Welcome to the Bitcoin Street Journal, Bitcoin
Market Update Podcast, your daily source for
live updates on the Bitcoin market. Join us as
we delve into current Bitcoin technical analysis,
track Bitcoin BTC prices, explore market capitalization
trends, and analyze market supply. Stay ahead
of the curve with our comprehensive coverage
of the ever -evolving world of Bitcoin. In today's
episode, we'll cover NAB halting crypto exchanges,
increased liquidity driving up the price of Bitcoin,
Gnosis launching self -custodial debit card,
projects receiving tokens for building AI tools,
BlockFi CEO allegedly knowing about FTX's unstable
balance sheet, expert refuting Greenpeace's claims
on Bitcoin mining pollution, Elon Musk's aim
for unbiased AI, cyber criminals using AI for
phishing attacks, and various updates on Bitcoin
crypto mining scams and podcasting sponsorship
model. Hey everyone, it's time for a special
Noster Shoutout on today's episode of the podcast.
We have to give a big thanks to Korn DeLarian
for being the reason why I'm here hosting this
show. Without Korn DeLarian, this podcast wouldn't
exist. So a huge shout out to you, but that's
not all. We have more shout outs to share. Let's
give a Noster Shoutout to some amazing individuals.
Fountain, Dimitris, Wondercraft, and many more.
You guys are fantastic, and we appreciate your
support. Now let's talk about something interesting
that caught our attention. Garlic lovers, this
one's for you. We just have to say that garlic
is so good. Nom nom. Who doesn't love that delicious
garlicky flavor? It's simply irresistible. Moving
on, we have some news to discuss. National Australia
Bank, NAB, recently made an announcement about
halting several cryptocurrency exchanges. And
why, you may ask? while they cite the risks of
scams and frauds associated with these exchanges.
It's definitely something to think about, isn't
it? We always have to be cautious when it comes
to our hard -earned money. Now for those who
are curious, we want to share something really
cool that SoftSimon has created. You can find
it on Twitter at HTTPS slash Twitter com slash
SoftSimon underscore slash status slash one six
eight zero seven eight five one zero zero two
five three zero four four seven three six. It's
a fiat slash BTC slash SATs calculator. And let
me tell you, it's pretty amazing. If you're interested
in converting between fiat currency, Bitcoin,
and Satoshis, this tool is perfect for you. Check
it out at https://mempool .space -tools -calculator.
Kudos to SoftSimon for making such a useful resource.
Here's another interesting fact for all you Bitcoin
enthusiasts out there. Did you know that a staggering
29 % of the Bitcoin supply hasn't moved in over
five years? That's quite a significant amount.
It seems like some plebs are holding on tight
to their Bitcoin and not selling. So if you're
interested in getting some Bitcoin for yourself,
now might be a good time to do so. Only buy as
much as you can afford to lose, though, and not
your private keys, not your Bitcoin. Well, that
wraps up this intro segment of today's episode.
It's been a pleasure chatting with you all. Stay
tuned for more exciting topics and shout outs
in future episodes. Until then. Take care and
keep exploring the fascinating world of cryptocurrencies.
You know, when it comes to Bitcoin, there's one
thing that really impacts its price, liquidity.
The more money in the system, the higher the
price of BTC is traded. It's all about supply
and demand, my friend. And let me tell you, the
power of absolute scarcity is no joke. When something
is scarce, it tends to have more value. So when
it comes to Bitcoin, be cautious when selling.
It's a risk you might want to consider. Oh, and
have you heard the news? Bitcoin's minor difficulty
has hit a new all -time high. That means the
network is now more secure than ever before.
Talk about progress. But that's not all. Binance
has integrated the Lightning Network, which means
you can now deposit and withdraw Bitcoin quickly
and with lower fees. It's all about making transactions
more efficient, and I'm here for it. Now let's
talk about ordinals. You might be wondering why
they were adopted by exchanges faster than the
Lightning Network. Well, it all comes down to
the real reason behind it. You see, a lot of
venture capital is flowing into the crypto space
because there is liquidity in investing in tokens.
These tokens enable faster turnarounds and liquidity
events, which is attractive to investors. But
you know what they say? Buy low and sell high.
VCs invest in tokens when they are cheap, only
to dump them on regular retail investors later
on. Don't fall into that trap, my friend. Be
cautious and make informed decisions. Speaking
of exchanges, the yearly absorption rate for
Bitcoin is currently at minus 100%. That means
more coins are being withdrawn than deposited.
In fact, at its peak, coins were being withdrawn
at a whopping minus 170%. It's quite the opposite
of what we saw during the 2017 bull run. Things
can change quickly in the crypto world. Now let's
switch gears and take a look at the top countries
searching for Bitcoin on Google. It's always
interesting to see which countries are showing
the most interest in cryptocurrencies. It's a
good indicator of adoption and popularity. Remember
when Bitcoin's mining reward spiked in 2023?
Those were ordinals. It's fascinating to see
how these events can impact the market and shape
the future of cryptocurrencies. And let's not
forget about the SP500 growth. When we adjust
it for money printing, we see that it has performed
a whopping plus 4 % in just two decades. That's
a lot of growth, but we also need to acknowledge
that money printers have taken away many of the
social benefits that innovation could have brought.
It's a complex situation, my friend. Now let's
take a trip down memory lane. Do you remember
how the BBC used to explain Bitcoin five years
ago? It's interesting to see how the narrative
has evolved and how people's understanding of
cryptocurrencies has matured over time. But let's
shift our attention to Ethereum for a moment.
There's some exciting news about its scaling
solution, ZKSync. They have unveiled their latest
prover tech called Bujum. This new prover decreases
transaction time and reduces the need for expensive
hardware. It's all about making the network more
accessible for everyday users and enhancing security.
And there's more. Aave companies has launched
V2Lens, which introduces blocking to their crypto
social app. This latest version brings several
new functionalities to the platform, making it
even more versatile and user -friendly. Oh, and
have you heard about Binance? They have finalized
their Bitcoin Lightning Network integration.
Now, Binance customers can easily withdraw and
deposit funds using Bitcoin's Layer 2 scaling
solution. It's all about making transactions
smoother and more efficient. But let's talk about
wallets for a moment. Gnosis has launched a self
-custodial debit card called the Gnosis Card.
This card allows you to make payments anywhere
Visa is accepted. And the best part? They're
open to other wallets copying their design. It's
all about collaboration and improving user experience.
Now let's move on to the one -inch network. Their
native token has hit a three -month high thanks
to a surge in trading volume on South Korean
exchange Upbit. It's always exciting to see cryptocurrencies
gaining popularity. and reaching new milestones.
And last but not least, let's talk about Aave's
new stablecoin, GHO. In just two days, it has
reached a market cap of $2 .5 million. This dollar
-pegged stablecoin is backed by overcollateralized
loans, similar to Maker's DAI. It's all about
creating more stability and options within the
crypto ecosystem. Oh, and before I forget, there's
a $5 million token grant that will fuel the development
of decentralized AI. It's a fascinating field
that combines two rapidly evolving technologies.
Who knows what exciting innovations we'll see
in the future? And that's a wrap on the latest
news and developments in the crypto space. Stay
tuned for more updates, my friend. Projects in
the crypto space are constantly pushing the boundaries
of innovation. And one area that has seen significant
interest is artificial intelligence, AI. With
the rise of blockchain technology, developers
have been exploring ways to leverage AI and its
potential applications. Now, with the advent
of the Internet Computer Protocol, ICP, projects
have the opportunity to receive up to $100 ,000
in ICP tokens to build AI tools. Gnosis is a
project that plays a pivotal role in the development
of decentralized prediction markets. While Gnosis
itself serves as an open framework, prediction
markets are realized in third -party decentralized
applications. DApps built on top of the Gnosis
chain. Some notable examples include Azuro, Omen,
and RealityCard. These DApps enable users to
participate in prediction markets where they
can predict the outcomes of various events and
potentially earn profits. The crypto industry
continues to show robust growth, with institutional
investors increasingly entering the space. The
latest CoinShares report highlights that crypto
products have seen the largest consecutive inflows
since 2021. Bitcoin, the pioneer of cryptocurrencies,
remains the dominant force in terms of activity
and investment. It continues to attract significant
attention from institutional investors and retail
traders alike. Regulatory oversight is an important
aspect of the crypto industry and global bodies
like the G20 have been actively discussing and
making recommendations to rein in this fast -growing
market. The Financial Stability Board, FSB, an
international body that coordinates financial
regulation across countries, recently issued
nine regulatory recommendations aimed at the
crypto industry. These recommendations take into
account recent events, such as the collapse of
FTX and Terra, and seek to strike a balance between
innovation and consumer protection. In the world
of sports, famous athletes are embracing the
world of non -fungible tokens, NFTs. Patrick
Mahomes, the star quarterback of the Kansas City
Chiefs and Super Bowl MVP, has recently launched
his own NFT platform called the Museum of Mahomes.
This platform will offer 15 ,000 digital collectibles
in September, allowing fans and collectors to
own a piece of Mahomes' legacy. NFTs have gained
significant popularity among sports enthusiasts
and collectors, providing a new way to engage
with their favorite athletes. The impact of crypto
extends beyond the realm of sports and finance.
It has also made a notable impact on social media
communities. Reddit a popular online platform,
has introduced its own cryptocurrency called
Moons. These Moons tokens play a vital role in
the rCryptocurrency Reddit community, where users
can earn and trade them for various activities
and contributions to the community. Recently,
the Moons token surged by 104%, following hints
from Kraken, a prominent cryptocurrency exchange,
about the potential listing of Moons. This demonstrates
the growing significance of cryptocurrencies
in non -financial online communities. One of
the key players in the crypto space is Ripple,
the creator of the XRP cryptocurrency. Ripple
has been involved in a legal battle with the
U .S. Securities and Exchange Commission, SEC,
regarding the classification of XRP as a security.
Ripple's general counsel recently stated that
a positive court ruling could pave the way for
U .S. banks to re -engage with Ripple and its
services. This highlights the potential impact
of legal decisions on the adoption and regulatory
environment surrounding cryptocurrencies. Coinbase,
one of the largest cryptocurrency exchanges in
the United States, has also been facing significant
regulatory challenges. While the recent court
ruling in favor of Ripple may have had a positive
effect on sentiment, analysts at Berenberg Capital
caution that Coinbase still faces a significant
battle with the SEC. The outcome of this legal
battle could have far -reaching implications
for the entire crypto industry, particularly
in terms of regulatory clarity and market stability.
The impact of AI is not limited to the world
of crypto and finance. It has also captured the
attention of lawmakers and industry experts.
Congressman Adam Schiff has been a vocal advocate
for AI regulation. He believes that AI poses
significant risks and could lead to a societal
social experiment if left unchecked. Schiff argues
that regulations are necessary to ensure that
AI is used responsibly and ethically, particularly
in areas such as the entertainment industry,
which he sees as the tip of the spear in terms
of AI's potential impact on society. Chainlink,
a prominent blockchain project, has recently
launched a cross -chain protocol called CCIP.
This protocol aims to bridge traditional capital
markets with blockchain networks, enabling the
seamless transfer of assets and liquidity between
these two worlds. According to Sergey Nazarov,
the co -founder of Chainlink, CCIP has the potential
to unlock trillions of dollars for the cryptocurrency
space by creating a dynamic ecosystem that combines
both private and public sectors. While AI holds
immense promise, There are also concerns about
the potential risks and drawbacks associated
with its widespread adoption. The creator of
StableDiffusion, a platform that focuses on AI
-related projects, warns that AI could bring
about the biggest bubble of all time. Just like
the infamous market crash of tulips or JPEG monkeys,
an AI bubble fueled by hype and exaggerated expectations
could have detrimental consequences. It is crucial
to approach AI development and deployment with
caution. ensuring that it is grounded in sound
principles and ethical considerations. In conclusion,
the crypto industry continues to make significant
advancements in various fields, including artificial
intelligence. Projects that leverage AI are receiving
support through initiatives like the Internet
Computer Protocol, which provides funding opportunities
for AI tool development. Gnosis serves as a framework
for decentralized prediction markets, while institutional
interest in cryptocurrencies like Bitcoin remains
strong. Regulatory recommendations continue to
evolve and adapt to the rapidly changing crypto
landscape, and legal battles, such as the one
faced by Ripple and Coinbase, have far -reaching
implications. Additionally, AI's impact on society
and industries like sports, entertainment and
finance is undeniable, and it has sparked discussions
around regulation and responsible use. Chainlink's
CCIP aims to bridge traditional finance with
crypto, while warnings of a potential AI bubble
highlight the need for cautious and ethical development.
As the crypto industry evolves, it is vital to
continue exploring the potential of AI while
addressing the associated challenges and risks.
Hey there! I have some interesting news to share
in the world of cryptocurrency. It seems that
the CEO of BlockFi, Zach Prince, may have been
aware of the shaky balance sheet of FTX before
its collapse. Creditors are alleging that Prince
instructed his management team to get comfortable
with Alameda despite its significant exposure
to FTT. Quite a bold move, if you ask me. On
another note, I wanted to give you a heads up
about a concerning matter. There are scammers
out there impersonating Decrypt, a reliable cryptocurrency
news outlet. Just a friendly reminder. decrypt
journalists will never ask you to sign a form
or download files in exchange for coverage. So
be cautious and watch out for these warning signs
to protect yourself from falling into any traps.
Now here's an unexpected twist. An environmentally
conscious fund manager is refuting claims by
Greenpeace that Bitcoin mining contributes to
pollution. In fact, this fund manager believes
that Bitcoin mining can actually help clean up
the atmosphere. An intriguing perspective, don't
you think? Let's move on to Elon Musk, the Dogecoin
-loving tech mogul. Remember how he called for
AI regulation to prevent human extinction? Well,
now he's diving into the world of chatbots. Musk
aims to create an uncensored chatbot through
his new venture called XAI. It'll be interesting
to see how he approaches this and whether it
aligns with his vision for unbiased AI. Cybercriminals
never fail to find new ways to exploit technology.
This time, They're using a malicious clone of
chat GPT called Worm GPT to launch personalized
phishing attacks via email. It's a concerning
development as generative AI is being weaponized
for nefarious purposes. Stay vigilant and be
cautious when interacting with emails and online
communications. In other news, the Securities
and Exchange Commission, SEC, has accepted Valkyrie's
Bitcoin ETF proposal for official review. This
marks the second ETF application, after BlackRock,
to be accepted by the regulator. It's an important
step towards bringing more legitimacy and accessibility
to the world of cryptocurrencies. Brian Armstrong,
the CEO of Coinbase, seems to be making efforts
to engage with House Democrats and discuss crypto.
As part of Coinbase's bid for regulatory clarity,
Armstrong reportedly plans to meet the New Democrat
Coalition. It's crucial for industry leaders
to actively participate in these conversations
to shape the future of crypto regulations. Have
you ever wondered how much Bitcoin has been lost
forever? Well, the folks at ITB data have some
insights. They have calculated the amount of
Bitcoin that is considered irretrievable due
to lost keys or forgotten wallets. It's a significant
number, highlighting the importance of secure
storage and responsible management of crypto
assets. In a surprising turn of events, XRP has
surpassed Bitcoin in terms of trading volume
following Ripple's victory over the SEC. It's
interesting to see how legal developments can
impact the crypto market dynamics. Keep an eye
on these trends as they could have significant
implications for the overall market. Now let's
dive into some Bitcoin price analysis. There's
speculation about whether BTC can reach $1 .28K
in the next few days. It's always intriguing
to follow these predictions and see how the market
reacts. Remember, though, that the crypto market
can be incredibly volatile, so it's essential
to approach these analyses with caution. Mining
2 .0 is on the horizon. Crypto miners are embracing
artificial intelligence, AI, as the new frontier
in their operations. The integration of AI technologies
can improve mining efficiency, optimize energy
consumption, and enhance overall performance.
It's fascinating to see how different industries
are leveraging AI for innovation. A Canadian
phishing scammer recently made headlines for
stealing over $1 million in crypto and NFTs.
The individual was exposed for running a fraudulent
operation and victimizing unsuspecting crypto
enthusiasts. It's a stark reminder to always
be vigilant and cautious when interacting with
unfamiliar platforms and individuals in the crypto
space. Bitcoin investment products are attracting
the highest inflows since 2021. This indicates
a growing interest and confidence in Bitcoin
as an investment asset. It's a positive sign
for the overall adoption and acceptance of cryptocurrencies
in traditional financial markets. Aave's Lens
Protocol V2 is introducing new features to its
Web3 social app. Aave, a decentralized finance
platform, continues to innovate and enhance its
offerings. It's exciting to see the progress
being made in the DeFi space, creating new possibilities
for decentralized and user -centric applications.
In a truly bizarre incident, a burned investor
has been accused of kidnapping and assaulting
Ontario's crypto king. The details surrounding
this case are surreal and highlight the potential
risks and conflicts that can arise in the crypto
world. It serves as a reminder to approach investments
with caution and ensure proper due diligence.
Binance, one of the leading cryptocurrency exchanges,
has successfully integrated Bitcoin on the Lightning
Network. This integration enables users to make
deposits and withdrawals faster and with lower
fees. It's a positive development for the scalability
and usability of Bitcoin on major platforms.
The SEC chair, Gary Gensler, seems to be expressing
disappointment at Ripple's victory in court.
Gensler, who has been stuttering on his statements
about crypto regulations, seems to have a mixed
sentiment regarding this outcome. It remains
to be seen how these sentiments will shape future
regulatory actions. Chainlink recently experienced
a 7 % jump in its price due to cross -chain news,
while Bitcoin slipped to an 18 -day low. It's
an excellent reminder of the volatility within
the crypto market and how various factors can
impact different cryptocurrencies differently.
Keep an eye on these market fluctuations as they
can offer interesting trading opportunities.
Now let's talk about an exciting development
in the podcasting world. Noster's apps and value
-for -value V4V podcasting are revolutionizing
the traditional sponsorship model. These phenomena
prioritize the direct connection between podcasters
and listeners, allowing podcasters to create
content that aligns with their vision, while
providing listeners the opportunity to actively
engage, support, and contribute to the podcasts
they love. It's a more collaborative and fair
approach, paving the way for an exciting future
in podcasting. If you're enjoying the Bitcoin
Street Journal podcast, please show your support
on Fountain .com, Noster .Build, Spotify, Amazon
Music, RSS .com, Pandora, Samsung podcasts, Apple
iTunes, iHeartRadio, and many more platforms.
A simple like, share, or subscribe can go a long
way in supporting the podcast and keeping it
going strong. Thanks for listening and your amazing
support. And that's a wrap for today's cryptocurrency
news update. Stay informed, stay engaged, and
keep exploring the exciting world of crypto.
Until next time. and BlockFi CEO's alleged knowledge
of FTX's unstable balance sheet, among others.
Thanks for listening to today's episode. I'll
see you guys at the next one and don't forget
to subscribe.