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It's Frriiddaaayyyyy Folks! Yesterday, the day started off incredibly slow with barely any news trending except F2 Pool giving back $500K to Paxos because they "fat fingered" a transaction and paid too much to transfer Bitcoin. Today the most covered news is concerning the next Ethereum upgrade to Cancun-Deneb. The price of Bitcoin is currently trading at $26,489.42, well so much for my bounce to $30K; always counter trade me and you will do fine! Let's dive into the news...

SUMMARY

Crypto market outflows reached $55B in August as liquidity dwindled — Bitfinex.

BTC price shows 'textbook' Wyckoff moves as Bitcoin bulls defend $25K. But, Bitcoin’s daily “death cross” has once again reared its ugly head, with both its long-term and short-term moving averages having crossed on Tuesday. However, Yann Allemann, co-founder of analytics firm Glassnode, suggests that the cryptocurrency is poised for a breakout towards $30,000. Meanwhile, Bitcoin at $26.4K set for weekly gain, but rallies might continue to be sold. Bitcoin Open Interest has increased by $647 million since the start of September as speculative traders pumped fresh capital inflows. Bitcoin clean energy usage reportedly exceeds 50% — Will Tesla start accepting BTC payments? BTC price all-time highs await Bitcoin hodlers before April 2024, says BitQuant — but what happens after will be even bigger.

Ethereum surpasses Bitcoin with over 1 Million daily active addresses, but the Ethereum Cancun-Deneb upgrade, scheduled for late October 2023, will introduce a mechanism to adjust the network staking rate. As it is, energy use is down, and staking is up, but technical concerns still mark the road ahead for Ethereum. Network, futures and user data all point toward Ether potentially charting a new course. $13 billion drained out of Ethereum in under a week. Active addresses on XRP are plummeting, but it is not death sentence for cryptocurrency. Meanwhile, Bitstamp is offering an XRP boost and A recent study has revealed that Japanese investors are choosing to invest in Ripple’s XRP over the world’s flagship cryptocurrency, Bitcoin. The ADA price is trading inside a corrective pattern and has created a double bottom pattern. However, it still trades below $0.26. Dogecoin price on the rise after FTX liquidation relief. Solana traders prepare for FTX-induced sell pressure on SOL — Is it premature?

Privacy remains sticking point in America’s ongoing CBDC debate. The second-largest stablecoin by market cap, USD Coin (USDC), is now available natively on the Ethereum (ETH) competitor NEAR Protocol (NEAR).

Coinbase inadvertently earned $1M due to hack, but hasn't reimbursed victims. The Binance.US head of legal and chief risk officer have reportedly left the exchange while it faces an SEC suit and Brian Shroder is departing Binance.US as CEO for “a deserved break,” CZ said. Genesis Global Trading, a prominent player in cryptocurrency, announced the discontinuation of its global services. Deutsche Bank will start holding cryptocurrencies for its institutional clients and the bank had applied for a digital asset custody license in Germany back in June. 8 crypto exchanges control 90% of the market’s liquidity. Crypto custodian BitGo and bitcoin financial services firm Swan plan to form a BTC-only trust company as a means of offering custody without exposure to the rest of the digital asset market. 

Vitalik Buterin invited to visit Hong Kong after raising concerns over its crypto-friendliness. But, Johnny Ng of Hong Kong’s Legislative Council said he “sincerely invites” Vitalik Buterin to Hong Kong to better understand the situation regarding its crypto-friendliness. Vitalik Buterin had urged caution for crypto businesses considering Hong Kong as a base at a Singapore event.

The U.S. Securities and Exchange Commission (SEC) has accused Binance of a “lack of transparency” during its investigation into the crypto exchange. Binance.US continues to rely on a custody provider provided by the company’s international arm, in violation of a previous deal, the SEC has said. Now, the Securities and Exchange Commission’s (SEC) motion to unseal documents in its lawsuit against Binance US was approved on Friday by a district judge, according to a court filing. XRP lawyer John Deaton joins LBRY case as amicus curiae. Celsius, Core Scientific resolve acrimonious mining dispute with $45M Deal. Former chief revenue officer Roni Cohen-Pavon reached an agreement with the U.S. Attorney’s office along with his guilty plea. Gemini called Genesis parent company Digital Currency Group’s plan to offer creditors almost full recovery an “attempt to bait the Gemini Lenders into accepting a deal that would allow DCG to pay far less than it owes.”

The North Korean state-sponsored hacking organization, Lazarus Group, is estimated to have caused a staggering $1.7 billion in crypto-related hacks during the last year alone. Remitano exchange allegedly hacked for $2.7M; $1.4M frozen by Tether. Forta Network and Blockfence say the “sleepdropping” scam has affected thousands and caused losses over $11.5 million since December 2022.

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Podcast of the Day: Will Drivechain Centralise Bitcoin? with Shinobi (SLP512) | SLP

WEEDS

Crypto Market
 - Metrics (Cointelegraph | BIC)
Bitcoin
 - Indicator (Cointelegraph | Blockworks)
 - Adoption (Cointelegraph | Finbold)
 - Price (UToday | CoinDesk | BIC)
 - Prediction (Cointelegraph)
Altcoins
 - Ethereum (CryptoPotato | BIC | UToday | NewsBTC | CoinDesk | Cointelegraph | NewsBTC | Cointelegraph | Finbold | Blockworks | UToday | CoinDesk | TB | BIC)
 - XRP (UToday | CryptoPotato | NewsBTC)
 - ADA (BIC)
 - DOGE (BIC)
 - SOL (Cointelegraph | Finbold)
CBDCs/Stablecoins
 - Legislative (Blockworks)
 - USDC (TDH)
Exchanges/Wallets/Custody
 - Coinbase (CoinDesk)
 - Binance (Cointelegraph | UToday | TB)
 - Genesis (BIC | Cointelegraph)
 - Deutsche Bank (BIC)
 - 8 Exchanges (Finbold)
 - BitGo and Swan (CoinDesk)
Legislation/Regulation
 - Hong Kong (TB | Cointelegraph | BIC)
Legal Cases
 - Binance.US (Decrypt | CoinDesk | Cointelegraph | Blockworks | Decrypt | Cointelegraph | TDH)
 - LBRY (Cointelegraph)
 - Celsius vs Core Scientific (CoinDesk | Cointelegraph | Blockworks)
 - Roni Cohen-Pavon (Decrypt | Cointelegraph)
 - DCG (TB | CoinDesk | TDH)
Attacks/Hacks/Scams
 - Lazarus Group (UToday | CryptoPotato | Decrypt)
 - Remitano (Cointelegraph)
 - Forta Network and Blockfence (TB)