What happened in crypto the past 2 weeks? Bitcoin is just doing the yo-yo between $58K and $64K. US election is tied to crypto holders. Check the BBH Tribe, as @bradleyarrow just launched its brand-new website. Kucoin seems slightly better than Binance, at least in my country. All-time NFT value is more than 90% down. What else? Read below:
- Bitcoin: Somewhere in the middle of August, BTC went down to 58K, and the rest of the crypto promptly followed, with ETH dropping 4.6%, SOL 8%, and BNB and TON also going down significantly. But while prices were falling, institutional investors bought $176M of crypto. Make you think about all this! Marathon Digital is learning from MicroStrategy, offering $250M in convertible notes, to buy some more BTC, the notes mature in 2031 and can be turned into cash, stock or a mix of both. Then it went up to $61K, after lower-than-expected producer inflation data, related to Japan. Yet the miners are going through a tough time, with outflows close to 19.000 BTC per day, the highest number since March. The US government moved $600M worth of Bitcoin (10.000 BTC) from the Silk Road stash into a Coinbase Prime wallet. Coinbase is working on cBTC, a wrapped version of BTC, on their Base network. Even Morgan Stanley has secretly bought $5.5M worth of iShares Bitcoin ETF. Hong Kong's BTC ETFs finally surpassed the HKD 2M milestone. Some numbers for you, 75% of the Bitcoin did not move in over 6 months, even if the price dropped 21%, and this accounts for 69% of all addresses. 69! Ha ha! As we approached September, BTC rose to $60271, and ETH also saw a modest climb. And then it went to $63840, for a short time, while the S&P 500 approached ATH. And now we are back to under $58K. Check Corn (usecorn.com) a new ETH-base Layer-2 using tokenized BTC as its native gas token.
- Ethereum: An ETH whale sold $13M worth of Ethereum on the OKX exchange. But this is only one sale, in a spree going up that has now reached $154M of ETH sold by the same person in the last month. We still don't know who this OG seller is. I would say Celsius, maybe. ETH seems to have had $154M of ETH sold by the same person in the last month. We still don't know who this OG seller is. I would say Celsius, maybe. ETH seems to have a $2800-2900 ceiling for a while. Franklin Templeton did an SEC filing for a new product called EZPZ ETF, aiming to track the dynamic duo: the BTC and ETH. BlackRock's ETH ETF hit over $1B in net inflows, outpacing rivals Fidelity and Bitwise. Base Blockchain had a 60% jump in August, pushing through the 1.05M daily active addresses ceiling. The ETH transaction fees dropped below $1 for the first time in four years, yet the spot ETFs did not live up to the hype. Even Vitalik transferred $10M to an exchange-linked wallet.
- Altcoins and stablecoins: Some are enthusiastic about the latest Solana meme, Gigachad. Is Solana ETF the next big thing? Not yet, as the Grayscale product barely reached $70M in assets, compare this with the Bitcoin $30B for a scale and the SEC rejected CBOE Solana ETF filings. Now Grayscale wants to launch an AVAX ETF. A new tribe on Hive was finally launched, the Bitcoin Backed Hive, and they announced some good things coming soon. Polkadot spent $87M worth of DOT in the past 6 months, double the amount of the last half of 2023, hosting events, meetups and conferences. They even made their own Twitter-like platform, Grill, where you are paid in crypto tips for publishing. After PolkaDOT Decoded, we had the Mythical Hames launch and over 3M transactions in the first day, the Nova debit card and the web3 summit were in Berlin at the end of August. TON was surging almost by 20% in the middle of August. Arbitrum is set to enable native ARB staking. Pump.fun generated over 98M in revenue. Vitalik sold over $500K of memecoins to donate to an animal welfare charity. Dogwifhat memecoin is dropping lately, 30% since August 9. Is this the end of it? Aptos now support native USDT. Sundog, the Tron memecoin, reached a peak of $325M and SunPump, the memecoin platform, got over $1.1M in just the first 11 days. Tron achieved a record-high single-day revenue of $5.33M linked to the memecoin craze. Even the USDT market cap on Tron went above $61B, 10 times more than all the DAI on the ETH blockchain. Huh! I do not touch anything that is Tron-related, personally. The meme coin market dropped from $39.7B to $37.6 B. Solana's Drift Protocol launched BET (Bullish on Everything), a new prediction market platform aiming to challenge Polymarket. Even Bloomberg bets on crypto, using Polymarket. Tether launched a Dirham-pegged stablecoin linked to the UAE's status as a global economic hub. Optimist plans for a hard fork. Galxe launched Alpha mainnet. Rabby Wallet's new feature lets you pay gas fees in USDC or USDT now. Telegram's 39-year-old CEO, Pavel Durov, was arrested in France, and TON promptly dropped 21%. Four days later he was free, but still could not leave France. Ton Blockchain had a blackout as the DOGS token airdrop resulted in a network traffic jam. Paypal's PYUSD stablecoin surpassed $1B in market cap. Maker Protocol is now Sky, DAI is now USDS, and the governance token, MKR, is now called Sky( SKY). There are also Sky Token Rewards tokens (STRs) and Sky Savings Rates (SSR) for eligible users.
- NFTs and blockchain games: After introducing a Mini App Store, Telegram CEO praised Hamster Kombat as the fastest-growing game, with 100M monthly users in just 73 days and 4-5M new users daily. Rumour has it that a minimum of **$1000 airdrop is incoming on 28 of September** for this silly Hamster Kombat. We are talking about what they call the largest airdrop in history, with 300M active players, and no venture capital or early investment, check the article about it on the Coinmarket website. Do you wonder how quick the Hamster Kombat token value will drop, after the airdrop? Use the Storm Trade bot on Telegram to exchange tokens if needed. What a number! On Splinterlands, the sixth round of Conflicts airdrop finished, and another Legendary summoner is coming. CryptoPunks and Bored Aped dropped 92% in value from their peak. Opensea got a Wells notice from the SEC, with the ridiculous notion that the NFTs are actually securities. Sad!
- Good news: Kucoin has a brilliant referral program if you are good at this stuff. Grayscale is talking about new crypto ETFs, not limiting themselves to only BTC and ETH ones. MakerDAO is planning to invest $1B in real-world assets, - tokenized US treasury bonds. Circle announced a collab with Apple, and we may see USDC coming to iPhones tap-to-pay soon, first in Australia, Brazil, Canada, Japan, New Zealand, the UK and the US. Metamask will release a debit card after they team up with Baanx and Mastercard. Coinbase offered $3000 to five projects that can successfully make AI using crypto wallets. Sony is diving into blockchain, with its ETH Layer-2, Soneium. Nvidia Q2 numbers: they had roughly $30B in revenue. Magic Eden expanded beyond NFTS, with a new mobile app.
- Bad news: The 3AC liquidators want $1.3B from Terraform Labs. BlackRock just overtook Grayscale in the AUM race for publicly listed crypto products. Gold edges ahead of Bitcoin, BTC struggling to keep up, with 19.8% below its ATH. In the case of Dogecoin investors versus Musk, the judge said that Musk's tweets are aspirational and puffery, not factual, clearing him from price manipulation accusations. The US Treasury withdrew the proposal for KYC requirements on Unhosted crypto wallets (non-custodial). As if this would ever happen! Russia wants to trial supervised usage of crypto for cross-border payments. Abra settled with the SEC over alleged sales of unregistered crypto securities operating as Plutus. Celsius distributed $2.5B to its creditors covering roughly 2/3 of eligible creditors and 93% of the eligible value. Over $1.2B in crypto has been stolen so far in 2024, as Immunefi reported.
- Joke of the week: Strange enough, Kamala Harris's increasing odds may hurt crypto. Meanwhile, we've seen Donald's portfolio, not a bad one, with $3.6M, $1.29M in ETH, 0.98M in wrapped ETH, and $372K in a memecoin called Trog, a frog with a MAGA hat. Typical, isn't it? Why do I mention this? Well, Gen Z and millennials are 40% of all eligible voters, and one out of 4 own crypto, making them the ones to decide the fate of the US elections. Even Elon Musk seems to have a place in Trump'scabinet if Donald wins, and RFK Jr suspended his presidential bid to support Trump.
All the best,
George
Why not...
...have fun and win rewards on my favourite blockchain games (Splinterlands- Hearthstone-like card game) (Mobox - GamiFI NFT platform) (Upland - real-life virtual land) (Holozing - Pokemon-like game)and (Rising Star - Music creators game)
....get ETH while writing on the Publish0x blog, using the Presearch search engine to maximize your income with PRE tokens. Use Torum instead of Twitter. I am also writing for crypto on Grill and Hive.
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