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Welcome to Thursday Folks! Yesterday was a full day of news with Grayscale pushing the SEC to convert it's GBTC to a Spot Bitcoin ETF and more. Today the most covered news is about the FASB issuing a new rule on how Bitcoin and other crypto is accounted for on Corporations books. Michael Saylor applauded the new ruling, saying: "Fair value accounting is coming to #Bitcoin. This upgrade to FASB accounting rules eliminates a major impediment to corporate adoption of $BTC as a treasury asset." The price of Bitcoin is currently trading at $25,692.93. Let's dive into the news...
SUMMARY
Crypto spot market August trading volume hits 4.5-year low as volatility fails to spur activity.
Bitcoin emerged as a counter to the 2008 financial crisis, but it somehow remains intertwined with the world’s strongest economy and that needs to change. Bitcoin’s network hashrate touched fresh peaks this week, marking a surge in capacity even as profitability for miners continued to fall. Bitcoin miner Riot Platforms mined fewer Bitcoin in August than July, but received over $31 million in power credits.
Onchain detectives from the Arkham Intelligence platform were able to identify the crypto addresses of the Grayscale Bitcoin Trust (GBTC), the second-largest Bitcoin (BTC) known holding entity in the world, with over $16 billion in BTC.
The Ethereum (ETH) price has been decreasing since April, when it deviated above the $1,950 horizontal area. The price validated the area as resistance in July and the weekly RSI turned bearish for the first time this year. However, the indicator is decisively bullish for the ETH/BTC pair, predicting a breakout. Ark Invest and 21shares have applied with the Securities and Exchange Commission for a spot ether ETF, according to a filing dated Sept. 6.
Hong Kong has already entered the second phase of technical testing for the e-CNY as it incorporates a predominant local payment system, a government official said. Palau’s USD-backed stablecoin build on XRP Ledger will be frozen on Sept. 15 as the government will be collecting feedback from users to shape the way ahead. The European Commissioner for Financial Stability, Financial Services and the Capital Markets Union, Mairead McGuinness, believes there’s no reason to rush the digital euro until after the next European Parliament elections in June 2024.
Binance CEO Chang Peng Zhao sought to dismiss concerns around executive departures, claiming these executives are moving into bigger roles outside Binance, and said reports are market FUD. Binance's latest proof-of-reserves report uses zero-knowledge methods to confirm all customer assets are backed 1:1. Binance's indecision to freeze BNB wallets drew controversy in this $11M rug pull. Kraken is rolling out support for PayPal deposits for users in the UK and Europe, excluding Hungary and Croatia.
The U.S. standard-setting organization for accounting has moved to insist companies use “fair-value” accounting to report their crypto holdings.
Genesis Global Capital filed a suit against Digital Currency Group (DCG) and Digital Currency Group International (DCGI), seeking the repayment of multiple loans with a principal amount of over $600 million. Former FTX CEO Sam Bankman-Fried, also known as SBF, lost an initial appeal to return to being free on bail prior to his criminal trial. Ripple co-founder Chris Larsen slams SEC and Gensler, defines XRP case boundaries.
An individual lost $24 million in what appears to be a phishing attack and the stolen assets were 4,851 Rocket Pool ETH and 9,579 Lido Staked ETH; security analysts say the victim accidentally authorized a malicious transaction. Crypto exchange Binance has created an automated smart contract to reimburse users following the events of the Xirtam rug pull.
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Podcast of the Day: BREAKING! MicroStrategy Wins Fair Value Accounting! | Crypto Town Hall | TWOAS
THE WEEDS
Crypto Market
- Metrics (CoinDesk)
Bitcoin
- Indicator (Blockworks)
- GBTC (Finbold)
- Miners (Blockworks | Cointelegraph | CNBC | TB)
Altcoins
- ETH (BIC)
- ETF (TB)
CBDCs/Stablecoins
- e-CNY (TB)
- PSC (Cointelegraph)
- Digital Euro (Cointelegraph | BIC)
Exchanges
- Binance (Cointelegraph | BIC | Blockworks | Cointelegraph)
- Kraken (TB | CoinDesk)
Regulation
- FASB (CoinDesk | Cointelegraph | BIC | Blockworks | CoinDesk | CoinDesk | TDH)
Legal Cases
- Genesis (CoinDesk)
- SBF (Cointelegraph)
- Ripple (UToday)
Attacks/Hacks/Scams
- Phishing (TB | Cointelegraph)
- Binance (Cointelegraph)
