If you are crazy enough to jump on this rollercoaster, you already know that the thrilling highs and gut-wrenching lows are two sides of the same coin. 

But things got 100 million degrees hotter this week after Bitcoin lost support.

A Doordash bill of $173,000? It sounds wild – but that’s NOT the only shocking revelation of the SBF-FTX scandal. 

From a $100 million extravaganza to politicians to new kids with new chains and regulators playing 3D chess with other people’s monies — these are the hottest stories in crypto.

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Disclaimer: Not financial or investment advice. Any capital-related decisions you make are your full responsibility.

SBF denied bail and sent to notorious jail over FTX collapse ⛓️

Sam Bankman Fried and Bernie Madoff share a sobering narrative from riches to prison cells – both ended behind bars in the same prison.

However, going from splurging $173K on meals via DoorDash to subsisting on bread and water suggests a potentially gloomy path for Bankman Fried. ⬇️

In the news 📰 

• Sam Bankman-Fried's journey to jail just got on the fast track after a judge's decided to uphold a request from federal prosecutors to revoke bail on allegations of witness tampering.
• SBF is now being relocated to Brooklyn’s Metropolitan Detention Center. Once home to Ghislaine Maxwell's trial, where controversies about the mistreatment of inmates contrast abound.
• The worst part, SBF's inner circle is turning against him.  Ex-girlfriend Caroline Ellison, FTX co-founder Gary Wang, and former FTX engineering chief Nishad Singh would sing like canaries to get softer landings.
• But in a weird turn, there are indications that as much as $100 of the misused stolen customer funds went to political contributions.

Predictions 🔮 

There’s a decent chance that SBF will cooperate and plead guilty to secure a transfer to a relatively 'luxurious' detention facility.

Cryptonary’s take 🧠  

SBF's story echoes Madoff's, possibly nearing its close. Yet, what matters more is FTX's future. 

Keep an eye on the bankruptcy proceedings – FTX and Genesis agreed on a $175 million payment to Alameda Research. This bodes well for affected customers seeking to recover funds. 

New kids on the block 🚀

Despite the bear market, the appetite for launching new blockchain networks remains strong. The past week brought a flurry of new launches, with Sei Network, Base, and opBNB taking the spotlight.

In the news 📰 

• Backed by Jump Crypto and Multicoin Capital, Sei, a trading-focused blockchain, went live Tuesday. Its native SEI token surged to score a market cap of more than $300 million on Day 1.
• However, the launch had some controversies arising from the status of a promised token 'airdrop' to early adopters.
• Meanwhile, BNB Chain's Layer 2 scaling solution, opBNB, launched on mainnet for infrastructure providers. Public access should start by late August or early September.
• That’s not all. Coinbase's Base confronts challenges involving exploits and scams. SwirlLend's exit scam resulted in a $460,000 loss for users. RocketSwap experienced a hack, leading to the loss of 471 ETH.
•  But Base isn’t slowing down. Compound has launched on the new chain and the decentralised social media platform friend.tech amassed over 7,000 ETH in volume within its first week.

Predictions 🔮 

Among the three new chains, we predict that the odds favour Base! You can read here about how to jump on the base train.

Cryptonary’s take 🧠  

Amidst the persistent bear market conditions, the remarkable surge in the launch of new blockchain networks unveils an intriguing perspective. 

Historically, the flurry of new chain launches often precedes a bullish market sentiment. This trend suggests that developers and investors anticipate a bullish turn in the market and seek to leverage this impending upswing.

Chart of the Week 📈

OP is doing better than you think, and here's why.

Your first glimpse at this chart might be surprising... "Cryptonary, how can you say OP's doing good if we saw a 20% drawdown this week?"

Why not check our latest analysis to reflect our previous expectations here?

The market saw a lot of selling pressure yesterday, mostly caused by liquidations. Still, there have been some assets that immediately saw demand and had a speedy recovery. 

Fortunately, OP is one of those assets. Its price dropped to the $1.25 - $1.15 support area. The best thing? This is the ideal accumulation region for OP because it keeps its weekly structure intact.

Its price should range for a while to cool off after yesterday's sudden events. At some point, we'll see its price retest that exact region again, where we'll patiently wait to pump up our bags. 

What does crypto regulation look like in the U.S. vs Asia? 🌏

This week highlighted a stark contrast in regulatory approaches between the United States and several Asian countries. The divergence in how different parts of the world embrace crypto has become unmistakably apparent.

In the news 📰 

• While the SEC attempts to exert its authority, Senator Lummis raises concerns about the agency's regulatory overreach.
• At the same time, the operators of Binance.US say that the SEC's requests are "unreasonable."
• In Asia. However, things are looking brighter as Singapore finalises stablecoin rules, making it one of the first to do this.
• And the Hong Kong exchange HKVAX emerges under a new regulatory scope, as the opportunity has arisen for new crypto exchanges to launch in Asia.

Predictions 🔮 

With the regulatory landscape in the United States remaining uncertain, much innovation will likely shift to Asia.

Cryptonary’s take 🧠 

The U.S. need to make some significant changes, and fast – starting with straightforward matters like centralised exchanges and stablecoin providers. 

Now that places like Hong Kong and Singapore have delivered regulatory clarity; it is embarrassing that the U.S. is falling behind.

And until we bring you another crypto news round-up next Friday, stay winning!

Cryptonary, out!