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Guess what day it is Folks? HUMPDAY! Yesterday, I think Crypto X lost it's mind because all it and the media could talk about was Friend.tech. Beyond that Altcoins, legal cases, and attacks/hacks/scams took the majority of the news coverage. The price of Bitcoin is currently trading at $25,940.24 once again under $26K; which way - I dunno. Let's dive into the news...
Former Goldman Sachs executive Raoul Pal is predicting that the total market capitalization for cryptocurrencies will soon soar to $10 trillion as institutions pour into the digital assets space. The crypto total market capitalization is trading inside a crucial horizontal support area at $1 trillion. Whether it bounces or breaks down can determine the trend and the daily RSI is showing extremely oversold readings. The previous times this happened caused 40 and 50% increases, respectively. Crypto data platform Santiment is offering insight into the signals that could indicate the right time to accumulate Bitcoin (BTC) and altcoins.
Crypto capitulation ‘in the air’ as investors sell Bitcoin in panic and Short-term holder supply remains at multi-year lows after the latest blow to the Bitcoin price. Bitcoin’s price rallied with stocks on Wednesday ahead of Nvidia results and Jerome Powell’s Jackson Hole speech on Friday. A Bitcoin on-chain indicator is currently attempting a breakout that could turn out to be a bullish signal for the asset’s value.
The co-founders of the crypto analytics firm Glassnode think Bitcoin (BTC) could soar toward a new all-time high faster than many analysts and traders expect. Bitcoin (BTC) this summer completed its longest-ever period of negative year-over-year returns, wrote Dan Morehead, founder of crypto investment firm Pantera Capital; it won't last, he argued. Appeal court pushes back decision on Grayscale spot Bitcoin ETF. Lockheed Martin’s retirement plan joins other pension funds in turning to cryptocurrencies for better returns. In addition, Dave Portnoy, founder of Barstool Sports, expresses interest in adding Bitcoin to the company's balance sheet. Meanwhile, Popular crypto traders Mike Alfred and Peter Brandt accuse CZ of dropping Bitcoin's price to boost BNB and MartyParty, another trader, says CZ is dumping Bitcoin to buy Binance's USD with the TUSD stablecoin.
Bitcoin mining difficulty reaches all-time high of 55 trillion hashes. Despite a 12% drop in Bitcoin (BTC) prices, mining difficulty hits a record high, indicating miners' strong confidence and increased Bitcoin mining difficulty and hash rate results in higher electric power usage, raising operational costs for miners.
Ether puts expiring in both the short and long terms continue to trade at a premium relative to calls, indicating persistent speculation of a price decline. The proposed management fee of a planned ether futures ETF could signal a crypto fund fee war is brewing, according to market observers. The BNB price is trading at the range low of its long-term $215-$350 range. Crypto enthusiasts are buzzing with anticipation as XRP seems to approach its third bullish golden cross in history; XRP nearly oversold per this indicator. XRP closed its 81 millionth ledger last month. A report from a local South Korean publication found that 20% of Gen Z investors in the country hold XRP, the most selected cryptocurrency. Last week's decrease sparked concerns of a bearish trend. XRP went from $0.47 to a local high of $0.93 in July amid sentiment shifts as the Ripple v. SEC case brought seemingly positive news to XRP investors, after Judge Analisa Torres’ decision about what would, or would not make the token a security. Elon Musk’s Latest Tweet Boosts Dogecoin By 4%: Is It Time To Buy DOGE? Elon Musk says X (Twitter) is a ‘DOGE friendly place.’
DAI’s market capitalization jumped by near $1 billion this month following the introduction of reward rates as high as 8%.
Crypto exchange Bitstamp is ending staking services in the U.S. from next month.
Brad Garlinghouse, the CEO of Ripple, and Chris Larsen, the executive chairman, have notified the court that they would be out of the office for two weeks in April and has enlisted the expertise of two leading attorneys from the renowned Cleary Gottlieb Steen & Hamilton LLP. A federal judge is allowing former FTX CEO Sam Bankman-Fried, or SBF, access to his legal team outside of jail, provided he gives sufficient notice. Lawyers currently representing Sam Bankman-Fried, or SBF, for his criminal case in the United States plan to elicit evidence the former CEO acted “in good faith” on advice of previous counsel in regard to his alleged actions at FTX and Alameda Research. BlockFi argues its creditors, not FTX’s, are the “ultimate victims” of FTX’s alleged fraud. John DeSalvo falsely promised extraordinarily high returns and claimed the unregistered token would replace pensions. Roman Semenov was placed on OFAC's sanctioned persons list and Roman Storm was arrested as the United States continued its crackdown on the crypto mixer.
FBI warns North Korean hackers poised to cash out more than $40 million in bitcoin. A group of disgruntled cryptocurrency investors have launched a class action against Atomic Wallet, which suffered a major breach and $100 million in losses in June. A dubious Google crypto ad led a user to become a victim to a scam that resulted in a near $900,000 loss and the deceptive site redirected the user and then conned them into approving a fraudulent transaction. Decentralized finance liquidity and yield protocol Balancer has alerted its users about a critical vulnerability affecting its V2 pools. Solana-based decentralized exchange Cypher plans to hold a token sale soon as part of its efforts to recover from a debilitating hack earlier this month. The Israeli police on Wednesday recommended filing criminal charges against cryptocurrency entrepreneur Moshe Hogeg, who allegedly used $290 million in crypto profits for his own personal benefit. Scammers stole 675,000 USDT and seven NFTs in two phishing attacks as the similar incidents continue to increase and Blockchain security firm, PeckShield, advises users to revoke unlimited USDT spending permission to prevent further loss in phishing scams. Chinese police may have busted Multichain in a money laundering investigation, but many questions remain, including its CEO’s alleged fake ID.
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Podcast of the Day: BTC144: Bitcoin and Macro Mastermind 3Q 2023 w/ Joe Carlasare, Jeff Ross, and Steven McClurg | BF
Sources:
Crypto Market (TDH | BIC | TDH)
Bitcoin (Finbold | TB | Finbold | CoinDesk | NewsBTC | CryptoPotato | NewsBTC | Finbold | Blockworks | BIC | Cryptoglobe | Finbold | BIC | BIC | TDH | BIC)
Altcoins (CoinDesk | Blockworks | BIC | UToday | UToday | Cointelegraph | CryptoPotato | NewsBTC | Finbold | BIC | Finbold)
CBDCs (CoinDesk)
Exchanges (TB | Cointelegraph | Blockworks)
Legal Cases (CryptoPotato | UToday | Cointelegraph | Decrypt | Cointelegraph | Cointelegraph | BIC | TB | Blockworks | Cointelegraph | CoinDesk | TB | CoinDesk | TB | Cointelegraph | BIC | TDH | CryptoPotato | NewsBTC | CoinDesk | TDH)
Attacks/Hacks/Scams (TB | TDH | Cointelegraph | CoinDesk | Cointelegraph | BIC | CryptoPotato | CoinDesk | BIC | TB | BIC | Cointelegraph | BIC)
