Mando Minutes

18th August

Mando
August 26, 2023

Whipsaw day: initial weakness, then a flash crash before bouncing hard
Bitcoin hit lows of 24.8k, ETH 1480
Flash crash caused by large seller of spot Bitcoin & cascading liquidations
Some pointed to Chinese property developer Evergrande filing for bankruptcy
False reports SpaceX sold $350m Bitcoin, in fact they had written down investment last year
Bounce caused by reports ETH futures ETFs are poised for SEC approval
Grayscale says it's looking to hire for ETF team ahead of potential ruling against SEC today
Crypto open interest falls $2.5bn after $1bn in liquidations, most in 1.5years (more than FTX!)
$580m of Bitcoin options expire today
Bitcoin sitting on 200D Moving Average support
SEC may have staged opposition letter on BTC ETF
SEC granted approval for appeal against XRP ruling
BlockFi opens crypto withdrawals for US users
Mastercard CBDC partner programe with Ripple & Consensys
$SHIB denies bridge issues, calls them FUD

China & rising US yields continues to scare markets
Chinese largest property developer Evergrande files for bankruptcy (China property = $60T market)
Chinese yuan hits 16 year low vs dollar, state banks continue to step in to defend
Hong Kong stock indices close in bear market territory, down 20% from January high
US bond yields hit highest level in 17 years before retreating, stocks down 1% with tech in focus
US asks Saudi to keep trading oil in dollars as local currency deals begin to proliferate
Trump warns US dollar is losing dominance

$MOG hits ATH of $42m, up 200% this week
$LOOT, $RLB, $PRIME, $OX, $HMX, $BITCOIN all up 5-10% as on-chain narrative outperforms
$UNIBOT X launches, price drops 10%
OpenSea will make creator royalties optional
DeGods co-founder leaves after 2 years
Sotheby's calls BAYC investor lawsuit "baseless"
WAGMI United denies it has rugged
Ordinals sales down 97% in 3 months
Meta's $36bn metaverse has less than 1000 users

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