***Qrafty unrolling the red carpet*** Welcome, crypto enthuziast! I, Qrafty the crypto lovin’ honey badger, welcome you to Coinqraft – the crypto newsletter for brainy and inquisitive souls who crave market insights but would rather avoid the crypto-bro circus, all while sipping a cup of virtual chai.🌟

🦡 We have interesting developments today! 🦡 Let’s dive into the rabbit hole because Qrafty just got back with news 📰 and scoops 🔍 :

1. ETFs delayed, including Blackrock.

2. Chainlink and Swift finish successful test.

3. Lawsuit against Uniswap dismissed

Bonus: BTC retraced the whole Grayscale pump

Today’s Story

ETFs delayed. BTC retraces the pump.

Up until today, analysts were more pumped than a squirrel on a double espresso, aside from their coked up brains! Everyone was telling you that there are chances of ETFs getting approved and everyone was very happy on TV like Santa Claus was coming.

We even had those green dildos when BTC pumped after the SEC lost the case with Grayscale… what could go wrong, right?

Weeeell… Qrafty told you not to trust analysts and always regard them as the first 4 letters of their title. They’re not there to make you rich or to advise you, they’re there to make you exit liquidity.

So guess what? ALL ETFS WERE DELAYED, INCLUDING BLACKROCK!

In a previous edition, Qrafty actually thought that all other ETFs will be rejected and only the BlackRock will be approved. But it’s clear now that Qrafty was wrong, that’s important to mention. All eyes now in the middle of October, as we are heading towards a very tumultuous financial environment.

The global system is shaking and there are bigger and bigger cracks appearing everywhere, from China to the US. The AI hype wasn’t enough to pump up the jobs and the economy and it seems that either a new war or the printer going brrrrrrrr again will push things away. But it’s only for a short time, the inevitable will face us. It’s just that the effort right now is to push the inevitable after the elections in 2024, so that the other side is guilty.

US PCE Price Index YoY Actual 3.3% (Forecast 3.3%, Previous 3.0%)

US Core PCE Price Index YoY Actual 4.200004% (Forecast 4.2%, Previous 4.1%)

US PCE Price Index MoM Actual 0.2% (Forecast 0.2%, Previous 0.2%)

US Core PCE Price Index MoM Actual 0.2% (Forecast 0.2%, Previous 0.2%)

🙃 Qrafty hopes that today’s main story brought brave badgery value to you! Now it’s time for a break, you deserve a bit of fun! 😇 👇️ 

All eyes on BTC today!

A good giggle… priceless. For everything else there’s… laughing hysterically.

Here is the main news of the day 👇️ 

1. ChainLink ($LINK) finishes successful test with SWIFT

$Link marines must be happy today, even though we’re in a bear market. In a recent development, ChainLink, the oracle platform and SWIFT, the antiquated interbank messaging system, have finished a test where Swift used Chainlink's Cross-Chain Interoperability Protocol (CCIP) to connect with different blockchains. Chainlink’s CCIP is designed to help build cross-chain applications and various services.

As per their statement, Swift offers a secure and scalable method to link numerous blockchains for the seamless transfer of tokenized assets worldwide. Swift serves as a centralized entry point for financial institutions looking to move tokenized assets, capitalizing on its pre-existing secure infrastructure. These experiments represent Swift's continuous efforts to uphold robust and secure interoperability in the midst of a fragmented financial landscape.

What Swift failed to mention is the fact that their system is backwards compatible with an abacus and this company is basically a messaging system from the 70’s which has been only modestly updated throughout the years. It’s equivalent to the rotary phone today (yes, look that up). At its core, it’s literally a slower WhatApp for banks.

After these experiments, they boast that they can transfer tokenized value with their infrastructure across multiple public and private blockchains. If the new financial world is still reliant on Swift for messaging and settlements, it’s a really comedy show.

2. Web3 losses exceed $1 billion in 2023

The sad truth of crypto is that most new “projects” are scams or money grabs, regardless of market conditions; but it’s especially visible in bear markets since there’s no more hype and not a lot of people are making money.

If they’re not scams from the get go, the incompetents managing the projects manage to run them into the ground fast enough. Just check Luna/Terra, FTX/Alameda and all the innumerable projects that have crashed and burned, while being touted as massive successes.

Obviously, as Qrafty recently mentioned, Coinbase’s Base is the most recent scam filled arrival on the crypto scene. It’s so full of scams and rugpulls, it looks like as if Coinbase was running out of money and decided to launch this just to steal money from its users. Aside from friends dot tech short bubble which has already deflated, it’s a pretty much total scam festival on Base, constantly.

There’s is also the possibility that most of these projects are scams created by market makers in order to steal your money and bait you into those “crypto projects“. So please be very very careful what you are buying and from where!

3. Worldcoin boasts growth

It looks like in Argentina ~ 9000 people wanted to get their eyes scanned and just throw away their biometric data for magic internet coins, in one single day.

Although Argentina is very forward looking when it comes to crypto and technology, Qrafty is sad to see these things happening at such scale.

Worldcoin is a very perverted idea that has a very specific plan with their coin, a plan which they haven’t revealed yet. On the surface, it’s just another coin. But in reality, it’s something much more subtle and obscure. It’s basically the opposite of the whole crypto movement.

4. Lufthansa gets into the NFT game

Lufthansa Group, the second-largest airline fleet in Europe, has recently unveiled its based loyalty program integrated with NFTs. Its passengers will have the opportunity to accumulate NFTs and subsequently earn rewards, including flight upgrades or access to airport lounges, upon successfully assembling sets of NFTs.

This program enables passengers to utilize the Uptrip mobile app to scan their boarding pass and receive NFT trading cards as rewards, which can be used to redeem airline miles, business vouchers, and various other travel perks.

5. Bitfinex lists $BNB perpetual contracts

This is quite an interesting piece of information, that has about two main possibilities:

• Either BNB is getting shorted into Tartarus and CZ is in for a taste of his own recipe (what he did to SBF/FTX)

• Or Bitfinex and Binance agreed to work together for the moment to save BNB’s collapse

Between the two, it would seem that only Tether currently has access to reasonably liquid USD on-off ramps.

And Binance isn’t really in the best condition right now. The latest question mark is that Leon Foong, its APAC Head of Compliance, left the company. So the dude responsible with the regulatory oversight just jumped ship.

Over the past few months, notable departures from the company have included its Chief Strategy Officer Patrick Hillman and General Counsel Hon Ng. These exits came in the wake of regulatory actions taken by authorities from the United States to Australia, who imposed strict measures on the exchange due to a series of alleged violations.

Hey hey 🙃 Qrafty hopes you are enjoying the experience here and would like to regularly get Qrafty’s letters!

If so, please click on the button below. Qrafty is really really grateful to have you here, so thank you!

Looking forward to more “analysts“ predicting things!

Qrafty’s thought of the day

Other stories

Major crypto fraud investigated in India

The Enforcement Directorate in India is currently probing five companies for their involvement in a money laundering scheme that spans between Dubai and India.

These companies, one of which is Zanmi Labs (associated with WazirX), employed cryptocurrency for investments in the Dubai real estate market and subsequently funneled the funds back into India via remittances.

Previously, these entities had used gold for their money laundering activities, but they have now shifted to cryptocurrency as a means to conceal illicit funds and make investments in properties in Dubai.

Class action against Uniswap dismissed

US judge just dismissed a class action against DeFi decentralized exchange Uniswap. The court considers Bitcoin and Ethereum as commodities. Liquidity pools not considered investment contracts.

Judge Katherine Polk Failla dismissed the case, ruling that software cannot be held accountable for user losses or third-party damages. The same judge is presiding the SEC case against Coinbase.

Country Garden says it might default on debt

Country Garden, one of the largest Chinese real estate developers, has said it may default on debt. That’s not good… not good at all. Not just for China, but for everyone.

Akash expands their GPU offering

Akash Network adds Nvidia GPUs to its decentralized compute market. Akash is a pretty interesting project because it offers computing power to those who need it.

Up until recently, big computing power wasn’t really a mass phenomenon. Some big companies need a lot of chip juice because it’s specific to their business model. But with the advent of Large Language Models (LLM’s) and generative models, a lot of computing power is needed and the world is currently short on chips. So this business model might really take off.

Coinbase will list PayPal’s coin

Coinbase will list PayPal’s $PYUSD on the exchange on the 1st of September, 2023, if the liquidity conditions are met.

Market Whispers

Bitcoin is very emotional lately and today got its feelings hurt by the decision of SEC to delay the ETF's. So he cried himself out down to 25650$, retracing basically all the move up from Grayscale win of lawsuit. The down move also coincides with a rejection from the 200 Moving Average. Qrafty smells something bearish in the air so it's better to wait and see how things go from here. And pray that 25k holds.

Today is LA TOMATINA!

La Tomatina is celebrated on the last Wednesday of August every year in the town of Buñol near Valencia in Spain and this year, it falls on August 31. It is a food fight festival enjoyed by thousands of people, and is the world’s biggest food fight!

That’s all from Qrafty 🦡 for today! Qrafty thanks you and wishes you to live each moment as if you are listening to the music you love most!

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