Nha Trang Surpasses Thailand in Popularity Among Korean Travelers for National Day

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Nha Trang has made it into the top 5 most searched destinations by South Koreans for their National Day holiday (August 15), according to Agoda.

Tourists relax on a beach in Cam Ranh in June. Photo: @sweetttie16.

According to a report released by Agoda, a digital travel platform, on August 13, South Korea saw a 36% increase in the number of citizens traveling abroad during their National Liberation Day holiday (August 15).

In the rankings, Fukuoka, Tokyo, and Osaka—three cities in Japan—took the top three spots, respectively. Vietnam’s coastal city of Nha Trang secured the fourth position in Agoda’s accommodation search data, followed by Bangkok, Thailand.

Andrew Smith, Senior Vice President at Agoda, noted that while South Koreans have a passion for travel year-round, the company observed some interesting trends when analyzing their travel patterns during significant holidays like National Liberation Day.

“It’s not surprising that destinations in Japan, Vietnam, and Thailand are in the top five, but Japan taking the top three spots is a remarkable feat. The preference for Japanese destinations underscores the strong cultural and tourism ties between the two markets,” he stated.

Nha Trang has been a favorite destination for Korean tourists in recent years. Photo: @mingddo_h, @laviltt_.

Nha Trang has remained a favorite destination for South Korean tourists in recent years. In the first half of 2024, the region welcomed over 1 million South Korean visitors, accounting for approximately 45% of the nearly 2.4 million international tourists to the province, according to statistics from the Khanh Hoa Department of Tourism.

Nguyen Thi Le Thanh, Director of Khanh Hoa’s Department of Tourism, noted that the number of South Korean tourists visiting the province saw a significant increase in 2023 and the first half of 2024. This market also represents the largest source of tourists to the coastal city.

Additionally, Agoda’s report highlights that Busan, Seoul, Sokcho, Jeju, and Gangneung are the top domestic destinations for Korean travelers.

Among these, Sokcho and Gangneung are less known to international tourists. Sokcho offers a unique blend of mountains, lakes, and the sea, while Gangneung, located in Gangwon Province, is famous for its coastal attractions, including Gyeongpo Beach and Jeongdongjin.

@Znews

Prime Minister Urges Completion of Tan Son Nhat T3 Terminal by April 30, 2025

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On August 10th, Prime Minister Pham Minh Chinh inspected the progress of the construction project for Tan Son Nhat Airport’s T3 passenger terminal and attended the inauguration of a new underpass at the airport’s gateway.

Prime Minister Pham Minh Chinh inspects the Tan Son Nhat T3 passenger terminal construction project implementation on August 10. Photo: VGP/Nhat Bac.

During a meeting with relevant agencies at the project site, Prime Minister Pham Minh Chinh commended the involved agencies, the investor ACV (Airports Corporation of Vietnam), and the contractors for making up for previous delays in the project and praised the 3,000 workers diligently working on-site.

To ensure the project’s quality and effectiveness and to meet the goal of putting the terminal into operation by April 30, 2025, the Prime Minister invited ACV to concentrate the investor’s resources, consulting units, and construction contractors. He emphasized the need for close coordination with relevant agencies to ensure the project’s construction is on track and meets the required timeline.

The Prime Minister noted that the remaining construction period is short, with only about seven months left (including one month for the Lunar New Year), while a significant amount of work remains (about 45.7%). This includes tasks that demand high technical and aesthetic standards and require tight, synchronized coordination among contractors and construction units.

Therefore, it is necessary to implement stronger directives, closely monitor progress, and promptly address any arising issues to ensure the project’s construction schedule and quality.

The Prime Minister also focused on completing the project’s technical systems to ensure synchronization, and on effectively connecting the terminal with the urban road network to avoid congestion when the T3 terminal is put into operation.

The Ministry of Transport and the Committee for State Capital Management at Enterprises are to closely follow the implementation process and direct ACV in executing the project.

The Ho Chi Minh City People’s Committee is urged to quickly complete the connecting traffic routes, ensuring they are operational and meet travel demands when the T3 passenger terminal comes into operation.

The Ministry of Construction is to prepare thoroughly to ensure proper inspection and acceptance of the project. The Ministry of Defense is tasked with coordinating with the Ho Chi Minh City People’s Committee and relevant ministries, sectors, and agencies to thoroughly resolve issues related to defense land for the arrangement of traffic routes, landscaping around the T3 terminal, and to ensure the effective operation of Tan Son Nhat Airport while maintaining national security and defense duties.

@Znews

Airfares for September 2nd Holiday Double in Price

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Despite a slight decrease from the summer peak, airfares for the upcoming September 2nd holiday remain significantly higher compared to regular days, with increases ranging from 500,000 VND to 3 million VND for many domestic routes.

Although slightly lower than the peak summer season, airfares on September 2nd remain high. Photo: Dat Thanh

According to a survey conducted on August 14th, airfares on airline websites for flights between August 30th and September 2nd show that tickets for the Hanoi-Phu Quoc route are priced between 3.6 million VND and 6 million VND per ticket, doubling the price compared to regular days.

For the most popular route, Ho Chi Minh City to Hanoi, the average round-trip fare is currently around 3 million VND to 5.4 million VND, depending on the flight time and airline.

These prices are 500,000 VND to 1.2 million VND higher than usual. The lowest fares are generally for flights departing before 9:00 AM and after 6:00 PM.

Ticket prices for some flights from Ho Chi Minh City to Hanoi on August 30. Photo: Google Flight

To meet the increased travel demand, Vietnam Airlines will increase the number of flights during the four-day holiday. The airline plans to offer nearly 2,500 flights, equivalent to about half a million seats on both domestic and international routes, according to TTXVN.

Vietnam Airlines reports that key domestic tourist routes have already reached nearly 50% capacity and are expected to fill up quickly in the coming days. International routes to India, China, and Thailand have also reached load factors of 50-70%.

With its current fleet, Bamboo Airways is prioritizing connections between the three major economic centers of Hanoi, Da Nang, and Ho Chi Minh City with popular domestic tourist destinations to meet the high travel demand during the holiday. Additionally, the airline is expanding its international network to destinations such as Lijiang, Taipei, Macau, and Gwangju.

@Thesaigontimes

Road Closures in Central Ho Chi Minh City

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Ho Chi Minh City has announced the closure of several streets to facilitate the 55th Anniversary of the People’s Public Security Forces’ implementation of President Ho Chi Minh’s Testament.

According to the Ho Chi Minh City Department of Transport, certain roads will be closed and traffic restricted to support the commemoration of the 55th Anniversary of the People’s Public Security Forces implementing President Ho Chi Minh’s Testament, the 79th Anniversary of the Traditional Day of the People’s Public Security Forces, and the 19th All-People National Defense Day.

Vehicles are banned from many central streets of Ho Chi Minh City to serve the 55th anniversary of the People’s Public Security implementing President Ho Chi Minh’s Testament.

Specifically, from 7:00 PM to 10:00 PM on August 15, and from 5:30 PM to 10:00 PM on August 16 and 17, the Department of Transport will ban all vehicles from traveling on Nguyen Hue Street (the section from Le Loi Street to Ton Duc Thang Street).

Alternative routes:

  • From Le Thanh Ton Street → Dong Khoi Street → Ton Duc Thang Street
  • From Ton Duc Thang Street → Ham Nghi Street → Pasteur Street → Le Thanh Ton Street.

From 6:00 AM to 9:00 AM on August 17, all vehicles will be banned from traveling on Nguyen Hue Street (the section from Le Thanh Ton Street to Le Loi Street).

Alternative routes:

  • From Le Thanh Ton Street → Nam Ky Khoi Nghia Street → Le Loi Street → Nguyen Hue Street
  • From Nguyen Hue Street → Le Loi Street → Pasteur Street → Le Thanh Ton Street.

From 6:00 AM to 11:00 AM on August 18, all vehicles will be banned from traveling on the section of Le Loi Street designated for automobiles (from Nam Ky Khoi Nghia Street to Ham Nghi Street).

Alternative route:

  • Traffic will be allowed on the mixed-use lane of Le Loi Street.

In addition to the road closures, the Ho Chi Minh City Department of Transport also announced restrictions on certain roads.

Specifically, from 8:00 AM to 12:00 PM on August 17, vehicle traffic will be restricted on Vo Thi Sau Street (the section from Truong Dinh Street to Nguyen Thong Street) and Ba Huyen Thanh Quan Street (the section from Ly Chinh Thang Street to Dien Bien Phu Street).

The Ho Chi Minh City Department of Transport also advises drivers to follow the instructions of traffic controllers and the road traffic signal system.

@Znews

Australia’s Securities Regulator Sues ASX for Misleading Statements About Blockchain Project

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ASIC sued on Tuesday and has not yet determined what penalty it will be seeking, but the Australian Financial Review (AFR) reported that ASX faces a maximum penalty of more than A$500 million.

Australia’s Securities and Investment Commission (ASIC) has sued the country’s largest market operator, ASX Limited, for allegedly making misleading statements about how its blockchain project to replace its aged Clearing House Electronic Subregister System (CHESS) was progressing, before revealing that it had cancelled the project, the regulator announced on Wednesday.

In Nov. 2022, ASX cancelled its planned blockchain system for settling trade after Accenture identified “significant challenges” with its design. The decision saw it write-down about A$250 million ($168 million) after several delays. After years of tests, ASX had announced in 2017 that by Q1 2020 it would migrate one of its core services to a blockchain-based system.

ASIC sued on Tuesday and has not yet determined what penalty it will be seeking, but the Australian Financial Review (AFR) reported that ASX faces a maximum penalty of more than $500 million Australian dollars. ($330 million).

“We recognize the significance and serious nature of these proceedings. We cooperated fully with ASIC’s investigation and are now carefully reviewing and considering the allegations,” ASX chief executive Helen Lofthouse said in a statement.

Calls for ASX chairman Damian Roche to resign have emerged.

ASIC alleged that “ASX announcements on 10 February 2022 that the project remained ‘on-track for go-live’ in April 2023 and was ‘progressing well’ were misleading.”
These representations were “deceptive” because at the time of the announcements, the project was not on track to the plan.

“ASX’s statements go to the heart of trust in the integrity of our markets. We believe this was a collective failure by the ASX Board and senior executives at the time,” said ASIC Chair Joe Longo.

Longo said the project’s “critical importance was all the more reason ASX needed to ensure it told the Australian public the truth about how the project was tracking and whether it would be completed on time.”

Bitcoin Miner Capitulation and Record High Hashrate Point to Possible Price Bottom: CryptoQuant

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Such expansion comes despite a recent drop in bitcoin (BTC) prices, indicating positive sentiment among miners after a bout of selling in the past few months.

Bitcoin (BTC) miners are expanding their capacity again as network hashrate reached a fresh all-time high this week following a capitulation event, on-chain analysis firm CryptoQuant shared in a report with CoinDesk.

Network hashrate set a new record of 627 exahash per second on Tuesday, recovering from the 8.5% drawdown in early July. Such expansion comes despite a recent drop in bitcoin prices and record-low hash price – or the average revenue per amount of mining power – indicating positive sentiment among miners after a bout of selling in the past few months.

Hashrate refers to the computational power used by miners to mint new bitcoin and verify new transactions on the Bitcoin network. Millions of calculations are solved each second to ‘win’ new blocks, in a process broadly called mining.

“We may have seen a miner capitulation event last week as miner outflows spiked after prices touched $49,000,” CryptoQuant said. “Bitcoin daily miner outflows spiked to 19K BTC on August 5, the highest level since March 18.”

Miners are entities that supply computing power to any blockchain network in return for “rewards” in the form of BTC tokens. They typically sell bitcoin to keep operations afloat continually as running such systems is costly: Only five popular mining rigs were profitable in early July as prices floated around the $54,000 mark.

“Miners sold some Bitcoin as their average operating profit margins were squeezed to 25%, the lowest since January 22,” the firm added.

A miner capitulation event is typically seen near local bottoms for Bitcoin prices during bull markets.
Since 2023, a spike in miner outflows coincided with local bottoms in March 2023 after the Silicon Valley bank sell-off – and January 2024, the price correction following the bitcoin spot ETF launch in the U.S.

BTC trades just above $61,000 in Asian afternoon hours Wednesday, up 2.8% in the past 24 hours to lead gains among crypto majors.

Be Cautious When Buying Cheap Airline Tickets and Tours on Social Media

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According to the Information Security Department, there has been a recent increase in individuals within social media groups offering airline tickets at unexpectedly low prices, requiring buyers to transfer a deposit and then fraudulently taking their money.

The Information Security Department recommends that people be vigilant when buying and selling airline tickets on social networking platforms. Illustration photo: TL

According to the Information Security Department, there has been a recent increase in individuals within social media groups offering airline tickets at unexpectedly low prices, requiring buyers to transfer a deposit and then fraudulently taking their money.

Exploiting the desire for cheap deals, some scammers create fake Facebook accounts, posting advertisements for low-priced airline tickets and hotel bookings in groups with many participants. After someone contacts them to make a purchase, the scammers ask for a deposit and then disappear, with many victims losing up to tens of millions of dong.

These individuals often impersonate well-known travel companies, including easy-to-remember phone numbers and reputable bank account names in their posts. The content typically promotes special promotions, vouchers with significant discounts, and a limited supply.

Once the victim completes the deposit, the scammers send them a booking code for the ticket or room. The criminals deceive people by exploiting the booking systems of some hotels or airlines, which allow customers to obtain a booking code before payment, with a grace period of 12-24 hours for payment. Victims only realize they have been scammed when they arrive at the airport or the destination.

The Information Security Department (Ministry of Information and Communications) advises the public to be extremely cautious when buying airline tickets on social media platforms. It is essential to thoroughly verify the company’s information, request the scammer to provide a company contract with the director’s signature and seal, and use various methods to authenticate the website domain, business registration details, address, and tax identification number of the company before proceeding with any transaction.

Furthermore, if any signs of fraud are detected, the public should immediately report them to the authorities and share the information on social media to help prevent and stop the spread of such scams.

@SGtiepthi

Entrance Fee to Visit Na Hang – Lam Binh Nature Reserve

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Starting from August 15th, Na Hang district will begin charging an entrance fee at the Na Hang – Lam Binh Nature Reserve, a Special National Scenic Monument, as announced by the Tuyen Quang Provincial Information Portal.

A corner of Na Hang – Lam Binh nature reserve. Photo: Hoang Hung

The fee for individuals will be 40,000 VND per person for those aged 16 and older, and 20,000 VND per person for children aged 6 to under 16, as well as for those eligible for cultural enjoyment benefits, severely disabled individuals, the elderly, and those from near-poverty households.

The fees can be paid directly in cash or transferred to the account of the Na Hang District Cultural, Information, and Sports Center, or through the fees collected by agencies and units under Lam Binh district, with tickets provided. The fee collection points will be located at the Tuyen Quang Hydropower Reservoir Pier and other appropriate locations to meet the needs of visitors.

Organizations and individuals not visiting for tourism, research, or experiential purposes are exempt from buying tickets and paying entrance fees. The fee collection aims to fund activities related to the preservation, maintenance, and restoration of the monument, as well as investments in tourism infrastructure.

In 2019, the Na Hang – Lam Binh Nature Reserve was recognized as a Special National Scenic Monument. The reserve spans over 40,000 hectares, covering 14 communes and towns in the Na Hang and Lam Binh districts. It lies within vast forests along the Gam and Nang rivers, boasting a diverse ecosystem with many rare and precious species of flora and fauna, as well as unique and fascinating cave systems.

The Na Hang – Lam Binh Nature Reserve is home to many famous scenic spots such as Thuong Lam, Na Chao Cave, Pac Khoang, Pac Ban, Pac Hau, and Khuoi Nhi waterfalls. The area contains several archaeological sites from the Neolithic and Metal Ages and is inhabited by various ethnic groups including the Tay, Dao, and Hmong, who preserve their unique traditional cultural practices.

@SGtiepthi

Da Lat is the Most Searched Destination by Vietnamese Travelers for the September 2nd Holiday

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Da Lat, Da Nang, and Vung Tau are among the top domestic destinations most searched by Vietnamese travelers for the upcoming September 2nd holiday. For international travel, Bangkok (Thailand), Tokyo (Japan), and Seoul (South Korea) are the top three most popular destinations, according to Booking.com.

Da Lat is the most sought-after destination for Vietnamese tourists for the September 2nd holiday this year. Photo: Quoc Bao

As the National Day holiday on September 2nd approaches, many are planning to enjoy the extended 4-day break. Recently, Booking.com revealed the most searched domestic and international destinations by Vietnamese travelers for the upcoming holiday (with stay dates from August 31st to September 3rd, 2024).

According to the data, Da Lat tops the list of destinations searched by Vietnamese travelers for the September 2nd holiday. With its peaceful scenery and cool weather, this marks the second consecutive year Da Lat has held the top spot. Another highland destination, Sa Pa, a mountainous town in Lao Cai known for its fresh air, ranks 9th on the list.

Additionally, coastal cities like Da Nang, Vung Tau, and Nha Trang continue to attract interest from travelers. Notably, Phan Thiet makes its debut in the top 10, thanks to the opening of the Dau Giay – Phan Thiet expressway.

Bustling tourist cities such as Ho Chi Minh City (ranked 5th), Hoi An (ranked 6th), Hanoi (ranked 7th), and Hue (ranked 10th) also made the list. These destinations attract visitors with their harmonious blend of historical significance and rich cultural heritage.

Tourists explore Bangkok at night. Photo: Vuong Loc

As Vietnamese travelers increasingly prioritize short-term travel experiences, international destinations geographically close to Vietnam are becoming more popular. This year, countries in the Asia-Pacific region are the top choices, with all 10 of the most searched international destinations located in this area.

Bangkok (Thailand) is the most searched city. It is followed by other vibrant cultural hubs in Asia, offering a diverse range of shopping and dining experiences, including Tokyo (Japan), Seoul (South Korea), Kuala Lumpur (Malaysia), Singapore, and Hong Kong (China). These destinations are high on the list of priorities for Vietnamese travelers planning their upcoming long holiday.

@SGtiepthi

Hanoi’s Pho Recognized as a National Intangible Cultural Heritage

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According to Decision No. 2328/QD-BVHTTDL, signed and issued by Minister of Culture, Sports, and Tourism Nguyen Van Hung, Hanoi’s pho has officially become a national intangible cultural heritage.

On August 9th, Minister Nguyen Van Hung issued Decision No. 2328/QD-BVHTTDL announced the inclusion of Hanoi’s pho in the list of national intangible cultural heritage.

Both Hanoi’s pho and Nam Dinh’s pho were recognized as national intangible cultural heritage during this occasion.

The Ministry of Culture, Sports, and Tourism (MoCST) categorized Hanoi’s pho under the national intangible cultural heritage list as part of the folk knowledge category, incorporating elements of social customs and beliefs. Some famous pho restaurants in Hanoi have also been included in the Michelin Guide.

Hanoi Pho is recognized as a national intangible heritage.

Minister Nguyen Van Hung invites the chairpersons of the People’s Committees at all levels, where the intangible cultural heritage is located, to carry out state management according to the provisions of the cultural heritage law.

Pho is not only a dish deeply ingrained in the consciousness of Hanoi residents but has also become a symbol of Vietnam’s rich culinary tradition, contributing to the promotion of Vietnamese cuisine globally. Pho has become a proper noun in numerous prestigious dictionaries and is present in over 50 countries worldwide.

According to a selection by Lonely Planet, Vietnam is among the countries with seven bowl-served dishes that offer the best experiences globally. Business Insider also recognized Vietnamese pho as one of the must-try dishes for world travelers.

The travel website The Travel has listed Vietnam among the top 10 countries with the best food in the world, with pho being one of the highlighted dishes.

Previously, the Hanoi Department of Culture and Sports, in collaboration with district and town cultural and information offices, conducted an inventory of pho heritage. This marks the first time pho has been comprehensively inventoried, combined with heritage identification and an assessment of the cultural, historical, and scientific value of this heritage.

@Znews

The Telegraph Honors 50 Most Beautiful Beaches in the World, Da Nang Secures Two Spots

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The renowned British newspaper The Telegraph recently unveiled its list of the 50 most beautiful beaches in the world, featuring My Khe Beach and Non Nuoc Beach in Da Nang, Vietnam.

“Our experts have selected 50 of the world’s favorite beaches. Some are iconic destinations in Australia, Brazil, and the Caribbean, while others are hidden gems off the beaten path in Iceland, Mozambique, and South Korea,” The Telegraph highlighted in an article published on August 4th.

My Khe Beach, Da Nang. Photo: Traveloka

The “Top 50 Best Beaches” list is categorized into 10 different criteria by The Telegraph‘s experts. Vietnam made an impressive mark with My Khe and Non Nuoc in Da Nang, ranking second in the “Best Beach Atmosphere” category.

Commenting on the allure of My Khe and Non Nuoc, journalist Chris Leadbeater emphasized, “This perfect pair of beaches (My Khe and Non Nuoc) is surrounded by modern hotels and luxurious resorts, making them highly popular with tourists.”

Other beaches in the “Best Beach Atmosphere” category include Ipanema in Rio de Janeiro, Brazil; Palm West in Dubai, United Arab Emirates; Playa Coral Varadero, Cuba; Hamdeok on Jeju Island, South Korea; and Playa de La Concha in San Sebastián, Spain.

Nihiwatu in Sumba, Indonesia, topped the “Most Impressive Wildlife” category, while Three Cliffs Bay in Gower, Wales, led the “Best Scenery” category.

Dhigurah Island in the Maldives was ranked first in the “Most Luxurious Stays” category, and Waikiki Beach in Hawaii, USA, topped the “Best Beach for Activities” category.

@Vietnamnet

Quang Noodle-Making Recognized as National Intangible Cultural Heritage

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The craft of making Quang noodles in Quang Nam embodies the unique culinary culture of the region. Recently, this craft has been officially recognized as a national intangible cultural heritage.

A bowl of traditional Quang noodles, with the culinary flavor of Quang region. Photo: Tien Sa

According to the Department of Culture, Sports, and Tourism (DCST) of Quang Nam province, the Minister of Culture, Sports, and Tourism has signed Decision No. 2327/QD-BVHTTDL to include the traditional knowledge of making Quang noodles in the national list of intangible cultural heritage.

Quang noodles are not just a dish but also a cultural story of Quang Nam. The noodles, made from finely ground rice flour mixed with gardenia-infused water and eggs, have a striking yellow color. The dish is further enriched by a variety of fresh herbs such as basil, lettuce, and young mustard greens, creating a vibrant and appetizing presentation. The rich broth, made from simmered pork bones, is enhanced by the sweet flavors of various meats like fish, chicken, and pork. The dish is completed with crispy rice paper and fragrant roasted peanuts.

Quang noodles gained international recognition when they were served at the APEC 2017 Summit in Da Nang, where they were featured at the banquet for attending world leaders, showcasing the cultural and culinary significance of the dish. Additionally, the culinary website Taste Atlas listed Quang noodles among the 100 best dishes in Vietnam for international travelers to experience.

On August 10, 2023, the Quang Nam Provincial People’s Committee submitted a formal request to the Ministry of Culture, Sports, and Tourism to include the craft of making Quang noodles in the national list of intangible cultural heritage. With this recognition, Quang Nam now boasts 13 national intangible cultural heritages, including folk performance art such as Hat Ba Trao; Bai Choi art; traditional crafts like Co Tu people’s brocade weaving; folk performance art of the Co Tu people, including the Tung Tung Da Da dance; social customs and beliefs like the Neu pole erection and Gu rituals of the Co people; the Kim Bong carpentry craft; Thanh Chau bird’s nest harvesting; the Ba Thu Bon Festival; the Ba Phuong Hi Festival; the Lunar New Year Festival in Hoi An; the Mid-Autumn Festival in Hoi An; and now, Quang noodles.

@SGtiepthi

Bitcoin’s Prospects Strengthen as Key Stablecoin Metric Slides to Lowest Level in 18 Months

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The dwindling metric points to declining selling pressure in the bitcoin market.

Bitcoin (BTC) has quickly recovered to nearly $60,000 after a debacle last week that saw prices drop below $50,000 at one point.

The recovery may have legs, as the “exchange stablecoins ratio,” which measures the number of BTC held in wallets tied to centralized exchanges relative to stablecoins, suggests reduced selling pressure.

The ratio has dropped to its lowest since February 2023, extending a prolonged downtrend that began in June last year, according to data tracked by blockchain analytics firm CryptoQuant.

“This could indicate reduced selling pressure on bitcoin as fewer traders are converting their BTC into stablecoins,” CryptoQuant told CoinDesk in a Telegram chat.

“Additionally, this could suggest a bullish market sentiment, where traders seem to be holding BTC in anticipation of future price increases,” CryptoQuant added.

Stablecoins are cryptocurrencies with values pegged to an external reference such as the U.S. dollar. These digital assets help investors bypass price volatility associated with other tokens and are widely used to fund spot crypto purchases and derivatives trading.

According to charting platform TradingView, the combined supply of the top two stablecoins by market value, tether (USDT) and USD Coin (USDC), has increased by roughly $2 billion to $150.15 billion since the Aug. 5 market crash. On a year-to-year basis, the combined supply of USDT and USDC has increased by almost 30%.

It shows continued fiat inflow into the market, possibly from bargain hunters looking to snap up BTC at cheaper valuations.

The development is consistent with the constructive outlook offered by some analysts.

“Spot ETFs saw positive net flows on Monday. BTC (+$28M) and ETH(+$5M) saw institutional support after the weekend dip. This shows a certain resilience during times of fear, potentially helping Bitcoin’s volatility to decrease over the long term. Yesterday, the $58,500 level we mentioned held strongly and Bitcoin pushed above $60,500 before coming back to $59,500,” Valentin Fournier, analyst at digital assets research firm BRN, told CoinDeks in an email.

The momentum is low but remains positive, as we predicted. We see Bitcoin getting closer to the upper trend of its range ($67,000-$69,000) in the coming weeks,” Fournier added.

Three Arrows Capital Liquidators Now Sue Terraform Labs for $1.3B: Bloomberg

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Earlier, in June 2023, the liquidators sought $1.3 billion from the founders of 3AC, Su Zhu and Kyle Davies.

Defunct cryptocurrency hedge fund Three Arrows Capital’s (3AC) liquidators have sued Terraform Labs for $1.3 billion, for losses the fund suffered after the 2022 crash, Bloomberg reported on Monday.

In June 2023, the liquidators sought $1.3 billion from the founders of 3AC, Su Zhu and Kyle Davies.

The saga started unfolding in May 2022, when the Terra network saw its algorithmic stablecoin terraUSD (UST) and its companion token, LUNA, suffer a $40 billion collapse despite assurances from co-founder Do Kwon. By July, 3AC filed for bankruptcy stating that Terra’s collapse caused irrecoverable losses.

This case alleges that TerraForm induced 3AC to purchase Luna and TerraUSD by manipulating the market for these tokens “in a manner that artificially inflated the price for the assets” before they were wiped-out, the liquidators said in court papers, as per Bloomberg.

Terraform filed for bankruptcy in Delaware, U.S. in January 2024. Do Kwon was found guilty by a Manhattan jury on civil fraud charges brought the U.S. Securities and Exchange Commission (SEC) in April 2024.

Do Kwon remains in Montenegro where he has been since his arrest in March 2023 for attempting to use fake travel documents. He awaits a final decision from Montenegro’s authorities on where he is to be extradited. Both South Korean and U.S. authorities have been seeking his extradition.

Apple Accelerates iPhone 16 Production Ahead of Mid-September Launch

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Apple has reportedly accelerated the production of the iPhone 16 to ensure its timely release in mid-September, with the device now in the mass production phase. According to Apple Insider, initial small-scale production began in June, but manufacturing has since ramped up significantly to meet the launch timeline.

Simultaneously, ETNews reports that Samsung Display and LG Display have increased their production to meet Apple’s demand for OLED screens for the iPhone 16. Apple has ordered over 120 million OLED panels for the upcoming device, with approximately 90 million units expected to be used for the iPhone 16 alone. Samsung Display will supply 80 million of these screens, while LG Display will provide 43 million. However, this distribution could change, as third-party supplier BOE is facing delays in quality testing. In a similar situation in 2023, Apple had to increase its orders from Samsung due to delays from LG Display.

The iPhone 16 is expected to introduce several significant upgrades. These include a new photo capture button with energy sensor technology on the right side, powered by the latest A18 chip. The device will also feature an upgraded camera system, potentially with enhanced AI capabilities and improved low-light performance. Additionally, the iPhone 16 will support the latest connectivity standards, including Wi-Fi 7 and 5G Advanced, offering faster and more reliable network speeds.

One of the most anticipated features is the new graphene-based heating system, which is expected to improve the phone’s thermal management, allowing for better performance and efficiency during intensive tasks like gaming or video editing. Other rumored enhancements include a more robust battery life, new color options, and potential advancements in the iOS ecosystem, which may offer users more seamless integration with other Apple devices and services.

With these upgrades, the iPhone 16 is shaping up to be one of Apple’s most advanced smartphones to date, further solidifying its position as a leader in the high-end smartphone market.

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