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Happy Monday and welcome to August Folks! Bitcoin ended July on a high note with a green candle and had the best monthly gains since October 2021. However, it and the Nasdaq were the worst performing assets in 2022 as it does trade cautiously even as real yield and the dollar support bullish stance. It is struggling below $25K showing signs of a double top. That is not stopping the predictions of $500,000 to $1MM by the end of 2030; how about we get to $100K first?
Inflows into crypto investment products continues to pour for the 5th consecutive week with Ether derivatives trading surging as large hedge funds speculate on Merge and if you are a trader, there is a "risk averse" Ethereum option strategy you can play the Merge. Maybe this is why the "Flippening" is coming right? Market Pundits say Ethereum is set to become the No. 1 Cryptocurrency. XRP price is in the red as Ripple unlocks 1 Billion tokens from its escrow wallet and Ripple opens Toronto branch; plans to hire hundreds if things go well.
Tether calls thesis behind USDT short-selling "flat out wrong" and nearly $140 Billion in Stablecoins are poised to re-enter the Crypto markets. Lyn Alden believes stablecoins serve two use cases: 1. Unit of Account for trading platforms and 2. intermediate-term savings account for failing currencies.
Most institutional investment in Crypto is till late in 2022 as Raoul Pal believes Hedge Funds, Family Offices, Institutions, Retail are all ‘underweight’ Crypto. But that's okay because Guy from Coinbureau is predicting "peak capitulation" ahead. Meanwhile, Mark Yusko believes there is a Bitcoin "spring" kick off move coming.
While there is not much use of Bitcoin as a medium of exchange in developed countries, Honduras’ Santa Lucia launches ‘Bitcoin Valley’ merchant center and Croatian retail giant sees rise in crypto payments despite the bear market. Also, restrictions on cash payments in Israel prompt shift to digital payments.
Many are optimistic about the Merge, but BofA says Ethereum needs scalability improvements to hold its market position as Ethereum inflation reaches dangerous levels as EIP1559 no longer effective; ETH 2.0 receives support from Tether despite reports of delays. Cardano outpacing Crypto majors as ADA reigns as the most developed cryptocurrency. However, Cardano’s Vasil hard fork delayed for several more weeks as ADA sees green week.
Coinbase is launching an ETH stacking product for Institutional folks, Binance loses 90% of users after implementing KYC, losing billions in revenue - but CZ says Crypto deposits on Binance have increased over the past year, Huobi gets green light as exchange provider in Australia, Cboe reports $460 million write-down on ErisX acquisition and Warren Buffett-backed Nubank hits 1 million crypto users in less than a month.
Ledger is allowing 100 Cardano native tokens and If you are going to store your seed phrase put it in a safe and secure location. Bitcoin miner capitulation due to end amid 1st difficulty increase since June and as the Ethereum merge approaches, a key miner is pushing a proof-of-work fork.
CeFi Contagion effects are still in the works. Bankrupt Crypto lender Celsius could leave customers last in line to get paid but Celsius custody clients band together, hire lawyer to reclaim $180M. Metropolitan Commercial Bank supports Voyager motion to honor withdrawals and Vauld gets three-month moratorium extension to continue exploring options.
As a result there is a lot of work going to clean up Crypto, but how much enforcement is too much? New York AG seeks crypto whistleblowers and 'deceived' investors and top US regulator tells banks to police Crypto companies over misleading deposit insurance claims; meanwhile, over 16,000 people sign a petition calling for SEC Chairman’s resignation. Crypto Pacs are spending like crazy on candidates.
Still, at the end of the day, everyone wants Bitcoin no matter what it takes right? Case in point: South Korean banker allegedly embezzles $1.1MM to invest in Bitcoin and keep your eyes open because there are many scams related to Ethereum 2.0.
BITCOIN & ETHEREUM
- Bitcoin bulls defend $23K amid warning bear market rally 'alive and well' (Cointelegraph)
- Best monthly gains since October 2021 — 5 things to know in Bitcoin this week (Cointelegraph | CryptoPotato | BIC | Finbold | Coindesk | Bitcoinist)
- Ethereum ($ETH) Had a Great July, Vastly Outperforming Bitcoin ($BTC) (Cryptoglobe)
- Third-Biggest Ethereum Whale Grows Wallet Balance by Nearly $800,000,000 in July on ETH Rallies: On-Chain Data (TDH)
- Here's What to Expect from Bitcoin, Ethereum and Other Cryptocurrencies This Week: Crypto Market Review, August 1 (UToday)
- Bitcoin Trades Cautiously Even as Real Yield, Dollar Support Bullish Stance (Coindesk)
- Bitcoin’s price prediction for 2030 – what to expect? (Finbold)
- Pro traders may use this ‘risk averse’ Ethereum options strategy to play the Merge (Cointelegraph)
- TA: Bitcoin Price Struggles Below $25K, Signs of Double Top Emerges (NewsBTC)
- Bitcoin and Nasdaq the worst performing assets in 2022 yet some opportunity remains (Finbold)
ALTCOINS & STABLECOINS
- Price analysis 8/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX (Cointelegraph)
- Ripple’s XRP sales increased almost 50% in Q2 vs Q1 (Cryptoslate)
- XRP Price in the Red as Ripple Unlocks 1 Billion Tokens From Its Escrow Wallet (UToday)
- Ripple opens Toronto branch, plans to hire hundreds if things go well (Finbold)
- Dogecoin’s $1 Dream Price Met With Skepticism By Market Watchers (ZyCrypto)
- Tether calls thesis behind USDT short-selling 'flat out wrong' (Cointelegraph)
- Nearly $140 Billion in Stablecoins Poised to Re-enter Crypto Markets (BIC)
- Here Are the Two Biggest Use Cases of Stablecoins This Decade, According to Macro Guru Lyn Alden (TDH)
- Long-Term Bitcoin Holders Accumulate $64,000,000,000 in BTC in Last 12 Months: Analytics Firm IntoTheBlock (TDH)
- The Flippening: Why Market Pundits Say Ethereum Is Set To Become The No. 1 Cryptocurrency (ZyCrypto)
- Most Institutional Investment in Crypto Is Still Late in 2022 (Opinion) (CryptoPotato)
- Dave The Wave: Historically Accurate Indicator (MACD) Suggests Bitcoin (BTC) About to Rip, Says Analyst Who Called May 2021 Collapse (TDH)
- Guy: Coin Bureau Predicts ‘Peak Capitulation’ Ahead for Crypto Markets (Cryptoglobe)
- Mark Yusko: Crypto Hedge Fund Veteran Predicts Bitcoin ‘Spring’ Kicks Off BTC Move (TDH | CryptoPotato)
- Raoul Pal: Hedge Funds, Family Offices, Institutions, Retail All ‘Underweight’ Crypto (Cryptoglobe | Cryptoglobe)
- InvestAnswers: Crypto Analyst Predicts Rally for Solana As ETH Showing ‘Nothing but Strength’ (TDH)
- Charles Hoskinson: Cardano’s Founder Helps the Crypto Community (Bitcoinist)
- Celsius Custody Clients Band Together, Hire Lawyer to Reclaim $180M (Coindesk)
- Bankrupt Crypto Lender Celsius Could Leave Customers Last In Line To Get Paid (Forbes)
- Metropolitan Commercial Bank Supports Voyager Motion to Honor Withdrawals (BIC)
- Vauld gets three-month moratorium extension to continue exploring options (TB | Coindesk | BIC)
- Honduras’ Santa Lucia Launches ‘Bitcoin Valley’ Merchant Center (BIC) | Bitcoinist)
- Croatian retail giant sees rise in crypto payments despite the bear market (Cointelegraph)
- Restrictions On Cash Payments In Israel Prompt Shift To Digital Payments (Bitcoinist)
- Record $474 Million Flowed into Crypto Market in July: Will It Change Sentiment? (UToday | BIC | Blockworks)
- Ethereum’s open interest flips Bitcoin’s for the first time ever (Finbold | Coindesk | Cointelegraph)
- Ethereum futures backwardation hints at 30% 'airdrop rally' ahead of the Merge (Cointelegraph)
- Ether derivatives trading is surging as large hedge funds speculate on merge (TB)
- Inflows into crypto investment products continues to pour for the 5th consecutive week (Finbold)
- Ethereum Split is Possible, But Many Remain Optimistic About The Merge (Blockworks)
- BofA Says Ethereum Needs Scalability Improvements to Hold Its Market Position (Coindesk)
- Ethereum Name Service (ENS) up 67% in July Thanks to This Record Achievement (UToday)
- Ethereum Inflation Reaches Dangerous Levels as EIP1559 No Longer Effective (UToday | CryptoPotato)
- ETH 2.0 Receives Support From Tether Despite Reports of Delays (BIC)
- Cardano Outpacing Crypto Majors As ADA Reigns As The Most Developed Cryptocurrency (ZyCrypto)
- Cardano’s Vasil Hard Fork Delayed for Several More Weeks As ADA Sees Green Week (TDH)
- Ledger Adds Support for 100 More Cardano ($ADA) Native Tokens (Cryptoglobe)
- Ethereum to Get Institutional Adoption Boost Because of This New Coinbase Product (UToday | TB)
- Coinbase, Binance and Kraken under scrutiny: Law Decoded, July 25-August 1 (Cointelegraph)
- Cboe reports $460 million write-down on ErisX acquisition (TB | Cointelegraph)
- Binance loses 90% of users after implementing KYC, losing billions in revenue (Finbold)
- Crypto Deposits On Binance Have Increased Over The Past Year: CZ (EWN)
- Huobi gets green light as exchange provider in Australia (Cointelegraph | Coindesk)
- The worst places to keep your crypto wallet seed phrase (Cointelegraph)
- Warren Buffett-backed Nubank hits 1 million crypto users in less than a month (Finbold)
- Bitcoin mining stock report: Monday, August 1 (TB)
- Bitcoin miner Bitfarms expanded power capacity to 166 megawatts in July (TB)
- What Bitcoin Miners Are Doing to Survive the Bear Market (Decrypt)
- Experts Still Think Bitcoin Mining Is Profitable, What Does That Mean? (Bitcoinist)
- Bitcoin miner capitulation due to end amid 1st difficulty increase since June (Cointelegraph)
- As the Ethereum merge approaches, a key miner is pushing a proof-of-work fork (TB | Decrypt)
- Here's how crypto-linked PACs are spending in Tuesday's primaries (TB)
- New York AG seeks crypto whistleblowers and 'deceived' investors (TB | Blockworks | EWN)
- Top US Regulator Tells Banks to Police Crypto Companies Over Misleading Deposit Insurance Claims (TDH)
- Over 16,000 people sign a petition calling for SEC Chairman’s resignation (Finbold | UToday)
- Cleaning up crypto: How much enforcement is too much? (Cointelegraph)
- UK Financial Authority Tightens Its Noose Around Marketing Of High-Risk Assets — But Exempts Crypto (ZyCrypto)
- UK Royal Courts declare self-proclaimed Bitcoin inventor’s claims as ‘false’ (Finbold | BIC | Bitcoinist)
- South Korean Banker Allegedly Embezzles $1.1M to Invest in Bitcoin (BIC)
- Top 5 Most Common Scams Related to Ethereum 2.0 (CryptoPotato)
- The Breakdown: Crypto Credit Isn’t Dead
- Bitcoin Magazine: Bitcoin Is Not Competing With Altcoins - Jimmy Song
- What Bitcoin Did: How Bitcoin Reprograms the Mind with Dan Weintraub
- The Scoop: Talos co-founders believe crypto will bounce back stronger than ever
- Unchained: The Chopping Block: A Network State in 10 Years? Balaji Srinivasan Says Yes