"Beware the fury of a patient man."
- John Dryden

Powered by Super Coffee - Positive Energy!

Welcome to Thursday Folks! The market continues to be conflicted on which way it wants to go. On one hand macro data suggest market bounce is ahead and on another Bitcoin bounces at $19K but it's still a long way from confirming a bullish reversal; as it's pinned below $20K as the macro climate stifles hope for a sustainable BTC bull run. But, dormant Bitcoin supply hits new all-time high as market "stress test" weaker hands and Bitcoin Whales send BTC to futures exchanges in "classic" bottom signal; Bitcoin seasonality could spark a short-term bull run. So is Crypto winter coming to an end? Global stablecoin monthly on-chain volume hits an all-time record. 

“A universal truth about crypto is that the markets are disconnected from reality. Cardano has never been stronger and frankly many other projects are also solid across the industry, yet you don’t see that reflected- just a sea of red. Macro factors always win out.” -Charles Hoskinson

Listening to the Analysts they sound bullish. Mike McGlone says Bitcoin is a wildcard and set to outperform. Dave the Wave says it's time to flip bullish and buy. Arthur Hayes says $ETH can't compete with $BTC as digital gold. However, Dan Nathan is bearish. 

While things are up in the air on Bitcoin, the bullishness around the Ethereum Merge continues. $ETH reversed and $1,700 seems imminent as Ethereum sets new 2022 high against Bitcoin. Ethereum price could "decouple" from other crypto post Merge. So $ETH longs might profit ahead of the Merge. There has been an increase in wallets with 1,000 $ETH in them which indicates bullish sentiment. A lot isn't talked about BNB but its price jumped as it is about to launch zero-knowledge proofs and Tether's lead over USDC grows; Coinbase is looking to acquire $1.6B of MakerDAO's USDC. 

Miners send Bitcoin to Binance and Bitcoin beats both wind and solar in reducing emissions; the energy crisis is going to turn the money printers back on and only Bitcoin can solve it. Fed leader pushes Congress for legislation on stablecoins,  US Fed vice chair Michael Barr favors hard line on crypto, OCC acting head no friendlier, and Gensler takes aim at crypto industry pushback on enforcement. 

With the good comes the bad, Avalanche flash loan exploit sees $371K in USDC stolen and Apple Crypto scam fools thousands of users.

POD: The Wolf Of All Streets: Daily Howl: Bitcoin To Crash After The Merge? Guest: Dave Weisberger, CoinRoutesETH 

TRENDING

• Republican lawmakers call for answers on digital dollar from Fed vice chair (Cointelegraph | BIC | Coindesk)
• Apple Crypto Scam Fools Thousands of Users (UToday | CryptoPotato | BIC)

CRYPTO MARKET

• What ‘crypto winter’? Global stablecoin monthly on-chain volume hits an all-time record (Finbold)
• This Macro Data Suggests Market Bounce Is Ahead (UToday)
• The Next Bull Run May Be Some Time off, but These Are the Trends That Will Lead It (BIC)

BITCOIN & ETHEREUM

Positive

• Bitcoin (BTC) Bounces At $19,000 Support – Still a Long Way From Confirming Bullish Reversal (BIC)
• Dormant Bitcoin ($BTC) Supply Hits New All-Time High as Market ‘Stress Tests’ Weaker Hands (Cryptoglobe)
• Bitcoin whales send BTC to futures exchanges in ‘classic’ bottom signal (Cointelegraph | Bitcoinist)
• Bitcoin’s seasonality could spark a short-term bull run for crypto market (Finbold)
• TA: Ethereum Just Reversed and $1,700 Seems Imminent (NewsBTC | CryptoPotato)

Neutral

• WATCH: Bitcoin, Wyckoff Theory, And The Composite Man | BTCUSD September 8, 2022 (NewsBTC)

Negative

• Bitcoin is pinned below $20K as the macro climate stifles hope for a sustainable BTC bull run (Cointelegraph | NewsBTC)

THE MERGE

• Merge Momentum: Ethereum Sets New 2022 High Against Bitcoin (NewsBTC)
• Ether price could ‘decouple’ from other crypto post Merge — Chainalysis (Cointelegraph)
• Why Ethereum Price Longs Might Profit Ahead Of “The Merge” (NewsBTC)
• Increase in Wallets With 1,000 ETH or More Indicates Bullish Sentiment as Merge Approaches (BIC)

ALTCOINS & STABLECOINS

• Binance Coin (BNB) Price Jumps Sharply After Testnet Release (BIC)
• Tether’s Lead Over USDC Hits $16B as Binance Moves to Limit Stablecoin Competitors (Decrypt)
• Coinbase Looking To Acquire $1.6B of MakerDAO’s USDC (Blockworks)

EL SALVADOR

• El Salvador Celebrates One-Year Anniversary of Bitcoin Day (Cryptoglobe | Blockworks)
• El Salvador faces significant paper losses after a year of buying bitcoin (TB)

ANALYST'S CORNER

• Mike McGlone: Bitcoin is a ‘wild card’ set to outperform —Bloomberg analyst (Cointelegraph)
• Dave the Wave: Trader Who Called the May 2021 Bitcoin Collapse Says ‘Now Is the Time’ To Flip Bullish on BTC (TDH | Cryptoglobe)
• Arthur Hayes: Ethereum (ETH) Can’t Compete With Bitcoin (BTC) as a Digital Gold (TDH)
• Dan Nathan: Here's What Bitcoin Needs to Start Recovering, According to This Analyst (UToday)
• Charles Hoskinson: Cardano Creator Says Crypto Markets Are Disconnected From Reality Amid ‘Sea of Red’ (TDH)
• Rekt Captial: Top Crypto Analyst Says Bitcoin Could Spark Massive 200% Rally After It Bottoms (TDH)

NOTABLE VOICES

• Hervé François: $42,000,000,000 Alternative Investment Firm InvestCorp Hires Crypto Guru To Head First Blockchain Fund (TDH)

BLOCKCHAINS

• BNB Chain announces zero-knowledge proof scaling technology (TB)
• Cardano Builder Introduces Daedalus Version for Mainnet. Here's What's New (UToday)

MINING

• Miner Sends Bitcoin To Binance, 4th Largest Transaction In 2 Months (NewsBTC)
• How Bitcoin Beats Wind And Solar In Reducing Emissions (Bitcoinist)
• Bitcoin mining stock report: Thursday, September 8 (TB)

THE ENERGY CRISIS WILL TURN THE MONEY PRINTERS BACK ON, BUT ONLY BITCOIN CAN SOLVE IT

LEGISLATION/REGULATION

• Fed leader pushes Congress for legislation on stablecoins (TB)
• US Fed vice chair Michael Barr favors hard line on crypto, OCC acting head no friendlier (Cointelegraph)
• Gensler takes aim at crypto industry pushback on enforcement: Barron's (TB)

LEGAL BATTLES

• Crypto investors backed by Coinbase sue U.S. Department of Treasury after Tornado Cash sanctions (Cointelegraph)
  

ATTACKS/HACKS/SCAMS

• Avalanche flash loan exploit sees $371K in USDC stolen (Cointelegraph)
• Coinberry filed lawsuit to reclaim bitcoin lost during 2020 software glitch: Financial Post (TB)
• Law enforcement recovers $30 million from Ronin Bridge hack with the help of Chainalysis (Cointelegraph)

FOLLOW UP

• Three Arrows Wallet Mislabeled by Nansen, New Owner Revealed (BIC)
• Tether lawsuit judge sets hearing to discuss Roche Freedman concerns (TB)

LISTEN

• The Breakdown: 38 Things We Learned About Crypto and the Economy in the Last Year
• Bitcoin Audible: Read_651 - The Path to a Bitcoin Standard in Africa [Charlene Fadirepo]
• Bitcoin Magazine: The Financial System Is Breaking w/ Dylan Leclair
• Decrypt Daily: Sept 7: The ETH Markets Drop