28/08/2023. Weekly CryptoNews Digest (August, 21 – August, 27)

Hello guys. It’s the last week of summer so I hope you’re all feeling refreshed after spending this time outdoors and are ready for the chilly autumn weather ahead. Now we don’t know whether the HYIP industry is going to recover anytime soon or whether it’s lost for good, however, no one will doubt that it is in a huge crisis that it will possibly never come back from.

And with so many people now being able to actually trade cryptocurrencies without the high risks often associated with HYIPs it’s simply impossible to believe that the industry will get back to its former glory anytime soon. That doesn’t mean that the MNO blog and monitor is dropping the idea of following HYIPs completely – it just means that my site will switch attention to what really matters now. Except for major cryptocurrency 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 a passive income with no risk whatsoever.

I guess that many of my readers would agree with me on the point that the golden era of HYIPs is well behind us, which only becomes more obvious with the closure of some of the biggest monitors in the industry that was running even well before MNO. 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 of some lucrative investment opportunities. Well, it was good while it lasted and maybe at some point we will see a revival in such programs. Before that happens though shifting my focus towards something else looks to me a sound proposal.

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And now with all introductions said and done let’s have a look at the Weekly CryptoNews Digest. This time it covers the period from August, 21 to August, 27, 2023. I will be offering you some latest news and trends that happened in the crypto market over the last seven days. Let’s get down to business, shall we?

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 that happened over the last seven days, in brief.

The exchange rate and crypto trading last week were mostly volatile, with prices fluctuating significantly. Bitcoin (BTC) started the week at around $26,500 but fell to as low as $25,000 on Wednesday. It recovered somewhat on Thursday and Friday, but it is still down about 10% from the beginning of the week. Ethereum (ETH) also had a volatile week, falling to as low as $1,550 on Wednesday. It is currently trading around $1,600, which is down about 15% from the beginning of the week.

The main crypto market trends we could observe from August 21 to August 27, 2023 were:

– Bitcoin (BTC) continued to decline, falling below $25,000. This was largely due to the ongoing sell-off in risk assets, as investors became increasingly concerned about rising inflation and the possibility of a recession.

– Ethereum (ETH) also fell sharply, dropping below $1,700. Other major cryptocurrencies, such as Solana (SOL) and Cardano (ADA), also saw significant losses.

– The overall cryptocurrency market capitalization fell by more than $150 billion last week. This brings the total market capitalization to around $1 trillion, which is down from a peak of over $3 trillion in November 2021.

Here are some of the factors that could contribute to the continued decline of the cryptocurrency market:

– Rising inflation: Inflation is a major concern for investors, and it could lead to them selling off riskier assets, such as cryptocurrencies.
– The possibility of a recession: A recession could also have a negative impact on the cryptocurrency market, as investors would likely become more risk-averse.
– Regulatory uncertainty: The lack of clear regulations for cryptocurrencies could also deter investors from investing in them.

Despite the current bear market, there are still some long-term bullish factors for the cryptocurrency market. These include the growing adoption of cryptocurrencies by businesses and institutions, as well as the continued development of blockchain technology.

Ultimately, the future of the cryptocurrency market is uncertain. However, the trends observed last week suggest that it is likely to remain bearish for the foreseeable future.

PANTERA CAPITAL EXTREMELY POSITIVE BTC PRICE PREDICTION

And the most recent example of what bright future might lay ahead for all the BTC holders coming from Pantera Capital, a venture capital firm that invests in cryptocurrency and blockchain startups. They made a bold prediction about Bitcoin’s future price in their latest “Blockchain Letter” published on August 22, 2023.

They predict that Bitcoin’s price could surge to $148,000 by July 2025, riding the wave of its impending halving cycle. The halving is a process where the reward for mining a block of Bitcoin is cut in half. This happens roughly every four years, and it has historically led to a surge in the price of Bitcoin.

Pantera Capital bases their prediction on the following factors:

– The halving cycle: The halving cycle has been a reliable predictor of Bitcoin’s price in the past.
– The increasing adoption of Bitcoin: Bitcoin is becoming more widely adopted by businesses and institutions. This is increasing the demand for Bitcoin, which could drive up the price.
– The development of new blockchain applications: Blockchain technology is being used to develop new applications, such as decentralized finance (DeFi) and non-fungible tokens (NFTs). This is increasing the utility of Bitcoin, which could also drive up the price.

However, it is important to note that price predictions are just that – predictions. The actual price of Bitcoin could be higher or lower than Pantera Capital’s prediction. The cryptocurrency market is volatile and unpredictable, and it is impossible to say for sure what the price of Bitcoin will be in the future.

It is also important to note that the halving is not the only factor that will affect the price of Bitcoin. Other factors, such as the overall state of the economy and the regulatory environment, could also have a significant impact on the price.

Overall, Pantera Capital’s prediction is bullish for Bitcoin. However, investors should be aware of the risks involved in investing in cryptocurrencies before making any investment decisions and take other experts’ opinions on board as well.

BITCOIN REMAINS MOST OVERSOLD SINCE COVID

And some viable explanation of the currently lowering price for BTC would be that Bitcoin’s 14-day relative strength index (RSI) dropped well below 30 on August 22, 2023, indicating oversold conditions in the largest cryptocurrency by market cap. This is the lowest the indicator has dropped to since the coronavirus-induced crash of March 2020.

The RSI is a momentum indicator that tells investors and traders when an asset is overbought and oversold on a relative basis. When the tool reaches extremes above 70 or below 30, it can present an opportunity to buy or sell.

The oversold condition in Bitcoin could be a sign that the market is due for a rebound. However, it is important to note that the RSI is not always a reliable indicator, and the price of Bitcoin could continue to fall.

BINANCE CUTTING TIES WITH TRADFI PARTNERS

Binance, the world’s largest cryptocurrency exchange, is considering severing its ties with U.S. business partners as various government agencies step up scrutiny of the digital asset industry.

The move, which was reported by Bloomberg on August 26, 2023, would be a major shift for Binance, which has relied on partnerships with traditional financial institutions to expand its reach.

Binance has been under increasing pressure from regulators around the world. In the United States, the Securities and Exchange Commission (SEC) is investigating whether Binance violated securities laws by selling unregistered securities. The Commodity Futures Trading Commission (CFTC) is also investigating Binance for possible market manipulation.

The company has also been accused of operating illegally in several countries, including Japan, the United Kingdom, and the Cayman Islands.

Binance’s decision to cut ties with TradFi partners is a sign that the company is facing increasing challenges from regulators. It is also a sign that Binance is willing to make changes in order to comply with the law.

It is unclear how many partners Binance will cut ties with. However, the move is likely to have a significant impact on the company’s operations. Binance will need to find new ways to onboard users and process payments if it loses access to traditional financial institutions.

The move is also a sign of the growing rift between the cryptocurrency industry and traditional finance. Regulators are increasingly concerned about the risks posed by cryptocurrencies, and they are taking steps to crack down on the industry.

It remains to be seen how Binance will be able to navigate the regulatory environment in the United States and other countries. However, the company’s decision to cut ties with TradFi partners is a sign that it is taking the challenges seriously.

THAILAND THREATENS TO SHUT DOWN FACEBOOK OVER CRYPTO SCAMS

Thailand’s Ministry of Digital Economy and Society (DES) has threatened to shut down Facebook if the company does not take action to remove cryptocurrency scams from its platform.

The DES has said that it has received complaints from people who have been scammed out of money by fake cryptocurrency investment schemes that were advertised on Facebook. The ministry has also said that it has found over 1,000 Facebook pages that are promoting cryptocurrency scams.

The DES has given Facebook until September 1 to remove the fake cryptocurrency investment schemes from its platform. If Facebook fails to comply, the ministry said it will take legal action, which could include shutting down the company’s operations in Thailand.

This is not the first time that Facebook has been accused of allowing cryptocurrency scams on its platform. In 2018, the company was fined $40 million by the US Securities and Exchange Commission (SEC) for failing to do enough to prevent cryptocurrency scams from being advertised on its platform.

Facebook has said that it is taking the issue of cryptocurrency scams seriously and that it is working to remove them from its platform. The company has also said that it is working with law enforcement to investigate the scams.

The threat by the DES to shut down Facebook in Thailand is a serious one. Facebook is a popular platform in Thailand, with over 70 million users. If Facebook is shut down, it would have a significant impact on the Thai economy.

The DES’s threat is also a sign of the growing concern about cryptocurrency scams. Cryptocurrency scams are becoming increasingly sophisticated, and they are targeting people all over the world. It is important for people to be aware of the risks of cryptocurrency scams and to take steps to protect themselves.

NORTH KOREAN HACKERS READY TO CASH OUT STOLEN CRYPTO FUNDS

And we will finish today’s news from the crypto world from yet another crime story waiting to happen. The Federal Bureau of Investigation (FBI) issued a warning on Tuesday, August 23, 2023, that North Korean hackers are preparing to cash out millions of dollars worth of stolen cryptocurrency.

The FBI said that the hackers have been traced to a group known as Lazarus Group, which is also known as APT38 and TraderTraitor. The group is believed to be responsible for a number of high-profile cyberattacks, including the theft of $600 million from Axie Infinity in March 2022.

The FBI said that the hackers are likely to try to cash out the stolen cryptocurrency through a number of methods, including using over-the-counter (OTC) markets, peer-to-peer (P2P) exchanges, and darknet markets.

The FBI warned that businesses and individuals should be on the lookout for suspicious activity and should report any suspicious transactions to the authorities.

The news of the North Korean hackers preparing to cash out stolen cryptocurrency comes at a time when the cryptocurrency market is in a bear market. The price of Bitcoin has fallen by more than 50% from its peak in November 2021, and other cryptocurrencies have also seen significant losses.

The falling prices of cryptocurrencies could make it more difficult for the North Korean hackers to cash out their stolen cryptocurrency. However, the FBI warned that the hackers are likely to be patient and wait for the right opportunity to cash out.

The FBI’s warning is a reminder of the risks associated with cryptocurrency. Cryptocurrencies are a popular target for cyberattacks, and investors should be aware of the risks before investing in them.

That’s about it for this latest Weekly CryptoNews Digest on the MNO blog. I’ll be posting the lnext update on cryptocurrency next Monday, so be sure to check back. I’ll be covering all the latest developments and news you might want to be aware of if you’re genuinely interested in what is going on in the cryptocurrency world, such as new projects and regulations.

So thanks for reading and I hope your business week will be fruitful and productive. Be sure to check out The MNO blog often and I hope you’ll come back to read the upcoming Weekly CryptoNews Digest next Monday. Until then stay safe and happy and thanks for staying loyal to MNO – For Money Lovers!