gm 22/09

Summary
gm, The stablecoin sector saw major moves with AnchorX launching the first regulated Chinese yuan-pegged stablecoin (AxCNH) and BDACS introducing a Korean won stablecoin (KRW1), signaling growing global competition in the digital currency space. YZi Labs, the family office of Binance co-founder CZ, deepened its investment in Ethena Labs to expand USDe across multiple platforms, including BNB Chain, as the stablecoin has rapidly grown to become the third-largest dollar-pegged crypto with over $13 billion in circulation. Meanwhile, a new EY-Parthenon survey revealed that 54% of companies plan to adopt stablecoins within the next year following the GENIUS Act's passage, with businesses already using them reporting at least 10% savings on expenses. In an interesting real-world adoption case, major auto brands Toyota, Yamaha, and BYD have begun accepting Tether (USDT) payments in Bolivia as the country faces severe USD shortages, demonstrating crypto's practical utility in economies with traditional currency challenges.

News Headlines
🔮 Kalshi Overtakes Polymarket in Prediction Market Volume

• Kalshi has captured 62% of the prediction market sector with weekly trading volume exceeding $500 million and average open interest of $189 million, compared to Polymarket's 37% share with $430 million volume.
• The data indicates Kalshi users trade more frequently while Polymarket funds remain locked longer in extended markets, as Polymarket attempts to strengthen its US position through regulated exchange acquisition and partnership with Stocktwits.

🚀 Tidal Financial Group Files for Leveraged 'AltAlt Season' Crypto ETF

• Tidal has filed for a novel leveraged ETF that would track mid-tier altcoins like XRP and Solana while deliberately excluding Bitcoin and Ethereum, targeting periods when smaller cryptocurrencies outperform major assets.
• This unique product emerges as the SEC has recently eased restrictions on commodity-based trusts, potentially opening doors for more diverse crypto fund offerings beyond traditional Bitcoin ETFs.

⚠️ Solana's Yakovenko Warns About Quantum Threat to Bitcoin by 2030

• Anatoly Yakovenko estimates a "50/50" chance that quantum computers could break Bitcoin's cryptographic security within five years, urging developers to prepare for a hard fork to implement quantum-resistant signatures.
• While Yakovenko uses AI's rapid advancement as precedent for potential quantum breakthroughs, prominent Bitcoin experts like Adam Back remain skeptical about the immediacy of this threat.

📱 Kaia and LINE NEXT to Launch Stablecoin Super-App for 200M Asian Users

• Project Unify will integrate stablecoin functionality within LINE Messenger, potentially reaching nearly 200 million users across Asia with support for major regional currencies like yen, won, peso, and baht.
• The app aims to unite fragmented payment systems in Asia with services including payments, remittances, yield services, and access to over 100 decentralized applications, pending regulatory clarity particularly in South Korea.

⛏️ Bitcoin Mining Difficulty Reaches All-Time High Amid Centralization Concerns

• Bitcoin mining difficulty has hit a record 142.3 trillion with hashrate exceeding 1.1 trillion hashes per second, intensifying competition and raising barriers for smaller miners.
• Growing participation from governments (Bhutan, Pakistan, El Salvador) and energy providers who use mining to manage electrical loads is accelerating concerns about mining centralization as these entities gain competitive advantages through preferential access to power resources.

Market Metrics

Fundraising & VC
No fundraising data today.

Regulatory
⚖️ $7 Billion Bitcoin Fraud Trial to Begin in London

• Alleged mastermind Zhimin Qian faces trial on September 29 for orchestrating a $7 billion Ponzi scheme that targeted nearly 130,000 Chinese investors with promises of 100-300% returns.
• UK authorities seized 61,000 BTC connected to the case after Qian fled to Britain when China banned cryptocurrency activities.

🔍 Crypto.com Addresses Data Breach Reports

• Crypto.com has confirmed a limited data breach linked to the Scattered Spider hacking collective that affected a small number of users without compromising funds.
• The breach involved social engineering tactics to manipulate employees into revealing sensitive credentials, with teenager Noah Urban identified as a perpetrator.

🏦 Coinbase CEO Outlines Financial Super App Vision

• Brian Armstrong revealed Coinbase's ambition to evolve into a financial "super app" integrating payments, savings, and investments through crypto infrastructure.
• Armstrong cited bipartisan congressional support for crypto legislation as facilitating this progression beyond traditional banking services.

💬 EU's Chat Control Law Threatens Privacy, May Boost Web3

• The EU's proposed "Chat Control" law would require platforms to scan private messages for illegal content before encryption, potentially creating backdoors into secure systems.
• Critics argue the legislation violates the EU's privacy commitments and could infringe on rights outlined in the EU Charter regarding confidentiality and personal data.

🏛️ Crypto Industry Can't Wait for Perfect Regulation

• The crypto industry's progress is being hindered by waiting for a perfect regulatory environment, even as real-world assets and tokenized funds gain traction.
• Institutional hesitancy due to regulatory uncertainty increases costs and diminishes cross-border liquidity in the market.

Technical Analysis
Bitcoin - Bitcoin has broken the floor of the rising trend channel in the short term, which indicates a weaker initial rising rate. The currency has support at points 107700 and resistance at points 117600. Positive volume balance, with high volume on days of rising prices and low volume on days of falling prices, strengthens the currency in the short term. The currency is overall assessed as technically positive for the short term.

Ethereum - Ethereum is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. The currency is testing support at points 4300. This could give a positive reaction, but a downward breakthrough of points 4300 means a negative signal. The currency is assessed as technically positive for the short term.