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Happy Monday Folks! Over the weekend, legal battle news dominated the cycle. SEC asking for an appeal and it's cases against Ripple/Terraform trying to decide what is and is not a security, SBF asking to be let out of jail during the week, and Gemini asking for their case to be dismissed agains the SEC. Today, nothing is really rising to the top of the news cycle. The price of Bitcoin is currently trading at $25,979.26 and appears to be finding some support around $26K. Let's dive into the news...
Digital asset investment products saw outflows of $55 million last week, influenced by the crypto market crash and sentiment surrounding the SEC’s approval of a spot bitcoin ETF.
Bitcoin daily RSI is now the most oversold since Covid crash in 2020. Bitcoin Apex estimates that there's an availability of 14.5 BTC for every 8,000 people, considering the current global population and there's a maximum of 262,500 satoshis or 0.002625 BTC per person, which is an investment of roughly $77.09 at current price. Bitcoin holdings owned by speculators are nearly 90% in the red after the “flash crash” to $26,000; and it's dipped back under once again. Bitcoin is forming a pattern that has historically led to the asset retesting a specific line. At present, this level would be found at $20,500. But, Bitcoin, largest crypto, might be getting closer to 'last buying opportunity' before radical growth phase. Meanwhile, an unknown entity has rapidly accumulated over $3 billion worth of Bitcoin en route to becoming the third-biggest BTC address in the world. Glassnode Co-Founder is predicting that the DXY is set to peak which could fuel a potential Bitcoin rally to $37K.
Asset management firm Empowered Funds, operating as a subsidiary of Alpha Architech under the EA Advisors brand, has filed an application to list three Bitcoin Futures Exchange Traded Fund (ETF) products. Ex-SEC official, John Reed Stark, expresses doubts over approval of a Bitcoin ETF due to lack of regulatory oversight and Stark refers to crypto as a "cesspool of grift, fraud and chicanery," citing a lack of consumer protections. Crypto firm’s GBTC was trading at a 26% discount on Friday — a narrowing value that could change drastically after upcoming DC Circuit Court of Appeals decision. Market analyst Peter Brandt hints at Bitcoin potentially retesting its decline at a crucial price point and he predicts that a BTC price drop below $24,800 would negatively impact Bitcoin's short-term outlook.
Bitcoin mining lands another green energy data center as global powerhouse GDA sets up shop in Sweden. An astoundingly lucky solo miner solved block number 803,821 late Friday night and won the entire 6.25 bitcoin block reward, worth approximately $162,000. Ordinals are still dominating Bitcoin’s (BTC) blockchain, with the majority of transactions on the network involving them, despite a large price decline.
Ethereum co-founder Vitalik Buterin deposited 600 ether (ETH), which is around $1 million worth of the cryptocurrency, to crypto exchange Coinbase on Monday.
The BNB Chain (BNB) native token is changing hands at its lowest prices in the last 12 months. At the time of publication on August 21, 1 BNB equals $207.47, breaking previous lows of $227.85 on December 17, 2022. Ripple’s XRP went through a major crash during the past few days, but the largest whales (read: the addresses that hold most XRP) continue preparing for the next Ripple bull run by accumulating massive numbers of the token. There are no bullish signs for Cardano ($ADA) despite a bounce and the weekly and daily timeframe indicator readings and price action both support the continuing of the decrease; a breakdown below $0.25 could accelerate the drop. Dogecoin Lead Developer, Mishaboar has expressed his doubts about a possible move to a Proof of Stake (PoS) blockchain consensus. Solana's (SOL) price has fallen since July after deviating above the $27 resistance area, indicating a bearish trend. This is supported by daily timeframe readings.
Even though the new XRP ledger was launched just three months ago, over 8 countries are already building CBDCs on it: Russia, the Republic of Palau, Montenegro, Japan, the United Arab Emirates (UAE), Uruguay, New Zealand, and Hong Kong. PayPal’s new PYUSD stablecoin faces legal headwinds and ‘less functionality.’ Coinbase is acquiring a minority stake in Circle Internet Financial and their Centre Consortium, which governed the USDC stablecoin, is being dissolved and Circle is bringing the stablecoin fully in-house. Six new blockchains will integrate with USDC, taking the total to 15. Though not identified, Polkadot, Near, Optimism and Cosmos are chains Circle has said it planned to add in 2023.
Binance cryptocurrency exchange customers are allegedly facing troubles with fiat withdrawals in Europe due to issues related to the Single Euro Payments Area (SEPA) transfers.
OKX, Bitget and KuCoin have said they have strengthened their KYC requirements as regulation across Asia solidifies. Coin Center sent a letter to Senate Finance Committee Chairman Ron Wyden and Finance Committee Ranking Member Mike Crapo. Crypto’s ‘illusory appeal’ should be met by regulation, not bans, BIS study says.
Cryptocurrency exchange Gemini has challenged the SEC's charges in a US District Court motion regarding its alleged sale of unregistered securities. Fintech investment adviser Titan Global Capital Management has agreed to a cease-and-desist order by the United States Securities and Exchange Commission (SEC), along with censure and penalties after the agency pressed charges against it relating to advertising and compliance failures. The FBI seized almost $1.7 million in crypto between March and July 2023 and the vast majority of seizures were from Binance accounts. According to a judge's order, SBF will be allowed access to one laptop and "WiFi device” for roughly 6.5 hours while meeting with counsel in a courthouse cell block attorney room.
Banteg, a core contributor to Yearn Finance, published leaked details of over 101,000 friend.tech users — including Ethereum addresses and Twitter usernames. Layer 1 blockchain Terra said its website was compromised over the weekend by hackers that are using the access to attempt phishing attacks on visitors, who are prompted to connect their online or hardware wallets. A crypto surveillance firm says black hat developers have placed hundreds of malicious tokens on Coinbase’s newly launched Ethereum (ETH) layer-2 chain. Bart Stephens, the cofounder of Blockchain Capital, lost $6.3 million worth of crypto in an alleged SIM swap hack.
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Podcast of the day: Why Big Money is Betting on Crypto Again | Gavin Michael, Bakkt | TWOAS
Sources:
Crypto Market (TB | Cointelegraph | BIC)
Bitcoin Price (Finbold | NewsBTC | TB | UToday | TDH | Cointelegraph | NewsBTC)
Bitcoin Futures ETF (UToday)
Bitcoin ETF (BIC | Blockworks)
Bitcoin Analysis (BIC | Cointelegraph | CoinDesk)
Bitcoin Mining (Cointelegraph | Blockworks)
Bitcoin Ordinals (TDH)
BNB (Finbold)
Ethereum (CoinDesk | Decrypt | BIC | TB | Finbold)
XRP (CryptoPotato | BIC)
Cardano (BIC)
DOGE (NewsBTC | Cryptoglobe)
Solana (BIC)
CBDCs/Stablecoins (Finbold | Cointelegraph | UToday | CoinDesk | Cointelegraph | Blockworks | TB | CoinDesk | Blockworks | TB)
Exchanges (Cointelegraph)
Regulation (Blockworks | TB | Cointelegraph | CoinDesk | TB | Blockworks | TDH)
Legal Battles (BIC | Cointelegraph | TB | TDH | BIC | Cointelegraph | CoinDesk)
Attacks/Hacks/Scams (TB | CoinDesk | CoinDesk | Finbold | TDH | CoinDesk | Blockworks | BIC | Blockworks | TB | BIC)
