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A brief attempt to reclaim prior levels soon faded; on Saturday, August 30th, the asset broke below $108,000. At the time of writing bitcoin trades around $108,300. By end-August the cryptocurrency had surrendered its summer bull run and returned to early-July marks.<\/p>\n
Over the week the bellwether fell 5.5%. Most leading altcoins moved similarly: XRP lost 6.8%, Ethereum declined 6.2%, and Dogecoin and TRON dropped 5.8% and 6.2%, respectively.<\/p>\n BNB (-0.4%) and Solana (-1%) ended the week roughly flat.<\/p>\n Crypto market capitalisation fell to $3.85trn; bitcoin\u2019s dominance slipped to 55.9%.<\/p>\n Against this backdrop, the altseason index by CoinMarketCap<\/a> rose from 44 to 57. Still, the reading lags far behind the 87 out of 100 seen early in the year.<\/p>\n The crypto fear-and-greed index remains neutral at 48.<\/p>\n The Bank of Russia will tighten<\/a> regulation of credit institutions\u2019 operations with cryptoassets. The central bank will require digital assets to be reflected in capital calculations and prudential ratios.<\/p>\n The rules will cover direct investments in cryptocurrencies as well as derivatives based on them.<\/p>\n Andrey Tugarin, founder of the law firm GMT Legal, said in a comment<\/a> to ForkLog that the forthcoming changes merely formalise the regulator\u2019s already conservative approach.<\/p>\n Ani Aslanyan, creator of the Telegram channel \u201cEverything about blockchain, the brain and WEB 3.0 in Russia and the world\u201d, saw the initiative as a direct threat to part of the banking business.<\/p>\n Rising compliance and monitoring costs could temporarily dampen institutions\u2019 appetite for crypto. Smaller banks may exit the segment entirely, while stricter rules could push clients towards unregulated platforms, she added.<\/p>\n By contrast, Fyodor Ivanov, head of analytics at Shard, called the central bank\u2019s move \u201ca powerful leap in regulation\u201d. He doubted, however, that it would be possible to catch up with global standards under current conditions.<\/p>\n Ethereum\u2019s founder, Vitalik Buterin, proposed<\/a> a set of measures to protect the decentralisation of the blockchain behind the second-largest cryptocurrency.<\/p>\n He described three priorities to help prevent centralisation and keep Ethereum open even if block creation ends up controlled by large players. They include:<\/p>\n One such channel is the FOCIL mechanism, designed to prevent censorship of transactions. It envisages selecting 17 validators for each slot, one of whom would determine the final order of operations in a block.<\/p>\n The prospect of implementation raised concerns among part of the community.<\/p>\n On August 29th, voting closed on a proposal to cut TRON network fees by 60%. A majority of participants approved<\/a> the initiative.<\/p>\n Founder Justin Sun acknowledged that, in the short term, this will negatively affect the blockchain\u2019s revenues.<\/p>\n The plan is to offset the drop in income by attracting more users and increasing transactions, encouraged by lower fees.<\/p>\n The TRON community now intends to review fee levels quarterly.\u00a0\u00a0<\/p>\n Also on ForkLog:<\/strong><\/p>\n Developers of the MetaMask crypto wallet integrated<\/a> a \u201csocial login\u201d using Google and Apple ID services.<\/p>\n The feature lets users register or sign in to a wallet created this way. After setting a password, a seed phrase is generated automatically and can be recovered using Web2 accounts.<\/p>\n The move aims to simplify digital-asset management while preserving a high level of security.<\/p>\n We explained<\/a> in a new piece how AML systems at crypto trading platforms work.<\/p>\n![\"Cryptocurrency](\"https:\/\/u1f987.com\/wp-content\/uploads\/Cryptocurrency-Prices-Charts-and-Crypto-Market-Cap-CoinGecko-Google-Chrome-42-1024x588.jpg\")
![\"Crypto](\"https:\/\/u1f987.com\/wp-content\/uploads\/Crypto-Fear-Greed-Index-Bitcoin-Sentiment-Alternative.me-Google-Chrome-15.webp\")
Russia\u2019s central bank to tighten oversight of banks\u2019 crypto investments<\/h2>\n
What to discuss with friends?<\/strong><\/h2>\n
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Buterin proposes new ways to safeguard Ethereum\u2019s decentralisation<\/h2>\n
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TRON to cut on-chain fees by 60%<\/h2>\n
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MetaMask adds sign-in via Google and Apple ID<\/h2>\n
What else to read?<\/strong><\/h2>\n