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The Race to Decentralize is on as Crypto Community Reacts to Tornado Cash Sanctions

Crypto markets experienced conflicting trends as institutional investing saw Blackrock adding BTC while Tornado Cash was sanctioned and a “suspected developer” arrested. The UN made public their plan to stymie the rise of crypto, while BTC addresses with 1 bitcoin or more reached an all-time high.

At a glance...




  • The world's biggest asset management firm adds BTC
  • US Treasury Department sanctions code for the first time
  • ETH mainnet merge is set to take place mid-September
  • Reddit and FTX turn community points into tokens


Top Market Trends:

  • Tornado Cash mixing service was sanctioned by the US for money laundering, while an anon(s) dusted the wallets of celebrities using Tornado Cash to prove a point. A "suspected developer" was arrested in the Netherlands for "concealing crinimal financial flows".
  • Blackrock, the world's biggest asset manager, added a Bitcoin trust for its institutional investors, partnering with Coinbase for custody.
  • The Goerli testnet merged to PoS successfully, with just a few bumps, paving the way to the upcoming Ethereum mainnet merge set for September 15th or 16th.
  • MakerDAO community is discussing removing its USD peg with some suggesting a $3.5 billion ETH buy. Ethereum founder Vitalik Buterin thinks it’s a bad idea.

Movers and Shakers

Top 7-day Gainers:

  1. CEL +107.5%
  2. NEAR +32.9%
  3. LINK +27.3%
  4. NEXO +24.9%
  5. EVMOS +22.4%

Top 7-day Losers:

  1. APE -8.7%
  2. 10SET -7.7%
  3. DFI -6.1%
  4. BIT -4.9%
  5. LEO -4.9%

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Technical Summary

Bitcoin Pulse
Bitcoin started the week with bullish tendencies driving the price over the $23k mark, but bulls took control until mid-week, when officials announced inflation had gone down from July to August in the US, driving BTC close to $25k.

  • According to Glassnode, the number of Bitcoin addresses with over 1 Bitcoin jumped to an ATH of 894,303 on August 10, 2022.
  • Analysts at CryptoQuant signaled a bullish line across BTC due to contract openings in the futures market, a trend possibly related to improved macro sentiment.
  • BTC reached a 2-month high shortly after CPI numbers came out suggesting that inflation has peaked.

Short-term BTC TA

BTC on the 2hr chart is showing an ascending triangle since mid-July:

BTC-USDT-Short-Term-TABTC/USDT Higher Highs

In this ascending triangle, the flat-upper trendline is being pushed upwards on a weekly bases as Bitcoin is recording higher highs. We still have yet to see a significant breakout.

Long-term Bitcoin TA

BTC has now confirmed its 1W candle position above the 200 MA:

BTC-USDT-Long-Term-TAStill waiting to celebrate

Don't get too excited yet; the candle's body was red and thin, making this confirmation a little weak. It should also be cautioned that there is possible resistance from the pre-2021 bullrun.

Altcoins on the Move
Altcoins followed BTC's roller coaster ride this week, pumping on Monday, giving in to bears on Tuesday, and jumping again to positive CPI numbers mid-week. ApeCoin (APE) posted the biggest loss this week while interest in Ethereum Classic (ETC) seems to linger.

  • Near (NEAR) was added to Coinbase this week causing a price spike of 34%.
  • The Ethereum (ETH) ecosystem is done testing the PoS merge on its testnets, with the successful Goerli merge signaling it’s time for the mainnet to go live around September 15th.
  • Privacy coins ZCash (ZEC), Decred (DCR), and Horizen (ZEN) posted +20% gains with financial privacy grabbing the spotlight after sanctions hit the Tornado Cash community.

Altcoin TA
Since the beginning of August, an upward channel has formed for LINK.

BTC-USDT-Long-Term-TATurn on the Bollinger Bands!

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Newsworthy:

  • Curve Finance suffered a DNS attack, with hackers able to redirect their website traffic to a malicious site, resulting in a loss of $570k. $450k of that was sent to a Binance account that has now been frozen.
  • The UN recently publicized a policy brief on crypto, suggesting that developing nations should ban regulated financial institutions from holding crypto or offering crypto services.
  • Reddit and FTX teamed up to enable crypto swaps for Community Points with Arbitrum ETH Wallets.
  • Hotbit halted all transactions due to an ongoing investigation while Hodlnaut suspended transactions “due to market conditions”.

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We Looked Into: Corporations & the Bitcoin Adoption Curve

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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.