"Time passes whether I stand still or move."
 –Anne Barngrover

Powered by Orange Pill App - Stack Friends Who Stack Sats

READ

Happy Saturday Folks! Last week the price continued to go nowhere and the news cycle continued to be boring week as Worldcoin keep journalist writing! As I type Bitcoin is trading at $29,042.75 and for the week (M-F) Bitcoin fell $100.00; but week over week it's down $231.46. The best performing asset in the past 7 days was $BNB - up 0.02% and regained position #4 from $XRP on Coinmarketcap.com. Last week the Fear and Greed Index was at 52 and today it's 50; neutral. 

News that dominated the week all seemed to be bad news. First we got word on Monday morning that Curve Finance was hacked which brought to light that the founder had a $100M loan that if he got liquidated would completely destroy DeFi as we know it. Then we learned of Richard Heart getting sued by the SEC for his $HEX and $PULSE token offering. Follow that up with the Terraform case, Litecoin halving which completely tanked the price of $LTC, but not all was bad. Appears there were multiple filings for an Ethereum ETF and then a combined $BTC and $ETH ETF.  

Podcasts appeared to be quite bullish on Bitcoin, I highly recommend the Bitcoin Audible as Guy Swan read about how the SEC has confirmed that Bitcoin is NOT Crypto. You can get into the weeds below. 

Thanks for reading, watching, and listening with me each and every week!

THE WEEDS

Monday the price of Bitcoin closed at $29,230.11 and the most covered news of the day was Curve DEX suffered a loss of over $100 million due to a 're-entrancy' bug exploit in the Vyper programming language used in its tech stack, affecting several stablecoin pools.(10)
Podcast of the Day: The 2023 Bull Market Has Further To Run | Weekly Round Up | OTM

Tuesday the price of Bitcoin closed at $29,675.73 and the most covered news of the day was Judge Jed S. Rakoff, a federal judge, dismissing the relevance of the Ripple case in a separate case involving Terraform Labs, sending shockwaves through the crypto community and raising alarm bells for holders of XRP, ADA, SOL, and many other altcoins.(8)
Podcast of the Day: #438: Cycling Toward A Bitcoin Boom with Tuur Demeester | TFTC

By Wednesday (Humpday) the price of Bitcoin closed at $29,151.96 and the most covered news of the day was 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.(7)
Podcast of the Day: BTC141: Can Bitcoin Lightning Scale Globally w/ Alexander Leishman | BF

Right over the hump on Thursday the price of Bitcoin closed at $29,093.51 and the most covered news of the day was Direxion, ProShares, and BitWise have filed for ETFs that, if approved, would hold futures contracts tied to both bitcoin and ether.(7)
Podcast of the Day: Bitcoin Short Squeeze! Bears In Trouble? | TWOAS

As the week came to a close on Friday the price of Bitcoin closed at $29,130.11 and the most covered news of the day was South Korean cryptocurrency exchange Upbit overtook both Coinbase and OKX in terms of spot trading volume in July for the first time.(4)
Podcast of the Day: Read_754 - Bitcoin Is Not Crypto, The SEC Confirms | Bitcoin Audible

WEEKEND NEWS

Bitcoin (BTC) investors are showing no intention to sell their coins at current price ranges, as 13.42 million BTC remains stagnant in Bitcoin addresses since August 2022 and the classic buy and hold, or hodl, approach to Bitcoin outperformed most crypto funds by 68.8% in the first half (H1) of 2023. In a new video, Tone Vays tells his 122,000 YouTube subscribers that he believes that the price of Bitcoin will trend upwards as long as the support level at $28,000 is not breached. As filings pour in for ether exchange-traded funds, Valkyrie is looking to get ahead of the competition by converting its Bitcoin Strategy ETF to a Bitcoin and Ether Strategy ETF.

A popular blockchain researcher and data specialist at the parent company of 21Shares has recently revealed an analysis that seems to suggest that the leading stablecoin issuer Tether could be the owner of the 11th largest Bitcoin address; HODLing 55,000 $BTC.

Jan Happel and Yann Allemann, which use the Negentropic Twitter account, tell their 55,800 followers that Ethereum is likely gearing up to break out from its multi-month downtrend against Bitcoin (ETH/BTC). XRP prints rare third-ever golden cross; Bull run imminent?

All eyes were on DeFi this week, after the decentralized exchange (DEX) Curve Finance was hit with an exploit. The U.S. Southern District Court of New York has dismissed a class-action lawsuit against Tether and Bitfinex, the stablecoin issuer said on Friday.

Sources:

Bitcoin Analysis (Finbold | TDH | TDH | UToday)
Bitcoin ETF (TB)
Bitcoin Whale (Cryptoglobe)
Ethereum (TDH)
XRP (Finbold)
Curve Finance (Decrypt | Cointelegraph | Cointelegraph | Coindesk | Cointelegraph)
Tether and Bitfinex Lawsuit (TB | TB)