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08/09/2024. Weekly CryptoNews Digest (September, 02 – September, 08)
Welcome back to the MNO blog, your trusted guide in the world of crypto and HYIP investments since 2007! As we step into September a new chapter begins in the HYIP industry, and I’m thrilled to see what this fresh start will bring. With over 17 years of expertise in both crypto and HYIP investments, I’m dedicated to helping you navigate the ups and downs of the digital asset market.
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By partnering with MNO, you’ll gain a significant edge in the crypto and HYIP game. I provide the knowledge and support you need to make smart choices and achieve your financial goals. So, let’s dive into the biggest crypto and HYIP happenings from September 02 to September 08,2024 in our Weekly CryptoNews Digest and kick-start this new chapter in the crypto industry with confidence!
BITCOIN PRICE SURGE: BITCOIN TESTS $54,000 LEVEL INFLUENCED BY LATEST US JOBS REPORT
Bitcoin’s price recently tested the $54,000 level, influenced significantly by the latest U.S. jobs report. The report revealed that the U.S. economy added 142,000 jobs in August, falling short of the expected 160,000. This shortfall, coupled with downward revisions for June and July, heightened concerns about a potential recession. Investors reacted to the news by moving away from riskier assets, including Bitcoin, which saw its price dip below $54,000, its lowest level since early August.
The market’s reaction to the jobs report was not solely due to the lower-than-expected job additions. The unemployment rate also eased back to 4.2% from 4.3% in July, but this did little to alleviate investor worries. The broader market saw significant declines, with the S&P 500 and Nasdaq 100 both experiencing notable drops. These movements reflect a growing sentiment among investors that the U.S. economy might be tilting towards a recession, which in turn has impacted Bitcoin’s price.
Despite the bearish sentiment, some analysts believe the market’s reaction may be overly pessimistic. Mohamed El-Erian, an advisor at Alianza and former CEO of Pimco, suggested that the latest jobs numbers are still consistent with the U.S. economy avoiding a recession. He pointed out that the data might be interpreted too negatively by investors, who are already on edge due to recent economic uncertainties. This perspective offers a more optimistic outlook on the economic situation and its potential impact on Bitcoin.
Looking ahead, the future of Bitcoin’s price remains uncertain, especially as the U.S. economy navigates these turbulent times. If the economy does tilt into a recession, the response from the government and the Federal Reserve, such as rate cuts and increased spending, could provide a significant boost to Bitcoin. Historically, Bitcoin has been seen as a hedge against currency debasement, and similar fiscal and monetary policies in the past have driven its price to new highs. Investors will be closely watching economic indicators and policy responses to gauge Bitcoin’s trajectory in the coming months.
COINBASE VS. SEC: COINBASE ACHIEVES PARTIAL WIN IN COURT BATTLE, GAINS CRUCIAL DISCOVERY RIGHTS
Coinbase has secured a significant partial victory in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The court’s decision, delivered by Judge Katherine Failla of the Southern District of New York, grants Coinbase access to crucial documents related to the SEC’s classification of tokens as securities. This ruling came after Coinbase filed a motion to compel the SEC to produce these documents, arguing that they are essential for its defense in the civil case. The SEC had initially resisted this request, claiming that the documents were irrelevant and overly broad.
The court’s order mandates the SEC to provide “important discovery” that could potentially influence the outcome of the case. Coinbase’s Chief Legal Officer, Paul Grewal, emphasized the significance of this decision, noting that it would allow the company to better understand the SEC’s regulatory approach to digital assets. This development is particularly noteworthy as it could set a precedent for how other cryptocurrency firms are regulated and how the SEC’s enforcement actions are challenged in court.
The SEC’s lawsuit against Coinbase, filed in June 2023, alleges that the exchange has been operating as an unregistered securities exchange, broker, and clearing agency. The case has broader implications for the cryptocurrency industry, as it could impact the regulatory landscape and the way digital assets are classified and traded. Coinbase’s partial victory in securing discovery rights is seen as a crucial step in its defense strategy, potentially providing the company with the evidence needed to counter the SEC’s claims.
In addition to this legal win, Coinbase is also facing a class-action lawsuit from a group of investors. A New Jersey judge recently ruled that these investors could proceed with their amended lawsuit, which accuses Coinbase of concealing that the crypto assets listed on its platform were likely securities. This ruling could open the door for similar lawsuits in other jurisdictions, further complicating Coinbase’s legal challenges. However, the recent court decision granting discovery rights in the SEC case provides a glimmer of hope for the company as it navigates these complex legal battles.
NORTH KOREAN HACKERS: FBI WARNS OF ANDROID MALWARE STEALING CRYPTO KEYS
The FBI has issued a warning about a sophisticated new Android malware called SpyAgent, which has been designed by North Korean hackers to steal cryptocurrency private keys from users’ smartphones. This malware leverages optical character recognition (OCR) technology to scan and extract text from screenshots and images stored on the device. Discovered by McAfee, SpyAgent is distributed through malicious links sent via text messages, which redirect users to seemingly legitimate websites that prompt them to download an app disguised as a trustworthy program.
Once installed, the SpyAgent malware requests permissions to access contacts, messages, and local storage, facilitating its extraction of sensitive data. The malware masquerades as various types of applications, including banking apps, government services, and streaming platforms. McAfee reports that SpyAgent has been detected in over 280 fraudulent apps and is primarily targeting South Korean users. This alert comes on the heels of another malware threat identified in August, known as the “Cthulhu Stealer,” which similarly disguises itself as legitimate software and targets personal information.
The rise in these types of cyberattacks has prompted the FBI to issue a formal warning about North Korean hacking activities. Users are advised to remain vigilant and avoid downloading apps or clicking on links from unknown sources to protect their digital assets from such sophisticated threats. The FBI’s warning highlights the increasing sophistication of cyber threats and the need for heightened awareness and security measures among cryptocurrency users.
In August alone, crypto-related scams resulted in a staggering $310 million in losses, making it the second-highest monthly total this year. Phishing incidents emerged as the most damaging, accounting for approximately $293 million of the total losses. The frequency of these attacks underscores the importance of cybersecurity and the ongoing efforts by authorities to combat cybercrime and protect digital assets.
BINANCE EXECUTIVE DETAINED: U.S. LAWMAKER DEMANDS RELEASE AFTER SHOCKING VIDEO SURFACES
U.S. Congressman French Hill has called for the immediate release of Tigran Gambaryan, a Binance executive detained in Nigeria. Hill’s demand follows the release of a disturbing video showing Gambaryan struggling with his health during a court appearance in Abuja. The footage, which surfaced on social media, depicts Gambaryan visibly unwell and struggling to walk, raising serious concerns about his treatment and the conditions of his detention since February.
Gambaryan was arrested in Nigeria while attending digital asset policy talks. His health has reportedly deteriorated significantly during his imprisonment, with reports indicating he suffers from double pneumonia and malaria. Despite these conditions, Gambaryan was seen using crutches in court due to a herniated disc, prompting his lawyers to request a wheelchair. Although the judge granted this request, there are concerns that prison officials may not comply with the court’s orders.
The video has sparked outrage and prompted a strong response from both U.S. lawmakers and Binance. Congressman Hill, along with Congresswoman Chrissy Houlahan, visited Gambaryan in June and found him in poor health. Hill has been vocal on social media, describing the situation as “outrageous” and demanding Gambaryan’s humanitarian release. Binance has also expressed deep concern over Gambaryan’s condition, emphasizing the urgent need for his release to prevent further health deterioration.
The legitimacy of Gambaryan’s arrest remains in question, with allegations of money laundering linked to his role at Binance. However, the primary focus has shifted to his well-being and the urgent need for medical attention. Hill’s continued advocacy highlights the broader issues of human rights and the treatment of detainees, urging the Nigerian government to act swiftly to ensure Gambaryan’s safety and return him to the United States.
ETHEREUM FUTURES ETF: VANECK ANNOUNCES CLOSURE AND LIQUIDATION
VanEck has announced the closure and liquidation of its Ethereum Futures ETF, known as the VanEck Ethereum Strategy ETF (EFUT). The decision comes after a thorough evaluation of the fund’s performance, liquidity, and investor interest. VanEck revealed that the ETF will be delisted from the Chicago Board Options Exchange (CBOE) on September 16, 2024, with the final liquidation of assets expected to occur by September 23, 2024. This move marks a significant shift in VanEck’s strategy as it reassesses its offerings in the rapidly evolving cryptocurrency market.
The Ethereum Futures ETF was launched with the aim of providing investors with exposure to Ethereum futures contracts. However, the fund struggled to attract significant investor interest and faced challenges related to market performance. VanEck’s decision to close the ETF reflects broader trends in the cryptocurrency ETF market, where many funds have faced similar issues. Despite the initial optimism surrounding Ethereum futures, the ETF’s underperformance led to this strategic reassessment.
Investors holding shares of the VanEck Ethereum Strategy ETF will receive a cash payout based on the net asset value (NAV) of their holdings as of the liquidation date. VanEck has advised shareholders to consider the potential tax implications of the liquidation, including capital gains or losses, which will be reflected in their year-end tax reporting. The company has committed to providing detailed information on the final tax status with the year-end reports to ensure transparency and compliance with regulatory requirements.
As VanEck prepares to close its Ethereum Futures ETF, the company is also exploring new opportunities in the cryptocurrency space. Notably, VanEck is considering the launch of Solana ETFs, leveraging regulatory precedents to navigate the complex landscape of digital asset investments. This strategic pivot underscores VanEck’s commitment to adapting to market conditions and investor needs, even as it winds down its Ethereum futures offering.
RIPPLE’S STABLECOIN PLANS: CEO BRAD GARLINGHOUSE REVEALS PLANS TO OFFER STABLECOIN IN JAPAN
Ripple’s CEO, Brad Garlinghouse, has announced the company’s intention to launch a stablecoin in Japan, highlighting the country’s progressive regulatory environment as a key factor. Garlinghouse emphasized that Japan’s clear and supportive regulations for cryptocurrencies and stablecoins have created a conducive environment for innovation and investment. He noted that Japan’s approach contrasts with the more conservative regulatory stance seen in other countries, making it an attractive market for Ripple’s stablecoin initiatives.
The planned stablecoin, which will be pegged to the Japanese yen, aims to provide a reliable and stable digital asset for transactions within Japan. Garlinghouse expressed confidence in the demand for a yen-backed stablecoin, predicting that it is only a matter of time before such digital assets gain widespread acceptance in the Japanese market. This move is part of Ripple’s broader strategy to expand its presence in Asia and leverage the region’s growing interest in digital currencies.
Garlinghouse also mentioned that Ripple is currently focused on launching its Ripple-USD (RUSD) stablecoin in the United States, pending regulatory approval. The company plans to use the lessons learned from the U.S. launch to inform its strategy in Japan. Ripple’s commitment to working closely with regulators ensures that its stablecoin offerings will comply with local laws and provide a secure and trustworthy option for users. This approach underscores Ripple’s dedication to regulatory compliance and its proactive stance in navigating the complex landscape of digital asset regulation.
The introduction of a yen-backed stablecoin by Ripple is expected to have significant implications for the Japanese financial market. It could facilitate more efficient cross-border transactions and provide a stable digital asset for both consumers and businesses. As Ripple continues to innovate and expand its product offerings, the company’s efforts in Japan could serve as a model for other markets looking to integrate stablecoins into their financial systems.
EL SALVADOR’S BITCOIN BET: DISCUSSIONS CONTINUE ON SUCCESS OF BITCOIN AS LEGAL TENDER
El Salvador’s adoption of Bitcoin as legal tender has been a topic of intense debate since its implementation three years ago. President Nayib Bukele’s bold move to integrate Bitcoin into the national economy was initially met with both enthusiasm and skepticism. While the government has touted the benefits of increased financial inclusion and the attraction of foreign investment, many Salvadorans remain hesitant to use Bitcoin in their daily transactions. Research indicates that despite widespread awareness of the government’s Chivo wallet app, most users abandoned it after spending their initial bonus.
The economic impact of Bitcoin adoption has been mixed. On one hand, El Salvador has reportedly made a profit of over $31 million from its Bitcoin holdings, thanks to strategic purchases during market dips. This financial gain has been used to bolster the country’s reserves and fund various public projects. However, the volatility of Bitcoin has also posed significant risks, with the value of the cryptocurrency experiencing dramatic fluctuations. Critics argue that this instability undermines the reliability of Bitcoin as a legal tender and poses challenges for long-term economic planning.
President Bukele has acknowledged that Bitcoin has not achieved the widespread adoption he had hoped for. In a recent interview, he admitted that while Bitcoin has brought some benefits, such as increased tourism and international attention, it has not been embraced by the majority of the population. The lack of anonymity and the complexity of using digital wallets are cited as major barriers to adoption. Despite these challenges, Bukele remains optimistic about the future of Bitcoin in El Salvador, emphasizing that the country is still in the early stages of this financial experiment.
Looking ahead, the government continues to promote Bitcoin as a key component of its economic strategy. Efforts are being made to improve the infrastructure and user experience of the Chivo wallet, and educational campaigns are underway to increase public understanding of cryptocurrency. As El Salvador navigates the complexities of integrating Bitcoin into its economy, the world watches closely to see whether this pioneering initiative will ultimately be deemed a success or a cautionary tale.
That concludes this week’s crypto news on MNO! I hope you found it insightful and the updates valuable. As we move into the busier autumn months, let’s take a moment to reflect on the whirlwind week we’ve had in the crypto world. A big thank you to my amazing community for all your support.
Take some time to unwind over what remains of the weekend. August was intense, but I know you’re ready for what’s coming next. And don’t forget to share your thoughts in our MNO TalkBack poll—your feedback is incredibly important.
See you next Sunday for the latest in crypto news! Keep growing your portfolio, and remember, we’re here to help you achieve your financial goals. MNO – For Money Lovers!
Filed under Cryptocurrencies, Daily News by on Sep 8th, 2024. 
