Announcements Gate Research: BTC Falls Below $60,000, TON Network Outage Lasts 7 Hours, MakerDAO Rebrands as Sky and Launches USDS Stablecoin

Gate Research: BTC Falls Below $60,000, TON Network Outage Lasts 7 Hours, MakerDAO Rebrands as Sky and Launches USDS Stablecoin

2024-08-28 10:27:49 UTC 7819 Read

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**Gate Research Daily Report: **On August 28, over the past 24 hours, Bitcoin's price dropped by 5.85%, accompanied by a surge in trading volume. The U.S. Bitcoin and Ethereum spot ETFs saw net outflows of $127 million and $34.5 million, respectively, reflecting a pessimistic market sentiment. Altcoins broadly declined, particularly in the BTC Ordinals and modular blockchain sectors. The TON network experienced an outage due to excessive DOGS token trading, prompting several exchanges to suspend related services. MakerDAO rebranded to Sky and introduced the USDS stablecoin along with the SKY governance token. Additionally, seven projects raised a total of $52.57 million, focusing on DeFi, AI, and zero-knowledge proof technologies.

**Market Analysis:** Bitcoin dropped 5.85% to $59,355, with trading volume surging early morning as panic selling pressure emerged in the market.
**Top Performers: **Altcoins experienced a broad decline over the past 24 hours, with the BTC Ordinals, modular blockchain, LST, and LRT sectors seeing the most significant losses.
**Data Highlights:** U.S. Bitcoin spot ETFs recorded a net outflow of $127 million yesterday, while Ethereum spot ETFs saw a total net outflow of $34.5 million.
**Spotlight Analysis: ** MakerDAO has rebranded to "Sky," launching the USDS stablecoin and SKY governance token to drive governance reforms and protocol upgrades.
**Market Opportunities:** Story announced the launch of its first public testnet, Iliad, while Fractal Bitcoin revealed its tokenomics plan.

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August 28th, 2024

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Gate Research: BTC Falls Below $60,000, TON Network Outage Lasts 7 Hours, MakerDAO Rebrands as Sky and Launches USDS Stablecoin

Gate Research: BTC Falls Below $60,000, TON Network Outage Lasts 7 Hours, MakerDAO Rebrands as Sky and Launches USDS Stablecoin

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