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11 Aug: The MERGE Rally


"The direction of the mind is more important than its progress."
- Joseph Joubert

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Welcome to Thursday Folks! $250 billion inflows crypto market cap in last 30 days as buying power mounts. Bitcoin battles 2-month resistance amid ‘most hated’ stocks rally; people just want more cheap sats (smile).  However, there is a bearish signal and why Bitcoin Miner sell-offs may continue. Meanwhile, Bitcoin R&D Center Vinteum launches in Brazil.

Ethereum records a double-digit gain in 24 hours adding $25 billion to its market cap. Ether tops $1.9K and there are 3 signs Ethereum price is on track toward $2.5K by September. All of this bullishness on Ethereum is due to the third and final testnet nerge going live on Goerli. Ethereum’s move from Proof-of-Work is essential for the network. In addition, Ethereum L2 TVL enjoys 284% growth in the past month.

Cardano tests $0.51 support – can ADA reach safe zone and hit $0.67? ‘ADA Ape’ says in July Cardano had much higher adjusted volume on chain than Ethereum. Cardano stake pool APEX received ‘1M ADA delegation’ from IOG.

Analyst Santiment believes the Crypto community is not yet behind the recent market rebound, InvestAnswers believes Bitcoin is prepping for parabolic move to $100,000, and Mike Novogratz says Ethereum’s comeback is not over yet.

The CeFi Contagion continue to crush the industry as Voyager digital promotion leaves Mark Cuban facing legal action and California’s DEPI bans Celsius securities sales. 

In the mining world, Genesis Digital locks in 708 MW of energy for Bitcoin mining and Hut 8's Q2 loss widens to $69M, continues to Hodl Bitcoin tho. JPMorgan says Ethereum miners face an abrupt change following the Merge.

Legislators continue to go after Crypto as well, with US Rep. Brad Sherman questioning why the SEC hasn’t gone after Crypto exchanges that had traded in XRP. Regulatory wise things are not looking that great either as the US Government declaring war on Crypto. Crypto exchange dYdX blocked accounts that received even small amounts from Tornado Cash and Crypto exchange Hotbit suspends trade after authorities freeze funds. FTC investigates BitMart over handling of 2021 Hack. Coinbase exchange faces SEC probe over Crypto yield, staking products and hit with a lawsuit from shareholder alleging 2021 stock listing was based on misinformation. In addition, the IRS is launching court action in crackdown on Crypto tax Evaders. Overseas South Korea's financial watchdog to expedite new Crypto rules. India's ED probes at least 10 Crypto exchanges on money laundering allegations.

With the good comes the bad as California man must pay $61K in restitution for SIM swap scam that stole one victim's Crypto. Crypto exchange Bitfinex may be facing criminal investigation in US and No ‘conclusive evidence’ tying $4 million Solana hack to its own security flaw.

CRYPTO MARKET

  • $250 billion inflows crypto market cap in last 30 days as buying power mounts (Finbold)
  • 63% of Traders Bearish on Crypto With Possibility of Upcoming Recession, Study Reveals (BIC)
  • Over 7% of Indians owned cryptocurrencies in 2021, UN report reveals (Finbold)

BITCOIN & ETHEREUM

  • Good news for Bitcoin: New CPI data suggests inflation has peaked | Find out now on Market Talks with Tim Warren and Caleb Franzen (Cointelegraph)
  • Crypto Market Sees $510M Futures Flush As Bitcoin Breaks $24.5k (Bitcoinist)
  • BlackRock launches private trust offering direct bitcoin exposure (TB | Blockworks | Cryptoglobe | Cointelegraph | Cointelegraph | Coindesk | ZyCrypto)
  • Bitcoin battles 2-month resistance amid ‘most hated’ stocks rally (Cointelegraph)
  • Bearish Signal: Why Bitcoin Miner Sell-Offs May Continue (NewsBTC)
  • Bitcoin R&D Center Vinteum Launches in Brazil (Coindesk)
  • Is The Bitcoin Surge Due To An External Reason? What The Data Suggests (NewsBTC)
  • Market Wrap: Bitcoin Price Rises but Ether Outpaces as Merge Nears (Coindesk)
  • Ethereum records a double-digit gain in 24 hours adding $25 billion to its market cap (Finbold)

THE MERGE

  • Date of Ethereum Merge Has Been Revealed: Sept 15 (UToday | Decrypt | Coindesk | Cointelegraph)
  • Will “The Merge” Be A Buy The Rumor Sell The News Event For Ethereum? (NewsBTC)
  • Ethereum Price to Soar After Merge If This Scenario Plays Out, Arthur Hayes Says (UToday | TDH)
  • Is it foolish to expect a massive Ethereum price surge pre- and post-Merge? (Cointelegraph)
  • Ether Tops $1.9K as Ethereum Runs Final 'Merge' Rehearsal (Coindesk | NewsBTC | Decrypt)
  • 3 signs Ethereum price is on track toward $2.5K by September (Cointelegraph | UToday)
  • Ethereum’s Third and Final Testnet Merge Goes Live on Goerli (Coindesk | BIC | Cointelegraph | Blockworks | TB)
  • Ethereum’s Move From Proof-of-Work Essential for the Network, Crypto Exec Says (Coindesk)
  • Ethereum L2 TVL Enjoys 284% Growth In The Past Month Ahead Of Goerli Merge (NewsBTC)
  • Ethereum whale transactions peak at 2-month high amid Goerli testnet merger (Cointelegraph)
  • Ethereum (ETH) Market Cap Soars $20B in Anticipation of Merge (BIC)
  • Ethereum core developers suggest tentative dates for The Merge (TB)

ALTCOINS & STABLECOINS

  • Cardano Tests $0.51 Support – Can ADA Reach Safe Zone And Hit $0.67? (NewsBTC)
  • Wen $1 ADA? Cardano Eyes Ultra-Bullish Price Explosion As It Unlocks Higher Grounds (ZyCrypto)
  • ‘$ADA Whale’ Explains His Approach to Valuing Cardano (Cryptoglobe)
  • ‘ADA Ape’ Says in July Cardano ($ADA) Had Much Higher Adjusted Volume on Chain Than Ethereum ($ETH) (Cryptoglobe | UToday)
  • $ADA: Cardano Stake Pool APEX Explains Why It Received ‘1M ADA Delegation’ From IOG (Cryptoglobe)
  • Interlay launches trustless BTC stablecoin bridge on Polkadot (Cointelegraph)
  • Polkadot Now Has a Decentralized Version of 'Wrapped' Bitcoin (Coindesk)
  • MakerDAO Plans To ‘Yolo USDC Into ETH’ (Blockworks)
  • MakerDAO founder says it's 'almost inevitable' DAI will abandon USD peg (TB | Decrypt | CryptoPotato | CointelegraphBIC)

ANALYST'S CORNER

  • Rekt Capital: Rekt Capital Analyzes Bitcoin, Polkadot and Oasis Network After BTC Blasts Above $24,000 (TDH)
  • Santiment: The Crypto Community Is Not Yet Behind the Recent Market Rebound (TDH)
  • InvestAnswers: Bitcoin Prepping for Parabolic Move to $100,000 As Altcoin Season Peaks, According to Crypto Analyst (TDH)
  • Mike Novogratz: Billionaire Says Ethereum’s Comeback Is Not Over Yet (TDH)

NOTABLE VOICE

  • Alesia Haas: Coinbase CFO Says Crypto Staking for Institutional Investors Could Be a ‘Phenomenon’ in the Future (TDH)

CEFI CONTAGION

BLOCKCHAINS

  • Over 1,900 block-producing nodes in the Solana ecosystem, new report reveals (Cointelegraph)

EXCHANGES

  • Coinbase Issues Q3 Crypto Warning, Details Number of Traders With Diamond Hands (TDH)
  • Crypto Exchange Hotbit Suspends Trade After Authorities Freeze Funds (Blockworks)
  • Binance and WazirX reportedly in talks to settle their ownership dispute (Finbold)
  • Indian law enforcement accuses WazirX exchange of aiding in laundering of $130M (Cointelegraph)
  • Zipmex Opens Crypto Withdrawals After Pausing Due To Volatile Markets (Bitcoinist)

MINING

  • Bitcoin mining stock report: August 11 (TB)
  • Core Scientific beats on revenue, posts net loss in second quarter (TB | Coindesk | Blockworks | Coindesk)
  • Genesis Digital Locks In 708 MW of Energy for Bitcoin Mining (Coindesk | BM)
  • Hut 8's Q2 Loss Widens to $69M, Continues to Hodl Bitcoin (Coindesk | TB | Blockworks)
  • JPMorgan: Ethereum Miners Face an Abrupt Change Following the Merge (Coindesk)

LFG = LANDFILL GAS: BITCOIN MINING CAN TURN GAS FROM GARBAGE INTO MONEY

LEGISLATION/REGULATION

  • Analyst Predicts Imminent Regulations Will Trigger Crypto ‘Cleansing’ – Here’s The Silver Lining (TDH)
  • US Rep. Brad Sherman Questions Why SEC Hasn’t Gone After Crypto Exchanges That Had Traded In XRP (ZyCrypto)
  • CFTC chairman claims the agency is ‘ready’ for the possibility of regulating crypto (Finbold)
  • CFTC Reportedly Approving Over-the-Counter Crypto Derivatives Trading Products From SBI Group-Supported Platform (TDH)
  • FTC Investigates BitMart Over Handling of 2021 Hack (BIC | Blockworks)
  • Coinbase Exchange Faces SEC Probe Over Crypto Yield, Staking Products (Coindesk | BIC | Blockworks)
  • Coinbase Hit With Lawsuit From Shareholder Alleging 2021 Stock Listing Was Based On Misinformation (TDH)
  • IRS Launches Court Action in Crackdown on Crypto Tax Evaders (BIC)
  • Australia’s top regulator says crypto became ‘increasingly mainstream’ thus requiring stricter regulation (Finbold)
  • South Korea's Financial Watchdog to Expedite New Crypto Rules: Report (Coindesk | Cointelegraph | BIC
  • India's ED Probes at Least 10 Crypto Exchanges on Money Laundering Allegations: Report (Coindesk)
  • The Philippines halts virtual asset provider license applications (Cointelegraph | BM | BIC)

TORNADO CASH

  • Tornado Cash hit by 79% decline in deposits as users rush for the exit (TB)
  • Crypto Exchange dYdX Blocked Accounts That Received Even Small Amounts From Tornado Cash (Coindesk | TB | Decrypt)
  • DYdX Attempts To Spare Users Unfairly Targeted by Tornado Cash Sanctions (Blockworks)
  • Did The US Government Just Declare War on Crypto? (Decrypt)

THE BAD

  • California Man Must Pay $61K in Restitution for SIM Swap Scam That Stole One Victim's Crypto (Coindesk)
  • Crypto Exchange Bitfinex May Be Facing Criminal Investigation in US (Coindesk)
  • Slope: No ‘conclusive evidence’ tying $4 million Solana hack to its own security flaw (TB)
  • Hackers Have So Far Stolen $1.4 Billion This Year, Chainalysis Says (Bitcoinist)

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TheCryptoCurator
TheCryptoCurator

I've been aware of Bitcoin since 2011 and my desire is that you will be better informed about the digital asset industry by reading my daily post. If you want to sign up for SMS alerts - text CRYPTO to +1 (214) 380-2013.


The Crypto Curator
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