Talk about a weird day. The WSJ fud on Binance.US generated some selling pressure across the board – except for the only green major market cap crypto: DogecoinΒ π©
In today’s Litepaper, we’ll look at the Binance.US FUD and Twitter’s rebrand affecting Dogecoin.
Also on deck: Sam Altman’s Worldcoin.
Here’s how the market looked at the beginning of the trading day:
| Dogecoin (DOGE) | $0.074 | 2.80% |
| Ethereum (ETH) | $1,843 | -2.15% |
| Monero (XMR) | $160.79 | -2.19% |
| OKB (OKB) |
$42.13
|
-2.31% |
| BNB (BNB) |
$237.36
|
-2.31% |
| Shiba Inu (SHIB) | $0.00000800 | -2.84% |
| Polygon (MATIC) | $0.779 | -2.87% |
| Bitcoin (BTC) | $29,027 | -2.91% |
| Bitcoin Cash (BCH) | $239.39 | -2.97% |
| Ethereum Classic (ETC) |
$17.92
|
-3.94% |
| Altcoin Market Cap |
$567 Billion
|
-2.42% |
| Total Market Cap | $1.132 Trillion | -2.96% |
Elon Musk, the tech billionaire and self-proclaimed ‘Dogefather’, has done it again. πΆ
Our headquarters tonight pic.twitter.com/GO6yY8R7fO
— Elon Musk (@elonmusk) July 24, 2023
Musk changed his Twitter bio to ‘πΓ’, and the Dogecoin community is all ears. The change coincided with Twitter’s transformation into ‘X’, announced by the new CEO, Linda Yaccarino.
Musk’s cryptic bio change has sparked speculation that Dogecoin might become the tipping currency on the revamped platform. π°
Dogecoin, the original meme coin, has responded positively to the news, becoming the top gainer of the day among major altcoins.
The ‘X’ platform, envisioned as an all-in-‘X’ app, aims to offer multiple services, such as messaging, finance research, education, and social hubs in one place.become a key player in this new ecosystem.
Meanwhile, Dogecoin defied the bearish market trend, gaining as much as +6%Β in the last 24 hours. π
Sam Altman’s much-anticipated crypto project, Worldcoin, has finally seen the light of day. After three years in the making and a cool $250 million in funding, the eyeball-scanning crypto is ready to roll. π
The Worldcoin project is now live. pic.twitter.com/xZXG4w56Ps
— Worldcoin (@worldcoin) July 24, 2023
The catch? It’s launching in 35 cities across 20 countries, but the US isn’t on the guest list. US users are watching the Worldcoin party from afar because of regulatory uncertainty and the potential misuse of cryptos.
Worldcoin, which claims to distinguish humans from AI online, has been shrouded in controversy and doubt. The project’s transparency and decentralization have been questioned, and the details of token distribution remain hazy due to potential legal issues in the US.
DDespite difficulties, Worldcoin is committed to explaining the technology and earning trust. So, as Worldcoin takes its first steps into the world, US users can only watch and wait. π
Binance.US, the American arm of the crypto giant Binance, is under the SEC’s microscope for alleged wash trading. π
For those not in the know, wash trading is a naughty practice where an entity trades with itself to create the illusion of market activity. It’s like throwing a party and being the only one to show up, then telling everyone it was a rager.Β
The SEC is alleging that Binance.US, under the direction of CEO Changpeng Zhao, inflated trading volumes using multiple user accounts held by Sigma Chain, a Swiss trading company also controlled by Zhao.
Almost 70% of trading for a token was fake after Binance.US’s launch due to wash trading between Sigma Chain and Zhao’s accounts..
Binance.US has hit back, stating that the SEC’s allegations are “entirely unfounded” and based on a “misunderstanding of the facts.” They’ve also denied any engagement in or tolerance of wash trading. The crypto industry has an industry-wide issue of wash trading, which a recent study found to be responsible for over 70% of trading volume on crypto exchanges..
The SEC’s lawsuit has already had an impact, with Binance.US’s market share dropping to just over 1%. Regulatory heat is intensifying for Binance as the Justice Department conducts an investigation.. So, while Binance.US denies the allegations, the crypto world watches on, popcorn in hand. πΏ
Bullets
Bullets From The Day:
π Bittrex, the bankrupt US crypto exchange, has issued a final call to its customers to withdraw their funds. The deadline is August 31, but I urged users to act sooner to avoid any unforeseen issues. The move comes after Bittrex Inc. started customer payouts in June, following a loan from parent company Aquila Holdings.
π° A UK carpet retailer, Flooring Hut, is going Bitcoin. The company has put Bitcoin on its balance sheet, seeing it as an asset with the best potential for growth. The move is bold in an industry that’s been slow to adopt technology, but Flooring Hut is betting on Bitcoin to deliver better value to its customers.
π·πΊ Russia’s digital ruble is now a reality. President Vladimir Putin has signed the digital ruble bill into law, marking a significant step forward for Russia’s central bank digital currency (CBDC) project. The law will go into effect on August 1, 2023, and the first CBDC pilot with actual consumers will launch in the same month.
ποΈ Ripple is taking major steps towards regulatory compliance. The company has applied for registration as a crypto asset firm with the UK’s Financial Conduct Authority (FCA) and is seeking a payments license in Ireland. This move reflects Ripple’s commitment to complying with regulations and expanding its presence in the UK and the broader European market.
Here is some of what’s inside today’s curated NFT news collection:
Citizen Conflict, BTC ordinals sales drop, ShapeShift and Merkle, Phygital Vault, NFT taxes, and The Sandbox.
Links
Links That Don’t Suck:
βοΈ How Texas became a global mecca for Bitcoin mining
π½ Bitcoin touches $29k as liquidations hit $150 million
ποΈ Investor syndicate set to acquire cryptocurrency media giant CoinDesk for $125 million
π₯ SEC trades blows with Coinbase, secures extended deadline
π‘ Norway government ministries hit by cyber attack
π Avid search for missing Texas rodeo goat bringing residents of a small rural county together