"Beware the fury of a patient man."
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It's Frriiddaayyy Folks! Yesterday the market rallied on both the news about the ETH ETF and the FASB new ruling about how companies account for Crypto on their books. Today the most covered news is about the legal troubles of the former co-CEO of FTX and the former CEO of a Turkish exchange. The price of Bitcoin is currently trading at $25,862.63. Let's dive into the news...

SUMMARY

Bitcoin, the world’s most popular cryptocurrency, is nearing a key technical indicator known as the “Death Cross,” which poses a threat to market stability. The Bitcoin halving is nice, but kickstarting a bull run requires fiat money supply growth which is why Bitcoin hodlers need to look at November 2024 for clues as to when BTC price will aim for the moon next, says CryptoCon. Meanwhile, BTC price centers on the 200-week exponential moving average, while analysts warn that Bitcoin and risk assets are in danger from a surging dollar. But, Jan Happel and Yann Allemann tell their 56,600 followers on the social media platform X that a BTC accumulation phase is underway, with a big move on the horizon. Charles Edwards of Capriole Investments says that despite the current headwinds, Bitcoin’s fair value sits at $45,000. The Securities and Exchange Commission will inevitably approve a spot Bitcoin ETF, but we should retain some healthy skepticism about the risks it will create.

JPMorgan lowered its bitcoin production cost estimate to $18,000 from $21,000. The hash rate and the mining difficulty of Bitcoin regularly set new all-time highs and at the same time, the hash price indicator, which measures the profitability of BTC miners, is in the all-time low area. Iris Energy received $2.3 million in power credits during August, primarily driven by voluntary curtailment at its Childress site in Texas. Friday is the last day for shareholders to vote on Hut 8 Mining’s “merger of equals” with US Bitcoin Corp — a deal that could be finalized by Sept. 30.

Grayscale Ethereum Trust Discount Drops to Lowest in a Year Amid Spot Ether ETF Push. Despite current activity on market, XRP's trading dynamic is stronger than you may think. XRP now ranks alongside Bitcoin as regulated coin in America. Ripple acquires Fortress Trust in cash-and-equity deal.

Coinbase is considering "markets that are enacting clear rules" for the crypto industry, with the EU, U.K., Canada, Brazil, Singapore and Australia its near-term priorities. Binance boosts Bitcoin, Ether trading in Argentine, Brazilian, South African currencies with fee promotion. Blockchain analytics firm Arkham Intelligence has found that on-chain wallets tied to the Grayscale Bitcoin Trust (GBTC) hold more than $16 billion in BTC. A hedge fund manager Travis Kling whose firm was ravaged by FTX’s November collapse is now warning of a second-coming “implosion” at Binance.

An incremental approach creates certainty, allows for lawmakers to learn from what they’re doing and continue on with input from the industry, Sen. Bill Hagerty, R-Tenn. said on Thursday at an event hosted by the Cato Institute. CFTC Commissioner Caroline Pham pitches pilot program for U.S. Crypto regulation. UK financial watchdog could give crypto firms until January 2024 for marketing compliance. The IMF and FSB argue that governments must empower central banks to ensure crypto doesn't hurt macro stability. David Schwartz believes the U.S. legal system is looking more skeptically at SEC cases against various cryptocurrency industry participants. The Blockchain Association, a United States-based cryptocurrency advocacy group, has submitted suggestions for lawmakers to consider in potential legislation on the tax treatment of digital assets.

Crypto startup LBRY filed its intent to appeal a New Hampshire court's decision that it failed to register with the U.S. Securities and Exchange Commission (SEC). The former CEO of Turkish crypto exchange Thodex, Faruk Fatih Özer, was sentenced to 11,196 years in prison by a Turkish court on charges of "establishing, managing and being a member of an organization", "qualified fraud", "laundering of property values." The former co-chief executive of bankrupt crypto exchange FTX is reportedly pleading guilty to criminal charges stemming from the firm’s high-profile collapse. Michael Lewis has written a book, "Going Infinite," chronicling the rise and fall of FTX founder Sam Bankman-Fried. Jacob Orvidas, 28, settled with the agency on Friday and will pay $2 million back to investors and as well as a $500,000 monetary penalty and face a 10-year registration and trading ban. A South African firm and its CEO Cornelius Johannes Steynberg are under orders from a US court to pay $1.7 billion for running a Bitcoin scam and The scam promised significant gains through a commodity pool as well as a non-existent trading bot.

Security platforms warn about hidden phishing and wallet drainer links. The Lazarus Group, a North Korean hacker organization, was responsible for swiping $41 million in digital assets from the crypto casino Stake this week, according to a statement released on Thursday by the FBI. Binance to reimburse users $1M for Cyber Earn incident. A purported $25 million crypto giveaway on the social-media platform formerly known as Twitter is – no surprise, really – indeed too good to be true. US and UK jointly sanction 11 individuals linked to Russia-based Trickbot ransomware group, responsible for a $833 million crypto extortion and Trickbot, active since 2016, is associated with ransomware strains like Ryuk and Conti, and has ties to Russian intelligence services.

Lessons:
 - Hardware Wallet 
 - Why does Bitcoin have value?

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Podcast of the Day: How Big A Deal Are The Changes to Crypto Accounting Standards? | The Breakdown

THE WEEDS

Bitcoin
 - Indicators (CryptoPotato | Cointelegraph)
 - Opinions (CoinDesk | Cointelegraph | Finbold | TDH | Cointelegraph)
 - ETF (Cointelegraph)
 - Mining (TB | BIC | TB | Blockworks)
Altcoins
 - ETH ETF (CoinDesk)
 - XRP (UToday | UToday)
 - Ripple (Blockworks | Cointelegraph | TB | CoinDesk | Cryptoglobe | CNBC)
Exchanges 
 - Coinbase (CoinDesk)
 - Binance (CoinDesk | CryptoPotato)
 - GBTC (CryptoPotato)
Legislation/Regulation
 - Sen. Hagerty (TB | CoinDesk)
 - CFTC (CoinDesk | UToday)
 - UK (Cointelegraph)
 - IMF (BIC)
 - Opinion (Cointelegraph)
 - Blockchain Association (Cointelegraph)
Legal Cases
 - LBRY (CoinDesk | TB)
 - Thodex (Cointelegraph | TB | BIC | TDH | Blockworks | Cryptoglobe)
 - FTX (TDH | Cointelegraph | CoinDesk)
 - SBF (BIC | Cointelegraph)
 - Jacob Orvidas (TB | BIC)
 - Cornelius Steynberg (BIC)
Attacks/Hacks/Scams
 - Phishing (Cointelegraph | Decrypt | TB)
 - Binance Incident (Cointelegraph)
 - X Scam (CoinDesk)
 - Ransomware (BIC)