Ethereum’s Massive Upgrade Won’t Boost Speeds or Lower Transaction Fees, Cautions Crypto Asset’s Main Backer

The main backers of Ethereum (ETH) are debunking misconceptions about how the upcoming Merge will affect the leading altcoin’s performance.

According to an article on the Ethereum Foundation’s website, the top smart contract platform’s transition to a proof-of-stake mechanism from a proof-of-work one won’t reduce its transaction fees or boost its speed.

The Ethereum Foundation says that gas fees won’t be lower as The Merge isn’t an expansion of ETH’s network capacity.

“The Merge is a change of consensus mechanism, not an expansion of network capacity, and will not result in lower gas fees.

Gas fees are a product of network demand relative to the capacity of the network. The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput.”

The Foundation also says that while the speed of the network will slightly improve, it will do so in a way that is unnoticeable to users.

“A transaction’s ‘speed’ can be measured in a few ways, including time to be included in a block and time to finalization. Both of these changes slightly, but not in a way that users will notice.

Historically, on proof-of-work, the target was to have a new block every ~13.3 seconds. On the Beacon Chain, slots occur precisely every 12 seconds, each of which is an opportunity for a validator to publish a block.

Most slots have blocks, but not necessarily all (i.e. a validator is offline). On proof-of-stake blocks will be produced  about 10% more frequently than on proof-of-work. This is a fairly insignificant change and is unlikely to be noticed by users.”

Ethereum’s transition to a proof-of-stake system is slated for launch mid September.

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Coinbase CEO Brian Armstrong Says He’d Cancel Ethereum Staking if Regulators Mandate Censorship

The chief executive of Coinbase says that the leading US-based crypto exchange platform won’t tolerate regulatory censorship.

Responding to a hypothetical question, Coinbase CEO Brian Armstrong tells his one million Twitter followers that he’d rather shut down Ethereum (ETH) staking rather than comply with censorship regulations, if they ever came fruition.

“It’s a hypothetical we hopefully won’t actually face. But if we did we’d go with [shutting down Ethereum staking], I think. Got to focus on the bigger picture. There may be some better option, or a legal challenge as well, that could help reach a better outcome.”

Earlier this week, Armstrong voiced his displeasure of crypto mixer Tornado Cash being deemed a national security threat and subsequently banned, but noted that Coinbase will always follow the law.

“Sanctioning a technology (as opposed to an individual or entity) seems like a bad precedent to me, and it should probably be challenged. Could have many downstream unintended consequences. #TornadoCash.

Hopefully obvious point: we will always follow the law.”

According to Armstrong, developers should not find themselves in legal binds over the publishing of open source code in the United States, even if that code is misused, as they are protected by their right to free speech.

“Also, no developer should be arrested for publishing open source software, even if that software is used by bad actors. At least in the US, it is a clear first amendment issue, and code is speech.”

Earlier this month, the suspected developer of Tornado Cash was arrested in Amsterdam for alleged money laundering.

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US lawmakers appeal directly to 4 mining firms, requesting info on energy consumption

Four members of the United States House of Representatives from the Energy and Commerce Committee have demanded answers from four major crypto mining firms in regards to the potential effects of their energy consumption on the environment.

In letters dated Wednesday to Core Scientific, Marathon Digital Holdings, Riot Blockchain, and Stronghold Digital Mining, U.S. lawmakers Frank Pallone, Bobby Rush, Diana DeGette, and Paul Tonko requested the companies provide information from 2021 including the energy consumption of their mining facilities, the source of that energy, what percentage came from renewable energy sources, and how often the firms curtailed operations. The four members of the House committee also inquired as to the average cost per megawatt hour the companies spent mining crypto at each of their respective facilities.

“Blockchain technology holds immense promise that may make our personal information more secure and economy more efficient,” said the lawmakers in a letter to Riot CEO Jason Les. “However, the energy consumption and hardware required to support PoW-based cryptocurrencies may, in some instances, produce severe externalities in the form of harmful emissions and excess electronic waste.”

The request followed U.S. President Joe Biden signing the Inflation Reduction Act into law on Tuesday, a bill considered by many experts to be the biggest legislation in the fight against climate change. The bill included incentives to support and grow green energy projects, including clean transportation and “climate-smart” manufacturing.

“Given the existential threat posed by the climate crisis, we are deeply concerned about efforts like [Proof-of-Work mining] that increase demand for fossil fuels, with the potential to put new strain on our energy grid.”

Related: Green and gold: The crypto projects saving the planet

Whether in discussion over its environmental or economic impact, cryptocurrency remains in the spotlight among many in government, both in the United States and abroad. In April, 23 U.S. lawmakers sent a letter to the Environmental Protection Agency, urging administrator Michael Regan to assess crypto mining firms potentially violating environmental statutes.

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BTC Ready to Reclaim $24,000 Resistance As Tamadoge Shoots Upward



As the Bitcoin price prediction trades above $23,400, the bulls are ready to push the king coin to hit the resistance level of $24,000.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $23,408
  • Bitcoin market cap – $447.4 billion
  • Bitcoin circulating supply – 19.1 billion
  • Bitcoin total supply – 19.1 billion
  • Bitcoin Coinmarketcap ranking – #1

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $27,000, $29,000, $31,000

Support Levels: $20,000, $18,000, $16,000

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BTC/USD is likely to follow a bullish movement as the king coin may begin an increase above the 9-day and 21-day moving averages. At the beginning of today’s trading, the Bitcoin price sees a steady rise towards the $24,000 resistance level, and the Bitcoin price hits the daily high at $23,600. At the time of writing, BTC/USD is likely to settle above the moving averages to increase the bullish movement.

BTC Price May Rise to the Upside, Tamadoge (TAMA) Gains More Uptrends

The Bitcoin price is seen retracing and trading below the 9-day and 21-day moving averages as the market price prepares to move to the upside. However, any further increase in the bullish movement could increase the current market value to reach the nearest resistance at $24,000. The buyers may locate the potential resistance levels at $27,000, $29,000, and $31,000 if the bulls put in more effort.

In the meantime, if the resistance level of $23,500 fails to hold, it may reverse and face the support level of $23,000, further increase in the bears’ pressure may bring down the price below the moving averages, and this could cause the king coin to hit the support levels at $20,000, $18,000, and $16,000 respectively. Moreover, the technical indicator Relative Strength Index (14) is moving around 50-level, suggesting sideways movement.

BTC/USD Medium-term Trend: Ranging (4H Chart)

According to the 4-hour chart, the Bitcoin price remains below the 9-day and 21-day moving averages at a price value of $23,379. With the look of things, the bulls may begin to push the price to cross above the moving averages but any bearish cross below the lower boundary of the channel may bring the coin towards the support level of $22,500 and below.

Moreover, if the Bitcoin price finds a decent resistance level at $24,000 level, the first digital asset may head towards the upper boundary of the channel to hit the resistance level of $24,500 and above. Now, the technical indicator Relative Strength Index (14) may move sideways before deciding on the next possible direction.

BTCUSD – 4-Hour Chart

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A new blockchain search engine Ora emerges from Solana hackathon

A new blockchain search engine called Ora emerged from Solana’s summer camp hackathon to help bring blockchain technology to non-technical users by allowing them to search on-chain data using a natural language.

The team announced the launch of the new search engine on Aug. 18, explaining that users can search for complex queries using a natural language like:

 “Show me all successful Jupiter Exchange swaps between 42 and 420 SOL from two days ago”

This simple sentence tells Ora to filter transactions by time range, destination or sending address, and amount. Understanding the need, Ora sorts transactions by their balances and gives the user a summary showing what they asked for.

What problems is Ora solving?

Searching for transaction data on-chain requires SQL knowledge. The project team realized that the SQL search dashboards were designed to serve technical users.

As crypto usage spread beyond the tech-savvy, the Ora team decided to offer a tool to allow regular users to run SQL searches on on-chain data.

The team aimed to offer a Google-like experience to all crypto users. While announcing the launch of Ora, the project team also cited several individuals and companies who have pondered the idea of a crypto search engine.

The project team describes Ora as a “complementary piece to existing infrastructure” and says that Ora is already integrated with Solana’s block explorers.

Posted In: Solana, Technology

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Binance CEO CZ lashes out at Chinese media, The Block for spreading FUD

Crypto exchange giant Binance‘s CEO Changpeng Chao (CZ) posted a thread on his Twitter account, lashing out at the major Chinese news site 163 for publishing fake news on Binance to spread FUD.

The CEO also reminded the crowd that the global crypto news site The Block also spread FUD on Binance by posting an article with a misleading title three years ago.

CZ came across the fake news from 163 at 8:40 UTC on Aug. 18. Five hours later, he posted a thread lashing out at both 163 and later the Block for spreading FUD and showing how the BNB price had responded. He also noted that the original article from 163 was deleted, but many copies of it still roamed the internet.

163’s fake news

According to his thread, the news source 163 wrote:

“Changpeng Zhao, the founder of Binance, was arrested in the mansion during the FBI raid, and a room of BNB and BUSD was found in the basement of the mansion.”

CZ said the ridiculous reference to a “room full of BNB” should have signaled that the news was fake; however, it still spread quickly on the internet and social media groups.

BNBUSD Chart (via tradingview.com)

As soon as the fake news spread, the BNB price fell almost 3%, from $310 to $301. An hour after the fall, the price started to bounce back. At press time, BNB is being traded for $303,4.

CZ concluded his thread by stating that the global crypto news outlet The Block also spread FUD three years ago, which caused the BNB price to fall from $24 to $18, erasing about $400 million from the market cap.

Although he did not disclose the details of The Block’s article, CZ mentioned that the title spread FUD by saying that the police “raided” the Binance office. According to CZ, this article spread very quickly as well, and The Block only corrected the title to “visit by authorities” three days later.

Binance

The coldest winter in crypto history has given many exchange giants a hard time. However, judging by the news, Binance seems unaffected by the winter conditions.

A recent report by CryptoSlate showed that Binance’s Bitcoin holdings started to spike in May 2022 to reach above 623,000 Bitcoins.

The exchange is also continuing its investments and hiring new employees as if the market conditions are preem. According to CZ, Binance can even purchase exchanges that are having financial troubles due to the winter conditions.

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Tether to issue monthly attestation reports with new accounting firm BDO Italia

Tether said Aug. 18 that it is now working with BDO Italia, a top five global accounting firm, in an effort to increase the transparency of the USDT stablecoin.

The collaboration will see Tether release its proof-of-reserve report on a monthly basis. BDO Italia took over from MHA Cayman as Tether’s accounting firm in July 2022.

Tether expects to increase its transparency and accountability as part of a commitment to maintaining the trust of customers using the USDT stablecoin on a daily basis.

Tether also hinted at undergoing a comprehensive audit with BDO Italia.

Chief Technology Officer Paolo Ardoino remarked that Tether was committed to remaining a stable asset powering the Web3 economy.

“The utility of Tether has grown beyond being just a tool for quickly moving in and out of trading positions, and therefore it is mission-critical for us to scale alongside the peer-to-peer and payments markets.”

Tether’s journey to Transparency

In 2021, Tether incurred a fine of $41 million from the US Commodity Futures Trading Commission and another $18.5 million to the office of the New York Attorney General for allegedly providing misleading details about the assets backing its USDT stablecoin.

As a necessary condition to continue operating, Tether partnered with MHA Cayman to publish a quarterly report to show details of assets in its reserve.

Tether’s transparency report at the end of 2021 revealed its reserve holdings slightly exceeded its liabilities. It held $78.67 billion in reserves and had liabilities of $78.53 billion. For commercial paper, Tether held approximately $24 billion, which the stablecoin issue promised to reduce with time.

Tether’s commercial paper promise

In May, rumors filled the crypto space that Tether’s commercial paper portfolio was made up of 85% Chinese papers and was trading at a 30% discount. Tether, however, clarified that USDT is backed by less than 25% of commercial papers and it is working to reduce it to 0%.

In pursuit of this promise, Tether announced on July 1, that $5 billion of its commercial paper would expire by July 31, which will reduce its commercial paper from $8.4 billion to a low of $3.5 billion.

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Russian Accused of Laundering Cryptocurrency From Ransomware Attacks Extradited to US

A Russian national suspected of laundering ransomware payments in cryptocurrency on behalf of cybercriminals targeting hospitals has been extradited to the U.S. by the Netherlands. The man was allegedly involved in the criminal activity for a period of three years before his arrest in Amsterdam last November.

Alleged Russian Money Launderer Handed Over to U.S. Custody by Dutch Authorities

Denis Dubnikov, a 29-year-old Russian citizen, has been extradited this week from the Netherlands to the United States, where he is to face charges of money laundering in the District of Oregon, the U.S. Attorney’s Office in Portland and the U.S. Department of Justice (DOJ) announced.

Dubnikov made his initial appearance in federal court on Wednesday and a five-day jury trial has been scheduled to begin on Oct. 4. In August, a federal grand jury in Portland charged him for his role in an international crypto money laundering conspiracy.

According to the indictment, the Russian and his accomplices have knowingly and intentionally laundered the proceeds of ransomware attacks on individuals and organizations, throughout the United States and in other countries, between at least August 2018 and August 2021.

The perpetrators specifically laundered ransom payments extracted from victims of Ryuk ransomware attacks. First identified four years ago, Ryuk is a type of software that encrypts files and attempts to delete system backups, which has been linked to a Russian ransomware group. Hospitals and healthcare providers in the U.S. have become its victims in the wake of the Covid-19 pandemic.

In July 2019, Dubnikov allegedly laundered more than $400,000 in Ryuk ransom proceeds, the DOJ said in a statement. Those involved in the conspiracy laundered at least $70 million in total. If convicted, the Russian may get a maximum sentence of 20 years in prison.

Denis Dubnikov was detained in Amsterdam on Nov. 1, 2021. Speaking to Russian media at the time, his lawyer Arkady Bukh alleged that he was “practically kidnapped” by U.S. law enforcement in Mexico before being transferred to Europe.

The co-founder of the coin trading platforms Coyote Crypto and Eggchange was first held at the airport in Mexico City, where he arrived on vacation, and then put on a flight to the Netherlands where he was arrested by Dutch authorities.

Dubnikov’s extradition follows a similar development in the case of Alexander Vinnik, the alleged operator of the infamous cryptocurrency exchange BTC-e. Vinnik was apprehended in the summer of 2017 in the Greek city of Thessaloniki where he arrived on a summer holiday with his family. He was arrested on a warrant from the U.S. which accuses him of laundering at least $4 billion through the now-defunct crypto trading platform.

The Russian IT specialist was first handed over to the French judiciary which sentenced him to five years in prison for money laundering. After he served his term in France, Vinnik was returned to Greece and extradited to the U.S. The hasty transfer angered his lawyers who think he will become a “hostage” of the current geopolitical tensions surrounding the war in Ukraine. Meanwhile, Moscow accused Washington of conducting a “real hunt for Russian citizens.”

Tags in this story
Arrest, Case, Court, Crypto, Cryptocurrencies, Cryptocurrency, Denis Dubnikov, detention, Dubnikov, extradited, extradition, hospitals, Mexico, Money Laundering, Netherlands, oregon, Portland, ransomware, Russia, russian, Ryuk, U.S., United States

Do you expect other Russians, potentially involved in crypto-related illegal activities, to be extradited to the U.S.? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Another Stablecoin Fluctuates Wildly as HUSD Slips Below USD Peg to $0.82 per Token

The stablecoin HUSD, originally associated with the crypto exchange Huobi Global, lost its peg with the U.S. dollar on Wednesday, August 17, and it dropped even lower in value the following day on Thursday, August 18. On Thursday, Huobi addressed the public on Twitter and the exchange said “we are aware of the current liquidity issues associated with the HUSD stablecoin.” Market data shows HUSD slid to a low of $0.827 per unit on Thursday.

** Editors Note: The last paragraph of this article was edited in order to reflect HUSD’s rebound to $0.99 per unit at 2:35 p.m. (EST).

22nd Largest Stablecoin HUSD Depegs From USD Parity

After the AUSD incident four days ago on August 14, another stablecoin pegged to the value of the U.S. dollar has dropped below USD parity. The stablecoin HUSD, associated with Huobi Global, has shed 16% in value on Thursday after dropping to a low of $0.827 per unit. HUSD’s depegging problem started on Wednesday evening (EST) when the stablecoin slipped to $0.92 per unit.

On Thursday, Huobi Global addressed the public on Twitter and explained that HUSD had some sort of liquidity issues. “We are aware of the current liquidity issues associated with the HUSD stablecoin, which is issued by Stable Universal Limited and built on the Ethereum network,” Huobi wrote. “Huobi has always prioritized the safety of our customers’ assets, and will work together with HUSD’s issuer to find a solution and restore its stability as soon as possible,” the exchange added.

Out of more than 13,000 crypto asset market capitalizations, HUSD is ranked #353 and holds the 22nd position in terms of stablecoin market valuations. The coin has a market cap of around $68,801,056 today, but there are 81,358,201 HUSD coins issued, showing a large discrepancy in it’s so-called USD value. Furthermore, unverified reports detail that a Huobi community manager on Huobi’s official Telegram channel allegedly said: “HUSD is a stable currency issued by Stable Universal Limited” and “Huobi exited in April 2022.”

Stable Universal, with the help of the accounting firm Eide Bailly LLP, issued monthly attestations concerning HUSD’s backing. The web portal stcoins.com says HUSD is: “redeemed on a 1:1 basis against the U.S. dollar. It is designed to be easily redeemable and provides a tool for holders to reduce volatility when participating in the cryptocurrency market.” HUSD was first introduced in a blog post published by Huobi Global on October 19, 2018.

HUSD has managed to rise above the $0.903 per coin range at 11:10 a.m. (EST) on Thursday morning. At 2:35 p.m., HUSD’s value rebounded back to $0.999 per unit late Thursday afternoon (EST). HUSD’s price has remained at the $0.995 per token range during the last half hour.

Tags in this story
Acala Network, AUSD, depeg, depegging, Dollar Peg, Eide Bailly LLP, ERC20, Ethereum Network, Honzon protocol, Huobi, Huobi Global, Huobi Stablecoin, HUSD, lose peg, losing parity, Stable Universal, Stable Universal Limited, Stablecoin, Stablecoins, USD parity

What do you think about HUSD losing its peg with the U.S. dollar? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Lucky Block Value Forecast: LBLOCK/USD Set to Correct Upwards



Lucky Block: August 19th

Signs in LBLOCK/USD market are foretelling that some interesting market moves are building up. This developing move looks promising for those who will buy into this market. Furthermore, from here, the Lucky Block market is aligning and telling that an upward Price retracement will occure.

Current Value of LBLOCK’S: $0.002040
Lucky Block’s Market Cap: $7.9 million
Lucky Block’s Circulating Supply: ——
Lucky Block’s Total Supply: 3.6 billion
Lucky Block’s Coinmarketcap Ranking: #3253

Important Value Marks:
Top Levels: $0.002064, $0.002171, $0.002291
Bottom Levels: $0.002374, $0.002207, $0.002004

Lucky Block Value Forecast: LBLOCK/USD Appears to Reclaim Higher Levels

On this chart, Lucky Block’s price activity seems to have found a strong support at the current price level. Furthermore, LBLOCK/USD market seems to be aligning to retrace higher price levels. On the 4-hour chart, we can observe the formation of a red inverted hammer candlestick. However, in real-time, this candle keeps changing from green to red. Consequently, this discloses that buyers are attempting to pump LBLOCK’S price higher. Furthermore, the Stochastic RSI indicator, portrays that the trend is gaining strength as its lines delivered an upside cross. From this, we may expect the price to attain $0.002500 or more.

Lucky Block Value Forecast: LBLOCK/USD Value Is Taking Off

The Hourly Chart for LBLOCK/USD is telling that the price upsurge is progressing already. The last candle here appears bullish. Consequently, this candle raised the value upwards by $0.000003. Subsequently, this brought Lucky Block’s price to $0.002043. Additionally, the SRSI indicator lines have just crossed in the oversold area and are now facing the overbought area. Finally the activities of the. The Stochastic RSI is telling that Lucky Block value will surely rise from here on

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Celsius’s Request to Sell Mined BTC to Fund Operations is Approved



Despite cost concerns, a New York Bankruptcy Judge approved cryptocurrency lending company Celsius’s request to sell mined BTC. According to recent reports, a US bankruptcy court has approved the sale of Bitcoin mined by the cryptocurrency loan platform Celsius.

During a hearing in Manhattan, Chief US Bankruptcy Judge Martin Glenn expressed concern that Celsius would need to make additional investments to get its mining facilities operating at full capacity, delaying the profitability of bitcoin mining.

However, he also stated that he would trust the company’s business decisions and allow them to proceed.

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US Court Approves Celsius’s Request to Sell Mined BTC

As previously stated, a US court granted Celsius’ request to sell mined bitcoin. However, the court’s decision did not satisfy the US trustee appointed to the case. It should be noted that the parties involved in the crypto lender’s bankruptcy proceedings reportedly met to discuss various issues.

Martin Glenn, the Chief Judge of the United States Bankruptcy Court for the Southern District of New York, quickly granted the majority of the requests because they were uncontested. Before declaring bankruptcy in July, the company attempted to expand its mining operations.

According to the court documents, the company generated 14 BTC per day. At this time, the company can only pay for a few essential vendors, fees and taxes, insurance premiums, legal counsel, and utilities required for commercial operation, to name a few.

Celsius Will Eventually Run out of Funds in October

Celsius used 3,114 BTC in mined Bitcoin to cover some of its 2021 expenses. Its mining expansion contributed significantly to its rising costs. Several interim motions were presented during the first court hearing in July, including funding for costs associated with a still-under-construction mining plant.

Celsius has previously stated that its mining operations will assist it in repaying a significant portion of its liabilities. These expenses and obligations have risen in the previous week. However, according to a recent filing, Celsius’s financial resources would be depleted by October 31st.

Nonetheless, the legal team claimed that it had certain lenders who would continue to support the business.

United States Trustee Raise Concerns About the Spending

Prior versions of the proposal raised concerns for the US Trustee and the creditor committee. It was unclear whether Celsius planned to engage in lending or trading activities with this Bitcoin to increase their financial gain. The resolved concerns were reflected in the bill’s final form.

Cornell and Glenn remained skeptical, arguing that the mining company is expected to have a negative cash flow in the future, calling into doubt the idea’s viability. Because the building is still in the development phase, say the lawyers of Kirkland & Ellis.

But Glenn said Celsius’s request is good for business. Meanwhile, on September 1st, the parties will have another court date. The Creditor Committee had previously scheduled a telephone meeting for August 19th.

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Big Short’s Michael Burry Ditches All Investments Except One, Says Economic Winter Incoming

Michael Burry, the investor of “The Big Short” fame, is selling almost all of the assets in his equity portfolio and issuing a warning about a stock market crash comparable to the 2008 mortgage crisis.

A document filed by Burry’s Scion Asset Management with the U.S. Securities and Exchange Commission (SEC) shows that he now only holds one stock as of the second quarter of 2022, down from 12 in the first quarter.

Burry liquidated his shares in Warner Bros., Sportsman’s Warehouse Holdings, Stellantis N.V., Nexstar Media Group, Ovintiv, Cigna, Global Payments, Bristol-Myers Squibb, Booking Holdings, Alphabet and Meta Platforms.

He now has only $3.3 million worth of shares in The GEO Group, a company that invests in private prisons and mental health facilities.

The investor, who successfully bet against the housing market before the 2008 financial crash, says that consumer spending habits and rising debts could drive an economic winter.

“Net consumer credit balances are rising at record rates as consumers choose violence rather than cut back on spending in the face of inflation. Remember the savings glut problem? No more. COVID helicopter cash taught people to spend again, and it’s addictive. Winter coming.”

Burry’s comment comes as the Federal Reserve Bank of New York’s Center for Microeconomic Data reveals that the total US household debt now stands at $16.15 trillion, up by $312 billion, or 2%, in the second quarter of 2022.

“Mortgage balances – the largest component of household debt – climbed $207 billion and stood at $11.39 trillion as of June 30.

Credit card balances saw their largest year-over-year percentage increase in more than twenty years, while aggregate limits on cards marked their largest increase in over ten years. Transitions into delinquency ticked up but remained very low compared to historical levels.”

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Kraken CEO Jesse Powell Says Crypto Exchange Will Be Forced To Freeze Funds Coming From Tornado Cash

Kraken CEO Jesse Powell says that the US government’s decision to sanction Tornado Cash leaves the crypto exchange with no option but to block funds coming in from the coin mixing service. 

Earlier this month, the U.S. Treasury Department banned Americans from using of Tornado Cash, citing national security concerns as the agency claims the protocol has been used to launder $7 billion worth of crypto assets since 2019. 

In a new interview with Bloomberg, the head of the crypto exchange says that there are still a lot of people who use Tornado Cash for legitimate reasons but to comply with the government order, Kraken will have to freeze funds that come from the crypto tumbler.

“We would prohibit withdrawals to any addresses associated with Tornado, and we would likely freeze any funds coming in from our Tornado address.” 

Powell says that the case of Tornado Cash will likely be challenged for its validity.

“I think we’ll see a constitutional challenge against Tornado Cash, and I hope that people get their right to publish code and that code turns out to be speech and money turns out to be speech and everyone has a right to spend their money however they want.”

The Kraken executive also shares his thoughts on the restrictions that the government imposes on crypto. 

“It’s a tough challenge now. It’s why we have these conversations going on all the time. We are really trying to educate regulators and law enforcement and the lawmakers about the real risks here and about the real need for financial privacy and who cryptocurrency really serves.

Beyond that, this speculative use case here in the United States, it’s really helping people all over the world who have less access to financial services. There are billions of people in the world that don’t have access to a bank account so crypto is really for those people first and foremost. 

Getting around government controls around the monetary system is a sort of secondary benefit that you see come into play in cases like Canada where they’ve shut down the bank accounts of protesters. That’s the kind of scary thing we hope you don’t see here in the United States, but that’s another kind of insurance policy that cryptocurrency and Bitcoin specifically provides.”

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Here’s What’s Next for Bitcoin, Ethereum, Binance Coin and a Leading Dogecoin Rival, According to Crypto Trader

A popular analyst is providing price target updates for a handful of crypto assets as the markets fight to wrap up the week in positive territory.

The pseudonymous trader known as Altcoin Sherpa tells his 181,400 Twitter followers that after a week of choppy downward price movement, he still believes Bitcoin (BTC) has enough strength to recapture $28,000 in the near future.

“Still expecting this low to hold for now. Would like to see a sustainable higher high coming, still going to assume $28,000 is coming until shown otherwise.”

Source: Altcoin Sherpa/Twitter

Bitcoin is trading even on the day, but at $23,430, it remains down 7% from its weekly high of $25,203.

The chart guru next examines Ethereum (ETH) against the Bitcoin trading pair, calling attention to May of 2021 and January of this year where ETH was also worth around 0.082400 BTC.

“What do we think, will this go to the highs? ETH/BTC has still shown incredible strength.

Although I think the bulk of the merge narrative is done, this could still go to the highs.”

Source: Altcoin Sherpa/Twitter

Ethereum is currently up by 2.45% and trading for $1,866, while against Bitcoin it’s worth 0.078573 BTC.

Next on the analyst’s radar is BNB, native token of the popular crypto exchange Binance. Altcoin Sherpa highlights the $260 to $322 price range dating back to last October while saying he’s eyeing a potential fall back to around $250.

“Mid-$200s could be interesting here on this one, it’s still one of the best performing alts overall.”

Source: Altcoin Sherpa/Twitter

In recent days, BNB has slowly given up some of the big gains it made from late July through the weekend. It’s down 7.7% from a Sunday high of $331.08 and is currently trading for $305.39.

Moving on to dog-themed meme coin Shiba Inu (SHIB), the analyst says that he expects another rally from the Dogecoin (DOGE) competitor if Bitcoin and Ethereum don’t falter.

“I’m still in my position and I still think another leg up will come as long as BTC and ETH hold steady.”

Source: Altcoin Sherpa/Twitter

At time of writing, Shiba Inu is down nearly 5% and priced at $0.000015. The altcoin rallied by 80% between August 9th and 14th, rising from $0.000010 to $0.000018 before correcting.

Last up is Optimism (OP), a layer-2 scaling solution for Ethereum. The crypto strategist follows up on his recent call to short the altcoin after it rallied significantly during July, saying now that he expects the price to drop below a dollar.

“Squiggly is playing out as planned. Unfortunately I wasn’t paying attention and didn’t execute my short.

Expecting maybe another shitty bounce around here if ETH and BTC hold up before further nukage. This thing is going $1>, easy short in my opinion.”

Source: Altcoin Sherpa/Twitter

Optimism was valued below $0.50 in mid-July before a series of rallies sent it to as high as $2.24 on August 3rd.

The altcoin has since slowly worked its way downward, currently in the red by 2.42% over the past 24 hours with an asking price of $1.33.

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Crypto Exchange Coinbase Adds Support for Altcoin Built on Ethereum (ETH) As Markets Pause

An interoperability protocol focused on ease of use just joined the leading US-based crypto exchange’s trading roster.

In a new post, Coinbase says that Celer Network (CELR) is now live across its entire platform, including on the iOS and Android apps.

The Celer Network scaling platform was built on Ethereum (ETH) and is designed to enable off-chain transactions in a secure manner.

The project aims to be a “multi-blockchain operating system” that offers a one-click user experience for a variety of niches, including decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, as well as development of decentralized applications (DApps).

Its native utility token CELR can be used for staking to facilitate the network’s consensus mechanism as well as to pay for network fees.

Last month, Coinbase added Celer Network to its roadmap, which consists of projects that are being considered for the exchange’s lineup of supported crypto assets. Coinbase says that the roadmap is the crypto exchange’s way to communicate with market participants before deciding to list an asset in an effort to increase transparency.

Celer Network has witnessed some dramatic price action over the past few weeks, at first climbing over 81% from a July 26th low of $0.016 to a peak of $0.029 on August 12th.

CELR has since mirrored the overall recent market correction, in the red by 9.41% over the past 24 hours and trading for $0.022 at time of writing.

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