Real Vision CEO Raoul Pal believes that Ethereum is the best move in crypto.
Privacy coin Monero hardforks to add extra privacy.
And unfortunately, Polkadot's DeFi project Acala was hacked,
causing their native stablecoin to collapse to zero.
My name is Ben.
This is your nightly crypto news wrap-up.
Let's get it!
When deciding what projects to jump into or not jump into,
you have to consider what the institutions are going to do and why.
Swim with the whales, right?
There will always be a back and forth argument
over if proof-of-work is better than proof-of-stake and vice versa.
Regardless of which one is actually better or worse,
what matters to you is what projects the big money is paying to empty their pockets on.
Unfortunately, given the political climate of the past decade,
optics and how things appear from the outside looking in matters now more than ever,
so it's much easier for institutions to rationalize unloading on something
that is more energy-efficient
and has less of an effect on power consumption
and, consequently, climate change.
We all know that the merge from Ethereum to ETH 2.0,
switching from proof-of-work to proof-of-stake,
is multiplying ETH's output exponentially
while minimizing its energy consumption by over 99%.
This alone is a big eye-opener to institutional investors.
And Real Vision CEO Raoul Pal believes that Ethereum is the safest easy bet
because the money of the internet is ETH currently.
Nothing is exchanged in Bitcoin.
Literally nothing.
He also stated that the Merge eliminates the need for energy-intensive mining
and instead secures the network using staked ETH.
This is a truly exciting step in realizing the Ethereum vision---
more scalability, security and sustainability.
Although some investors out there still think the Merge will be a sell-the-news situation,
maybe it will be at first,
I don't think so,
but when the efficiency improves the utility,
in time,
it's hard to argue that ETH won't ever catch up to Bitcoin.
It's already well on its way.
So let's pass it to our guy Frankie Candles for a market watch.
Thanks, Ben!
Alright, guys. Let's jump in and do a little market watch here.
We've got Bitcoin coming in at $24,143.
Up about 1.5% on the week
We've got Ethereum coming in at $1,900 even.
Up about 7% on the week
Now, guys, I want to bring you over to the Bitcoin chart.
We have some bearish things popping up.
Some of those things being a red dot printing on Market Cipher B on the daily timeframe.
These typically do bring us down quite a bit.
So there could be a potential pullback on the horizon here.
Now, to add insult to injury,
we do have the 16-hour confirmed red dot,
as well as the 12-hour confirmed red dot,
and our money flow on the lower timeframes is coming out.
So this is pretty bearish.
I think we could potentially see a pullback here,
so be ready for that.
If you guys want to follow me,
it's Frankie Candles on YouTube or @Frankie_Candles on all socials.
Back to the news.
Thanks, Frank!
As regulators and governments continue to try to do anything they can
to invade our financial privacy,
some projects are doing what they can to improve our privacy as much as possible.
Privacy coins are used to stay under the radar,
hide transactions and who sends and receives them.
Obviously, some people will take advantage of this and use it for the wrong reasons.
But that doesn't mean that financial privacy isn't something that should be respected,
just like privacy in the real world.
Popular privacy coin Monero successfully completed a hardfork upgrade on Saturday
to make their network more private.
They stated that the network is now more private and efficient
with ringsize 16, Bulletproofs+ and view tags.
The previous ringsize was 11.
Now, it's 16.
That increases the anonymity set.
It makes it harder to reverse engineer the sources of a transaction.
The Bulletproofs+ algorithm improves the verification performance.
And the view tags reduce the sync times by 40%.
Bullish news from Monero,
whose native coin XMR is up over 45% since the start of July.
Definitely one to keep your eye on.
If you can see it.
You see, it's hidden.
It's a privacy coin.
It's like came up, never mind.
Polkadot's DeFi platform the Acala Network has been the latest victim of a hacking exploit.
The DOT parachain had a misconfiguration in its new liquidity pool,
caused it to mint over 1.2 billion tokens,
causing the stablecoin to lose its peg and fall to zero.
They did quickly put everything into maintenance mode
to stop swaps and transfers,
which stopped the funds from actually leaving the blockchain.
This morning, they proposed a governance vote to burn the erroneously minted aUSD
to try to restore things back to normal.
But many feel the damage is already done.
It's also a bad look from the outside looking in
that another stablecoin lost its peg,
which gives all the regulators even more ammo to crack down on stablecoins
and shove CBDCs down our throats.
The timing really couldn't have been worse for this one
because CBDCs are coming whether we like it or not.
Let's just hope they can coexist with stablecoins that we use every day like USD and Tether.
Let's hope DOT's Acala gets everything worked out to save their parachain.
And let's hope no more stablecoins go down.
Because every time one goes down,
the regulators' voices get louder and louder.
That's all I got.
Be blessed.
BitBoy out.