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VR BLOCKCHAIN LETTER
Friday Update
August 30, 2024
Written for VR by Jamie Lindsay

Market Commentary:

Definitely a flipping market. Liquidity is greatly needed to move this higher.

Total Market Cap lost 7.6% this past week.

 

The Past Week for BTC, ETH, XRP, BCH & LTC:

The total market cap of Cryptos is now up 158.8.0% from its peak in January 2018.

• BTC fell 7.3% this week. Needs to get back above the $60,000.00 level. August’s crystal ball prediction is that BTC hits the $65,000.00 level.

• ETH lost 8.5% this week. Needs to get back above the $3,000.00 level. August’s crystal ball prediction is that ETH goes through the $3,250.00 level.

• Ripple (XRP) fell 7.9% this week. Expectations remain high, around the $2.00 level. August’s crystal ball prediction is that XRP holds through the $0.55 level.

• Bitcoin Cash (BCH) dropped 11.0% this week. August’s crystal ball prediction is that BCH holds the $400.00 level.

• Litecoin (LTC) lost 2.0% last week. Still no real direction. It needs to regain the $80.00 level. August’s crystal ball prediction is that LTC holds the $65.00 level.

The Past Week for THETA, SOL, ADA, GBTC, ETHE, QBTC & QETH:

Theta moved up to the 56th spot.
SOL is fell back below support at the $150.00 level.
ADA still needs to find a floor.

GBTC was down 8.0% for the week, while BTC was down 7.3%.
ETHE lost 9.0% while the Crypto lost 8.5%.
QBTC was down 5.9% while BTC was down 7.3%.
QETH.UN lost 7.8%, while ETH lost 8.5%.
COIN fell 13.3%.

Crypto’s in the News:

August 30, 2024 – Elon Musk, along with Tesla, his EV company, successfully dismissed a federal lawsuit that accused them of manipulating Dogecoin, resulting in considerable financial losses for investors. US District Judge Alvin Hellerstein in Manhattan made the ruling on Aug. 29, a court filing shows.

August 27, 2024 – BlackRock’s Ethereum ETF Debuts on Brazilian Stock Exchange Under ETHA39 Ticker

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https://www.howestreet.com/2024/08/were-coming-to-the-most-dangerous-month-for-stocks-mark-leibovit/

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U.S. Stocks Fluctuate Before Closing Sharply Higher

Stocks fluctuated over the course of the trading session on Friday before eventually ending day sharply higher. The Dow closed higher for the fifth time in the past six sessions, reaching a new record closing high.

The major averages reached new highs for the session going into the close of trading. The Nasdaq surged 197.19 points or 1.1 percent to 17,713.62, the S&P 500 jumped 56.44 points or 1.0 percent to 5,648.40 and the Dow climbed 228.03 points or 0.6 percent to 41,563.08.

Meanwhile, the major averages turned in a mixed performance for the week. The Nasdaq slid by 0.9 percent, but the S&P 500 edged up by 0.2 percent and Dow advanced by 0.9 percent.

The higher close on Wall Street came after the Commerce Department released readings on U.S. consumer price inflation that are said to be preferred by the Federal Reserve.

The Commerce Department report showed consumer prices increased in line with economist estimates in the month of July, while the annual rate of price growth was unexpectedly flat.

The report said the personal consumption expenditures (PCE) price index rose by 0.2 percent in July after inching up by 0.1 percent in June. The modest increase matched expectations.

The core PCE price index, which excludes food and energy prices, also crept up by 0.2 percent in July. The uptick matched the increase seen in June as well as economist estimates.

Meanwhile, the report said the annual rates of growth by the PCE price index and the core PCE price index were both unchanged at 2.5 percent and 2.6 percent, respectively.

Economists had expected the year-over-year growth by both the PCE price index and the core PCE price index to tick up by 0.1 percentage point.

While the data has reinforced expectations of an interest rate cut by the Fed next month, traders expressed uncertainty about the pace of rate cuts, leading to some volatility in the markets.

According to CME Group's FedWatch Tool, there is a 69.5 percent chance of a quarter point rate cut next month and a 30.5 percent chance of a half point rate cut.

Some analysts, such as Harris Financial Group managing partner Jamie Cox, have said there is no justification for a 50 basis point rate cut.

However, ING Chief International Economist James Knightley said, "A soft jobs report [next week] could still tip the odds in favour of a 50bp rate cut."

Semiconductor stocks showed a substantial move to the upside on the day, resulting in a 2.6 percent surge by the Philadelphia Semiconductor Index.

Intel (INTC) helped lead the sector higher, spiking by 9.5 percent after a report from Bloomberg said the chipmaker is working with investment bankers to consider various options, including a split of its product-design and manufacturing businesses.

Chipmaker Marvell Technology (MRVL) also soared by 9.2 percent after reporting better than expected fiscal second quarter results.

Significant strength also emerged among retail stocks, as reflected by the 1.7 percent gain posted by the Dow Jones U.S. Retail Index.

Computer hardware, banking and housing stocks also saw considerable strength on the day, moving higher along with most of the other major sectors.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index advanced by 0.7 percent, while Hong Kong's Hang Seng Index jumped by 1.1 percent.

Meanwhile, the major European markets ended the day slightly lower. While the French CAC 40 Index edged down by 0.1 percent, the U.K.'s FTSE 100 Index and the German DAX Index both closed just below the unchanged line.

In the bond market, treasuries came under pressure over the course of the session after showing a lack of direction early in the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 4.4 basis points to 3.911 percent.

Looking Ahead

Following the Labor Day holiday on Monday, the monthly jobs report is likely to be in focus next week, while reports on manufacturing and service sector activity may also attract attention along with the Fed's Beige Book.

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CRYPTO PRICES

5 Reasons Why A Bitcoin ETF Matter

The bitcoin ETF is a breakthrough in bridging the gap between traditional financial markets and bitcoin. We believe it will play a pivotal role in legitimizing bitcoin as a distinct asset class.

Here are 5 Reasons Why A Bitcoin ETF Matters:

A Bitcoin ETF Can Be More Cost-Efficient
A bitcoin ETF provides a cost-effective way to gain exposure by avoiding high institutional custody and execution costs. Compared to direct purchases of bitcoin on exchanges, where transaction costs can range from 0.5% to 4.5%, a bitcoin ETF offers lower execution costs. Furthermore, institutional custody costs for direct bitcoin exposure can range between .05% and .25%.

A Bitcoin ETF Simplifies Access
The bitcoin ETF caters to investors who are accustomed to traditional investment vehicles, making bitcoin more accessible. A bitcoin ETF simplifies the process of investing in Bitcoin by removing the technical barriers associated with purchasing and custodying underlying bitcoin

A Bitcoin ETF Enables Seamless Onboarding
A bitcoin ETF integrates seamlessly with existing financial rails, meaning investors can use their current brokerage accounts to invest, avoiding the need for additional onboarding processes specific to cryptocurrency exchanges.

A Bitcoin ETF Ensures Regulatory Oversight
Being a registered financial product, a bitcoin ETF offers an additional layer of security and trust. Furthermore, many institutional investors and investment funds are bound by mandates that restrict them to investing only in registered products. A bitcoin ETF, being a regulated product, opens the door for these investors to allocate funds to bitcoin.

A Bitcoin ETF Adds Degrees of Freedom
Holding a bitcoin ETF adds degrees of freedom for investors. Unlike direct bitcoin holdings, investors can use bitcoin ETFs as collateral for loans, incorporate their investment into retirement accounts, and more easily bundle their exposure into diversified funds and mixed-asset portfolios.

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TOP CRYPTO PRICES: 

IBIT - BLACKROCK ETF  -

 

ETHE - ETHEREUM ETF- 

 

COIN - COINBASE -

 

XRP -

 

 

FROM THE CEO OF RIPPLE 

Shareholders, advisors, and friends,

As you may have seen from a short while ago, Ripple’s years long fight with the SEC is over, and we came out on the right
side of the law. We fought on behalf of the crypto industry in pursuit of clear rules of the road for XRP (and for crypto
more broadly in the US). Thus, it’s a huge win not just for us, but for the industry and the rule of the law. The win also
means the SEC’s headwinds against the whole of the XRP community are gone. I’m thrilled on a bunch of levels!! Let’s hope
this also means this is the beginning of the end of this Administration’s illegal war on crypto.

What actually happened? Today the Court issued a remedies order imposing a $125M penalty for certain historic unregistered
sales of XRP to sophisticated third party institutions. $125M is FAR below the unprecedented $2B in fines and penalties
that the SEC requested. By my math, the SEC was off by about 94%.......... Even in these final steps of our litigation,
their overreach and absurdity was on full display.

We respect the Court’s ruling and we are in a strong financial position to pay this fine from our balance sheet. I’m
excited to closely focus on growing our business with the legal clarity we now have. The SEC could appeal (we will know in
the next 60 days) but the judgment on this case is in and the law of the land as it relates to XRP is clear.

For nearly four years, we've fought this lawsuit every step of the way and it is crystal clear that we are on the right
side of the law and certainly the right side of history.

We couldn't have won this battle without all of you behind us – and without the support of the XRP community. Thank you
again for your support, patience, and persistence.

Best,
Brad

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DOGE -

 

BITCOIN - 

 

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COME ON, DAD. IT'S TIME TO EAT

DISCLAIMER:

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