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📈 MARKETS: PAST WEEK

Although bitcoin slumped just slightly below $30K, investors are more bullish than ever, suggesting that bitcoin is getting close to its “bull market line”.

Meanwhile, TradFi has been absolutely going off the past week, mostly due to the lowering inflation rate and positive Q2 earnings reports. Tesla's revenue was +47% YoY to $24.9B in Q2, thanks to its rampant price cutting.

DONUT HOLES

Hole lotta news…

• XRP surpasses bitcoin in trading volume

• $1,500,000: Bitcoin’s future price according to Cathie Woods

• Robert F. Kennedy Jr. plans to back the US dollar with bitcoin

• France’s 3rd largest bank will offer bitcoin custody and trading

WEB2

Reddit’s $MOON goes 5x

Moons (MOON), the native token of the r/CryptoCurrency subreddit which boasts a community of over 6.5 million users, has increased by 400% following Reddit’s change in terms of service.

Reddit has its own cryptocurrency?

Reddit introduced Community Points (ERC-20 tokens) back in 2018 as an experiment, to boost user engagement in certain subreddits. After a successful test run, the r/CryptoCurrency community introduced MOON, and the r/Fortnite community, BRICK.

The Redditors can earn these points by posting, commenting, or anything to be active in the community. They can then spend these points to unlock special features or exclusive content.

Why the sudden surge?

The two coins both skyrocketed following a Reddit post about Reddit’s updated terms of service, which permitted the trading of Verified Virtual Goods, which include avatars and the Community Points. Although this doesn’t set anything in stone, the community and Crypto.com got super excited.

Bobby Ong, the co-founder of CoinGecko commented that it was really inconvenient to trade Community Points but that this could change with Reddit supporting Community Points more actively.

Looking ahead

Expect more subreddits to start issuing their own tokens, encouraging more users to actively participate in their communities. If you think it’s too late to get on MOON or BRICK now, it may be valid to wait for new subreddits’ Community Points to buy them early.

ALTCOINS

An ETH whale just woke up with $116M

Did you know that ether was being sold for the price of a bubble gum? Yep, back in 2014, during Ethereum's ICO (think of it as IPO for coins), you could’ve got your hands on 1 ETH for just 31 cents. Fast forward to now, and those who held onto their ETH would be seeing 6450x profits.

That became reality… just yesterday, when a wallet holding over 61,000 ether, dormant since Ethereum's genesis block in 2018, made a significant move. The owner transferred their entire cache, now worth a staggering $116 million, to another wallet, likely that of the crypto exchange Kraken.

What’s it gotta do with me?

Well, this kind of massive move from early adopters isn't something we see every day. If they're planning a massive liquidation, it could mean a disaster for Ethereum's price, at least in the short term.

So keep your eyes peeled and stay tuned, because the seas of crypto are always full of surprises!

TOOLS

LINK surges 20% following CCIP update

Chainlink is a blockchain oracle network—imagine them as a bridge that connects a blockchain network to an external network: perhaps another blockchain network, or even the off-chain world of the internet.

Remember Ripple, from Tuesday’s newsletter? While Ripple aspires to supersede existing banking systems, Chainlink takes a different approach. It collaborates with existing banking systems, notably SWIFT, connecting them to the blockchain network using a technology called the Cross-Chain Interoperability Protocol (CCIP).

CCIP serves to become a global standard for bridging different blockchain networks. CCIP has been in the test mode for years, but this week, Chainlink finally pulled off the veil, unveiling their very first CCIP mainnet launch, starting with Ethereum, Polygon, Avalanche, and Optimism.

If CCIP truly becomes a worldwide standard, it implies that everyone would need to use Chainlink's native token, LINK, when using dapps that employ CCIP. This distinct utility led to a surge in LINK's value, with a leap of over 20% following the announcement.

In other news, Uniswap also unveiled some updates themselves, but UNI didn’t budge a bit—probably because everything they offered were similarly available in other platforms like 1inch Fusion.

🐦 TWEET OF THE WEEK

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