The biggest news in the cryptoverse for Aug. 29 includes the liquidation of $9 million in Bitcoin shorts, a report showing that the majority of GameFi investors are interested in profit rather than gameplay and Ava Labs’ CEO denying CryptoLeaks’ allegations that it had a deal with law firm Roche Freedman to use “litigation as a tool” to disrupt competitors and misdirect regulators.
CryptoSlate Top Stories
Bitcoin shorts liquidated a total of $9 million as BTC moves back above $20,000
Powell’s Jackson Hole speech on Aug. 26 forced the crypto market to bottom at $19,500 in the early hours of Aug. 29. But as of 14:00 UTC, BTC had spiked as high as $20,300.
The sudden spike was a result of the Bitcoin bulls fighting to regain psychological resistance at the $20,000 level. As a result, $9 million in Bitcoin shorts were liquidated, according to Coinglass data.
Singapore considers stricter crypto regulations to protect retail traders
The Monetary Authority of Singapore (MAS) managing director Ravi Menon said that the authority will introduce new measures to limit the use of leverage and credit facilities by retail investors who are easily lured for quick gains.
He noted that the borderless nature of the crypto industry makes it unlikely to place an outright ban on its usage in the region. However, the MAS is currently working on measures to regulate stablecoins and would reveal the comprehensive guideline by October.
Limit Break’s DigiDaigaku NFT collection rises by over 100% as the firm raises $200m
Web3 gaming startup Limit Break announced that its parent company raised $200 million to pioneer its”free-to-own” gaming model which will see the brand give away its NFTs for free.
Reacting to the announcement, the price floor of its free mint NFT DigiDaigaku rose to 15.67 ETH. According to nftgo data, the 24-hour trading volume of the collection increased by over 400% recording around $4 million in sales.
Chainplay report reveals 3 in 4 investors join crypto because of GameFi
Chainplay released its state of GameFi report showing that 3 in 4 GameFi investors are in for quick profit. Out of 2428 investors who participated in the survey, 51% affirmed that they were in for profit, while only 18% were interested in the gameplay.
The participants reported that they had lost over 50% of their earnings in the last six months while trying to profit from the GameFi sector. The key drivers of their losses were poor game economy design and declining market…
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