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South Korean financial authorities are reviewing a plan to create a new incorporated association for virtual assets through a separate preparatory committee, selectively absorbing functions from the Digital Asset eXchange Alliance (DAXA), which has so far remained at the proposal stage in the National Assembly, Newsis reported. Ahead of legislation on the second phase of South Korea’s Digital Asset Basic Act, authorities are considering launching a preparatory committee to establish the new body, according to Newsis. An official said DAXA is currently only an industry-level group with no legal status, and authorities are considering creating a new incorporated association rather than trying to restructure the existing organization while keeping it in place.

South Korean exchange Korbit announced it will end its Web3 wallet service at 3:00 a.m. UTC on Dec. 31. From that point, all asset transfers through the Web3 wallet, including withdrawals and transfers, will no longer be available, and users were urged to move their holdings beforehand to their Korbit exchange accounts or external wallets. Ahead of the shutdown, Korbit said it will suspend withdrawals on the Silicon network from the Korbit exchange, the creation of new Web3 wallets, and the receive function within the Web3 wallet at 3:00 a.m. UTC today. After the service ends, existing wallets will only allow balance inquiries in the Korbit app.

Four people have been referred to prosecutors without detention for allegedly illegally exporting 1,024 used cars worth 50.7 billion won to Russia and Belarus, both subject to international sanctions, and illegally receiving 279.6 billion won in cryptocurrency as export payments, Newsis reported. South Korea’s Incheon Main Customs said it sent the group, including a foreign man in his 40s identified as the ringleader and three South Korean accomplices, to prosecutors on charges of violating the Customs Act and the Foreign Trade Act. Investigators found the group received export payments in cryptocurrencies including USDT after international financial sanctions made normal remittances impossible. The funds were then sent to crypto wallets controlled by an unregistered foreign-exchange operation in South Korea and concealed by being sold on a South Korean exchange and converted into won.

Metaplanet deposited an additional 800 BTC worth $62.19 million into Coinbase Prime, Onchain Lens reported. While exchange deposits are typically interpreted as a sign of potential selling, Coinbase Prime is a prime brokerage platform for institutional investors that offers trading, custody and financing services, suggesting the transfer may have served other purposes. Metaplanet has been depositing BTC into Coinbase Prime since Aug. 25.

U.S. fast-food chain Steak 'n Shake said it ranked first in the fast-food industry for same-store sales after introducing Bitcoin payments. In a post on X, the company included the English phrase "BTC", said Bitcoin holders have continued to support the business, and said higher sales and cost savings have helped fund reinvestment in food quality improvements. Steak 'n Shake added it had not seen customer loyalty this strong before and described itself as a "BTC" company.

A South Korean court previously ordered YouTuber Choi Seung-jung to repay a victim’s full 20 million won investment plus interest in a separate civil case tied to the Golden Goal coin case, JTBC reported in an exclusive. Choi, who has been indicted on allegations of fraud involving tens of billions of won, repeated in court that Choi was also a victim. But in a separate damages suit filed by one victim half a year ago, the court ruled in February that Choi must repay the full 20 million won investment plus interest, according to JTBC. The victim invested 20 million won after Choi promised principal protection and an exchange listing in 2021, but neither the listing nor a refund materialized. The victim then filed the damages suit last year. Hong Pureun, managing partner at Descent Law Office, said the earlier ruling is being used as evidence favorable to victims in other ongoing lawsuits. One Golden Goal coin victim also said Choi appears to have already moved out substantial funds, adding that asset checks turned up nothing. Choi’s next hearing is set for Oct. 23.

South Korea’s potential taxable cryptocurrency activity reached about $10.9 billion last year, ranking 11th among the countries analyzed, as debate continues ahead of the rollout of crypto taxation over tax standards and access to transaction data, according to a Chainalysis report cited by Newsis. According to the "Crypto Tax Report," released by Chainalysis on Aug. 31 based on on-chain data from six major blockchains including Bitcoin, Ethereum, Solana, Tron, BNB Smart Chain and Base, South Korea’s potentially taxable on-chain activity last year totaled $10.9 billion, including $2.0 billion in income, $3.2 billion in trading gains and $5.6 billion in payments. Among the countries covered in the analysis, the U.S. ranked first at $112.6 billion, followed by Germany at $24.1 billion and China at $21.0 billion.

Taiwanese singer Jeffrey Huang, better known as Machi Big Brother, has taken a 40x leveraged BTC long position, according to Hyperbot data. The position totals 155 BTC ($12.08 million), with an average entry price of $77,959.5 and a liquidation price of $50,000. Huang is also holding a 25x leveraged ETH long position worth 41,150 ETH ($100 million), with an average entry price of $2,455.55 and a liquidation price of $2,323.

Wallets estimated to belong to crypto market maker Wintermute deposited 5,100 BTC worth $399.03 million to Binance over the past two days, according to Onchain Lens. Exchange deposits are generally interpreted as being intended for selling.

An anonymous whale deposited 43,880 ETH, worth about $108.04 million, to major exchanges including Binance, OKX, Bybit, Kraken and Gate over the past 24 hours, Onchain Lens reported. Such exchange deposits are typically interpreted as a sign of potential selling.

Bitcoin has rebounded 30% this August, but spot trading volume has fallen to its lowest level in three years, according to crypto analyst Darkfost. In a post on X, Darkfost said average BTC spot volume on major exchanges was down about 70% from October last year, when prices were near their peak. Binance fell to $44 billion from $198 billion, Gate to $14 billion from $53.4 billion, and Bybit to $17.4 billion from $41.2 billion. Darkfost added that August volume held at July levels, marking the first sign of stabilization, which Darkfost said suggests investors were uninterested in the market over the summer. Darkfost said a further price gain accompanied by higher volume could be interpreted as the start of a new upcycle.

CoinMarketCap’s Altcoin Season Index stood at 26. The index compares the price performance of Bitcoin with that of the top 100 cryptocurrencies by market capitalization, excluding stablecoins and wrapped coins. An altcoin season is identified when 75% of the top 100 coins have outperformed Bitcoin over the past 90 days, while the opposite is considered a Bitcoin season. A reading closer to 100 indicates stronger altcoin-season conditions.

South Korea’s five largest won-based crypto exchanges have indiscriminately added substandard altcoins for trading, raising the likelihood of growing investor losses, Hankyung Business reported. According to data lawmaker Park Sung-hoon of the ruling People Power Party, a member of the National Policy Committee, received from South Korea’s five largest won-based exchanges — Upbit, Bithumb, Coinone, Korbit and GOPAX — the platforms newly listed a combined 1,236 altcoins from 2022 through the end of July this year. Over the same period, they ended trading support for 430 altcoins. By exchange, GOPAX had the highest delisting ratio, ending trading support for 67 of the 106 altcoins it newly listed, or 63.2%. Coinone posted a 46.6% delisting ratio, followed by Bithumb at 31.5%, Korbit at 20.3% and Upbit at 19.2%. The outlet noted that if this structure continues, exchanges are likely to expand the number of tradable assets and trading volumes through new listings, while investors may increasingly bear losses as problematic virtual assets are removed only after issues emerge.

The key global macro events for the fifth week of August are as follows, based on South Korea Standard Time: - Sept. 1, 1:45 p.m. UTC: U.S. August manufacturing PMI; 2:00 p.m. UTC: July JOLTS job openings and labor turnover survey - Sept. 2, 12:15 p.m. UTC: U.S. August ADP nonfarm employment change - Sept. 2, 6:00 p.m. UTC: Federal Reserve Beige Book - Sept. 3, 12:30 p.m. UTC: U.S. initial jobless claims; Christopher Waller, Federal Reserve governor, is scheduled to speak - Sept. 3, 8:30 p.m. UTC: Federal Reserve balance sheet - Sept. 4, 12:30 p.m. UTC: U.S. August unemployment rate and nonfarm payrolls

According to data from Tokenomist, the major token unlocks scheduled for this week (Aug. 31–Sept. 6) are as follows: - GPS: 166.44 million tokens ($1.6 million), representing 3.12% of circulating supply, at 12:00 a.m. UTC on Sept. 1 - SUI: 13.53 million tokens ($9.59 million), representing 0.33% of circulating supply, at 12:00 a.m. UTC on Sept. 1 - ZETA: 44.26 million tokens ($1.43 million), representing 2.84% of circulating supply, at 12:00 a.m. UTC on Sept. 1 - EIGEN: 36.92 million tokens ($6.82 million), representing 5.48% of circulating supply, at 4:00 a.m. UTC on Sept. 1 - ENA: 40.63 million tokens ($6.02 million), representing 0.46% of circulating supply, at 7:00 a.m. UTC on Sept. 2 - OPN: 39.25 million tokens ($2.03 million), representing 10.04% of circulating supply, at 12:00 p.m. UTC on Sept. 5

The spot CVD chart is an order-book analysis chart for the BTC/USDT spot trading pair. The upper section shows the Volume Heatmap, while the lower section shows cumulative volume delta, or CVD. - The volume heatmap in the upper section tracks trading volume at each price level. The background color becomes brighter when the price stays in a specific range for an extended period or moves sharply. Brighter zones may act as support or resistance levels. - The cumulative volume delta indicator in the lower section reflects buy and sell orders by order size. As buy orders increase, the corresponding colored line moves higher. The yellow line represents orders between $100 and $1,000, while the brown line reflects large orders between $1 million and $10 million, among other categories.

CoinMarketCap’s in-house crypto fear and greed index came in at 75, indicating the market remained in greed territory. A reading closer to zero signals extreme fear, while a reading closer to 100 points to extreme optimism. CoinMarketCap calculates the index based on price movements among the top 10 cryptocurrencies by market capitalization, market volatility, derivatives-market indicators including the put-to-call ratio, the stablecoin supply ratio (SSR), and CoinMarketCap’s own search data.

Bitcoin’s upward momentum has weakened after hitting the key $80,500-$82,500 resistance zone, leaving the near-term outlook somewhat neutral, CryptoPotato analyzed. According to the outlet, Bitcoin appears to be losing momentum around the $80,500-$82,500 supply zone on the daily chart, suggesting buying pressure has not generated enough additional upside to trigger the next leg higher. CryptoPotato added that the broader market structure remains positive as long as BTC stays above the $72,000-$74,400 support range, although the short-term outlook is neutral.

Iran fired missiles at U.S. Navy ships in the Strait of Hormuz on Aug. 31, Iran’s Press TV reported. Iran also launched missile attacks on two U.S. bases in Jordan, King Hussein Base and Al Azraq Base, in retaliation for a U.S. airstrike on Larak Island in the Strait of Hormuz, according to a statement from the Islamic Revolutionary Guard Corps, or IRGC. Reuters and another media outlet had reported earlier that the U.S. military struck two IRGC missile launch sites on Larak Island yesterday. The attack came about a month after U.S. strikes on Iran were halted on July 24 under the direction of President Donald Trump. In an earlier statement, the IRGC had warned that the attack on Larak Island was an act of terror and that the aggressor would face a strong response.

Ripple CLO Stuart Alderoty said on X that a vote on the Clarity Act, a U.S. crypto regulatory bill, would also be a vote for job growth and economic expansion in the United States. In related comments, the nonprofit crypto education and research group NCA said the U.S. crypto industry currently supports 232,000 jobs. Of those, 34,000 are direct jobs at crypto companies, about 75,000 are at suppliers and contractors those companies rely on, and the remaining roughly 123,000 stem from the everyday consumer spending of those workers. NCA said that translates into $55 billion in economic value for the U.S. economy and a $31 billion increase in worker income.

Major exchanges have seen $105 million worth of futures liquidated in the past hour. In the past 24 hours, $296 million worth of futures have been liquidated.

According to CoinNess market monitoring, BTC has fallen below $78,000. BTC is trading at $77,909.56 on the Binance USDT market.

BlackRock’s BUIDL has regained the top market share position in the tokenized U.S. Treasury fund market from Circle’s USYC, Crypto Briefing reported. Crypto Briefing said BUIDL recently posted about $2.8 billion in assets under management, widening its lead over other tokenized U.S. Treasury funds. Over the same period, the overall tokenized U.S. Treasury market grew to $16 billion from $15 billion, while Ondo and Franklin Templeton also expanded their presence. Despite growth by rival products, BUIDL’s $2.8 billion in AUM and market share remain significant, according to the outlet.

Bitcoin rose more than 25% in August, marking its strongest August gain since 2017, Crypto Briefing reported. The outlet noted that August has historically been one of Bitcoin’s weakest months for returns, with the median August return since 2013 at around -7%. This year has differed, with Bitcoin up more than 25% this month, the strongest August performance since a 65% gain in 2017. Despite the monthly rally, BTC was still trading about 30% lower year to date, according to the report. Crypto Briefing added that a break above the $81,000 resistance level would be the first test of whether the move qualifies as a genuine uptrend. Based on CoinMarketCap data, BTC was recently trading at $78,337.86, up 0.14%.

Prediction market platform Kalshi has signed an exclusive partnership with the US Open, one of tennis’s four major tournaments, Front Office Sports reported, citing sources. Under the deal, Kalshi will serve as the US Open’s exclusive prediction market partner, and in-venue and TV advertising by other prediction market platforms will be blocked.