03 Aug: Wallets Attacked and Drained of $SOL and $USDC


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Happy Humpday Folks! The biggest news of the day is the Solana situation. Let's be clear, the Solana Blockchain didn't get hacked but third party hot wallets did. Many are reporting it incorrectly so it's important not to confuse the two, the former would be complete disaster for the Solana community; $SOL is down a bit but is doing okay. There are more clues coming up as to what happened but no clarity in mysterious hack.

Next in line is the news about Michael Saylor resigning as CEO, it's really a nothing burger but at the end of the day it's more bullish than bearish since he's focusing on Bitcoin full time. Meanwhile, MicroStrategy reports $918MM impairment charge on their Bitcoin holdings in Q2. An impairment charge is a process used by businesses to write off worthless goodwill. These are assets whose value drops or is lost completely, rendering them completely worthless.

Bitcoin attempts to breakout from short-term bullish pattern and is currently trading around $23,357.88; higher than where it was yesterday at the time of writing. Bitcoin does remain resilient in that it is above the 200-weekly moving average. On the 4 hour chart, Bitcoin has broken above the 20 day SMA with a MACD crossover occurring in the next 4 hour window; same for the weekly. Keep in mind, Bitcoin bulls aim for $25K price on Friday's $510M options expiry. Bitcoin wholecoiners are up $40K since June crash began so again it's all about time; wait. Think about this...Institutions turned bullish on Crypto in July with 2022’s strongest inflows of $474,000,000.

The Analyst are positive, TechDev and Scarramucci is indicating the bottom is in and Tone Vays is bullish. Meahwhile, Jordon Peterson says Bitcoin give future hope. Oxford Football club is accepting Bitcoin for ticket sales while Nigeria and UAE are interested in Crypto despite the crash. Cleanspark sold 426 Bitcoin in July; ouch. 

With the good comes the bad as nearly $5M swiped from self-proclaimed "world's most secure" exchange ZB.com. GitHub faces widespread malware attacks affecting projects, including crypto and Ex-Coinbase product manager pleads not guilty in Crypto insider trading case.

SOLANA HACK

SAYLOR RESIGNATION

  • Here's Why Michael Saylor's Resignation as CEO Is Bullish for Crypto (UToday)
  • MicroStrategy Reports $918M Impairment Charge on Bitcoin Holdings in Q2 (Coindesk)
  • MicroStrategy’s $2,983,077,000 Bitcoin Trove Not for Sale After CEO Michael Saylor Steps Down (TDH)

NEW OPTIMISTIC BUYERS FLOCK TO BITCOIN

BITCOIN & ETHEREUM

Positive

  • Huge Traders Remain Super Bullish on Bitcoin Despite Crypto Carnage (Coindesk)
  • Bitcoin bulls aim for $25K price on Friday's $510M options expiry (Cointelegraph)
  • Bitcoin holds above 200-weekly moving average showing resilience despite crypto hacks (Finbold)
  • Bitcoin (BTC) Attempts to Breakout From Short-Term Bullish Pattern (BIC)
  • BTC wholecoiners up by 40K since June crash began (Cointelegraph)
  • Contributors piling into Bitcoin, Ethereum, and Solana since 2018: Report (Cointelegraph)
  • Top Ethereum Exchange Addresses Holding over 7 Million ETH, Here's Signal for Price (UToday)
  • Ethereum (ETH) TVL Spiked More Than $10 Billion in July (BIC)
  •  

Neutral

  • Why Bitcoin Investors Should Pay Attention To The Macro Environment (NewsBTC)
  • Bitcoin price battles $23.5K resistance amid relief over Pelosi Taiwan trip (Cointelegraph)
  • Borrowing to buy Bitcoin: Is it ever worth the risk? (Cointelegraph)
  • The NY Times Feature On Bitcoin Maximalism Is Full Of Surprises. Here Are A Few (Bitcoinist)
  • Market Watch: BTC Taps $23K, SOL Slumps 4% Following Wallet Hack (CryptoPotato)

Negative

  • 3 key Ethereum derivatives metrics suggest $1,600 ETH support lacks strength (Cointelegraph)

ALTCOINS & STABLECOINS

  • Price analysis 8/3: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX (Cointelegraph)
  • BNB Ready To Break Above $300? Fundamentals Support Bulls (NewsBTC)
  • Hundreds of Millions of XRP Transactions Pop Again as Ripple Address Raises Stakes (UToday)
  • SOL Token Holds Price Support After Million-Dollar Hack Brings Bad Optics for Solana (Coindesk | BIC)
  • Crypto Exchange Binance Reveals Reserves Backing BUSD Stablecoin in Push for Transparency (TDH)
  • $BTC: Decreasing ‘Stablecoin Circulation’ Despite Increase in Bitcoin Price Could Suggest Upcoming Breakout (Cryptoglobe)

ANALYST'S CORNER

  • Guy: Bitcoin, Stocks and Commodities Will Rally When Fed Is Forced To Pivot and Continue Money Printing: Coin Bureau (TDH)
  • Glassnode: Recent Crypto Rally Not Convincing Enough To Call for New Bull Run Yet (TDH)
  • Bloomberg: Merge will catalyze Ethereum into a ‘global institutional-grade asset’, report suggests (Finbold)
  • Raoul Pal: Ethereum (ETH) Is the ‘Safest and Easiest’ Play To Make, Says Macro Guru (TDH)
  • TechDev: Bitcoin Flashes Rare Bottom Signal As Altcoin Market Cap and One More Metric Hint at Trend Reversal: Top Analyst (TDH | Cryptoglobe)
  • Tone Vays: Veteran Trader Details Multiple Signals of Strength for Bitcoin, Says Environment for BTC Turning Bullish (TDH)

NOTABLE VOICES

  • Sachin Mehra: Crypto Is an Asset Class, Not Payment Instrument, Says Mastercard’s CFO (CryptoPotato | TDH)
  • Anthony Scarramucci: Bitcoin ‘has already bottomed and its fair value is $40k’, SkyBridge’s CEO suggests (Finbold)
  • Jordan Peterson: Inflation punishes the prudent while Bitcoin gives future hope — Jordan Peterson (Cointelegraph)
  • Michael Safai: Don’t Expect 2021-style Crypto Returns Anytime Soon, Says Dexterity Capital (Blockworks)
  • Nassim Taleb: ‘The Black Swan’ author calls MicroStrategy’s CEO step down a ‘nail in the coffin’ for firm’s BTC strategy (Finbold)

CEFI CONTAGION

  • CEO of now-bankrupt Voyager made millions offloading firm’s stock months before insolvency (Finbold)
  • Crypto VC firm Hashed confirms losing more than $3 billion in luna crash: Bloomberg (TB | EWN)
  • Homeless, suicidal, down to last $1,000: Celsius investors beg bankruptcy judge for help (CNBC)

ACCEPTANCE

  • Roman Catholic Archdiocese of Washington, DC will accept crypto donations (Cointelegraph)
  • Beyond the headlines: The real adoption of Bitcoin salaries (Cointelegraph)
  • Electrifying! With Stablesats, Galoy Brings The Dollar To The Lightning Network (Bitcoinist | BM | TB | Cointelegraph)
  • Oxford City Football Club to accept Bitcoin for matchday tickets (Cointelegraph | Bitcoinist)
  • Study: Nigeria, UAE lead countries most interested in crypto despite market crash (Finbold)

ETFs/OPTIONS

  • Institutions Turned Bullish on Crypto in July with 2022’s Strongest Inflows of $474,000,000: CoinShares (TDH)
  • Experts Forecast Entry Points In Ethereum Hedge Funds Retail And Institutions (NewsBTC)
  • How Many Crypto ETFs Is Too Many? Some Industry Execs Say We’ve Reached Our Limit (Blockworks)

BLOCKCHAINS

  • Ethereum Merge: The Past, The Present, And The Future (Bitcoinist)
  • Goerli Is Coming: Ethereum’s Last Rehearsal Before the Merge (Coindesk)
  • $ADA: IOG CEO Charles Hoskinson Explains Essential Value Proposition of Cardano (Cryptoglobe)
  • Cardano’s Vasil Upgrade Promises To Be ADA’s Boom, But That’s Fast Changing (ZyCrypto)
  • Cardano-based smart contracts surpass the 3,000 mark for the first time (Finbold | Cryptoglobe)

EXCHANGES

  • Zipmex Sheds New Light on Battle With Babel (BIC)
  • Binance, KuCoin, OKX CEOs flex security amid Solana FUD storm (Cointelegraph)
  • ​​Official: Total number of Cardano wallets hits 3.5 million (Finbold)

MINING

  • Bitcoin Difficulty Adjustments Leads To Rebound In Hashrate (Bitcoinist)
  • Bitcoin miners now hold a record 1.856M BTC — new data (Cointelegraph)
  • Bitcoin miner CleanSpark sold 426 BTC in July (TB)
  • Bitcoin Miner SAI.TECH Halts Kazakhstan Expansion, Citing Operation and Cost Uncertainties (Coindesk)
  • Riot mined 28% less bitcoin in July and earned $9.5 million in power credits (TB | Coindesk | Cointelegraph | Decrypt
  • Bitcoin mining stock report: Wednesday, August 3 (TB)

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TheCryptoCurator
TheCryptoCurator

I've been aware of Bitcoin since 2011 and my desire is that you will be better informed about the digital asset industry by reading my daily post. If you want to sign up for SMS alerts - text CRYPTO to +1 (214) 380-2013.


The Crypto Curator
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