August 2024 Community Highlights

Hey Notifs fam,

We’re excited to announce the launch of our ETH ETF tracking feature! 

If you haven’t tried it yet, be sure to download the latest version of our app. This month has seen some significant price movements in the crypto market. Bitcoin dropped below $50,000, prompting many to buy the dip. However, with macro announcements hinting at rate cuts, inflows have driven the market back up, crossing the $60,000 mark again.

Recap on what happened in August:

• 📉 Bitcoin ETF inflows surged to $543 million amid expectations of interest rate cuts, highlighting the market's sensitivity to these signals. Just yesterday Bitcoin exchanges experienced the third-largest net daily outflow of 2024. Overall Bitcoin's strength has waned as the market remains trapped in a five-month downtrend.

• 🚨 Telegram founder Pavel Durov's arrest in France has escalated tensions between Russia and France. This incident significantly impacted Toncoin, leading to a 14% drop and a 32% surge in open interest. Additionally, the TON blockchain experienced a standstill, with no blocks produced for over three hours.

• 📈 Crypto.com has surpassed Coinbase in trading volume due to growing institutional demand, while Coinbase reported $1.45 billion in Q2 revenue, despite declining profits.

• 👁️ Worldcoin has launched operations in Malaysia, enabling citizens to prove their identity digitally using the project’s orbs, facilitating personal verification and digital ID.

• 🚧 An OSL executive noted that Hong Kong's crypto ETFs face systemic market obstacles, even as the region plans to enhance digital asset regulations over the next 18 months.
  
  
  

  

Notifs Product Development

As we look ahead, Notifs is actively participating in community events including the recent event: Crypto Accounting: Best Practices and Tools, co-hosted by AEM Algorithm to explore collaboration opportunities. While we’re focusing on enhancing our technical analysis tools to help users identify alpha, we’re actively exploring other verticals such as improving tax and accounting solutions for businesses managing digital assets. With Notifs’ existing breadth of capability to track tokens, ETFs prices, link on-chain data and AI news, integrating reporting features with existing accounting software is being explored on our roadmap. Exciting possibilities are on the horizon—something big is brewing, stay tuned for more updates!

Best,
Notifs Team