Riding The Wave News Summary 73
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Table of Contents
Tweets
Coinbase, FTX, Binance get inquiries as Congress looks to crack down on $1 billion crypto fraud
Kevin Rose’s Proof Raises $50M, Plots Token and Moonbirds NFT Expansion
Tweets
ETH whales move holdings onto exchanges before Merge
The Merge date is scheduled for Sept. 15, after the successful Goerli testnet integration — the final testnet merger before the actual transition. Ether (ETH), Ethereum’s native token, saw a bullish surge in July after the announcement of the Merge date, with its price rising to a new six-month high of over $2,000 but failing to consolidate at the critical resistance.
Data from crypto analytics firm Santiment indicates that the gap between Ethereum’s top 10 largest non-exchange addresses and exchange addresses is closing. Over the past three months, top whale addresses have sent a significant amount of ETH onto exchanges. Non-exchange addresses have declined 11%, while exchange-based addresses have surged by 78%.
Many market analysts also believe the Merge will be a “buy the rumor, sell the news” event. The saying means that if good news is expected sometime in the future, the price will often move higher in anticipation of that date, but not necessarily after. The market rallied in the aftermath of the Merge date confirmation, but it could eventually see a price decline after the key event.
The Sept. 15 event is a significant milestone for Ethereum, but the Merge only means a change of mining consensus. Key benefits such as high transaction capacity, lower gas fees and a reduction in energy consumption will come after the completion of the third phase.
With the proof of work chain branching off, potential technical issues, & concerns around staking in general, the shift over to POS will likely be a wild ride.
Coinbase, FTX, Binance get inquiries as Congress looks to crack down on $1 billion crypto fraud
In its first foray into the crypto sector, the House Committee on Oversight and Reform is dialing up the pressure on federal agencies and crypto exchanges to protect Americans from fraudsters.
In a series of letters sent Tuesday morning, the committee asked four agencies, including the Department of the Treasury, the Federal Trade Commission, the Commodity Futures Trading Commission, and the Securities and Exchange Commission, as well as five digital asset exchanges — Coinbase, FTX, Binance.US, Kraken, and KuCoin — for information and documents about what they are doing, if anything, to safeguard consumers against scams and combat cryptocurrency-related fraud.
Krishnamoorthi also noted that the agencies often seem to be acting at cross-purposes and giving inconsistent guidance to private-sector players. “Without clear definitions and guidance, agencies will continue their infighting and will be unable effectively to implement consumer and investor protections related to cryptocurrencies and the exchanges on which they are traded.”
Unlike previous bear runs, the government appears to be moving to regulate, which means that they have finally started to accept that crypto is here to stay. Previous attempts have been extremely light handed and have targeted exchanges and surprisingly miners. While the government appears to be backing off on miners for now it does appear to be focusing on exchanges. It’s a tough situation as there isn’t much the exchanges can do to prevent off-exchange scams, the job should really belong to law enforcement.
Kevin Rose’s Proof Raises $50M, Plots Token and Moonbirds NFT Expansion
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