04 Sep 2024 7 min read news

Market Rollercoaster, Crypto Drama, and Hacker Alerts!

Legends say that Notoko, Motoko's mischievous brother, set out to explore blockchains far and wide. But his heart always beats for ICP, his true home. Now, he shares his discoveries in "Notoko Bytes"!

And don't forget to smash that subscribe button to get the hottest crypto news delivered to your inbox every Tuesday and Thursday! 🔥

Previous Issue

Chain Chatter

Okay, so the market's a bit of a rollercoaster today! Nvidia's stumble has everyone on edge, leading to a major dip in US equities, with Japan taking the biggest hit. 🎢 Oil's feeling the pressure too, thanks to potential easing of political tension in Libya. 😩 But hey, the dollar's holding steady and Treasury yields have chilled out. The focus has shifted to the economy's health, and signs of weakness could mean faster policy easing. 🤔 But remember, rate cuts aren't always a good thing when the Fed's trying to prevent a recession. 😬 Traders are betting on big rate cuts, and this friday's jobs report is crucial. 🤞
Galois Capital, the crypto investment firm, is facing a $225,000 fine from the SEC for breaking the rules, including keeping client assets on the now-bankrupt FTX exchange and being less than transparent about redemption timelines. 😬 They're not admitting guilt, but they're paying up and promising to behave. Interestingly, they actually predicted and profited from the TerraUSD and Luna collapse earlier in 2022, proving that crypto investing is a wild ride! 🎢
Riot Platforms, the big cheese in Bitcoin mining, is basically telling Bitfarms, their smaller rival, to back off. 🤚 Bitfarms made a takeover offer for Stronghold Digital Mining, and Riot's not happy about it. They think Bitfarms is trying to protect their own board instead of looking out for their shareholders. 🤔Riot's been trying to take over Bitfarms for a while now, and Bitfarms has been fighting back with all sorts of tactics, like a "poison pill" plan. 💊
Matter Labs, the brains behind ZKsync, is going through some tough times! 😕 They had to let go of 16% of their team because demand for their services has taken a nosedive. 📉 Active users have dropped like a hot potato, and it's impacting the project's growth. 😬
The FBI's sounding the alarm! 🚨 North Korean hackers are on the prowl, targeting U.S.-based cryptocurrency ETFs, especially those dealing with Bitcoin. 😱 These sneaky state-sponsored groups, including the infamous Lazarus Group, are using social engineering tricks like fake job offers and long, drawn-out conversations to fool employees into downloading malware. 👾 Their goal? Stealing those precious digital assets! 💰

Crystal Ball Bitcoin Time 😜(Just for fun, not financial advice!)

Let's look at the OG Coin First :

For all the Crypto Geeks , Read the Strategy behind the Price prediction

Now back to ICP

Blockchain Spotlight - Internet Computer ( What we wrote last week on ICP)

Bitcoin's Wealth Distribution: Where the Big Stacks Live

*Big Whales ( wallets having 10k ) holding are up (Slightly)*

X of the Week

JUST IN: 🇺🇸 Over $1.05 trillion was wiped out from the US stock market today. pic.twitter.com/ED6LwPXhKg
— Watcher.Guru (@WatcherGuru) September 3, 2024

Chat to Look At Today

What's Brewing in Notoko's Canister this Week ☕

Alright, crypto fam, let’s talk about the juicy tea around Vice President Kamala Harris and her maybe, sort of, not yet known stance on cryptocurrency. 🧐 Yeah, it's like waiting for your favorite show to drop a season finale — you’re on the edge of your seat, and all you're getting are trailers and teasers! 🎬

So, here's the deal. Ever since Harris snagged the Democratic presidential nominee spot, the crypto industry has been hoping (fingers crossed 🤞) that her views will be a bit more crypto-friendly than President Biden's. I mean, let’s face it — the Biden administration wasn’t exactly throwing a welcome party for crypto. From the SEC's relentless lawsuits against Coinbase, Binance, and Kraken (just to name a few 🫣) to Biden vetoing rules that could have made crypto custody easier — it’s been tough.

Enter Harris. 🎤 Now, we’re all waiting to see if she’ll take a different approach, but right now? The tea leaves aren’t telling us much because her crypto platform is... still kinda blank. 💨

But wait! There’s a glimmer of hope. 💡 Recently, a grass-roots group called Crypto4Harris had a meeting with some big names, including Senate Majority Leader Chuck Schumer. He even mentioned that he wants to pass legislation on digital assets soon. And get this — some crypto execs have already talked to the Harris camp, and they’re saying she’s at least listening to what the industry has to say. 👂 Not something they were used to with the Biden crew, if you know what I mean.

That said, don't hold your breath for a detailed crypto game plan before the election. Hilary Allen, a law professor, threw in her two cents, saying, “I would be surprised if the Harris campaign came out with a detailed crypto platform before the election.” Ouch. 🤷‍♂️

With so many big-ticket items like inflation, international issues, and, you know, the Middle East conflict, Harris has a pretty full plate. 🍽️ And as much as we’d love crypto to be the star of the show, only 7% of adults in the U.S. held or used crypto in 2023 (down from previous years, by the way). So, even though crypto folks are loud, our numbers aren’t exactly giving us center stage. 🎤

At the Democratic National Convention, Harris didn't mention crypto at all (cue the disappointed sigh 😔), and the official 92-page Democratic Party Platform? Yup, no love for crypto there either, just a blank page on that front.

So, where does that leave us? Well, folks, trying to predict Harris’s stance on crypto is like reading an empty teacup 🫖 — no leaves, no clues, no nothing. But who knows, maybe we'll get some surprises soon! Stay tuned, and keep those digital wallets ready. 💼✨

That's a wrap! See you on Thursday for more byte-sized blockchain fun (and a sprinkle of ICP love).

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