Crypto Compass by BitcoinWalletSG #84

Hello,

Welcome to the newly rebranded Crypto Compass by BitcoinWalletSG! We're excited to announce a few changes to enhance your reading experience.

You'll now find links to the original articles right at the beginning of each summary, making it easier to dive deeper into the topics that interest you. We've also repositioned ads and referral links for a cleaner, more focused layout.

Additionally, we're thrilled to launch our new educational series, LearnDeFi—you can check out the first video in the series below. We hope these updates make your time with us even more valuable!

Alien CryptoPunk #5822 Sold Amid NFT Market Downturn

CryptoPunk #5822, the most expensive CryptoPunk ever sold, has changed hands in a private transaction for an undisclosed amount. The ultra-rare Alien Punk, previously purchased by Deepak Thapliyal for nearly $24 million in February 2022, was transferred to an anonymous Ethereum wallet. The sale comes during a significant decline in the value of "blue chip" NFTs, with the CryptoPunks price floor dropping to levels not seen since 2021. Despite their legendary status, even CryptoPunks are now struggling to maintain their previous valuations.

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Rumors Swirl Around China Potentially Reopening to Crypto

Speculation is rising that China may be softening its stance on cryptocurrencies. This follows a provocative tweet from Justin Sun hinting at a potential unbanning, along with significant Ethereum movements from PlusToken wallets. Rumors on Chinese social media also suggest the government may re-enter Bitcoin mining by issuing licenses to state-owned enterprises. While unconfirmed, these developments have sparked discussions about a possible policy shift that could have major implications for the crypto industry.

Harris Campaign Misses the Mark with Crypto4Harris Event

Kamala Harris’s campaign had a prime opportunity to connect with the growing crypto voting bloc during the Crypto4Harris event on August 14, but it fell flat. Despite expectations, Harris did not make a personal appearance, and no substantial platform points were offered, leaving crypto enthusiasts disappointed. The event, which featured Senate Majority Leader Chuck Schumer, felt more like a rally than a serious discussion on crypto policy. With Donald Trump already making strong policy commitments to the crypto community, Harris’s campaign risks losing ground unless they step up with clearer and more decisive stances on the issue.

Happenings of the week

• DeFi's mindshare at a six-month high, 3rd for altcoin mindshare

• Bitcoin balance on exchanges hitting an all-time low

• Polymarket venturing into Fantasy Football

• Mastercard Is Betting on Crypto—But Not Stablecoins

Analyst Skeptical of Bitcoin Dominance Returning to Previous Highs

Popular cryptocurrency analyst Benjamin Cowen doubts that Bitcoin's dominance will return to the 70% level it reached in December 2020, despite a recent rise in market share. Speaking on The David Lin Report, Cowen set a target of 60% for Bitcoin dominance, suggesting that while Bitcoin may gain further ground, it won’t reach the peaks seen in past cycles. Currently, Bitcoin dominance stands at 57.36%, but Cowen predicts it could reach 60% by the end of the year. However, other traders, like Kaleo, believe Bitcoin dominance may have already peaked, signaling a potential shift toward altcoins in the near future.

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