The Breakdown First Five - Thursday, August 29, 2024

Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.

5. Durov To Face Charges

A French Judge has approved the investigation of Telegram CEO Pavel Durov, formally beginning the criminal process. He was released on a 5 million euro bond and ordered to remain in France. Potential charges remain the same, complicity with illegal acts facilitated by Telegram, failing to cooperate with law enforcement requests and offering encryption services without appropriate paperwork. 

4. Buffett Dumping

Berkshire Hathaway has sold another tranche of Bank of America Stock, this time just shy of $1B worth. The Oracle of Omaha seems to be stockpiling cash, now at $248B. Does he see trouble on the horizon or is he merely preparing to hand the firm over to new management. Either way, Berkshire Hathaway just ticked up to a trillion dollars in market cap, making them one of only a handful of 10-figure companies. 

3. Bad Vibes For Bitcoin

The Bitcoin ETFs registered their first day of net outflows in 8 trading days, BTC is down over 7% for the week and the vibes are way off. NVIDIA earnings pushed across the board derisking but Bitcoin has barely recovered, still trading below $60,000. That’s still a huge way up for the year, but sentiment on CT is in a full bear market. 

2. Stand With Crypto Roadshow

Coinbase-backed grassroots political organization Stand With Crypto are heading to swing states to drum up the crypto vote. The group has 1.3m members signed up that they hope to convert into impact at the ballot box. The first stop is next week in Arizona, with bipartisan speakers on the lineup. However hopes of a crypto reset from Democrats seems to be fading. 

1. Opensea Wells Notice

The SEC has issued a Wells notice to NFT marketplace Opensea, dragging digital art into the crypto crackdown. Founders stood strong, pledging to fight the case and announcing a 5 million fund to defend NFT artists should the SEC come knocking. The community reaction was largely exhaustion at facing yet another round of regulation by enforcement. SEC Commissioner Hester Peirce seems frustrated, stating “We should be thinking about what makes sense for us to do.”