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Cross-chain bridge RenBridge laundered $540M in hacking proceeds: Elliptic

The blockchain forensics firm said cross-chain bridges provide an "unregulated alternative" to exchanges for transferring value between blockchains.

Truly decentralized Web3 needs more developers: Animoca co-founder

Animoca Brands' Yat Siu said developers continue to “struggle under the yoke of centralized platforms," urging them to move into the Web3 space.

Coinsquare chief operating officer shares thoughts on being the first regulated crypto dealer exchange in Canada

The past actions of bad actors has forced the country's regulators to take a tough stance on crypto exchanges.

Crypto exchange Hotbit says it froze customer funds due to alleged criminal ties of formal employee

It's not yet clear how the alleged criminal misconduct of a former employee led to a law enforcement freeze on users' funds.

CryptoPunk to be split into pieces: Nifty Newsletter, Aug 3–9

Ethereum co-founder Vitalik Buterin proposed a way to anonymize NFT transactions using smart contracts.

Optimism TVL surges nearly 300% M/M ahead of The Merge upgrade

The Ethereum scaling solution has surpassed $1 billion in total value locked within a matter of weeks.

$29K Bitcoin is closer than you might expect, according to derivatives data

Bitcoin (BTC) price continues to battle at the $24,000 resistance and the price was rejected there on Aug. 10, but the rejection was not enough to knock the price out of the 52-day-long ascending channel. The channel has a $22,500 support and this bullish formation suggests that the BTC price will eventually hit the $29,000 level by early October.

Bitcoin/USD 12-hour price. Source: TradingView

Bitcoin derivatives data does show a lack of interest from leveraged longs (bulls), but at the same time, it does not price higher odds of a surprise crash. Curiously, the most recent Bitcoin downturn on Aug. 9 was accompanied by a negative performance from U.S.-listed stocks.

On Aug. 8, chip and video graphics card maker Nvidia Corp (NVDA) announced that its 2Q sales would present a 19% drop compared to the previous quarter. Moreover, the U.S. Senate passed a bill on Aug. 6 that could negatively impact corporate earnings. Despite freeing $430 billion to fund "climate, healthcare and tax," the provision would impose a 1% tax on the stock buyback by publicly traded companies.

The high correlation of traditional assets to cryptocurrencies remains a huge concern for some investors. Investors should not be getting ahead of themselves even if inflationary pressure recedes because the U.S. Fed monitors employment data very closely. The latest reading displayed a 3.5% unemployment typical of overly heated markets, forcing the monetary authority to keep raising interest rates and revoking stimulus debt purchase programs.

Reducing risk positions should be the norm until investors clearly indicate that the U.S. Central Bank is closer to easing the tighter monetary policies. That is precisely why crypto traders are following macroeconomic numbers so closely.

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Binance optimistic on Philippines entry despite SEC pushback

Binance’s head of Asia-Pacific Leon Foong said that they are not distracted by the efforts of so-called lobbying bodies to ban Binance.

Bitcoin price sees $24K, Ethereum hits 2-month high as US inflation shrinks

Bitcoin (BTC) regained $24,000 but failed to hit new multi-month highs on Aug. 10 as United States inflation appeared to be slowing.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

CPI cuts risk assets much-needed slack

Data from Cointelegraph Markets Pro and TradingView confirmed hourly gains of around $1,000 after U.S. Consumer Price Index (CPI) data for July showed a slowdown versus the previous month.

While managing $24,179 on Bitstamp, BTC/USD nonetheless did not attract enough momentum to challenge levels from the day prior.

Nonetheless, relief among traders was palpable, as declining inflation should signal to the Federal Reserve that less aggressive interest rate hikes are necessary going forward. This,  in turn, should reduce pressure on risk assets, including crypto.

Year-on-year CPI inflation came in at 8.5%, 0.2% below expectations, while month-on-month, the figure was unchanged from June.

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Blockchain’s environmental impact and how it can be used for carbon removal

Blockchain technology is on its way to being considered by organizations as a way to reduce carbon emissions and improve the environment.

TORN price sinks 45% after U.S. Treasury sanctions Tornado Cash — Rebound ahead?

Tornado Cash (TORN) has lost almost half its market valuation two days after being slapped with sanctions by the U.S. Treasury Department.

The department accused Tornado Cash, a crypto mixer platform, of laundering more than $7 billion in cryptocurrencies, including a stash of $455 million allegedly stolen by North Korea-based hackers.

Immediate reactions were followed by U.S.-based crypto companies, including Circle and Coinbase. In a controversial move, the popular crypto firms blocked the movements of their jointly-issued stablecoin USDC tied to Tornado Cash's blacklisted smart contracts.

TORN price drops 45%

The news prompted traders to limit their exposure to TORN, Tornado Cash's native token.

On the daily chart, TORN's price has slipped by approximately 45% since the Justice Department's notice about Tornado Cash, to reach $18.50 on Aug. 10. By contrast, the valuation of all the crypto assets had plunged merely 6% in the same timeframe.  

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What is a trading journal? And how to use one

Every action you take as a trader is documented in a trading journal, covering risk management, trading strategy assessment, psychology, and more.

Bitcoin braces for US inflation data as CPI nerves halt BTC price gains

Bitcoin (BTC) hit multi-day lows into Aug. 10 as crypto traders braced for impact with fresh United States inflation data. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader: Market "could get ugly" if CPI keeps rising

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $22,668 on Bitstamp at the most recent daily close — its lowest since Aug. 5.

Bullish momentum had evaporated during the day prior, and the mood among traders was firmly risk-off as markets awaited the latest Consumer Price Index (CPI) readout.

Covering July, the data was due at 8.30am Eastern time Aug. 10, with expectations demanding it show that U.S. inflation had already peaked.

“CPI prints have been pretty pitoval for BTC price action,” Blockware lead insights analyst William Clemente wrote in part of a tweet about the event, adding that CPI would form a “big day” for crypto.

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BREAKING: Curve Finance team warns users to avoid using site until further notice

A still undefined exploit of the site’s frontend appears to have resulted in the theft of over $573K USD so far.

Circle plans to only support Ethereum PoS chain after merge is complete

"USDC as an Ethereum asset can only exist as a single valid version," says the team at Circle.

Anonymous user sends ETH from Tornado Cash to prominent figures following sanctions

It appears to be an ongoing prank to challenge the novel Tornado Cash sanctions.

Total value locked in DeFi dropped by 66%, but multiple metrics reflect steady growth

The aggregate total value locked (TVL) in the crypto market measures the amount of funds deposited in smart contracts and this figure declined from $160 billion in mid-April to the current $70 billion, which is the lowest level since March 2021. While this 66% contraction is worrying, a great deal of data suggests that the decentralized finance (DeFi) sector is resilient.

The issue with using TVL as a broad metric is the lack of detail that is not shown. For example, the number of DeFi transactions, growth of layer-2 scaling solutions and venture capital inflows in the ecosystem are not reflected in the metric.

In DappRadar's July 29 Crypto adoption report, data shows that the DeFi 2Q transaction count closed down by 15% versus the previous quarter. This figure is far less concerning than the devastating TVL decline and is corroborated by a 12% drop in the number of unique active wallets in the same period.

Layer-2 is the path for sustainable DeFi growth

Iakov Levin, CEO and founder of Midas Investments told Cointelegraph that:

"I am firmly convinced that the current bear market is not the 'end' of the DeFi industry. For instance, there is a growing competition amongst decentralized exchanges on layer-2 Ethereum scaling platform Optimism, as Velodrome reached more than $130 million in TVL."

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Game dev explains why blockchain should be 'invisible' in P2E gaming: KBW 2022

Mobile game developer Com2uS is stepping up its Web3 game with the launch of its own blockchain to emphasize the needs of next-generation gamers.

'IBC is a serious alternative for secure cross-chain communication,' says Sunny Aggarwal of Osmosis

So far, Cosmos’ IBC seems to have stayed clear of troubled waters.

Bitcoin drops to support as looming CPI print shakes up crypto and stock markets

Crypto and equities markets took a bit of a tumble on Aug. 9 as traders grew a bit skittish ahead of tomorrow’s Consumer Price Index (CPI) report. The details of the print will shine a light on whether the Federal Reserve’s aggressive interest hikes are effective in tamping runaway inflation and it could have an impact on the size of future hikes. 

Earlier in the week, Tesla CEO Elon Musk suggested that July data will reflect the United States reaching peak inflation and that any recession will be “mild to moderate.” Right now, the consensus is that July data will be lower than the record-breaking 9.1% figure seen in June. The price of energy commodities (oil, natural gas) noticeably decreased in July and the Fed is hopeful that the previous back-to-back 0.75 basis-point hikes will combat soaring prices in other parts of the economy.

As is custom, Bitcoin (BTC), Ethereu (ETH) and most altcoins pulled back as traders de-risk ahead of the CPI print. BTC price dropped as low as $22,800, while Ether corrected to $1,670. The rationale that traders are sheltering in stablecoins is sensible, but from a technical analysis point of view, Aug. 9’s pullback is simply a lower support test after the most recent support-resistance flip of the past week, and large-cap assets like ETH and BTC continue to trade within their multi-week ranges.

According to independent market analyst Michaël van de Poppe, the fear surrounding the Aug. 10 CPI is “unwarranted” and once the series of retests is complete, BTC price should rally toward $28,000.

Adding to the narrative that the current pullback is “expected”, trader @52kskew suggested that BTC’s price action is being impacted by a “healthy unwinding in perps” as spot Bitcoin is sold at a “logical resistance.”

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