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Guess what day it is Folks? HUMPDAY! Yesterday, the talk of the town was the Curve hack and the Terraform case. Today, the most covered news is Michael Saylor's MicroStrategy possibly smashing the BUY button once again for $750M. What do they know that the rest of the world doesn't?! The price of Bitcoin is currently trading at $29,537.24 after spiking above $30K briefly. Let's dive into the news...
BITCOIN
BTC’s price strength attempts a comeback, but bulls run out of steam after briefly storming through key resistance levels. Michael Saylor’s MicroStrategy held 152,800 Bitcoin as of July 31, and is back in the black; owns $4.4B worth and plans to buy $750M more via stock sales. Data shows that Bitcoin funding rates have risen to the greenest levels since February 2023, something that could increase the risk of a long squeeze.
Meanwhile, Glassnode points out that Bitcoin addresses in loss have reached a one-month high, even as the count of addresses holding smaller balances of the coin marks a record high. However, Negentropic, the co-founder of the crypto analytics firm Glassnode, thinks the current macro environment offers a “perfect setup” for riskier assets like Bitcoin (BTC) to thrive. Alex Krüger tells his 156,000 Twitter followers that BTC’s realized volatility has reached a low last seen three years ago.
But not everyone is bullish. With the price of Bitcoin (BTC) demonstrating a largely sideways movement trend over the last seven days, senior commodity strategist at Bloomberg Mike McGlone has expressed concern over the flagship decentralized finance (DeFi) asset underperforming. Grayscale’s estimated revenues from its flagship bitcoin and ether funds came in at $41.92 million for the month of July, bringing total revenues for the firm’s two largest products to $278 million.
Bloomberg ETF analysts Eric Balchunas and James Seyffart said in a recent statement that the chances of approval for a Bitcoin ETF have increased significantly over the past month owing to various new developments around the crypto market and the refiling of ETF applications by the likes of Blackrock.
KuCoin Pool will halt operations from Aug. 15 until further notice and the pool supports bitcoin and litecoin mining and ranks among the top crypto mining pools for both cryptocurrencies.
5 factors that could send Bitcoin to $1 million
ALTCOINS
Despite experiencing a decline in price over the past month, Ethereum has outperformed Bitcoin and other major altcoins during that period, indicating significant resilience in the asset as the broader crypto market navigates a correction phase. In a recent court ruling, Ethereum was denied non-security status in a case against the U.S. Securities and Exchange Commission (SEC). However, the Ethereum ETF race is heating up as six major asset managers, including Grayscale and VanEck, have filed fresh applications in a bid to launch Ether, but with none actually getting approval yet and the premise of them being withdrawn, ETH prices are still sideways.
In a recent development on the XRPL blockchain, a mysterious message was discovered during the transfer of a substantial amount of 400 million $XRP tokens. Ripple fintech firm has put 800 million $XRP back in escrow, revealing in recent report true size of its $XRP holdings. Cardano unveils revolutionary testnet to propel ADA to new heights. Litecoin's success in past is almost completely gone as investors are 'selling the news' that later today, Litecoin's blockchain will cut per block reward to 6.25 LTC from 12.5 $LTC. Litecoin, a blockchain cloned from Bitcoin in 2011 that underwent a key milestone on Wednesday known as a “halving,” provides network security to Dogecoin via a process called “merged mining.” Dogecoin is a frequent social-media topic for Tesla CEO Elon Musk.
CBDC/STABLECOINs
The issuer of the Tether (USDT) stablecoin says its excess reserves have increased by hundreds of millions of dollars in the second quarter of 2023.
EXCHANGES
Coinbase (COIN) is looking to add Bitcoin's Lightning network for payments as part of a broader plan to offer more cryptocurrency payments to users around the world. Despite China's stringent ban on cryptocurrency trading, Binance, the world's largest cryptocurrency exchange, continues to thrive in the country. But, Binance has refuted claims published in the Wall Street Journal that despite China’s crypto ban, the exchange has conducted billions in crypto-related business in the country. Also, Binance has declined to comment on a media report that its CEO Changpeng Zhao almost shuttered the crypto trading platform’s arm in the United States in an effort to protect its global company. The U.S. Department of Justice (DOJ) is mulling whether to charge crypto exchange Binance with fraud, Semafor reported, citing people familiar with the matter.
India, the current President of the Group of Twenty (G20), has released its Presidency note on crypto in an effort to have its suggestions included in the framing of global crypto rules.
Uniswap has removed the HEX token from its interface and the move comes two days after the SEC alleged in a lawsuit that HEX is unregistered security and also mentioned Uniswap in the case. Ripple is transparent with its financial disclosures, trend John Deaton says has saved firm from probable SEC fraud allegations. Ripple CEO Brad Garlinhouse on Aug. 2 expressed his disapproval of the United States Securities and Exchange Commission for utilizing Ripple’s quarterly XRP Markets Report, designed to enhance transparency in the cryptocurrency industry, as evidence against the company in the ongoing lawsuit.
WATCH
LISTEN
Podcast of the Day: BTC141: Can Bitcoin Lightning Scale Globally w/ Alexander Leishman | BF
Sources:
Bitcoin Price (Contelegraph | Blockworks | TB | NewsBTC | TB)
MicroStrategy Bitcoin (Cointelegraph | Cointelegraph | CoinDesk)
Grayscale (TB | TB)
Bitcoin Analysis (NewsBTC | TDH | UToday | TDH)
Bitcoin losses (Finbold)
Bitcoin ETF (Cointelegraph | Coindesk)
Bitcoin Mining (TB | Blockworks | Cointelegraph | NewsBTC)
Ethereum (NewsBTC | Finbold)
ETH ETF (CryptoPotato | Coindesk | Cointelegraph | UToday)
XRP (UToday | UToday)
Cardano (UToday)
Litecoin (CoinDesk | UToday | UToday | CoinDEesk | Decrypt | Cointelegraph | CoinDesk)
Tether (TDH)
Coinbase (CoinDesk | Cointelegraph | UToday)
Binance (UToday | CoinDesk | Cointelegraph | Cointelegraph | CoinDesk | Cointelegraph)
Regulation (CoinDesk | TB)
Hex Delisted (TB)
Ripple Case (UToday | Cointelegraph)
