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Peter Davis

An writer at FOMOdrive

  • Aug 02, 2023
  • 3 min read

Bitcoin is preparing for a parabolic rise

July concluded with Bitcoin experiencing a moderate decrease.

BTC is generally seen as unfavorable during the month of August.

The exodus of money from Bitcoin has become more pronounced.

The founder of HEX was sued by the SEC.

Hundreds of millions of dollars are at risk due to a vulnerability in Vyper.


Last week, CoinShares reported a decrease of $21 million in investments in crypto funds. This marks the second week of outflow following four weeks of active investment. Specifically, investments in Bitcoin dropped by $19 million, while investments in Ethereum decreased by $2 million. Additionally, investments in funds that allow for shorting Bitcoin decreased by $3 million.

Over the past six months, investors have been taking profits from their investments in bitcoin, yet sentiment towards the asset remains positive. Trading volumes, however, remain low. According to CoinShares, there has been an inflow of approximately $0.5 billion into digital assets.

Credible Crypto, a well-known YouTube analyst, believes that bitcoin is on the brink of leaving the consolidation phase and is likely to experience a large-scale surge. He believes that bitcoin is at the start of its third wave, which usually involves a parabolic rise in the asset's value. According to him, the BTC rate could reach $75,000 by November.

According to George Milling-Stanley, the chief gold investment strategist at State Street Global Advisors, bitcoin cannot be seen as a substitute for gold due to the potential for huge losses.

The US Securities and Exchange Commission (SEC) is taking legal action against Richard Hart, the founder of HEX, PulseChain and PulseX, for allegedly selling unregistered securities. The SEC claims that since 2019, Hart has raised over $1 billion through the sale of tokens from the three projects.

Brian Armstrong, CEO of Coinbase, revealed that the SEC had requested the removal of all crypto assets from the platform, apart from Bitcoin, prior to filing a lawsuit against the exchange.

A study from CoinGecko has revealed that the banking sector is increasingly interested in the crypto market. Over half of the top 50 banks have already utilized exchanges to purchase Bitcoin and other digital assets.

Many liquidity pools in DeFi projects have been affected by a security flaw in the Vyper smart contract programming language. So far, hacks totaling $41 million have been reported, with the Curve project being one of the victims.

In order to protect its clients from the potential risks of fraud and fraud, Bendigo Bank, one of the largest banks in Australia, has prohibited the transfer of funds to crypto exchanges.

HRF has announced that they will be giving 20 BTC to developers to enhance the bitcoin protocol.

At the close of July, Bitcoin was valued at approximately $29,200, representing a slight decrease of 4% from the previous month. Historically, August has not been a favorable month for BTC, as it has only increased in value five times out of the past eleven years.

The average increase of BTC was 26%, while the average decrease was 16%. If the first case is true, BTC could potentially reach $36,800 by the end of August, surpassing the highs of the year. On the other hand, if the second case is true, BTC could reach $24,500, surpassing the June lows.

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