qfx Vet, the esteemed XRPL validator and xrpcafe cofounder, has sounded the alarm: Nakamoto-style systems, be they proof-of-work or proof-of-stake, are inherently vulnerable to chain reorganizations. 🕷️ It’s a design flaw that allows the past to be rewritten, like a digital History that can be altered at the whim of the powerful. 📚
Crypto seer Jackis has ventured into the fray, sharing his insights on Ethereum’s recent price movements. Through the lens of social media, he notes that ETH’s price action eerily mirrors its behavior from previous cycles. A glance at the chart reveals that Ethereum hit major cycle tops in January 2018 and November 2021, each followed by a precipitous fall. Both peaks were heralded by a sharp upward trajectory, only to succumb to the weight of its own success. Jackis observes that in those cycles, ETH soared well above prior highs before crashing back to earth. This time, however, the altcoin has not yet breached its all-time high, though it is drawing dangerously close to that critical threshold. 📈
Behold, the token PLUME, which leapt 18% in an hour, as if startled by the sudden arrival of Binance’s HODLer Airdrop. Now trading at $0.10, it boasts a daily volume that would make even the most jaded investor blush. In the past day, it gained 4%, and over the week, another 4%-a modest ascent, yet enough to stir the hearts of the hopeful.
At the time of writing, Chainlink (LINK) was trading at the lofty height of $25.35, marking its peak since the beginning of the year. This represents a staggering 135% increase from its nadir in late June, a period that seemed like a distant memory for the faithful.
Behold, the Financial Services Commission, that noble assembly of regulators, shall unveil its grand design for a stablecoin bill before the National Assembly in the month of October. A document so intricate, it shall rival the epics of old, detailing the rules of issuance, collateral management, and the delicate art of risk control. 📜
In the Gulag of charts, Shiba Inu’s candlesticks now march in lockstep toward the abyss, twenty percent lighter than the fleeting summit of this very moon-cycle. A 3.65 % drop on the nineteenth of August, the day the whole crypto kolkhoz was ordered to dig deeper trenches: $0.00001263-the price of a half-eaten sunflower seed. 🌻
Meanwhile, Ethereum (ETH) is having a full-on meltdown, down nearly 5% because apparently, it forgot to take its chill pill. It was flirting with $4,500 over the weekend, but now it’s sulking at $4,261. Ripple (XRP) and Dogecoin (DOGE) are also in the dumps, down 4.99% and 4.67% respectively. Solana (SOL) is like, “Hold my beer,” and drops nearly 6%, trading around $181. Cardano (ADA), Stellar (XLM), and the rest of the gang are also having a bad hair day. But hey, Chainlink (LINK) is the cool kid at the party, up nearly 2% at $24.50. Go, LINK, go! 🚀✨
• XRP, once valiant at $3.14, has now fallen to $2.97, its greatest retreat since July.
• A collection of whales, with rather deep pockets, acquired 440 million XRP whilst retail traders scurried off.
• A symmetrical triangle pattern has appeared on the charts, perhaps foreshadowing a breakout near $3.90 if the resistance is bested.
• Alas, the broader crypto markets too, have shown weakness, as risk-off sentiment takes root.
In an announcement made via WeChat (because of course, what else would they use?), CMB has revealed that it now offers virtual asset trading services. This magical moment followed the granting of a virtual asset service provider license by the Hong Kong Securities and Futures Commission, a process that took place in mid-July. How thrilling!
In a move that screams “buy high, pray it doesn’t drop too low,” Strategy added 430 more Bitcoin (BTC) to their stash during the week that ended on Sunday, according to a filing with the SEC. This little acquisition cost them around $119,666 per coin. Seems a bit much, but hey, Bitcoin’s known for its mood swings. One minute, it’s soaring to $124,000, and the next, it’s dragging itself down to $115,000. CoinGecko, I see you.
