7 DAY MARKET MOVES

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📉 Bitcoin fell by 2.57% this week, hitting its lowest price since June 15 at $24,930.30. Ether also saw a loss, dropping 4.31% to $1,533.43, its lowest in six months. Other top 10 non-stablecoin cryptocurrencies followed suit with losses in the past 24 hours, led by XRP, which logged a weekly loss of 6.92%. This decline coincided with news of a potential FTX liquidation, which may involve selling $3.4 billion worth of crypto assets by year-end.

Digital asset investment products faced a weekly outflow of $59 million, totaling $294 million over four consecutive months, according to CoinShares.

 📉💰 The total crypto market capitalization dropped 2.88% in the past 24 hours to $1.01 trillion, while trading volume surged 60.28% to $32.35 billion

📊📉All eyes are on Wednesday's U.S. consumer price index (CPI) for August, expected to show a 3.8% year-on-year increase. These figures will influence the Federal Reserve's strategy, as it aims to contain inflation below 2%. Market reaction may depend on these CPI numbers. The FedWatch Tool suggests a 93% chance the central bank will hold rates in September, with a growing 57.6% likelihood of another pause in November. 

‍Eyes on the price(s)

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Bitcoin's price struggled to recover and slipped below crucial support levels, including $25,600 and $25,350, entering a bearish zone. It even briefly dipped below $25,000 before stabilizing around $24,925. Currently, Bitcoin faces resistance at $25,200 and $25,600, with a possible bullish scenario if it can breach $26,000 and reach $26,500. However, failing to break the $25,600 barrier may lead to further declines, with support at $25,000 and potential drops towards $24,800 or lower.

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Ethereum mirrored Bitcoin's woes, failing to hold above $1,620 and experiencing a decline below $1,600. It found support near $1,530 and is now attempting a recovery. Resistance lies at $1,600 and $1,605, with a potential uptrend if Ethereum surpasses $1,620, targeting $1,650 and beyond. 

Conversely, Ethereum might face further declines if it fails to overcome $1,600, with support at $1,550, $1,530, and a potential drop to $1,500 or even $1,440.

Listings

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Delistings

Kucoin delisted $URUS and $OMN

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Ongoing

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Upcoming

PayPal Launches Crypto For USD Service

TL: DR

• PayPal introduces an "off-ramp" service, allowing users to convert crypto to USD directly in their PayPal accounts.
• The service is available for wallets, dApps, NFT marketplaces, and MetaMask.

After introducing the ability to buy cryptocurrencies, PayPal is now launching an "off-ramp" service, allowing users to easily convert digital currency into U.S. dollars. This feature is available to wallets, dApps, NFT marketplaces, and MetaMask. 

Also, PayPal is extending support to Web3 merchants, offering security controls for fraud management and disputes. These moves follow PayPal's recent crypto initiatives, including the launch of a stablecoin with Paxos and wallet integration enabling U.S. customers to buy bitcoin, ether, and litecoin. 

In other news,

• Mastercard commits to making CBDCs easy to use.
• Ripple to acquire Fortress Trust.
• Ethereum turns inflationary and gas fees drop.

Animoca Secures $20 Million for the Mocaverse

TL: DR

• Animoca Brands raises $20 million for The Mocaverse metaverse project.
• 8,888 non-transferable NFTs offer exclusive platform access and loyalty points.
• Users can establish a unified "Moca ID" identity across Animoca Brands platforms.
• Funding round led by CMCC Global with participation from various entities and individuals.

Blockchain gaming company Animoca Brands has secured $20 million in funding for its metaverse project, The Mocaverse. The metaverse project revolves around 8,888 non-transferable NFTs, granting exclusive access to the platform. These NFTs also enable users to accrue loyalty points and establish on-chain identities known as "Moca IDs." The funding round, led by CMCC Global, involved participation from various entities and individuals, with investors receiving a utility token warrant.

In the Mocaverse ecosystem, users can maintain a unified identity across multiple Animoca Brands platforms using soulbound tokens. These NFTs depict characters called Mocas, representing five distinct tribes symbolizing various Web3 changemakers. Owners of a Moca ID gain special access to Mocaverse experiences and can accumulate loyalty points through active participation. This funding follows Animoca's strong 2022 performance, with bookings reaching $594 million, acquisitions of six enterprises, and expansion into the Japanese market.

In other news,

• Bitget unveils $100 million fund to invest in exchanges, data analytics and media.
• Microsoft unveils Xbox Mastercard that helps players earn free games.
• Led by A16Z, Pahdo Labs raises $15M to launch generative AI tools for Anime games creation.

🚨 Vitalik Buterin's X Account Hacked in a Sim Swap Attack! 🚨

TL: DR

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• Vitalik Buterin's X account hacked via a phishing attack.
• Users were tricked into clicking a fraudulent link, losing $700,000 in cryptocurrencies and NFTs.
• 2023 has seen over $700 million stolen in around 70 crypto-related breaches.

In a serious security fumble, Ethereum co-founder Vitalik Buterin's social media account on X (formerly Twitter) fell victim to a sim swap attack. The attackers posted a deceptive message containing a phishing link on Buterin's X account, enticing users with promises of a "commemorative NFT" available for free within a 24-hour window. Those who clicked on the link found their accounts compromised, resulting in significant losses of both funds and valuable NFTs. Despite the post's removal, it managed to drain over $700,000 in cryptocurrencies and NFTs before being taken down.

🔍 The investigation revealed that the hacker's wallet had initiated transactions several hours before compromising Buterin's account, interacting with a wallet known for its involvement in draining assets. This event adds to a growing list of major crypto-related attacks in 2023, with over $700 million stolen in approximately 70 different hacks. The crypto community is yet to recover from the $41 million breach at Stake.com.

‍In other news,

• Stake.com hackers move more funds out in BNB and MATIC.

AI Quickies

• Google has launched a $20 million fund to support responsible AI development. This will include diverse perspectives in AI development, tackling bias, fairness, and workforce impact.
• Smarter AIs will leave us more thirsty. The energy demands of artificial intelligence mean more water is needed to cool the servers. This could result in data centers consuming more water and energy. Fair price for better prompt responses?
• Meta is building AI data centers with a new team to compete with OpenAI.

‍5 AI tools to try out:

• Martin - It’s like siri but better.
• EmojiGen - Go crazy and make your own emojis
• Twine - So you don’t miss your business calls.
• Quill - Your own personal financial research assistant
• Betterpic - From casual pictures to stunning headshots.

FTX Eyes Recovery from Celebrities and Sues LayerZero Labs

TL: DR

• FTX seeks to reclaim payments to celebrities and sports teams made before its bankruptcy.
• They're also suing LayerZero Labs for $21 million withdrawn before the bankruptcy.
• Both actions are part of FTX's broader recovery efforts.

FTX, the bankrupt crypto exchange, is looking into the possibility of reclaiming funds paid to celebrities and sports teams for promotional activities before its November 2022 bankruptcy filing. This move comes as part of a legal investigation to see if these payments can be reversed under bankruptcy regulations, although the final recovery amount may differ.

Celebrities like Shaquille O'Neal, Naomi Osaka, David Ortiz, and Trevor Lawrence, and sports teams like the Golden State Warriors and the Miami Heat received payments from FTX. Several of these celebrities are already facing class-action lawsuits from FTX users.

Also, FTX has initiated a lawsuit against LayerZero Labs, a cross-chain protocol, in an effort to recover $21 million that was allegedly withdrawn unlawfully before FTX's bankruptcy. The dispute involves complex transactions, including a $70 million deal between Alameda Ventures and LayerZero, as well as a $45 million loan from LayerZero to Alameda Research. FTX alleges that LayerZero took advantage of Alameda Ventures during a liquidity crisis.

In other news,

• FTX's crypto bag is worth $3.4 billion, and it contains Solana, Bitcoin and Ethereum.

Following his arrest in July, the former Celsius CEO Alex Mashinsky seeks to end U.S. FTC case.