Fomo Takes Crypto by Storm, Grayscale Predicts Rotation From Stocks, and More – Weekly Recap

WEEK IN REVIEW

FOMO Cracks Top 5 US Finance Charts, Passes Kalshi and Cash App

Fomo, the social crypto trading app built for Robinhood Chain and other networks, has climbed into the top five U.S. finance apps on Apple’s App Store…

Editor’s comment:

While it may be the epitome of extractiveness and a PVP-style arena, it looks like Fomo has found product market fit in the memecoin/social trading space. This is something that several other well funded companies failed to achieve in the past. Whether the money from the fomo arena flows out to raise other boats remains to be seen.

Grayscale Sees Crypto Opportunity as Stock Concentration Soars

Grayscale says record U.S. household equity exposure and demanding stock valuations strengthen the case for crypto diversification.

Editor’s comment:

While a “rotation” from equities into crypto has been predicted many times and failed to come true, it’s worth noting that there has been a significant decoupling of Bitcoin from the Nasdaq. It could perhaps be the beginning of a longer trend.

CLARITY Act Odds Stay Buried as Senate Showdown Closes In

As August comes to a close, the CLARITY Act is barreling toward a critical Sept. 15 Senate test with prediction marketplace odds flashing serious doubt…

Editor’s comment:
We’re at the stage of the cycle where bad news has little effect on BTC, and good news sends price flying. With the failure of CLARITY likely mostly priced in and accepted by most, it may not even move the needle on Bitcoin, but a surprise passing on September 15th could be a significant catalyst.

153 Million Driver’s License Leak Sparks Explosive KYC Backlash

This week, the crypto community is discussing how cybersecurity experts from Krebs on Security’s researcher and journalist Brian Krebs, have discovered…

Editor’s comment:
As if the privacy narrative couldn’t get any stronger, half the country’s drivers licenses are now for sale on the dark web. As this news emerges, ZEC is in price discovery, currently up 87% in the last 30 days.

US Operation Economic Outcast Targets Global Financial Lifelines

Operation Economic Outcast is preparing to expand its banking offensive, with Treasury Secretary Scott Bessent saying the U.S. plans to sanction another bank.

Editor’s comment:
Sanctions, seizing, freezing… Take your pick. All of it is increasing and all of it strengthens the selling point for Bitcoin and crypto assets. While we don’t want to live in a world where these things happen more frequently, crypto bulls stand to benefit.