<\/p>\n
A potential \u201cglobal economic reset\u201d could see the price of Bitcoin (BTC) pushed down to a level not seen since mid-2020, according to Bloomberg Intelligence senior macro strategist Mike McGlone.<\/p>\n
On Aug. 25, McGlone spoke to Kitco News suggesting that troubling economic indicators from China reportedly show signs its economy is slowing down \u2014 which could be the catalyst for the next big global bust.<\/p>\n
\nhttps:\/\/t.co\/UJN4NtW7HT<\/p>\n
\u2014 Mike McGlone (@mikemcglone11) August 25, 2023<\/a><\/p><\/blockquote>\n
He said such a potential disaster could push the price of Bitcoin down to $10,000.<\/p>\n
\u201cBitcoin was hovering around $10,000 before the big pump of liquidity. I know things have changed, I know on-chain metrics have increased but there’s a potential we can easily get back there if we get the reset I think we’re going to get.\u201d<\/p><\/blockquote>\n
McGlone added he\u2019s looking at Bitcoin as a leading indicator for most risk assets and even if Bitcoin drops to $10,000 it’s \u201cstill probably the best-performing asset ever \u2014 so that to me is a problem.\u201d <\/p>\n
He said what caused Bitcoin\u2019s past performance was a zero-interest rate environment, however, he still holds some hope it will hit $200,000 unless \u201cwe get the global economic reset I think we’re going to get.\u201d<\/p>\n
Aptos grows partnerships by a Lotte<\/h3>\n
Layer-1 blockchain Aptos Network has announced a partnership with Daehong Communications, the marketing business owned by the multi-industry conglomerate Lotte Group.<\/p>\n
In Aug. 26 post, Aptos said the partnership is focused on providing the back end for \u201cSuper Jelly\u201d a reward system tied to Daehong\u2019s nonfungible token (NFT) collection Bellygom and its upcoming online virtual world Bellyland.<\/p>\n
\nPARTNERSHIP ANNOUNCEMENT <\/p>\n
We are happy to announce the partnership with @Aptos_Network<\/a> <\/p>\n
Stay tuned for a whole brand new experience by Aptos & Lotte on the Bellygom ecosystem! https:\/\/t.co\/8CdtATBSOg<\/p>\n
\u2014 daehong_official (@Daehongofficial) August 26, 2023<\/a><\/p><\/blockquote>\n
Aptos\u2019 mainnet will host the rewards that are earned through playing various games in Bellyland.<\/p>\n
\n1\/ About BellyLand
BellyLand is made of 12 mystical-themed areas. Adorable Bellygom is ready to play with you every night&day in BellyLand. I\u2019m not just saying, Bellygom might be snoring at night and taking selfies during the day. Also, BellyLand is more beautiful at night! pic.twitter.com\/RfDVT95Kdd<\/a><\/p>\n\u2014 Bellygom NFT (@bellygom_nft) August 26, 2023<\/a><\/p><\/blockquote>\n
It hinted the work with Daehong was a starting point and the partnership could see Aptos \u201cexplore Web3 innovation across many areas of the Lotte business network.\u201d<\/p>\n
Roll up! Roll up! \u2014 ETH layer 2\u2019s process 5x more than Ethereum mainnet<\/h3>\n
Ethereum\u2019s layer-2 blockchains have scaled the layer-1 network by over five times in the past week, according to L2Beat data.<\/p>\n
Crypto education YouTuber Patrick Scott first highlighted the change in an Aug. 26 X (Twitter) post and said the scaling factor grew from under 1 times to 5.2 times in under a year.<\/p>\n
\nFrom a scaling factor of under 1 to 5.25X in 1 year, Layer 2 Rollups, now process 5X the transactions of Ethereum mainnet.<\/p>\n
In another year, this comparison won’t even make sense as Layer 2s will process so many magnitudes more transactions. pic.twitter.com\/3xkpJM3Uc0<\/a><\/p>\n
\u2014 Patrick | Dynamo DeFi (@Dynamo_Patrick) August 27, 2023<\/a><\/p><\/blockquote>\n
\u201cIn another year, this comparison won’t even make sense as Layer 2s will process so many magnitudes more transactions,\u201d Scott added.<\/p>\n
Layer 2\u2019s such as Polygon or Coinbase\u2019s Base bundle thousands of transactions for processing on Ethereum to ensure they\u2019re immutably recorded with many boasting higher transactions per second and lower fees compared to Ethereum.<\/p>\n
According to L2Beat the largest L2 was Arbitrum with a nearly 56% market share, followed by Optimisims OP Mainnet at 26% and zkSync Era at 4.2%.<\/p>\n
Scams using verified accounts are ‘out of control,’ warns ZachXBT<\/h3>\n
Blockchain sleuth ZachXBT has raised the alarm over copycat verified organizations on X, which are \u201cout of control\u201d posting phishing links to fool unsuspecting users.<\/p>\n
In an Aug. 27 post, ZachXBT shared an image of 12 X-verified organizations that were made in the past two days \u2014 all impersonations of legitimate crypto projects including Lido, Friend.tech, Synthetix and ApeCoin (APE). <\/p>\n
\nHello @x<\/a> @premium<\/a> the phishing scam spam from fake verified orgs on Twitter has gotten out of control. <\/p>\n
These 12 accounts are all just from the past 48 hrs alone.<\/p>\n
Verified orgs were intended to make it harder for scammers but it has just created a new black market for accounts\u2026 pic.twitter.com\/cppyD5cUSj<\/a><\/p>\n
\u2014 ZachXBT (@zachxbt) August 27, 2023<\/a><\/p><\/blockquote>\n
Twitter changed its verification system following Elon Musk\u2019s purchase of the platform moving to a paid verification system that allows businesses to pay $1,000 per month for a gold checkmark.<\/p>\n
Related: <\/em><\/strong>Crypto community reacts to Biden\u2019s proposed crypto tax reporting rules<\/em><\/strong><\/p>\n
Musk claimed<\/a> the subscription cost was to \u201cmake it expensive for scammers to create millions of accounts.\u201d<\/p>\n
It\u2019s unclear how the fake accounts are proliferating but ZachXBT has said<\/a> the alleged scammers buy the already-verified accounts on Telegram.<\/p>\n