BTC experienced a bit of turbulence and closed yesterday's candle around its immediate support area - ranging from 11,100 - 11,500. Price is currently hovering immediate support and is trading above 11,300. It remains to be seen whether BTC can hold this level. If price is able to maintain this course, we can spot immediate resistance around 11,700 - 11,800. Otherwise, we may see further dump to key support level which could be a potential bounce area - 50 MA.

Global market cap is at $255B, while BTC's market cap is at $210B.

Ripple faces lawsuit in Australia over ‘PayID’ branding
The operator of Australia’s ‘PayID’ payments network is suing Ripple Labs over its use of ‘PayID’ branding

The New Payments Platform Australia (NPPA), operators of Australia's interbank payments network 'PayID', has filed a lawsuit against Ripple Labs Inc. for the alleged intellectual property infringement relating to the Ripple's branding 'PayID' payment standard. According to a report by technology journalist Rohan Pearce on August 24, the lawsuit against Ripple Labs Inc. was filed with the Federal Court of Australia.

The problem found for both branding seems to be in the spacing of 'PayID'. NPPA secured the trademark rights for 'PayID' (with space) in March 2017, and subsequently filed for another trademark for the same name 'PayID' (without space) in October 2017 but the applications lapsed in April and no trademark was registered at the time. While Ripple Labs filed for two trademarks for its own 'PayID' brand with the US Patent and Trademark Office on June 17, 2020. Apparently, NPPA also filed for another application for the same name in Australia on July 24, 2020.

Cryptocurrency exchange FTX acquires portfolio tracker Blockfolio

FTX, a crypto exchange, has completed the acquisition of one of the top crypto apps, Blockfolio, for $150 million. Blockfolio is the retail market's most popular portfolio management app with over six million users. FTX's CEO and co-founder Sam Bankman-Fried said of the acquisition "Blockfolio has built trusted relationships with millions within the crypto community, and we're thrilled to be able to work with them to develop new and interesting experiences for that audience."

Blockfolio was launched in 2014 purely as a portfolio-tracking app, and has now evolved into a resource for digital asset price updates and project updates, and currently supports over 10,000 crypto assets and more than 500 exchanges. FTX was launched only in 2019, rising through the ranks thanks to their rapid introduction of several trading products such as derivatives, options, and leveraged tokens.

DeFi surpasses $7B in locked funds, but just six projects hold 90% of capital
Despite DeFi’s meteoric growth, only half a dozen projects represent more than 90% of the capital locked in the sector

The total value of capital locked in decentralized finance (DeFi) protocols has surpassed $7 billion for the first time, an increase of 271% in less than two months. Despite the huge growth, over 90% of locked capital in DeFi is made up of just six protocols - Aave, MakerDAO, Curve Finance, Yearn.finance, Synthetic, and Compound.

According to DeFi Pulse, Aave currently has $1.51 billion locked up, MakerDAO with $1.42 billion, Curve Finance with $1.15 billion, Yearn.finance with $845 million, Synthetic with $801 billion, and Compound has $797 million. While numerous DeFi projects have popped up, few have been able to establish themselves as long-term leaders within the sector.

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