28 Aug: OnlyFans Buys $ETH

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Happy Monday Folks! Over the weekend, I took a little R&R and I am back today! Today, it's all about OnlyFans putting $ETH on their balance sheet. The price of Bitcoin is currently trading at $25,99.63; looking like $26K is the new $6K. Typically the month of September is a loser and this year isn't looking any different so have some dry powder to deploy if we take a nice dip. Let's dive into the news...

Crypto markets are currently in their longest ever bear cycle at almost 500 days. Fundamentally, things are looking positive but markets have yet to react. Crypto selloffs are almost over, according to JPMorgan.

September ‘crash’ to $22K? — 5 things to know in Bitcoin this week (Cointelegraph):

  • BTC price sags with monthly close in sight
  • August risks being worst in eight years
  • Bitcoin’s “longest bear market in history”
  • PCE data follows muted crypto Jackson Hole reaction
  • Record hash rate reflects “miner bull run”

Historically, September has shown a negative performance for Bitcoin price with an average decline of 5.5%. Bitcoin traders remain fearful of 'tail risk' amid renewed price lull as $1B in liquidations shock the market and Bitcoin slumps under $26K as bearish outlook engulfs Crypto market as price-charts suggest more declines ahead even as large investors are adding on their bitcoin holdings. Bitcoin revenue per terahash nears record lows as hashrate soars. MicroStrategy holds the largest amount of Bitcoin (BTC) among public companies at 152, 800, followed by Marathon Digital and Tesla and funds on Mt. Gox account for the majority of Bitcoin held by private companies, which account for 2% of the Bitcoin supply.

Robinhood holds over $3 billion in bitcoin (BTC) in a single wallet that attracted the holdings over several months, wallet data from Arkham Intelligence shows. This makes it the third-largest bitcoin holder behind crypto exchanges Binance and Bitfinex, which hold $6.4 billion and $4.3 billion worth of tokens on single wallets respectively. A pair of Bitcoin Improvement Proposals (BIP 300, 301), known as 'Drivechains,' sparked a debate among industry experts and proponents of BIP 300, such as its author Paul Sztorc, argue that it has enormous upside with no downside.

BlackRock is a major shareholder in 4 of the 5 largest Bitcoin miners as Bitcoin Miner revenue shed 50% in 3 months amid a challenging 12 months for Bitcoin (BTC), with the leading cryptocurrency being traded as low as $15,480 in the last quarter of 2022, after reaching its all-time high of $69,000 one year before, the Bitcoin mining industry is also struggling to keep their operations going with negative reported earnings.

The Ethereum price has lost the median of the parallel channel and is continuing its decline; however, a bounce from key support at the current level of $1,630 could lead to a move to $1,800. Ethereum's daily transaction fees hits 8-month kow of $2.8M as Ethereum's daily total fees fell to 1,719 ETH ($2.8 million) on Sunday, the lowest single-day total since Dec. 26. Ethereum Co-founder Vitalik Buterin makes another multi-million dollar $ETH transfer. 1inch wallet buys $10M in ETH following a $3.7M profit streak in July; there were not alone as OnlyFans diversified investment portfolio with Ethereum (ETH) as well. Is an XRP Whale planning to dispose $15 Million worth of $XRP? XRP’s price has already been showing signs of weaknesses, erasing all the gains charted after the partial court victory against the SEC. Dogecoin remains lustrous when compared to its top two rivals, SHIB and PEPE.

Some Coinbase Wallet users are seeing empty balances amid a technical issue. Coinbase said it’s investigating the matter and that funds are secure. A Binance spokesperson reportedly said the global cryptocurrency exchange was considering all options in regard to Russia, “including a full exit.”

A trio of Republican lawmakers (Patrick T. McHenry, R-N.C., Rep. Bill Huizenga, R-Mich., and Rep. French Hill, R-Ark.,) say the Federal Reserve’s recent action to bolster its oversight of banks’ crypto and stablecoin ties is undermining its advancement of their bill to regulate stablecoins. Prime Minister Narendra Modi stressed that the suggested framework should transcend national boundaries and blocs. 

One of the founders of crypto mixer Tornado Cash has been released on bail after being charged with laundering $1 billion by the U.S. Department of Justice (DOJ). Sam Bankman-Fried’s lawyers have appealed a judge’s decision to send him to jail while he is waiting to start trial over several allegations tied to the collapse of his former crypto exchange FTX on October 3.

On-chain crypto scam investigator identified scam accounts exploiting X's verification system and X's verification system was initially designed to identify and prevent impersonation and scam accounts. Decentralized exchange Balancer confirmed an exploit that occurred over the weekend and The exploit came a week after Balancer disclosed a critical vulnerability in some V2 pools.



Podcast of the Day: Bitcoin Is Not Ready To Be Legal Tender, Use It For Savings (Robert Breedlove) | TWOAS


Crypto Market
 - Analysis (CryptoPotato | BIC | NewsBTC)
 - Price (BICCoinDesk | UTodayCointelegraphCoinDesk | BIC | Cointelegraph | BIC
 - Robinhood (CoinDesk | TDH | CryptoPotato
 - Development (BIC | Decrypt)
 - Mining (FinboldCryptoPotato | Finbold | Blockworks | Finbold)
 - Price (BIC | CoinDesk)
 - Vitalik Buterin (Cointelegraph)
 - OnlyFans (UTodayCointelegraph | Decrypt | TB | Finbold)
 - XRP (CryptoPotato)
 - 1Inch (CryptoPotato)
 - Coinbase (TB)
 - Binance to Leave Russia (Cointelegraph | BIC | TB | Blockworks)
 - Republican Lawmakers on Stablecoins (TB | Blockworks)
 - India (Blockworks)
Legal Cases
 - Tornado Cash (TDH)
 - SBF (CoinDesk)
 - X scam (BIC | CryptoPotato
 - Balancer (TB | Cointelegraph | Decrypt)

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I've been aware of Bitcoin since 2011 and my desire is that you will be better informed about the digital asset industry by reading my daily post. If you want to sign up for SMS alerts - text CRYPTO to +1 (214) 380-2013.

The Crypto Curator
The Crypto Curator

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