21/08/2023. Weekly CryptoNews Digest (August, 14 – August, 20)

Hello all and welcome once more to the MNO blog, home to the most essential information on HYIP investments for over sixteen years now. Originally founded back in 2007 my blog has never stopped helping readers get to grips with the subject as well as dividing my time with the cryptocurrency markets in the weekly news digests from which I post every Monday.

Do you know that the HYIP industry is in a huge crisis that it will possibly never recover from? With so many people now being able to actually trade cryptocurrencies without the high risks so often associated with HYIPs it’s simply impossible to believe that the industry will get back to its former glories anytime soon. That doesn’t mean that the MNO blog and monitor is dropping the idea of following HYIPs completely – only that my site will switch attention to what really matters now. Except for cryptocurrency major trends and latest news from the crypto world I plan to replace HYIPs with other money-making opportunities that my readers can utilize to actually make money with no risk whatsoever. The best example of the direction where the MNO blog will be shifting over the coming months will be the already reviewed on my site SwagBucks (click here to read the review and sign up). The site offers lucrative offers, including cashbacks for major retailers and earning money by answering surveys and fulfilling other tasks that will only require some spare time on your part. In exchange you will be paid for your efforts by multiple methods. Note that SwagBucks currently works in selected countries only, but I do plan to cover other opportunities as well as place them on the MNO monitor for you to track their performance.

I guess that many of my readers would agree with me on the point that the golden era of HYIPs is well past behind us, which is only further demonstrated by the collapse of one of the biggest monitors in the industry coming into existence well before MNO well established – in 2003. I’m talking about GoldPoll – once seen as a one-stop destination for almost every HYIP player – now totally abandoned and taken off air by its owners. Such an unfortunate fate has been shared by many other similar websites, but I can assure you MNO will not become one of them. My own aim has been not only money-making for myself but providing my readers with essential information on other lucrative investment opportunities. Well, it was good while it lasted and maybe at some point we will see a revival of such programs. Before that happens though shifting of my focus towards something else looks to me like a sound proposal.

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So now let’s have a look at the Weekly CryptoNews Digest. This time it will cover the period from August, 14 to August, 20, 2023. I will be offering you some latest news and events that happened in the crypto market over the last seven days.

EXCHANGE RATE AND CRYPTO TRADING WEEKLY OVERVIEW

As usual, I would like to start by checking out the latest price trends for the most popular cryptocurrencies over the last seven days, in brief.

The cryptocurrency market had a rough week, with Bitcoin falling by 11% and Ethereum by 14%. Other major cryptocurrencies also saw significant losses, with XRP down 12%, Solana down 16%, and Cardano down 18%.

The sell-off was likely triggered by a number of factors, including the ongoing war in Ukraine, rising inflation, and the Federal Reserve’s plans to raise interest rates. These factors have created a risk-off environment in the financial markets, which has weighed on cryptocurrencies.

Despite the recent declines, the long-term outlook for cryptocurrencies remains positive. The underlying technology is still developing, and there are a number of promising projects in the pipeline. However, investors should be prepared for more volatility in the short term.

Here are the latest cryptocurrency price trends as of today:
– Bitcoin: $26,238 (down 11%)
– Ethereum: $1,687 (down 14%)
– XRP: $0.53 (down 12%)
– Solana: $21.8 (down 16%)
– Cardano: $0.47 (down 18%)

Cryptocurrency price predictions are difficult to make, as the market is highly volatile and unpredictable. However, some experts believe that the cryptocurrency market could see some relief this week, as the selling pressure from the previous week may have subsided.

Bitcoin is expected to trade between $25,000 and $28,000 this week, with a potential to break above $28,000 if there is a positive market sentiment. Ethereum is also expected to trade sideways, between $1,600 and $1,800.

Other major cryptocurrencies, such as XRP, Solana, and Cardano, are also expected to trade sideways this week. However, there are some bullish predictions for these coins, with some experts expecting them to break out of their current ranges.

BITCOIN EXPERIENCED HUGE SELL-OFF LAST WEEK

And now let’s have a closer look on the last week’s Bitcoin sell-off which happened last Friday, August 18, 2023. Due to that Bitcoin has fallen as low as $25,314. This was the biggest single-day drop for Bitcoin since January 2023.

The sell-off also led to mass liquidations of leveraged positions. When investors use leverage to buy cryptocurrencies, they are essentially borrowing money to increase their exposure to the market. If the price of the cryptocurrency falls, the investor may be forced to sell their position to repay the loan, which can lead to a further sell-off.

The liquidations on Friday were estimated to be worth over $1 billion. This is a significant amount of money, and it could have a knock-on effect on the broader cryptocurrency market.

It is still too early to say what the long-term impact of the sell-off will be. However, it is clear that the cryptocurrency market is facing some challenges. Investors should carefully consider the risks before investing in cryptocurrencies.

SPACEX OWNED BY ELON MUSK REDUCES CRYPTO HOLDINGS

According to a report by the Wall Street Journal, SpaceX, the private rocket company owned by Elon Musk, reduced the valuation of its Bitcoin holdings by $373 million in the past two years before selling them off. The report cited internal financial documents from SpaceX.

The report did not say how much Bitcoin SpaceX originally held or how much it sold. However, it said that the company’s Bitcoin holdings had fallen from $2.9 billion at the end of 2021 to $2.5 billion at the end of 2022.

The report also said that SpaceX wrote down the value of its Bitcoin holdings by $120 million in the fourth quarter of 2022. This was likely due to the decline in the price of Bitcoin during that time period.

The sale of SpaceX’s Bitcoin holdings comes at a time when the cryptocurrency market is facing a number of challenges, including rising interest rates, increased regulatory scrutiny, and the collapse of the Terra ecosystem.

It is not clear why SpaceX decided to sell its Bitcoin holdings. However, it is possible that the company was concerned about the risks associated with cryptocurrency investing.

The sale of SpaceX’s Bitcoin holdings is a blow to the cryptocurrency community. Musk has been a vocal supporter of Bitcoin and other cryptocurrencies, and his decision to sell his company’s holdings could send a negative signal to other investors.

It remains to be seen what the long-term impact of SpaceX’s decision will be. However, it is clear that the cryptocurrency market is facing some challenges, and investors should carefully consider the risks before investing in cryptocurrencies.

CHECKOUT.COM DROPS BINANCE

Checkout.com, a payments processor, has terminated its relationship with Binance, the world’s largest cryptocurrency exchange. The decision comes amid growing regulatory scrutiny of Binance and concerns about its anti-money laundering controls.

Checkout.com cited “reports of regulators actions and orders in relevant jurisdictions” and “inquiries from partners” as reasons for the decision. The company also said that it had concerns about Binance’s anti-money laundering, sanctions and compliance controls.

I remind you that Binance has been under fire from regulators around the world. In the United States, the Securities and Exchange Commission (SEC) is investigating Binance for possible violations of securities laws. The Commodity Futures Trading Commission (CFTC) is also investigating Binance for possible market manipulation.

Binance has denied any wrongdoing. However, the company has made a number of changes in recent months to address the concerns of regulators. These changes include hiring a new compliance team and setting up new offices in key jurisdictions.

The termination of the relationship between Checkout.com and Binance is a blow to the cryptocurrency exchange. Checkout.com was one of Binance’s largest payment processors. The loss of Checkout.com could make it more difficult for Binance to process payments and could also damage its reputation.

PAYPAL PAUSES CRYPTO SALES IN THE UK

PayPal announced on August 16, 2023 that it will be pausing the ability for UK customers to buy cryptocurrencies on its platform from October 1, 2023. The decision comes as the UK’s financial regulator, the Financial Conduct Authority (FCA), is due to introduce tougher rules on how crypto is advertised to British consumers.

The new rules will require crypto firms to publish risk warnings alongside advertising and scrap “refer a friend” bonuses. They will also require customers to have a 24-hour cooling-off period before they can make a purchase.

PayPal said that it is pausing its crypto sales in the UK to “ensure full compliance with the FCA’s new requirements.” The company said that it expects to resume crypto sales in the UK in early 2024.

The decision by PayPal to pause its crypto sales in the UK is a setback for the cryptocurrency industry. PayPal is one of the largest payment processors in the world, and its decision to stop selling crypto could make it more difficult for people to buy and sell cryptocurrencies.

It is not clear what the long-term impact of PayPal’s decision will be. However, it is a sign that regulators are taking a closer look at the cryptocurrency industry and that they are not afraid to take action against companies that they believe are not complying with the law.

COINBASE WINS RIGHT TO LIST CRYPTO FUTURES IN THE US

Coinbase, the largest cryptocurrency exchange in the United States, has been granted approval by the National Futures Association (NFA) to offer crypto futures trading to US retail customers. This is a significant development for the cryptocurrency industry, as it makes it easier for US investors to access this type of investment.

Crypto futures are contracts that allow investors to bet on the future price of a cryptocurrency. They are similar to traditional futures contracts, but they are based on the price of cryptocurrencies instead of other assets, such as commodities or stocks.

The approval from the NFA means that Coinbase can now offer crypto futures contracts to its US customers. This will give investors more options for trading cryptocurrencies and could help to increase the liquidity of the cryptocurrency market.

It is important to note that crypto futures are a risky investment. The prices of cryptocurrencies can be volatile, and investors could lose money if the price of the cryptocurrency they are betting on falls.

However, crypto futures can also be a way to hedge against risk. For example, an investor who believes that the price of Bitcoin is going to fall could buy a crypto futures contract that bets on the price of Bitcoin falling. This would allow the investor to lock in a profit even if the price of Bitcoin does fall.

The approval from the NFA is a positive development for the cryptocurrency industry. It makes it easier for US investors to access crypto futures trading and could help to increase the liquidity of the cryptocurrency market. However, it is important to note that crypto futures are a risky investment, and investors should carefully consider the risks before trading them.

DONALD TRUMP INVOLVED IN CRYPTO INVESTMENTS

We will finish the today’s digest with the latest from the ever scandalous Donald Trump, but it won’t be the news as might be reported on major world news outlets.

According to financial disclosure documents filed by Donald Trump in August 2023, he owns over $2.8 million in cryptocurrency, held in an Ethereum wallet. He also earned $4.87 million in licensing fees from his non-fungible token (NFT) collection.

This is a significant change from Trump’s previous statements about cryptocurrency. In the past, he has been critical of Bitcoin and other cryptocurrencies, calling them “a disaster waiting to happen” and “not money.” However, it is possible that his views have changed since then.

It is unclear why Trump decided to invest in cryptocurrency. However, it is possible that he was attracted to the potential for high returns. Cryptocurrency prices have been volatile in recent years, but they have also seen significant growth.

Trump’s investment in cryptocurrency could have a number of implications. It could signal that he is more bullish on the future of the technology. It could also lead to other politicians and businesses investing in cryptocurrency. However, it is also possible that Trump’s investment could backfire if the price of cryptocurrency falls.

Only time will tell how Trump’s investment in cryptocurrency will play out. However, it is clear that he is taking a more serious interest in the technology than he has in the past.

That’s about all I have for the current Weekly CryptoNews Digest on the MNO blog. I’ll be posting another update next Monday, so be sure to check back. I’ll be covering all the latest developments, including the price of Bitcoin, Ethereum, and other major cryptocurrencies. I’ll also be discussing the latest news from the cryptocurrency world, such as new projects and regulations.

If you’re interested in staying up-to-date on the latest cryptocurrency and finding out about other money-making opportunities first, then be sure to check out the MNO blog more often. I hope you’ll come back to read my blog next Monday. Until then stay safe and thanks for staying loyal to MNO – For Money Lovers!