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Stranger things in crypto world

Igor Grigorchenko

News editor

Aug 8, 2023 at 10:08

As usual, we have collected all the most important news from yesterday. Our daily digests keep you up to date with the crypto world.

The BTC generation is getting closer to dominance

Grayscale conducted a curious study answering the question, “Why are some US presidential candidates for 2024 promoting cryptocurrency”. Last week, we even noticed BTC maxi on the campaign symbols of the current US President.

It turns out that Generation Z and Millennials will make up 44% of voters in the upcoming 2024 election. Almost all of them are involved with crypto in some way or another. Grayscale concludes that this is the usual political populism. In the table below, you can explore the main candidates’ attitudes towards cryptocurrencies (BTC and CBDC). At least three of the seven candidates explicitly promise to legalize crypto if they come to office.

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Meanwhile, these are just the first signals of younger generations approaching social dominance, so crypto will inevitably become mainstream in the future. The biological factor is guaranteed to lead crypto to mass adoption.

Stranger things

  • A recent case has shown that copytrading can be dangerous. All lovers of easy money should think about it. Trader Hanwe Chang noticed that his bid strategy on Blur was being repeated by a large wallet (working in copytrading mode). As a result, the trader created an artificial situation where the bot executed trades at a loss, while the original trader managed to earn 800 ETH by manipulating the bot that was mindlessly copying him.

    By the way, it’s still too early to rejoice with the human trader; there has been
    an extensive discussion in the community about how legitimate it is to intentionally create such traps for others.
  • The second case causes even more discussion; it seems that one of the famous traders ended his career with psychosis. Last year, trader nd4.eth was at the top of the leaderboard on Binance — he made over $20 million on GMT longs — and then deleted his account.

    Last week, this user sent 2,500 ETH ($4.5 million) to the network’s unmonitored zero address (which is a token-burning address). After a pause, he also sent the rest of his portfolio there: 1.5 #ETH, 34.9 #GMX, and 600 #GNS. The reasons for this action are still unclear; all the funds are gone forever. The sequence of these actions confirms that this is not an accidental mistake but a deliberate move. The community is trying to understand the reasons for such an act.

Useful link

CoinGecko has launched a useful service. Here they have neatly collected all altcoins previously included in the US SEC securities list. Previously, the SEC mentioned them in different documents; now they are collected all together. The service also promises to supplement the list with new SEC threats (so it’s worth bookmarking the service).

There are now 48 tokens on the list, including: #BNB, #ADA, #SOL, #SOL, #TRX, #MATIC, #TON, #BUSD, #ATOM, #FIL, #ICP, etc. The service allows you to quickly monitor risks if you are a US citizen or have altcoins in your portfolio.

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