OVERVIEW

Everything Is Red, Not Just Crypto 🟥 

Like the headline says, everything is red. Crypto, gold, silver, stonks, and oil are all in the red. The only major instruments in the green today are the U.S. Dollar, Japanese Yen, wheat, and hogs. 😭 

In today’s Litepaper, I’m trying something a little new! This isn’t permanent, but because I’ve gotten a number of responses from readers saying they love the Crypto News In Three Sentences section, I thought I’d make today’s one big version of it. 📰

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

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NEWS
Crypto News In Three Sentences 📰

🔦 Bitcoin Dev Stired Up Trouble at Trump Speech 

Bitcoin Lightning dev Jordi Montes decided it was a good idea to sneak a cigarette lighter past Secret Service at a Trump rally. He bypassed security and was quickly spotted, leading to his public shaming and temporary fame. After a stern talking-to, the Secret Service cleared him, but not before the internet immortalized his antics. From Protos.

💸 Galaxy Digital’s Losses Deepen Amid Market Retreat 

Galaxy Digital reported a $177 million net loss in Q2, nearly quadruple last year's loss, as crypto markets pulled back. Bitcoin's 12% dip contributed to the losses, with Galaxy realizing $161.7 million in asset losses. Despite this, the firm posted a $245 million net income for H1, thanks to earlier market highs. CoinDesk has more.

🌍 Montenegro Court Approves Do Kwon’s Extradition to South Korea 

Montenegro’s appeals court approved the extradition of crypto mogul Do Kwon to South Korea, rejecting the US extradition request. Kwon faces fraud charges over a $40 billion crypto collapse that devastated investors. The timing of his extradition remains unclear, but it's a legal win for South Korea. ABC News has more.

💼 Cypherpunk Holdings Ups Solana Stake, Trims Bitcoin 

Cypherpunk Holdings boosted its $SOL holdings to over 86,000 units, worth $21.6 million, while reducing its Bitcoin stash to 56.29 BTC. The firm also sold its Animoca Brands investment for $5.1 million, bolstering its cash reserves. More from TipRanks.

⚖️ SEC Charges DeSo Founder with Fraud 

The SEC is suing Nader Al-Naji, founder of BitClout (now DeSo), for allegedly raising $257 million through unregistered token sales and misusing $7 million for personal expenses. Al-Naji is accused of falsely presenting the platform as decentralized and using a pseudonym to mislead investors. Billionaire Chamath Palihapitiya had backed DeSo as an inflation hedge. Full story at the DailyHODL.

🔓 Casper Network Back Online After Security Breach 

Casper Network is up and running again after a security hiccup, thanks to validators and engineers fixing the mess. With 85% of $CSPR staked, validators agreed to restart operations and removed two shady blocks. A new Casper-node binary was deployed to keep things secure. From Cointelegraph. 

💥 Hoskinson Says Cardano Will Crush Bitcoin 

Cardano’s ($ADA) Charles Hoskinson claims his blockchain will make Bitcoin look like MySpace, citing Cardano's tech and community growth. He argues that Cardano’s decentralized ecosystem will outpace Bitcoin's outdated appeal. The upcoming Midnight release is set to bring hundreds of partner chains on board. NewsBTC has more.

📉 Bitcoin Stumbles Despite Positive Macro News 

$BTC kicked off August on the wrong foot, ignoring good news from the BoE’s rate cut and Fed’s hints at doing the same. The BoE dropped rates by a quarter point, but Bitcoin’s price still slipped, partly due to Mt. Gox shifting $2 billion worth of BTC. It seems the market is too busy napping to notice the macro optimism. More at TheBlock.

📉 Jupiter Community to Vote on 30% JUP Supply Cut 

Jupiter’s crew is voting to slash $JUP supply by 30% to tackle token inflation. The plan cuts team allocations and emissions, with founder Meow pledging to keep team tokens locked till at least 2026. It's all about "cutting the fat" and keeping the community happy. Full story at The Defiant.

🔗 Switchboard Launches Secure Oracle Aggregator 

Switchboard dropped a new Oracle aggregator, beefing up security and allowing access to data from networks like Chainlink ($LINK) and Pyth ($PYTH). The updated UI offers developers better control over data feeds, aiming to curb those pesky oracle attacks. TEEs are used to keep everything efficient and smooth. From NFTGators.

🌐 Telegram Adds Browser for Decentralized Sites 

Telegram’s ($TON) shiny new in-app browser lets 950 million users explore decentralized sites on the TON blockchain. Web3 goodies like Hamster Kombat and Catizen thrive in this ecosystem, with features like search and bookmarks enhancing the user experience. Now, Telegram isn’t just about chats; it's a gateway to Web3. CryptoEconomy has more.

💰 OpenEden Launches Tokenized T-Bills on XRP Ledger 

OpenEden just rolled out tokenized T-bills on the XRP Ledger, backed by Ripple’s $10M investment. These TBILL tokens, secured by US Treasuries, require KYC/AML compliance, bringing TradFi into the DeFi world. It's a big step in making DeFi appealing to the suit-and-tie crowd. More at CoinJournal.

🚀 Kaspa Sets New All-Time High for Third Month 

Kaspa continues its winning streak, hitting a new all-time high of $0.2079 and laughing in the face of market downturns. With a 91% increase over three months, $KAS's low correlation with Bitcoin keeps it thriving. Investors are sticking with it, riding the altcoin wave to glory. Full story at BeInCrypto.

📈 Crypto.com Outpaces Coinbase in Trading Volume 

Crypto.com ($CRO) outdid Coinbase ($COIN) in trading volume, fueled by institutional interest and the launch of spot Ether ETFs. Trading volume surged 23% to $3.16 billion, leaving Coinbase's $2.12 billion in the dust. Institutional clients and better market conditions are behind this impressive leap. From Cointelegraph.

EMAIL ME
Did You Like This Format? 🔊 

Quick note here: I’ve gotten a number of emails from readers saying they like the condensed Crypto News In Three Sentences format.

Do you like it? Does it need charts? More on-chain analytics? More data?

Let me know! 🎇 

E-mail me here: [email protected]

Links That Don’t Suck 🔗

🏴󠁧󠁢󠁥󠁮󠁧󠁿 Bank of England cuts interest rate by 25 basis points

🤑 Michael Burry net worth: How much is the investing guru worth in 2024?

🕵️ Bitcoin created by CIA, claims Tucker Carlson

🏎️ Bungie CEO criticised for spending millions on classic cars, as calls for leadership changes escalate

👾 Galaxy Digital second-quarter net loss widens as crypto market retreats

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