Chart of the Day
The Dust Settles. Bitcoin supply held by miners has finally flipped onto the greener side, with net position change in the positive. It seems that the mining sector is beginning to adjust to the supply shock dealt by China’s miners having to cease or move their operations temporarily. BTC prices are slowly inching back upwards, having cleared the $34,000 level; accumulation by miners continues on.
For the first time since late June, hash rate is picking up after hitting a bottom of 85 TH/s on July 3. It’s business as usual for the mining folks — a decisive shot at recovery.
Talk of the Town
Keep Calm and Carry On. A moment of panic washed over the crypto community when TikTok first announced its ban on paid crypto endorsements, among other items that fall under branded content. Talk about raining on the fun, hip and trendy crypto parade. As it turns out, there is no great cause for worry, as content creators can still shill coins to their hearts’ content — as long as they’re not paid to do so. No more sponsored ads, it seems, but crypto TikTok lives to see another day.