Decentral Block Post

Bitcoin (BTC) fell back below $20,000 after the Aug. 30 Wall Street open as data showed hodlers selling at a loss.

June lows look increasingly attractive

Data from Cointelegraph Markets Pro and TradingView captured the latest dive below the 2017 bull market peak for BTC/USD, with United States equities dropping in step.

The S&P 500 and Nasdaq Composite Index lost 1.1% and 1.25% in the first hour, respectively, while BTC/USD shed 2.5% during a single hourly candle.

The latest moves came as no surprise to traders already wary of a deeper correction for the largest cryptocurrency. Previously, many had called for a retracement toward the macro lows seen in June.

For popular trader Crypto Ed, both Bitcoin and Ether (ETH) offered good opportunities for an upcoming short trade. In Bitcoin’s case, the target was $18,000 if the area of around $19,800 failed to hold.

Interoperability-focused blockchain Flare Network has partnered with software infrastructure firm Lena Instruments to implement a crowdfunding mechanism that lowers the risks associated with startup investing. 

Lena Instruments announced what it called a “CloudFunding" launchpad that lets Flare investors allocate a percentage of the rewards that they earned into investments to new crypto startups without moving their initial investments.

Apart from providing a low-risk investing solution for its contributors, the platform also aims to help projects that have launched on the platform have regular cash flows during the reward distribution periods.

Hugo Philion, the CEO of Flare Network, believes that the new mechanism is a good way for developers to get early access to community funding. He explained that this creates a “win-win situation” for all parties involved. He said:

“New projects get early access to community funding and support, and Flare token holders get the opportunity to join new exciting projects with zero risk to their principal.” 

Bitcoin (BTC) hodlers are asking questions after 10,000 BTC dormant since 2013 suddenly left its wallet.

On-chain data flagged on Aug. 28-29 confirmed a large tranche of Bitcoin had become liquid again after nearly a decade.

“Lawless era” Bitcoin hit the road

Analysts first began to notice curiously high transaction volumes this weekend as 5,000 BTC was included in a block.

Having stayed in the same wallet since 2013, the funds, the owner of which remains unknown, were soon joined by a near identical 5,000 BTC a day later.

In total, 10,000 BTC moved for the first time since 2013, and on-chain sleuths are curious as to the motive of the whale in charge.

Binance marked its presence among the Middle East investors by running various licensed operations in Abu Dhabi, Dubai and other regions. Targeting efforts in United Arab Emirate's (UAE) mainstream corporate sector, Binance partnered with business lender Virtuzone, allowing new entrepreneurs to repay loans using cryptocurrencies.

Virtuzone joins the list of mainstream businesses in the UAE, such as JA Resorts and Hotels and Majid Al Futtaim, to officially accept cryptocurrencies after integrating Binance Pay into its payment gateway. In addition, by providing businesses the option to repay seed and other forms of funding through cryptocurrencies, the company intends to reduce barriers to entrepreneurship and support the startup communities.

With blockchain venture capital funding going down over 43% in July, entrepreneurs are on the lookout for obtaining funds for new crypto ventures amid an ongoing bear market. In addition to serving this need, Virtuzone also revealed plans to expedite Web3 adoption in the Middle East. On this note, speaking to Cointelegraph, Richard Teng, head of Binance Middle East and North Africa (MENA), stated:

“The market that is developing in the UAE around the Web3 industry, thanks to a number of government initiatives, is one that will become a global hub for investors in digital assets.”

Binance also expects the MENA region to enjoy strong demographic growth in the next three decades. However, Teng believed that entering the untapped market requires the introduction of a regulatory framework for crypto and digital assets.