.5%. Most major altcoins moved as well: XRP lost 6.8%, Ethereum fell 6.2%, and Dogecoin and Tron fell 5.8% and 6.2% respectively.
BNB (-0.4%) and Solana (-1%) finished the almost flat week.
Crypto’s market capitalization fell to 3.85trn. Bitcoin’s advantage fell to 55.9%.
Against this background, CoinmarketCap’s AltSeason index rose from 44 to 57. Still, reading is behind 87 out of the 100 seen at the beginning of the year.
The code’s fear and egg index remains neutral at 48.
Russia’s central bank to strengthen surveillance of bank crypto investments
The Bank of Russia will strengthen regulations on the operation of credit institutions through cryptographic procedures. Central banks require that digital assets be reflected in capital calculations and Prudential ratios.
This rule covers direct investments in cryptocurrencies and derivatives based on them.
Andrey Tugarin, founder of law firm GMT Legal, said in a comment on Forklog that future changes will only formalize the already conservative approach of regulators.
Telegram Channel creator Ani Aslanyan saw the initiative as a direct threat to some of its banking operations, “All about Blockchain in Russia and the World, The Brain and Web 3.0.”
Increased compliance and monitoring costs could temporarily weaken the institution’s appetite for crypto. Smaller banks could end the segment completely, but stricter rules could push clients up to unregulated platforms, she added.
In contrast, Shard’s head of analysis Fyodor Ivanov calls the central bank’s move “a strong leap in regulation.” However, he doubted that it would be possible to keep up with global standards under current conditions.
What do you talk about with your friends?
Zachxbt called Ripple, Cardano and Hedera and called the “Insider Enrichment Scheme.” Close AI can be a catastrophe – Vitalik Buterin. Bitfinex has outlined the conditions for the launch of a wide range of Altseasons. Analysts predicted that the Ethereum rally would close in September.
Buterin proposes new ways to protect decentralization of Ethereum
Ethereum founder Vitalik Buterin proposed a series of measures to protect the decentralization of the blockchain behind the second largest cryptocurrency.
He explained three priorities that will help prevent centralization and keep Ethereum open even when block creation is controlled by large players. They are:
Enhance public memory. Development of block construction technology outside of distributed protocols. Adds additional channels for transaction inclusion.
One such channel is a focus mechanism designed to prevent transaction censorship. It assumes that you have 17 validators selected for each slot. One of them determines the order of final operations within the block.
The implementation outlook raised concerns among some in the community.
Tron reduces on-chain fees by 60%
On August 29th, the vote closed its proposal to cut Tron Network fees by 60%. Most participants approved the initiative.
Founder Justin Sun admitted that in the short term this would have a negative impact on blockchain revenue.
The plan is to offset the decline in revenue by attracting more users and increasing deals.
The Tron Community is currently planning to check its fee levels quarterly.
Forklog:
Tether launches USDT on the Bitcoin network. Openai strengthens ChatGpt security after the teenager tragedy. El Salvador protected 6,284 BTC from quantum threats. AI as a God: Musicians have established a new religious movement.
Metamask adds sign-in via Google and Apple ID
The developers of Metamask Crypto Wallet have integrated “social login” using Google and Apple ID services.
This feature allows users to register or sign in to wallets created this way. After setting a password, the seed phrase will be automatically generated and can be recovered using your Web2 account.
The move aims to simplify digital asset management while maintaining a high level of security.
What else should I read?
A new article explains how the AML system on Crypto Trading Platform works.
The weekly digest compiles important cybersecurity events.
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