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Guess what day it is Folks? HUMPDAY! Yesterday, BitGo aimed to provide custody service in Korean to Hana Bank. Today, the most covered news is about BitGo providing custody services for Hana bank in Korea. Today we have a few topics that are getting mad press coverage: GBTC pushing the SEC to approve the conversion for GBTC to a Spot ETF, Coinbase launching a new service for institutional investors, and K33 analysis group saying that half of the Millionaires in the world own Bitcoin; most were created as a result of Bitcoin. The price of Bitcoin is currently trading at $25,722.37. Let's dive into the news...
Bitcoin (BTC) is currently experiencing mounting bearish pressure, just a week after the cryptocurrency attempted to rally toward the $30,000 level, supported by positive regulatory developments. Popular macro expert Lyn Alden thinks Bitcoin (BTC) will gradually make up a much larger chunk of global wealth. “It’s reckless not to aggressively accumulate BTC at current levels,” K33 senior analyst Velte Lund says in a new report. The CEO of Custodia Bank thinks the next Bitcoin (BTC) halving could have an even bigger impact than previous halving events.
However, the senior commodity strategist at Bloomberg Mike McGlone thinks Bitcoin’s (BTC) price action in the third quarter could be a leading indicator of what could happen next to the stock market, after the Nasdaq 100 futures index has overperformed BTC in both July and August. A death cross indicates a potential long-term bearish shift in momentum while a golden cross suggests the opposite. But, Financial research firm Bernstein anticipates significant rally on cryptocurrency market, led chiefly by Bitcoin. Nearly half of the world's 88,200 crypto millionaires hold wealth in Bitcoin, according to a Henley & Partners report and Six of the world’s 22 crypto billionaires made their fortunes through Bitcoin, highlighting its enduring appeal. Bitcoin's four-year cycles may not be linked to halving events, but rather to global M2 money supply cycles.
United States-based crypto mining operator Marathon Digital Holdings produced 1,072 Bitcoin in August — 9% less than in July but five times more than in August 2022.
The CEO of Lightning Koffee launched the coffee startup in October with the aim of onboarding Medellín businesses onto Bitcoin. The Ministry of Education of El Salvador and the nonprofit, nongovernmental organization Mi Primer Bitcoin (MPB), meaning “My First Bitcoin,” partnered to add Bitcoin education to public school curriculum by 2024.
Ether's price surged by 31.3% from March 10 to March 18, coinciding with the Federal Reserve’s injection of $300 billion to address the insolvency of Silicon Valley Bank. Since then, Ether’s price has consistently maintained a daily closing price above $1,600; so, buy Ether instead of Bitcoin to ride ETF momentum. Jim Cramer is an American television personality, author, entertainer, and former hedge fund manager. He is the host of Mad Money on CNBC, known for his flamboyant personality and his outspoken views on the stock and crypto markets. In a strategic move, SBI Remit, the international money transfer branch of SBI Group, and blockchain pioneer Ripple have unveiled their groundbreaking collaboration, forming a joint venture known as SBI Ripple Asia. XRP metrics remain encouraging despite surrendering post-ruling gains but, XRP active user base plummets, bulls explore one more play. Smart contract network Cardano ($ADA) has been seeing its on-chain transaction volume rise steadily so far this year, to the point ADA’s weekly on-chain transaction volume has surged over 1,700% since late January. Dogecoin trying to exit painful sideways market. Institutional Investors Bet on Solana as $SOL investment products record 9th week of inflows. However, Solana’s daily active addresses declined to around 204,000 on Aug. 31 and that’s the lowest amount since The Block started measuring the data in late 2020.
CBDCs will gradually displace private banks, says Russian lawmaker. Visa has moved millions of USDC between its partners over Solana and Ethereum to settle fiat-denominated payments. Circle has deployed native USDC on Layer 2 networks OP Mainnet and Base.
Coinbase is launching a cryptocurrency lending platform targeted at U.S. institutional investors, aiming to fill the gap left by lending companies that collapsed during the industry’s crisis last year and has upsized its debt buyback offer from $150 million to $180 million. Binance expands trading support for Ripple (XRP.) Despite DCG’s former claims, Genesis appears to be winding down its trading services months after the company’s lending arm filed for bankruptcy.
The New York South District court revoked former FTX CEO Sam Bankman-Fried’s bail on Aug. 11 after an appeal from the prosecution in July citing multiple instances of violation of bail conditions. Also, FTX founder Sam Bankman-Fried is evaluating his discovery materials review process in prison, including internet speed and interruptions are frequent during SBF's discovery study period, with disruptions caused by prison staff and protocol. Grayscale urges the SEC to expedite the approval for converting its Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF and the firm contends that there's no reason to treat its Trust differently from ETPs investing in Bitcoin futures contracts. Banking and real estate assets of former Celsius chief Alex Mashinsky have been ordered frozen as a criminal case against him advances, according to court documents unsealed Tuesday.
With the rise of cryptocurrencies, the importance of securing digital assets has become more crucial than ever. One of the most important aspects of securing cryptocurrency is a seed phrase. Israeli police are accusing Moshe Hogeg and his partners of defrauding investors of $290 million when they raised capital for crypto projects in 2017 and 2018. Four are under arrest in Taiwan for a suspected ruse to trick victims into buying up Tether (USDT).
Podcast of the Day: Proof of Work - Marathon Digital Holdings | TCC
- Price (Finbold)
- Opinions (TDH | Cointelegraph | Cryptoglobe | TB | Finbold | TDH)
- Metrics (CoinDesk | UToday | Cryptoglobe | Cointelegraph | BIC | Blockworks | BIC | CryptoPotato)
- Mining (Cointelegraph | BIC | CryptoPotato)
- Adoption [Colombia/El Salvador] (Cointelegraph | Cointelegraph)
- ETH (Cointelegraph | CoinDesk)
- BNB (Finbold)
- XRP (UToday | UToday | UToday)
- Cardano (Cryptoglobe)
- DOGE (UToday)
- Solana (Cryptoglobe | TB | ZyCrypto)
- Opinions (Cointelegraph)
- Visa and USDC (CryptoPotato)
- Circle USDC (TB)
- Coinbase (Blockworks | BIC | TB | Coindesk | Cointelegraph)
- Binance (CryptoPotato)
- Genesis (CryptoPotato | Cointelegraph | Blockworks | TB)
- SBF (Cointelegraph | TB | BIC)
- Grayscale vs SEC (Cointelegraph | BIC | CryptoPotato | Blockworks | TB | CoinDesk)
- Alex Mashinsky (CoinDesk | Cointelegraph | TDH)
- Secure your Seed Key (TB)
- Moshe Hogeg (TDH)
- Tether Scam (BIC)