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🔥 Rally Report 🔥
BRETT (BASED)
The price of BRETT has rallied by 32% in the past 24 hours.
WHY?!
📈 Part of a broader market recovery following yesterday’s crash.
▶️ The rally appears to be led by Ethereum-based memecoins. This is likely a sign of renewed bullishness in Ethereum. Notably, Spot Ethereum ETFs in the United States attracted net inflows of $48.8 million yesterday despite the market crash. It also marked the lowest outflow day for Grayscale’s Ethereum Trust (ETHE) which has been experiencing continuous outflows since the launch of spot Ethereum ETFs in the U.S.
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🚨 New Video Alert!! 🚨
It’s been a crazy week in the crypto market, and we’re here to break it all down for you. First, we’ve got the crypto market crash, caused by a combination of bearish macro and crypto factors + liquidations.
Next, we’ve the continued bearishness about ETH which stands in stark contrast to its continued growth and improving fundamentals. Then, the fact Tether continues to grow and is helping crypto grow too.
Finally, we take a closer look at the likely overblown recession fears and the effects they could have on the crypto market before unpacking last week’s short list of the top performing cryptos.
This is a weekly crypto review you can’t miss!
🔔 MARKET MOVING NEWS! (05/08/24)
1️⃣ Jump Crypto Moves Hundreds Of Millions In Crypto As Prices Slide ☄️
Jump Crypto, the crypto division of Jump Trading, has shifted hundreds of millions of dollars worth of crypto to exchanges in recent days. This has sparked speculation that it may be preparing to sell off a huge chunk of its assets. Most of the funds being moved are in the form of ETH. This includes over 120,000 staked Ether tokens which started moving on July 24, one day after the launch of spot Ether exchange-traded funds in the United States.
Source
2️⃣ Bitcoin Briefly Tumbles Below $50K, Ether Turns Negative for 2024 as Panic Grips Markets 🔽
The crypto market has sunk to its lowest levels in more than five months. At the time of writing, the price of BTC briefly dipped below the $50K mark while ETH went below the $2200 mark. The market dip appears to be due to bearish sentiments from weak employment data, slowed growth among major tech stocks, and revived fears of a recession.
Today's negative price action isn’t unique to crypto as stock markets worldwide are also experiencing sell-offs. Japan’s Nikkei 225 plunged about 7% in the morning in Asia after the Bank of Japan raised its key interest rate last week to about 0.25% from a range of zero to 0.1%. The action in Japan spread to the U.S., where the Nasdaq slid more than 5% in last week's final two sessions. Nasdaq futures are lower by 2.5% in Sunday evening action.
Source
3️⃣ Bill Proposes To Give Secret Service More Power To Pursue Crypto Crime 🔍
U.S. Senators Catherine Cortez Masto (D-NV) and Charles Grassley (R-IA) have reportedly introduced the “Combatting Money Laundering in Cyber Crime Act of 2024” - a bill aimed at expanding the Secret Service’s powers to combat cryptocurrency-related crime. Specifically, the bill would expand the Secret Service’s authority to investigate cryptocurrency transactions made by unlicensed money transmitter businesses and potential frauds committed against US financial institutions.
Stressing the importance of the bill, Sen. Cortez Masto stated,
The funding of criminal activity through digital assets poses a direct threat to the security and safety of our nation. This bipartisan and bicameral bill will allow for the U.S. Secret Service to better investigate new forms of financial crime involving digital assets.
🚨 New Video Alert!! 🚨
The BIS is the central bank for central banks. Not surprisingly, this gives it a unique position when it comes to observing the global financial system and economy.
That’s why we knew that we would have to summarise its enormous annual report. The BIS says some surprising things in this report, and warns of two scenarios that could upset the apple cart.
The craziest part is that the BIS seems to be obsessed with AI. It seems it sees AI as a tool that can be used to increase the desperately needed productivity gains to prevent everything from falling apart.
This is a long one, but it’s one that you need to watch until the end!
🔔 MARKET MOVING NEWS! (03/08/24)
1️⃣ Kujira Foundation's Tokens Stung by Its Own Leveraged Positions as Bets Backfire 🥶
Yesterday, the price of the Kujira token dropped by 55% due to liquidations of KUJI tokens held by wallets belonging to the Kujira Foundation. Specifically, the foundation had taken leveraged liquidity provision positions worth millions of dollars, which it failed to manage properly on its own DeFi platform. The liquidations occurred as loans taken by Kujira from their publicly allocated KUJI tokens became under-collateralised during a period of general market volatility. The liquidations sent KUJI lower, leading to more liquidations, even lower prices and a downward spiral. In a Telegram broadcast message on Thursday, the team claimed that certain people targeted its positions to purposely cause a cascade of liquidations.
Source
2️⃣ Morgan Stanley Tells Wealth Advisors They Can Pitch Bitcoin ETFs In A First For A Big Bank 💸
Morgan Stanley, the largest wealth manager in the United States, will reportedly allow financial advisors to offer bitcoin ETFs to eligible clients from August 7th. This makes it the first major Wall Street bank to do so. The report states that Morgan Stanley’s financial advisors can solicit eligible clients to purchase shares of two spot bitcoin ETFs — BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund. Morgan Stanley will monitor clients' crypto holdings to ensure they don't have excessive exposure to the volatile asset class.
Source
3️⃣ France Opens for MiCA Applications, First Among Biggest EU Economies ☄️
Autorité des marchés financiers (AMF), the French markets regulator, has reportedly begun accepting applications for crypto asset service providers (CASPs), six months ahead of Markets in Crypto-Assets (MiCA) regulations coming into force. Specifically, AMF stated that it started accepting applications for CASP licenses on July 1. This makes it the first major European Union economy to do so.
In a post on its website on Friday, the AMF noted 10 aspects of the legislation that kick in on Dec. 30, including providing custody and administration of crypto-assets on behalf of clients and operating a crypto-asset trading platform. The MiCA requirements will replace France’s PACTE (Action Plan for Business Growth and Transformation) regime. Companies wishing to offer services in the European Union after July 2026 will need a CASP license under MiCA.
Source
4️⃣ Bankrupt Crypto Firm Genesis Completes Restructuring ‼️
Bankrupt institutional lending platform Genesis Global and its related entities have announced the completion of its Chapter 11 restructuring plan on Aug. 2. The firm has also begun distributing approximately $4 billion worth of digital assets and U.S. dollars to repay creditors
According to the restructuring and recovery plan, Bitcoin creditors “will receive 51.28% recoveries as valued on an in-kind basis in the form of BTC,” Ether creditors will receive 65.87% recoveries paid out in the digital currency and most altcoin creditors will receive 87.65% recoveries of their digital assets, with Solana being the notable exception. Specifically, Solana creditors will be subject to a 29.58% recovery rate. Finally, stablecoin and cash creditors will receive 100% of their losses in the form of US dollars.
Source
5️⃣ HashKey's Over-The-Counter Trading Unit Awarded Singapore's Payment License ⚡️
The Monetary Authority of Singapore has reportedly awarded HashKey Group's over-the-counter trading unit a "Major Payment" license in Singapore. Notably, this license, introduced under the Payment Services Act of 2019, allows the firm to offer digital asset-related services legally. HashKey Group's OTC trading arm sees this achievement as solidifying its position as a leading regulated OTC trading provider.
Source
🔔 MARKET MOVING NEWS! (02/08/24)
1️⃣ MicroStrategy Announces Q2 2024 Financial Results; Now Holds 226,500 BTC 💸
Nasdaq-listed software firm MicroStrategy (MSTR) has announced the financial results for the second quarter of its 2024 fiscal year. It reported a net loss of $102.6 million or $5.74 per share in Q2. For comparison, the firm reported a net income of $22.2 million or $1.52 per share in Q2 2023. The loss came as the company took an impairment charge on its bitcoin holdings of $180.1 million versus $24.1 million in Q2 2023.
The firm revealed that it had purchased an additional 12,222 Bitcoin for $805 million in Q2 2024, bringing its total Bitcoin holdings to 226,500 BTC worth around $14.7 billion at current prices. It also unveiled a new key performance indicator called “Bitcoin Yield,” which represents the percentage change over time in the ratio between the firm’s Bitcoin holdings and its diluted outstanding shares. MicroStrategy said its BTC yield currently stands at 12.2% year-to-date. It stated that it aims to achieve an annual BTC Yield of 4-8% from 2025-2027.
Source
2️⃣ BlackRock's Tokenised Fund on Ethereum Pays Out $2.1 Million in July 🔼
According to asset tokenisation firm Securitize, the BlackRock USD Institutional Digital Liquidity (BUIDL) fund distributed more than $2 million in dividends in July - an all-time high for its monthly payouts. Since its launch in March 2024, BUIDL has reportedly paid investors $7 million in dividends.
Source
3️⃣ DeFi Protocol Convergence Hacked, CVG Token Plunges 99% on Curve ❌
The price of Curve-based DeFi protocol Convergence’s CVG token has reportedly plummeted by more than 99% due to the protocol suffering a smart contract exploit yesterday. Specifically, the attacker exploited the protocol’s CvxRewardDistributor contract. This allowed them to mint and sell 58 million CVG tokens for approximately $210,000. The Convergence team said the attack was possible because the team accidentally removed an essential line of code in its smart contract. They reportedly made the change after the smart contract code was audited four times.
Source
4️⃣ Bybit Exchange Halts Operations In France ▶️
According to a press release, crypto exchange Bybit is halting operations in France and restricting account features for French users due to "recent regulatory developments" by France's financial regulator, Autorité des Marchés Financiers (AMF). Bybit told French users that their accounts will be "restricted to close-only" configuration starting Aug. 2 at 8:00 UTC.
This prevents new positions from being opened or new funds from being deposited across Bybit’s services and products. It also stated that all positions not closed before Aug. 13 will be automatically liquidated. It concluded its announcement by telling users that it looks forward to returning to the French market in the future once it has secured the proper regulatory licenses under French law.
Source
5️⃣ Marathon Digital Posts $200 Million Quarterly Loss Amid Bitcoin Mining Sector Woes 🔽
Bitcoin mining firm Marathon Digital, which rebranded to MARA, has announced the financial results for the second quarter of its 2024 fiscal year. The report shows the firm suffered a net loss of $199.7 million in Q2 2024, compared to a loss of $9 million in the same period last year. The firm cited the impact of Bitcoin’s halving event on its operations as rivals posted similar results. MARA’s share price fell 7.8% to $18.14 amid a broader market slide driven by overheated tech stocks.
Fred Thiel, the chairman and chief executive officer of MARA stated,
During the second quarter of 2024, our BTC production was impacted by unexpected equipment failures and transmission line maintenance at the Ellendale site operated by Applied Digital, increased global hash rate, and the April halving event.
This includes increased investor and consumer protection measures such as requirements to maintain “appropriate procedures” that keep digital assets “separate and insulated” from the business’s estate as well as segregating holdings from “other non-client digital assets.” It also includes a comprehensive stablecoin framework.
Source
6️⃣ BIS, Bank of England Unveil Project Pyxtrial For Stablecoin Monitoring 🔍
The Bank for International Settlements (BIS) and Bank of England have unveiled ‘Project Pyxtrial’ – a joint effort to create a technology solution that will allow the monitoring of asset-backed stablecoins' balance sheets. Project Pyxtrial developed a prototype data analytics pipeline which provides supervisors with near real-time data about stablecoins' liabilities and the assets that back them. It is designed to gather data hourly from blockchains and platforms that host stablecoins. That data is then matched with data from issuers about the stablecoins’ backing assets. This is expected to allow regulators to identify any inconsistencies. The BIS also stated that Project Pyxtrial has the potential to monitor tokenised products that are backed by real-world assets.
Source
Blackbird Labs, a hospitality-tech startup founded by Resy and Eater co-founder Ben Leventhal, has reportedly launched a Web3 payments platform for restaurants called Blackbird Pay. The new payment platform allows consumers to pay for their meals using the $FLY cryptocurrency. The tokens can be earned as loyalty points for dining at participating restaurants or purchased in the Blackbird app using the USDC stablecoin. For restaurants, it is designed to cut settlement times and reduce transaction costs to an average of approximately 2% per transaction. This is lower than typical credit card fees, which can be as high as 3.75%.
Source
🔥 Rally Report 🔥
XRP
The price of XRP has rallied by 7% in the past 24 hours.
WHY?!
📈 The rally is driven by speculation that the legal dispute between the SEC and Ripple Labs could potentially be coming to a close. Notably, the speculation is a result of a recent filing which hinted that the SEC intends to amend its complaint against crypto exchange Binance, including with respect to "Third Party Crypto Asset Securities."
⚡️ Ripple also announced that it had partnered with Fenasbac, the National Federation of Associations of Central Bank Servers, to advance fintech innovation in Brazil through the Next accelerator program.
If you want to buy or trade XRP, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
Which cryptocurrency will be the first to actually onboard 1 billion users? The answer seems to be Toncoin. That’s why we decided to do a deep dive into this crypto project.
Members of the Coin Bureau Club will know that this won’t be the first time we’ve covered Toncoin. We first covered the crypto project back in December for our members and predicted the TON pump.
It’s safe to say that TON has exceeded expectations in this regard. This begs the question of how much higher TON could go. Be sure to stick around until the end to find out!
🔔 MARKET MOVING NEWS! (30/07/24)
1️⃣ US Government Moves $2 Billion in Silk Road Bitcoin 💸
According to on-chain data shared by Arkham Intelligence, a wallet belonging to the U.S. government transferred $2 billion worth of BTC to an unidentified wallet on Monday. The BTC that was moved appears to be connected to the assets seized from the dark web marketplace Silk Road.
Coincidentally, the move comes just two days after former U.S. President Donald Trump stated that he plans to create a national "strategic Bitcoin stockpile" if elected. Crypto market traders appear to have reacted negatively to the news of the move as the price of BTC dropped by more than 2% the hour after the news first broke out. However, a few speculate the move may not connected to an intention to sell. Rather, they believe the transfer is linked to a July 1 agreement between crypto exchange Coinbase and the US Marshals Service, which signed a deal to “safeguard” US government crypto assets.
Source
2️⃣ COMP Token Rises as Whale Backs Down on Supposed 'Governance Attack' on Compound 😮💨
A whale named Humpy and a group of COMP holders known as the Golden Boys have reportedly agreed to rescind their controversial governance proposal that many criticised as a “governance attack” on lending and borrowing protocol Compound Finance.
The truce follows intense discussions between Compound Protocol’s Bryan Colligan and the Golden Boys. Both parties have instead agreed to develop a new staking product that aligns with the interests of all parties involved. The proposed staking product claims to enhance the utility of COMP tokens by distributing 30% of the fresh token reserves generated annually to staked COMP holders. This distribution will be proportional to the amount of COMP staked by each holder.
Source
3️⃣ WazirX Surveys Users on Recovery Options After $230M Hack, Leaves Customers and Industry Players Fuming 🥶
Indian crypto exchange WazirX’s recent poll to understand customers’ preference for recovery options has reportedly caused controversy. The exchange launched a poll titled "Withdrawal Management Programme: Opinion Poll" on July 27th. The poll described the programme as a "socialised loss strategy to distribute the impact equitably among all users."
It asked customers to vote on two different options – access 55% of their funds without withdrawals and get first priority for when potential recovery proceeds come or access 55% of their funds with withdrawals with second priority to potential recovery proceeds. Many criticised the approach as penalising the users of the platform for the breach. One observer described it as "socialised loss, privatised profits." CoinDCX co-founder Sumit Gupta noted that the first contribution to losses should come from the company. He claimed the poll options were framed in a manner “to protect the business first and not the customers.”
Source
4️⃣ Chainlink Integration Adds Transparency To 21Shares Ether ETF ⚡️
21Shares US LLC, an affiliate of 21Shares AG, has reportedly integrated Chainlink’s proof-of-reserve (PoR) system to create more transparency for its Core Ethereum exchange-traded fund (ETF). The 21Shares Core Ethereum ETF (CETH) is physically backed by Ether and tracks ETH’s performance. The integration will enhance the transparency of the Ethereum reserves backing CETH. The PoR system will offer real-time reserve data and a reserve history, available as a publicly verifiable feed that pulls data directly from the Coinbase exchange.
Source
5️⃣ US Spot Ethereum ETFs See $98.3 Million In Net Outflows On Monday 🔽
🔔 MARKET MOVING NEWS! (29/07/24)
1️⃣ Hong Kong Lawmaker Advocates For Including Bitcoin In Financial Reserves Following Trump’s Speech 💸
Johnny Ng, a member of Hong Kong’s Legislative Council, has reportedly made an X post calling on the territory to “research and consider” including Bitcoin in strategic financial reserves. Notably, Ng referenced a similar call made by former U.S. President Donald Trump in his speech to the Bitcoin Conference over the weekend.
Ng’s X post reads,
The global acceptance of Bitcoin is constantly increasing, and Bitcoin is seen by the public as "digital gold" in the context of its technology, so in the future, it is indeed possible to research and consider including Bitcoin in strategic financial reserves, as long as it is compliant. Hong Kong must accelerate the development of the Web3 ecosystem […] I will discuss the feasibility and opportunities of including Bitcoin in financial reserves with different stakeholders in Hong Kong, and will report the situation to everyone in a timely manner.
These initial transactions and experiments with wholesale tokenised central bank money represent an important stepping stone to greater transparency and efficiency of financial markets with wider technology adoption. While hardly material in financial markets at the moment in terms of value issued and/or traded, we expect the importance of the distributed ledger technology to grow significantly in the following years.
According to data from analytics firm Parsec Finance, on-chain liquidations across Ethereum DeFi protocols have reached a new yearly high, with a total of over $350 million in liquidated positions in the past 24 hours. This comes as the market experiences a broad selloff resulting in substantially higher volatility. The majority of these liquidations were concentrated in three major assets (ETH, wstETH, wBTC), affecting lending protocols such as Aave which reportedly earned $6 million in revenue from processing on-chain liquidations.
Source
🔔 MARKET MOVING NEWS! (04/08/24)
1️⃣ Democratic Elites, Crypto Industry Leaders To Hold Virtual Roundtable Monday: Politico ‼️
According to a Politico Pro report, White House officials and crypto industry executives are planning to attend a virtual roundtable to discuss digital asset policy held by pro-crypto Rep. Ro Khanna (D-CA) on Monday. The roundtable will include high-ranking officials from Vice President Kamala Harris’s election campaign and the White House, including outgoing senior White House adviser Anita Dunn, National Economic Adviser Lael Brainard and Deputy Chief of Staff Bruce Reed. This will be the second recent meeting between the crypto industry and officials in the White House, following a roundtable in July attended by executives from Ripple and Coinbase Global Inc.
Source
2️⃣ 2,200 Letters Of Support For ‘Bitcoin Strategic Reserve’ Bill Sent To US Senators ☄️
According to an Aug. 3 X post by Dennis Porter, the founder of the Satoshi Action Fund, over 2,200 letters were sent to United States senators urging them to co-sponsor and support Senator Cynthia Lummis’s newly proposed Strategic Bitcoin Reserve bill.
Notably, the Bitcoin Strategic Reserve bill, introduced on July 31, aims to establish a national reserve of Bitcoin and position the US as a leader in the adoption and secure management of the world’s first cryptocurrency. Of the 2200 letters, 1,333 letters were received by Democratic Party senators, 850 letter were received by Republican Party senators, and 41 were received by Independents.
Source
3️⃣ US Spot Bitcoin ETFs See Biggest Single-Day Outflow In 90 Days 🕯
On August 2, the 12 spot BTC ETFs in the US logged their biggest single-day outflow since May 1. According to SoSoValue data, the total daily outflow level on August 2 was $237.45 million, the highest since May 1's $563.77 million outflows and the fourth highest single-day outflow since the launch of the spot bitcoin ETFs in January.
Source
Futu Securities International, an online stock broker based in Hong Kong, has reportedly started offering crypto trading services to its retail clients on Thursday. Specifically, the platform allows Hong Kong investors to trade BTC and ETH directly with Hong Kong dollars or U.S. dollars. Futu is offering crypto trading services through a partnership with cryptocurrency exchange HashKey Exchange. To incentivise users, the platform is offering shares of Chinese e-trading giant Alibaba Group (BABA) and AI chipmaker Nvidia (NVDA) as rewards to those who open accounts and deposit specific amounts of money.
Source
7️⃣ ARK Invest Sold $14.8M of Coinbase Shares Thursday Ahead of the Exchange's Earnings Report 💰
ARK Invest, the investment company led by Cathie Wood, reportedly sold $14.8 million worth of crypto exchange Coinbase (COIN) shares on Thursday. Notably, this is the investment firm’s biggest single-day divestment since May 7 and came ahead of the exchange's second-quarter earnings announcement.
Source
🔥 Rally Report 🔥
POPCAT
The price of POPCAT has rallied by 12% in the past 24 hours.
WHY?!
🕯 The rally appears to be a small recovery following the consecutive negative price action for POPCAT over the past week.
🐈⬛ Coincidentally, the rally follows a recent meme posted by the project’s official X account. The meme features an image of Yusuf Dikec – the pistol shooter representing Turkey at the Paris Olympic Games on Tuesday, with his pet cat. The imagery of a pistol shooter with a cat plays favourably for the project’s ticker POPCAT.
If you want to buy or trade POPCAT, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
Looking for a Blofin guide?! 👇
🔍 https://www.coinbureau.com/review/blofin-review/
🚨 New Video Alert!! 🚨
Back in the day, ChatGPT took the AI world by storm. It was a game-changer, opening up endless possibilities for AI conversations.
Since then, tech enthusiasts have been buzzing about AI models that have appeared in response. But which is best? Will it be Meta AI's Llama or Google's Gemini? And, if they rise to the top, how will they stack up against ChatGPT?
Today’s video dives deep into this AI face-off. We’ll compare these models against each other, and then laugh at some of the mistakes they make. And if you stick around ‘til the end, we’ll even show you how to leverage AI for your crypto trading advantage.
See you in the comments! Enjoy!
🔔 MARKET MOVING NEWS! (01/08/24)
1️⃣ Bitcoin Barely Budges as Federal Reserve Keeps Interest Rates Steady 🕯
In line with predictions from most analysts, the U.S. Federal Reserve announced on Wednesday that it was keeping interest rates at their current level. Specifically, it held the benchmark federal funds rate between 5.25% and 5.50%. Investors are now expecting the central bank to cut rates in September. While the price of BTC held steady immediately after the announcement, it dipped downward over the next few hours as the New York Times reported increasing risks of a broader conflict in the Middle East.
Explaining its decision, the Central Bank stated,
Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have moderated, and the unemployment rate has increased but remains low. Inflation has eased over the past year but remains somewhat elevated. In recent months, there has been some further progress toward the Committee's 2 percent inflation objective […] the Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.
We keep increasing in market cap and then we keep increasing in our exposure to US Treasury bills. I believe that is unprecedented for any private company — we are comparing ourselves to countries.
🚨 New Video Alert!! 🚨
CBDCs are one of the most dystopian technologies out there. The scariest part is that basically every central bank is working on one. When it comes to retail CBDCs, the ECB is leading the pack.
The digital Euro officially entered its preparation phase late last year, and the ECB recently gave an update about how it’s going. As you can imagine, there’s been quite a bit of pushback.
What’s less obvious however is the ECB’s own motivations, and the risks it’s willing to bring to the financial system to maintain its control over money. This is a video you cannot miss!
🔔 MARKET MOVING NEWS! (31/07/24)
1️⃣ Russia Legalises Crypto Mining and Brings an Experimental Regime ‼️
According to local media reports, the State Duma - Russia's lower house of the Federal Assembly, passed two crypto-related laws on Tuesday. The first is a bill that fully legalises cryptocurrency mining in Russia from Nov. 1, 2024. The legislation allows entities and individual entrepreneurs registered with the Ministry of Digital Development to engage in mining, while those not registered can operate mining rigs if they do not exceed energy consumption limits. This law also brings into effect a ban on advertising cryptocurrencies and offering them to an unlimited number of people.
The second is a bill that will allow authorised companies to conduct cross-border settlements and exchange trading in digital currency. This appears to be part of Russia’s efforts to skirt Western sanctions imposed after Russia invaded Ukraine. The law is expected to go into force in September and the first cryptocurrency transactions are expected to take place before the end of the year.
Source
2️⃣ Mt. Gox Moves Over $2 Billion Worth Of Bitcoin To Fresh Address: Arkham Data 💸
According to on-chain data shared by Arkham Intelligence, the defunct crypto exchange Mt. Gox has transferred 33,105 BTC ($2.19 billion) to a new address starting with “bc1q26.” It is unclear who owns the new address that received the $2 billion worth of BTC. The latest transaction comes after Mt. Gox already moved billions of dollars worth of BTC over the past few weeks to designated crypto exchanges as part of its $9 billion payout. This includes Bitbank, Kraken, Bitstamp and SBI VC Trade.
Source
3️⃣ Movement Labs Joins Polygon's AggLayer; Testnet Launch Attracts $160 Million In Committed TVL ☄️
San Francisco-based blockchain development firm Movement Labs has announced an integration with AggLayer – a Polygon product which facilitates interoperability across the Polygon 2.0 network of Ethereum Layer 2 chains. Notably, Movement Labs is the first Move-based ecosystem to use the AggLayer, bridging the gap between the Move and EVM ecosystems and allowing Ethereum developers to deploy Solidity contracts on Move-based chains without code modification. The move coincides with Movement Labs’ launch of its public testnet, Parthenon. The public testnet has already attracted $160 million in committed total value locked (TVL) ahead of its mainnet deployment later this year.
Source
4️⃣ BitClout Founder Charged With Fraud by SEC and Justice Department ▶️
The United States Securities and Exchange Commission (SEC) has reportedly hit Nader Al-Naji, the founder of the decentralised social network BitClout, with fraud charges. The agency alleges that he lied to investors and used their funds in part to pay rent on a mansion in Beverly Hills. In a separate indictment, the U.S. Department of Justice simultaneously hit Nader Al-Naji, with one count of wire fraud, alleging that he defrauded investors of $3 million.
Specifically, the SEC notes that Al-Naji is a former Google engineer who raised over $257 million in unregistered securities and sales of the crypto token BTCLT in 2020. It alleges that Al-Naji blew $7 million on a Beverly Hills mansion and other personal expenditures despite telling investors that the money would not be used by him.
Source
5️⃣ Circle Said to Be Trading Around $5B Valuation Ahead of Planned IPO: Sources 🔍
According to a CoinDesk report, stablecoin issuer Circle Internet Financial is trading in the secondary market at a valuation of $5 billion to $5.25 billion ahead of its planned initial public offering (IPO). The sellers in the secondary market are said to be early-stage investors divesting for liquidity reasons or Circle employees. Circle is reportedly allowing secondary market trades on a case-by-case basis and only in specific situations. The company is not allowing trades below a $5 billion valuation.
Source
6️⃣ Blackbird Labs Launches Web3 Platform For Restaurant Payments 💰
According to data shared by SosoValue, the nine U.S. spot Ethereum ETFs experienced net outflows of $98.29 million on Monday, extending their negative flow streak to the fourth day. The Grayscale Ethereum Trust (ETHE) was the only one recording outflows among the ETFs. It saw $210.04 million in net outflows on Monday and has experienced similar outflows every day since its debut last Tuesday. According to Farside Investors, the spot ETH ETFs have endured a total of $340 million in net outflows with more than $1.5 billion exiting from the Grayscale Trust in their first week.
Source
6️⃣ Artists Sue SEC Over Confusing Security Status Of NFTs 🔍
Law professor Brian Frye and “Song a Day Mann” songwriter Jonathan Mann have reportedly filed a lawsuit against the U.S. Securities and Exchange Commission, seeking a court's answer on whether non-fungible tokens (NFTs) fall under the agency's jurisdiction. Lawyers for Frye and Mann accused the SEC of waging a "campaign to assert jurisdiction over sales of digital art," citing two recent cases of the agency honing in on NFTs. The lawsuit also demands answers to whether artists need to “register” their NFT art before selling it to the public and whether they must make public disclosures about the “risks” of buying their art.
It points out the absurdity of a potential security classification for NFTs by giving an example referencing Taylor Swift concert tickets. Specifically, they highlight that Swift sells concert tickets which are sold on the secondary market and that she makes statements to promote these events. They claim it would be “utterly nonsensical” for the SEC to treat Swift tickets or collectables as securities.
Source
🔥 Rally Report 🔥
BITCOIN SV
The price of BSV has rallied by 6% in the past 24 hours.
WHY?!
📈 The rally appears to be led by speculative trading activity on South Korean crypto exchanges. Notably, Bitcoin forks and related altcoins have been seeing a minor rally following promises of BTC being made a “strategic reserve asset” for the United States.
🕯 South Korean crypto exchange Upbit accounts for 42% of BSV’s global trade volume today. The exchange saw $48 million worth of BSV traded in the past 24 hours.
If you want to buy or trade BSV, we have an exclusive $100K Airdrop Bonus Promo on Blofin as well as 70% fee discount!
🔗 https://www.coinbureau.com/deals/trading/blofin-cb/
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It’s been a busy week in the crypto market, and we’re here to break it all down for you. The biggest news was Donald Trump’s historic speech at the Bitcoin conference which wasn’t all it was cut out to be.
Coming closely behind was the return of BTC to Mt. Gox creditors which likewise appears to have been a non-event. By contrast, the spot Ethereum ETFs seem to be setting a bullish stage for ETH.
All the while, the stock market is starting to weaken, but it depends on where you look. Large caps may be falling but small caps are gaining, foreshadowing some outperformance among altcoins as well.
Be sure to watch until the end to find out where last week’s top performing cryptos are headed next!