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<p>Let’s get into this week’s crypto digest, where the ghosts of Mt. Gox return, NFTs face their reckoning, and regulators play their game of cat-and-mouse with Binance. Meanwhile, Congress debates the privacy implications of digital dollars. Buckle up; it&#8217;s a rollercoaster of tech, drama, and (decentralized) finance!</p>



<h2 class="wp-block-heading">Déjà Vu with Mt. Gox &amp; The Never-Ending Repayment Drama</h2>



<p>Let&#8217;s kick off this week&#8217;s digest with a story as old as time &#8211; or at least as old as most of your crypto portfolios: the infamous Mt. Gox. You remember them, right? The crypto exchange that turned into a ghost ship, vanishing from our screens nearly a decade ago? Well, the show ain&#8217;t over just yet!</p>



<p>For those of you just tuning in, here&#8217;s a brief rewind. Mt. Gox, once the darling of the crypto world, suffered a minor hiccup (read: <a href="https://www.investopedia.com/terms/m/mt-gox.asp">cataclysmic disaster</a>) in 2014 when it somehow &#8220;misplaced&#8221; a staggering 850,000 BTC. And by &#8220;misplaced,&#8221; I mean they got hacked. Yes, that was a colossal whoopsy daisy worth billions in today&#8217;s dollars, affecting 24,000 of our fellow crypto comrades. Fast forward to 2022, and they’re talking &#8220;<a href="https://cryptotvplus.com/2022/09/bitcoin-mt-gox-updates-repayment-plans/">Restriction Reference Periods</a>&#8221; and all sorts of fancy words. For the uninitiated, that&#8217;s essentially an elegant way of saying, &#8220;Hey, tell us what we owe you and maybe, just maybe, you’ll get your coins back at some point in time.&#8221;</p>



<p>But hold on, folks! The plot thickens.</p>



<p>Mt. Gox has recently taken center stage once more, announcing a change in the repayment deadline. <a href="https://www.mtgox.com/img/pdf/20230921_announcement_en.pdf">The original D-day was slated for October 31, 2023</a>. But in a twist that should surprise exactly no one, they&#8217;ve hit the snooze button on repayments. Now, creditors get to anxiously circle a new date on their calendars: <a href="https://www.mtgox.com/img/pdf/20230921_announcement_en.pdf">October 31, 2024</a>.&nbsp;</p>



<p>The reason for this shift? Well, apparently the Rehab Trustee (that&#8217;s Mt. Gox&#8217;s term for the folks handling the reparations) is struggling to &#8220;<a href="https://cryptotvplus.com/2023/09/mt-gox-makes-repayment-deadline-changes-till-q4-2024/">engage in discussions and share information</a>&#8221; with banks and other entities involved in the repayments. They cited complications in sorting through necessary details with &#8220;banks, fund transfer service providers, and Designated Cryptocurrency Exchanges.&#8221; I mean, it&#8217;s only been almost 10 years – what’s the rush, right?</p>



<p>To their credit (pun intended), Mt. Gox claims that some lucky ducks, ahem, I mean &#8220;rehabilitation creditors,&#8221; who&#8217;ve done their homework and provided the required info might see some repayment by the year&#8217;s end. But when exactly? That’s as nebulous as the real identity of Satoshi Nakamoto. They’ve kept that detail closer to their chest than a whale clutching their private keys.</p>



<p>If you&#8217;re looking to hurl some inquiries their way, Mt. Gox generously offers an incredibly user unfriendly <a href="https://www.mtgox.com/">online &#8220;rehabilitation&#8221; portal</a>. Just a heads up, they&#8217;re swamped with questions, so you’d be lucky to even get an answer by the time BTC hits its millionth block.</p>



<p>In conclusion, Mt. Gox’s repayment saga is a tragedy that just won&#8217;t end. And while the popcorn might be getting stale, one can&#8217;t help but keep watching. Stay tuned for the next dramatic update in&#8230; who knows, another decade? Happy HODLing, folks!</p>



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<h2 class="wp-block-heading">NFT Reality Check: From Market Meltdown to A Fresh Start in South Korea</h2>



<p>Non-fungible tokens, popularly known as NFTs, once painted a dazzling picture for the world of crypto investors. In the 2021/22 bull run, NFTs witnessed an astounding trading volume, raking in nearly $2.8 billion in just August 2021. Their unique nature and integration with various forms of digital art and memorabilia ushered in a new era of digital ownership.</p>


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<figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="498" height="359" src="https://hodl.fm/wp-files/2023/09/dead-pixels-hedera-nft.gif" alt="" class="wp-image-4023"/></figure></div>


<p>But the glitz and glamour of this digital asset didn’t last long. Fast-forward to July 2023, and the weekly traded value has nose-dived to just $80 million. Research from <a href="https://dappgambl.com/nfts/dead-nfts/">dappGambl</a> shows that a shocking 95% of NFT collections now have a market cap of zero ETH, rendering them worthless. This tumble has left around 23 million people with unprofitable investments, but at least they can still enjoy their precious JPEGs as they bought them because they liked them right? Oversaturation and lack of demand for the growing number of NFT collections have played a key role in this downturn. For every success story in the NFT space, numerous other projects are struggling to find takers.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="581" src="https://hodl.fm/wp-files/2023/09/image-8-1024x581.jpg" alt="" class="wp-image-4011" srcset="https://hodl.fm/wp-files/2023/09/image-8-1024x581.jpg 1024w, https://hodl.fm/wp-files/2023/09/image-8-300x170.jpg 300w, https://hodl.fm/wp-files/2023/09/image-8-768x435.jpg 768w, https://hodl.fm/wp-files/2023/09/image-8-340x193.jpg 340w, https://hodl.fm/wp-files/2023/09/image-8-10x6.jpg 10w, https://hodl.fm/wp-files/2023/09/image-8.jpg 1201w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption"><em>May these JPEGs rest in peace</em></figcaption></figure>



<p>Currently, according to Defillama, the total volume of NFT’s being traded dropped to roughly 2000 ETH in the past day, which translates to give or take 3 million USD today.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="837" height="409" src="https://hodl.fm/wp-files/2023/09/image-7.png" alt="Source: Defillama" class="wp-image-4010" srcset="https://hodl.fm/wp-files/2023/09/image-7.png 837w, https://hodl.fm/wp-files/2023/09/image-7-300x147.png 300w, https://hodl.fm/wp-files/2023/09/image-7-768x375.png 768w, https://hodl.fm/wp-files/2023/09/image-7-340x166.png 340w, https://hodl.fm/wp-files/2023/09/image-7-10x5.png 10w" sizes="(max-width: 837px) 100vw, 837px" /><figcaption class="wp-element-caption"><em>Source: </em><a href="https://defillama.com/nfts/marketplaces"><em>Defillama</em></a></figcaption></figure>



<p>Now, speaking of evolution, let’s take a look at South Korea. There’s a shimmering silver lining in the NFT dark clouds courtesy of <a href="https://kpop.fandom.com/wiki/Dreamus">Dreamus</a>, the entertainment tycoon. They&#8217;re bringing a new beat to the NFT game by <a href="https://decrypt.co/198091/south-koreas-dreamus-puts-nft-tickets-avalanche-events-kpop-concerts">rolling out NFT tickets for K-Pop concerts</a>, musicals, and more, all via SK Planet&#8217;s <a href="https://play.google.com/store/apps/details?id=com.skmc.okcashbag.home_google&amp;hl=en_US&amp;gl=US">OK Cashbag loyalty rewards app</a>. Leveraging the <a href="https://www.avax.network/">Avalanche</a> blockchain, these blockchain tickets aim to tackle the bot-infested, scalper-ridden ticketing world. With NFTs, artists can disable resales or cap resale prices.</p>



<p>Adding to this, Ava Labs’ Justin Kim says that blockchain ticketing doesn’t just cut out scalpers but &#8220;improves the overall event experience.&#8221; These aren’t your typical OpenSea-variety NFTs though. They’re stealthy, visible only to buyers and activated on the event day itself.</p>



<p>Dreamus, an ally of big names like Psy and Twice, alongside SK Planet, plans to launch an NFT marketplace later this year. When asked about Korea’s crypto climate, Kim said, “There’s increasingly more adoption at both retail and business levels.”</p>



<p>In conclusion, while the broad NFT landscape seems frosty, there are pockets, especially in Korea, where the digital revolution is heating up. Only time will tell if NFT’s will actually find real world utility. Until then, happy collecting! 🎵🎨🎟️</p>



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<h2 class="wp-block-heading">Binance Claps Back: The SEC Suit &amp; The Saga of Regulatory Whack-a-Mole</h2>



<p>As the cryptocurrency world watched with bated breath, the latest episode in the &#8220;Crypto vs. Regulators&#8221; saga unfolded, featuring our main protagonists &#8211; Binance, its charismatic CEO Changpeng “CZ” Zhao, and the no-nonsense (or perhaps all-nonsense?) SEC.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="512" src="https://hodl.fm/wp-files/2023/09/1-1-min-1024x512.jpg" alt="" class="wp-image-4013" srcset="https://hodl.fm/wp-files/2023/09/1-1-min-1024x512.jpg 1024w, https://hodl.fm/wp-files/2023/09/1-1-min-300x150.jpg 300w, https://hodl.fm/wp-files/2023/09/1-1-min-768x384.jpg 768w, https://hodl.fm/wp-files/2023/09/1-1-min-1536x768.jpg 1536w, https://hodl.fm/wp-files/2023/09/1-1-min-340x170.jpg 340w, https://hodl.fm/wp-files/2023/09/1-1-min-10x5.jpg 10w, https://hodl.fm/wp-files/2023/09/1-1-min-1568x784.jpg 1568w, https://hodl.fm/wp-files/2023/09/1-1-min.jpg 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>In a move straight out of a courtroom drama, Binance and CZ jointly <a href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.118.0.pdf">filed a motion</a> to dismiss the SEC&#8217;s lawsuit against them, effectively telling the regulator, &#8220;You&#8217;re out of your depth here.&#8221; According to their spicy Sept. 21 filing, Binance and Zhao didn&#8217;t just plead innocence; they went on the offensive, claiming the SEC had overstepped its authority. The 60-page document might as well have been titled, &#8220;A Masterclass in Throwing Regulatory Shade.&#8221;</p>



<p>The filing took a jab at the SEC, highlighting its sudden U-turn in the crypto space. Remember the days when the SEC permitted the crypto industry to flourish? CZ sure does. As recently as 2021, SEC Chair Gensler acknowledged the absence of a “regulatory framework” for crypto exchanges under the SEC&#8217;s jurisdiction. But, in a plot twist reminiscent of a daytime soap opera, the SEC had a change of heart in 2022, suddenly deeming nearly all crypto assets as securities under its oversight.</p>



<p>But Binance and CZ weren’t going to take it lying down. They&#8217;ve clapped back, asserting that the SEC is basically making up the rules as they go, attempting to put a regulatory stranglehold on an industry they&#8217;ve previously allowed to flourish. With finesse and a touch of flair, Binance&#8217;s lawyers pointed out that the SEC is pulling some retroactive shenanigans, wanting to punish for actions from as far back as 2017. &#8220;Remember when you guys didn&#8217;t really know or care about crypto?&#8221; Binance&#8217;s motion seemed to jest, &#8220;Well, we do!&#8221;</p>



<p>Another golden nugget in this thrilling crypto drama? The allegation that the SEC was warping securities laws. The filing said, “In attempting to claim regulatory power over the crypto industry, the SEC distorts the text of the securities laws.&#8221; Ouch!</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="636" height="762" src="https://hodl.fm/wp-files/2023/09/image-6.png" alt="" class="wp-image-4009" srcset="https://hodl.fm/wp-files/2023/09/image-6.png 636w, https://hodl.fm/wp-files/2023/09/image-6-250x300.png 250w, https://hodl.fm/wp-files/2023/09/image-6-217x260.png 217w, https://hodl.fm/wp-files/2023/09/image-6-8x10.png 8w" sizes="(max-width: 636px) 100vw, 636px" /></figure>



<p><em>Alright</em>&#8230;.</p>



<p>This isn&#8217;t the first regulatory rodeo for Binance, though. Before the SEC came knocking, the <a href="https://www.reuters.com/technology/binance-ceo-seek-dismissal-cftc-complaint-2023-07-28/#:~:text=The%20CFTC%20sued%20Binance%2C%20Zhao,a%20%22sham%22%20compliance%20program.">CFTC also sued Binance</a>, alleging it failed to register and violated guidelines. Since then, Binance.US has seen trading volumes plunge, and they&#8217;ve bid adieu to a significant chunk of their workforce.</p>



<p>Through the twists and turns, CZ remains steadfast, portraying the role of a CEO defending his empire against the regulatory dark arts. His message is clear: Binance is here to stay. Whether the SEC is the villain or misunderstood protector in this saga, only time will tell.</p>



<h2 class="wp-block-heading">House Committee Thinks Twice About Going Full Digital</h2>



<p>In a move that had cryptocurrency enthusiasts spitting out their morning coffee, the United States House Financial Services Committee took a bold stand against Central Bank Digital Currencies (CBDCs). Enter the “<a href="https://emmer.house.gov/2023/9/emmer-s-cbdc-anti-surveillance-state-act-passes-financial-services-committee#:~:text=The%20CBDC%20Anti%2DSurveillance%20State%20Act%20prevents%20the%20Federal%20Reserve,personal%20financial%20information%20on%20Americans.">CBDC Anti-Surveillance State Act</a>” which, despite its dramatic title, actually has some noble intentions at heart.</p>



<p><a href="https://cointelegraph.com/top-people-in-crypto-and-blockchain-2023/tom-emmer">Tom Emmer</a>, known in the political arena as the Majority Whip of the House, is championing this act. Emmer, who may even have a sixth sense for tech foresight, has concerns that are quite endearing. Picture this: a digital dollar system that respects the privacy of its users and doesn&#8217;t snoop into every digital transaction. Emmer’s stance? Let&#8217;s ensure our future digital buck doesn&#8217;t watch us more than our pet cats do when we&#8217;re trying to work from home.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="512" src="https://hodl.fm/wp-files/2023/09/2-1-min-1024x512.jpg" alt="" class="wp-image-4014" srcset="https://hodl.fm/wp-files/2023/09/2-1-min-1024x512.jpg 1024w, https://hodl.fm/wp-files/2023/09/2-1-min-300x150.jpg 300w, https://hodl.fm/wp-files/2023/09/2-1-min-768x384.jpg 768w, https://hodl.fm/wp-files/2023/09/2-1-min-1536x768.jpg 1536w, https://hodl.fm/wp-files/2023/09/2-1-min-340x170.jpg 340w, https://hodl.fm/wp-files/2023/09/2-1-min-10x5.jpg 10w, https://hodl.fm/wp-files/2023/09/2-1-min-1568x784.jpg 1568w, https://hodl.fm/wp-files/2023/09/2-1-min.jpg 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>But it&#8217;s not all rubber stamps and agreement nods in the House of Representatives. There’s still room for discussion, debate, and perhaps a spirited meme or two. This is democracy, after all!</p>



<p>Amidst this drama, the whirlwind romance (or perhaps more of a dramatic triangle) involving the US, the SEC, and the CFTC is making tech giants like Coinbase flirt with the idea of swiping right on other nations. Love and blockchain, always complicated, right?</p>



<p>Closing his act, Emmer took the stage to rally support for his bill, name-dropping the Chinese Communist Party and hinting that CBDCs might just be the next reality show&#8217;s surveillance cameras. With a cliffhanger awaiting the bill&#8217;s fate in Congress, we&#8217;re all on the edge of our seats, awaiting the next episode in this digital drama.</p>



<h3 class="wp-block-heading">Conclusion</h3>



<p>It&#8217;s evident that as the crypto frontier expands, both old specters and new regulators seek control of the narrative. From Mt. Gox&#8217;s endless dance to Binance&#8217;s battle for legitimacy, the push-pull dynamic reflects the industry&#8217;s growing pains. As we observe South Korea&#8217;s innovative strides and Congress&#8217;s hesitations, one must wonder: will the crypto world ever shake its Wild West reputation, or is this chaos the very essence of its allure?</p>


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Mt. Gox nostalgia, The state of NFT’s, Binance smackdown and the US Committee against CBDC’s


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<p>Welcome, Hodlers, to our weekly crypto digest! Get ready to join us as we dive into the crypto universe and unveil the latest happenings.  This week’s edition is packed with thrilling stories from the world of cryptocurrencies.</p>



<p>We&#8217;ll delve into the Grammy Awards&#8217; take on AI-generated music, witness the transformation at Binance.US, Polygon&#8217;s billion-dollar investment to supercharge Ethereum, and unravel the drama of Bitcoin&#8217;s recent dive and the altcoin dance, all while keeping an eye on FTX&#8217;s mega sale.</p>



<p>&nbsp;So, grab your virtual popcorn and cotton candy ready as we go into details of what&#8217;s been up in the crypto space.</p>



<h2 class="wp-block-heading">Mason Kicks AI vocals in the Butt. Grammy Eligibility and the &#8216;Non-Human&#8217; Controversy</h2>



<p>Harvey Mason Jr., the top dog at the Recording Academy, has set the record straight about the AI-generated Drake song that sent the music world spinning. In a<a href="https://www.instagram.com/reel/Cw6xctbOH79/"> video</a> that dropped on Instagram, he made it crystal clear <a href="https://cointelegraph.com/news/grammy-ceo-ai-drake-song-ineligible-for-award">that the AI-generated track is ineligible for awards</a>.</p>



<p>Mason Jr. didn&#8217;t beat around the bush; he pointed out that the vocals in the AI extravaganza were about as legally obtained as a cat&#8217;s attempt at ballet. No clearance from the label or Drake himself, and to top it off, it&#8217;s as commercially available as a snow cone in December. That&#8217;s right, it vanished from major streaming platforms like a magician&#8217;s rabbit.</p>



<p>Wait! That’s not all, the CEO acknowledged the AI uprising in the music industry and set some Grammy ground rules: the music must have a human touch. That means a human artist, not a &#8220;human creator,&#8221; must perform the vocals.</p>



<p>In case you thought the Recording Academy had gone all &#8216;Terminator,&#8217; Mason Jr. made it crystal clear that they&#8217;re all about humans. Their mission? To support, represent, and probably dance awkwardly at human artists&#8217; events.</p>



<p>Since we are in the world of AI-generated tunes, where robots dream of being rockstars, Mason Jr.&#8217;s message is as clear as a glass harmonica: The Grammys are all about celebrating human creativity. As AI takes over the world, don&#8217;t forget to clap for those flesh-and-blood musicians.</p>



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<h2 class="wp-block-heading">Binance.US CEO Bids Adieu Amid Workforce Whittling</h2>



<p>Well, well, it seems like the crypto rollercoaster just hit a loop-de-loop! Binance.US, the big player in the cryptocurrency scene, is having a bit of a makeover party. <a href="https://www.linkedin.com/safety/go?url=https%3A%2F%2Fwww.coindesk.com%2Fbusiness%2F2023%2F09%2F13%2Fbinanceus-ceo-has-left-crypto-exchange-cuts-13-of-workforce%2F&amp;trk=flagship-messaging-web&amp;messageThreadUrn=urn%3Ali%3AmessagingThread%3A2-ZGU1NDMxYTYtOTEyZC00ODE5LWJiOTYtNGQxOGU0MjFlNzE1XzAxMg%3D%3D&amp;lipi=urn%3Ali%3Apage%3Amessaging_thread%3Bb858e890-0d05-4b22-95bd-fd7d02e00045">Brian Shroder, the CEO has decided to wave goodbye, and the company has gone all Marie Kondo by decluttering one-third of its workforce</a>.</p>



<p>In the red corner, we&#8217;ve got Binance.US, been dealing with more legal drama than a courtroom reality show. Remember that time in June when the SEC dropped the regulatory hammer on Binance.US, accusing them of breaking securities laws? Yeah, that&#8217;s when things got seriously spicy for these crypto firms. It&#8217;s like they&#8217;re in a reality TV show with regulators as the stern judges.</p>



<p>Now, what&#8217;s their grand plan to survive this crypto tornado? Binance.US has decided to go all-in on cryptocurrencies. They&#8217;ve decided to narrow their focus exclusively to cryptocurrency trading, hoping that this exclusive focus will secure their financial future. It&#8217;s like they&#8217;ve decided to become the James Bond of crypto exchanges – shaken, not stirred.</p>



<p>About the big guy Shroder leaving Binance, some might see it as a plot twist, but I say it&#8217;s like leaving a sinking ship to swim for safer waters. Smart move or a dramatic exit? You be the judge.</p>



<h2 class="wp-block-heading">Polygon Splurges $1 Billion on ZK Tech: Ethereum Scalability Gets a New Superhero!</h2>



<p>The blockchain world has witnessed a financial feat worthy of a superhero movie. Over the week, Polygon, the Robin Hood of Ethereum scaling, <a href="https://polygon.technology/blog/robinhood-launches-deposits-and-withdrawals-for-matic-on-the-polygon-network">threw a jaw-dropping $1 billion into the fiery pit of zero-knowledge proof (ZK) technology</a>. This is like buying a Bugatti to deal with city traffic, but hey, it&#8217;s crypto – anything goe<em>s</em>!</p>



<p>Sandeep Nailwal, Polygon&#8217;s co-founder, unveiled this massive investment at the Token2049 conference in Singapore. They&#8217;re cooking up &#8220;Polygon 2.0&#8221; like it&#8217;s the secret sauce to rule all blockchains.</p>



<p>Nailwal decided to take us all on a wild philosophical journey, comparing Web2 to Web3. He said Web2 is like the grand buffet of information, serving limitless data faster than you can say &#8220;Google it.&#8221; Meanwhile, Web3, the &#8220;internet of value,&#8221; is like trying to share a slice of pizza with 100 – That’s gonna be some magic!</p>



<p>To make this magic happen, Polygon plans to create an interoperability layer –This layer will conduct ZK-proofs from different chains and blend them into a symphony of blockchain harmony. Just like getting cats to sing in a choir &#8211; theoretically possible, but no one&#8217;s seen it happen yet!</p>



<p>The secret sauce? Recursive ZK-proof tech! This will let chains submit ZK-proofs to the Ethereum network, speeding up cross-chain transactions so fast, that it&#8217;ll feel like teleportation.</p>



<p>Nailwal even believes these transactions will be quicker than a hiccup – four to five seconds! Polygon&#8217;s zkEVM, their speedy star, is already serving up faster and cheaper smart contracts than Ethereum&#8217;s layer 1.</p>



<p>So, with this huge investment, Polygon aims to reshape Ethereum&#8217;s scalability, making it the superhero of the blockchain world. So, be ready! – the crypto cinema has a new action-packed blockbuster in town! Can’t wait to watch it!<br>Bitcoin&#8217;s Dramatic Dive and Altcoin Dance Amid FTX&#8217;s Mega Sale</p>



<p>Talking about Bitcoin and altcoins, Bitcoin recently stole <a href="https://cryptonewsbtc.org/2023/09/12/mooners-and-shakers-bitcoin-dips-near-25k-as-ftx-rears-its-ugly-head-and-solana-struggles/">the spotlight with a dramatic dip dive below $25K</a>, while altcoins felt like they were stuffed in a clown car.</p>



<p>Bitcoin took a heart-pounding nosedive, dropping over 2% and briefly flirting with $24,963. It did recover a bit though, now at $26,441.</p>



<p>Ether joined the show with a 3.2% drop, landing gracefully at $1,560. Quite the scene-stealer! But the real jokers? Altcoins! They crammed into that clown car.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="512" src="https://hodl.fm/wp-files/2023/09/digest-22_2-min-1024x512.jpg" alt="" class="wp-image-3873" srcset="https://hodl.fm/wp-files/2023/09/digest-22_2-min-1024x512.jpg 1024w, https://hodl.fm/wp-files/2023/09/digest-22_2-min-300x150.jpg 300w, https://hodl.fm/wp-files/2023/09/digest-22_2-min-768x384.jpg 768w, https://hodl.fm/wp-files/2023/09/digest-22_2-min-1536x768.jpg 1536w, https://hodl.fm/wp-files/2023/09/digest-22_2-min-340x170.jpg 340w, https://hodl.fm/wp-files/2023/09/digest-22_2-min-10x5.jpg 10w, https://hodl.fm/wp-files/2023/09/digest-22_2-min-1568x784.jpg 1568w, https://hodl.fm/wp-files/2023/09/digest-22_2-min.jpg 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>Solana led the parade with an 8% drop – it&#8217;s like SOL decided to be a stand-up comedian without punchlines! Other altcoins, Toncoin and Arbitrum, followed suit with 5% losses. Ripple&#8217;s XRP? It&#8217;s dancing the crypto cha-cha with a 5% setback, searching for its rhythm.</p>



<p><strong><em>So, what&#8217;s causing these hiccups, you ask?</em></strong></p>



<p>Well, it’s the FTX crypto exchange. They&#8217;re considering a crypto garage sale, and the crowd can&#8217;t stop whispering about it. A Singapore-based crypto fortune teller <a href="https://azcoinnews.com/solana-sol-faces-uncertainty-amidst-impending-ftx-creditor-sales-matrixport-analyst.html">Matrixport</a>, predicts an &#8220;altcoin crash&#8221; as FTX preps for its token garage sale. They say SOLs are under the most pressure – FTX <a href="https://www.coindesk.com/policy/2023/09/11/ftx-holds-116b-in-sol-200m-in-bahamas-real-estate-court-filing-says/">holds</a> over 16% of its supply, that’s a whopping $1.16 billion worth. It&#8217;s like putting all your crypto eggs in one dazzling basket!</p>



<p>Matrixport predicts a groovy altcoin decline party for the rest of the year because of FTX’s garage sale. SOL&#8217;s fancy moves, from $19 to $15, and maybe even $10, are like watching a tightrope walker doing the limbo.</p>



<p><a href="https://azcoinnews.com/solana-sol-faces-uncertainty-amidst-impending-ftx-creditor-sales-matrixport-analyst.html"><img decoding="async" loading="lazy" src="https://lh6.googleusercontent.com/eE2Q0_pCuBhJ9YMBsQyPTWGaETvQoSA80r4wF6MmMwKNb-iA_msTP3YDaYUBRBHLyQHz6SZgGJMnFWEK5078MJsex9Z5I2LoHm_x_vxcSrDd8m717KTDdCl9FnlYsIMrjvo7KO_RTDp3YR27DGeoBCM" width="602" height="341"></a></p>



<p><br><a href="https://azcoinnews.com/solana-sol-faces-uncertainty-amidst-impending-ftx-creditor-sales-matrixport-analyst.html"></a>As for ETH, it&#8217;s doing the crypto twist due to its revenue growth, and a dip below $1,500 might make it even bust a move down to $1,000.</p>



<p>Markus Thielen, Matrixport’s crypto guru, suggests it&#8217;s time for new altcoin superheroes to rise. But for now, keeping Bitcoin as the star of the crypto show seems like the wisest move.</p>



<h3 class="wp-block-heading">Conclusion</h3>



<p>As we conclude this week&#8217;s digest, let’s take a step back to reflect on the wild ride we&#8217;ve had in the crypto world. From the Grammy&#8217;s stance on AI music to the departure of Binance.US&#8217;s CEO, Polygon&#8217;s billion-dollar investment in Ethereum, and Bitcoin&#8217;s thrilling plunge with altcoins in tow, it&#8217;s been a rollercoaster journey.</p>



<p>Remember to safeguard your crypto assets diligently and maintain a watchful eye on your crypto assets in the ever-evolving crypto markets. Until next time, hodl onto your crypto gear and enjoy the thrilling market ride!</p>


digest-22-min

Mason Discards AI vocals, Binance.US CEO Bids Adieu, Ethereum Gets a New Superhero and Bitcoin, Altcoins Took a Dive


<p>Welcome to this week&#8217;s edition of Digest, delivered to you by Hodl.fm! This week, we are delving deep into the heart of today&#8217;s most pressing and intriguing crypto and blockchain news stories. No need for delay, so let’s dive in!</p>



<h2 class="wp-block-heading">Grayscale to SEC: &#8220;Let&#8217;s Talk Bitcoin ETF&#8221;</h2>



<p>Just when you thought the news around Bitcoin EFTs couldn&#8217;t get any spicier, Grayscale decided to turn up the heat. Remember last week when we talked about <a href="https://hodl.fm/digest-20/">Grayscale winning their court battle over the Bitcoin ETF drama?</a> Well, they&#8217;re back at it.</p>



<p>For those who missed the memo, Grayscale is a giant in the digital currency investment space, holding the reigns of one of the largest Bitcoin funds out there.</p>



<p>Grayscale basically called the SEC and said, &#8220;Remember that time you denied our Bitcoin ETF conversion? Well, the Appeals Court sure does!&#8221; On September 5, Grayscale’s legal squad dropped a letter on the SEC&#8217;s desk, essentially asking: &#8220;What&#8217;s the holdup, sirs?&#8221;</p>



<p>Drawing attention to the recent court ruling that swayed in Grayscale&#8217;s favor, they pointed out a little fact: there&#8217;s no legal basis left for the SEC to block their Bitcoin ETF conversion. Grayscale’s lawyers wrote, &#8220;Now that the Court of Appeals has spoken, there is no available rationale&#8230;&#8221; You get the gist. &#8220;Why the delay, SEC? Put your game face on and let&#8217;s get this conversion going!&#8221;</p>



<p>Speaking of delay, Grayscale dropped another truth bomb – pointing out that their fund conversion application has been chilling in the pending tray for nearly three times longer than the SEC’s own rules allow. Someone get the SEC a calendar!</p>



<p>And if all this wasn&#8217;t enough to get the SEC&#8217;s attention, Joseph A. Hall, wrapped it all up with: &#8220;We believe the Trust’s nearly one million investors deserve this fair playing field as quickly as possible.”</p>



<p>Since that court ruling, the GBTC discount has done a U-turn from nearing a negative 50% to settling at a slightly more respectable 19.9%. Here&#8217;s to hoping the SEC gets the memo and we see some ETF action soon.&nbsp;</p>



<h2 class="wp-block-heading">From Fed Governor to Vice Chair: Philip Jefferson</h2>


<div class="wp-block-image">
<figure class="aligncenter is-resized"><img decoding="async" loading="lazy" src="https://lh3.googleusercontent.com/bPjytKMXRd-ue33OkfUxPQ-zEGn9Pr7PrMwthOxuVCrhhnSd1wkghFuAx9jdMjWBpU1Ws5dRP6rTcCNClR8XaOEBRvWmk38Z8LBGnNjx3Pb96_BkL4C-twsbYpqNR3rmIuuvvYi_q455klntZms27K4" alt="" style="width:490px;height:257px" width="490" height="257"/><figcaption class="wp-element-caption">Source: <a href="https://talkbusiness.net/2022/08/fed-governor-banks-looking-to-get-into-crypto/">talkbusiness.net</a></figcaption></figure></div>


<p>Let&#8217;s talk about our man of the hour, Philip Jefferson. Serving as a Fed governor since 2022, Jefferson is no stranger to the workings of the Fed. This week, <a href="https://www.investopedia.com/philip-jefferson-7548816">he secured a new title, as the U.S. Senate confirmed him as the Federal Reserve&#8217;s vice chair. </a>Taking the helm alongside Chair Jerome Powell, Jefferson is now set to shape monetary policy until 2036. The Senate&#8217;s stamp of approval came through a confident 88-10 vote on September 6.</p>



<p>What of it? Well, who sits where at the Fed can influence everything from your savings interest rate to how the country feels about blockchain. Jefferson&#8217;s appointment is only part of the changing face of the Fed. Lael Brainard, the predecessor to this vice chair role, resigned back in February. The Senate also has its eyes set on other key positions. Names like Fed Governor Lisa Cook and former U.S. Department of Labor Chief Economist, Adriana Kugler, are floating around for potential long-term roles, both potentially serving until 2037.</p>



<p>With cryptocurrencies pushing boundaries and making waves in traditional financial sectors, it’s essential to watch these changes at the Fed. Even if the central bank isn&#8217;t diving into the digital dollar pool right now, the evolving leadership will be crucial in determining future policies. And when you have 2024 presidential hopeful Ron DeSantis ready to bar the central bank from issuing digital currencies, the plot thickens.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://hodl.fm/wp-files/2023/09/107010704-16439010242022-02-03t150926z_971639849_rc2ecs9ho54w_rtrmadp_0_usa-fed-nomination-hearing-1024x683.jpeg" alt="" class="wp-image-3791" style="width:531px;height:354px" width="531" height="354" srcset="https://hodl.fm/wp-files/2023/09/107010704-16439010242022-02-03t150926z_971639849_rc2ecs9ho54w_rtrmadp_0_usa-fed-nomination-hearing-1024x683.jpeg 1024w, https://hodl.fm/wp-files/2023/09/107010704-16439010242022-02-03t150926z_971639849_rc2ecs9ho54w_rtrmadp_0_usa-fed-nomination-hearing-300x200.jpeg 300w, https://hodl.fm/wp-files/2023/09/107010704-16439010242022-02-03t150926z_971639849_rc2ecs9ho54w_rtrmadp_0_usa-fed-nomination-hearing-768x512.jpeg 768w, https://hodl.fm/wp-files/2023/09/107010704-16439010242022-02-03t150926z_971639849_rc2ecs9ho54w_rtrmadp_0_usa-fed-nomination-hearing-1536x1024.jpeg 1536w, https://hodl.fm/wp-files/2023/09/107010704-16439010242022-02-03t150926z_971639849_rc2ecs9ho54w_rtrmadp_0_usa-fed-nomination-hearing-2048x1365.jpeg 2048w, https://hodl.fm/wp-files/2023/09/107010704-16439010242022-02-03t150926z_971639849_rc2ecs9ho54w_rtrmadp_0_usa-fed-nomination-hearing-816x544.jpeg 816w" sizes="(max-width: 531px) 100vw, 531px" /><figcaption class="wp-element-caption">Source: <a href="https://www.cnbc.com/2023/05/12/fed-governor-philip-jefferson-named-as-new-vice-chair-to-succeed-lael-brainard.html">CNBC</a></figcaption></figure></div>


<p>In a nutshell, as Chair Jerome Powell navigates his term till 2028 <a href="https://www.binance.com/en/feed/post/679197">with opinions on stablecoins</a> and interest rate hikes, Jefferson’s ascent is another chapter in this ever-evolving financial narrative. Worth keeping an eye on.</p>



<h2 class="wp-block-heading">China’s Love-Hate Relationship with Crypto</h2>



<p>If we were to draw an analogy between crypto and relationships, China&#8217;s stance on crypto would be the equivalent of &#8216;it&#8217;s complicated&#8217; status on a social media profile. Meanwhile, we, the curious guys closely following the outcome of this relationship, would be stalking them the best way we can, and that’s exactly what we’ve been doing.</p>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img decoding="async" loading="lazy" src="https://hodl.fm/wp-files/2023/09/image-4.png" alt="" class="wp-image-3789" style="width:258px;height:292px" width="258" height="292" srcset="https://hodl.fm/wp-files/2023/09/image-4.png 360w, https://hodl.fm/wp-files/2023/09/image-4-265x300.png 265w" sizes="(max-width: 258px) 100vw, 258px" /></figure></div>


<p>Starting from the top, let&#8217;s dive into the latest developments from China. Chinese courts, in what can be seen as a plot twist, <a href="https://www.odaily.news/newsflash/334415">have now recognized cryptocurrencies as legal property. </a>That’s right, <a href="https://www.bbc.com/news/technology-58678907">in a country where crypto trading and mining are banned</a>, digital assets now have a recognized legal status. This came through a report from the People’s Court in China, which, in essence, says:<strong> &#8220;While you can&#8217;t really trade or mine crypto, if you do have some, it&#8217;s protected as your property.&#8221;</strong></p>



<p>But let’s hodl our horses before thinking China’s warming up to crypto, there’s a dark cloud on the horizon. The nation isn&#8217;t just sticking to its 2021 ban on crypto trading and mining. It&#8217;s also meting out harsh punishments to those found violating its regulations. A former Communist Party official has just received a life sentence for taking bribes connected to supporting crypto mining operations. <a href="https://finance.yahoo.com/news/crypto-mining-chinese-official-given-093000772.html#:~:text=Xiao%20Yi%2C%20a%20former%20senior,power%2C%20a%20local%20court%20ruled.">Xiao Yi, the official in question</a>, supposedly helped companies mask their mining activities by posing as data analytics businesses.</p>



<p>Yet, amidst this crackdown, China&#8217;s People&#8217;s Court has delivered another unexpected angle. The court suggests that crypto holdings shouldn&#8217;t be seized and that digital asset-related crimes should have distinct treatment compared to traditional property infractions.</p>



<p>As for Hong Kong, it’s straying from Beijing’s playbook, with the region moving towards a more crypto-friendly stance by licensing crypto exchanges. This has led to speculation. If Hong Kong’s crypto experimentation turns out to be a success, could this influence the broader policy in mainland China?</p>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img decoding="async" loading="lazy" src="https://hodl.fm/wp-files/2023/09/image-5.png" alt="" class="wp-image-3790" style="width:340px;height:374px" width="340" height="374" srcset="https://hodl.fm/wp-files/2023/09/image-5.png 582w, https://hodl.fm/wp-files/2023/09/image-5-273x300.png 273w" sizes="(max-width: 340px) 100vw, 340px" /></figure></div>


<p>The intrigue continues, and for those of you keeping score at home: China&#8217;s relationship with crypto remains as complex and multi-layered as always. Stay tuned for the next twist in this love-hate (mostly hate) relationship.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="512" src="https://hodl.fm/wp-files/2023/09/digest-21-min-1024x512.jpg" alt="" class="wp-image-3785" srcset="https://hodl.fm/wp-files/2023/09/digest-21-min-1024x512.jpg 1024w, https://hodl.fm/wp-files/2023/09/digest-21-min-300x150.jpg 300w, https://hodl.fm/wp-files/2023/09/digest-21-min-768x384.jpg 768w, https://hodl.fm/wp-files/2023/09/digest-21-min-1536x768.jpg 1536w, https://hodl.fm/wp-files/2023/09/digest-21-min-816x408.jpg 816w, https://hodl.fm/wp-files/2023/09/digest-21-min-400x200.jpg 400w, https://hodl.fm/wp-files/2023/09/digest-21-min.jpg 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 class="wp-block-heading">Paris Hilton and a16z Spark a New Battlefront in AI Copyright Wars</h2>



<p>Story Protocol, a tech firm from the hills of San Francisco,<a href="https://www.bnnbloomberg.ca/andreessen-horowitz-paris-hilton-back-blockchain-firm-working-on-fix-for-ai-mashups-1.1967584"> just secured a hefty sum of $54 million</a>, and leading this funding crusade are venture capital giant Andreessen Horowitz and Paris Hilton&#8217;s 11:11 Media.</p>



<p>The fight against AI-generated copyright infringements continues with the alliance of Andreessen Horowitz (a16z), Samsung, and Hilton&#8217;s venture, investing in the new-age blockchain-based IP ownership platform, Story Protocol.</p>



<p>Closing a $54-million funding round on Sept. 7, Story Protocol attracted investments from several industry heavyweights. With the rapid evolution of generative AI and its increasing tendency to &#8220;remix&#8221; content, the platform aims to stand as a bulwark against the tidal wave of AI-facilitated fakes. Utilizing blockchain technology, it aims to be an IP ownership repository for content spanning text, images, and audio. Co-founder Seung-yoon Lee elaborated on the imminent explosion of AI remixes, predicting a significant rise in the next couple of years. “In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution,” he added.&nbsp;</p>



<h2 class="wp-block-heading">Final Words</h2>



<p>That&#8217;s a wrap for this edition! As always, we remain your vigilant observers, bringing you updates from the frontlines. Until our next rendezvous, stay curious, stay informed, and keep hodling!</p>


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digest 21_2-min

Paris Hilton, China & Crypto, AI Battles, and Fed Moves


<h2 class="wp-block-heading">Introduction: Navigating the High-Stakes World of Crypto Developments</h2>



<p>In the volatile markets for cryptocurrencies, this week sets a new high for both thrills and fears. Significant shifts in regulatory landscapes, the audacity of financial innovations crossing borders, secretive mammoth transactions, and the rise of meme coins have all conspired to make this week a labyrinth of interconnected stories that could dramatically influence the cryptosphere. As we take this wild ride together, this comprehensive digest aims to guide you through the four monumental developments that are poised to redefine our understanding and handling of digital assets.</p>



<h2 class="wp-block-heading">Grayscale&#8217;s SEC Triumph: A Significant Win in the Acceptance of Cryptocurrencies</h2>



<p>Raise a glass, cue the fireworks, and let the memes roll: Grayscale, the crypto asset management&#8217;s answer to a rock star, didn&#8217;t just <a href="https://hodl.fm/grayscale-wins-lawsuit-against-sec/">edge out the SEC; they scored a resounding victory</a>. Imagine Rocky and Apollo Creed, but with more blockchains and fewer boxing gloves. This news set Bitcoin on a celebratory moonwalk, <a href="https://beincrypto.com/analysts-bitcoin-accumulation-period-2024-rally/">gyrating up by a cool $2,000. </a>Mainstream finance didn&#8217;t just give crypto a nod; it offered a full-fledged standing ovation.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://hodl.fm/wp-files/2023/09/image-1-1-1024x742.jpg" alt="" class="wp-image-3714" style="width:557px;height:404px" width="557" height="404" srcset="https://hodl.fm/wp-files/2023/09/image-1-1-1024x742.jpg 1024w, https://hodl.fm/wp-files/2023/09/image-1-1-300x217.jpg 300w, https://hodl.fm/wp-files/2023/09/image-1-1-768x556.jpg 768w, https://hodl.fm/wp-files/2023/09/image-1-1-816x591.jpg 816w, https://hodl.fm/wp-files/2023/09/image-1-1.jpg 1200w" sizes="(max-width: 557px) 100vw, 557px" /></figure></div>


<p>But don’t roll the credits just yet. This victory resembles the first chapter of a story that promises to have as many twists and turns as a Bitcoin transaction.The collective euphoria we&#8217;re experiencing? It’s the overture, not the grand finale.</p>



<p>Why? Because the crypto space is still a caffeinated squirrel in a volatility circus. Prices might be making leaps worthy of an Olympic gymnast, but they take tumbles just as dramatically. Regulatory approval may be a victory lap, but volatility is hiding in the shadows, plotting its next chaotic spin.</p>



<p>Security is another subplot that refuses to fade into the background. Crypto wallets may be Fort Knox in theory, but hackers have proven they can be Danny Ocean in practice. Until the industry can nail down cybersecurity, it’s like winning the lottery while juggling chainsaws—thrilling but risky.</p>



<p>And let’s not forget the impending drama of central bank digital currencies (CBDCs). When they enter stage right, it’ll be like adding a love triangle to an already complicated relationship. CBDCs have the potential to bring attention to that crypto thought it had all to itself, leading to a fascinating duel for public affection.</p>



<p>So here&#8217;s the takeaway: Grayscale&#8217;s triumph over the SEC is an epic first act in a much longer narrative. There are still plenty of political intrigue, technological prowess, and good ol&#8217; public feeling scenarios to come. It&#8217;s not intermission; it’s the moment you realize you’re hooked, and you can’t wait to see what happens next.</p>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img decoding="async" loading="lazy" src="https://hodl.fm/wp-files/2023/09/image-2.jpg" alt="" class="wp-image-3716" style="width:429px;height:429px" width="429" height="429" srcset="https://hodl.fm/wp-files/2023/09/image-2.jpg 900w, https://hodl.fm/wp-files/2023/09/image-2-300x300.jpg 300w, https://hodl.fm/wp-files/2023/09/image-2-150x150.jpg 150w, https://hodl.fm/wp-files/2023/09/image-2-768x768.jpg 768w, https://hodl.fm/wp-files/2023/09/image-2-88x88.jpg 88w, https://hodl.fm/wp-files/2023/09/image-2-816x816.jpg 816w" sizes="(max-width: 429px) 100vw, 429px" /></figure></div>


<h2 class="wp-block-heading">Binance’s South American Saga: The Dual Face of Risk and Opportunity</h2>



<p>Pop the corks, señoras and señores! Binance, the 800-pound gorilla of crypto exchanges, has gone full conquistador and <a href="https://beincrypto.com/binance-latin-america-send-cash/">planted its flag on South American soil</a>. Launching its new &#8220;Send Cash&#8221; service across a medley of nations—from tango-loving Argentina to samba-grooving Shooting tequila in Brazil This action by Mexico is quite daring.. The company is stepping into this new arena while still nursing its wounds from regulatory scuffles and a high-profile breakup with Mastercard. That would be stunning yet dangerous, like trying to salsa dance soon after a marathon.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="512" src="https://hodl.fm/wp-files/2023/09/digest-20_2-min-1024x512.jpg" alt="" class="wp-image-3756" srcset="https://hodl.fm/wp-files/2023/09/digest-20_2-min-1024x512.jpg 1024w, https://hodl.fm/wp-files/2023/09/digest-20_2-min-300x150.jpg 300w, https://hodl.fm/wp-files/2023/09/digest-20_2-min-768x384.jpg 768w, https://hodl.fm/wp-files/2023/09/digest-20_2-min-1536x768.jpg 1536w, https://hodl.fm/wp-files/2023/09/digest-20_2-min-816x408.jpg 816w, https://hodl.fm/wp-files/2023/09/digest-20_2-min-400x200.jpg 400w, https://hodl.fm/wp-files/2023/09/digest-20_2-min.jpg 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>Now, let&#8217;s not kid ourselves. South America isn’t just a new market; it&#8217;s a petri dish where crypto could flourish like bacteria on a middle schooler’s smartphone. High inflation rates and turbulent financial waters make cryptocurrencies look like lifeboats to a sinking ship. But let&#8217;s not throw a fiesta just yet. Navigating through inconsistent and murky legal frameworks is not for the faint of heart, even for a Goliath like Binance. This game requires a level of expertise comparable to playing Jenga on a roller coaster. Regulatory scrutiny in Latin America could turn Binance&#8217;s daring leap into either a Swan Lake-esque graceful landing or a belly flop heard around the digital world.</p>



<p>The coming months will be the ultimate litmus test for Binance. It&#8217;s a choose-your-own-adventure tale where the decisions made today could be heralded as a masterstroke or lambasted as an ego trip that would make Icarus say, &#8220;Dude, too much.&#8221; The stakes couldn&#8217;t be higher in this pulse-pounding saga that will either cement Binance’s legacy as a pioneer or relegate it to a cautionary tale in the annals of crypto history.</p>



<p>In a nutshell, Binance&#8217;s South American chapter is shaping up to be a high-stakes gamble in a region that embodies the very definition of risk and opportunity. With rhythms as mixed as its regulatory frameworks, will Binance end up dancing the cha-cha-cha or tripping over its own two feet? Grab your sombreros and stay tuned; this Latin drama is far from its final act.</p>



<h2 class="wp-block-heading">Bitcoin&#8217;s Mysterious Movements: The Unseen Influence of Whales</h2>



<p>Hold onto your life vests, crypto-aficionados! <a href="https://www.coindesk.com/markets/2023/08/30/crypto-exchanges-saw-inflows-of-30k-bitcoin-prior-to-grayscales-sec-victory/">Right before Grayscale socked it to the SEC, almost 30,000 BTC</a> swam en masse into centralized exchanges. Imagine this</p>



<p>&nbsp;like synchronized swimming, but instead of nose clips and floral caps, it&#8217;s servers and cold storage. Crypto-sleuths are honing their harpoons and pointing to possible insider trading in response to this eyebrow-raising tide.</p>



<p>These weren&#8217;t just any ordinary transactions; they were leaning heavily on derivatives trading platforms as if the whales knew where the good plankton was.</p>



<p>Now, whether you view this as the growing pains of a toddler market or as a serious Achilles’ heel threatening to <a href="https://hodl.fm/sec-bitcoin-boost/">trip up Bitcoin like clumsy shoelaces</a>, it&#8217;s a cautionary tale that rivals Aesop. For every Joe and Jane buying a fractional piece of the Bitcoin pie, there’s a whale out there with enough influence to shift the currents. Let’s face it, while you’re paddling in your inflatable rubber ducky, these whales are out there in yachts the size of aircraft carriers.</p>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img decoding="async" loading="lazy" src="https://hodl.fm/wp-files/2023/09/image-2.png" alt="" class="wp-image-3717" style="width:344px;height:429px" width="344" height="429"/></figure></div>


<p>Is this a youthful indiscretion of a market still wearing diapers? Or is it an ugly mole that Bitcoin should get checked out ASAP? Whatever your take, it’s like a flashing neon sign in the fog, warning retail investors that they&#8217;re not just sailing on a calm lake; they&#8217;re navigating the Bermuda Triangle, where larger forces can swallow you whole without so much as a burp.</p>



<p>Behind Bitcoin&#8217;s popular tags—decentralized, anonymous, libertarian—are dynamics as complex as a telenovela plot. Whales might be wearing digital masks, but their moves can be as seismic as a cliffhanger in a season finale. You may not always see the whale, but like an underwater tremor far from shore, it can still whip up a tsunami that reaches your tranquil beach.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="512" src="https://hodl.fm/wp-files/2023/09/digest-20_3-min-1024x512.jpg" alt="" class="wp-image-3757" srcset="https://hodl.fm/wp-files/2023/09/digest-20_3-min-1024x512.jpg 1024w, https://hodl.fm/wp-files/2023/09/digest-20_3-min-300x150.jpg 300w, https://hodl.fm/wp-files/2023/09/digest-20_3-min-768x384.jpg 768w, https://hodl.fm/wp-files/2023/09/digest-20_3-min-1536x768.jpg 1536w, https://hodl.fm/wp-files/2023/09/digest-20_3-min-816x408.jpg 816w, https://hodl.fm/wp-files/2023/09/digest-20_3-min-400x200.jpg 400w, https://hodl.fm/wp-files/2023/09/digest-20_3-min.jpg 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 class="wp-block-heading">The Rise of SHIB: An Underdog Story in the Crypto World</h2>



<p>Hold onto your leashes, folks! When Shiba Inu (SHIB) relaunched its snazzy Layer 2 network, Shibarium, even Wall Street&#8217;s stiffest suits choked on their espressos. Once cast aside as the jesting jester of the crypto realm, a mere meme coin, SHIB pulled a full &#8220;My Fair Lady&#8221; transformation. With its increased technological strength, transactions, and wallet addresses, SHIB is no longer the supporting character; instead, it is vying for the lead.</p>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img decoding="async" loading="lazy" src="https://hodl.fm/wp-files/2023/09/image-1.jpg" alt="" class="wp-image-3713" style="width:302px;height:302px" width="302" height="302" srcset="https://hodl.fm/wp-files/2023/09/image-1.jpg 600w, https://hodl.fm/wp-files/2023/09/image-1-300x300.jpg 300w, https://hodl.fm/wp-files/2023/09/image-1-150x150.jpg 150w, https://hodl.fm/wp-files/2023/09/image-1-88x88.jpg 88w" sizes="(max-width: 302px) 100vw, 302px" /></figure></div>


<p>This isn&#8217;t just an underdog biting back; it&#8217;s a watershed moment that makes us recalibrate our crypto barometers. It’s like finding out that the class clown can also solve quantum physics equations on a chalkboard without breaking a sweat. In a world where decentralized finance (DeFi) is shedding its geeky cocoon to emerge as a user-friendly butterfly, meme tokens like SHIB are no longer confined to the &#8220;quirky&#8221; corner. They&#8217;re stepping into the spotlight, jazz hands and all.</p>



<p>The ripples of SHIB&#8217;s ascendancy reach far beyond its own blockchain turf. It&#8217;s challenging the status quo, causing boardrooms and basement coders alike to question their traditional yardsticks of &#8220;value&#8221; and &#8220;potential.&#8221; Are you still measuring a crypto asset&#8217;s worth by its hash rate, trading volume, or how many PhDs are on its development team? Well, you might want to add a new metric to that mix: the sheer, unadulterated power of a passionate community.</p>



<p>It&#8217;s a narrative that’s as compelling as it is disruptive. SHIB is serving us a delicious crypto cocktail that’s one part innovation, one part community fervor, and a generous splash of audacity. So, as we stare at the unfolding tapestry of a crypto landscape where memes and mainframes coalesce, SHIB offers a lesson in humility and a dash of hope: Never underestimate the underdog—or in this case, the under-dogecoin.</p>



<h2 class="wp-block-heading">Conclusion: The Crypto World&#8217;s Constant State of Flux—Predictions and Caveats</h2>



<p>This week’s crypto developments illustrate the multi-faceted forces shaping this volatile, ever-changing market. Regulatory landscapes, international expansion plans, market manipulation, and community-driven innovations are just a few of the variables in the complex equation of crypto-economics.</p>



<p>The world of crypto is one where the only constant is change. Whether you&#8217;re an experienced trader, a cautious investor, or merely an intrigued spectator, the one indomitable truth is that this space evolves at a breakneck speed. Staying ahead means a relentless pursuit of knowledge and the agility to adapt to new circumstances. The journey of crypto is far from over; in fact, it&#8217;s just getting more intriguing.</p>


digest 20-min

Grayscale Wins, Binance in SA, BTC Whales, SHIB Rises


<h2 class="wp-block-heading">Crypto Chronicles: An Odyssey Through a Digital Wilderness</h2>



<p>Welcome, dear blockchain buffs and cryptonauts, to this week&#8217;s deep dive into the expansive (and sometimes scandalous) world of digital coins and non-fungible trinkets. As we traverse the crypto chronicles, it&#8217;s vital to ensure our digital seatbelts are securely fastened, lest we&#8217;re thrown off by the turbulence of techno tales.</p>



<h3 class="wp-block-heading">1. The Rarible Revolution: An Epic Tale of Royalties, Loyalties, and Digital Domination</h3>



<p>In the digital amphitheater of non-fungible tokens (NFTs), there are many contenders, but few champions. Among them, <a href="https://cointelegraph.com/news/nft-platform-rarible-pledge-royalties-trading-volumes-jump">Rarible emerged not just as a gladiator but a colossus</a>. Picture a crowded market where everyone expects the behemoths to rule, and out comes Rarible, not just tossing a pebble into the waters but causing tsunamis of disruption, much like a spirited child causing splashes of epic proportions in a bathtub.</p>



<p>The NFT landscape, intricate and vast, watched in collective astonishment as Rarible, often sidelined as just another actor on this grand stage, defied expectations. Its trading volume didn&#8217;t just rise; it soared to stratospheric heights, ballooning by a whopping 585% in a mere 24 hours. This wasn&#8217;t merely watching a financial spectacle; this was witnessing the digital equivalent of David taking on Goliath with a slingshot made of pixels and code. It felt as if the digital cosmos had its very own star born right before its eyes, with blockchain enthusiasts and digital artists sitting in the front row, cheering and gasping at the unfolding drama.</p>



<p>The underpinning narrative for this meteoric ascent? A fierce and passionate defense of NFT creator royalties. While the leviathans of the industry, the likes of OpenSea, chose to moonwalk into the shadows, perhaps hoping for the storm to pass, Rarible was having none of it. They planted their flag firmly in the ground, echoing the sentiments and rights of the often-overlooked artists. This wasn&#8217;t just a stand; it was a revolution.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="512" src="https://hodl.fm/wp-files/2023/08/digest-19_1-min-1024x512.jpg" alt="" class="wp-image-3596" srcset="https://hodl.fm/wp-files/2023/08/digest-19_1-min-1024x512.jpg 1024w, https://hodl.fm/wp-files/2023/08/digest-19_1-min-300x150.jpg 300w, https://hodl.fm/wp-files/2023/08/digest-19_1-min-768x384.jpg 768w, https://hodl.fm/wp-files/2023/08/digest-19_1-min-1536x768.jpg 1536w, https://hodl.fm/wp-files/2023/08/digest-19_1-min-816x408.jpg 816w, https://hodl.fm/wp-files/2023/08/digest-19_1-min-400x200.jpg 400w, https://hodl.fm/wp-files/2023/08/digest-19_1-min.jpg 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>And at the heart of this rebellion was none other than Alex Salnikov, Rarible&#8217;s co-founder, and the visionary driving this change. When he spoke, it wasn&#8217;t mere words; it was poetry in motion. With the eloquence of a bard who had stumbled into a blockchain symposium, Salnikov wove tales of Rarible&#8217;s unwavering commitment to artists&#8217; rights, emphasizing the intrinsic and irreplaceable value they brought to the table.</p>



<p>Visualize, if you will, a medieval jousting arena. The sun blazes high, and the crowd&#8217;s anticipation is palpable. Out ride the competitors, armored and ready. Just when it seems the heavyweights will dominate, up comes Salnikov, not on a warhorse, but a unicorn, charging with determination. With one swift move, the rivals are unhorsed, and the arena resonates with the cheers of the underdog’s triumph.</p>


<div class="wp-block-image">
<figure class="aligncenter"><img decoding="async" src="https://lh6.googleusercontent.com/_T-fWD-G7FG0s3TaAIOuibYdhitTsTye24_WmSZqu49KmVPdgk3--9yvi2_okjKvYQ0Mniy1KOG9WgI8O6djsAYbF0-NTxiQcFeO2mBYGUF3dxuydV1dWJuzK4IhiwEtuaIKfdSattpw9X80" alt="Source: nj1015"/><figcaption class="wp-element-caption">Source: <a href="https://nj1015.com/nj-crypto-bro-charged-in-600k-scam-targeting-cops-firefighters-feds-say/">nj1015</a></figcaption></figure></div>


<p><strong>2. DeSalvo&#8217;s Dramatic Duplicity: From Guarded Trust to Cryptic Betrayal</strong></p>



<p>John A. DeSalvo, a name once synonymous with discipline and dedication, <a href="https://cointelegraph.com/news/sec-charges-former-corrections-officer-for-role-bizarre-crypto-scam">now stands shadowed by the dark clouds of treachery and intrigue</a>. From the corridors of correctional facilities where he was hailed as a beacon of law and order, DeSalvo&#8217;s story spiraled into the maze of crypto, ultimately writing a chapter that seems torn from the pages of a classic tragedy—think Macbeth but with blockchains and bytes.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="640" height="523" src="https://hodl.fm/wp-files/2023/08/image-15-1.jpg" alt="" class="wp-image-3601" srcset="https://hodl.fm/wp-files/2023/08/image-15-1.jpg 640w, https://hodl.fm/wp-files/2023/08/image-15-1-300x245.jpg 300w" sizes="(max-width: 640px) 100vw, 640px" /></figure>



<p>The Blazar token, DeSalvo&#8217;s magnum opus in the digital realm, was projected as nothing less than the holy grail for those who protect and serve—police officers, brave firefighters, and the ever-vigilant paramedics. As they stood at the forefront of real-world crises, DeSalvo portrayed himself as their financial savior, promising them a sanctuary in the volatile world of cryptocurrency. Like a maestro conducting an orchestra, he painted a symphony of success, drawing them in with the allure of a prosperous digital realm, a land paved with virtual gold and endless opportunities.х</p>



<p>But as with every grand narrative, there lay an underbelly, a subplot that threatened to overturn the tale. DeSalvo, who was once their guardian in the real world, donned the cloak of a crypto conjurer. While he spun tales of the Blazar token&#8217;s meteoric rise and shimmering future, behind the scenes, a different story was unfolding. Our once-hero was clandestinely amassing a fortune, liquidating his tokens, leaving behind a trail of broken promises and disillusioned dreams.</p>


<div class="wp-block-image">
<figure class="aligncenter"><img decoding="async" src="https://lh5.googleusercontent.com/CjNKYCfre7LDiMcyEQOu5t0_bKytKC2sxMtrpDUv22jUtKkaJAKvSagrOXdBBkgaE9Cc2iVOK9ymQDTymxoXH8DJS6EUT9VJg5jJn8n8_X_BOGyMnPgJ_vyA4_1m6pG-4MHFg_CPpqiBrjMj" alt="Source: the times of israel"/><figcaption class="wp-element-caption">Source: <a href="https://www.timesofisrael.com/alleged-dirty-dealings-and-sex-offenses-moshe-hogegs-long-history-of-deceit/">the times of israel</a></figcaption></figure></div>


<h3 class="wp-block-heading">3. Hogeg&#8217;s Hypnotic Histrionics: A Dramatic Dance of Dichotomies</h3>



<p>Moshe Hogeg, the shining star of Israel&#8217;s entrepreneurial firmament, now appears enshrouded in an ever-thickening mist of mysteries and murmurs. With accusations piling high and dense, they weave a narrative that seems straight out of a suspense thriller. The numbers in play aren’t mere pennies, <a href="https://cointelegraph.com/news/crypto-entrepreneur-faces-potential-prosecution-israel-crypto-scam">but a staggering $290 million, turning this tale into an epic saga that reverberates across the crypto landscape.</a></p>



<p>The alleged offenses tied to Hogeg read like a cybernetic crime novel – fraud, shadowy money laundering, and a myriad of other charges so intricate that they might rival the complexity of a masterfully crafted blockchain. Each revelation, each twist and turn adds another layer to an already convoluted plot, challenging the audience&#8217;s perceptions and loyalties.</p>



<p>Yet, amid this tempest of troubles, Hogeg stands undeterred, a figure of defiance and determination. He doesn&#8217;t merely navigate the brewing storm, but waltzes through it, spinning and leaping with assertions of his purity and proclamations of his innocence. This isn’t just a defense, but a performance, a bravado, a testament to his indomitable spirit. Hogeg&#8217;s tale doesn’t confine itself within Israel&#8217;s borders either; it spreads its wings, encompassing international terrains, with chapters unfolding in the exotic realms of Morocco. Here, even under the darkening clouds of allegations, he unfurls grand visions and ambitious blueprints, lending an almost cinematic quality to the unfolding drama.</p>



<p>So, who is Moshe Hogeg in this magnum opus of real-life narratives? Is he the maverick who is simply misunderstood, a genius too ahead of his time, too audacious in his ventures? Or does he don the cloak of a crafty villain, orchestrating a symphony of alleged deception? It&#8217;s a tale of contrasts, of shadows and lights, and the final verdict rests in the hallowed halls of the courtroom, where law and truth will play the ultimate critics.</p>


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<figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="498" height="373" src="https://hodl.fm/wp-files/2023/08/crypto-sam-bankmanfried-min.gif" alt="" class="wp-image-3599"/></figure></div>


<h3 class="wp-block-heading">4. Bankman-Fried&#8217;s Fascinating Fracas: From Triumphs to Trials and Twists</h3>



<p>Within the shimmering and ever-evolving tapestry of the cryptocurrency realm, Sam Bankman-Fried, often dubbed the crown jewel of FTX, radiates with an exceptional brilliance. A luminary whose exploits have often mirrored the meteoric rise of cryptocurrencies themselves. Yet, as the adage goes, the brighter the star, the darker the shadow. The man affectionately abbreviated to SBF by the legion of his admirers, now finds himself navigating a maze that mirrors a convoluted legal thriller, worthy of any bestseller list.</p>



<p>Now, imagine a titan of such stature momentarily pausing his journey, not by choice, but by circumstance. The cosmos has allowed him a brief hiatus, a moment to breathe and muster his vast arsenal of legal experts. No longer encased within prison walls, SBF enjoys this liberty, albeit with a caveat. An almost theatrical gesture, <a href="https://cointelegraph.com/news/sam-bankman-fried-can-meet-with-lawyers-outside-of-jail-with-48-hours-notice-says-judge">he&#8217;s obliged to send a 48-hour advance notice, an RSVP of sorts</a>, to the very authorities that seek to challenge him. It&#8217;s as if he’s playing a high-stakes game of chess, with every move being meticulously observed and analyzed.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="512" src="https://hodl.fm/wp-files/2023/08/digest-19_3-min-1024x512.jpg" alt="sbf" class="wp-image-3597" srcset="https://hodl.fm/wp-files/2023/08/digest-19_3-min-1024x512.jpg 1024w, https://hodl.fm/wp-files/2023/08/digest-19_3-min-300x150.jpg 300w, https://hodl.fm/wp-files/2023/08/digest-19_3-min-768x384.jpg 768w, https://hodl.fm/wp-files/2023/08/digest-19_3-min-1536x768.jpg 1536w, https://hodl.fm/wp-files/2023/08/digest-19_3-min-816x408.jpg 816w, https://hodl.fm/wp-files/2023/08/digest-19_3-min-400x200.jpg 400w, https://hodl.fm/wp-files/2023/08/digest-19_3-min.jpg 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>As the pendulum of time ticks away, anticipation reaches fever pitch. The crypto corridors are buzzing, alive with whispers and conjectures. Allegations fly thick and fast, from tales of potential witness intimidation to shadowy courtroom maneuverings. This isn&#8217;t just a legal battle; it&#8217;s a gripping saga, one that promises more unexpected turns than a mountainous serpentine road.</p>



<p>One can&#8217;t help but wonder: Will Bankman-Fried&#8217;s story culminate as a triumphant resurgence, a testament to his indomitable spirit? Or will it take a more somber tone, serving as a cautionary tale for the ages? As we teeter on the edge of our seats, awaiting the climax of this real-life epic, one thing remains certain &#8211; the Bankman-Fried narrative promises to be an unforgettable chapter in the annals of crypto history.</p>



<h2 class="wp-block-heading">Epilogue: Reflections and Ruminations </h2>



<p>As we conclude our journey through this week’s tumultuous crypto terrain, one can&#8217;t help but marvel at the riveting tales of ambition, intrigue, and innovation. The stories underscore the volatility, vulnerability, and vitality of the digital domain. Each week unfolds like an epic, with heroes, anti-heroes, and ever-evolving plotlines. Here&#8217;s to the cryptonauts charting these uncharted waters. Until our next odyssey, stay curious and remain encrypted!</p>


Crypto Chronicles: An Odyssey Through a Digital Wilderness

digest 19_2-min

Crypto NFT Drama, Scams, Entrepreneurship: News Highlight


<p>The cryptocurrency universe, already notorious for its mind-bending volatility, has seen a week that could only be described as a whirlwind. From Ripple&#8217;s intriguing courtroom encounters, Bitcoin&#8217;s uneasy speculators, and Binance&#8217;s abrupt conclusion, to Coinbase&#8217;s triumph, the crypto realm has been nothing short of a blockbuster movie. Sit back and buckle up, for this tale is filled with twists, turns, and tantalizing details.</p>



<h2 class="wp-block-heading">The Ripple vs. SEC Saga: Layers of Drama Unfolding</h2>



<p>The universe of cryptocurrencies, vast and diverse, often unveils gripping narratives. One such storyline, demanding global eyeballs, is the intensifying legal tussle <a href="https://www.linkedin.com/safety/go?url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fsec-v-ripple-judge-greenlights-investment-banker-declarant-s-entry&amp;trk=flagship-messaging-web&amp;messageThreadUrn=urn%3Ali%3AmessagingThread%3A2-MGIzYzE3NDItNzViMy00OTEzLTlhMjEtNDFlYzNkZDJiYzAyXzAxMw%3D%3D&amp;lipi=urn%3Ali%3Apage%3Ad_flagship3_messaging_conversation_detail%3BFnMFDpISQ5ih%2F%2F42rRmajg%3D%3D">between Ripple and the United States Securities and Exchange Commission (SEC)</a>. Every courtroom gathering in this battle feels like a grand theatrical event, brimming with unexpected twists, sharp dialogues, and underlying tensions. At the forefront are two behemoths: the SEC, wielding its regulatory might, and Ripple Labs, a titan in the digital currency realm, holding its ground steadfastly.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="512" src="https://hodl.fm/wp-files/2023/08/SEC-v.-Ripple-Judge-Greenlights-Investment-Bankers-Entry-min-1024x512.jpg" alt="" class="wp-image-3429" srcset="https://hodl.fm/wp-files/2023/08/SEC-v.-Ripple-Judge-Greenlights-Investment-Bankers-Entry-min-1024x512.jpg 1024w, https://hodl.fm/wp-files/2023/08/SEC-v.-Ripple-Judge-Greenlights-Investment-Bankers-Entry-min-300x150.jpg 300w, https://hodl.fm/wp-files/2023/08/SEC-v.-Ripple-Judge-Greenlights-Investment-Bankers-Entry-min-768x384.jpg 768w, https://hodl.fm/wp-files/2023/08/SEC-v.-Ripple-Judge-Greenlights-Investment-Bankers-Entry-min-1536x768.jpg 1536w, https://hodl.fm/wp-files/2023/08/SEC-v.-Ripple-Judge-Greenlights-Investment-Bankers-Entry-min-816x408.jpg 816w, https://hodl.fm/wp-files/2023/08/SEC-v.-Ripple-Judge-Greenlights-Investment-Bankers-Entry-min-400x200.jpg 400w, https://hodl.fm/wp-files/2023/08/SEC-v.-Ripple-Judge-Greenlights-Investment-Bankers-Entry-min.jpg 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>As the chapters of this litigation saga unfold, the narrative is enriched with the entry of Andrew A. Kunsak. Emanating sophistication, Kunsak is a renowned investment banker, his reputation enhanced by his association with the internationally acclaimed law firm, Sidley Austin LLP. To the casual observer, his entrance might hint at a potential pivot in Ripple&#8217;s favor, given the weight of his credentials. But like any good plot, layers of intricacies and backstories add depth.</p>



<p>Flashback to a prior episode where Ripple&#8217;s alliance with another investment banker from a rival firm soured amidst clouds of distrust and alleged biases. Consequently, Kunsak&#8217;s introduction into this legal mosaic prompts questions regarding his ability to remain unbiased and truly impartial. At the heart of this legal face-off lies a contentious debate: Ripple fervently aims to shield specific proprietary aspects of its operations, while the SEC doggedly argues that the sales of XRP align with the characteristics of securities. This contention isn&#8217;t merely a boardroom brawl; it sends ripples (yes, the pun makes a return) across the cryptocurrency domain, with XRP&#8217;s market valuation swinging like a pendulum, echoing the sentiments and outcomes of their legal endeavors.</p>



<p>Read also: <a href="https://hodl.fm/coinbase-sec-delisting-drama-seo/">SEC’s Odd Request: Coinbase Rejects Delisting All But Bitcoin</a></p>



<h2 class="wp-block-heading">Bitcoin&#8217;s Speculator Saga: A Play of Emotions</h2>



<p>As the spotlight shifts, our attention is drawn to the intricate landscape of Bitcoin, where waves of transformation are making their mark. Those who once stood as the audacious champions of Bitcoin, speculators who gambled and often reaped substantial rewards, now appear to be treading with heightened caution. A recent analysis from Glassnode, one of the leading entities in cryptocurrency analytics, paints a telling picture: there&#8217;s an unmistakable air of hesitation and a tendency towards detachment among Bitcoin&#8217;s speculative investor community, especially those eyeing short-term gains.</p>



<p>At a time when <a href="https://www.linkedin.com/safety/go?url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fbitcoin-speculators-btc-since-69k-all-time-highs&amp;trk=flagship-messaging-web&amp;messageThreadUrn=urn%3Ali%3AmessagingThread%3A2-MGIzYzE3NDItNzViMy00OTEzLTlhMjEtNDFlYzNkZDJiYzAyXzAxMw%3D%3D&amp;lipi=urn%3Ali%3Apage%3Ad_flagship3_messaging_conversation_detail%3BFnMFDpISQ5ih%2F%2F42rRmajg%3D%3D">Bitcoin&#8217;s valuation is precariously hovering around the crucial threshold of $29,000</a>, there&#8217;s a palpable sense of suspense and apprehension in the crypto air. The stakes are high, and the atmosphere is thick with anticipation. But it&#8217;s essential to note that the panorama isn&#8217;t uniformly bleak. A distinct segment within the Bitcoin community, the dedicated long-term investors colloquially known as &#8216;hodlers&#8217;, emanate a contrasting vibe of serenity. With their average purchase price documented at a rather modest figure of $20,300, for these stalwarts, the current market ebbs and flows are par for the course. They&#8217;re accustomed to the volatile dance of numbers and remain unwavering in their conviction. Their story isn&#8217;t about quick windfalls; it&#8217;s a testament to endurance, steadfastness, and an unwavering belief in the broader vision of cryptocurrencies.</p>



<h2 class="wp-block-heading">Binance Connect&#8217;s Dramatic Curtains Close: Behind the Veil</h2>



<p>In the rapidly shifting sands of the cryptocurrency landscape, <a href="https://www.linkedin.com/safety/go?url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fbinance-connect-shutting-down-august-16&amp;trk=flagship-messaging-web&amp;messageThreadUrn=urn%3Ali%3AmessagingThread%3A2-MGIzYzE3NDItNzViMy00OTEzLTlhMjEtNDFlYzNkZDJiYzAyXzAxMw%3D%3D&amp;lipi=urn%3Ali%3Apage%3Ad_flagship3_messaging_conversation_detail%3BFnMFDpISQ5ih%2F%2F42rRmajg%3D%3D">Binance Connect&#8217;s startling decision to cease operations stands out as a particularly enigmatic episode</a>. What was once heralded as a pivotal bridge between traditional fiat and digital currency has now, rather unexpectedly, halted its services. While the official statements allude vaguely to &#8220;evolving market trends and shifting user inclinations,&#8221; many are left scratching their heads, wondering about the real impetus behind this decision.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="512" src="https://hodl.fm/wp-files/2023/08/Bitcoin-speculators-BTC-After-Historic-Highs-of-69000-min-1024x512.jpg" alt="" class="wp-image-3430" srcset="https://hodl.fm/wp-files/2023/08/Bitcoin-speculators-BTC-After-Historic-Highs-of-69000-min-1024x512.jpg 1024w, https://hodl.fm/wp-files/2023/08/Bitcoin-speculators-BTC-After-Historic-Highs-of-69000-min-300x150.jpg 300w, https://hodl.fm/wp-files/2023/08/Bitcoin-speculators-BTC-After-Historic-Highs-of-69000-min-768x384.jpg 768w, https://hodl.fm/wp-files/2023/08/Bitcoin-speculators-BTC-After-Historic-Highs-of-69000-min-1536x768.jpg 1536w, https://hodl.fm/wp-files/2023/08/Bitcoin-speculators-BTC-After-Historic-Highs-of-69000-min-816x408.jpg 816w, https://hodl.fm/wp-files/2023/08/Bitcoin-speculators-BTC-After-Historic-Highs-of-69000-min-400x200.jpg 400w, https://hodl.fm/wp-files/2023/08/Bitcoin-speculators-BTC-After-Historic-Highs-of-69000-min.jpg 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>From its initial days as a mere cryptocurrency exchange, Binance has unfurled its wings to span across the vast expanse of the blockchain universe. Its expansive growth and influence are undeniable. However, with such rapid expansion often come unseen challenges and intricacies. A somewhat ambiguous communication from Biswap, a decentralized trading platform, has added fuel to the fire of speculation. Could it be a growing backlog of unresolved customer queries, whispers of impending regulatory interventions, or possibly intricate internal disputes and politics?</p>



<p>The community, analysts, and stakeholders are all attempting to piece together this puzzle, each rumor and inference weaving a complex tapestry of narratives. While the complete story behind Binance Connect&#8217;s sudden curtains close is yet to be fully disclosed, it&#8217;s evident that the crypto world will be discussing and dissecting this development for some time.</p>



<p>Related news: <a href="https://hodl.fm/binance-us-wash-trading-crypto-capers/">The SEC’s Case Against Binance.US and Wash Trading Explained</a></p>



<h2 class="wp-block-heading">Coinbase&#8217;s Rise to Prominence: A Toast to Success</h2>



<p>In the intricate and often tumultuous world of digital currency, <a href="https://www.linkedin.com/safety/go?url=https%3A%2F%2Fwww.coindesk.com%2Fbusiness%2F2023%2F08%2F16%2Fcoinbase-finally-wins-approval-to-list-crypto-futures-in-us%2F&amp;trk=flagship-messaging-web&amp;messageThreadUrn=urn%3Ali%3AmessagingThread%3A2-MGIzYzE3NDItNzViMy00OTEzLTlhMjEtNDFlYzNkZDJiYzAyXzAxMw%3D%3D&amp;lipi=urn%3Ali%3Apage%3Ad_flagship3_messaging_conversation_detail%3BFnMFDpISQ5ih%2F%2F42rRmajg%3D%3D">Coinbase has emerged as a beacon of consistency and innovation</a>. While numerous entities within the sector grappled with the inherent unpredictability, Coinbase showcased remarkable tenacity, ultimately realizing an ambitious dream: procuring the much-coveted license to introduce cryptocurrency futures within the American market. It&#8217;s noteworthy to mention that this vision had been deeply ingrained in their strategic roadmap since the dawn of 2021.</p>



<p>Inside the expansive halls of their headquarters, there&#8217;s a palpable air of excitement. Conversations buzz, ranging from casual chats to strategic discussions, all echoing a shared sentiment of pride and achievement. At the helm of this celebration and forward-looking momentum is Andrew Sears, the visionary CEO. To Sears, this monumental achievement transcends beyond the confines of a mere business success. He envisions it as a foundational block, a pivotal move in the broader narrative of embedding cryptocurrencies within the fabric of conventional financial systems.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="512" src="https://hodl.fm/wp-files/2023/08/Binance-Connect-closes-on-August-16-min-1024x512.jpg" alt="" class="wp-image-3431" srcset="https://hodl.fm/wp-files/2023/08/Binance-Connect-closes-on-August-16-min-1024x512.jpg 1024w, https://hodl.fm/wp-files/2023/08/Binance-Connect-closes-on-August-16-min-300x150.jpg 300w, https://hodl.fm/wp-files/2023/08/Binance-Connect-closes-on-August-16-min-768x384.jpg 768w, https://hodl.fm/wp-files/2023/08/Binance-Connect-closes-on-August-16-min-1536x768.jpg 1536w, https://hodl.fm/wp-files/2023/08/Binance-Connect-closes-on-August-16-min-816x408.jpg 816w, https://hodl.fm/wp-files/2023/08/Binance-Connect-closes-on-August-16-min-400x200.jpg 400w, https://hodl.fm/wp-files/2023/08/Binance-Connect-closes-on-August-16-min.jpg 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>However, the path to continued success is seldom without its set of obstacles. As Coinbase prepares to chart the waters of this newfound territory, industry experts and enthusiasts are rife with speculation. Questions are being posed: Will Coinbase&#8217;s trajectory continue to soar, establishing newer benchmarks? Or does the future hold unforeseen challenges and headwinds that might test their mettle? While the complete arc of their story remains in the making, there&#8217;s no denying that this chapter, replete with its achievements, secures Coinbase&#8217;s legacy in the chronicles of cryptocurrency history.</p>



<h2 class="wp-block-heading">The Grand Tapestry of Cryptocurrency: A Retrospective</h2>



<p>As we traverse this labyrinth of events, narratives, and tales from crypto&#8217;s universe, it becomes clear that these aren&#8217;t mere headlines. They signify the evolution, challenges, and triumphs of an industry that remains at the frontier of technological and financial innovation. The overarching ethos remains consistent: adaptability, determination, and for those navigating its treacherous waters, the time-honored mantra, &#8220;HODL on!&#8221;</p>



<p>As we peer into the horizon, the crypto-sphere remains as enigmatic as ever. But one thing&#8217;s for certain: its tale is one that will continue to be written, rewritten, and marveled at for ages to come.</p>


Bitcoin speculators_BTC_After_Historic_Highs_of_$69_000

Crazy Days in Crypto Land: A Deep Dive into Bubbles, Shutdowns, and Courtroom Drama


<p>Greetings fellow Hodlers! Welcome to our weekly gathering in the fascinating world of cryptocurrency! Grab a seat as we set out on an exciting journey across the dynamic and always-changing landscapes of the crypto universe. We&#8217;re here to decode, Illustrate, and delve into the most recent events that have shaped the world of digital currencies, just like brave space explorers.</p>



<div class="d-flex justify-content-center"><ins class="64c25105bd391bf86a4f85f8" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c25105bd391bf86a4f85f8",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<p>Hold on tight as we unravel the twisted threads of recent events, presenting you with an array of crypto news that&#8217;s both enlightening and engaging. From the eyebrow-raising scandal involving a former law firm and a major cryptocurrency trading platform to the cleverly orchestrated Twitter hack targeting a prominent blockchain guardian, the past week has been nothing short of brisk in the world of digital currencies.</p>



<h2 class="wp-block-heading">Unmasking a Cryptic Conspiracy: Former Law Firm Entangled in FTX Controversy</h2>



<p>The world of cryptocurrency is caught up in a legal tangle in a saga that rivals an unpredictable courtroom drama. Fenwick &amp; West LLP, a law firm which used to work closely with FTX, a major cryptocurrency trading platform, is now facing serious accusations.&nbsp;</p>



<p>The lawsuit <a href="https://storage.courtlistener.com/recap/gov.uscourts.cand.416450/gov.uscourts.cand.416450.1.0.pdf">claims</a> that the law firm set up some mysterious &#8220;shadowy entities.&#8221;</p>



<p>These so-called shadowy entities allegedly became tools for FTX&#8217;s co-founder, <a href="https://cointelegraph.com/top-people-in-crypto-and-blockchain-2023/sam-bankman-fried-and-caroline-ellison">Sam Bankman-Fried</a>, and other top executives to pull off what&#8217;s being called a massive fraud scheme. This scheme is said to involve moving around a lot of money, including customer funds, in a way that&#8217;s not above board.</p>



<p>The lawsuit unfolds like a thriller, accusing Fenwick &amp; West of going well beyond simply providing legal assistance. They&#8217;re accused of helping FTX find loopholes in the rules. This involved doing things like arranging business deals in tricky ways that kept them off the radar of regulators. The law firm is even said to have suggested strategies that FTX then implemented.</p>



<figure class="wp-block-image"><img decoding="async" src="https://lh6.googleusercontent.com/2mFgaICjroLrh8FzVOphaeDoPlZ3BLAOz6Ic_7yBpR_rDRX_0daVUmoEd7bQ1nQyNeCPMd1WSZeEvw0TLvPLjgHmVgxo1UKqXdWegMjoGTVHHIdn0_9x6O6B7rHBx-qChqFrUNXIjpmaZKL3xwW79Q" alt=""/></figure>



<p>The two <a href="https://cointelegraph.com/news/here-s-how-sbf-s-fake-electronics-outlet-north-dimension-looks-like">characters</a> in this mystery, &#8220;North Dimension&#8221; and &#8220;North Wireless Dimension,&#8221; are being pointed at as part of the scheme. These entities allegedly helped siphon money away from FTX&#8217;s customers, which is a pretty serious claim.</p>



<p>The lawsuit also claimed that Fenwick &amp; West ignored what FTX was doing. To further complicate things, they claim that the legal firm may have benefited financially from FTX&#8217;s shady dealings.</p>



<p>&nbsp;This incident serves as a sobering reminder of how important trust, integrity, and ethical behaviour are needed in preserving the high volatility of a digital environment.</p>



<h2 class="wp-block-heading">Blockchain Capital&#8217;s Twitter Account Hacked in Attempted Token Scam</h2>



<p>In the age of digital fraud, even the guardians of the blockchain are not immunised against the cunning tactics of cyber scams.  Blockchain Capital&#8217;s Twitter “X’ account, recently became a target of crafty scammers who used a fake token giveaway as bait. </p>



<div class="d-flex justify-content-center"><ins class="64c25105bd391bf86a4f85f8" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c25105bd391bf86a4f85f8",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<figure class="wp-block-image"><img decoding="async" src="https://lh5.googleusercontent.com/C0lLmtU6pQVyrZs7bsF7iE2mFEKVpO2PRNJvQ9iMR4quqsHEkaS6RO_8K6gAHjfyUVIA-17FjK3lFGIaFED_FTBUETsbPtD71ntTYb4ChKwOgsg9dhwz5iIfUuqNiu0EzILAWW0l7pr4I_p1dHUkNg" alt=""/></figure>



<p><a href="https://cointelegraph.com/news/blockchain-capital-x-twitter-hacked-promoting-token-claim-scam"></a>These scammers took over the account and posted messages promising people &#8220;BCAP&#8221; tokens for free and cunningly directed them to a fake website designed to mimic the genuine one.<br>The aim? To trick unsuspecting users into sharing their crypto wallets by connecting to this fake site. The scammers even went the extra mile to disable comments on their posts, preventing others from alerting followers about the ruse.</p>



<p>This incident is becoming a pattern where hackers are increasingly targeting prominent cryptocurrency-related accounts. Jeremy Hogan, a well-known lawyer, also <a href="https://cointelegraph.com/news/xrp-lawyer-jeremy-hogan-scam-twitter-account-hack">faced</a> a similar issue of scam posts on his Twitter account, attempting to lure users into an XRP giveaway trap.</p>



<p>The breach of Blockchain Capital&#8217;s Twitter X hack showcases the audacity of scammers aiming to defraud innocent crypto enthusiasts.</p>



<h2 class="wp-block-heading">Coinbase&#8217;s Financial Strategy: Buying Back Debt to Navigate Challenges</h2>



<p>Coinbase, a big name in cryptocurrency trading, is <a href="https://investor.coinbase.com/news/news-details/2023/Coinbase-Commences-Cash-Tender-Offer-for-Up-to-150.0-Million-Aggregate-Purchase-Price-of-its-Outstanding-3.625-Senior-Notes-Due-2031/default.aspx">doing</a> something interesting with its money. They&#8217;re buying back some of their debt – like borrowing less from investors – at a lower price, kind of like getting a discount. This move is meant to help with money worries and legal issues they&#8217;ve been facing.</p>



<p>You see, the cryptocurrency market has been a bit uncertain lately, and people are wondering if Coinbase is financially strong enough. Plus, they&#8217;re in a legal fight with the SEC saying Coinbase didn&#8217;t follow the rules, and Coinbase is <a href="https://cointelegraph.com/news/coinbase-to-file-order-seeking-dismissal-of-sec-lawsuit">trying</a> to prove them wrong.</p>



<p>On a positive note, Coinbase isn&#8217;t all bad news. They&#8217;ve shared some good numbers recently. In just a few months, they made over $600 million and have more than $5 billion in the bank. People still trust them too, as they&#8217;ve seen a significant increase in customers putting their money on the platform.</p>



<p>In a nutshell, Coinbase is taking steps to make its financial situation better by buying back debt for less money. This should help them deal with their money problems and legal battles and keep growing in the world of cryptocurrencies.</p>



<h2 class="wp-block-heading">Binance Gets Green Light for Crypto Services in El Salvador</h2>


<div class="wp-block-image">
<figure class="aligncenter"><img decoding="async" src="https://lh3.googleusercontent.com/vJl3HPvMvqcpAiXC3cwAMbUTl0YVfC0-3C-lzjyF49jhIouWfCWtlmsoPGEa20L2CfDcYMhIh03MUnLD4apEI6B7N1UTYn7KvH2DhYob1bfD7GvByZZHhENK-0fHh7tUXH1TWkU-TXIe653zjRLgwA" alt=""/></figure></div>


<p><a href="https://imgflip.com/i/7v8skc"></a>Binance, a big player in the world of cryptocurrency, has scored a victory by getting licenses to offer crypto services in El Salvador. This is a big deal because El Salvador already made a buzz by accepting Bitcoin as money in 2021. Thanks to approval from the National Commission of Digital Assets and the Central Reserve Bank, Binance can now spread its crypto magic to the people there.</p>



<p>What does this mean? <a href="https://twitter.com/binance/status/1688916994886959104?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1688916994886959104%7Ctwgr%5Ef55c758f6e1191a667fb074a6b11448515cf3864%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fbinance-receives-licenses-crypto-services-el-salvador">Binance</a> can make special crypto stuff just for El Salvador. They worked hard for many months to get these licenses, showing they&#8217;re serious about following the rules while spreading their crypto wings.</p>



<p>Binance is no newbie to this game. They&#8217;ve been getting thumbs-ups from different countries, like starting a branch in Japan and getting a green light from Dubai&#8217;s Virtual Asset Regulatory Authority. These moves show Binance is on a roll, aiming to offer its crypto services everywhere.</p>



<p>But wait, it&#8217;s not all smooth sailing. In the US, Binance is still facing challenges from regulators like the SEC and CFTC. Despite these bumps, Binance&#8217;s success in El Salvador highlights how cryptocurrencies are making their mark globally, changing how we think about money and finance.</p>



<h3 class="wp-block-heading">In Closing: The Crypto Chronicles Continue</h3>



<p>Our journey through the crypto-sphere has exposed both its complexities and comparisons with the human narrative. From the Fenwick &amp; West controversy to the Blockchain Capital scam, these stories remind us of the importance of trust, vigilance, and adaptability.</p>



<p>Coinbase&#8217;s financial strategy underscores the need for resilience in a volatile market, while Binance&#8217;s success in El Salvador signifies the global reach of cryptocurrencies.</p>



<p>As we wrap up this week&#8217;s digest, let&#8217;s carry these insights forward. Just as characters shape a story, our actions shape the crypto landscape. Join us next week as we continue to explore the ever-evolving chapters of this captivating narrative. Until then, holders, stay curious and engaged. The journey continues, and we&#8217;re honoured to be your companions through the realm of digital finance.</p>


1600х800_Digest 16c-449

Law Firm Tied to FTX Controversy, Blockchain Capital Twitter” X” Hack, Coinbase’s Debt Buyback Strategy and Binance Goes to El Salvador


<p>Hold onto your hats, folks because July 2023 has taken the cryptocurrency rollercoaster to a whole new level! We&#8217;re talking mind-blowing victories and stomach-churning setbacks that have left the crypto world buzzing. As the digital domain grows up before our eyes, brace yourselves for a wild ride-through that had us all on the edge of our seats. Get ready to dive deep into the latest whirlwind of events that&#8217;s got everyone in the crypto community debating, reminiscing, and peering into the crystal ball of what lies ahead.</p>



<h2 class="wp-block-heading">Art Investment Shakeup: Fractional Ownership and Beyond</h2>



<p>Get ready, art aficionados and curious crypto cats, because the art world is undergoing a serious glow-up! Say goodbye to those elitist auction halls where only the bigwigs with wallets as thick as encyclopedias could play. We&#8217;re talking about <a href="https://beincrypto.com/fractional-ownership-art-market-freeport-ceo/">fractional ownership</a>, and it&#8217;s your golden ticket to owning a slice of those coveted masterpieces. Thanks to the magic of blockchain technology, even the most modest art enthusiast can strut their stuff as a co-owner of the next Mona Lisa (well, almost).</p>



<figure class="wp-block-image"><img decoding="async" src="https://lh5.googleusercontent.com/3fgsjNN_1X1X7TIuDCFujaiVFM3hov-ExLuQshINh87mXW1q-OfJIGgt8HC-QauGVE2vl91ADm4IfJfgk6N5Q8kNAkJnMn7m34WU43LbdeCoCwIuNo9pX61C5OhjLDNCijOv3wqiYN7Kgm7db7c6GdE" alt=""/></figure>



<p>Colin Johnson, the maestro behind <a href="https://freeport.app/">Freeport</a>, spills the tea on this artistic revolution. Freeport is your backstage pass, smashing down barriers with blockchain-backed tokens that say, &#8220;Hey, art&#8217;s not just for the elite anymore.&#8221; Fractionalized ownership is flipping the script, rewriting art history one digital token at a time. And pause for a moment, because this isn&#8217;t just about owning a piece of the cultural pie. Contemporary art has consistently outperformed the <a href="https://www.investing.com/indices/us-spx-500">S&amp;P 500</a>, showcasing annual returns of 7.6% or potentially higher.&nbsp; Contemporary art has been giving Wall Street a run for its money, with returns that can make even the savviest investor weak at the knees.</p>



<figure class="wp-block-image"><img decoding="async" src="https://lh6.googleusercontent.com/7b2CtSmV8B8cGcsvgTrwlIsBKA1fiAkxG5JjHyaAyp-mTSvHU_ODlPTum3jemSD0fXf6-5JoB-cxntxRQxwj94WdxDcUSib4_rspGpv5GEnaL-1tqprd-3pkAAaq1S9fMEbVC2BYss_vF5JnS5xerks" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://freeport.app/">Freeport</a></figcaption></figure>



<p>But let&#8217;s not forget the unsung heroes of this revolution: emerging artists. Yeah, those folks whose brilliance often goes unnoticed, relegated to the shadows of the big names. <a href="https://freeport.app/about">Freeport&#8217;s model</a> particularly benefits emerging artists, granting global access and support. Their works, tokenized and showcased on a larger stage, gain visibility and appreciation potential.</p>



<p>Now, if you thought blockchain was just a fancy word, think again. Freeport&#8217;s not stopping at fractional ownership. Oh no, they&#8217;re gearing up for a blockbuster sequel: lending, trading tokens, and a cross-chain art extravaganza. The boundaries of the art world are stretching like never before, and you&#8217;re invited to this avant-garde evening.</p>



<h2 class="wp-block-heading">Abracadabra Unleashes Fireworks: DeFi&#8217;s Aggressive Evolution</h2>



<p>Well, well, well, it looks like the world of Decentralized Finance (DeFi) just cranked up the heat, and we&#8217;re loving every cheeky moment of it! Picture this: a realm where financial freedom is the name of the game, and DeFi platforms strut onto the stage, waving the banner of a new economic era. And right at the center of this whirlwind is the one and only <a href="https://abracadabra.money/">Abracadabra Money</a>, pulling off moves that have Wall Street wizards scratching their heads.</p>



<p>Brace yourselves, crypto enthusiasts, because <a href="https://www.coindesk.com/business/2023/08/02/defi-protocol-abracadabra-wants-to-charge-200-interest-on-curve-founders-18m-loan/">Abracadabra&#8217;s latest trick</a> involves jacking up interest rates on a loan backed by CRV tokens. Now, that&#8217;s not your everyday cup of financial tea, my friends. It&#8217;s a bold gambit, a calculated risk aimed at shielding themselves from potential curveballs.</p>



<p>We&#8217;re diving headfirst into the pulse-pounding world of interest rates, the lifeblood of the financial universe. Imagine a high-stakes poker game where Abracadabra&#8217;s proposal is the ace up their sleeve. Interest rates, often considered the heartbeat of any financial ecosystem, assume a central role in this intriguing saga. Abracadabra&#8217;s proposal, if passed, introduces measures to guard against a potentially precarious scenario stemming from an $18 million loan to <a href="https://curve.fi/">Curve Finance</a> founder Michael Egarov. The protocol would wield an automatic mechanism to sell CRV tokens, effectively liquidating the position unless replenished with additional collateral. This mechanism introduces the potential for selling pressure on an already stressed CRV market.</p>



<p>But wait, there&#8217;s more – this isn&#8217;t just a numbers game. It&#8217;s a test, a gauntlet thrown at the DeFi community. Can they spin this audacious move into a stroke of genius? Are they ready to tackle the complexities, the risks, and the roaring uncertainty that comes with shaking up the DeFi landscape? This is no ordinary challenge; it&#8217;s a gut check for a sector that&#8217;s racing to the top.</p>



<h2 class="wp-block-heading">Ripple vs. SEC: When Transparency Takes a Wild Turn</h2>


<div class="wp-block-image">
<figure class="aligncenter"><img decoding="async" src="https://lh5.googleusercontent.com/DkXsA_0OUvuQxmL65iUJ4h7yHgjryVlfaV4EiOqRhsMO39z0D8YB7F3Z6u7CXecT9kpmoRlUKFScCFysUcqPf67cyJPdt4uPi4scWCXwFQ0BpGndcCwno7EcPQWyg57OxDLrmEGWH2uogyUY3kvmfWk" alt=""/><figcaption class="wp-element-caption"><a href="https://dailycoin.com/wp-content/uploads/2023/02/SEC-vs-Ripple_Lawsuit_gary-gensler_Brad-Garlinghouse_web-1200x800.jpg.webp">Image Source</a></figcaption></figure></div>


<p>Buckle up, because <a href="https://cointelegraph.com/news/xrp-ripple-ceo-slams-sec-over-use-of-xrp-report-in-lawsuit">the high-stakes clash</a> between Ripple&#8217;s big cheese Brad Garlinghouse and the U.S. Securities and Exchange Commission (SEC) is the kind of legal showdown that Hollywood dreams are made of. </p>



<p>Picture this: Ripple, the poster child for openness and accountability, suddenly finds itself in a face-off with the SEC. But here&#8217;s the kicker – the very transparency Ripple champions has been flipped on its head. The SEC&#8217;s move? They whip out Ripple&#8217;s quarterly XRP Markets Report like a secret weapon in their legal artillery.</p>



<p>Read also: <a href="https://hodl.fm/ripple-xrp-not-security-judge-torres-victory/">Ripples SEC’s Pond: XRP Not a Security, Says Judge Torres</a></p>


<div class="wp-block-image">
<figure class="aligncenter"><img decoding="async" src="https://lh5.googleusercontent.com/FwuJ8PDnkPpjnq7G7hSRcDgBUEU6y_pcfcDS-FnLqtxhLoCo9Ouf-SpcoI_t1vx0Un-HAObg_LhcQcUfqzxyLxHLOTWhjbHK1HHVz9zqlwcuL0POhC58f1F_iANgtMoSrcdqyWHj05wXWmdYH25hKaU" alt=""/><figcaption class="wp-element-caption"><a href="https://twitter.com/bgarlinghouse/status/1686618130674774016">Source: Twitter</a></figcaption></figure></div>


<p>What started as Ripple&#8217;s valiant effort to keep everyone in the loop about their XRP holdings has now become the ammo in a courtroom drama. The SEC&#8217;s tactical maneuver is like turning a knight&#8217;s shining armor into a double-edged sword – a masterstroke that takes the legal battle to a whole new level. But wait, there&#8217;s more! Brad Garlinghouse, Ripple&#8217;s ringleader, is dropping hints like breadcrumbs on a trail. He&#8217;s slyly suggesting that future reports might get a facelift. And why not?&nbsp;</p>



<p>This isn&#8217;t just Ripple&#8217;s struggle; it&#8217;s a battle that sets the stage for the entire crypto universe. It&#8217;s a showdown that&#8217;ll decide not just Ripple&#8217;s fate but also the future course of crypto transparency. As we watch this crypto epic unfold, remember, folks – this is more than just a clash of titans; it&#8217;s a turning point in the grand saga of digital transformation.</p>



<h2 class="wp-block-heading">Crypto Market&#8217;s Bittersweet: Losses and Resilience</h2>



<p>The numbers don&#8217;t lie, folks. The crypto landscape saw a jaw-dropping <a href="https://cointelegraph.com/news/crypto-market-loses-486m-in-july-most-since-2022-report">$390 million bite</a> taken out of it, courtesy of the not-so-friendly neighborhood troubles like breaches and cyberattacks. The drama unfolded like a Hollywood thriller, shaking the very foundation of our beloved digital domain.&nbsp;</p>


<div class="wp-block-image">
<figure class="aligncenter"><img decoding="async" src="https://lh3.googleusercontent.com/nMSuizFZg9mwnlTnPR8PmwWMXG-YtacsLyPmLv0QQd7V53qnzeYmF74M3VyClNiEsI5451K-yI0WUHGBC7w30MylFeUR8cJLh0ORtSXCzK9_9w6qug2UU-y7GJvPRnUDoffJT3Et8-ai9egDTboExCM" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://de.fi/blog/de-fi-rekt-report-486m-funds-lost-in-july-2023-top-defi-scams-and-exploits">De.Fi</a></figcaption></figure></div>


<p>Enter <a href="https://de.fi/">the fearless champions De.Fi</a>, raising their battle cries against the lurking villains of vulnerability. Swift, strategic, and unapologetically badass – their response was a resounding &#8220;not today&#8221; to those who dared exploit the chinks in the crypto armor. The result? A clear message etched in the code: the crypto realm isn&#8217;t a playground for digital desperados.</p>



<p>Get ready for a financial twist – the recovery tally might not have hit the moon, with a mere $7,630,757 salvaged from the wreckage. But here&#8217;s the scoop: recovering stolen assets isn&#8217;t just about dollars and cents. It&#8217;s a statement, a collective middle finger to those trying to throw a wrench into the works. It&#8217;s a declaration that resilience isn&#8217;t just a word in the crypto dictionary – it&#8217;s a battle cry.</p>



<p>In a world where uncertainty is as commonplace as meme coins, the crypto market&#8217;s response to July&#8217;s trials isn&#8217;t just admirable &#8211; it&#8217;s downright inspiring. Cryptoindustry has the ability to bounce back from the brink, and to stare financial adversity in the face. Sure, there were losses, a bit of a financial rollercoaster, if you will. But remember, my friends, this is just a pit stop on the journey to a more secure, prosperous, and unbreakable crypto future.</p>



<h2 class="wp-block-heading">Final Word</h2>



<p>We witnessed mind-blowing feats that left us awestruck, but also stomach-churning plunges that tested our nerves. Investment strategies got a makeover, governance models were shaken, and technology flexed its muscles in ways we never imagined. The crypto world&#8217;s cheeky wink led to unexpected twists, keeping us on our toes.</p>



<p>Fear not, my fearless crypto explorers! This wild journey is worth every heartbeat-skipping moment. So, fasten your seatbelts and get ready to experience the pulse-pounding saga of digital currencies.&nbsp; And remember, for the latest thrilling updates and insights, keep those antennas tuned to <a href="https://hodl.fm/category/digest/">Hodl.fm Digest</a>. Stay connected, stay informed – the journey is just beginning!</p>


1600х800_Digest 15_BP-413-min

Art Evolution, DeFi Aggression, Ripple’s Transparency Clash, and Crypto Losses


<p>Welcome Hodler, to the latest edition of our weekly digest. As always, there is a lot to digest and we&#8217;re here to decode the intricate matrix of crypto news, bringing you the latest developments hot off the press. This week, we&#8217;re covering everything from Bitcoin&#8217;s Zen-like composure in the face of rate hikes, altcoins throwing a rave, Binance&#8217;s toxic flirtation with Germany, US lawmakers wrestling over crypto legislation, all the way to Elon Musk&#8217;s latest strategy to give crypto engagement a turbo-boost. Ready? it&#8217;s time for your weekly crypto briefing. Let&#8217;s hit the gas and get started!</p>



<div class="d-flex justify-content-center"><ins class="64c25105bd391bf86a4f85f8" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c25105bd391bf86a4f85f8",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<h2 class="wp-block-heading">Market Overview: Rates Up, Bitcoin Steady, Altcoins on the Run</h2>



<p>Up for some sweet price action?&nbsp; Look no further. Here is how markets behaved in the past week.</p>



<p>Bitcoin (BTC) continues to nap like a baby at just above $29,300 after the Federal Reserve did what we all knew it would &#8211; <a href="https://www.cnbc.com/2023/07/26/fed-meeting-july-2023-.html">raised the fed funds rate by 25 basis points to a range of 5.25%-5.50%</a>. To say it mildly, Bitcoin reacted to this news as if it just watched season 8th of Game of Thrones &#8211; just a quiet 0.3% sigh. Traditional markets mirrored this quiet action as well, because who doesn&#8217;t like a good midweek nap?</p>



<p>But while the Bitcoin giant slept, altcoins have been throwing a party. Leading the charge is <a href="https://coinmarketcap.com/currencies/origin-protocol/">Origin Protocol&#8217;s OGN token</a>, pumping iron with a 28% advance. <a href="https://coinmarketcap.com/currencies/compound/">Compound&#8217;s COMP</a>, <a href="https://coinmarketcap.com/currencies/convex-finance/">Convex Finance&#8217;s CVX</a>, and <a href="https://coinmarketcap.com/currencies/solana/">Solana&#8217;s SOL</a> also joined the party with 14.4%, 7%, and 8.4% growth respectively. Meanwhile, the hodlers of the aforementioned tokens also deserved a party.&nbsp;</p>



<p>On the flip side, our friends at <a href="https://coinmarketcap.com/currencies/lido-dao/">Lido DAO (LDO)</a> and <a href="https://coinmarketcap.com/currencies/amp/">AMP</a> seem to have forgotten the steps. Although LDO bounced back and recovered slightly, AMP is still struggling to reach its previous price.&nbsp;</p>



<figure class="wp-block-image size-full is-resized"><img decoding="async" loading="lazy" src="https://hodl.fm/wp-files/2023/07/giphy-29-min-1.gif" alt="" class="wp-image-2603" width="609" height="343"/></figure>



<h2 class="wp-block-heading">Binance: On Again, Off Again &#8211; The German Edition</h2>



<p>Binance, Binance, Binance… The beloved crypto exchange has been through more ups and downs recently than Flappy Bird (nobody misses that game). Ahem, back to our topic. <a href="https://www.reuters.com/technology/binance-withdraws-application-crypto-license-germany-2023-07-26/">Binance has decided to take its ball and go home in Germany</a>, withdrawing its cryptocurrency custody license application.</p>



<p>Now, now, don&#8217;t be too hasty to judge. This comes hot on the heels of reported rejections from the stiff-upper-lip regulators at The German Federal Financial Supervisory Authority (<a href="https://www.bafin.de/EN/Homepage/homepage_node.html">BaFin</a>). Now read it out loud. There is a tongue twister for you.</p>



<figure class="wp-block-image size-full is-resized"><img decoding="async" loading="lazy" src="https://hodl.fm/wp-files/2023/07/E0X_5tyVgAIfMRL.jpeg" alt="" class="wp-image-2604" width="601" height="338" srcset="https://hodl.fm/wp-files/2023/07/E0X_5tyVgAIfMRL.jpeg 480w, https://hodl.fm/wp-files/2023/07/E0X_5tyVgAIfMRL-300x169.jpeg 300w" sizes="(max-width: 601px) 100vw, 601px" /></figure>



<p>After a month of whispers about rejections, Binance confirmed that it has indeed formally withdrawn its application. But hodl onto your hats, because this isn&#8217;t a sign of surrender. Far from it. Binance, it seems, is just taking a breather, and plans to reapply with an application better suited to the evolving regulatory environment. As their spokesperson put it, “The situation, both in the global market and regulation, has changed significantly.&#8221; We can only hope their new application comes with a side of bratwurst.</p>



<div class="d-flex justify-content-center"><ins class="64c250b9b41a4b5be53156b1" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c250b9b41a4b5be53156b1",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<p>Binance&#8217;s CEO, Changpeng Zhao, assured everyone that the company is still eyeing the European market, intending to be compliant with the European Union&#8217;s Markets in Crypto-Assets (MiCA) regulations. However, these aspirations have met with speed bumps, what with their regulatory wrangling in the United States.&nbsp;</p>



<p>With <a href="https://hodl.fm/binance-us-wash-trading-crypto-capers/">ongoing investigations in the U.S.</a> and a recent addition of France to their probe party since early 2022, it&#8217;s been a rocky road for the crypto exchange. In addition, it bid auf Wiedersehen to the Dutch market and applied to pack up its bags in the United Kingdom and Cyprus.</p>



<p>Well, one thing is for certain: <strong><em>All this moving around will earn Binance some serious frequent flyer miles.</em></strong></p>



<figure class="wp-block-image size-full is-resized"><img decoding="async" loading="lazy" src="https://hodl.fm/wp-files/2023/07/giphy-28.gif" alt="" class="wp-image-2602" width="612" height="340"/></figure>



<h2 class="wp-block-heading">US Crypto Lawmaking Drama Continues</h2>



<p>This week, the House Financial Services Committee found themselves navigating the loops and turns of <a href="https://cointelegraph.com/news/us-lawmakers-invoke-ftx-spar-direction-crypto-bills">six crypto-related legislations.</a> The main thrill of the ride: <a href="https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=408921">The Financial Innovation and Technology for the 21st Century Ac</a>t. This legislation is set to redefine the grey zones surrounding the authority of SEC and CFTC over payment stablecoins. Who is in charge <a href="https://hodl.fm/usdt-usdc-busd/">of stablecoins</a>? Committee chair Patrick McHenry was hoping it would prevent repeats of the sort of mishaps that have beleaguered FTX exchange. However, some lawmakers, like Maxine Waters, were a bit apprehensive, suggesting that it might not avert the kind of incidents allegedly witnessed between FTX and Alameda Research.</p>



<p>Adding a sharp twist to the ride, Massachusetts Representative Stephen Lynch called it the &#8220;worst piece of legislation&#8221; that has been on the block during his extensive political career.&nbsp;</p>



<p>Meanwhile, Republican lawmakers were daring, proposing a hefty $120 million to enhance the CFTC&#8217;s regulatory resources for crypto. For those who just yawned at the CFTC reference, let&#8217;s break it down: the CFTC is the watchdog of the futures and options markets. It&#8217;s the entity that keeps the market&#8217;s bullies in check and maintains a level playing field. However, some Democrats, playing the role of the cautious parent, expressed concern that this hefty sum was being drawn from the SEC&#8217;s piggy bank, potentially leaving this equally important agency rummaging through the couch cushions for spare change to maintain its enforcement capabilities.</p>



<p>As the lawmakers were busy with their ride, the SEC wasn&#8217;t enjoying a leisurely day at the office. They&#8217;ve been active, launching lawsuits against major crypto entities like Coinbase, Binance, and high-ranking executives at FTX and Celsius. The rollercoaster ride of crypto legislation seems far from over.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="680" height="453" src="https://hodl.fm/wp-files/2023/07/image-8-1.jpg" alt="" class="wp-image-2605" srcset="https://hodl.fm/wp-files/2023/07/image-8-1.jpg 680w, https://hodl.fm/wp-files/2023/07/image-8-1-300x200.jpg 300w" sizes="(max-width: 680px) 100vw, 680px" /></figure>



<h2 class="wp-block-heading">Musk&#8217;s Advertising Reboot: Can it X-cite Crypto Engagement?</h2>



<p>When Elon Musk isn&#8217;t rocketing toward Mars, he&#8217;s busy shaking things up on Earth. <a href="https://www.wsj.com/articles/elon-musks-rebranded-twitter-cuts-ad-prices-d2615d8f?mod=e2tw">A 50% price slash on Twitter&#8217;s new ad bookings</a>, aiming to boost the platform&#8217;s cash flow was the latest shockwave sent by Musk. The catch is, if advertisers don’t spend at least $1,000 on ads within 30 days, they risk losing their verification tick.&nbsp;</p>



<p>And the cherry on top &#8211; the introduction of a new Explore tab, enabling advertisers to secure a 24-hour placement atop the trending list. This revitalized advertising strategy seeks to cash in on the Women&#8217;s World Cup.</p>



<figure class="wp-block-image size-full is-resized"><img decoding="async" loading="lazy" src="https://hodl.fm/wp-files/2023/07/giphy-26-min.gif" alt="" class="wp-image-2601" width="592" height="333"/></figure>



<p>Although Musk ruffled some feathers a while back by limiting post visibility, the feature was retracted, and damage control has begun with these new reforms. In fact, he already added some firepower to the team, <a href="https://www.bbc.com/news/business-65640622">bringing in former NBC executive Linda Yaccarino</a>, to help boost ad revenue.</p>



<p>But, this isn&#8217;t just a Twitter revamp, it&#8217;s an &#8220;X&#8221; formation. A sign of the company’s aspirations to transcend social media and hint at the integration of cryptocurrency payments.</p>



<p>So, what&#8217;s in it for us, the hodlers? After the FTX&#8217;s spending splurge and subsequent fall, crypto ads are expected to be more strategic. <a href="https://nypost.com/2023/01/12/miami-heat-win-bid-to-scrap-135m-arena-naming-deal-with-ftx/">FTX&#8217;s $135 million stadium naming spree</a> and <a href="https://www.cnbc.com/2021/11/17/cryptocom-buys-naming-rights-to-lakers-staples-center-in-a-700-million-deal-.html#:~:text=The%20Staples%20Center%20will%20be,Association's%20annual%20Christmas%20Day%20games.">Crypto.com&#8217;s $700 million rights for the home of the Los Angeles Lakers</a> set a high bar, but with the engagement dip reported by Sensor Tower in May, a new approach seems imminent.</p>



<p>With Twitter&#8217;s ad discount program, crypto companies now have an opportunity to advertise in a more cost-effective manner. Plus, new regulations in Hong Kong, South Korea, and the UK provide a sense of legitimacy, allowing these companies to advertise with increased confidence.</p>



<p>Will Twitter&#8217;s &#8220;X&#8221; factor reignite the fire of crypto engagement? Or will it fall short of its ambition? Nobody knows yet, but it’s worth a shot.&nbsp;</p>



<h2 class="wp-block-heading">Conclusion</h2>



<p>As we wrap up this week&#8217;s digest, let&#8217;s take a step back to look at all the ups and downs we&#8217;ve journeyed through in the crypto world. From Bitcoin barely blinking at rate hikes, to altcoins partying hard, the market has once again shown us it’s full of surprises. We&#8217;ve also watched Binance navigate choppy waters in Germany and the US. Plus, Musk&#8217;s big move might just bring a much-needed energy boost to the crypto scene.</p>



<p>In this 24/7 world, it&#8217;s the grit of projects, the guts of exchanges, the hard work of lawmakers, and the bold ideas of people like Musk that make the crypto landscape so thrilling. Until our next rendezvous, remember, hodl on tight and keep an eye on the markets.&nbsp;</p>


Simple words About Tough Things

DIGEST

Mt. Gox nostalgia, The state of NFT’s, Binance smackdown and the US Committee against CBDC’s

Mason Discards AI vocals, Binance.US CEO Bids Adieu, Ethereum Gets a New Superhero and Bitcoin, Altcoins Took a Dive

Paris Hilton, China & Crypto, AI Battles, and Fed Moves

Grayscale Wins, Binance in SA, BTC Whales, SHIB Rises

Crypto NFT Drama, Scams, Entrepreneurship: News Highlight

Crazy Days in Crypto Land: A Deep Dive into Bubbles, Shutdowns, and Courtroom Drama

Law Firm Tied to FTX Controversy, Blockchain Capital Twitter” X” Hack, Coinbase’s Debt Buyback Strategy and Binance Goes to El Salvador

Art Evolution, DeFi Aggression, Ripple’s Transparency Clash, and Crypto Losses

Markets in Motion, Binance Exits Germany, US Legislators at Work, and Musk’s Brewing Plans

DIGEST

Mt. Gox nostalgia, The state of NFT’s, Binance smackdown and the US Committee against CBDC’s

Mason Discards AI vocals, Binance.US CEO Bids Adieu, Ethereum Gets a New Superhero and Bitcoin, Altcoins Took a Dive

Paris Hilton, China & Crypto, AI Battles, and Fed Moves

Grayscale Wins, Binance in SA, BTC Whales, SHIB Rises

Crypto NFT Drama, Scams, Entrepreneurship: News Highlight

Crazy Days in Crypto Land: A Deep Dive into Bubbles, Shutdowns, and Courtroom Drama

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Law Firm Tied to FTX Controversy, Blockchain Capital Twitter” X” Hack, Coinbase’s Debt Buyback Strategy and Binance Goes to El Salvador

Art Evolution, DeFi Aggression, Ripple’s Transparency Clash, and Crypto Losses

Markets in Motion, Binance Exits Germany, US Legislators at Work, and Musk’s Brewing Plans