• Institutions have been buying cryptocurrency following the recent market slump, according to data from FalconX.
• Bitcoin trading volume is almost three times higher than Ethereum’s among institutional investors.
• Various types of institutional investors, including proprietary trading desks, hedge funds, and venture funds, were net buyers during the dip.
• The crypto market recovery coincides with a broader market sell-off that affected major stock indices.
• FalconX’s head of research, David Lawant, indicates that institutional investors see a positive medium and long-term outlook for crypto assets despite short-term volatility.

In the wake of a significant cryptocurrency market correction that wiped out approximately $230 billion in value, institutional investors have emerged as key players in buying the dip.

This trend, highlighted by crypto trading and institutional brokerage firm FalconX, suggests a strong belief in the long-term potential of digital assets despite short-term market turbulence.

According to FalconX, interest in Bitcoin “remains elevated” among institutional investors, with trading volume for the leading cryptocurrency nearly tripling that of Ethereum. This disparity in trading volumes indicates a clear preference for Bitcoin among institutional buyers during market downturns.

1/3 As one of the most active institutional desks in crypto, the past few days have been busy. Here is a high-level color of our flows over the past few weeks and today.

TLDR: Institutions are buying the dip.

— FalconX (@falconxnetwork) August 6, 2024

David Lawant, head of research at FalconX, told Decrypt,

“The overall mood among institutional investors is that, despite the many short-term crosscurrents, the outlook for the asset class remains very positive in the medium and long terms.”

This sentiment is reflected in the buying patterns observed across various types of institutional investors.

FalconX’s data reveals that proprietary trading desks represented 57% of total buy-side flows, while hedge funds accounted for 63%. Venture funds and retail aggregators also showed significant buying activity, at 61% and 72% respectively. These figures demonstrate a broad-based institutional interest in accumulating crypto assets during price dips.

The recent crypto market downturn occurred against the backdrop of a broader sell-off in global financial markets. Major stock indices, including the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite, experienced their worst performance since September 2022. This market-wide volatility was primarily attributed to disappointing U.S. jobs data and reduced manufacturing activity, which intensified recession fears.

Despite these challenging market conditions, the crypto market has shown signs of recovery. Bitcoin, for instance, has rebounded by approximately 13% from its Monday lows, trading at around $56,400 as of the latest data from CoinGecko. This recovery, coupled with institutional buying activity, suggests a level of resilience in the crypto market.

Lawant pointed out that last week’s buy/sell ratios among institutional cohorts had dipped below 50%, indicating more sellers than buyers. However, this trend reversed sharply during the recent dip. “The numbers today are way above that,” Lawant stated, emphasizing that “Institutions buying the dip has been a clear trend during this correction.”

This institutional behavior aligns with the “buy the dip” strategy often observed in traditional financial markets. It reflects a belief that the current lower prices represent a buying opportunity, based on expectations of future price appreciation.

The strong institutional interest in cryptocurrencies, particularly during market downturns, could have significant implications for the broader adoption and stabilization of the crypto market. Institutional investors typically bring larger capital inflows and can potentially reduce market volatility over time through their long-term investment strategies.

The post Smart Money: Data Shows Institutions ‘Buying the Dip’ After Recent Price Crash appeared first on Blockonomi.

• Binance saw $1.2 billion in net inflows over 24 hours during the recent market volatility.
• This marks one of the highest net inflow days for Binance in 2024, according to CEO Richard Teng.
• Other exchanges like Bybit, Crypto.com, and OKX also saw significant inflows.
• The inflows occurred despite a sharp market downturn, with Bitcoin and Ethereum prices dropping significantly.
• Overall crypto trading volume surpassed $200 billion on August 5, 2024.

Leading exchange Binance reported a massive $1.2 billion in net inflows over a 24-hour period, coinciding with significant market volatility. This influx of capital marks one of the highest net inflow days for Binance in 2024, according to CEO Richard Teng.

The surge in inflows came during a period of intense market activity on August 5, 2024, when global cryptocurrency trading volume surpassed $200 billion.

Despite sharp price declines in major cryptocurrencies like Bitcoin and Ethereum, which saw drops of 10% and 18% respectively in a two-hour window, investors appeared eager to capitalize on the dip.

Amid the macroeconomic climate and yesterday's market downturn, #Binance recorded a net inflow of US$1.2 billion in the past 24 hours, according to @DefiLlama's CEX Transparency metrics.

This marks one of the highest net inflow days of 2024, indicating strong investor…

— Richard Teng (@_RichardTeng) August 6, 2024

Binance wasn’t alone in experiencing this influx. Other major exchanges also saw significant inflows, with Bybit reporting $301.4 million, Crypto.com $107.8 million, and OKX $97.7 million in net inflows over the same period. This widespread increase in exchange activity suggests a broader trend of investors moving funds onto trading platforms, possibly in anticipation of market opportunities.

Richard Teng, Binance’s CEO, commented on the situation:

“Despite facing significant market downturns over the past several hours, this potentially indicates investors’ confidence and interest in buying in at a lower cost when they deem it’s the right timing.”

He added that the day also marked one of the highest trading volume days for Binance in 2024.

The influx of capital to Binance is particularly noteworthy given the exchange’s recent history. In January 2024, just months after its founder pleaded guilty to various financial crimes and the company paid a $4.3 billion fine to the U.S. Department of Justice, Binance attracted $3.5 billion in inflows. This continued trust from investors suggests a level of resilience in Binance’s market position, despite ongoing regulatory challenges.

The exchange is working to establish a global headquarters, appoint a board, and ensure an independent monitor for three years as part of its agreement with U.S. authorities. Additionally, Binance lacks full licenses in several major cryptocurrency hubs and its U.S. affiliate is dealing with a lawsuit from the Securities and Exchange Commission.

The market volatility that sparked this influx of capital was significant. Over $600 million in leveraged long positions were liquidated during the price drop, indicating the scale of the market movement. Bitcoin’s price fell to a low of $49,780 before recovering to around $56,770, demonstrating the rapid price swings characteristic of cryptocurrency markets.

Despite the turbulence, some industry participants remain optimistic. Ben Rose, general manager of Binance Australia and New Zealand, stated,

“History shows that the cryptocurrency market has demonstrated resilience and recovery following periods of correction. Despite the current challenges, we do not view this downturn as indicative of a long-term negative trend for the crypto market.”

The influx of capital to exchanges during this volatile period could be interpreted in several ways. It may indicate that investors see the price dip as a buying opportunity, believing in the long-term potential of cryptocurrencies.

Alternatively, it could suggest that traders are preparing for further market movements, whether bullish or bearish.

The post Binance Reports Record $1.2 Billion Inflow Amid Recent Market Volatility appeared first on Blockonomi.

• Ethereum’s price has started a recovery wave, rising above $2,350 after dropping to a low of $1,910.
• Technical indicators suggest ETH could climb higher if it clears the $2,680 resistance zone.
• Ethereum’s rebound shows similarities to a pattern from October 2023 that preceded a 178% price rally.
• On-chain metrics like the MVRV Z-Score and STH-NUPL indicate ETH may have hit a bottom.
• Some analysts predict ETH could potentially rally 100% or more before the end of the year if historical patterns repeat.

Ethereum, the second-largest cryptocurrency by market capitalization, is showing signs of a robust recovery after experiencing a significant price drop. The digital asset’s price has bounced back from a low of $1,910, climbing above the $2,350 resistance zone and sparking optimism among investors and analysts alike.

Technical analysis suggests that Ethereum (ETH) could be poised for further gains if it manages to clear key resistance levels. The price is currently trading below $2,640 and the 100-hourly Simple Moving Average, with a bullish trend line forming support at $2,440 on the hourly chart. If ETH can surpass the $2,680 resistance zone, it could potentially trigger a steady upward movement.

The current rebound bears a striking resemblance to a pattern observed in October 2023, which preceded a substantial 178% price rally. This similarity has led some analysts to speculate about the possibility of another significant price surge in the coming months.

On-chain metrics are also providing encouraging signals for Ethereum’s price outlook. The Market Value to Realized Value (MVRV) Z-Score, a key indicator for identifying market tops and bottoms, has dropped to 0.52. Historically, when this metric reaches such low levels, it has often signaled a market bottom and preceded notable price increases.

Another on-chain indicator, the Short-Term Holder-Net Unrealized Profit/Loss (STH-NUPL), has entered the capitulation region, suggesting a prevalence of fear in the market. Paradoxically, such extreme fear has often marked the beginning of price rallies in previous market cycles.

Based on these technical and on-chain indicators, some analysts are making bold predictions about Ethereum’s potential price movement. There’s speculation that ETH could potentially double its value before the end of the year, with some forecasts suggesting a possible rally to around $4,000 or even higher.

From a fundamental perspective, anticipated U.S. Federal Reserve rate cuts could potentially boost demand for Ethereum and other cryptocurrencies. As traders seek higher returns from riskier assets, they may move away from lower-yielding options like government bonds, potentially benefiting the crypto market.

The scenario draws parallels to March 2020, when the market sharply rebounded following the Fed’s intervention in response to the COVID-19 market crash. Current market data shows increasing probabilities of three rate cuts by 2024, which could create a favorable environment for crypto assets.

For Ethereum specifically, the next major hurdles on its potential upward trajectory include resistance levels at $2,680 and $2,720. A clear break above these levels could potentially open the path towards the $2,860 and $2,920 resistance zones. Some optimistic projections even suggest that ETH could approach the $3,000 mark if the bullish momentum continues.

If Ethereum fails to maintain its current momentum and falls below key support levels, particularly the $2,365 zone, it could trigger another decline, potentially pushing the price back towards the $2,250 or even $2,120 levels.

The post Ethereum (ETH) Price Shows Signs of Recovery: Analysts Eye Potential 100% Rally appeared first on Blockonomi.

• BlackRock’s iShares Ethereum Trust (ETHA) has accumulated nearly $900 million in inflows since its launch on July 23, 2024.
• ETHA saw $109.9 million in inflows on August 6, its third-biggest flow day.
• The ETF’s performance puts it among the top six best-performing ETFs launched in 2024.
• Spot Ether ETFs saw combined inflows of $98.4 million on August 6, their best day since launch.
• BlackRock and Nasdaq have proposed a rule change to list and trade options for BlackRock’s spot Ethereum ETF.

BlackRock’s iShares Ethereum Trust (ETHA), a spot Ether exchange-traded fund (ETF), has demonstrated remarkable growth since its launch on July 23, 2024. In just 11 trading days, the fund has accumulated nearly $900 million in total inflows, solidifying its position as one of the top-performing ETFs of 2024.

On August 6, ETHA recorded $109.9 million in inflows, its third-biggest flow day since inception. This surge brought its total inflows to $869.8 million, an impressive feat for a newly launched product. The fund’s performance is particularly notable given the recent volatility in the cryptocurrency market.

Nate Geraci, President of The ETF Store, highlighted ETHA’s success, stating that it now ranks among the top six best-performing ETFs launched in 2024. Remarkably, four of the other top performers are spot Bitcoin ETFs, including BlackRock’s IBIT, underscoring the growing institutional interest in cryptocurrency-based investment products.

After “Crypto Black Monday” (lol) where ETHA took in nearly $50mil…

It vacuums-up approx $110mil today.

That $160mil alone would put it in top 10% of all new ETFs this yr.

ETHA now nearing $900mil inflows 2 weeks in.

Top 6 ETF launch in 2024 (4 of 5 others = spot btc ETFs). https://t.co/JtEIXcu7Yc

— Nate Geraci (@NateGeraci) August 7, 2024

The strong inflows into ETHA came despite a significant drop in Ether’s price. On August 5, often referred to as “crypto black Monday,” Ether experienced an 18% price fall. However, this market downturn didn’t deter investors. ETHA scooped up $47.1 million on that day, demonstrating investors’ willingness to “buy the dip.”

The combined flows for ETHA on August 5 and 6 alone were substantial enough to place it in the top 10% of ETFs launched in 2024, according to Geraci. This achievement is even more impressive considering that spot Ether ETFs are not yet offering staking returns or options trading.

Spot Ether ETFs as a whole saw a combined $98.4 million inflow on August 6, marking their best day outside of their launch day. Fidelity’s spot Ethereum ETF was the second-largest beneficiary, with $22.5 million in inflows, while Grayscale Ethereum Mini Trust and Franklin Ethereum ETF saw $4.7 million and $1 million in inflows, respectively.

Anthony Sassano, host of the Ethereum show The Daily Gwei, commented on the trend, saying, “TradFi slurping up that ETH,” referring to traditional finance’s growing appetite for Ethereum exposure.

While ETHA and other new Ether ETFs have seen strong inflows, Grayscale’s higher-fee Ethereum product (ETHE) recorded an outflow of $39.7 million. When factoring in the $2.2 billion that has left ETHE, the spot Ether ETFs have still seen a combined $473.9 million in outflows overall.

The success of these Ether ETFs comes at a time of significant market volatility. Ether’s price dropped to a low of $2,116 on August 5, a 26% decline from the previous day’s high. However, the cryptocurrency has since partially recovered, trading at around $2,494 as of the latest data.

Looking ahead, BlackRock and Nasdaq have proposed a rule change to list and trade options for BlackRock’s spot Ethereum ETF. This move could provide investors with additional tools to gain exposure to spot Ether, potentially at a lower cost.

The filing stated, “The exchange believes that offering options on the Trust will benefit investors by providing them with an additional, relatively lower cost investing tool to gain exposure to spot Ether.”

The post BlackRock’s Ethereum ETF Surpasses $850M in Inflows Within Two Weeks appeared first on Blockonomi.

• Solana (SOL) price has recovered significantly, rising over 35% in less than 48 hours.
• SOL reached $149.61, up from a low of around $110 earlier in the week.
• The SOL/ETH ratio hit a new all-time high, with SOL outperforming ETH in recent price recovery.
• Analysts attribute the recovery to overall market sentiment improving after recent sell-offs.
• Solana’s ecosystem growth and upcoming upgrades are cited as bullish factors for the cryptocurrency.

Solana (SOL), the native token of the high-performance Solana blockchain, has demonstrated a remarkable recovery in the past 48 hours, surging over 35% and outpacing many of its cryptocurrency peers, including Ethereum (ETH).

This swift rebound comes after a sharp market-wide sell-off earlier in the week that saw SOL drop to nearly $110.

As of the latest data, SOL reached $149.61, marking a significant turnaround from its recent lows. The cryptocurrency’s impressive rally has caught the attention of investors and analysts alike, with many pointing to both market-wide factors and Solana-specific developments as drivers of this growth.

One of the most notable achievements during this recovery is SOL’s performance against Ethereum. The SOL/ETH ratio hit a new all-time high, reaching 0.061. This metric, which measures the value of one Solana token against one Ether, indicates that SOL has been outperforming ETH in the recent market rebound. While ETH has seen a 9.68% increase from its yearly low, SOL has managed a more than 30% jump in the same period.

Analysts attribute this strong recovery to several factors.

Tim Enneking, managing partner of Psalion, suggests that the recent price movements are largely driven by shifts in market sentiment.

“This pricing roller coaster, of which Solana is only one, albeit prominent example, is due purely to fiat markets acting with irrational fear one day and irrational relief the next,” Enneking stated.

Beyond general market trends, Solana-specific factors are also playing a role in its strong performance. Pat Doyle, blockchain researcher for Amberdata, highlighted Solana’s robust fundamentals.

“Key metrics such as the growth in active users, increased dex volumes, and overall ecosystem expansion reflect the underlying strength of the platform,” Doyle noted.

He also pointed out that compared to Ethereum, Solana’s market cap (currently at 22% of Ethereum’s) suggests potential for further growth.

Seth Ginns, managing partner at CoinFund, emphasized upcoming developments in the Solana ecosystem.

“Solana is benefiting from a number of tailwinds. Onchain activity has been strong, and there’s an expectation for new features and upgrades to ship between now and the big Solana developer conference Breakpoint next month,” Ginns explained.

From a technical analysis perspective, SOL has broken above several key resistance levels. The price moved past the $135 and $140 marks, surpassing the 50% Fibonacci retracement level of the recent downward move from $184 to $109. The next major resistance is seen near $155, coinciding with the 61.8% Fibonacci retracement level.

While the current trajectory is bullish, analysts caution that the market remains volatile. If SOL fails to break above the $155 resistance, it could face a pullback. Support levels to watch include $140 and $135, with a break below potentially leading to a retest of the $122 area.

The broader cryptocurrency market has been mirroring trends in traditional financial markets, with both experiencing sharp sell-offs followed by robust recoveries. This correlation highlights the increasing integration of digital assets into the wider financial ecosystem.

The post Solana (SOL) Price Surges 35%: Reaches All Time High Against Ethereum appeared first on Blockonomi.

• TON blockchain gaming has grown significantly, with about 20% of Telegram users now playing games monthly.
• Hamster Kombat claims to have over 300 million users and is preparing for a large token airdrop.
• Experts predict a potential drop-off in users for many clicker games after their token generation events.
• Hamster Kombat has launched 3 new mini-games and is building a platform combining Web2 and Web3 games.
• Binance has hinted at listing Hamster Kombat’s $HMSTR token, indicating growing interest from major exchanges.

The Open Network (TON) blockchain has seen a significant surge in gaming activity, with Telegram-based games like Hamster Kombat leading the charge.

According to Inal Kardan, TON Foundation’s Gaming Lead, approximately 20% of Telegram’s 950 million monthly active users are now playing at least one game per month, a twenty-fold increase from December 2024.

Hamster Kombat, a tap-to-earn game where players manage a virtual cryptocurrency exchange, has emerged as a frontrunner in this new wave of blockchain gaming.

The game claims to have amassed over 300 million users, with 50 million daily active players. This explosive growth has caught the attention of major cryptocurrency exchanges, with Binance hinting at a possible listing of Hamster Kombat’s $HMSTR token.

The game’s popularity stems from its simple yet addictive gameplay, where users tap to earn in-game currency and invest in various aspects of their virtual exchange.

Players can earn passive income by purchasing different parts of the exchange, each providing a certain number of tokens per hour. This mechanic has kept millions of players engaged, with many anticipating a potentially lucrative token airdrop.

Hamster Kombat recently expanded its offerings by launching three new mini-games within its ecosystem. This move aligns with the team’s stated goal of building a gaming platform that combines Web2 and Web3 experiences to support and extend the utility of their $HMSTR token.

However, the sustainability of such clicker games remains a topic of debate among industry experts.

Andrew Saunders, Chief Growth Officer at SKALE Labs, predicts a “fairly sizable user drop-off post-Token Generation Event for most of these games.” Saunders argues that many users are primarily driven by “airdrop speculation” and may lose interest once the reality of token distribution sets in.

Despite these concerns, Hamster Kombat appears to be taking steps to build a more sustainable ecosystem. The game’s whitepaper outlines plans for future developments, and the team has hinted at a “season two” even before fully revealing the details of their first season.

Dear CEOs ,

As we mentioned in our updated Whitepaper, we are building a gaming platform combining web2 and web3 games that will support and extend the utility of the $HMSTR token!

Starting today, we will be adding new games so that you have a variety of choices and can…

— Hamster Kombat (@hamster_kombat) August 6, 2024

The broader implications of this gaming boom on the TON blockchain are significant. Kardan envisions a future where more complex “mid-core” games will emerge on the platform. He cites Gatto, a Tamagotchi-like game on Telegram, as an example of the type of games that could gain traction in the coming months.

The integration of blockchain technology with casual mobile gaming has created new opportunities for both players and developers. Joseph Cooper, CEO of Earn Alliance, suggests that playing Web3 games could potentially become a more lucrative side hustle than traditional gig economy jobs like driving for Uber.

As the ecosystem matures, the focus is likely to shift from simple clicker games to more engaging and sustainable gaming experiences.

The success of platforms like Hamster Kombat in maintaining user engagement post-token generation will be crucial in determining the long-term viability of this new gaming paradigm.

The post Telegram Gaming Boom: Hamster Kombat Leads the Charge in TON Blockchain Gaming appeared first on Blockonomi.

• Bitcoin is approaching a “death cross,” where the 50-day simple moving average (SMA) crosses below the 200-day SMA.
• The death cross is often seen as a bearish signal, but historically it has not always led to long-term price declines.
• Bitcoin recently dropped to around $49,577 before rebounding to about $56,386.
• Some analysts suggest the death cross could be a lagging indicator and may not accurately predict future price movements.
• Comments from Bank of Japan governor Shinichi Uchida about maintaining easy monetary policy have helped boost risk assets, including Bitcoin.

Bitcoin, the world’s leading cryptocurrency, is approaching a technical pattern known as a “death cross,” causing some concern among traders and investors.

This ominous-sounding term refers to when the 50-day simple moving average (SMA) crosses below the 200-day SMA, often interpreted as a bearish signal in technical analysis.

As of the latest data, Bitcoin’s price stands at approximately $56,386, with the 50-day SMA at $62,488 and the 200-day SMA at $61,664. The recent price action has seen Bitcoin drop to a low of $49,577 before rebounding, marking a significant 30% decline from its July 29 peak.

While the death cross traditionally signals potential bearish momentum, many seasoned crypto traders and analysts caution against overreaction

Historical data shows that death crosses don’t always lead to long-term price declines. In fact, the last Bitcoin death cross occurred in September 2023, after which the cryptocurrency’s value surged by 190% over the following six months.

Matt Hougan, CIO of Bitwise, commented on the current market sentiment: “If you are like most crypto investors, you’re cycling through a brutal swing of emotions, including fear and despair. For many, the emotion that strikes hardest is anger. I feel those emotions too. But I feel something else too—something born from six-plus years of managing money in crypto full-time: Opportunity. Because I’ve seen this movie before.”

1/ History suggests that this weekend's sell-off is a buying opportunity.

A thread on why.

[Note: Not investment advice. Just my opinion.]

— Matt Hougan (@Matt_Hougan) August 5, 2024

The significance of a death cross can vary depending on which moving averages are used. For instance, exponential moving averages (EMAs), which give more weight to recent price action, present a different picture, suggesting the current situation might be a reaction to a dip rather than a long-term bearish trend.

Adding to the complexity of the market analysis, recent comments from Bank of Japan (BOJ) governor Shinichi Uchida have introduced a new factor. Uchida stated that the central bank wouldn’t hike borrowing costs when markets are unstable, potentially weakening the case for continued unwinding of “yen carry trades” and resulting risk aversion in assets like Bitcoin.

“As we’re seeing sharp volatility in domestic and overseas financial markets, it’s necessary to maintain current levels of monetary easing for the time being,”
Uchida said in a speech to business leaders.

This statement has led to a weakening of the Japanese yen and a boost in risk assets, including Bitcoin and stock futures. The cryptocurrency briefly topped $57,300 following Uchida’s comments, while Japan’s Nikkei index rose 4%, signaling a potential risk reset.

Market observers note that the death cross could end up being a lagging indicator, as it’s based on past data. In some cases, it can even be a false signal if there’s no decisive bearish reversal. For example, Bitcoin recorded a death cross in March 2020, only to hit a new all-time high later that year.

The post Bitcoin (BTC) Price Volatility Increases as Death Cross Looms appeared first on Blockonomi.

• A cyberattack targeted about 40 French tourist spots, including the Grand Palais, an Olympics venue.
• Hackers demanded a ransom in cryptocurrency, threatening to leak financial data.
• The attack affected data processing systems of museum shops but did not impact Olympic Games programming.
• The French Anti-Cybercrime Brigade (BL2C) is investigating the incident.
• France’s national systems security agency (ANSSI) stated the attack does not affect systems involved in running the Olympics.

A cyberattack has targeted approximately 40 French tourist spots, including the Grand Palais, a venue for the Paris 2024 Olympics. The incident, which occurred over the weekend of August 3-4, 2024, has raised concerns about cybersecurity during the ongoing Olympic Games.

The hackers exploited data processing systems of museum shops and boutiques across France, gaining access to sensitive financial information. The Grand Palais, which is hosting fencing and martial arts events for the Olympics, confirmed it was among the victims of the attack.

According to French newspaper Le Parisien, the director of information systems for the Grand Palais discovered the breach on August 3. The attackers have demanded a ransom to be paid in cryptocurrency, threatening to leak the collected financial data within 48 hours if their demands are not met.

The exact amount of the ransom and the specific cryptocurrency requested remain undisclosed. It’s also unclear whether any of the affected institutions plan to comply with the ransom demands.

In response to the incident, French authorities have taken action. The French Anti-Cybercrime Brigade (BL2C) has opened an investigation into what they describe as an “attack on an automated data processing system, organized extortion, and criminal association with a view to committing a crime or offense punishable by five years’ imprisonment.”

The French National Agency for Information Systems Security (ANSSI) was promptly alerted to the situation. ANSSI has reassured the public that the cyberattack does not affect the information systems crucial to the operation of the Olympic and Paralympic Games. “This incident does not affect information systems involved in the running of the Olympic and Paralympic Games,” an ANSSI spokesperson stated.

Despite the attack, museum shops targeted in the incident remain operational as of the time of reporting. The Louvre Museum, initially reported to have been impacted, has since denied any involvement in the breach.

This cyberattack is not an isolated incident in the context of the Paris Olympics. French Prime Minister Gabriel Attal had announced in late July, just days after the start of the Games, that nearly 70 cyberattacks linked to the Olympics had already been thwarted.

In recent years, similar attacks have affected various sectors of the tourism and entertainment industry. Last fall, Las Vegas-based casino operator Caesars reportedly paid about $15 million to hackers following a ransomware attack.

In January, several prominent museums in the United States, including the Museum of Fine Arts in Boston, experienced outages due to cyberattacks on their software systems.

The post Hackers Demand Crypto Ransom from Paris Olympics Venue & French Museums appeared first on Blockonomi.

• Core Scientific announced an expanded deal with CoreWeave worth $6.7 billion over 12 years.
• The company will provide an additional 112 megawatts of computing infrastructure to CoreWeave.
• Core Scientific’s shares rose by 18% following the announcement.
• The deal represents a shift from bitcoin mining to AI infrastructure for Core Scientific.
• CoreWeave will finance the modifications to Core Scientific’s infrastructure.

Core Scientific, a major player in the bitcoin mining industry, has announced a significant expansion of its partnership with CoreWeave, an AI-focused cloud provider.

The deal, valued at $6.7 billion over 12 years, marks a pivotal shift in Core Scientific’s business strategy from cryptocurrency mining to artificial intelligence infrastructure.

Under the new agreement, Core Scientific will expand its high-performance computing (HPC) infrastructure by 112 megawatts (MW) to a total of 382 MW. This additional capacity will be used to host CoreWeave’s NVIDIA graphics processing units (GPUs), which are crucial for AI and machine learning applications.

The expanded deal is expected to generate an additional $2 billion in revenue over 12 years, on top of the $4.7 billion anticipated from existing agreements. This brings the total potential revenue from the CoreWeave partnership to $6.7 billion, starting in the first half of 2026.

Core Scientific’s CEO, Adam Sullivan, stated,

“We have now contracted with CoreWeave for a total of 382 megawatts of HPC infrastructure, reflecting the strong demand for high-power data center infrastructure and the unique ability of our team to deliver it.”

The announcement had an immediate impact on Core Scientific’s stock price, which surged by approximately 18% following the news. As of the latest report, the company’s shares were trading at $9.74.

CoreWeave will finance all capital investments required to transform Core Scientific’s existing infrastructure into state-of-the-art, application-specific data centers tailored for dense HPC. The modifications are scheduled to begin in the latter half of 2024, with operations expected to commence in early 2026.

This expansion comes at a time when many bitcoin mining firms are retrofitting their existing facilities to serve AI clients. The shift is driven by decreased profitability in crypto mining, particularly following the recent bitcoin halving event.

Core Scientific’s move reflects a broader trend in the industry, as companies leverage their existing infrastructure and power contracts to meet the growing demand for AI computing resources.

The transition from bitcoin mining to AI infrastructure is not without challenges. As Needham analysts pointed out in a May report, much of the existing mining infrastructure would need significant modifications to accommodate HPC requirements.

Despite these challenges, Core Scientific’s Sullivan remains optimistic about the company’s future. He highlighted the planned integration of Block’s new 3-nanometer ASIC chip for next year and the thriving HPC business as key factors in the company’s growth strategy.

This deal represents a turnaround for Core Scientific. In January 2024, the company was emerging from bankruptcy and facing challenges from angry lenders. Since its return to the stock market that month, Core Scientific’s share price has risen by 140%, largely driven by its aggressive push into the AI business.

The company also continues its bitcoin mining operations. In July, Core Scientific mined 411 BTC from its fleet of owned miners, operating around 172,000 BTC miners with a total hash rate of 20.1 EH/s.

The post Bitcoin Miner Core Scientific Expands AI Infrastructure Deal with CoreWeave appeared first on Blockonomi.

• Japanese firm Metaplanet plans to raise about $70 million through stock rights issuance.
• The company intends to use $58.76 million of the raised funds to invest in Bitcoin.
• Metaplanet currently holds around 246 Bitcoins worth approximately $13.4 million.
• The company is following a strategy similar to MicroStrategy, which has accumulated over 220,000 Bitcoins.
• Metaplanet views Bitcoin as a long-term investment and a hedge against currency depreciation.

Metaplanet Inc, a Japanese investment and consulting firm, has announced plans to raise approximately 10 billion Japanese yen (about $70 million) through a stock rights offering.

The company intends to use 8.5 billion yen ($58.76 million) of the raised funds to invest in Bitcoin, significantly expanding its cryptocurrency holdings.

The decision was made during a recent board of directors meeting, where Metaplanet approved a gratis allotment of its 11th series of stock acquisition rights to all common shareholders.

Under this plan, shareholders of record as of September 5 will receive one stock acquisition right per common share. These rights will allow shareholders to acquire Metaplanet common stock at an exercise price of 555 yen (about $4) during the period from September 6 to October 15.

Currently, Metaplanet holds about 246 Bitcoins, valued at approximately $13.4 million. The planned investment would substantially increase the company’s Bitcoin treasury. Metaplanet’s CEO, Simon Gerovich, explained that the firm sees Bitcoin as “the apex monetary asset” and believes it will make a great addition to the company’s treasury.

This move mirrors the strategy employed by MicroStrategy, a Nasdaq-listed business intelligence firm that has been accumulating Bitcoin since 2020. MicroStrategy has raised debt and sold shares to acquire over 220,000 Bitcoins, now worth billions of dollars.

Metaplanet’s decision to invest heavily in Bitcoin is based on two main factors. First, the company sees long-term appreciation potential in the asset. Second, Bitcoin is viewed as a hedge against currency depreciation, particularly important given the recent volatility in the Japanese stock market and the depreciation of the yen against the US dollar.

The Japanese stock market recently experienced its worst one-day drop since 1987 when the Bank of Japan raised rates on short-term government bonds from 0% to 0.25% on July 31. This event led to a significant sell-off in the cryptocurrency market, with Bitcoin and Ethereum seeing price drops of around 18% and 26%, respectively.

Despite these recent market fluctuations, Metaplanet remains confident in Bitcoin’s long-term potential. The company stated, “An increase in Bitcoin prices is expected to strengthen our balance sheet, enhance asset value, and positively contribute to our earnings.”

Metaplanet is also considering future business ventures within the Bitcoin ecosystem. The company suggested it could generate additional income from its Bitcoin holdings by selling covered calls on the digital assets. Additionally, Metaplanet is exploring the possibility of transforming its hotel business to cater to Bitcoin enthusiasts and businesses, offering unique services and new revenue sources.

This pivot towards Bitcoin comes as Metaplanet has strategically exited most of its hotel business, which had been suffering from declining revenue and recurring losses over five consecutive periods.

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