Crypto Flipsider News – August 25th – Bitcoin, Kraken, The iNFT Metaverse, Philippines Axie Infinity Income Tax, Facebook, Galaxy, NFTs

Market Update; Animoca Brands Funding; Ethermine Staking Service; Hodlnaut’s IJM Approved; Qatar Crypto License
  • Bitcoin Updates: Price, HODLer all-time-high, liquidations, hashrate, investments. 
  • Kraken updates: donates $250,000 to Ethereum 2.0 developers, claims for European license.
  • The world’s first intelligent NFT creator funded to build iNFT metaverse.
  • Philippine government to tax Axie Infinity players.
  • NFT updates: Facebook, Galaxy’s “Shadowy Super Coder,” Firework Artist’s 2nd NFT,

Bitcoin Updates: Price, HODLer All-Time-High, Liquidations, Hashrate, Investments

In regards to the recent bull run, the market has faced some degree of correction. Cryptos went into the red, and Bitcoin fell short of reaching the $1 trillion market cap and failed to stay above the $50,000 mark this time. However, eyes are glued to other readings as well.  

The most impressive thing is the long-term HODLer supply, which has already hit an all-time-high. The previous peak was 12,656,092 BTC, which occurred in October of last year. The number later reached its lowest point of 10,903,459 BTC in March. The supply is now at 12,656,092 BTC. 

Meanwhile, the hashrate is making a recovery since the China crackdown’s impact. This means that miners are returning to normal numbers. Today that number almost reached 150TH/s, which is an impressive recovery considering its previous drop to below 70TH/s. Additionally, Bitcoin liquidation charts have shown stable positions at around the $100 million threshold for the last several days. 

Michael Saylor’s MicroStrategy bought 3,907 bitcoins for roughly $177 million. Which means that its holdings now amount to $5.3 billion.   


  • People definitely make mistakes when they only observe the price change. The real situation is much deeper and today is an example of such. It seems like Bitcoin  has strengthened its position. However, there is always the chance of force majeure from the governmental frontier as happened with the China crash. So, we must remain attentive. 

Kraken Updates: $250,000 Donated to Ethereum 2.0 Developers, Claims for European Licensing

  • Crypto exchange Kraken is donating $250,000 to the teams working on Ethereum’s 2.0 upgrade. The advancements are designed to help blockchain scale. The changes will be implemented over a few upcoming years.
  • The funds will go directly to Ethereum Foundation, and will then be distributed from there to various developer teams. Funds will also be given out when projects achieve set milestones, in order to prevent funds from going to waste.

Kraken Also Targets European Licensing 

  • Major American cryptocurrency exchanges are aiming to officially expand into the European market.
  • Co-founder and CEO of Kraken Jesse Powell, noted that the company is actively working on obtaining a European license. The company is believed to be targeting several local jurisdictions to gain regulatory approval this year. Moreover, Kraken has been in talks with multiple European regulators in countries like Malta, Luxembourg, and Ireland, as these countries have been identified as the most favourable jurisdictions towards issuing licenses to the U.S. crypto exchange.


  • It can be observed that crypto exchange Kraken is putting effort into development and expansion. However, even if Kraken manages to gain the licenses, good luck to them in satisfying individual countries and complying with their jurisdictions. Bon voyage with your endeavours Kraken!

The World’s First Intelligent NFT Creator Funded to Build iNFT Metaverse

Software developer Alethea AI has raised $16.9M in order to create an intelligent NFT metaverse. The firm aims to evolve and build a metaverse of “fully interactive, engaging and autonomous” NFTs. 

Earlier this year Alethea AI released the world’s first AI-based “intelligent NFT” (iNFT) Alice, which was able to engage in conversation with humans. Alice iNFT was later sold for almost $500K on Sotheby’s.

Big names like Mark Cuban, Alameda Research, Galaxy Interactive, Dapper Labs, Gemini Frontier, Meltem Deminors and Haseeb Qureshi are among the investors.


  • Intelligent NFTs are still in the early stages of development, but they will definitely increase the value of  NFTs and change the whole landscape. Apart from all the new possibilities for fintech, science and art that iNFTs bring, the idea of having, let’s say, CryptoPunks, as new small talk companions is exciting.

Philippine Government to Tax Axie Infinity Players

The Philippine Department of Finance is set to charge Axie Infinity players income taxes on their digital pets, ‘Axies.’

Axie Infinity is a play-to-earn online game that allows gamers to have ownership of their in-game assets. During the pandemic, the Philippines stormed into the game, growing Axies, trading them online, and even earning more than they had in their real-life jobs.

Axie Infinity’s (AXS) price skyrocketed by more than 2140% within the past two months.


  • The Philippine government still needs to work out a model for how to collect taxes from in-game assets. The biggest question is, how will it define Axies: as cryptocurrency or as a security?
  • Either way, a precedent will be set. And the Philippines might not be the only ones to hunt the metaverse for income.

NFT updates: Facebook, Galaxy “Shadowy Super Coder,” Firework Artist’s 2nd NFT,

  • Facebook Inc. is pondering building products and features related to NFTs, which have taken off with the rise of blockchain technology. As Facebook executive David Marcus said, the company is considering several ways to get involved in the NFT space as they are in a “really good position to do so.”  
  • Project Galaxy has announced the Shadowy Super Coder NFT Pack created  in partnership with Tenderly, Alchemy, Polygon, Gitcoin, Ankr, Parsiq, Torus, Quicknode, Curvegrid, and OneKey. The NFT pack is available right now and is eligible for over 100,000 Ethereum smart contract developers. The NFT package also consists of a specially-designed ‘Shadowy Coder’ NFT, and various exclusive perks worth $300 million USD.
  • Another famous firework artist will be releasing an NFT! Cai Guoqiang is launching his second NFT on the TR Lab online platform, titled “Blow myself.”
  • Blockchain artificial intelligence lab, has launched a new NFT marketplace for AI-generated art.  This will give users the ability to create digital collectibles in a collaborative setting through machine learning technology. The new platform allows creators to automatically generate and collectively own NFTs designed by a machine learning algorithm. Artificial intelligence could give creators a more streamlined approach to producing and selling their digital art.


  • NFTs, NFTs, NFTs… Everyone wants them, everyone gets them. The expansion of the market definitely offers plenty of excitement, but what’s even better is artificial intelligence. If you think NFTs are cool, then just wait until they can talk back to you. 


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