ETH ‘god candle,’ $6K subsequent? Coinbase tightens safety: Hodler’s Digest, Aug. 17 – 23

Discover insights within the DeFi house. This article dives into: “ETH ‘god candle,’ $6K next? Coinbase tightens security: Hodler’s Digest, Aug. 17 – 23”.

Top Stories of The Week

Coinbase predicts trillion-dollar stablecoin period by 2028

The complete US dollar-pegged stablecoin market is projected to swell to $1.2 trillion by 2028, spurred on by complete crypto laws within the United States, in line with crypto alternate Coinbase.

Coinbase stated the projections imply the US Treasury issuance must be $5.3 billion per week over the following three years to fulfill demand from stablecoin issuers, who use short-term US Treasury payments as backing collateral for his or her digital fiat tokens.

This issuance schedule would trigger a minor and momentary drop in three-month Treasury yields of about 4.5 foundation factors, opposite to analyst predictions that demand from stablecoin issuers will considerably cut back the curiosity on US authorities debt. Coinbase wrote in a market report:

“We think the forecast doesn’t require unrealistically large or permanent rate dislocations to materialize; instead, it relies on incremental, policy-enabled adoption compounding over time.”

Kanye West YZY sniper pockets linked to $21M LIBRA extraction scheme: Analysts

An onchain investigation by pseudonymous analyst Dethective linked a pockets that sniped the Kanye West-themed token YZY to a different set of wallets behind the LIBRA token, suggesting that the identical operator extracted tens of tens of millions of {dollars} utilizing insider information.

In a collection of X posts on Thursday, Dethective revealed {that a} YZY sniper pockets managed to purchase $250,000 price of tokens at simply $0.20, far beneath the value most merchants paid. Within minutes, the pockets secured over $1 million in revenue, which was later funneled right into a treasury pockets.

The identical treasury pockets had additionally obtained massive sums from wallets tied to LIBRA’s launch six months in the past. Two “Libra sniper” wallets extracted a mixed $21 million. In complete, practically $23 million was pulled throughout the YZY and LIBRA launches, with funds later moved to Kamino or Binance.

“We can be sure this is someone with clear inside info,” Dethective wrote. “The proof is that he did not snipe any coin besides $YZY and $LIBRA and he was prepared with huge size.”

Bitcoin’s 4-year cycle is probably not useless in spite of everything: Glassnode

Bitcoin’s latest worth motion should be monitoring its historic four-year halving cycle, regardless of some market predictions that rising institutional curiosity will break the sample, in line with onchain analytics agency Glassnode.

“From a cyclical perspective, Bitcoin’s price action also echoes prior patterns,” Glassnode stated in a markets report on Wednesday.

Glassnode stated a number of elements recommend that the Bitcoin cycle could also be additional alongside than the market assumes.

Profit-taking amongst long-term holders — these holding Bitcoin for greater than 155 days — is now “comparable to past euphoric phases, reinforcing the impression of a market late in its cycle,” it stated.

Glassnode additionally pointed to weakening demand, with capital inflows into Bitcoin “showing signs of fatigue.” Spot Bitcoin exchange-traded funds have posted outflows of about $975 million over the previous 4 buying and selling days, in line with Farside Investors.

Harvard economist admits he was unsuitable about Bitcoin crashing to $100

Harvard economist Kenneth Rogoff, who as soon as predicted Bitcoin would extra probably crash to $100 earlier than it hit $100,000, admitted that lots has modified since his feedback seven years in the past, although he seemingly nonetheless hasn’t come round to Bitcoin. 

“Almost a decade ago, I was the Harvard economist that said Bitcoin was more likely to be worth $100 than 100K. What did I miss?” Rogoff wrote on X on Wednesday, referring to a section on CNBC’s “Squawk Box” in March 2018.

Rogoff is a former chief economist of the International Monetary Fund and likewise writer of Our Dollar, Your Problem, a e book revealed in May.

In 2018, Rogoff stated that authorities regulation would set off a drop in Bitcoin costs. 

Philippine invoice charts path to strategic reserve with 10,000 Bitcoin

The Congress of the Philippines is weighing a proposal that would see the nation’s central financial institution set up a strategic reserve of 10,000 Bitcoin, positioning the nation among the many first in Southeast Asia to undertake Bitcoin as a strategic asset. 

A House of Representatives invoice filed by Camarines Sur Representative Migz Villafuerte in June made headlines on Thursday, because it goals to mandate the Banko Sentral ng Pilipinas (BSP), the nation’s central financial institution, to buy 2,000 Bitcoin yearly over a five-year interval. 

The invoice, known as the “Strategic Bitcoin Reserve Act,” goals to mandate the BSP to purchase 10,000 Bitcoin price $1.1 billion at present market costs. The invoice states that the asset can be locked in a belief for at the very least 20 years. This would imply that the cash couldn’t be offered, swapped or disposed of, apart from when retiring authorities debt. 

Winners and Losers

At the tip of the week, Bitcoin (BTC) is at $116,967, Ether (ETH) at $4,873 and XRP at $3.09. The complete market cap is at $4.05 trillion, in line with CoinMarketCap.

Among the largest 100 cryptocurrencies, the highest three altcoin gainers of the week are OKB (OKB) at 114.67%, Morpho (MORPHO) at 41.07% and Chainlink (LINK) at 25.75%.

The prime three altcoin losers of the week are Pump.enjoyable (PUMP) at 7.17%, Four (FORM) at 5.90% and Hyperliquid (HYPE) at 5.14%.

For extra information on crypto costs, be certain that to learn Cointelegraph’s market evaluation.

Most Memorable Quotations

“From the SEC’s perspective, we will plow forward and on this idea that just the token itself is not necessarily the security, and probably not. There are very few, in my mind, tokens that are securities, but it depends on what’s the package around it and how that’s being sold.”

Paul Atkins, chair of the US Securities and Exchange Commission

“Retail traders have done a complete 180 after Bitcoin failed to rally and dipped below $113,000.”

Santiment analysts

“This is not a sign of strength for $BTC. The downward pressure is palpable, but bulls are trying to find their footing.”

Keith Alan, co-founder of Material Indicators

“The rough idea I have in my head is that we’ll see a million-dollar Bitcoin by 2030.”

Brian Armstrong, CEO of Coinbase

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Stuart Alderoty, chief authorized officer at Ripple

“The way we buy Bitcoin is we do not move the price of the Bitcoin.”

Shirish Jajodia, company treasurer and head of investor relations at Strategy

Top Prediction of The Week

ETH ‘god candle’ emerges amid Fed price lower hopes: Is $6K Ether subsequent?

Ether’s worth displayed energy on the Wall Street open on Friday, rising 13% to $4,788 following Federal Reserve Chair Jerome Powell’s speech at Jackson Hole.

ETH worth rallied from $4,200 inside minutes, reclaiming $4,600, a stage that has suppressed the value during the last seven days, per information from Cointelegraph Markets Pro and TradingView.

That identical day, ETH set a brand new report excessive, crossing above $4,867 on Coinbase for the primary time since November 2021.

This efficiency follows Powell’s Jackson Hole speech, the place he hinted at a possible rate of interest lower in September, signaling a dovish stance that boosted market optimism.

Read additionally

Features

‘Bitcoin layer 2s’ aren’t actually L2s in any respect: Here’s why that issues

Features

The Vitalik I do know: Dmitry Buterin

Interest price lower odds for the Sept. 17 FOMC assembly have now jumped to 91.5% from 75% a day prior, in line with the CME Group Fedwatch software.

Top FUD of The Week

Interpol coordinates crackdown on unlawful Angola-based crypto miners

The International Criminal Police Organization, or Interpol, introduced greater than a thousand arrests and the seizure of about $100 million as a part of a crackdown that included cryptocurrency miners and fraudsters.

In a Friday discover, Interpol stated it had coordinated with authorities in Angola to dismantle 25 crypto mining facilities being illegally run by 60 Chinese nationals. 

The group stated it had seized gear price greater than $37 million, which the Angolan authorities plans to distribute to “vulnerable areas.” 

Coinbase tightens workforce safety after North Korea remote-worker threats

Coinbase, the world’s third-largest cryptocurrency alternate by quantity, has come underneath a wave of threats from North Korean hackers in search of distant employment with the corporate.

North Korean IT staff are more and more concentrating on Coinbase’s distant employee coverage to achieve entry to its delicate programs.

Read additionally

Features

ZK-proofs are bringing sensible contracts to Bitcoin — BitcoinOS and Starknet

Features

Proton Mail exposing activist’s information confirmed the bounds of encryption

In response, Coinbase CEO Brian Armstrong is rethinking the crypto alternate’s inside safety measures, together with requiring all staff to obtain in-person coaching within the US, whereas individuals with entry to delicate programs will likely be required to carry US citizenship and undergo fingerprinting.

“DPRK is very interested in stealing crypto,” Armstrong informed Cheeky Pint podcast host John Collins in a Thursday episode. “We can collaborate with law enforcement […] but it feels like there’s 500 new people graduating every quarter, from some kind of school they have, and that’s their whole job.”

Taiwan costs suspects in report $72M crypto laundering scheme

Taiwanese prosecutors reportedly indicted 14 individuals in what they are saying is the nation’s biggest-ever cryptocurrency cash laundering case, involving greater than 1,500 victims and over $70 million in illicit funds.

The Shilin District Prosecutors Office indicted the 14 on costs associated to fraud, cash laundering and arranged crime, requesting the confiscation of 1.275 billion New Taiwan {dollars} ($39.8 million), which was allegedly obtained from victims by means of fraud, in line with a Friday report from native media outlet UDN.

Prosecutors additionally requested confiscation of one other 640,000 USDT, undisclosed Bitcoin and Tron holdings, over $1.8 million in money and two luxurious automobiles. They reportedly seized financial institution deposits totaling $3.13 million, with the remainder of the proceeds set to be recovered later.

The group was charged with laundering $71.9 million collected from unknowing victims in money, earlier than being transformed into international foreign money and transferred abroad to buy USDT by means of Taiwanese cryptocurrency alternate BiXiang Technology.

Top Magazine Stories of The Week

Can privateness survive in US crypto coverage after Roman Storm’s conviction?

Roman Storm’s Tornado Cash conviction displays the identical privacy-versus-security battle seen in earlier encryption battles, authorized specialists say.

Stablecoins in Japan and China, India mulls crypto tax adjustments: Asia Express

Major Asian economies step on the stablecoin throttle, India’s reconsiders punitive crypto tax, and extra.

Bitcoin’s long-term safety price range drawback: Impending disaster or FUD?

The declining block reward subsidy is a real problem for Bitcoin’s safety price range. But there are answers, too.

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Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this text.

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