August is done and September begins. And September, for the past five consecutive years, has been an ugly month for crypto. That is primary focus of today’s Litepaper.
The Labor Day holiday has officially begun, and you’re probably thrilled. Unless you’ve got a long road trip with a 2-year-old and a 5-month-old. Just kidding, it should be fine. Just gotta keep the two year old from launching monster trucks and school buses at his little sister’s head.
We’re diving deep into Bitcoin’s ($BTC.X) monthly chart because the technical levels are currently some of the most critical in Bitcoin’s history. It’s all about Bitcoin today.
The crypto market ended the regular trading day lower, but well off the daily lows. Polkadot’s ($DOT.X) performance made it the big leader for the day, pushing a close in the 2.50% range. But even those cryptos that traded lower, the losses were relatively small. But it’s a holiday weekend – expect some shenanigans in the market to occur.
But before we get into the nerd talk, here’s how the crypto market looked at the end of the trading day:
| Cardano (ADA) |
$0.46
|
-0.44% |
| Binance Coin (BNB) |
$276.44
|
-0.54% |
| Bitcoin (BTC) | $19,989 | -0.76% |
| Dogecoin (DOGE) |
$0.062
|
-1.13% |
| Ethereum (ETH) |
$1,582
|
-0.16% |
| Polkadot (DOT) | $7.36 | 2.51% |
| Solana (SOL) |
$31.20
|
-1.23% |
| XRP (XRP) |
$0.33
|
-0.63% |
| Altcoin Market Cap |
$576 Billion
|
-0.34% |
| Total Market Cap |
$957 Billion
|
-0.55% |
If you don’t want to read all the nerd speak here, zip down the TL;DR (Too Long;Didn’t Read) section at the end for a quick synopsis.
A look at August 2022 for Bitcoin
When you look at Bitcoin’s ($BTC.X) monthly candlestick chart, you’ll see that August’s candlestick is nearly identical to July’s candlestick. The bodies of both candlesticks are relatively the same size. There are some bullish and bearish interpretations to look at from a candlestick perspective.
Bullets
Bullets From The Day:
👍 Cardano ($ADA.X) caught some good news prior to its Vasil upgrade. Robinhood ($HOOD) announced support for trading Cardano on their platform Thursday. But if you were expecting a major pop and rally, you’d be disappointed. Still, it is good news for Cardano hodlers. More from CryptoGlobe
😡 One of the largest and most used decentralized exchanges, dYdX, has stirred a little controversy. A recent promotion by dYdX offered a $25 bonus for opening an account. But to prevent fraud, the exchange (which does not require KYC), required a photo image of the account holder. Needless to say, it did not go over well. Read the community outcry here from thecoin.news
🥵 Babylon Finance is shuttering its operation after the $80 million hack it suffered in April. The founder and the team are actively working on how to return funds to users. Full story from BeinCrypto
Links
Links That Don’t Suck:
🤷♂️ Former blockchain skeptic David Rubenstein discloses investments in crypto companies
😮 Data Shows Bulk Of Bitcoin Positive Movement Happens On European Time
🍟 Crypto Casino Stake.com Sued For $400 Million By Former Partner
💰 Coinbase works to retrieve funds from Georgian traders who profited from decimal point error
🚓 FBI Cautions Investors About Risks of Cyberattack Against DeFi Platforms
⛏️ Ethereum Mining Revenue Soars to 3-Month High in Last Full Month of PoW
🐶 ALTCOINSShiba Inu: Assessing odds of SHIB gaining heat from the August burn