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Crypto Whirlwind: Bitcoin, Dogecoin Market Moves Under the Microscope

Bitcoin and Dogecoin's market moves get scrutinized, McDonald's goes virtual in the metaverse, and a Ferrari F40 NFT fetches a staggering $2.5M. All while Terraform lawyers leverage the Ripple ruling for a lawsuit dismissal and the TrueUSD saga continues.

July 24, 2023

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Good ol' Monday has swung around again - the universal signal for "Back to the Office" and "Why isn't coffee available in IV form?" As you drag yourself out of weekend mode and into the workweek hustle, we've got something to lighten your load - your daily dose of crypto news. So let's dive into another manic (but hopefully magical) Monday in the world of blockchain and digital assets. Buckle up, it's about to get interesting!

This past weekend, our beloved digital currencies decided to hit the pause button, with little significant moves in crypto markets. Bitcoin, that ever-magnetic powerhouse, lounged comfortably around the $30K checkpoint. But don't be fooled! In the depths of the crypto ocean, the whales were hard at work, orchestrating a dance of Bitcoin (BTC) and Dogecoin (DOGE) worth hundreds of millions of dollars.

Fed, SEC to Squeeze, But Bitcoin ETFs to Keep Cryptos Buoyed
The long-standing hit to cryptos from higher interest rates is coming closer to an end, even as the Federal Reserve is set to hike again this week. That and the US SEC’s decision to accept Bitcoin ETF applications from six firms helped boost crypto investors’ sentiment.

Whale Alert, a snoopy blockchain-tracking bot, blew its whistle at the sight of a magnificent 14,159 BTC (about $421.71 million) swirling from one unknown wallet to another. Meanwhile, 1,890 BTC (approx. $56.54 million) took a leisurely journey from a mystery pocket to our US-based crypto bazaar Coinbase.

Over in memeland, Dogecoin took center stage with a colossal 450 million DOGE (~$33 million) moving house to Robinhood from a hidden corner of the crypto realm. Robinhood, playing its part, served as both the exit and entry point for over 117 million DOGE. A hefty 85 million DOGE left an anonymous source for a holiday at Binance, while nearly 79 million DOGE bid adieu to Robinhood for a new, secretive abode.

Are these moves may or may not be linked to Elon Musk? Well, that remains to be seen. The maestro of Twitter was busy reinventing the messaging platform's image over the weekend, ditching the charming blue bird for a mysterious 'X'. Mr. Musk now has X.com and X graphics on his profile, but those of you with a detective's eye might have caught a spicy sprinkle of Dogecoin's symbol "Ð" gracing his Twitter location. This nifty little trick sent Dogecoin's price on a 6% joyride, currently basking at $0.075.

Cryptic or genius? You decide.

Elsewhere,

  • Ethereum Wiz at Ethcon: Ethereum's very own magic man, co-founder Vitalik Buterin, is slated to make a star appearance at the eagerly awaited Ethcon Korea on September 4. The crypto world is all eyes and ears!
  • McDonald's Big Metaverse Mac: Fast food titan McDonald's is supersizing its digital strategy, diving into The Sandbox with its very own metaverse game. This marks another leap by traditional business into the expansive universe of the metaverse.
  • Prancing Horse on the NFT Track: A ravishing Ferrari F40 just got snagged for a whopping $2.5 million on Altr, the luxury NFT bazaar. This revs up the debate on the disruptive potential of NFTs in classic markets.
  • Apocalypse Now...Or Never? In an eyebrow-raising move, Gabriel Bankman-Fried, brother of ex-FTX CEO Sam Bankman-Fried, was making plans to buy an entire island nation for a sweet apocalypse escape plan, according to a lawsuit filed by FTX against its 31-year-old founder and three other former executives, and seeking $1 billion. Guess some people really take "prepare for the worst" seriously.
  • Ripple Ruling Ripples Out: Legal eagles at Terraform Labs have whipped out the recent Ripple ruling in a bid to swat away a lawsuit from the SEC, which alleges that it and founder Do Kwon mislead investors in the TerraUSD project, and alleging that Terraform's Anchor Protocol and LUNA token were securities.
  • TrueUSD Turmoil: A plot twist in the world of stablecoins! Ex-ArchBlock CEO, Daniel Jaiyong An, has launched a legal salvo against his former teammates. The scoop? An claims he was booted out during hush-hush talks with Justin Sun about selling TrueUSD to Tron. Stay tuned for the next episode, folks!
TrueUSD: Who Do You Trust?
We look at the history of stablecoin TrueUSD (TUSD) and questions about its offshore retreat and connections to TRON and Techteryx.

Tuesday, 25 July: Salad Tuesdays #29 by Salad Ventures. Gather over drinks with web3 enthusiasts, builders, and degens.
Wednesday, 26 July: Understanding Decentralized Finance (DeFi) and how to use it?, by Klaytn.
Wednesday, 26 July: Web3 for Startups - Scaling with Blockchain Nodes, by Ethereum Singapore.
Thursday, 27 July: Crypto Drinks SG - no speakers, no presentations, no approvals, all welcome.
Thursday, 27 July: MadLads Community - Web3 NFT Meetup
Saturday, 29 July: Gobmula 1 Singapore (gₒbₗᵢₙₜₒwₙ ₘₑₑₜᵤₚ ₋ ₐₛₖ ₐ gₒbₗᵢₙ fₒᵣ dₑₜₐᵢₗₛ).



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