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It's Frriiddaayyyy Folks! Yesterday, Shibarium took the main stage as the mainnet launch didn't go as well as planned. Today the most covered news is about you guessed it, the Crypto market taking a big dump. The price of Bitcoin is currently trading at $26,404.28. Let's dive into the news...
Bitcoin's massive plunge of 10% to a nine-week low at $25,649 has resulted in 800M in long liquidations; Crypto market as a whole lost $1.04B. Some attribute the sudden plunge to a social media post by Bitcoin Magazine, which claimed that Elon Musk's SpaceX had sold all of its $373 million worth of Bitcoin. The post went viral, generating over 2.4 million views. However, subsequent clarifications have raised doubts about the accuracy of this claim; pretty much yeah no. Around 22,000 Bitcoin options contracts will expire today with a notional value of $580 million, can it reverse the market downward momentum? Timmer tells his 167,000 X followers that Bitcoin’s adoption rate, coupled with high interest rates, could keep the king crypto from soaring beyond the $45,000 range in 2023 and most of 2024.
Crypto prices briefly bounced back on the news that the SEC is poised to approve ether-futures ETFs. Ethereum core developers are planning to roll out a new testnet called Holesky in September. Someone just sent a massive amount of XRP to Bithumb – one of the largest cryptocurrency exchanges in Korea. Which might have lead to the massive crash as $4B is erased from it's market cap, XRP traders can now trade options on a major exchange. Meanwhile, BitPay, a premier cryptocurrency payment processor, has spotlighted the increasing adoption of XRP by showcasing 30 of its merchants that now accept the digital currency and whales have started accumulating more tokens as the cryptocurrency approached a key support level. Also, The U.S. Securities and Exchange Commission (SEC) has taken a step to appeal the July 13 Ripple court order.
The smart contract platform Solana ($SOL) has recently overtaken the meme-inspired cryptocurrency Dogecoin ($DOGE) in terms of market capitalization, to now occupy the position of 8th largest digital asset by the metric. Technical issues plagued the recent launch of the Shibarium layer-2 blockchain, which caused about $1.7 million in ETH to become locked in the Shibarium cross-chain bridge for several hours.
Mastercard to explore CBDC innovation with Ripple, others. But, US Congressman Warren Davidson warns that central bank digital currencies (CBDCs) could result in a dystopian future.
Binance is “considering our options for legal action” after Checkout.com severed ties with the company on Thursday.
Solana-based Cypher Protocol has managed to stop around $600,000 of stolen funds from exiting various centralized exchanges. However, Exactly Protocol, a DeFi project that offers interest rate markets on the Optimism Layer 2 network, has become the latest victim of a security attack. The exploit, which was detected by security firms including BlockSec and Beosin, has resulted in estimated losses of over 4300 ether ($7.3 million). After a vast sting operation in Thailand, the authorities have taken a Chinese businesswoman into custody for alleged involvement in an extensive crypto scam. TRM Labs estimates that North Korean hackers have stolen $200 million of cryptocurrency in 2023 alone.
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Sources:
Crypto Liquidation (BIC | UToday | CoinDesk | BIC | CryptoPotato | TB | CoinDesk | Finbold | TDH | UToday | NewsBTC | CoinDesk | TB | Cointelegraph | CryptoPotato | Cointelegraph | Cointelegraph | BIC | NewsBTC | CoinDesk | Cointelegraph | TDH)
Bitcoin Analysis (TDH)
SEC ETH ETF (BIC | CryptoPotato | TB | TDH)
ETH (TB)
XRP (CryptoPotato | UToday | CryptoPotato | Finbold | Cryptoglobe | Cryptoglobe | UToday | TDH | Blockworks)
Solana (Cryptoglobe)
Shibarium launch (CryptoPotato | Cryptoglobe | Finbold | BIC)
CBDC (UToday | ZyCrypto | TDH | Cryptoglobe)
Binance (Blockworks)
Cypher Protocol (Cointelegraph)
Hack/Scam (TB | BIC | CoinDesk | Cointelegraph)
