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Welcome to Thursday Folks! Yesterday, the Fed announced the anticipated pause in interest rate hikes and the markets yawned for the most part. Today the most covered news is about Venmo enabling the use of PYUSD on it's platform. This means you can send money from PayPal to Venmo and not have a Venmo account. Bitcoin is trading down at $26,666.72. Let's get on with the news...
SUMMARY
Bitcoin traders aggressively shorting BTC on Deribit and Binance, which could set the stage for a short squeeze and send BTC beyond $30,000. Bitcoin short-term holders 'panic' amid nearly 100% unrealized loss. Bitcoin’s hash rate has continued to increase, yet its emissions intensity has been trending down, contrary to most other industries, Bloomberg analyst Jamie Coutts explained. Prince Philip sits down with Bitcoin Magazine to discuss his vision for nation state Bitcoin adoption, and the role he has been playing in bringing that to fruition. Tether acquires stake in Bitcoin miner Northern Data, hinting at AI collaboration.
Ethereum price sees new low versus Bitcoin since switching to Proof-of-Stake. A long-dormant Ethereum (ETH) wallet suddenly sold all $4.18 million worth of its ETH on Tuesday, according to the crypto tracker Lookonchain. Ripple Sends Millions of XRP to Bitstamp Again. Investing $100/week into Cardano in 2023 would be this worth $2,952.99 from an initial investment of $3,800.
PayPal’s PYUSD Stablecoin launches on Venmo. Tether, the issuer of USDT stablecoin, has resumed lending. Q2 2023 report shows loans increased to $5.5 billion; these loans are projected to be fully discontinued by the year 2024.
eToro receives Cyprus registration ahead of MiCa rollout. Binance plans to delist stablecoins in Europe citing MiCA compliance and Binance wallet spends almost $1M in ETH gas fees in one day.
The US Financial Services Committee approves the first anti-CBDC bill, aiming to protect Americans' financial privacy against potential government surveillance. Former Sen. Pat Toomey is pessimistic about legislation moving through this term, but it may be more likely in the next Congress. Top US crypto exchange Coinbase is launching a 14-month lobbying effort to convince D.C. lawmakers to pass clearer regulations for digital assets.
Mt. Gox has extended the deadline for rehabilitation creditor repayments from October 31, 2023, to October 31, 2024 but, repayments for some creditors may still commence by the end of this year, however
An unwitting cryptocurrency holder has reportedly fallen victim to an eye-watering $4.46-million phishing scam.
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Podcast of the Day: All Roads Lead to Bitcoin with Checkmate | WBD
WEEDS
Bitcoin
- Price (UToday | Cointelegraph | TDH)
- Decreasing Emissions (Cointelegraph)
- Adoption (BM)
- Mining Acquisition (Cointelegraph)
Altcoins
- Ethereum (Cointelegraph | TDH)
- XRP (UToday)
- ADA (Finbold)
Stablecoins
- PYUSD (CryptoPotato | Cointelegraph | Blockworks | TB)
- USDT (Cointelegraph | BIC | CryptoPotato)
Exchanges
- eToro (Blockworks)
- Binance (Cointelegraph | Cointelegraph)
Legislation
- Anti-CBDC (BIC | TB | CoinDesk | Cointelegraph | Decrypt)
- Pro-CBDC (Cointelegraph)
- Congress (CoinDesk)
- Coinbase (TDH)
Legal Cases
- Mt. Gox (TB | CoinDesk | BIC | CoinDesk | Cointelegraph | Blockworks)
Attacks/Hacks/Scams
- Mining Scam (Cointelegraph | CryptoPotato)
