"Knowledge comes, but wisdom lingers."
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Happy Tuesday Folks! Yesterday, Bitcoin was trying to find some level of support and I believe it found it at $26K; but on the monthly chart, it's watch out below because it could really drop. In addition, Yearn reported on leaked details about Friend.Tech but they've come back and denied it, Terra.money said it was compromised, malicious coins placed on Coinbase Base, and Bart Stephens got sim swamped. Today, Friend.Tech continues to be all the rage but I will not touch it with a ten foot pole; I am done with social networks esp pay to play ones. The price of Bitcoin is currently trading at $26,056.65. Let's dive into the news...
Friend.tech, the new decentralized social media platform from the makers of Stealcam, has already, in its mere two weeks of existence, seen an extraordinary run. It has become one of the hottest trends in crypto in the last few days and one of its biggest money makers in the previous 24 hours. Now its developers tell Decrypt that they’re planning various fixes and features—after they catch their breath. But, Friend.tech renames its token—but is it even legal? Meanwhile, Friend.tech has hit back at a report which suggested that its API “leaked” personal data of its users. Degens don't care they are all in. Base daily transactions outpaced Ethereum on Friend.tech frenzy butttt there's a big caveat: A lot volume appears to be from bots and spammers trying to get an edge on buzzy social app Friend.tech.
Despite a 10% drop in two hours last week, long-term bitcoin holders remain steadfast, with 40% of the supply untouched for over three years. September is well-known as a negative month for Bitcoin’s (BTC) price performance, having only shown monthly gains in September 2015 and 2016. Bitcoin Realized Cap HODL Waves signal that the current bull market launch is a classic repeat of BTC price history. Bitcoin’s latest market fluctuations have left seasoned investors unperturbed. Bloomberg Intelligence senior macro strategist Mike McGlone thinks the time of large Bitcoin (BTC) pumps is over and it and other risk assets may start going down. Former Goldman Sachs executive Raoul Pal is predicting that the stock market will soon form a bottom after witnessing corrective moves for three consecutive weeks. Btw, Gemini is behind the 3rd largest Bitcoin wallet. It appears some think that dollar-cost averaging isn't an optimal investing strategy for Bitcoin.
Key catalysts, including the Grayscale-SEC court case, crypto bills and the bitcoin halving, are set to shape bitcoin’s trajectory for the rest of 2023. BlackRock has more to lose from a BTC price crash pre-Bitcoin ETF.
After a long hiatus, Bitcoin Core developer Luke Dashjr has submitted a rough draft for implementing drivechains, a complex but promising addition to the Bitcoin ecosystem.
Ethereum (ETH) layer-2s are continuing to establish themselves as bright spots on the crypto landscape despite a lengthy bear market, analytics firm IntoTheBlock reports. BNB dropped to $204 as the WSJ reported that Binance helped Russian users move money abroad. XRP and cardano (ADA) prices slid for a second straight day as traders eased off riskier alternative cryptocurrencies, with no major token in the green; both fell as much as 3%. But, Blockchain analytics platform Santiment says that deep-pocketed investors are pushing XRP toward price recovery after the broader crypto market dipped last week. The Dogecoin (DOGE) price fell last week, invalidating a previous breakout from a long-term descending resistance line. This signals a bearish trend and the weekly Relative Strength Index (RSI) for DOGE gives a bearish reading, confirming the breakout was illegitimate and the trend is downward. Dogecoin ‘community has become hyper reactionary’ over Proof-of-Stake switch.
Binance.US customers can use MoonPay’s services to exchange dollars for crypto.
Florida Gov. Ron DeSantis and businessman Vivek Ramaswamy will be in attendance at the political debate on Aug. 23, but not Miami Mayor Francis Suarez, despite earlier claims. The South Korean city of Cheongju, the capital of North Chungcheong province, has said it intends to begin confiscating cryptocurrency from local tax delinquents. The central banks of the United States, Canada, Mexico and Brazil have pointed out the risks of crypto but warned against excessively prohibitive laws.
John Deaton, the founder of CryptoLaw and an attorney for XRP holders, draws attention to the incalculable damage brought on by the SEC Lawsuit. he cited several instances where major crypto players, such as Coinbase, reached out to the SEC for regulatory clarification before listing XRP, but didn’t face any objection. Disgraced FTX founder, Sam Bankman-Fried has been granted permission by a US judge to meet with lawyers outside jail and the judge also allows SBF's lawyers to bring "one internet-enabled laptop and one WiFi device" to the meeting. In addition, Sam Bankman-Fried has reportedly pleaded not guilty to fraud and money laundering charges in a court hearing on Aug. 22. Yi Xiao, a former provincial-level official in the southeastern province of Jiangxi, was sentenced to life in jail for wrongdoings — including supporting crypto mining — a local court pronounced today. A judge sentenced Nathanial Chastain, the former OpenSea manager who front-ran his employer’s NFT listings, to three months in prison on Tuesday. A judge has granted the U.S. Securities and Exchange Commission (SEC) permission to work with international authorities to question one of the co-founders of Terraform Labs.
Layer-1 blockchain Terra has temporarily shut down its website in order to protect users from ongoing phishing scams on the platform. Scammers have made it impossible for Indian crypto traders to conduct P2P trades owing to several police complaints and bank account freezes that follow. One of Ethereum’s top decentralized crypto trading projects, Balancer, is urging some of its customers to withdraw their tokens after the discovery of a critical vulnerability that could place tens of millions of dollars in crypto at risk. Tulip Trading made ‘deliberately false claim’ of BTC ownership, Bitcoin Core developers argue; around 111,000 Bitcoins were allegedly lost in a 2020 hack.
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Podcast of the Day: The Republican Party's crypto candidate explains why the tech matters | The Scoop
Sources:
Friend.Tech (Decrypt | CryptoPotato | Decrypt | Cointelegraph | Decrypt | Blockworks | CoinDesk | Decrypt | TDH)
Bitcoin (Finbold | Cointelegraph | Blockworks | TDH | UToday | UToday | NewsBTC | TB | TB | Finbold | Finbold | Cointelegraph)
Bitcoin Development (Blockworks)
Altcoins (TDH | Coindesk | Finbold | Decrypt | BIC | TDH | CoinDesk)
Exchanges (TB)
Legislation/Regulation/Taxation (Contelegraph | Cointelegraph | Cointelegraph)
Legal Cases (UToday | Finbold | BIC | CoinDesk | TB | Cointelegraph | CoinDesk | Cryptoglobe | CryptoPotato | Cointelegraph | Blockworks | TB | Blockworks | TDH | Cointelegraph | BIC | CoinDesk | Decrypt)
Attacks/Hacks/Scams (Cointelegraph | Cointelegraph | CoinDesk | BIC | Blockworks)
