DeFi faces stress test, DoJ fears run on Binance, Hong Kong’s crypto trading: Hodler’s Digest, July 30 – Aug. 5

Top Stories This Week

The decentralized financing (DeFi) community experienced a tough week after a seismic security event resulted in over $61 million being taken from Curve Finances pools, leaving numerous procedures dealing with broader contagion dangers. This attack exposed vulnerabilities throughout DeFi jobs and stimulated efforts to recuperate taken funds over the previous few days, hammering the efficiency of tokens and even stablecoins as an outcome of the significant ups and downs in this story. As the neighborhood navigates the after-effects of this make use of, Cointelegraph put together the weeks occasions, presenting a timeline of what happened given that the hack on July 30.

US DoJ is concerned about a work on Binance ought to prosecutors bring scams charges

The United States Department of Justice is apparently considering charging cryptocurrency exchange Binance with scams, but hesitating based on expenses to consumers. The authorities are considering fines or non-prosecution agreements for Binance rather than criminal charges in an effort to decrease the harm to consumers.

Hong Kong debuts retail crypto trading with HashKey and OSL

Digital possession firm HashKey has successfully gotten all needed licensing to broaden its service from serving expert investors to taking on retail users, as Hong Kong broadens its cryptocurrency trading to private investors. The first license, Type 1, permits HashKey to run a virtual possession trading platform under Hong Kongs securities laws. The 2nd one, Type 7, formally allows the company to supply automated trading services to both institutional and retail users. OSL, another regional crypto company, received an upgrade to its existing license from Hong Kongs Securities and Futures Commission, enabling it to use Bitcoin (BTC) and Ether (ETH) trading to retail financiers instantly.

Coinbase rejects SEC told it to delist whatever but Bitcoin

Coinbase has rejected reports declaring that its CEO, Brian Armstrong, was as soon as told by the U.S. Securities and Exchange Commission to delist all cryptocurrencies on its platform other than for Bitcoin. SEC Chair Gary Gensler has previously claimed that “whatever other than Bitcoin” is a security under the agencys remit.

Ethereums 8th birthday: Crypto market shares its top moments

On July 30, 2015, former Ethereum Foundation CCO Stephan Tual penned a post, formally revealing that the network had been presented. “The vision of a censorship-proof world computer that anyone can configure, paying exclusively for what they use and nothing more, is now a truth,” he wrote. Eight years later on, Ethereum and its native currency, Ether (ETH), has actually grown to end up being the second-largest crypto possession around, boasting a market capitalization of $225 billion and more than 1,900 monthly active designers.

The crypto community has come together to commemorate the birthday of the Ethereum network, marking 8 years because the Ethereum Foundation first sent out the network live.

Losers and winners

Finest Cointelegraph Features.

” Spot [Bitcoin] ETFs will serve another set of customers in a synergistic style to grow the whole asset class.”.

Changpeng “CZ” Zhao, CEO of Binance.

” I personally have not seen any audit reports of USDT. I do not believe most people I spoke to have actually not seen that either. So its kind of a black box because we just dont understand.”.

Prediction of the Week.

” I see price going sideways, and Ive never been more bullish! Just wait until we break into phase 2 on the 3 Week RSI … Early bull market cost action, period.”.

Ilya Lichtenstein confessed to a U.S. court that he was the specific behind an exploit of cryptocurrency exchange Bitfinex in 2016 which led to the theft of roughly 119,754 Bitcoin. Lichtenstein spoke as part of a plea arrangement with district attorneys, who charged him and his better half Heather Morgan with money laundering conspiracy and conspiracy to defraud the United States. The couple apparently washed more than 94,643 BTC from the Bitfinex hack– worth roughly $54 million at the time.

Features.
Crypto winter can take a toll on hodlers psychological health.

Private charged with money laundering confesses to hacking Bitfinex in 2016.

Ron DeSantis, guv of Florida.

” A month of sideways action on BTC and dominance has just made a higher low. H12 bullish div confirmed, RSI on higher TF looks reset, keeping above the magic 40 RSI level, whos ready for the next upper hand?”.

At the end of the week, Bitcoin (BTC) is at $28,985, Ether (ETH) at $1,823 and XRP at $0.63. The total market cap is at $1.16 trillion, according to CoinMarketCap.

” The digital asset products and services that TASE is exploring will no doubt play fundamental roles in the future of Israels economy.”.

Mike Novogratz, CEO of Galaxy Digital.

BTC rate upside yet to come at $29K after Bitcoin RSI reset– Trader.

Many Memorable Quotations.

Is SBF privately behind BALD? Crypto Twitter arguments newest conspiracy.

Read.

Blockchain security firm Certik attempted, in 2022, to alert users of an imminent carpet pull surrounding a crypto project, but financiers blew up and fired back. The firm rescinded the security alert. Then, the job ended. This is the story behind the Web3 gaming task “Crypto Cars.” At the time, the jobs native token was rapidly falling in rate, its website was briefly down, and its developers said that it would no longer react on its Telegram due to the Lunar New Year vacation commemorated in Vietnam. The situation activated Certiks alert, however when Cointelegraph attempted to follow up with the job on Aug. 1, 2023, it had long ago shut its doors.

” The most important thing that happened this year in Bitcoin is Larry Fink.”.

Goldman Sachs.

Among the biggest 100 cryptocurrencies, the leading 3 altcoin gainers of the week are Helium (HNT) at 39.79%, XDC Network (XDC) at 20.11% and Bone ShibaSwap (BONE) at 18.04%..

Continuing, fellow pseudonymous trader CryptoCon flagged RSI over longer timeframes to deliver a likewise bullish take on BTC rate efficiency:.

Features.
Blockchain fail-safes in space: SpaceChain, Blockstream and Cryptosat.

Bitcoin has actually not yet seen the bulk of its gains this cycle, popular traders believe. After over a month of acting within a tight trading range, traders persistence with Bitcoin is wearing thin, but amidst expectations that BTC rate will evaluate levels closer to $25,000 and even lower, pseudonymous analyst Credible Crypto is among those arguing the opposite.

FUD of the Week.

Users stated CertiKs warning was an incorrect alarm– then the task rugged.

Michael Saylor, CEO of Microstrategy.

Michael Shaulov, CEO of Fireblocks.

Crypto Twitter has been abuzz with debate after a brand-new conspiracy theory has suggested FTX founder Sam “SBF” Bankman-Fried might be privately behind one of the most controversial new memecoins on Base. After the tokens anonymous designer got rid of thousands of ETH in liquidity, the rate of Bald dropped more than 85%– stimulating allegations of a rug pull, which the designer has actually denied.

Evaluating information, consisting of Bitcoin market cap supremacy and its relative strength index (RSI), he concluded that conditions had actually been reset. “Biggest upside moves on BTC are YET TO COME,” he summed up, before including that:.

The leading three altcoin losers of the week are Compound (COMP) at -18.41%, Curve DAO Token (CRV) at -15.86% and Stellar (XLM) at -14.36%. For more details on crypto prices, make certain to read Cointelegraphs market analysis.

” Generative AI has huge financial potential and might enhance worldwide labor efficiency by more than 1 percentage point a year in the years following prevalent use.”.

” As president, on day one, CBDC goes into the trash can– were not going to permit it.”.

Deposit threat: What do crypto exchanges really do with your cash?

Subscribe.
The most appealing reads in blockchain. Delivered once a.
week.

Girl Gone Crypto believes BREAKING crypto news tweets are boring: Hall of Flame.

Woman Gone Crypto has actually had a wild ride in the crypto industry, going from posting videos playing her ukulele to getting invited to speak at crypto conferences all over the world.

Eight years later, Ethereum and its native currency, Ether (ETH), has grown to become the second-largest crypto possession in existence, boasting a market capitalization of $225 billion and more than 1,900 monthly active developers.

Editorial Staff.
Cointelegraph Magazine authors and reporters added to this article.

The decentralized finance (DeFi) environment experienced a tough week after a seismic security incident led to over $61 million being taken from Curve Finances pools, leaving several procedures dealing with wider contagion threats. OSL, another regional crypto firm, received an upgrade to its existing license from Hong Kongs Securities and Futures Commission, enabling it to offer Bitcoin (BTC) and Ether (ETH) trading to retail financiers right away.

While transferring may be easy, what some crypto exchanges do with your cash behind the scenes can vary from concerning to criminal.

Crypto Twitter has been abuzz with debate after a new conspiracy theory has actually suggested FTX founder Sam “SBF” Bankman-Fried might be secretly behind one of the most controversial new memecoins on Base. Blockchain security company Certik tried, in 2022, to caution users of an imminent rug pull surrounding a crypto task, however investors became mad and fired back.

Facebooks parent business lost over $40 billion in metaverse, text-based Discord RPG utilizes AI and NFTs, Web3 gets brand-new eSports platform, and more.

Other Questions People Ask

What impact did the DeFi stress test have on the broader cryptocurrency market during the week of July 30 – Aug. 5?

The recent stress test in the DeFi sector, particularly following the $61 million hack of Curve Finance, significantly affected the cryptocurrency market. This event exposed vulnerabilities in various DeFi projects, leading to increased volatility in token prices and even stablecoins. As the community worked to recover stolen funds, many investors faced uncertainty, resulting in a notable downturn in market confidence.

How is the U.S. DoJ addressing concerns about a potential run on Binance amid fraud allegations?

The U.S. Department of Justice is currently weighing its options regarding potential fraud charges against Binance, with a focus on minimizing consumer harm. Instead of pursuing criminal charges, the DoJ is considering fines or non-prosecution agreements to mitigate the impact on users of the exchange. This cautious approach reflects the authorities' awareness of the potential fallout from a run on Binance, which could destabilize the broader crypto market.

What are the implications of Hong Kong's new retail crypto trading licenses for the market?

Hong Kong's recent licensing of HashKey and OSL to engage in retail crypto trading marks a significant shift in the region's approach to cryptocurrency. By allowing these firms to operate under local securities laws, it opens up opportunities for individual investors to participate in crypto markets. This move could enhance market liquidity and attract more retail investors, potentially stabilizing prices amid ongoing volatility in the sector.

What were the key events surrounding Ethereum's eighth birthday during the week of July 30 – Aug. 5?

Ethereum celebrated its eighth birthday on July 30, 2023, marking a significant milestone for the network and its community. The occasion prompted reflections on Ethereum's growth and its impact on the cryptocurrency landscape, particularly as it now boasts a market capitalization of $225 billion. This anniversary also served as a reminder of Ethereum's foundational role in DeFi and its ongoing development as a platform for innovation.

How did Coinbase respond to claims made by the SEC regarding delisting cryptocurrencies?

Coinbase firmly rejected reports suggesting that its CEO was advised by the SEC to delist all cryptocurrencies except Bitcoin. The exchange clarified that such claims were unfounded and emphasized its commitment to maintaining a diverse range of digital assets on its platform. This response highlights Coinbase's position in navigating regulatory challenges while advocating for broader access to various cryptocurrencies for its users.