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Happy Tuesday Folks! Did you know that a few months after launching Bitcoin Saving Plan, NYDIG finds average user puts $75 per paycheck toward BTC? Are you within the average? At time same time th majority of US adults with income of $50,000 or less sold Crypto holdings during market collapse. Also did you know that Bitcoin (BTC) on-Chain Analysis show that Short-Term holders have less than 9% of total BTC?
Bitcoin created a potential bullish pattern close to $23,000 support level, but is currently trading around $22,941.47. Bitcoin is a hedge against inflationary pressure, but only certain kinds of inflation and this according to Steven Lubka, the Managing Director of Private Client Services at Swan Bitcoin. Understanding the different types of inflation is key to understanding how Bitcoin will perform. However, at the end of the day, it still boils down to time frame. If you are looking at Bitcoin since inception - it's one helluva inflation hedge right? But now, ancient Bitcoin address awakens by suddenly moving 1,110 Bitcoin - this could be a very bearish thing so stay vigilant!
Bitcoin and Ethereum sentiment remains ‘slightly bullish’ despite a mild August dip, data shows, but Ethereum slid 6% amid growing "Merge" concerns; still ETH is up 9.64% in the past 7 days. In addition, ETH trading volume hits 50% parity with BTC for the first time in 2022. Bank of America (BOA) says net flows suggest "bullish" crypto market momentum. Right in line with them is Credible/Smart Contracter/Inmortal - all predicting breakout rally for Bitcoin this week - but with a dip to $21-22K before rallying higher. Raoul Pal sees "max pain" after this rally is done. Michael van de Poppe sees a breakout coming for $ETH, $AVAX, $DOT, and $CRV.
Charles Hoskinson affirms he doesn’t ‘anticipate any further delays’ with Vasil hard fork as Cardano drops below $0.5 with $0.4-$0.45 being the next level of support; currently trading around $0.49. Speaking of Cardano, Swiss Sygnum bank expands crypto staking with Cardano; its NFT ecosystem is growing incredibly fast also. Colombia’s XRPL-powered national land registry system goes live in production and Singaporean financial watchdog to consult public on stablecoin regulation. Tether’s USDT circulating supply sees uptick after 3 consecutive months of declines - keeping it the king of all Stablecoins.
Marathon doubles loan borrowing capacity to $200MM as mining rigs sit idle, meanwhile Ethereum miner revenue surpassed Bitcoin in July; However, both drop below $600MM. With the good comes the bad as, self-proclaimed Satoshi reportedly plagiarized significant portions of his PhD thesis and Bitcoin for murder woman gets 10 years in jail after paying ‘hitman’ to kill her husband; Bitcoin is pseudonymous not anonymous.
- BREAKING: Bitcoin Advocate Michael Saylor to Step Down as MicroStrategy CEO (UToday | TB | TB | Cryptoglobe | Blockworks | Coindesk | Bitcoinist)
- Majority of US Adults With Income of $50,000 or Less Sold Crypto Holdings During Market Collapse: New Study (TDH)
BITCOIN & ETHEREUM
- 9 years after media covered Bitcoin hitting $1 billion market cap; Are economists still puzzled? (Finbold)
- Bitcoin price clips $23K on Pelosi Taiwan visit as trading range persists (Cointelegraph)
- Bitcoin (BTC) Creates Potential Bullish Pattern Close to $23,000 Support Level (BIC)
- Bitcoin and Ethereum sentiment remains ‘slightly bullish’ despite a mild August dip, data shows (Finbold)
- ETH trading volume hits 50% parity with BTC for the first time in 2022 (Finbold)
- Bitcoin (BTC) on-Chain Analysis: Short-Term Holders Have Less Than 9% of Total BTC (BIC)
- Why Bitcoin Is an Inflationary Hedge, but Only Sometimes (BIC)
- Ancient Bitcoin Address Awakens by Suddenly Moving 1,110 Bitcoin (UToday)
- Ether's Failure to Break Through 100-Day Price Average Clouds Bullish Outlook (Coindesk)
- Ethereum Slides 6% Amid Growing Merge Concerns (Decrypt)
ALTCOINS & STABLECOINS
- How Summer Is Turning Into A Short-Lived Altcoin Season (NewsBTC)
- XRP In Bearish Mode As Ripple Unlatches 1 Billion Tokens From 2 Wallets (NewsBTC)
- Cardano Drops Below $0.5, Here's Where Next Support Is (UToday)
- Tether’s USDT Circulating Supply Sees Uptick After 3 Consecutive Months of Declines (CryptoPotato)
- Singaporean financial watchdog to consult public on stablecoin regulation (Cointelegraph)
- Bitcoin, Stablecoins the Worst Options for Cross-Border Payments, ECB Study Says (Coindesk)
- Santiment: Stablecoin Pattern Suggests Massive Bitcoin Breakout May Be Incoming (TDH)
- Rekt Capital: Analyst Details Path Ahead for Chainlink, Ethereum and Cardano, Says Bitcoin in ‘Bargain’ Territory (TDH)
- Credible/Smart Contracter/Inmortal: Top Crypto Strategists Predict Breakout Rally for Bitcoin (BTC) This Week - Dip to $21-22K before rallying higher (TDH)
- Raoul Pal: ‘Max Pain’ Rallies Most Likely Scenario for Ethereum (TDH)
- BOA: Net Flows Suggest ‘Bullish’ Crypto Market Momentum (Decrypt)
- Michael van de Poppe: Ethereum, Avalanche, Polkadot and Curve Are Gearing Up for Breakouts (TDH)
- John Deaton: Pro-XRP Lawyer Says Michael Saylor’s View on Altcoins Is ‘Deeply Flawed’ – Here’s Why (TDH)
- Swiss Sygnum Bank expands crypto staking with Cardano (Cointelegraph | Finbold | EWN | UToday | BIC | Cryptoglobe)
- $ADA: The Incredibly Fast Growth of Cardano’s NFT Ecosystem (Cryptoglobe)
- Magic Eden to launch support for Ethereum NFTs in coming weeks (TB | Decrypt | Blockworks)
- Bitcoin derivatives show a lack of confidence from bulls (Cointelegraph)
- Ethereum Options Surpass Bitcoin Ahead Of Upcoming Merge (NewsBTC)
- Institutional Investors Lower Bets on $ADA, Multi-Asset Products as Interest in $BTC Rises (Cryptoglobe)
- How Many Employees Are Allocating Paycheck Portion to Bitcoin? (Blockworks)
- The Most Popular Bitcoin Implementations in Day-to-Day Services (NewsBTC)
- $XRP: Colombia’s XRPL-Powered National Land Registry System Goes Live in Production (Cryptoglobe)
- The Merge Will Not Lower Ethereum Transaction Fees (Blockworks)
- Charles Hoskinson affirms he doesn’t ‘anticipate any further delays’ with Vasil hard fork (Finbold | Cryptoglobe | CryptoPotato | ZyCrypto | Bitcoinist)
- Cardano’s EVM-Compatible Sidechain Nears 100,000 Wallet Addresses, Surpasses 7.5 Million Transactions (Cryptoglobe)
- Robinhood Lays Off 23% of Staff a Day Before Earnings Report (Blockworks | TB | Cointelegraph)
- Bitcoin Brokerage River Financial Drops Fees for Recurring Trades (Coindesk)
- Crypto custodian BitGo promotes Chen Fang to chief operating officer (TB)
- Crypto Exchange Zipmex to Allow Users to Withdraw Some Tokens (Coindesk | Cointelegraph | BIC | Bitcoinist)
- Bitcoin mining stock report: Tuesday, August 2 (TB)
- Bitcoin miner Digihost to transfer part of New York hardware fleet to Alabama site (TB | Cointelegraph)
- Marathon Doubles Loan Borrowing Capacity to $200M as Mining Rigs Sit Idle (Coindesk | TB)
- Ethereum Miner Revenue Surpassed Bitcoin in July; Both Drop Below $600 Million (BIC)
- Why Are Ethereum Miners Worried About The Merge? (Bitcoinist)
- Ethereum POW Fork Is ‘Coming Soon’, Says Chinese Miner (BIC)
- Bipartisan Stablecoin Regulation Has a Slim Chance of Passing This Year (Blockworks)
- New Yorkers Who Feel Deceived by Crypto Companies Urged To Report to Attorney General in Investor Alert (TDH)
- Ripple's General Counsel Sees "Absurdity" in SEC's Approach to Enforcing Crypto Regulation (UToday)
- Robinhood's Crypto Division Fined $30M by New York Financial Regulator (Coindesk | Cointelegraph | Finbold | Bitcoinist)
- MAS Chief Minister Asks Firms to Discourage Retail Crypto Trading (BIC)
- Rock on, Gibraltar: Pro-crypto regulation pulls Binance and big players (Cointelegraph)
- Self-proclaimed Satoshi reportedly plagiarized significant portions of his PhD thesis (Finbold)
- Ontario regulator includes crypto firms in latest consumer protection alert (TB)
- Bitcoin For Murder: Woman Gets 10 Years In Jail After Paying ‘Hitman’ To Kill Husband (Bitcoinist | CryptoPotato)
- The Breakdown: Sucker’s Rally or the Worst Is Over?
- Bitcoin Audible: Chat_70 - Mashing it with Magic Internet Money, Jesse Berger & Jared Nusinoff
- Stephan Livera Podcast: SLP400 Jonas Nick & Tim Ruffing - Half Signature Aggregation: What is it and how does it help scale Bitcoin?
- Unchained: How Will Inflation Impact Crypto? Lyn Alden and Mauricio Di Bartolomeo Explain
- The Scoop: Talos co-founders believe crypto will bounce back stronger than ever
- TFTC: #348: Building "Web 3.0" the right way on Nostr with jb55
- Decrypt Daily: Aug 2: Be Careful With Your Crypto !!!