Guess Who REALLY Caused The Crypto Crash Today?

Intro check out Bitcoin uh prices this morning they're falling sharply dipping below the 59,000 uh level in overnight trading the selloff was said to be sparked by a wave of Leverage driven liquidation the Bitcoin price is in heavy consolidation coming off of this dip as much as 30% in the last few weeks of course if you subscribe to altcoin daily you know the reasons this selloff is happening if you Why Bitcoin Has Been Crashing? think about you know whether it was the German government the Silk Road Mount gax the unwinding of the Japanese carry trade really billions of dollars uh of Bitcoin flow was uh absorbed and what you saw was that Bitcoin is still up 38% year-to date and so I think it's really bullish for the space it really goes to show as you mentioned that there is that dry powder they're sitting on the sidelines that's ready to look at Bitcoin as a store of value so we've really just been through some of the biggest sell-offs since the FTX collapse including a major government selling off 100% of their Bitcoin Mount ga's redistributions which has been looming over us for years Japan's Yen carry trade which sucked liquidation out of all markets all selling was absorbed Bitcoin still up 38% year to date but we are not out of the woods yet whether it's the SEC now calling all nfts Securities nft Marketplace opy says it received a Wells notice from the SEC the company's CEO Devin finser took to X saying the agency is threatening to Sue and claims that nfts on Open Seas platform are securities ell's notice is a warning from the secc that often precedes a lawsuit whether it's cardano founder Charles hoskinson seemingly missing days before the changen hardfork the Chang hard Fork upgrade was initially supposed to take place this week but has been pushed back to September 1st so that some exchanges including binance could prepare that's according to a post on X from cardano co-founder Charles hoskinson but the Telegram's Toncoin Has Been Paused biggest thing the 10th largest cryptocurrency by market cap in the world telegram's ton coin has officially been paused there's another story here in the crypto world that I'm watching Tim and that is ton coin a token that is linked to the messaging app Telegram and the 10th largest crypto asset it lost more than 2.7 billion in value by Monday morning after telegram CEO was detained in France over alleged Child Protection failures in the app so here was the official announcement from ton the ton blockchain is currently experiencing A disruption in Block production this issue is occurring due to the abnormal load currently on ton several validators are unable to clean the database of old transactions which has led to losing consensus stay tuned for more updates here rest assured your transactions will be made no cryptocurrency assets will be lost due to the issue so it's linked to telegram but it's not necessarily that the two are intertwined you know the one company runs the other but ton is the native cryptocurrency of the telegram apps so users wanting to send payments over Network they can do so in t or in other cryptocurrencies and there's a whole wealth of other apps that are now building on top of that network using ton things like video games being played inside the app those have gotten more and more popular this year and so any kind of hit to ton is definitely a hit to the industry so ton coin was paused due to an overload on the network we've seen so Lana paused or temporarily shut down a handful of times over the last few years of course this one coming mere days just after the CEO of telegram was detained in France for not censoring the platform to me this is very reminiscent of what happened with tornado cach should the developers or people that made the protocol be responsible for the criminals that use it and I think it goes similarly hand inand with what happened with tornado C it's still not yet clear if the founder actually knew of all of the things that he's being accused of by the French Regulators today uh happening on the messaging app or if they're just accusing him of building and facilitating um you know these conversations that were happening on the platform now it appears that the ton blockchain is still down they're saying this is due to the heavy load attributed to dogs token minting so just use congestion of the network and even Is Toncoin (TON) Dead? if the worst should happen to the founder of telam and let's say he does get put in jail for 20 years for crimes that other people committed on his platform other crypto channels that are telling you this is the end of ton coin are just plain wrong there are very clear actions that telegram can take in order to continue to remain active in the market obviously you know institutional investors will not want to use it uh if for example telegram makes the decision not to go ahead and you know move forward with the actions the fresh Regulators want them to but I really don't see that getting to that case just given how important it is to the ecosystem today you know really this is about sharing information um and it has been shared in previous cases for example the FTX case in which they did get access to a number of telegram conversations so uh this has been done before in the past it's going to be really interesting to see again what role the CEO played um but it's not to say and I don't think that this is you know the end all be all of telegram and Gary Gensler Sends Legal Notice to OpenSea - "All NFTs Are Securities" it's very interesting that the day that opens C receives a Wells notice from the SEC One Step before a lawsuit saying that nfts are securities and you an unregistered Securities Exchange one day before this Donald Trump again released another set of trump trading cart nfts this time on bitcoin ordinals is your favorite President Donald J Trump with some very exciting news by popular demand I'm doing a new series of trump digital trading cards as you all know what they are we've had a lot of fun with them it's called the America First collection 50 all new stunning digital trading cards it's really something these cards show me dancing and even me holding some Bitcoin so Gary Gensler is the head of the SEC Donald Trump has made it clear if elected he'll fire Gary Gensler day one but for now Gary Gensler and the SEC are going Full Throttle against nfts and the main nft platform at actually openc joins the ranks of coinbase Unis swap Robin Hood Kraken consensus all being sued by the SEC as well this follows a string of weth notices received by web 3 companies this year including consensus and Unis swap in April and Robin Hood crypto in May consensus was then sued by the regulator in late June of course unlike openc these aren't platforms that focus on nfts but the SEC has targeted specific projects in the past including Muna backed Stone cats Gensler and the SEC are handing out Wells notices like their Halloween candy congrats and welcome to the club says CEO of coinbase Brian Armstrong I'm long Wells notice companies and why something like this saying all nfts our Securities is outrageous is because we should not regulate digital art in the same way we regulate collateralized debt obligations if you're playing a video game and you get a skin in the game and that's also an nft that's an unregistered security if nfts are securities then so are my Pokemon cards honestly companies like coinbase and Unis Swap and openc will win against the SEC at least a settlement because if nothing else these private crypto companies have so much more money than a government regulator SL entity this could cause a lot of What's Next for Bitcoin, Altcoins, & Crypto Market? short-term fud and maybe last years in court or if Gary Gensler gets booted either before the election or after and if nothing else after these next couple weeks the FED is about to Pivot which is bullish yeah I think that if uh cheap Capital floods into the market people will go and they will push out on the risk curve uh the nice thing about Wall Street is that Bitcoin is still considered one of the riskier assets in their portfolio and so I think assets will flow there uh but also I think that if you look at the crypto industry they look at this as an asset that they buy and they hold they do not sell this asset and so it'll remain illiquid you'll have Wall Street kind of allocating to it uh and as we've seen when interest rates have gone down or cheap Capital has flooded into the market in the past Bitcoin has done very very well