? MARKET UPDATE: Bitcoin just smashed through $59K!

How long til we hit $60K? ⏳

Friend.tech token drops 26% after team shirks control of smart contracts

Friend.tech transferred control of some of its smart contracts to a null address, which can never be reversed.

Demand for Yen stablecoins is ‘only a matter of time’ — Brad Garlinghouse

Ripple CEO Brad Garlinghouse believes that Japan presents a promising market for stablecoins and anticipates strong demand for a Yen stablecoin. However, he refrained from making any promises about a Ripple stablecoin within Japan yet until the firm launches one in the United States.

? LATEST: Bitcoin Spot ETFs saw another significant outflows on Sept 6 with a total outflow of $170.0M across major providers.

• Fidelity FBTC led the outflows, shedding $85.5 million.
• Grayscale GBTC wasn’t far behind seeing $52.9 million in outflows.
• Bitwise BITB also saw notable outflows of $14.3 million.

This further reduced the total net asset value of Bitcoin Spot ETFs below $50 billion to $48.243 billion.

Crypto Question: “What happens if mining becomes completely unprofitable and miners leave? Will Bitcoin collapse?”
We decided to test a new section on our channel, “Crypto Question.” Ask your questions (even those that seem silly) in the comments, and we will select the most interesting ones and answer them in Q&A format?

So, about fleeing miners:
In simple language, the answer is “the fewer miners, the more miners!” Let’s imagine that after the next halving, mining will indeed become unprofitable, and miners will start leaving the market.

This will automatically lower the difficulty of Bitcoin mining => this means that mining will become more profitable for the remaining participants => this means that new miners will start joining the network.

Of course, there are other problems in this scenario. For example, the speed of transactions on the network will immediately decrease, and the network will become more vulnerable to attacks.

But in any case, there’s no need to worry because there are no indicators that we’re moving toward this kind of environment!

What is a bear hug*⁉️
✅***When a company makes an offer to buy a company at a very generous price—clearly above its market valuation—this is a “bear hug.”

Let’s look at an example:?‍♂*
✅***Company A is going through a bad time, and its stock price is falling (a bear hug usually happens during such periods). Company B comes along and publicly, without prior negotiations, makes an extremely generous offer to acquire the company.

What happens next:
✅Shareholders, who are interested in profits, start pressuring the company’s management to accept the offer (if the company is sold at a high price, its stock will rise).

What’s more, management is legally bound to strive to extract the maximum profit for shareholders, and if they refuse, shareholders can easily take the company to court.

One last step:
✅If a bear hug works, the acquiring company will replace the management team of the “victim” of the hug.

Does this happen in crypto?
✅Of course it does!!! One prime example is when Elon Musk bought Twitter (after all, Twitter is an important part of our industry, just like Musk himself).

✅Musk started buying up Twitter shares in early 2022 and was aiming to become the largest shareholder.

He went on to sign a deal to buy Twitter for $44 billion while promising to improve Twitter’s policies on content moderation, promotion, and transparency.

In October 2022, Musk finalized the deal and became the owner of the company. This move was followed by the firing of top managers and then many other employees.

Typical bear hugs ?