Overview
- BTC loses $20k.
- Jackson Hole causes chaos.
- Binance freezes corporate account.
- Snoop Dog and Eminem become BAYC NFTs.
Good morning Banter Fam,
CryptoLeaks videos and a blog post have been published claiming that Ava Labs – the creators of the Avalanche blockchain – had an underhanded “secret pact” with US law firm Roche Freedman LLP. According to the content, Roche Freedman and Kyle Roche (Founding Partner) were in an agreement to provide Ava Labs with their legal services – including suing Ava Labs’ competitors – in exchange for AVAX tokens and equity. Emin Gün Sirer (Ava Labs CEO) has addressed the claims, calling them “conspiracy theory nonsense.” Emin shared his thoughts about the claims in this tweet of his.
Market update 🌍
BTC/USDT 1D
Yesterday saw BTC drop below the $19,800 – $20,000 level, and the sentiment on crypto Twitter is that markets are now hanging by a thread. These levels must be regained if the bulls are to stand a chance at pushing the market back up. But they have not yet lost the fight.
BTC closed yesterday at $19,550.50, a drop of -2.38% for the day. It is currently trading at around the $19,800 level.
High-resolution chart
ETH/USDT 1D
ETH naturally followed the rest of the market yesterday in its freefall. It closed the day at a -4.31% loss, at $1426.76.
Currently, it is trading at $1,451, a rough 1.63% up so far for the day.
High-resolution chart
| US markets close | Gain |
| S&P 500 | Closed |
| Nasdaq | |
| Dow | |
| VIX |
Notable Gainers (24h):
| Protocol (Coin) | Price ($) | Gain (%) |
| eCash (XEC) | $0.00005164 | 35.0% |
| Celsius Network (CEL) | $1.28 | 15.6% |
| Huobi (HT) | $5.23 | 2.5% |
| Litecoin (LTC) | $54.23 | 1.8% |
| Internet Computer (ICP) | $6.27 | 1.6% |
| Bitcoin Fear and Greed Index | 24 Extreme Fear |
| “Crypto” Google Trends 90d | 41 |
| “Bitcoin” Google Trends 90d | 24 |
Newswatch 📰
Jackson Hole. Last week saw the Jackson Hole retreat take place, where the world’s top central bankers met with US Federal Reserve Chairman Jerome Powell to discuss the current economic situation. The result was a hawkish speech by Powell which led to markets taking a dip. The participants at the retreat delivered a message on the force needed to curb inflation. It is worth noting that during Powell’s eight-minute speech, $2T ($4.2bn per second) was erased from the global stock markets.
Tether blocks. Tether has now blocked a total of 716 USDT addresses, totaling a sum of $420 million, while Circle has also blocked 82 USDC addresses, coming in at $4.09 million.
News Tidbits:
- Jackson Hole summarized via two brief excerpts.
- US imports over $6B in goods from Russia since the Ukrainian invasion.
- Binance freezes $1m corporate Tezos account at the request of law enforcement.
- Odds of a 75bps rate hike in September are at 70.5%, according to Fedwatch.
- Mt. Gox FUD debunked.
At the protocol level ⛓
- Thread on the Arbitrum airdrop, and how to participate and get $ARBI.
NFT & metaverse update 🐵
- Eminem and Snoop Dog NFTs. The Latest music video for “From The D 2 The LBC” by Eminem and Snoop Dog, sees the pair turn into BAYC NFTs.
Banter’s take
The markets are sure looking a little thin right now. There has been too much bad news hit them all at once, what with the Jackson Hole speech and also the Mt. Gox FUD.
Recovery is not impossible, as a push from the bulls could see BTC regain the $20k level once more, in the process calming the crypto market’s nerves. Today’s US stock market open will definitely play a major role in the next phase.
Stay safe fam!
Gabri
Follow me on Twitter for daily updates!
Disclaimer
Good Morning crypto (issued by Crypto Banter) is a newsletter for entertainment purposes only.
All opinions expressed by the publisher, writers, and chartists should not be construed as financial advice and do not necessarily reflect the views of Crypto Banter. The publisher, writers, and chartists may hold positions in the tokens and assets discussed. Readers are encouraged to do their own research.
