This Chinese kiddo lost $6B.

He may appear young, but his journey holds valuable lessons for both new and pros in crypto 👇

It all started back in the early days of Bitcoin

16-year-old Zhao Tong was fascinated by the tech and he was determined to get involved.

However, due to the lack of reputable crypto exchanges, buying Bitcoin was quite challenging.

Long story short, he bought his first BTC...right before the infamous Mt. Gox crash that tanked the price.

Zhao's holdings lost 99% of their value overnight- a loss that would be worth over $6 billion today.

Rather than give up, Zhao doubled down and in just FOUR DAYS he built his own exchange, Bitcoinica.

He created one of the first platforms to offer cutting-edge features like margin trading and it was an INSTANT hit.

With no marketing and basic security, it was rivalling the biggest players with $40 million in monthly volume.

In two weeks, Zhao had made 2,000 $BTC

Tong's youth and inexperience understandably raised some concerns about security but Bitcoinica continued expanding rapidly.

Investors approached Tong with an offer to purchase the exchange and as a student with exams coming up, he agreed to sell.

Zhao made the decision to sell Bitcoinica to a larger company called Wendon Group looking to expand in the space.

Things were looking good...until hackers targeted Bitcoinica multiple times and stole over 100k BTC FROM USERS.

He didn't do anything wrong but his name became known with these hacks within the tight-knit crypto community.

Tong chose to step away from the industry. However, he did retain 1,000 BTC which he invested in a rare solid gold Casascius coin now valued at over $60 million.

This isn't a story of a story of wasted potential. It is a reminder to value the groundwork laid by those who took risks in Bitcoin's unpredictable early days.

There was no blueprint for building secure exchange infrastructure back in 2012, and even today major established players have suffered massive hacks and thefts.

We all need to be safe out here.

a series of unfortunate events led to a massive loss of 70 million dollars in a single trade.

The trader had put all his faith in a particular investment, believing it would skyrocket in value. Unfortunately, the market took a sharp turn, and the investment plummeted, causing the trader to lose a staggering amount of money. Devastated and shocked by the sudden loss, he sat in disbelief as the numbers on his screen showed the reality of his situation.

In a moment of frustration and despair, the trader slammed his laptop shut, unable to bear the weight of the loss. The once confident and successful trader now found himself facing a challenging road ahead, filled with uncertainty and regret.

As days passed, the trader reflected on his mistakes and the lessons learned from this costly experience. He realized the importance of risk management and the need to diversify his investments to avoid such catastrophic losses in the future. With a renewed sense of determination and a humbled spirit, the trader set out to rebuild his portfolio, armed with the hard-earned wisdom gained from his 70 million dollar loss.

Good morning everyone ❤️

Here is the top news of the week 👇

🔔Germany's government sells off all of its #Bitcoin    holdings, totaling $2.9 billion

🔔US inflation falls to 3%, lower than expectations

🔔🇺🇸CFTC Chairman says 70-80% of cryptocurrencies are non-securities

🔔US Congressman Tom Emmer calls to fire SEC Chair Gary Gensler

🔔🇺🇸Senator Cynthia Lummis said US Government Bitcoin reserves can help strengthen the dollar

🔔🇺🇸SEC officially ends investigation into stablecoin issuer Paxos, declares $BUSD is not a security

🔔JPMorgan said crypto market will rebound in August

🔔$1.64 trillion asset manager Goldman Sachs to launch three tokenization projects this year

🔔🇦🇺 Australia's largest stock exchange, ASX, approves its second spot Bitcoin ETF

🔔Tornado Cash developer Alexey Pertsev has been denied bail as he prepares to appeal conviction

U.K. Bank Refuses to Accept Bitcoin-Converted Funds for House Purchase

In a recent development, a prominent U.K. bank has made headlines by refusing to accept funds that have been converted from Bitcoin for the purchase of a house. This decision underscores the ongoing tension and regulatory uncertainty surrounding cryptocurrencies in the traditional financial sector.

**Background**

Cryptocurrencies, particularly Bitcoin, have gained significant popularity and value in recent years. Many investors have seen substantial returns, leading some to consider converting their digital assets into traditional currencies for significant purchases, such as real estate. However, the decentralized and often anonymous nature of cryptocurrencies has raised concerns among financial institutions and regulators.

**The Bank's Stance**

The U.K. bank in question has cited several reasons for its refusal:

1. **Regulatory Concerns**: The bank is adhering to strict anti-money laundering (AML) and know-your-customer (KYC) regulations. Since Bitcoin transactions can be difficult to trace, the bank is concerned about the potential for illicit activity.

2. **Volatility**: Bitcoin's value can be highly volatile. The bank is wary of accepting funds that might have dramatically fluctuated in value over a short period.

3. **Lack of Clear Guidelines**: The regulatory framework surrounding cryptocurrencies is still evolving. Without clear guidelines from financial authorities, the bank prefers to err on the side of caution.

**Impact on the Real Estate Market**

This refusal highlights a significant challenge for individuals looking to use cryptocurrency gains to enter the property market. As more people invest in digital currencies, the need for clear and consistent policies on how these funds can be used in traditional markets becomes more pressing.

𝐈𝐬 𝐓𝐡𝐞 𝐒𝐄𝐂 𝐄𝐧𝐝𝐢𝐧𝐠 𝐗𝐑𝐏 𝐈𝐧𝐯𝐞𝐬𝐭𝐢𝐠𝐚𝐭𝐢𝐨𝐧?
 
#XRP is up over 15% today despite the crypto market choppiness 🚀
 
𝐻𝑒𝑟𝑒'𝑠 𝑤ℎ𝑦 𝑋𝑅𝑃 𝑖𝑠 𝑝𝑢𝑚𝑝𝑖𝑛𝑔 👇
 
▶️ In the past 3 weeks, the #SEC has ended its investigation into Consensys, Paxos, and Hiro.
 
▶️ It seems like the Biden administration is pressuring the SEC to not go hard on crypto companies. 

 
▶️ Given that $XRP is a well-established project with a huge community, it's possible that the SEC could end its investigation into Ripple and declare XRP a non-security

Changpeng Zhao, commonly known as CZ, is the founder and CEO of Binance, one of the world's largest cryptocurrency exchanges. Born in China and later moving to Canada, CZ has been a prominent figure in the crypto industry, known for his entrepreneurial spirit and innovative approaches. In recent developments, CZ faced legal issues leading to his arrest. However, he has now been released from jail, a significant event that could impact Binance and the broader cryptocurrency market. His release might restore confidence among Binance users and investors, but ongoing regulatory scrutiny will likely continue to shape his and Binance's future.

The future of XRP, the digital currency associated with Ripple, remains uncertain but promising. Its potential largely hinges on regulatory developments, particularly in the United States where Ripple faces legal challenges from the SEC. If Ripple achieves favorable outcomes, XRP could see increased adoption for cross-border payments due to its speed and low transaction costs. Additionally, broader acceptance of cryptocurrencies and advancements in blockchain technology could bolster XRP's position in the market. However, competition from other digital assets and regulatory hurdles will continue to influence its trajectory.

The cryptocurrency market is experiencing notable fluctuations today. Bitcoin has seen minor losses, with spot Bitcoin ETFs recording outflows, although Blackrock's IBIT managed to attract some inflows, maintaining its market presence. Meanwhile, Ethereum remains relatively stable at around $1,900【8†source】【9†source】.

Several significant events have impacted the market:

1. **Bittensor Exploit**: An $8 million exploit involving a leaked private key led to a temporary halt in transactions and a 15% drop in the price of TAO tokens【9†source】.
2. **Lido Token Sales**: Five major investors liquidated nearly $8 million worth of Lido (LDO) tokens following SEC enforcement actions, despite the platform's recent increase in staked Ethereum【9†source】.
3. **Optimism Network**: Optimism unlocked 31.34 million OP tokens, impacting its circulating supply and market dynamics【9†source】.
4. **DeFi Tokens Decline**: DeFi tokens, including Pendle and Aave, have seen significant value drops due to reduced market activity and interest in airdrop farming【9†source】.

On the regulatory front, KuCoin has started enforcing a 7.5% VAT on transaction fees for Nigerian users, and Bitget is pursuing VASP registration in India to comply with local regulations【9†source】.

Overall, while the market faces challenges and regulatory pressures, key players are making strategic moves to adapt and grow.

Was $53.5k the Bitcoin bottom ?

#Bitcoin    has recorded its deepest drawdown for the current cycle.

Currently trading more than -26% below the ATH.

This downtrend has been notably shallower than previous cycles.

In the 2011–13 bull market

🔻 The maximum drawdown was 71%.

In the 2015–17 bull market

🔻 The maximum drawdown was 36%.

In the 2018-21 bull market

🔻 The maximum drawdown was 63%.

In the 2023-24 cycle

🔻 The maximum drawdown to date is 26%.

Do you think we are going to see more such huge dumps during this cycle? 👇

German Government #Bitcoin   
address only holds over 13k. That is
76% less than its initial holding of
almost 50k.

Here are 5 THINGS you need to know...

1. Three weeks ago, the German
Government's Bitcoin address started
selling their $BTC.

Since then the price of BTC has tanked
from $65k to $53.5k, almost an 18%
decline.

Looks like they are not stopping.

2. The truth is it is not the German Government who is selling the bitcoin. It is a small state in the eastern part of the country called Saxony.

Earlier this year, Saxony's Criminal Police Office seized almost 50,000 BTC from Movie2k.to. The piracy website is found guilty of money laundering and other illegal activities.

3. Why sell the Bitcoin that was seized?

According to the CEO of the German-based Blockchain Research Lab "seized assets are always liquidated within a certain period."

He added that it is a routine business process.

4. Why does the wallet belong to Germany and not Saxony?

The police agency was involved in the initial investigation.

But it was the state who instructed the transfer and selling.

5. In most cases, seized assets can only be transferred or sold. But that isn't the case here.

The state can request or initiate an emergency sale if the asset is difficult to store or easily lose value.

And Bitcoin is highly volatile.

In summary, we can see why the German Government-labelled wallet is selling its BTC.

We can expect that all their holdings will be emptied soon unless no one else buying.

So the bleeding will not stop yet unless all their BTC get bought. Expect the price of Bitcoin to be trapped below $60k for a while

🚨JUST IN: @Ripple CEO Brad Garlinghouse says they are working to bring the crypto space and the White House together!

TOP 10 MEME COINS WITH THE MOST BULLISH TREND🚀

Here are the top 10 meme coins that are currently showing the most bullish trends:

1. Dogecoin (#DOGE).
The original meme coin, Dogecoin continues to show resilience despite market downturns.
It remains one of the most popular meme coins due to its strong community and significant market capitalization.

2. Shiba Inu (#SHIB).
Known as the "Dogecoin killer," siba-inu has a robust ecosystem and was recently listed on major exchanges, increasing its liquidity and availability.

3. Pepe (#PEPE).
This coin sparked a resurgence of interest in meme coins in 2023.
Although the hype is waning, it remains one of the best meme coins in terms of market capitalization.

4. Floki Inu (#FLOKI).
Named after Ilon Musk's favorite, Floki Inu has shown significant bullish momentum and is gaining momentum through its community-driven initiatives.

5. Bonk (#BONK):
Bonk has seen dramatic growth in recent months with a 650% increase in the last 30 days, making it one of the fastest growing meme coins.

6. PlayDoge (PLAY):
This coin combines the Doge meme with GameFi, offering high stakes rewards and addictive gameplay, which has generated significant investor interest.

7. slothana (#SLOTH):
A Solana-based meme coin that raised over $650,000 within 24 hours of pre-sale, showing strong initial support.

8. Kai (#KAI).
This artificial intelligence-themed meme coin raised 154 thousand dollars during the pre-sale and attracted attention for its unique concept and potential.

9. RichQUACK (#QUACK):
This coin offers a 12% sales tax that is distributed to token holders, providing passive rewards and attracting a growing community.

10. Dogelon Mars (#ELON): one of the first meme coins, Dogelon Mars continues to maintain a strong presence, and a resurgence of interest is expected.

Each of these coins has unique features and strong community support, which is fueling their bullish trend.
However, it is important to remember that meme coins are highly volatile and should be approached with caution.

👉👉What the hell Germany gov is doing

German Goverment started selling Bitcoin on July 10th. At 17:09 UTC+8 today, it has transferred a total of 1,250 BTC to Kraken and Coinbase, 536.108 BTC to Cumberland DRW, 1,127.281 BTC to Flow Trades, 1,500 BTC to the suspected B2C2 Group: 139PoP…H7ybVu, and 690 BTC to the unmarked address: bc1qu3…guzr4j. — linkThe German Goverment transferred 750 BTC to the suspected B2C2 Group: 139PoP…H7ybVu at 17:28 UTC+8 and transferred 3,000 BTC to Flow Traders at 18:24 UTC+8 today.

👀Active trading of the asset within a symmetrical triangle - #BNB⁩

📌The price showed a small false breakdown of the ascending slope inside the triangle after which it continued its growth, and at the moment is strongly pushing up, preparing for the breakdown of the figure.🔥

In the near future I expect to see a very impulsive breakout upwards, to the resistance zone🔼

🔜I plan to enter the trade from current(516$-480$).

🛑 Stop loss will be at the level of (455$)

✅First take (524.2$)

✅Second take ($531)

✅Third take ($544)

When the first take is reached, the stop loss should be moved to breakeven.
Reaching the third take will amount to 6% of the net movement excluding shoulders.

𝗠𝗲𝘀𝘀𝗶 𝗶𝘀 𝗦𝗵𝗶𝗹𝗹𝗶𝗻𝗴 𝗠𝗲𝗺𝗲𝗰𝗼𝗶𝗻
 
⎆ Messi promoted $WATER to his 500 million followers
 
⎆ It pumped 400% in 2 hours after Messi's promotion
 
⎆ Water is a solana-based token that is down over 90% from ATH
 
⎆ Someone bought $200k worth in one transaction afterward
 
⎆ 35% of the supply is controlled by insiders.
 
How many of you hold #water

Multiple liquidity manipulation from above, which should lead us to another decline

📈We can see the rising channel, which acts as no more than 0.5 of the entire local order flow, the buyer getting noticeably weaker and being replaced by a seller📉

In the near term I expect to see a final small impulse to 0.5 Fibonacci, and with a test of the resistance zone for a further decline to 4900$📌

🔜I plan to enter the trade from current(5740$-6150$).

🛑 Stop loss will be at the level of (6260$)

✅First take (5436$)

✅Second take (5170$)

✅Third take ($4,900)

When the first takeout is reached, the stop loss should be moved to breakeven. Reaching the third take will account for 14% of the net movement excluding shoulders.

𝗧𝗵𝗲 𝗚𝗲𝗿𝗺𝗮𝗻 𝗚𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 𝗛𝗮𝘀 𝗦𝘁𝗮𝗿𝘁𝗲𝗱 𝗗𝘂𝗺𝗽𝗶𝗻𝗴 𝗔𝗴𝗮𝗶𝗻 🚨🚨
 
In the past hour, they have transferred 3,000 #Bitcoin    worth $168 million.
 
They have transferred 500 BTC to CEXes too, which is quite surprising as they started selling their BTC via the OTC desk recently.
 
It looks like they want to nuke the #BTC    price again.
 
Beware of this, and don't open any high leverage positions ❌❌

The crypto market is down
BTC Dominance - 53.29%

Market Cap - $2.04T
BTC - $55,134.81 (-4.74%)
ETH - $2,878.88 (-5.45%)
BNB - $487.5 (-5.79%)
ZRO - $3.82 (-5.11%)
ZK - $0.1472 (-9.01%)
STRK - $0.54 (-2.9%)
W - $0.2722 (-4.27%)

Weekly news digest:

💎 Crypto

🔸 Hamster Kombat team will soon mint its token on the TON blockchain 🐹 
 
🔸 Only five mining rigs remain profitable as Bitcoin prices dropped to the lowest points since February 

🔸 Standard Chartered predicts that Bitcoin's price could reach a new all-time high in August
 
🔸 Marathon Digital Holdings, the world’s largest Bitcoin mining firm, has not sold any of its Bitcoin holdings in June
 
🔸 South Korea's financial watchdog has developed a surveillance system to monitor suspicious activity in the crypto market 

🏦 Crypto exchanges

🔸 Mt. Gox has announced that the bankruptcy trustee has commenced repayment of BTC and BCH to some creditors

🔸 Robinhood said to consider offering crypto futures in the U.S. and Europe

🔸 The U.S. Marshals Service has selected Coinbase Prime to take custody of and transact its crypto assets

💵 Finances and Economy

🔸 Sony Group acquires Amber Japan which owns a Japanese crypto exchange 🇯🇵
 
🔸 There's a 59.8% chance of a U.S. recession hitting in the next 12 months 🚨

🔸 Unemployment rate in the U.S. rose to 4.1% in June, compared with 4% in the previous month and 4% expected 

🔸 K33 Research expects Ethereum to outperform Bitcoin after the launch of U.S. spot Ether ETFs
 
⚖️ Law and Order

🔸 Circle announced that USDC and EURC are now available under new EU stablecoin laws

🔸 The SEC has returned the S-1 forms to prospective Ethereum ETF issuers with light comments, asking them to fix the issues and refile
 
🔸 The Russian government is considering formally legalizing stablecoins for international transactions

🔸 SEC has filed a lawsuit against Silvergate Capital Corporation, a company behind the bank that allegedly helped facilitate fraud at defunct exchange FTX

🔸 A class-action lawsuit against Roaring Kitty was dismissed
 
 🗣 Personalities

🔸 Robert Kiyosaki, author of "Rich Dad Poor Dad," makes a bold new prediction: the "biggest crash in history"  

Vitalik Buterin's Donation 💸
Ethereum co-founder Vitalik Buterin has made a generous donation to a platform, though the exact platform wasn't specified. This act of philanthropy is part of Buterin's ongoing efforts to support innovative projects and causes within the blockchain ecosystem.

Analyst "Il Capo" on Altcoins 📉📈
Legendary analyst Il Capo, known for his accurate market predictions, shared his insights following a market decline. He revealed whether he sold his altcoins and mentioned two altcoins he expects to rise. His analysis often guides many traders' decisions, making his views highly influential.

Justin Sun's New Project 🚀
Tron (TRX) founder Justin Sun announced a revolutionary new project. Sun, known for his ambitious ventures, promises that this new initiative will bring significant advancements to the blockchain space, although specifics were not disclosed.

Weekly Crypto Performance 📊
This week, Bitcoin and Ethereum experienced losses, while certain altcoins gained. The report detailed the top performers and losers among altcoins, highlighting the volatility and opportunities in the crypto market.

Peter Brandt's Bitcoin Optimism 🌟
Famous analyst Peter Brandt made a statement that will likely please Bitcoin investors. He suggested that the current scenario for Bitcoin is favorable, providing a positive outlook amidst the market's ups and downs.

Token Lock Openings 🔓
Thirteen altcoins are set to have significant token lock openings in the coming week. A day-by-day list was provided, allowing investors to prepare for potential market impacts due to the release of locked tokens.

Critical Economic and Altcoin Events 📅
Bitcoin investors should be aware of critical economic developments and altcoin events in the new week. A detailed, hour-by-hour schedule was shared, highlighting key moments that could influence ..