29 Aug: Deal Reached!

By TheCryptoCurator | The Crypto Curator | 29 Aug 2023

"A great deal of intelligence can be invested in ignorance when the need for illusion is deep."
–Saul Bellow

BREAKING: Grayscale Win Suit!

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Happy Tuesday Folks! Yesterday, we became aware that OnlyFans was investing in $ETH, today it appears DCG and Genesis has reached a deal and hopefully those investors will get back 80-90% of their funds. The price of Bitcoin is currently trading at $25,943.21; $26K continues to be quite elusive. Let's dive into the news...

Bitcoin price is attempting an upside break above the $26,200 resistance. BTC must clear $26,200 and $26,500 to start a decent recovery wave. Long-term holders continue to accumulate bitcoin, with 40% unmoved in more than three years, or an all-time high for that metric. New data from crypto analytics firm Santiment reveals that the supply of Bitcoin (BTC) on crypto exchanges is at its lowest point in over half a decade. Bitcoin metric with ‘100% long hit rate’ predicts $23K BTC price floor. A top crypto analytics firm has spotted an often overlooked metric hinting that big buyers are accumulating Bitcoin (BTC). On-chain data shows the Bitcoin exchange netflow has remained at negative values recently, which could play in the favor of the asset.

El Salvador is seeing high bitcoin awareness but low usage, with a notable exception in tourist hotspots. Meanwhile, Argentina’s soaring inflation and pro-bitcoin presidential candidate are fueling the country’s rising bitcoin adoption. Elon Musk’s X obtains required license for crypto payments.

The price of Bitcoin is on the rise after Grayscale prevailed in its court case against the SEC to launch a Bitcoin spot ETF and the court ordered the SEC to "vacate" its rejection of the trust issuer's bid to convert the Grayscale Bitcoin Trust into an exchange-traded fund. Meanwhile, the US SEC is currently reviewing multiple Bitcoin ETF applications, offering traditional investors a more accessible route into the crypto market. Meanwhile, the first-ever spot Bitcoin exchange-traded fund (ETF) launched on the European market has been classed as an Article 8 fund by its issuer firm, London-based Jacobi Asset Management.

The next Bitcoin halving event is less than nine months away, and the consensus opinion among analysts and investors is that the halving will send Bitcoin’s price to a new all-time high or even above $100,000. Michael Saylor hints at potential upcoming reversal on Bitcoin. Mike McGlone, highlights the correlation between Bitcoin and stock prices, expressing skepticism over BTC's adoption; but says Bitcoin at $10K wouldn't spell disaster. Former Goldman Sachs executive Raoul Pal says he’s looking at one signal that has preceded massive Bitcoin (BTC) rallies five times in the past. Crypto traders can take long positions in bitcoin with a tight stop loss below $25,800, Matrixport's Markus Thielen said. Nassim Nicholas Taleb, author of the seminal risk analysis book "Black Swan," recently warned of an impending demise for Bitcoin, the top cryptocurrency.

Cryptocurrency mining firm Argo Blockchain has reduced its debts to $75 million through the first half of 2023 and warned of a possible bankruptcy in November last year, is still kicking. Iris Energy has invested $10 million in the latest generation Nvidia GPUs to explore generative AI while it continues to focus on Bitcoin mining. Bitcoin Miner Canaan's revenue spikes by 43%. The team behind decentralized Bitcoin infrastructure provider Interlay today unveiled the Minimum Viable Product (MVP) of its BOB ("Build on Bitcoin") solution.

Ethereum price is attempting a recovery wave above $1,650 against the US Dollar. ETH must clear $1,660 and $1,700 to start a steady increase. Just like that, Ethereum inches closer to $1,800, according to CoinMarketCap data, fears are that it will break this level of support with the total crypto market on a massive downward trend. Ethereum staking balance has surged to as much as 28 million ETH, twice the amount available for sale on exchanges. BNB price (Binance coin) is moving higher from $202 against the US Dollar. The price could rise further toward the $230 resistance or even $235. San Francisco payments firm Ripple secured a spot on People Magazine’s official list of the top 100 companies that care about their communities. The price of Dogecoin could either surge by 170% or drop by another 34% due to the recent stagnation in the cryptocurrency market.

Circle said that the integration of USDC into the Mercado Pago platform will allow users in Chile to “leverage the benefits of a trusted, secure, and transparent dollar digital asset for near-instant transaction.”

The world's largest crypto exchange Binance has removed Banco de Venezuela as a payment method on its peer-to-peer (P2P) trading service and offer 'T+3' daily BNB/USDT options. Glassnode's exchange risk framework uses three indicators to gain further insight into what's going on under the hood; Binance and Coinbase have shown a low Whale Withdrawal Ratio over the last two years, indicating a stable ecosystem. Panos Mekras, founder of two crypto firms, states that Ripple's XRP can disrupt the banking industry globally.

Ripple CEO Brad Garlinghouse announced a "proper victory party" to be held in New York City on Sept. 29. Sam Bankman-Fried's lawyers claim US Prosecutors are acting unethically, complicating his chance for a fair trial. All of FTX founder’s Sam Bankman-Fried’s proposed witnesses should be disqualified from testifying because their disclosure filings are insufficient, their experience may be misleading or their planned testimony may not be relevant, prosecutors said in a late Monday filing. Digital Currency Group strikes an agreement with Genesis creditors involving Genesis' bankruptcy filing; the repayment plan aims to recover 70%-90% in USD and 65%-90% in-kind, depending on digital asset denomination. John Deaton expects Judge Torres to deny SEC’s motion for interlocutory appeal. According to John Reed Stark, the U.S. Justice Department may intend to indict or has already indicted Binance, suggesting a motion in civil court was aimed at keeping this secret.

FTX customers continue to be plagued by issues several months after the exchange shut down, blocking millions of users from accessing billions in capital stored on the disgraced exchange.

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Sources:

Cryptocurrency Bitcoin (BTC) Crypto Ethereum (ETH) Crypto News

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TheCryptoCurator

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