The latest from Jerome Powell speech Days pass, and the crypto caravan moves on. Bitcoin bounces above his US$20,000 and Ethereum finds resilience, but Avalanche has some issues…
There has been some controversy over the Avalanche Layer 1 protocol that crashed the AVAX token yesterday…
Now that’s what I call an avalanche pic.twitter.com/f1Hc9bwhOa
— Zach (@smolzachxbt) August 29, 2022
Things have picked up a bit since then, but the token is still down nearly 15% week-on-week.
what happened? In a way, this is…
• Self-proclaimed cryptocurrency ‘whistleblower’ website Crypto Leaks published the report This week, Ava Labs claimed to have paid law firm Roche Freedman to sue Avalanche’s competitors.
• Crypto Leaks also posted a series of unnamed secretly recorded videos that appear to detail the relationship between lawyer Kyle Roche and Ava Labs executives.
• The report implied that the law firm was paid by Avalanche’s creators to help harm competitors, including main rival Solana, and keep regulatory scrutiny away from Avalanche.
Kyle Roche @ Roche Freedman, the secret #avalanche a law office
RF files lawsuits against Ava Labs’ competitors to attract the SEC and CFTC to them and away from Ava Labs.
Roche assures us that “there is no such thing as regulation in what they own.” [Ava Labs] I want to” 👀
— CryptoLeaks (@CryptoLeaksInfo) August 28, 2022
• Attorney Kyle Roche later said his statements about Ava Labs were “deceptively obtained” by employees of Avalanche rival Dfinity founder Dominic Williams.
My statement regarding the Crypto Leaks story:https://t.co/wGGR8GCHZc
— Kyle Roche (@KyleWRoche) August 29, 2022
• The same Crypto Leaks report also suggests that Ripple Labs CEO Brad Garlinghouse has been implicated in a similar scheme targeting Roche Freedman-related competitors. Garlinghouse strongly denied any such behavior and even refused to meet Roche.
— Brad Garlinghouse (@bgarlinghouse) August 29, 2022
A quick scan of the Avalanche token on CoinGecko reveals that the ecosystem has taken a bit of a hit with the news. For example, DeFi protocols Trader Joe (JOE), Pangolin (PNG), and Avalaunch (XAVA) are all down around 15%-20% over the week-long timeframe.
Top 10 Summary
The total market capitalization of crypto assets is US$1.2 trillion, up about 3.4% from yesterday. coin gecko.
After dipping below $1 trillion yesterday, the cryptocurrency market cap has regained its magic numbers in the daily spin of the chocolate wheel.
Ethereum (ETH), which led yesterday’s decline, is now up nearly 8% in the last 24 hours at the time of writing, raising the flag of daily gains.
In addition to so many conflicting analyses, the protocol’s mythologized next upgrade (The Merge) News-selling trash can firethe near-term future of ETH seems difficult to judge right now.
That said, there is a rift between European trader/analysts Rekt Capital and Michaël van de Poppe…
If $ETH We are enjoying a stronger follow-through from this recent successful retest of Orange Support…
so #ETH Like early 2021, it could rise to form macro lows
— Rekto Capital (@rektcapital) August 29, 2022
once again, #Ethereum The merger is taking place relatively soon, so it’s leading the market.
So if this week goes well for risk-on assets, the market may surprise the majority again.
Well, the majority are already betting 100% sure it will drop to $10,000.
— Michael Van de Poppe (@CryptoMichNL) August 29, 2022
Upper and Downer: 11–100
Let’s sweep the rest of the top 100 across the market cap range of about US$8 billion to about US$412 million and find some of the biggest 24-hour gainers and losers as of this writing. . (Accurate stats at time of publication based on data from CoinGecko.com.)
• synthetics (SNX), (Market cap: USD 803 million) +16%
• Lido DAO (LDO), (mc: USD 1.07 billion) +15%
• cosmos hub (ATOM), (mc: USD 3.4 billion) +13%
• flow (FLOW), (mc: USD 1.98 billion) +12%
• Kusama (KSM), (mc: $445 million) +9%
• chain (XCN), (Market cap: USD 1.8bn) -4%
• Tenset (10SET), (mc: $459 million) -1%
around the block
The choices of randomness and appropriateness that pierced our minds in our mornings travel the Crypto Twitterverse…
💥Just in: 5,000 bitcoins that have been dormant for 9 years have been moved! 🤔
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) August 29, 2022
It won’t stay blue forever. Macros and markets may differ, but humans remain the same, and human behavior is driven by greed (red) and fear (blue). pic.twitter.com/gTh6hMg70P
— PlanB (@$100 trillion) August 29, 2022
Snoop Dogg and Eminem performed a Bored Ape-themed MTV/VMA performance…
Full performance at the Boad Ape Yacht Club featuring Snoop Dogg & Eminem #VMAsof.
—Watcher.Guru (@WatcherGuru) August 29, 2022
However, it turns out that it doesn’t exactly get 5-star reviews on Crypto Twitter and Reddit…
Gorillaz, Hatsune Miku, and Nintendo’s Splatoon. All did it first and were much better.
— Mx. Luca Renee Shoal, Dyke Mama Fox 🏳️⚧️ θ∆ (@lucashoal) August 29, 2022
Eminem’s subreddit isn’t happy right now 😭 pic.twitter.com/EtLjYkfOSW
— Zaing Gaziani (@zaingaziani) August 29, 2022