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News of the cryptocurrency market:

Turkish football club Trabzonspor is the latest team to issue their own fan tokens using the Blockchain voting and rewards app, Socios.com, which will be available via the Chiliz exchange.

According to the announcement, $TRA token holders will be able to vote in various polls and earn rewards for their engagement with the football club. Rewards could include VIP stadium attendee status, and even the ability to meet with players once the COVID-19 pandemic has passed. Socios’ app will also enable users to compete to become the #1 fan in their region or country.

A group of North Korean hackers is engaged in a massive campaign targeting U.S. financial institutions and cryptocurrency exchanges around the world — with U.S. authorities warning of the high level of threat it poses to the country.

According to an alert issued by the U.S. Department of Homeland Security (DHS), agencies including the FBI, the U.S. Cyber Command, and the Department of the Treasury are moinotiring the resurgence of the North Korea-sponsored hacking group, BeagleBoyz. The hackers have not been as active in the last few years as the notorious Lazarus Group – another hacking group from the hermit regime. However, they are reportedly responsible for stealing $2 billion since at least 2015, mostly related to “lucrative cryptocurrency thefts,” said the U.S. DHS.

Framework Labs, the sister company of Framework Ventures, has raised $8 million in a new seed round.

Station 13, an investment firm focusing on blockchain ventures related to sports, media, and entertainment, led the $8 million fundraising round for Framework Labs. Framework will use the funds to grow its team of researchers, traders, and engineers. The company has already hired former CTO and co-founder of decentralized exchange IDEX Ray Pulver and former principal at Wavemaker Partners Roy Learner. According to an Aug. 27 report from Forbes, Framework Labs founders Michael Anderson and Vance Spencer have developed a new investment model called Network Capital to invest in DeFi companies at multiple stages.


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News of the cryptocurrency market:

Tesla and Bitcoin price surged higher after recovering from a sharp correction, leading analysts to take a closer look at the BTC to S&P 500 correlation.

On Sept. 9 the price of Tesla stock surged 10.92% after undergoing a 21% plunge earlier in the day. Coincidentally, the price of Bitcoin (BTC) also soared by nearly 5% in the past 24 hours. In the past several days, the correlation between Bitcoin and stocks has increased once again. Data from Skew shows the 1-month correlation between Bitcoin and the S&P 500 surged from 18% to around 55%.

The Committee on Energy and Commerce has just approved two pieces of legislation to spur more in-depth analysis of blockchain technology in government, clearing the way for their vote in the House of Representatives.

In an online debate moderated by Chamber of Digital Commerce founder Perianne Boring on Sept. 9, Democratic Representative of Florida’s 9th District Darren Soto announced that after “nearly two years of pushing,” the Committee on Energy and Commerce had passed the Digital Taxonomy Act. In addition, the committee approved the American COMPETE Act. Both pieces of legislation will now go to the main floor of the U.S. House of Representatives for a vote.

Revolut, a major European cryptocurrency-friendly trading application is expanding to another major market.

The London-based firm has launched its digital banking app in Japan, as Revolut announced in a Sept. 8 tweet. According to a report by The Nikkei, Japan is the first non-English speaking market for Revolut. Headquartered in London, the company reportedly has 13 million users worldwide, operating in European countries, the United States, Australia and Singapore.


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News of the cryptocurrency market:

Finance ministers from five European countries have called on the EU Commission to issue regulation for stablecoins as well as sanctions for providers that break the rules.

Ministers from Germany, France, Italy, Spain, and the Netherlands told the Commission that stablecoins regulation was needed to protect consumers and preserve the bloc's monetary sovereignty from Big Tech firms, according to Reuters. In a joint statement at the Bundesbank Conference Friday, ministers said private stablecoin providers needed to adhere to European regulation and should not be allowed to operate in the bloc if they fall below a certain standard.

A new group seeking to promote research and support blockchain firms has been formed.

The Ticino Blockchain Technologies Association was launched with the participation of the University of Southern Switzerland, also known as the Università della Svizzera Italiana (USI), and the University of Applied Sciences and Arts of Southern Switzerland (SUPSI). The group’s goal is to support research and companies in the blockchain sector and promote academic studies of the technology. Other founding members are Bitcoin.com, Copernicus Holdings, Eligma, Euronovate, Eventboost, Pangea Blockchain Fund, Poseidon Group, the Quadrans Foundation, StrongBlock.io, Superflat and the Swiss Blockchain Consortium.

Jameson Lopp, co-founder and CTO of Casa, a crypto custody firm has released a test result report on Bitcoin multi-signature hardware signing performance on the Casa blog on Sep. 13.

The result shows that hardware crypto wallet devices can handle small, simple transactions well. However, they have trouble performing once the transaction becomes complicated. Casa is said to be built upon geographically distributed multisig, dedicated hardware devices to secure keys, designed user experience, and client services.


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News of the cryptocurrency market:

Bakkt Bitcoin futures smashes daily volume record by 36%. Despite the milestone, Bakkt’s future volumes pale in comparison to those of top crypto exchanges Binance and Huobi.

Bakkt, a regulated platform for crypto asset custody and trading owned by Intercontinental Exchange, has reported record daily trading volumes for its physically-settled Bitcoin (BTC) futures contracts. On September 16, Bakkt announced that more than $200 million worth of BTC contracts had been traded over a single day — breaking its previous record by 36%.

Yam is gearing up for its V3 release later this week after undergoing a security audit from PeckShield.

Decentralized finance (DeFi) protocol Yam Finance is relaunching on September 18. Yam Finance V2, a fork of Compound (COMP) featuring a native token with an elastic supply, burst onto the DeFi scene last month — garnering more than half a billion in assets from yield farmers within 24 hours of launching. However, the unaudited V2 of Yam Finance came to a dramatic conclusion when a catastrophic bug caused excessive reserves to be minted which rendered it impossible for governance to be executed.

DeFi could fall under regulatory pressure if it is seen as a haven for money laundering.

The rapid growth in decentralized finance and yield farming is likely to attract greater regulatory attention according to a recent report. A joint research paper by global management consulting firm BCG Platinion and Crypto.com has indicated that the rapid growth in DeFi in 2020 has created the potential for money laundering which will bring it under the radar of regulatory authorities. Since the beginning of the year, the dollar value of crypto collateral locked across DeFi platforms has increased over 1200% to reach $9 billion according to data provider DeFi Pulse.


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News of the cryptocurrency market:

Bitcoin’s realized capitalization has soared above its 2017 record high

Crypto market data aggregator Glassnode has published data indicating that Bitcoin’s (BTC) realized capitalization has increased by more than 50% since tagging its all-time high of $20,000 at the end of 2017. Bitcoin’s realized cap currently sits at $115 billion — $43 billion more than at the all-time high in 2017.

Bears lurk as Bitcoin price is down and $284M in CME BTC options are set to expire on Friday

As of now, the $622 million total open interest for BTC futures expiry on Friday seems quite relevant. This Friday, a total of $100 million in CME Bitcoin (BTC) options are set to expire. 58% of these are call (buy) options, meaning buyers can acquire BTC futures at a fixed price.

Bloomberg suggests that Bitcoin should be $15,000 according to this adoption metric

Their belief seems to be that Bitcoin is destined to appreciate unless these key indicators reverse themselves. According to the Bloomberg crypto newsletter, a key on-chain indicator suggests that Bitcoin (BTC) is currently greatly undervalued. Bloomberg’s crypto analyst Mike McGlone believes that the recent all-time highs in Bitcoin’s hashrate and more importantly, the 30-day average of active Bitcoin addresses, suggests a $15,000 price level for the asset.


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