Fake ETF Approval

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Today was certainly a good morning for some with Bitcoin briefly bouncing to 30k but it was a horrible morning for Coin Telegraph who shared the fake news that a Bitcoin ETF had been approved.

Even though mistakes do happen, this isn't a great look for the maturity of the crypto market and its press. The single post led to mass liquidations as people acted on the information.

You can almost guarantee that regulators will be looking at what happened here and considering the implications before making any public comments on ETF approvals.

From the outside, all we can do is wait, but if it does get approved, we just got a spoiler of what might happen to the price. Green is good.

Onwards...

- @nuconomist

Crypto Market Cap: $1.14 Trillion Dollars 🔼 +2.70%

Bitcoin: $27,170 🔽 -2.74%

Ethereum: $1,558 🔽 -4.59%

Bitcoin Dominance: 48.91% 🔼 +1.73%

Ethereum Dominance: 16.93% 🔽 -2.36%

Bitcoin Whales and Ethereum Whales Are Not the Same - Decrypt

This week Glassnode took note of the fact that Bitcoin whales seem to continue stacking while Ethereum whale holdings have seen a downturn. Some have critiqued the data saying that it doesn't account for staking and smart contract holdings. Either way, the data is all on-chain for all to see.

THORSwap Resumes Trading After Updating Terms - CoinDesk

The new terms specifically restrict users from sanctioned countries from usuing the exchange. While it isn't clear exactly how this is enforced from the announcement, new technical measures including blockchain analytics solutions are likely in place to help prevent these types of transactions as well.

Bitcoin's First Ever EVM Transaction Takes Place - Bitcoin Magazine

It seems more Ethereum developers are experimenting on the edges of the Bitcoin network this year. Chainway is one startup that is attempting to bring EVM transactionsand ZK rollups to bitcoin and it's first steps look positive.

SEC Will Not Appeal Grayscale's Court Win - Bitcoin Magazine

Seen by some as the precursor to this morning's fake ETF approval, this news appears to be more legitimate. Some speculate that this could pave the way for a Grayscale Bitcoin ETF in the near future.

NFT Market Cap (ETH): Ξ 5.5 Million 🔼 | $8.72 Billion (-0.01%)

Weekly NFT Volume (ETH): 30,187 🔼 +4.90%

Weekly NFT Traders: 43979 🔽 -1.29%

Weekly NFT Loan Volume (USD): $62.7 Million 🔼 +8.10%

Weekly NFT Deposited as Collateral: 3623 🔽 -3.52%

Bored Ape Yacht Club: Floor: 25.19 ETH | Volume: 9,803 ETH 🔼

Matt Kane talks "Contractual Obligations" - NFT NOW

This event was all over my feed for a moment last week and I must admit to not being familiar with Matt Kane's work beforehand. Matt Kane released a series of "low effort" AI generated 1/1s for owners of the SuperRare RarePass. This interview covers his motivations and the markets reception in detail.

NFT Artists Invade London's Saatchi Gallery - Decrypt

The traditional art world is still flirting with accepting crypto creations into its arms with this latest exhibition. In a similar vein, several notable galleries and museums around the world, from France to New York, are currently showcasing NFT.

Beanz Stickers Success Signals a Step Towards NFT Mass Adoption - NFT Now

The BEANZ collection from Chiru Labs are a partner to the Azuki collection. Earlier this year they announced a partnership with LINE Friends, a messaging app that is popular in Asia. After recently launching sticker packs for the app they have claimed the top spot in some countries and made an impact across the globe, showcasing the potential of NFT IP to break out of the walls of web3.

Days like today make for some exciting price action, but sometime it pays to pay the slow game. I've always appreciate the measured analysis on BTC cycles provied by Bob Loukas. This is his current read on the market.

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