04/08/2024. Weekly CryptoNews Digest (July, 29 – August, 04)

Hi all, and welcome once more to the MNO blog, your premier news source for crypto insights and guidance. As a leading crypto resource since 2007, I’ve been helping you navigate the ever-changing crypto landscape for over 17 years. My mission is to provide you with clear and actionable insights, empowering you to make informed decisions in the market.

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By partnering with MNO, you’ll gain a significant advantage in the crypto market. Expert insights and unparalleled support will help you make smarter decisions and stay ahead of the curve. So grab a drink, settle in, and let’s explore the most impactful crypto events from July 29th to August 04th in this latest Weekly CryptoNews Digest!

BTC CRASHES THROUGH $59K, $58K CME GAP LOOMS

Bitcoin’s recent price decline has seen it fall below $59,000 for the first time since mid-July, with “relentless” selling pressure persisting. This downturn has led to significant losses for investors holding long positions.

The market is now eyeing the next potential price target at the $58,000 level. This level corresponds to a gap in the CME Bitcoin futures market, which often gets filled after a weekend. If Bitcoin continues its downward trajectory, it could reach this gap and potentially trigger further price movements.

Traders and analysts are closely monitoring the situation, as the recent volatility highlights the inherent risks associated with investing in cryptocurrencies. The formation of a new CME gap between $60,000 and $63,000 adds another layer of complexity to the market outlook, making it an interesting week for Bitcoin.

SENATOR LUMMIS PROPOSES US BUY 1 MILLION BITCOIN

Senator Cynthia Lummis has proposed a bold solution to reduce the national debt: buying 1 million Bitcoin. The Wyoming Republican presented her legislation at the Bitcoin Conference in Nashville, arguing that the cryptocurrency’s potential for growth could help alleviate the country’s financial burden. According to Lummis, the US government could purchase the Bitcoin and hold it in a special account, allowing it to benefit from potential price increases without having to sell the assets.

Lummis’ proposal has sparked significant interest in the cryptocurrency community, with many seeing it as a creative solution to the country’s debt woes. The senator has argued that the US government has a history of investing in assets that have gone on to appreciate in value, such as gold and real estate. She believes that Bitcoin could be a similar opportunity, and that the government’s purchase of 1 million Bitcoin could help to reduce the national debt by billions of dollars.

The proposal has also raised questions about the feasibility of the plan, with some critics arguing that the government would need to navigate complex regulatory hurdles to purchase and hold such a large amount of Bitcoin. Additionally, there are concerns about the potential volatility of the cryptocurrency market, and the risk that the government could lose money on its investment. Despite these challenges, Lummis’ proposal has generated significant attention and debate, and could potentially pave the way for further exploration of cryptocurrency as a tool for reducing the national debt.

BITFINEX HACK MASTERMIND PLEADS GUILTY TO $4.5 BILLION THEFT

Heather Morgan, a self-proclaimed social engineer and rapper known by her alter ego “Razzlekhan“, made headlines after being arrested and subsequently pleading guilty to one of the most brazen cyber heists in history. The 2016 Bitfinex hack, which resulted in the theft of 120,000 Bitcoin, was a massive blow to the cryptocurrency exchange and its users. The stolen Bitcoin was worth a staggering $4.5 billion at the time of Morgan’s arrest, making it one of the largest cryptocurrency heists in history.

Morgan’s involvement in the hack was revealed after a lengthy investigation by law enforcement, which uncovered a complex web of deceit and manipulation. According to reports, Morgan used her social engineering skills to gain the trust of Bitfinex employees, eventually gaining access to the exchange’s systems and making off with the massive haul of Bitcoin. The hack was initially attributed to a group of hackers, but it was later revealed that Morgan was the mastermind behind the operation.

Morgan’s arrest and subsequent guilty plea have sent shockwaves through the cryptocurrency community, with many experts and users expressing outrage and disbelief at the scale of the hack. The case has also raised questions about the security measures in place at Bitfinex and other cryptocurrency exchanges, and has sparked renewed calls for greater regulation and oversight of the industry. Morgan’s sentence is yet to be determined, but it is likely to be severe given the magnitude of the hack and the harm caused to innocent victims.

BITCOINER KIDNAPPED AND MURDERED IN KYIV, UKRAINE

Police in Kyiv, Ukraine have arrested four suspects in connection with the kidnapping and murder of a 29-year-old foreign national Bitcoiner. The victim, whose identity has not been released, was reportedly kidnapped and killed after having $170,000 worth of Bitcoin stolen from him. The suspects, all male and aged between 25 and 35, were arrested after a thorough investigation and are currently being held in custody.

According to reports, the victim was a Bitcoin enthusiast who had been involved in cryptocurrency trading and investing. He was reportedly kidnapped by the suspects, who demanded that he hand over his Bitcoin holdings. After the victim refused to comply, the suspects allegedly killed him and stole the Bitcoin. The police investigation was launched after the victim’s body was discovered in a wooded area in Kyiv.

The arrest of the four suspects is a significant development in the case, and the police are now working to recover the stolen Bitcoin and bring the perpetrators to justice. The investigation is ongoing, and it is not clear whether the suspects have any connections to organized crime or whether the murder was a random act of violence. The case has sent shockwaves through the cryptocurrency community, and it serves as a stark reminder of the risks and dangers associated with cryptocurrency trading and investing.

JUDGE DELAYS RYAN SALAME’S PRISON SENTENCE

A federal judge has granted a motion filed by lawyers representing former FTX Digital Markets co-CEO Ryan Salame to delay reporting to prison until October 13. Salame was sentenced to 110 months in prison in July for his role in the collapse of FTX, a cryptocurrency exchange that filed for bankruptcy in November 2022. The delay in reporting to prison was granted due to Salame’s ongoing efforts to resolve his personal and financial affairs.

Salame’s lawyers argued that their client needed more time to settle his personal and financial matters, including selling his assets and paying off debts. The judge agreed, citing the complexity of Salame’s financial situation and the need for him to have sufficient time to resolve his affairs before reporting to prison. The delay is expected to give Salame an additional three months to complete his preparations before reporting to prison.

The delay in Salame’s reporting to prison has sparked controversy, with some critics arguing that it is unfair to allow him to delay his sentence while others who have been convicted of similar crimes are serving their sentences. However, Salame’s lawyers argue that the delay is necessary to ensure that their client is able to resolve his personal and financial affairs in a responsible and orderly manner. The case is a reminder of the complexities and challenges that can arise in the aftermath of a high-profile criminal conviction.

TRUMP LAUNCHES BITCOIN SNEAKERS

Former US President Donald Trump has made a foray into the world of cryptocurrency, launching a limited-edition line of Bitcoin-themed sneakers through his company, CIC Ventures LLC. The move comes on the heels of Trump’s recent speech at a Bitcoin conference, where he expressed his ambitions to create a national Bitcoin reserve and position the US as a global crypto superpower. The sneakers, which feature a bold design and the Bitcoin logo, are a unique blend of fashion and technology, and are expected to be highly sought after by collectors and enthusiasts.

The launch of the Bitcoin sneakers is seen as a significant move by Trump to further his interests in the cryptocurrency space. As a prominent figure in American politics, Trump’s involvement in the crypto industry is likely to generate significant attention and interest. The sneakers are being marketed as a limited-edition release, with only a small number of pairs available. This scarcity is expected to drive up demand and make the sneakers highly valuable among collectors and enthusiasts.

The launch of the Bitcoin sneakers has also sparked speculation about Trump’s future plans in the crypto space. His speech at the Bitcoin conference, where he expressed his ambitions to create a national Bitcoin reserve, has been seen as a significant development in the industry. The creation of a national Bitcoin reserve would be a major step forward for the US in terms of its involvement in the crypto space, and would likely have significant implications for the global crypto market. As such, the launch of the Bitcoin sneakers is seen as a significant move by Trump to further his interests in the crypto space and position the US as a global leader in the industry.

That’s all for today’s Weekly CryptoNews Digest on MNO. We’ve reached the end of another thrilling week in the world of cryptocurrency. Before we wrap up, I want to express my heartfelt gratitude to each and every one of you for being part of this journey. Your enthusiasm and engagement is what motivates me to continue exploring the digital frontier and sharing our insights with you.

Before I finish, don’t forget to cast your vote in our MNO TalkBack poll. Your input will shape the future of crypto discourse, and we’re excited to share the results with you in a few weeks.

As we conclude the weekend, I encourage you to take some time to relax and recharge. August is shaping up to be an exciting month, and I’m confident that you’ll be ready to tackle the challenges and opportunities that lie ahead.

I’ll be back next Sunday with a fresh batch of crypto insights and analysis. Until then, stay informed, stay prosperous, and remember: MNO – For Money Lovers!