1. Bitcoin Mining Difficulty Drops 2.71% to 54.11T
According to BTC.com, Bitcoin’s mining difficulty adjusted earlier today at block height 806,400, decreasing by 2.71% to 54.11T. The current network hash rate averages 400.61 EH/s, reflecting ongoing fluctuations in miner activity.
2. U.S. Accounting Rule Change Encourages Institutional Crypto Holdings
The Financial Accounting Standards Board (FASB) has approved new rules allowing companies to report cryptocurrency holdings at fair market value. Effective in 2025 (with early adoption permitted), this eliminates previous impairment accounting challenges. Analysts, including Berenberg Capital, note this could accelerate institutional adoption. Notably, MicroStrategy and Bitfinex already hold Bitcoin on their balance sheets.
👉 Explore institutional crypto strategies
3. ARK Invest and 21Shares File for Ethereum Spot ETF
ARK Invest and 21Shares submitted an application for an Ethereum spot ETF ("ARK 21Shares Ethereum ETF") to the SEC. The fund will directly hold ETH and trade on Cboe BZX, with Coinbase Custody as the custodian. Concurrently, Cboe BZX filed a 19b-4 for VanEck’s Ethereum ETF, signaling growing institutional demand for ETH investment vehicles.
4. AntChain Unveils Web3 Brand Targeting Global Markets
At the upcoming Bund Summit, AntChain will launch a new Web3 brand focused on Hong Kong and international markets. This aligns with Hong Kong’s push to allocate HKD 50 million for Web3 development, joining tech giants like Alibaba Cloud and Tencent in expanding Web3 infrastructure.
5. Wyoming’s Crypto-Friendly Policies Face Economic Reality Check
Despite passing 28 blockchain laws since 2019, Wyoming’s crypto revenue remains under $500,000 against $2 million in legislative spending. Over 1,000 crypto-related LLCs have registered, but fiscal impact is minimal. The state continues to attract blockchain firms despite limited tangible economic benefits.
6. Global Crypto Wealth Report: 204 Individuals Hold $100M+ in Crypto
Henley & Partners’ report reveals 88,200 crypto millionaires worldwide, including 40,500 Bitcoin holders. Notably, 22 individuals boast crypto holdings exceeding $1 billion, underscoring the asset class’s wealth concentration.
7. U.S. Judge Rules Fraudulent Crypto Promotions Are Criminal Acts
A federal judge affirmed that maliciously promoting memecoins or tokens with fraudulent intent constitutes securities fraud. This precedent highlights legal risks for influencers engaging in "pump-and-dump" schemes involving stocks or crypto assets.
8. Coinbase CEO Backs Web3 Professional Networks
Brian Armstrong added a "Web3 LinkedIn" to his list of top crypto innovation areas, inviting startups to pitch at Coinbase’s Ventures Summit. The move reflects growing interest in decentralized professional identity solutions.
👉 Discover Web3’s future applications
9. CEX Bitcoin Trading Volume Hits 3-Year Low in August
Bitfinex reports August’s spot BTC volume (<$423B) as the lowest since October 2020, signaling declining trader confidence. Low liquidity exacerbates market volatility, creating precarious price conditions.
10. SBF’s Pretrial Release Denied by Appeals Court
Sam Bankman-Fried’s request for temporary release ahead of his October trial was rejected. His defense cited inadequate prison internet access for trial preparation, but the court upheld his detention at Brooklyn’s MDC.
11. Coinbase Singapore Mandates Counterparty Details for Transfers
To comply with MAS AML rules, Coinbase Singapore now requires users to provide recipient wallet types, exchange names, and residency details for crypto transfers—a move mirroring global regulatory trends.
12. Binance Clarifies CYBER Liquidity Issues
Binance attributed CYBER redemption halts to extreme demand spikes and low liquidity, denying allegations of internal trading. Temporary withdrawal limits were imposed to protect users, with no project-side borrowing occurring.
FAQ Section
Q: How does FASB’s fair-value accounting impact crypto adoption?
A: It removes impairment-related barriers, making crypto holdings more attractive for corporate balance sheets.
Q: What’s the significance of Ethereum spot ETF filings?
A: They signal institutional recognition of ETH as a mainstream asset, similar to Bitcoin ETFs.
Q: Why is Wyoming struggling with crypto revenue?
A: Despite regulatory friendliness, the state lacks scalable tax mechanisms for crypto businesses.
Q: How can users comply with Coinbase Singapore’s new rules?
A: Always verify recipient details (name, country, wallet type) before initiating transfers.
Q: What caused CYBER’s liquidity crisis?
A: A combination of high futures funding rates, arbitrage demand, and sudden sell-offs strained supply.