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Just as the crypto world has shaken off the reputation of being built by scam artists, it now seems the industry is rammed full of psychopaths. New data from the University of Toronto and the University of Miami seems to suggest that crypto traders display psychopathic traits... But are you really that surprised?
From memecoin pump-and-dumpers to alpha-seeking degens to greedy profit-maximising capitalists, it hardly comes as a shock that some of you are ruthless psychopaths.
And if you're not a psychopath but still successful in the industry, you're probably some sort of industry criminal, as Telegram CEO Pavel Durov recently found out. Durov was detained in France on Friday after arriving on a private jet at Paris' Le Bourget airport.
His arrest came as messaging app Telegram was accused of being under-moderated and allowing for the proliferation of illegal activity including drug trafficking and child sexual abuse image sharing.
Speaking of (im)moral quandaries, Binance has come under fire for following IDF orders to restrict Palestinian access to crypto. As the world's leading crypto exchange, it seems clear that political sway still trumps economic power. Whichever side of the fence you fall on with regards to the conflict, it seems clear that crypto firms are still at the mercy.
But it's not all bleak news this week, especially if you're Elon Musk, who secured a legal win against investors who alleged he manipulated the price of Dogecoin while profiting from its meteoric 36,000% price rise. Although, is a multi-billionaire's win really a win for the industry?
Over in the markets, Bitcoin and Ethereum have ended the week in the red, slipping 8.17% and 8.39% respectively.
Risk appetites on the Fear & Greed Index place current sentiment in the "Fear" zone at 34, which is the same as last week. The Fear & Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1-100 – 1 is extreme fear and 100 is extreme greed.
But fret not, BRN analyst Valentin Fournier believes that low selling pressure could be a buying opportunity. "With selling pressure currently low and the positive trend from the August 5th low potentially resuming, the downside risk appears limited, supported by strong levels at $58,000 and $54,000. We recommend increasing exposure and favoring BTC over ETH," he said.
Yesterday, #Bitcoin climbed towards $61,000 before encountering strong bearish pressure, which brought it back to levels seen before the Jackson Hole speech. The initial excitement was short-lived, as the information had already been factored into the market.
— BRN (@thebrn_co) August 30, 2024
A thread 🧵(1/6)
Elon Musk, Tesla Secure Win in Legal Battle Over Alleged Dogecoin Manipulation
Elon Musk and Tesla have secured a win in a federal lawsuit that accused them both of manipulating Dogecoin.
The case, which alleged that Musk's endorsement of the Memecoin along with insider trading caused investors to lose billions, was dismissed by US District Judge Alvin Hellerstein in Manhattan on Thursday.
Blockhead
How Crypto is Impacting the US Presidential Election
Whether you like it or not, the United States as a leading global superpower has a great deal of sway in the markets, especially the crypto markets. But when it comes to cryptocurrency policy, the Democratic Party hardly made any noise.
According to BRN's prior prediction, we may have established the Bitcoin bottom for the remainder of the year. When the rate-easing cycle starts, Kamala Harris's chances of winning decrease.
Blockhead
OpenSea Receives Wells Notice From SEC But Who Hasn't?
NFT marketplace OpenSea has received a Wells Notice from the US Securities and Exchange Commission (SEC).
A Wells Notice is usually sent ahead of launching a formal lawsuit. Coinbase, Uniswap Labs, Ripple, Robinhood, Consensys, and BUSD issuer Paxos are among those in the increasing list of crypto firms that have received such notices.
Blockhead
Stablecoin Market Reaches New Heights Amid Growing Institutional Adoption
The stablecoin market has experienced a significant surge this week, reaching a new all-time high of over $169 billion, according to DefiLlama data. This growth has been fueled by increased institutional interest in cryptocurrencies, driven by factors such as the recent launch of spot Bitcoin and Ethereum ETFs.
Stablecoins, which are cryptocurrencies pegged to a stable asset like the US dollar, have become an essential component of the crypto ecosystem. Their stability and utility make them ideal for cross-border payments, earning rewards, and facilitating various digital finance transactions.
Blockhead
Crypto.com Partners PayPal for US Crypto Purchases
Crypto.com has inked a deal with PayPal to offer crypto purchases for users in the United States.
The feature, which will soon be available beyond the US, will allow users to connect their PayPal and Crypto.com wallets to transfer funds from the former to the latter to buy cryptocurrencies.
Blockhead
HKMA Launches Sandbox to Boost Tokenization Adoption
The Hong Kong Monetary Authority (HKMA) has launched Project Ensemble Sandbox, a platform designed to accelerate the adoption of tokenization within the financial sector, the regulator announced in a statement on Wednesday.
The sandbox will serve as a testing ground for various tokenization use cases, initially focusing on fixed income and investment funds, liquidity management, green and sustainable finance, and trade and supply chain finance, the announcement said. By experimenting with these areas, HKMA aims to identify potential benefits and challenges associated with tokenization.
Blockhead
Study Finds Crypto Owners Display Psychopathic Traits... Can You Relate?
With the crypto's chaotic volatility, ubiquitous shady industry behaviour, and generally whacky principals, have you ever questioned your own mental stability as a participant in this wild industry? Well, it turns out, you might be a psychopath.
A recent study by the University of Toronto and the University of Miami has found that personality traits such as narcissism and psychopathy were more commonly observed among cryptocurrency owners.
Blockhead
Binance Slammed for Seizing Palestinian Crypto at Request of Israel Defense Forces
Binance has come under fire for restricting access for Palestinian users at the behest of the Israel Defense Forces (IDF).
Ray Youssef, co-founder of Paxful, has alleged that the global exchange had confiscated the funds, stating on X, “Binance has seized all funds from all Palestinians as per the request of the IDF. They refuse to return the funds. All appeals denied.”
Blockhead
TON Blockchain Back Online After 8 Hour Outage
The TON blockchain network experienced a significant disruption on Wednesday morning (SGT), likely due to an overwhelming influx of transactions related to the launch of a new memecoin, DOGS.
According to Tonscan data, the TON network stopped generating blocks for nearly 8 hours, with the last block produced at 06:11:46 UTC+8. This outage had immediate consequences for cryptocurrency exchanges, as Bybit and Binance announced the suspension of all deposits and withdrawals through the Toncoin (TON) network to mitigate potential risks associated with network instability.
Blockhead
Is Telegram CEO Pavel Durov’s Arrest Putting a TON of Pressure on the Network?
It’s not every day that a community rallies behind a founder in the Web3 space. However, the recent arrest of Telegram’s CEO saw many communities pledging their support.
Telegram CEO Pavel Durov was detained in France on Friday after arriving on a private jet at Le Bourget Airport. His arrest came as Telegram was accused of being under-moderated and allowing for the proliferation of illegal activity.
Perion Lim
Kraken's Lawsuit From SEC Greenlit By US Judge
A California judge has ruled that the US Securities and Exchange Commission’s (SEC) lawsuit against Kraken will go to trial.
Back in November, the SEC accused the crypto exchange of violating federal securities laws by failing to register as a broker, clearinghouse, or exchange. The lawsuit seeks to permanently bar Kraken from further securities violations and demands the return of its so-called "ill-gotten gains," along with other penalties.
Blockhead
State of Ether ETFs One Month After Debut vs. Bitcoin
A little over a month has passed since the highly anticipated US debut of Ether ETFs, but investors still lack enthusiasm, with much less euphoria surrounding them as compared to Bitcoin ETFs.
Withdrawals from the nine exchange-traded funds holding the second-largest cryptocurrency directly continued for the eight day running on Monday, the worst losing stretch since the fund's inception on July 23.
Ashrith Rao
Hong Kong Crypto Hub Ambitions Stalled by SFC's Findings
Hong Kong's efforts to become a global cryptocurrency hub is facing a potential roadblock as the Securities and Futures Commission (SFC) has discovered "unsatisfactory practices" at some crypto exchanges seeking full licenses.
Following on-site inspections, the SFC has identified concerns around client asset custody and cybersecurity practices at an unspecified number of applicants, Bloomberg reported on Monday.
Blockhead
"It's Time," Says Fed Chair Jerome Powell & Crypto Traders
The much-awaited and crucial Fed pivot signal is here - Fed Chair Jerome Powell has told the Jackson Hole conference that the "time has come" to adjust policy.
The US Federal Reserve has been fighting inflation with a single-minded focus for the last two years, taking rates to two-decade highs.
Blockhead
'Soneium': Sony Unveils Public Blockchain With Singapore Web3 Firm Startale Labs
Sony has announced its own public blockchain, Soneium, with the help of Singapore-based Web3 firm Startale Labs.
The new layer-2 network built on Ethereum is set to go live on a test network in the coming days and will utilize optimistic roll-up technology that allows users to transact for cheaper.
Blockhead
Events
Daemon Day (Singapore, 17 September 2024)
Join Blockdaemon on 17th September 2024 at Pan Pacific, Singapore for a day of groundbreaking discussions and networking opportunities with key players in the space. Event partners include AWS and Zodia Custody, while the event supporters include Liquid Collective, M2, MU Digital, Titanium Ventures, and Xangle.
For more info, click here.
Token2049 (Singapore, 18-19 September 2024)
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All That Matters (Singapore, 16-18 September 2024)
The 19th All That Matters is the gateway to the APAC Music, Sports, Gaming, Marketing, Web3, Arts and Entertainment industries.
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GeckoCon (Bangkok, 11 November 2024)
GeckoCon returns, and this year we're diving into the revolutionary world of Web3 Gaming! Discover how the fusion of blockchain and traditional gaming is creating a whole new entertainment layer.
Don't miss out—visit CoinGecko now to secure your spot in our first ever Hybrid Conference set to take place in Bangkok, Thailand. Or from the comforts of your home!
On-site or online, tune into our exclusive keynotes, dynamic panel sessions, and engaging workshops. Get ready to leap into the future of gaming!
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