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🙅 Tether Stalls Blockchain Launch 

Word On The Street: Tether has decided not to pursue launching its own blockchain, citing market saturation and strategic considerations.

The details:

• This decision stems from a thorough analysis of the blockchain landscape, which he described as increasingly crowded.

• CEO, Ardoino noted that a new blockchain might not be the “right move” for Tether, given that there are already “very good blockchains”.

• On August 21, Tether partnered with the United Arab Emirates’ Phoenix Group and Green Acorn Investments to launch a dirham-backed stablecoin.

Why it matters: Tether is focused on strengthening its core product of stablecoins. This highlights strong leadership and a willingness to do what’s best for the crypto ecosystem.

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Other News

Justin Sun says removing 12K Bitcoin from USDD is just ‘DeFi 101’. USDD’s Bitcoin collateral was removed without a vote from its DAO, but Justin Sun insists it’s a normal event in DeFi.

Bitcoin Tops $61K Before Powell's Jackson Hole Speech as Ether ETFs Face Record Outflows. Comments at the Jackson Hole symposium later Friday may give clues about the Federal Reserve monetary policies, will boost or undermine prices of risk assets, including bitcoin.

El Salvador’s Bitcoin holdings grow by 162 BTC with daily buys. With each new Bitcoin purchase, the country’s financial future becomes increasingly tied to the fortunes of an unpredictable crypto market.

MakerDAO to Offer Optional MKR Conversions for New Governance Token. MakerDAO hopes the new governance token will increase governance participation.

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Reports from our analysts today:

• BNB Technical Analysis (Free)

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• Polkadot Technical Analysis (Paid)

TRADERS CORNER
💸 BNB Technical Analysis

Binance Coin (BNB) is approximately $581.6, trading near the middle of the Bollinger Bands, which are set to a 20-period simple moving average (SMA). This position indicates a neutral to slightly bullish sentiment, with the price having recently moved upwards towards the upper band, though it has since pulled back.

Trend Analysis:

The chart shows a recent attempt to break out of a consolidation phase, as indicated by the price spiking towards the upper Bollinger Band before pulling back. This suggests that the market tested higher levels but faced resistance, causing the price to retrace. The overall trend appears to be in a consolidation phase, with the price oscillating between support and resistance levels.

Support and Resistance Levels:

• Immediate Support: $579.7 (middle Bollinger Band and recent breakout level)

• Critical Support: $576.7 (lower Bollinger Band, a significant level if the price continues to pull back)

• Immediate Resistance: $582.7 (upper Bollinger Band, near the recent high where the price faced resistance)

• Critical Resistance: $586.0 (a previous peak, which if breached, could signal a stronger bullish continuation)

Potential Scenarios:

1. Continued Uptrend: If the price holds above the $579.7 support level and breaks through the $582.7 resistance, it could signal a continuation of the uptrend. In this case, the next target would be around $586.0, where stronger resistance may emerge.

2. Pullback and Consolidation: A failure to break above $582.7 and a move below $579.7 could lead to a pullback, potentially towards the $576.7 support level. If the price consolidates around this area, it could indicate a pause in the uptrend before another attempt to move higher.

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