Peter Schiff Urges Selling Bitcoin for Silver

The world of cryptocurrency is constantly evolving, with significant developments each week. In this digest, Peter Schiff's latest Bitcoin critique, James Wynn's dramatic exit from the crypto space, and Snoop Dogg’s NFT success take center stage. Let’s dive into the week’s most impactful stories.

Grayscale vs. SEC: Legal Clash Over Digital Large Cap Fund ETF

Grayscale, a leading digital asset manager, is in a legal standoff with the U.S. Securities and Exchange Commission (SEC) over the delayed approval of its Digital Large Cap Fund ETF. Although the SEC’s Division of Trading and Markets initially approved the ETF, the Office of the Secretary unexpectedly intervened, halting the decision. Grayscale’s legal team argues this action violates SEC deadlines and disrupts established processes for ETF approval. This case is crucial for the future of crypto ETFs and could set a precedent for future regulatory battles.

Binance's Involvement in WLF Stablecoin Creation — A Controversial Report

Binance has found itself at the center of controversy following reports that it helped create the stablecoin behind World Liberty Financial (WLF), a company linked to former U.S. President Donald Trump. According to Bloomberg, Binance played a key role in the development, promotion, and execution of transactions for WLF’s USD1 stablecoin. The stablecoin launched in March, with backing from Trump’s family.

Binance CEO Changpeng Zhao has dismissed these allegations as a "hit piece," suggesting that Coinbase may be behind the accusations. With Binance already facing regulatory scrutiny, this revelation only adds fuel to the fire.

Peter Schiff Calls Bitcoin a Selling Opportunity as Silver Surges

Peter Schiff, the outspoken critic of Bitcoin and proponent of gold, has once again sparked debate by advising investors to sell their Bitcoin holdings and instead invest in silver. With Bitcoin reaching new heights, Schiff believes the time is right to swap BTC for silver, which he argues has more potential for growth and less downside risk.

In a post on X (formerly Twitter), Schiff stated, “With Bitcoin hitting new highs today (in dollars), it’s a great time to sell some and buy silver ahead of silver’s next big leg up.” He claims that while Bitcoin is prone to sharp crashes, silver's downside remains limited, making it a safer bet for investors looking for stability.

Meanwhile, Arthur Hayes, co-founder of BitMEX, shared a more cautious outlook, expressing concerns about U.S. Treasury debt issuance potentially draining market liquidity in the short term.

James Wynn Deactivates X Account Following High-Leverage Losses

James Wynn, a trader known for using high leverage in crypto markets, has deactivated his X account after suffering significant losses. His wallets, which were once in the nine-figure range, now show a mere $10,176 balance. Before removing his account, Wynn’s bio simply read: "broke."

Wynn’s sudden exit from the crypto scene serves as a cautionary tale about the risks of high-leverage trading in such volatile markets. His case highlights the dangers that many traders face when chasing high rewards without considering the potential for steep losses.

NFTs Make a Comeback: Snoop Dogg's Telegram Collection Sells Out in Record Time

Despite some claims that the NFT market is “dead,” rapper Snoop Dogg has proven otherwise with his latest digital gift collection. In just 30 minutes, almost one million NFTs, powered by the TON blockchain, sold out on Telegram, raising an impressive $12 million.

The collection, inspired by Snoop Dogg’s signature style, featured various digital items such as vintage cars, digital dogs, and marijuana-related memorabilia. Telegram founder Pavel Durov celebrated the success and teased future developments, including the launch of blockchain minting and a secondary market in just 21 days.

Market Update: Bitcoin Leads the Pack, Stellar and MemeCore Soar

Bitcoin (BTC) continues to lead the market, now valued at $117,967, while Ethereum (ETH) sits at $2,962, and XRP trades at $2.78. The overall market capitalization stands at $3.68 trillion, according to CoinMarketCap.

Among the top 100 cryptocurrencies, MemeCore (M) led the charge with a remarkable 1,234.52% gain, followed by Stellar (XLM) at 59.52% and Story (IP) at 49.69%. On the downside, Jito (JTO) fell 4.57%, OKB (OKB) dropped by 0.64%, and Pi (PI) lost 0.15%.

Notable Quotes of the Week

Here are some of the most memorable statements from key figures in the crypto space:

“BTC confirms daily higher-high and confirms an end to the downtrend that started in late May.” — Matthew Hyland, Crypto Trader
“Ethereum is scalable enough, affordable enough, and legal enough in the United States.” — Joseph Lubin, Co-founder of Ethereum
“We cannot have the people who are in charge of passing legislation and enforcing legislation, implementing legislation, have conflicts of interest with their official responsibilities.” — Richard Painter, Former White House Ethics Lawyer

Bitcoin’s Bullish Christmas Rally: Could $258K Be in Sight?

Bitcoin has surged by 10% in July, reaching a high of $118,600, and analysts predict the rally may just be starting. According to the anonymous analyst apsk32, Bitcoin could reach as high as $258,000 if history follows its usual path.

The prediction is based on a “Power Law Time Contours” model, which tracks Bitcoin’s exponential growth and price deviations from its long-term trendline. If the model proves accurate, Bitcoin could see further gains in the coming months, possibly hitting a new all-time high by the end of the year.

FUD of the Week: Legal and Political Turmoil

Several stories of legal and regulatory challenges have emerged this week:

Chinese Creditor Disputes FTX’s Payout Motion: A Chinese creditor has filed an objection to FTX’s request to pause payouts in jurisdictions with restrictions on cryptocurrency transactions. This includes over 300 creditors from China, who argue that crypto distributions are legal in their country and that settlements should be made in U.S. dollars.
Bitzlato’s CEO Requests Presidential Pardon: Anatoly Legkodymov, the former CEO of cryptocurrency exchange Bitzlato, has reportedly asked for a pardon from U.S. President Donald Trump. Legkodymov pleaded guilty to operating an unlicensed money-transmitting business and is serving 18 months in prison.
France Investigates X for Algorithmic Manipulation: French authorities have opened a criminal investigation into X (formerly Twitter) for allegedly manipulating its algorithms for foreign interference. The investigation follows complaints from members of the French government.

Magazine Highlights of the Week

Some of the most fascinating reads from this week include:

Inside a 30,000-Phone Bot Farm Stealing Crypto Airdrops: A deep dive into how a 30,000-phone bot farm is siphoning crypto airdrops meant for real users.
China’s 100K TPS Blockchain, Japan’s Minna Bank Eyes Solana: A look at Asia’s growing blockchain infrastructure, including China’s high-speed blockchain and Japan’s interest in Solana.
Flamingo DAO’s NFT Collection Worth Nine Figures: Members of Flamingo DAO have spent a staggering amount of ETH from their treasury to invest in NFTs, including highly profitable Bored Apes.

The crypto landscape remains ever-changing, with new opportunities and challenges around every corner. As the market shifts, the events of this week offer valuable insights into the future direction of Bitcoin, NFTs, and the broader cryptocurrency industry. Stay tuned for more developments as the space continues to evolve.