Weekly Crypto Review 08.18.23

08.18.23 - Weekly Crypto Review

Welcome back everyone, it’s Friday August eighteenth, twenty three, and this is your weekly Crypto review. Here are some highlights to bring you up to speed...

• On Thursday, bitcoin fell 7.2% in its biggest one-day drop since November 2022 when FTX exchange collapsed. Investors sold $489 million in bitcoin futures over a 24-hour period, the largest single-day liquidation since June 2022, according to data provider Coinalyze. It’s our opinion, the dip is most likely due to big movement in China markets, and potentially Blackrock and other large players, pushing the prices down, in order to buy low to pump future ETF positions.
• The New York Times is contemplating legal action against OpenAI, the organization behind ChatGPT. The crux of the dispute lies in copyright concerns surrounding the use of the newspaper's content. This is a contemporary theme MVMT Media will be tracking and repotting on more in the future.
• Coinbase, the largest crypto exchange in the U.S., announced on Wednesday that it obtained regulatory approval to offer crypto futures trading services to eligible clients in the country.
• The Shiba Inu (SHIB) token launched its layer-2 scaling solution, Shibarium, on the Ethereum blockchain on Thursday, but US$1.7 million worth of ETH was stuck on the Shibarium bridge, according to on-chain intelligence firm PeckShield, leading an over 7% drop in SHIB’s price.
• Binance announced the shutdown of its crypto payment service, Binance Connect, on Wednesday. Previously known as “Bifinity,” Binance Connect was a fiat-to-crypto payment ramp for the exchange, allowing users to buy cryptocurrencies through Mastercard and Visa.
• XRP, the fifth largest cryptocurrency by market capitalization, dropped 20.09% to US$0.505 after the SEC was granted the request to file an interlocutory appeal in its lawsuit against Ripple Labs.
• Litecoin, the world’s 15th largest cryptocurrency by market capitalization, fell 21.65% to US$65.12, as part of a broader downward movement in the crypto market. The global crypto market capitalization stood at US$1.06 trillion on Friday at 9:00 p.m. in Hong Kong, down by more than US$100 billion over the past week, CoinMarketCap data shows.

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The information provided in this broadcast represents the sole opinions of MVMT and should not be construed as financial advice. Any actions taken based on this information are at the sole discretion and risk of the individual, and MVMT disclaims any responsibility for the consequences thereof. It is strongly advised that individuals seek qualified professional financial advice before making any financial decisions.