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Happy Tuesday Folks! Yesterday, all the news was about FTX and what would happened IF they dumped over $3B worth of Crypto; last last evening the market took a sharp reversal and it appears it could be headed back north once again. The price of Bitcoin is currently trading at $26,121.55. That said, today the most covered news is a follow up from the weekend. It appears that Vitalik Buterin's X account got compromised as a result of a sim swap on his T-Mobile phone. Folks, it's critical to call your mobile providers and put a process in place where no one can do this. In addition, use third party apps like Authy to secure your accounts and not SMS 2FA. Let's dive into the news...
SUMMARY
Bitcoin price must take $26K, after ‘textbook short squeeze.’ With Bitcoin (BTC) back to its sideways trading trend following a brief trip into the lower $25,000s, chart patterns suggest that the flagship decentralized finance (DeFi) asset could soon break out of its dominance downtrend, which could trigger a rally. However, Bitcoin faces 'ton' of resistance after daily BTC price gains pass 5%. But, Crypto investor Chris Burniske predicts ‘Santa Clause Rally’ before Fed cuts rates in 2024. Former PayPal President David Marcus aims to transform Bitcoin from a value store into a global payment network. Franklin Templeton filed for a spot bitcoin exchange-traded fund (ETF) Tuesday, becoming the latest traditional asset management firm to join the crowded race. SEC Chair Gary Gensler said the agency is still reviewing a court’s ruling in the ongoing Grayscale case, as well as “multiple filings around bitcoin exchange-traded products.”
A wallet linked to Ethereum cofounder Vitalik Buterin has been making waves in the crypto community. The wallet recently shifted 2,000 ETH, equivalent to a staggering $3.12 million, to another wallet labeled "0x5567." XRP — cryptocurrency closely tied to Ripple — has found new home for trading on MetalX.com.
Lesson: What is Ethereum and how does it work? A beginner's guide to ETH
Central bank digital currencies can be set up to be secure and private while allowing transactions to be settled on the central bank’s own ledger, the Bank for International Settlements (BIS) has said as it outlines the results of its Project Sela. Cryptocurrency safekeeping firm Qredo has combined Circle’s popular USDC stablecoin with its non-custodial wallet offering. Ledn set to launch 8.5% APY 'Growth Accounts' for USDT.
Binance exchange and its founder and CEO Changpeng Zhao (known to the community simply as CZ) have announced that the platform has faced a technical issue with USDT-margined futures trading. Binance Charity has allocated $3 million in BNB for funding a Moroccan earthquake relief. Crypto exchange Bullish among bidders for bankrupt FTX. Global payment giant PayPal continues expanding its digital asset services, integrating new methods to sell cryptocurrencies like Bitcoin. Coinbase to face ‘reality check’ as retail FOMO is fading. Banking powerhouse HSBC working with Crypto custody firm Fireblocks.
Coinbase to push for ‘global consensus’ on crypto rules through G20 in Brazil. According Dan Howitt from crypto tax service provider Recap, people must be able to pay crypto tax pseudonymously and Crypto investors can protect themselves from the collapses of major crypto companies through holding their own crypto.
Binance.US has responded to the motion to compel and reply by the United States Securities and Exchange Commission (SEC), calling most of the SEC’s requests “unreasonable” and “unduly burdensome.” Alex Mashinsky, founder and former chief executive office of crypto lender Celsius, sought to have the Federal Trade Commission (FTC) drop its case against him in a Monday court filing. Lawyers representing LeboBTC have asked a US judge to deny Tether's request to delay the deposition of Paolo Ardoino and The argue the CTO did not need to prepare to testify outside his own knowledge in relation to accusations filed in 2019.
Teen Crypto hacker Ahmad Wagaafe Hared surrendered $3.1M Bitcoin and sports car to authorities. The hackers behind cryptocurrency casino Stake’s $41 million hack have shifted another $328,000 million worth of Polygon and BNB tokens — their latest moves following the Sept. 4 exploit. Ethereum co-founder Vitalik Buterin has recovered his T-Mobile account after a SIM-swap attack enabled a phishing scam on X (formerly Twitter) and Buterin said he didn’t realize a phone number was sufficient to reset the social media account, even if it’s not used for two-factor authentication. Mike Belshe, chief executive of BitGo crypto exchange and major US crypto custodian, has shed light on the recent exploit of Fortress Trust, a company recently acquired by Ripple. The fintech giant owning the company has admitted that a breach did occur, while Fortress has not so far. Hot wallets associated with the crypto exchange CoinEx was drained of cryptocurrency Tuesday and CoinEx lost 4,946 ETH and 354,762 TRX in what appears to be an ongoing drain.
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Podcast of the Day: Crypto 2023 - Even Vitalik Is Getting Hacked | The Breakdown
WEEDS
Bitcoin
- Price (Cointelegraph | Finbold | Cointelegraph)
- Predition (TDH)
- Adoption (BIC | Blockworks)
- ETF (TB | CoinDesk | TB | BM)
Altcoins
- Ethereum (UToday)
- XRP (UToday)
CBDCs/Stablecoins
- Project Sela (CoinDesk)
- USDC (CoinDesk)
- USDT (TB)
Exchanges/Custody
- Binance (UToday | BIC | CoinDesk | Cointelegraph)
- Bullish (TB)
- PayPal (Cointelegraph | TDH)
- Coinbase (CoinDesk)
- HSBC (CoinDesk)
Legislation/Regulation/Taxation
- Coinbase (TB)
- Recap (BIC)
Legal Cases
- Binance (Cointelegraph | CoinDesk)
- Alex Mashinsky (CoinDesk | Cointelegraph | Blockworks)
- Tether (BIC)
Attacks/Hacks/Scams
- Ahmad Wagaafe Hared (BIC)
- Stake (Cointelegraph | NewsBTC)
- Vitalik Buterin (TB | UToday | Cryptoglobe | UToday | Cointelegraph | CryptoPotato)
- Fortress (UToday | CoinDesk)
- CoinEx (TB | Cointelegraph | BIC | Blockworks | TB)
