samdrews

[samdrews]

On Tuesday, Lara and Tiffany Trump’s social media accounts were hacked, promoting a fake crypto project, World Liberty Financial. The posts falsely claimed that $WL, a governance token on the Solana blockchain, would decentralize financial power. Eric Trump confirmed the scam, and the accounts were swiftly locked. This incident highlights the vulnerability of the crypto market to misinformation. The Trump family has been involved in crypto discussions, with Donald Trump advocating to make the U.S. the "crypto capital." Despite this, scams like these reveal the challenges and risks of decentralized finance (DeFi) platforms.

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Bitcoin remains under pressure, trading below $57,000 as the broader cryptocurrency market struggles. Top digital currencies, including Ethereum (ETH) and Binance Coin (BNB), have seen declines of 5.39% and 4.52%, respectively. Bitcoin itself has dropped by 4.24%, contributing to a total market capitalization decrease of 4.07%, now standing at $2.09 trillion. Despite this, a few altcoins, such as UXLink (+36.6%) and EtherVista (+13.2%), have shown resilience. The Fear & Greed Index remains in the 'Fear' zone at 27, signaling caution among investors as Bitcoin's dominance slightly declines to 53.49%.

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The UN has expressed concern over Telegram CEO Pavel Durov’s arrest in France, citing potential human rights violations. Detained on August 24, Durov faces charges related to Telegram’s operations and is banned from leaving France. The crypto community, valuing privacy and decentralization, views his detention as a targeted attack on free speech. Critics, however, argue it stems from Telegram's leniency on illegal activities. The UN is closely monitoring the case, highlighting the global significance of balancing legal obligations with digital freedoms. This incident reflects growing government crackdowns on digital platforms, raising concerns about future actions against privacy-focused platforms.

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Bitcoin ATM scams have surged, with losses exceeding $110 million in 2023, a nearly tenfold increase since 2020. Older adults, particularly those over 60, are disproportionately targeted. Scammers pose as officials or customer service agents, convincing victims to transfer funds via Bitcoin ATMs. Victims scan a QR code linked to the scammer’s wallet, unknowingly converting cash into cryptocurrency. The rise of Bitcoin ATMs, now numbering 32,000 in the U.S., has facilitated these scams. Despite warnings and safeguards, operators struggle to prevent all fraud. California's new regulations, effective July 2025, aim to tighten oversight on Bitcoin ATM operations.

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Ripple CEO Brad Garlinghouse announced the upcoming public release of the company’s dollar-pegged stablecoin, Ripple USD (RLUSD), currently in private beta and expected within weeks. RLUSD is designed to complement XRP and challenge leading stablecoins like USDT and USDC. Ripple began exploring this opportunity after USDC briefly lost its dollar peg. Garlinghouse also dismissed the idea of a U.S. IPO due to regulatory challenges. Ripple’s ongoing legal battle with the SEC resulted in a reduced fine, boosting optimism. Despite regulatory pressure, Ripple remains committed to expanding its role in the cryptocurrency market.

[samdrews]

An XRP ETF offers investors a way to gain exposure to XRP, the digital currency linked to Ripple, without directly purchasing it. This ETF, traded on traditional stock exchanges, tracks XRP's performance, simplifying cryptocurrency investment. It allows investors to avoid the complexities of buying, storing, and managing digital assets, offering a regulated and accessible option. The ETF could increase demand for XRP, enhance market liquidity, and potentially stabilize prices. However, regulatory approval, market manipulation risks, and associated fees remain challenges. If successful, the XRP ETF could pave the way for more cryptocurrency ETFs in the future.

[samdrews]

Bitcoin's recent price action suggests potential growth, with a key target of $67,000 supported by a bull flag pattern, indicating continued upward momentum. Trader MikybullCrypto highlighted this pattern, suggesting that Bitcoin could reach this target if the trend holds.

Meanwhile, Nebraskangooner emphasized the importance of maintaining crucial support levels, particularly around $64,100. Low-volume trading at this level is critical for sustaining the bullish outlook. A drop below could risk a decline toward $63,000, making these support levels vital for protecting late long positions and preventing potential downturns.

[samdrews]

The Shiba Inu (SHIB) community is preparing for a significant shift with the upcoming launch of a Decentralized Autonomous Organization (DAO), announced by marketing lead Lucie on August 24. This DAO will empower SHIB holders to directly influence the project’s future through voting on key initiatives. The governance model emphasizes inclusivity, allowing all token holders, regardless of stake size, to participate.

Two councils, the “Charity Council” and the “Culture & Heritage Council,” will guide governance efforts, focusing on philanthropy and cultural preservation. Additionally, tokens like BONE and LEASH will play crucial roles in driving education, innovation, inclusivity, and transparency.

[samdrews]

Lido DAO (LDO) and Terra Classic (LUNC) have shown contrasting market trends. LDO, despite an 18% rise over the last week, continues a downtrend, with current volatility reflecting uncertain market sentiment. Analyst Tony suggests investing only if LDO surpasses $1.40, with current support around $1.30.

In contrast, Terra Classic (LUNC) has seen robust growth, with a 44.12% increase over the past year. With a market cap of $420 million, ongoing efforts like Binance’s monthly burns and Terraform Labs’ planned burns have fueled optimism for LUNC’s future, suggesting potential continued value growth.

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Ethereum, a key player in decentralized finance (DeFi), faces debate within the crypto community over its future direction. Vitalik Buterin, Ethereum's co-founder, emphasizes sustainability and core principles like decentralization, expressing mixed feelings about DeFi's current path. While he supports decentralized exchanges and stablecoins like RAI, he criticizes unsustainable practices, such as the 2021 liquidity farming boom. Buterin acknowledges the utility of centralized stablecoins like USDC but envisions a shift towards decentralized alternatives. He also stresses the importance of integrating decentralized finance with other technologies to counter centralization risks in areas like social media and AI.

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In a significant development, Binance, one of the world’s largest cryptocurrency exchanges, has reopened its website to Indian investors after paying a penalty of over $2 million to the Financial Intelligence Unit – India (FIU-IND). The exchange resumed operations on August 13th, following a ban imposed under the Prevention of Money Laundering Act, 2002. Binance is now registered with FIU-IND and must comply with the Virtual Digital Assets (VDA) taxation framework. This re-entry has excited investors and signals India’s growing acceptance of blockchain technology. Binance also plans to build a dedicated team to enhance the blockchain ecosystem in India.

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Cardano (ADA) and Polygon (MATIC) are showing signs of potential breakouts, according to recent chart analyses. Both cryptocurrencies are trading within falling wedge patterns, typically bullish indicators when broken to the upside. ADA is nearing its wedge resistance, with a possible breakout leading to a rally toward the $1 mark. Increased on-chain activity and upcoming updates from founder Charles Hoskinson further support ADA’s bullish outlook. Meanwhile, MATIC has already gained 10%, indicating momentum towards a breakout. Its transition to the POL token in September 2024 is expected to enhance its utility, driving further investor interest.

[samdrews]

Bitcoin's volatility is rising again after a period of calm, signaling a potential end to its consolidation phase. Analyst Daan Crypto Trades notes that volatility is nearing levels seen earlier this year, suggesting a possible directional shift. From February to May 2023, Bitcoin's volatility spiked above 3.0%, pushing prices close to $70,000. However, from May through July, both volatility and prices declined, with volatility falling below 2.0% and prices stabilizing between $50,000 and $60,000. In August 2023, volatility increased to 3.0%, with Bitcoin's price surpassing $60,000, indicating a possible return to stronger price movements.

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Binance CEO Richard Teng is committed to enhancing compliance with global regulators and building a sustainable business for the next 50-100 years. He affirmed that Binance is financially strong, with no need for fundraising or an IPO. Since its fifth month, the firm has been profitable and cautious in spending. Teng emphasized transparency and the need for a permanent headquarters, as Binance currently lacks a distinct location. After settling past issues, Binance has obtained licenses in countries like Dubai, India, Thailand, and Brazil, focusing on markets outside the US. He acknowledged past mistakes and is committed to moving forward responsibly.

[samdrews]

Ethereum (ETH) is showing resilience, trading around $2,622.21 with a 1.20% increase over the last 24 hours. The cryptocurrency is recovering from recent declines but faces significant resistance ahead. According to analyst Crypto Tony, the key focus is whether Ethereum can reclaim the critical resistance at $2,850, a former support now acting as resistance. The weekly chart indicates a market in consolidation, with Ethereum struggling to break through this level. The outcome of this challenge could determine Ethereum's near-term price direction as it attempts to recover from previous losses.

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WazirX, an Indian cryptocurrency exchange, is making strides in reversing trades executed after suspending withdrawals on July 18, 2024. Following backlash against a proposed "socialized loss strategy," WazirX launched a recovery plan on August 8. The exchange is nearing completion of undoing trades made between July 18 and 21 to restore affected balances. WazirX is also working with legal experts to enable withdrawals and mitigate the $230 million theft's impact. Additionally, a bounty program involving 344 participants is underway to trace the stolen funds, highlighting WazirX's commitment to resolving the crisis and restoring user trust.

[samdrews]

Crypto analyst Captain Faibik has analyzed the technical patterns of ORDI, DYDX, and AVAX. In a recent X post, Faibik noted that ORDI is trading within a descending channel, fluctuating between $47.50 and $23.50. Currently, ORDI is at $30.35, down 2.03% for the day, and approaching a key resistance level at $50. A breakout above $50 could signal an uptrend, while failure may lead to continued decline. In contrast, DYDX shows a more positive outlook, following a falling wedge pattern, often signaling a bullish reversal. DYDX is trading at $1.08, up 3.53% today.