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Happy Monday Folks! Over the weekend, Sen. Elizabeth Warren re-issued the Digital Asset Money Laundering Act. Today, the most covered news is massive on the Curve DEX getting hacked and did you know that the SEC wanted Coinbase to only trade Bitcoin? The price of Bitcoin is currently trading at $29,391.13 and continues to trade in a very narrow channel; I anticipate a breakout this week. Let's dive into the news...

CRYPTO

David Duong, Coinbase’s head of institutional research, says that the rising strength of the US dollar and the relatively hawkish stance of central banks around the world could negatively impact the crypto markets in the near future. According to recent research by CoinGecko, two-thirds of the 30 biggest global banks by assets under management (AUM) support crypto trading through regulated exchanges. Florida governor and presidential hopeful Ron DeSantis says he would call off the Biden administration’s alleged attack against the crypto industry on his first day in office if elected as commander in chief.

BITCOIN

BTC price ‘fireworks’ after monthly close? 5 things to know in Bitcoin this week (Cointelegraph):

• Sticky BTC price range could shift after July monthly close
• MACD signal forms key Bitcoin bull argument
• U.S. jobs data follows hectic macro week
• Stablecoin investors “load up” with Bitcoin under $30,000
• Whale wallet numbers hit a four-month low

BTC price retracing deeper than $25,000 is "possible," analysis warns, with $28,300 the line in the sand for Bitcoin bulls. Bitcoin non-zero addresses, wallets holding 0.01+ BTC, wholecoiners, and BTC Ordinals inscriptions have recently tapped ATHs. Morgan Creek Capital Management’s Mark Yusko is declaring that “crypto spring” is already underway and that the approval of a Bitcoin (BTC) exchange-traded fund (ETF) will be the spark that lights the next bull run. Veteran trader Peter Brandt predicts that Bitcoin will tower over all other asset classes in the long run. RFK Jr. continues to defend Bitcoin. Matthew Hyland observes that the BTC Weekly Bollinger Bands have reached their tightest levels in BTC's entire history.

Bitcoin Ordinal inscriptions hit a new daily record of more than 422,000, but trading volumes slid in July amid lower pricing and fewer buyers. Bitcoin miners make moves in preparation for the BTC block reward halving, which is scheduled for April 2024.

ETHEREUM

Ethereum price is struggling to clear the $1,880 zone against the US Dollar. ETH could start a fresh decline if it stays below $1,880 and $1,900. Yesterday marked eight years since the Ethereum Foundation announced the rollout of its network. The popularity of liquid staking tokens (LSTs) could usher in a new age for Ethereum and the rest of cryptocurrency — and play a key role in the new bull market; they might replace $ETH. After years of leaving 39,712 Ether locked at the Ethereum Name Service (ENS) auction, a whale using the domain “darkmarket.eth” has reclaimed the digital assets and transferred over $119 million in ETH to a new wallet.

TETHER

Tether (USDT) is seeing its market capitalization rise to new all-time highs as the company behind the top stablecoin generated billions of dollars in profits earlier this year. In its latest attestation report, Tether said it had a net profit of $850 million in the second quarter and The profit is less than the $1.5 billion declared in the first quarter. As a result, the four executives behind the biggest stablecoin in the world are reportedly worth over $1 billion each now that the market cap of Tether (USDT) is at an all-time high.

XRP

XRP has witnessed a sharp drop in volatility following a massive 75% price surge. This abrupt drop in volatility might have left some traders scratching their heads, wondering what's next for the digital asset. But, ruling in SEC v. Ripple case puts XRP above Adidas in global ranks. Shannon Thorp offered her price prediction for XRP, forecasting the crypto token to hit between $100 and $500 in the following four to seven months, implying a possible upside from 14,185% to 71,328%, from its current price of $0.71 per token. Ripple executives and XRP enthusiasts engage in heated debate over tax implications of using XRP for cross-currency payments. A new study by payments firm Ripple says that financial institutions could save astronomical amounts of money by switching their systems over to blockchain-based rails.

BNB

While Ethereum-based protocols have been hit with the majority of the exploit activity, BNB Smart Chain has also seen similar "copycat" exploits, according to BlockSec.

DOGE

Dogecoin could be on verge of massive price move if volatility is right.

LITECOIN

As Litecoin halving is this Wednesday and "whales" and "sharks" who hold between $950K and $9.5K worth of $LTC are aggressively increasing their stakes in the cryptocurrency. This behavior suggests that these major traders view the upcoming halving as a bullish event for Litecoin.

EXCHANGES

Binance has obtained a crucial license from the Virtual Asset Regulatory Authority (VARA) of Dubai, the crypto exchange said on Monday.

REGULATION

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is once again sounding the alarm on crypto exchanges, saying that the platforms are not working in the best interests of their users. The SEC reportedly asked Coinbase to temporarily halt trading in all crypto assets, excluding bitcoin, prior to initiating a legal suit alleging violation of securities laws. However, both Coinbase and the SEC have denied a report that the regulatory agency asked the exchange to delist specific assets

ATTACKS/HACKS/SCAMS

Curve DEX has suffered a potential loss of over $100 million due to a 're-entrancy' bug exploit in the Vyper programming language used in its tech stack, affecting several stablecoin pools. Ethereum experienced a record payday in maximum extractable value (MEV) (584.05 ETH) block rewards, as a result of a tumultuous exploit on certain liquidity pools on the decentralized exchange Curve Finance; Upbit halts trading and traders pivoting toward the rival Uniswap's UNI token. Curve Finance’s CRV token is trading at a significant premium on South Korean exchanges Bithumb and Upbit. But, benevolent hacker has returned some of the funds. Founder of Curve, Michael Egorov, has a loan of roughly $70 million in USDT using CRV as collateral on Aave v2.

The U.S. Securities and Exchange Commission (SEC) sued internet marketer Richard Schueler, known online as Richard Heart, and his projects Hex, PulseChain and PulseX, alleging he raised over $1 billion across three different unregistered securities offerings beginning in 2019.

WATCH

LISTEN

Podcast of the Day: The 2023 Bull Market Has Further To Run | Weekly Round Up | OTM

Sources:

Crypto Macro (TDH | Cryptoglobe)
Crypto Friendly Banks (CryptoPotato | TDH)
Gov. Ron Desantis (Decrypt | Coindesk | Cointelegraph)
Bitcoin Opinions (TDH | TDH | NewsBTC | UToday)
Bitcoin Analysis (CryptoPotato | Cointelegraph)
Bitcoin Ordinals (TB)
Bitcoin Miners (Cointelegraph)
ETH Price (NewsBTC)
ETH Birthday (TB | Cointelegraph)
LST (Cointelegraph)
Reclaimed ETH (Cointelegraph | TB | Blockworks)
Tether Market Cap (TDH)
Tether profit (TB | Cointelegraph | Coindesk | CryptoPotato | TDH | Blockworks) 
XRP Price (UToday | UToday)
XRP Opinion (UToday | TDH | Finbold)
BNB Smart Chain (Cointelegraph | CryptoPotato)
DOGE Price (UToday)
Litecoin Halving (UToday)
Binance Dubai License (Blockworks)
Gary Gensler Negative on Exchanges (TDH)
SEC's Coinbase Request (Blockworks | Cryptoglobe | EWN | Cointelegraph | UToday | TB | Coindesk | Blockworks | Finbold)
Curve Exploit
 - Curve Hack (Blockworks | EWN | Cointelegraph | Coindesk | Coindesk | TB | Blockworks | TB | Decrypt | Coindesk)
 - Upbit halts trading (TB | Coindesk)
 - $11M/$70M MEV Reward (TB | Coindesk)
 - Traders pivot to Uni (Coindesk)
 - $1M Block Reward (Cointelegraph)
 - Bithumb and Upbit Premium (TB | CryptoPotato)
 - Hacker returns $5.4M (CryptoPotato | TB | Decrypt)
SEC Sues Richard Heart (TB | Coindesk | UToday | Cointelegraph | Blockworks | NewsBTC)