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10 Aug: Bitcoin Hiccup


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Happy Humpday Folks! Crypto markets down $50B as Bitcoin retraces to $23K, but it's on the move back up currently trading around $23,138.93. By mid-day Crypto market added over $50 billion in 1 hour as CPI data comes in lower than expected and the rally has resumed; Bitcoin is currently trading at $24,019.38. Bitcoin does hiccup sometimes but Bitcoin is bracing for the US inflation data as CPI nerves created a small bump in the road to Bitcoin's recently rally; potentially heading to $28.4K. Meanwhile, number of addresses with over 1 Bitcoin hits all-time high amid volatile market. Also, just remember you don't need the internet to send Bitcoin :) Lastly, BTC futures data shows bulls are not sure that Bitcoin price will hold above $24,000, but range-bound action could help them profit from Aug. 12’s $475 million options expiry.

Ethereum is growing at a breakneck pace as Whales load up over $2 Billion in $ETH on merge FOMO and Ethereum might give you more profit than Bitcoin; one thing to note is that the burn mechanism won't be available in the PoS Chain. In fact, ETH might hit $2K in the coming weeks. Mike Novogratz says merge enthusiasm will ‘continue to draw money into Ethereum’ and Raoul Pal believes it will reach $2,300.

Recovery market sentiment sees investors take more risk with Altcoins as trading bot known for beating Crypto markets chooses Cardano, Polygon, and Chainlink. Cardano logo appeared on a car taking part in a Nascar race in Virginia. Circle pledges action on user privacy after freezing $75K Tornado Cash-linked USDC.

USDC issuer Circle joins Chainlink in only supporting Proof-of-Stake Ethereum after the Merge. Speaking of the Merge - Goerli testnet is Ethereum’s final boss before the Merge. Luxury watchmakers to continue accepting crypto as payment despite market crash.

The CEFI contagion continues to be felt with Celsius troubles mount as Canadian regulators launch probe into the lender and California regulator orders Celsius to stop selling securities in the state. Meanwhile, Celsius community rally to perform another short squeeze attempt; CEL is currently trading at $1.88. Now, Ripple is interested in buying up Celsius assets. In addition, Voyager Digital reportedly had deep ties with SBF-owned Alameda Research. 

The Analyst Mike McGlone believes $100K is inevitable and Will Clemente sees Bitcoin demand on Coinbase is stacked, flashing March 2020 bottom vibes. But, Coinbase records $1B loss as Crypto trading volume plummets. Even tho, Bank of America says Coinbase is well positioned to take market share during this Crypto winter. Michael van de Poppe believes Cardano is in a strong uptrend with more rallying in sight.

Would you believe, Phong Le said MicroStrategy explored options from art to Real Estate before Bitcoin buys? Bitcoin Miner Riot Blockchain delays earnings report to sort out how much Crypto rout devalued its assets and CleanSpark raised year-end hashrate guidance.

Progressive senators tell banking regulator to cancel Brian Brooks-era crypto guidance; the Democrats are really shooting themselves in the foot on this. SEC orders Crypto startup to register ICO tokens or face $31M fine and the SEC/CFTC are considering new crypto reporting rule for large hedge funds. In addition, PwC proposes road map for Crypto regulation in UAE.

With the good comes the bad as Solana wallet provider Phantom says its systems were uncompromised in $4 million hack, Crypto exchange Hotbit suspends trading and withdrawals amid criminal investigation into former employee, and former BitMEX executive faces up to five years in prison after pleading guilty to violating bank secrecy act.

CRYPTO MARKET

  • Wealth managers and VCs are helping drive institutional crypto adoption — Wave Financial execs (Cointelegraph)
  • Crypto market adds over $50 billion in 1 hour as CPI data comes in lower than expected (Finbold)
  • Crypto Markets Down $50B as Bitcoin Retraces to $23K (Market Watch) (CryptoPotato)
  • El Salvador’s ‘My First Bitcoin:’ How to teach a nation about crypto (Cointelegraph)

BITCOIN & ETHEREUM

  • $475M in Bitcoin options expire this week — Are bulls or bears poised to win? (Cointelegraph)
  • $29K Bitcoin is closer than you might expect, according to derivatives data (Cointelegraph)
  • Bitcoin Market On Verge Of Greed, But Investors Remain Hesitant (Bitcoinist)
  • Bitcoin (BTC) Drops in Anticipation of Rise to $28,400 (BIC)
  • Bitcoin Soars Towards $24K as US Inflation Slows Down to 8.5% (CryptoPotato | TDH | Cointelegraph)
  • Bitcoin braces for US inflation data as CPI nerves halt BTC price gains (Cointelegraph)
  • Number of addresses with over 1 Bitcoin hits all-time high amid volatile market (Finbold)
  • Bitcoin Koalas: 55% Of Investors Didn’t Sell Their Coins During Crypto Storm (Bitcoinist)
  • Bitcoin without internet: SMS service allows sending BTC with a text (Cointelegraph)
  • Ethereum Might Hit $2K in Coming Weeks; Here's Key Factor per This Analyst (UToday | TB)
  • Ethereum Growing At Breakneck Pace As Whales Load Up Over $2 Billion In ETH On Merge FOMO (ZyCrypto)
  • Ethereum Might Give You More Profit Than Bitcoin, Here's How (UToday)
  • Coinbase CFO on Ethereum ($ETH) Staking by Institutional Investors (Cryptoglobe)

FINDING THE PATH TO A PARALLEL BITCOIN ECONOMY

ALTCOINS & STABLECOINS

  • Price analysis 8/10: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX (Cointelegraph)
  • Trading Bot Known for Beating Crypto Markets Chooses Cardano (ADA), Polygon (MATIC) and Chainlink (LINK) (TDH)
  • Cardano ($ADA) Logo Appears on a Car Taking Part in a NASCAR Race in Virginia (Cryptoglobe)
  • Recovery Market Sentiment Sees Investors Take More Risk With Altcoins (NewsBTC)
  • Tether also confirms its throwing weight behind the post-Merge Ethereum (Cointelegraph | BIC)
  • USDC Predicted to Surpass Tether (USDT) As The Biggest Stablecoin In 3 Months (ZyCrypto)

TORNADO CASH

  • Tornado Cash Ban May Not Stop Bad Actors but Could Put a Dent in Their Efforts, Former DEA Agent Says (Coindesk)
  • Circle Pledges Action on User Privacy After Freezing $75K Tornado Cash-Linked USDC (BIC)
  • Despite sanctions, crypto traders are still using Tornado Cash (TB)
  • Treasury sanctions on Tornado Cash extend far beyond the US (TB)

THE MERGE

  • Ethereum’s Move From Proof-of-Work Essential for the Network, Crypto Exec Says (Coindesk)
  • What’s at Stake: Will the Merge Turn Ether Into a Security? (Coindesk)
  • Ethereum Burn Mechanism Won't Be Available in New Verson, Here's Why (UToday)
  • USDC Issuer Circle Joins Chainlink in Only Supporting Proof-of-Stake Ethereum After the Merge (TDH)

CEFI CONTAGION

ANALYST'S CORNER

  • Raoul Pal: Macro Guru Sets Price Target for Ethereum (ETH), Predicts Slowdown of Inflation (TDH)
  • Will Clemente: Bitcoin Demand on Coinbase Stacked, Flashing March 2020 Bottom Vibes, According to Popular On-Chain Analyst (TDH)
  • Michael van de Poppe: Cardano, Chainlink and Two Additional Altcoins in Strong Uptrends With More Rallies in Sight: Top Analyst (TDH)

NOTABLE VOICES

  • Jenny Johnson: Bitcoin is the Best Distraction From the Current Financial Collapse, Says Franklin’s CEO (CryptoPotato)
  • Mike Novogratz: Billionaire says Merge enthusiasm will ‘continue to draw money into Ethereum’ (Finbold | Cryptoglobe)
  • Phong Le: MicroStrategy Explored Options From Art to Real Estate Before Bitcoin Buys, New CEO Says (Coindesk)

ACCEPTANCE

  • Luxury watchmakers to continue accepting crypto as payment despite market crash (Finbold)

EXCHANGES

  • Troubled CoinFLEX Files for Restructuring in Seychelles (BIC)
  • Binance optimistic on Philippines entry despite SEC pushback (Cointelegraph)
  • BofA: Coinbase Is Well Positioned to Take Market Share During This Crypto Winter (Coindesk)
  • Coinbase Records $1B Loss as Crypto Trading Volume Plummets (BIC | Bitcoinist | Cointelegraph | Coindesk)
  • Crypto exchange Hotbit suspends trading and withdrawals amid criminal investigation into former employee (TB | Cointelegraph)

MINING

  • Bitcoin mining stock report: Wednesday, August 10 (TB)
  • Blockchain’s environmental impact and how it can be used for carbon removal (Cointelegraph)
  • Bitcoin Miner Riot Blockchain Delays Earnings Report to Sort Out How Much Crypto Rout Devalued Its Assets (Coindesk)
  • CleanSpark Raises Year-End Hashrate Guidance, Sets 2023 Outlook (Coindesk)

LEGISLATION/REGULATION

  • Progressive senators tell banking regulator to cancel Brian Brooks-era crypto guidance (TB | Coindesk | BIC)
  • SEC Orders Crypto Startup to Register ICO Tokens or Face $31M Fine (Blockworks)
  • SEC, CFTC consider new crypto reporting rule for large hedge funds (TB | Cointelegraph | BitcoinistFinbold | Blockworks | TDH)
  • PwC Proposes Road Map for Crypto Regulation in UAE (BIC)

THE BAD

  • Here's What Happened During Curve Finance's Hijacking That Put Funds at Risk (UToday | BIC)
  • Solana wallet provider Phantom says its systems were uncompromised in $4 million hack (TB)
  • Former BitMEX Executive Faces Up to Five Years in Prison After Pleading Guilty to Violating Bank Secrecy Act (TDH)

PODCASTS

  • The Wolf Of All Streets: Putting All Of Your Money Into Crypto | Jason Urban, Co-Head Of Trading, Galaxy Digital
  • Bitcoin Fundamentals:  BTC090: Risk Free Rates on Bitcoin's Lightning Network w/ Joe Consorti (Bitcoin Podcast)
  • Bitcoin Magazine: The Bitcoin Lightning Network and Privacy w/ Tony and Ben Carman
  • Untold Stories: Bringing DeFi to Bitcoin with Chad Barraford and Erik Voorhees
  • The Crypto Conversation: Satoshi Labs - from Trezor to Hyperbitcoinization
  • The Scoop: Crypto markets still have an 'opacity' problem says CoinShares CEO
  • Decrypt Daily: Aug 10: Is Tornado Cash Good or Bad?

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TheCryptoCurator
TheCryptoCurator

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The Crypto Curator
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