ARKK sold 135,152 Coinbase (COIN) shares valued at over $12 million on July 11. The CBOE mentioned Coinbase as a partner in conducting surveillance. Ark Invest, the investment management business run by Cathie Wood, sold Coinbase (COIN) shares on Tuesday as the price hit a new high for the year. Shares of Coinbase remained rising when several spot Bitcoin ETF applicants picked Coinbase as its surveillance-sharing partner, despite a lawsuit from the US Securities and Exchange Commission (SEC). The leading ARK Innovation ETF (ARKK) managed by Cathie Wood sold 135,152 Coinbase (COIN) shares valued at over $12 million on July 11. According to the transactions database, this is the first time ARK Innovation ETF has sold COIN shares since July 26 of last year. Booking Profits Furthermore, after accumulating shares in Coinbase (COIN) since last year, ARK Fintech Innovation ETF (ARKF) unloaded 160,887 of them in March. Despite the volatile cryptocurrency market, US governmental crackdown, and sector bankruptcy, Ark Invest has been a major investor in Coinbase for the last year and is now the fourth biggest holder. After seeing Coinbase’s stock price rise 10% to an intraday high of $92.15 before closing at $89.15, Cathie Wood’s Ark Invest opted to sell some of its holdings. In agreements covering the refiling of five spot Bitcoin ETFs, the Chicago Board Options Exchange (CBOE) mentioned Coinbase as a partner in conducting surveillance. Moreover, since the price of Coinbase (COIN) has risen 165% so far this year and 76% in the past month, the sale of shares by Cathie Wood suggests that she is likely booking profit. The price of COIN shares has risen further following the close of trading. Highlighted Crypto News Today: Cboe Refilings Added More Pressure on SEC to Approve Bitcoin ETF

The court rules that LBRY, Inc. violated Section 5 of the Securities Act of 1933. Attorneys assess the significance of this judgement in regard to Coinbase and Ripple case. The United States District Court for the District of New Hampshire has released its final judgement in the case of SEC v. LBRY. The court rules that LBRY, Inc. violated Section 5 of the Securities Act of 1933 and penalizes the company accordingly. In light of the continuing legal struggle between the SEC and others like Coinbase and Ripple, attorneys assess the significance of this judgement. Violation of Securities Act The Court approved the SEC’s Motion for Summary Judgement on November 7, 2022, finding LBRY liable for breaching Section 5 of the Securities Act. In light of the Court’s decision (Doc. 86), the Commission moved for the entry of a Final Judgement, which the Court has now granted. As a result of the Final Judgement, LBRY is prohibited from further breaching Section 5 of the Securities Act. In addition, under Section 21(d)(5) of the Exchange Act, LBRY is permanently prohibited from taking part in, or causing or permitting any other person to take part in, any issuance of crypto asset securities that is not registered under the Act. The LBRY decision casts doubt on how the pending dispute between the SEC and Ripple and Coinbase will turn out. The Major Questions Doctrine and secondary sales were not addressed in the LBRY judgement, which instead focused on Section 5 infractions. Similar claims about the selling of XRP as unregistered securities are at the heart of Ripple’s argument. According to Deaton, the SEC used the summary judgement ruling in the LBRY case to support its position in the Coinbase case, arguing that the court erred in failing to distinguish between primary sales from the issuer (LBRY) and secondary sales on exchanges. Highlighted Crypto News Today: Solana (SOL) Enters Top 10, Overtaking Litecoin (LTC)

The MATIC price has increased by over 15% since the beginning of the month. The BNB price is expected to continue its climb toward the $300 intermediate goal. Bitcoin (BTC) has been settling around the $30,500 level for some time after a significant gain in the second half of June 2023. The price has been consolidating around these levels, exhibiting compression, throughout July. Moreover, this indicated a breakout is possible in the near future. On the other hand, Polygon (MATIC) and Binance Coin (BNB) are two altcoins that have shown tremendous growth in popularity recently. Santiment, a famous on-chain platform, reports that as the BTC price continues to drop below $31,000. These tokens are attracting the interest of many traders. Bullish Momentum Ahead Consequently, enormous bullish flags are waving around their values, which may be more potent than the BTC and ETH rises. The price of Polygon (MATIC) has been exhibiting extreme strength for over a month, as it has been consistently making new highs and new lows in its trading range. The MATIC price has increased by over 15% since the beginning of the month, while most other cryptocurrencies (particularly BTC and ETH) have remained stagnant. It is expected that the price will continue to rise strongly over the next several days, reaching the first aim of $0.8 and then attempting to achieve $0.9, which might then overcome the obstacles to achieving $1. More importantly, the Binance Coin (BNB) price has maintained a steady trend inside a predefined threshold. The last few days have seen a massive injection of liquidity into the coin, which has increased the purchasing pressure. Since bullish technical persist, the BNB price is expected to continue its moderate climb toward the $300 intermediate goal. Highlighted Crypto News Today: Breaking News: 20M MATIC Transferred from Polygon Staking to Unknown Wallet

Linea uses zero-knowledge proofs and is EVM-compatible. ConsenSys claims quicker throughput and 15 times cheaper transaction costs. ConsenSys is beginning to onboard partners to their Linea network, which has generated substantial scaling milestones in testing. And this is great news for the Ethereum ecosystem as a whole. Linea is a layer-2 scaling network for Ethereum that facilitates the creation of, and migration to, decentralized applications. It uses zero-knowledge proofs and is EVM-compatible, thus its applications may communicate with the Ethereum blockchain without any further development. Quicker Throughput and Cheaper Transactions During the testnet phase, about 5.5 million individual wallets processed over 46 million transactions. ConsenSys detailed the enhancements made to Linea during testing that enhanced performance, reduced transaction costs, and enhanced the user experience. ConsenSys claims quicker throughput and 15 times cheaper transaction costs than those processed on Ethereum’s mainnet. And the gradual alpha rollout started on July 11 with more than 100 partners. Users of Linea may use the Ethereum browser wallet MetaMask from ConsenSys, allowing them to purchase, sell, and exchange tokens. The proliferation of layer 2 Ethereum scaling protocols and solutions was singled out by Joseph Lubin, founder, and CEO of ConsenSys, as a major factor propelling the development of Web3 apps and features. In light of Linea’s rapid finality, capital-efficient bridge, and the security inherited from Ethereum’s mainnet, a recent announcement was made that highlights decentralized finance (DeFi) apps making the switch. Meanwhile, the network provides low latency, fast throughput, and cheap gas prices, all of which are essential for decentralized apps, games built on the blockchain, and social networks. More than 30 venture capital companies are participating in the Linea Ecosystem Investment Alliance (EIA), which was also created by ConsenSys. Highlighted Crypto News Today: XRP Set to Soar as CertiK’s Comprehensive Security Audit Validates Bullish Outlook

The second spot is secured by Ondo Finance with $132.79M TVL. Justin Sun expressed his delight with stUSDT’s rise in DefiLlama’s RWA TVL Rankings. Through the decentralized platform JustLend, the TRON ecosystem recently welcomed its first Real World Asset (RWA) product: stUSDT. Justin Sun, creator of TRON and member of Huobi’s global advisory board, predicted that stUSDT will become the cryptocurrency equivalent of Alipay’s Yu’e Bao, a money market fund service provided by Alibaba. Sun believes it will act as a conduit for the integration of conventional markets into blockchain ecosystems, giving crypto consumers more freedom of choice. Enticing Investors To further facilitate new users’ introduction to RWAs on TRON. The stUSDT platform will run a welcome campaign from July 10 through August 10, 2023. Increasing the APY to as much as 10% (from the usual 5%). From July 3rd through August 10th, users may also take advantage of reduced stUSDT redemption costs. Since its release, the TRON-based RWA product stUSDT has generated substantial buzz because of its massive worldwide user base and $50 billion stablecoin market worth. Recently, Justin Sun expressed his delight with stUSDT’s rise to the top of DefiLlama’s RWA TVL Rankings. DeFi TVL is aggregated by DefiLlama. stUSDT has a TVL of $163.76M as of this writing. The second spot is secured by Ondo Finance with $132.79M TVL. In order to keep up with other leaders in the cryptocurrency market. The Tron (TRX) team has been quite busy throughout the last several years. Also, throughout the week of July 1–7, Tron achieved a number of important milestones, which were recounted by the @Trondao Twitter account. The fifth season of the Tron Grand hackathon kicked began on July 6, marking one of the most significant events of the last week. Highlighted Crypto News Today: Breaking News: 20M MATIC Transferred from Polygon Staking to Unknown Wallet

The Spot Bitcoin ETF has made headlines in the crypto market over the past few days. Bitcoin ETF filings directly impacted the Coinbase stock price. In the world of the crypto market, the Bitcoin Exchange Traded Fund (ETF) has caught the attention of the crypto community. Recently, the former chairman of the U.S. Securities and Exchange Commission (SEC) stated that the Bitcoin ETF should be approved. While these things are going around, Cboe, the global market, has made a significant move that has added more pressure on the SEC. On June 11, all five Bitcoin ETF applications from the Cboe added a Surveillance Sharing Agreement (SSA) with the leading crypto exchange Coinbase. The Cboe updated the BTC ETF filings with the U.S. SEC from Invesco, VanEck, WisdomTree, Fidelity, and the joint fund by ARK Invest. The updated filings clearly show that it has reached out to Coinbase to enter into the Surveillance Sharing Agreement. In the earlier filings, Cboe mentioned that it was expecting to enter into a surveillance-sharing agreement with Coinbase. However, the agreement was settled on June 21 for each filing. On Tuesday, they showed the updated original filings with the U.S. SEC. Coinbase’s Stock Price Surges After Bitcoin ETF Filings The Surveillance Sharing Agreement, which is referred to as SSA, has become the most important part of Bitcoin ETF applications after the SEC comments. The U.S. SEC has stated that these agreements are necessary to prevent market manipulation. The Spot Bitcoin ETF has made headlines in the crypto market over the past few days. Recently, the SEC rejected the Bitcoin filings, saying that the filings were not sufficiently clear and comprehensive. After the SEC comments, every firm has started refiling the BTC ETF with the SEC. As the whole crypto market is waiting for the SEC’s approval, Cboe filings have added more pressure on the SEC to approve the BTC ETF requests. The updated Bitcoin ETF filings directly impacted the Coinbase stock price, which went up. After the recent Cboe BTC ETF filing, the price rose significantly. The Coinbase share price experienced an impressive surge of over 10% on Tuesday. Moreover, it has reached its highest price since August 16, according to Google Finance.

Solana (SOL) claims a top 10 position by surpassing Litecoin (LTC) in market cap. The Solana market soared 15.5% in just one week, from $7.7B to $8.8B. Solana (SOL), often referred to as the “Ethereum killer,” has made significant strides in the cryptocurrency market, surpassing Litecoin (LTC) to claim the 9th position on CoinMarketCap. SOL’s impressive performance, marked by a 46% surge in price over the past month, has sparked bullish predictions among analysts. Solana’s climb in the ranking resulted from a major rally in its market cap. The heightened activity on its network has propelled the market cap of SOL from $7,700,930,946 to $8,898,065,422, which soared over 15.5% in a week. In comparison, Litecoin (LTC) currently maintains a market cap of $7,109,710,294. Solana (SOL) Shines with Bullish Momentum While the global crypto market grapples with fluctuations, Solana has stood out with its remarkable gains. At the time of writing, Solana (SOL) traded at 22.14 with a 24 hour trading volume of $383 million. SOL has recorded a 2% increase in a day and a substantial 15% gain over the past week. Solana (SOL) Price Chart (Source: Tradingview) Further, Solana has achieved a notable milestone by breaking through both long-term and short-term resistance lines, signifying a crucial turning point for the cryptocurrency. Recently, the Securities and Exchange Commission (SEC) “labelled Solana (SOL) as a security” along with 13 other cryptocurrencies. Following that, the Solana Foundation has responded to the SEC’s decision by expressing its disagreement with the classification of Solana (SOL) and other cryptocurrencies as securities. However, Solana’s rise in both price and market position has captured the attention of the crypto community. Also, its strong performance and increased adoption indicate that Solana may be well-positioned to assert itself as a significant player in the crypto space. Possibly disrupting the dominance of established cryptocurrencies like Litecoin and Ethereum. Recommended for you Solana (SOL) Price Prediction 2023

As the highly anticipated US Consumer Price Index (CPI) data for June is set to be released today at 8:30 am EST, the Bitcoin (BTC) market finds itself at a crucial crossroads. With inflation concerns lingering and the Federal Reserve’s next moves under scrutiny, market participants eagerly await the impact of the CPI figures on BTC’s price trajectory. The expectations are as follows: Headline y/y at 3.1% (last 4.0%) Headline m/m at 0.3% (last 0.1%) Core CPI y/y of 5.0% (last 5.3%) Core CPI m/m of 0.3% (last 0.4%) The Fed’s Battle Against Inflation In recent months, inflationary pressures have been a cause for concern, capturing the attention of investors and economists alike. While headline inflation is cooling off fast and expected to fall further to 3.1% (from 4.0% in May), it is the core CPI, which excludes volatile food and energy prices, that has become increasingly important. In recent public appearances, members of the Federal Reserve (Fed) have maintained a hawkish stance and expressed concerns about a potential resurgence of inflation regarding the elevated core inflation. The underlying concern stems from the fact that inflation has primarily declined due to resolving supply chain problems, while core inflation remains elevated. The rise in wages could contribute to a cycle of increasing sticky core inflation. Although core CPI was at 5.3% in May, experts now anticipate a gradual decline to 5.0% in June. While this is progress, it shows how sticky core inflation currently remains. An unexpectedly sharp drop would therefore be extremely bullish. Any number below expectation could lead to a rally in the Bitcoin and cryptocurrency markets, as Christopher Inks, renowned trader and psychology coach, tweeted: A surprise in core inflation could have a significant impact on the next rate hike decision by the Fed. The next FOMC meeting is on July 26. At the moment, the CME FedWatch tool predicts with 92.4% a 25 bps rate hike which is holding back the markets. This probability is likely to drop massively if the core CPI surprises to the downside. As usual, JP Morgan has drawn up a game plan for the S&P 500 in view of today’s release of the Consumer Price Index. According to the banking giant, a drop in the CPI to 3%-3.2% has the highest probability at 45%. The S&P 500 could then gain between 0.5-0.75%. The second-highest probability is given by JP Morgan to a drop in the headline CPI to 2.8% to 2.9% (25%). In this case, the S&P 500 could rise by 1.5-1.75%. Moreover, the banking giant gives a 10% chance to a fall of the CPI to 2.7% or lower, while a surpassing of the forecasted reading (above 3.3%) is just at 20%. Potential Scenarios For Bitcoin If the CPI figures come in higher than expected, signaling elevated inflationary pressures, BTC could face a temporary retreat. In the case of CPI falling within the predicted range, BTC’s response may be moderate. Investors will closely monitor the data for signs of sustained inflation, potentially resulting in a slight dip in Bitcoin’s price. A lower-than-anticipated CPI figure, suggesting easing inflationary pressures, could ignite a bullish rally in BTC. Investors may perceive this as a positive signal which is signaling a continued rate pause by the Fed. A lower-than-expected core CPI reading has the potential to provide a much-needed boost for Bitcoin. At press time, the Bitcoin price has managed to break above the mid-range resistance, trading at $30,767.

PawZone burns 1.4 billion $PAW tokens, emphasizing transparency and decentralization. Pawzaar and The Gaming Guild empower Shiba Inu enthusiasts within Shibarium. Shibarium ecosystem is witnessing a surge of activity and anticipation as PawZone, a trusted project, takes center stage with a significant development. In a move that emphasizes their commitment to transparency and decentralization, it has burned 1,400,000,000 $PAW tokens. It was valued at approximately $14,500. This token burn not only showcases PawZone’s dedication to its PawFighters but also sets the foundation for the introduction of its innovative product lineup. Shibarium Eco-System Builds Strong , PawZone a Key Player ? One of the notable offerings from PawZone is Pawzaar, a unique NFT marketplace specifically tailored for the Shiba Inu ecosystem. Through seamless integration with Shibarium, Pawzaar enables users to fully leverage their Shiba Inu and Shibarium assets. The marketplace supports transactions in a range of cryptocurrencies, including $SHIB, $LEASH, $BONE, $PAW, $ETH, $USDC, and the upcoming $SHI. It stands out with its feature that allows users to borrow or lease NFTs. It provides temporary access to the benefits and utilities these assets offer. The native currency of Pawzaar, $PAW, plays a crucial role in lending and borrowing transactions. And Now according to the coinmarketcap , the $PAW sees a surge of 3.72% with the successful burn undergone. And the price stands at $0.00001038. Another exciting facet of PawZone is The Gaming Guild, a platform designed to be the crypto gaming guild for the Shib Army. It allows members to borrow in-game assets while retaining most of their earnings. And also dedicates a portion of transactions to the Shiba Inu Burn address, contributing to the overall sustainability. The guild provides access to blockchain games with high entry barriers. It enables Shibarium enthusiasts to experience the potential of play-to-earn gaming without upfront costs. Summing up ,The recent token burn of 1,400,000,000 $PAW tokens by PawZone demonstrates its commitment to the PawFighters, transparency, and long-term sustainability. This strategic move paves the way for the introduction of Pawzaar, the NFT marketplace with Shibarium integration. And The Gaming Guild, the ultimate platform for Shiba Inu enthusiasts. Finally, With the introduction of the $PAW token, PawZone brings governance and utility to the forefront, ensuring active community participation. These innovative products by PawZone hold the potential to shape a vibrant and prosperous future for the Shibarium ecosystem and Shiba Inu Community.

Solana (SOL) has recently made a significant breakthrough, successfully shattering both long-term and short-term resistance lines and marking a pivotal moment for the cryptocurrency’s future. Resistance lines are an essential concept in technical analysis that represent price levels where selling pressure historically outweighed buying pressure, resulting in a temporary halt or reversal in an asset’s price movement. In the case of SOL, the breakthrough of both long-term and short-term resistance lines signifies a significant shift in the market dynamics. Breakout Signals A Shift In SOL Price Movement Analyzing the weekly time frame reveals an important development for Solana. Last week, SOL managed to break out from a long-term descending resistance line. Remarkably, this resistance line had been in place for a staggering 600 days, originating from the all-time high reached back in November 2021. Breakouts from such extended structures often serve as a significant indication that the preceding trend has concluded and a new one has commenced, but in the opposite direction. Considering SOL’s recent breakout from the long-term descending resistance line, it is highly likely that the cryptocurrency has initiated a new bullish trend reversal. This breakthrough represents a major shift in the market dynamics for SOL, suggesting that the selling pressure that previously impeded its progress has weakened or been overcome by increasing buying pressure. As a result, the stage is set for SOL to potentially experience an upward surge in value and embark on a new bullish trajectory. Meanwhile, over the previous week, Solana has experienced a notable 98.0% surge in trading volume, accompanied by a 0.91% rise in the coin’s circulating supply. Current SOL Price And Recent Performance At present, the SOL price listed on CoinGecko stands at $22.07, highlighting a notable 1.7% rally within the past 24 hours. Over the course of the last seven days, SOL has exhibited an impressive climb of 14.7%. These recent price movements further support the notion of a potential bullish trend reversal, as SOL continues to gather positive momentum. While the current analysis suggests a bullish outlook for Solana, it is essential to acknowledge the possibility of a price correction. If SOL loses its current momentum, there is a chance that it could retrace to the descending resistance line. However, it is worth noting that there are no immediate indications or signals in the short term to suggest such a decline is likely to occur. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from POSITRAN

Ethereum price is consolidating below the $1,900 resistance against the US Dollar. ETH could attempt another increase unless there is a close below $1,825. Ethereum is trading in a range above the $1,850 level. The price is trading above $1,870 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $1,890 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a decent increase if it clears $1,890 and $1,900. Ethereum Price Holds Support Ethereum’s price made another attempt to gain strength above $1,900. However, ETH failed to settle above the $1,900 resistance and remained in a range, similar to Bitcoin. There was a bearish reaction below $1,880. A low is formed near $1,862 and the price is now moving higher. There was a break above the $1,880 level. The price climbed above the 50% Fib retracement level of the recent drop from the $1,905 swing high to the $1,862 low. Ether is now trading above $1,870 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,890 level. There is also a key bearish trend line forming with resistance near $1,890 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The trend line is close to the 61.8% Fib retracement level of the recent drop from the $1,905 swing high to the $1,862 low. The first major resistance is near the $1,900 zone. A close above the $1,900 resistance could start a decent increase toward $1,955. The next major resistance is near the $1,975 level. Any more gains could send Ether toward the $2,050 resistance. Another Decline in ETH? If Ethereum fails to clear the $1,900 resistance, it could start another decline. Initial support on the downside is near the $1,870 level or the 100-hourly Simple Moving Average. There is also a connecting bullish trend line at $1,870. The first major support is near the $1,845 level, below which the price might revisit the key support at $1,825. The next major support is near the $1,770 level. Any more losses could send Ether toward the $1,720 support level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,845 Major Resistance Level – $1,900

Polkadot’s DOT is moving higher from the $5.0 support against the US Dollar. The price could rally if it clears the $5.30 and $5.40 resistance levels. DOT is slowly moving higher above the $5.15 resistance zone against the US Dollar. The price is trading above the $5.20 zone and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support near $5.10 on the 4-hour chart of the DOT/USD pair (data source from Kraken). The pair could gain bullish momentum if there is a close above the $5.30 resistance. Polkadot’s DOT Price Aims Higher After a sharp decline, DOT price found support near the $5.0 zone. A low is formed near $4.98 and the price is now attempting a fresh increase, similar to Bitcoin and Ethereum. There was a break above the $5.15 and $5.20 resistance levels. There is also a key bullish trend line forming with support near $5.10 on the 4-hours chart of the DOT/USD pair. The pair is now trading above the $5.20 zone and the 100 simple moving average (4 hours). Immediate resistance is near the $5.30 level. It is near the 50% Fib retracement level of the downward move from the $5.62 swing high to the $4.98 low. Source: DOTUSD on TradingView.com The next major resistance is near $5.40 or the 61.8% Fib retracement level of the downward move from the $5.62 swing high to the $4.98 low. A successful break above $5.40 could start a strong rally. In the stated case, the price could easily rally toward $5.60 in the coming sessions. The next major resistance is seen near the $6.0 zone. Dips Limited? If DOT price fails to continue higher above $5.30 or $5.40, it could start a downside correction. The first key support is near the $5.15 level and the 100 simple moving average (4 hours). The next major support is near the $5.10 level and the trend line, below which the price might decline to $5.00. Any more losses may perhaps open the doors for a move toward the $4.80 support zone in the coming sessions. Technical Indicators 4-Hours MACD – The MACD for DOT/USD is now gaining momentum in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now above the 50 level. Major Support Levels – $5.15, $5.10 and $5.00. Major Resistance Levels – $5.30, $5.40, and $5.60.

Bitcoin continues to dominate the market as it struggles to find a continued surge in price. In its latest weekly report, crypto exchange Bitfinex highlighted a key part of Ark Invest’s report to show growing support from strong holders and improved institutional sentiment toward Bitcoin. As of early July, 70% of the existing Bitcoin supply of 19.4 million BTC has remained unmoved for at least 12 months. This means that Bitcoin’s unmoved supply, that is, the amount of BTC that hasn’t been transferred in over a year, just reached an all-time high. Bitcoin Sees Growing Institutional Interest Institutional investors are taking interest in Bitcoin as a hedge against inflation. When major players put serious money into an asset, it signals they believe in its future value. According to the report, several factors have contributed to the increase in long-term confidence of Bitcoin investors. One major influence is the news of major investment companies filing for Bitcoin spot ETFs which seemed to have fueled more interest. Over-the-counter (OTC) trading reached a one-year high in June, surging by 60% in the past quarter alone. These OTC trading deals are now more popular with institutional investors, indicating BTC is becoming a preferred investment option. This surge in Bitcoin’s unmoved supply definitely means positive things for the price of Bitcoin. As more of the supply becomes locked up by long-term holders, the available supply in circulation decreases. According to the law of supply and demand, when supply goes down but demand remains the same or increases, the price goes up. It’s not all bullish for the asset though because, according to Bitfinex’s report, news of the spot ETF filing by BlackRock and other investment companies led to a surge of more than 38% in Bitcoin Open Interest. This suggests that derivatives traders may be dominating the current market momentum, which might negatively affect the price of BTC in the short term. Percent of Supply Last Active 5+ Years Ago Reaches All-Time High Following in the same vein as the Bitfinex report, on-chain data from Glassnode alerts also show that Bitcoin’s supply which has remained unmoved for more than 5 years recently reached an all-time high of 29.070%. Clearly, this shows that more people are holding Bitcoin as a long-term investment rather than trading or spending it. With Bitcoin having a fixed supply, the unmoved supply of the cryptocurrency is expected to continue to rise as long as investment institutions such as MicroStrategy continue to accumulate more of the cryptocurrency.

Bitcoin price is moving higher above the $30,500 level. BTC is showing signs of a fresh move toward the $31,000 resistance zone. Bitcoin is slowly moving higher above the $30,500 support zone. The price is trading above $30,400 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support near $30,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could rise further toward the $31,000 resistance and then $31,400. Bitcoin Price Holds Ground Bitcoin price remained stable above the $30,000 support zone. A base was formed and BTC started a decent increase above the $30,200 level. The price was able to spike a couple of times above the 50% Fib retracement level of the downward move from the $31,020 high to the $30,215 low. However, the bears seem to be active near the $30,700 resistance zone. There is also a key bullish trend line forming with support near $30,500 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $30,400 and the 100 hourly Simple moving average. Immediate resistance on the upside is seen near the $30,720 level. It is close to the 61.8% Fib retracement level of the downward move from the $31,020 high to the $30,215 low. Source: BTCUSD on TradingView.com The next resistance is near the $31,000 zone, above which the price could gain bullish momentum. In the stated case, BTC might rise toward the $31,400 resistance. The next major resistance is near the $32,000 level. Any more gains could open the doors for a move toward the $32,500 resistance zone. Another Decline in BTC? If Bitcoin’s price fails to clear the $30,700 resistance, it could start another decline. Immediate support on the downside is near the $30,500 level and the trend line. The next major support is near the $30,300 level and the 100 hourly Simple moving average, below which there could be a drop toward the $30,000 support zone. Any more losses might send the price toward the $29,850 level in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $30,500, followed by $30,300. Major Resistance Levels – $30,700, $31,000, and $31,400.

The United States Department of Justice (DOJ) announced on July 10 the unsealing of a four-count indictment against Soufiane Oulahyane for a scheme to impersonate the OpenSea marketplace to obtain unauthorized access to cryptocurrency and non-fungible tokens (NFTs). Oulahyane, currently in custody in Morocco for foreign charges, allegedly has stolen approximately $450,000 worth of cryptocurrency and NFTs. OpenSea NFT Theft According to the indictment filed by the US Department of Justice, Soufiane Oulahyane, the alleged hacker who stole $450,000 worth of cryptocurrency NFTs from a victim in Manhattan, sold several NFTs that belonged to the victim. The NFTs sold by Oulahyane included pieces from popular series like “Bored Ape Yacht Club,” “Meebit,” “Bored Ape Kennel Club,” and “CryptoDad.” Per the press release, Oulahyane allegedly used a scheme to “spoof” the login page to the OpenSea marketplace by creating a fake website that looked like the real one. He used paid advertisements on a popular search engine to direct users to his fake website, where he tricked them into entering their login credentials or other private information. The information was automatically sent to an email account controlled by Oulahyane, who used it to gain unauthorized access to the victims’ cryptocurrency wallets. Oulahyane is charged with wire fraud, use of an unauthorized access device, affecting transactions with an access device to receive something of value equal to or greater than $1,000, and aggravated identity theft. If convicted, Oulahyane could face up to 20 years in prison for wire fraud, 10 years for using an unauthorized access device, 15 years for affecting transactions with an access device, and a mandatory consecutive sentence of two years for aggravated identity theft. Moreover, according to the press release, the DOJ emphasizes that digital assets, such as cryptocurrency and NFTs, are not immune from cyber fraudsters. The charges against Oulahyane serve as a reminder that cybercrime techniques such as “spoofing” are still in use and can be adapted for use in the cryptocurrency space. The DOJ is committed to prosecuting these fraudsters in the US and abroad. This indictment shows that law enforcement agencies are taking cybercrime in the cryptocurrency space seriously and are prepared to pursue individuals who engage in fraudulent activities. It is essential for users to exercise caution when dealing with digital assets and to take necessary security measures to protect their cryptocurrency wallets and NFTs from cyber criminals. Featured image from Unsplash, chart from TradingView.com

Over the past few days, the Ethereum price has remained relatively stable, with minor gains seen on the daily chart. Meanwhile, Bitcoin’s indecisiveness has resulted in slower movement for altcoins. Despite this, Ethereum has risen on its chart, although the technical outlook suggests low demand and accumulation due to reduced buying strength. Despite the fall in buying strength, buyers still hold an advantage over sellers in the market. However, if Ethereum fails to move above its immediate resistance, the coin may retrace on its chart, potentially falling below its local support level and activating bearish sentiment. Investors are now looking ahead to the release of US CPI data, which analysts predict will significantly impact the market in the coming weeks. The market capitalization of Ethereum has fallen slightly, indicating slow demand for the altcoin. Ethereum Price Analysis: One-Day Chart At the time of writing, ETH was priced at $1,870. The daily chart indicated a potential breakout as the price approached the upper boundary of a rectangle pattern. The crucial overhead resistance for Ethereum was identified at $1,880. If the price managed to surpass this level, it could potentially exceed $1,900 and ultimately reach the milestone of $2,000. However, it was essential for ETH to surpass the $1,880 mark in the upcoming trading sessions. On the downside, there was a local support level of $1,820. A dip below this point could lead to a decline towards $1,770. Technical Analysis The inability to break through the $1,900 level had a detrimental impact on investor confidence, resulting in ongoing challenges for Ethereum regarding demand on the daily chart. The Relative Strength Index (RSI) remained positive, although it suggested a relatively low level of demand. Furthermore, Ethereum’s current position below the 20-Simple Moving Average line indicated a decline in buying strength, indicating that buyers were gradually losing control of the price momentum. In addition to the low buying strength, ETH also experienced a decline on capital inflows. This indicated a decline in investor interest, as evidenced by the Chaikin Money Flow indicator. Conversely, the Moving Average Convergence Divergence (MACD) formed declining red histograms, suggesting a potential breakout in the upcoming trading sessions. The MACD is a useful tool for identifying price momentum and trend changes. The next trading sessions will be critical for ETH. It will determine whether the market will be driven by bears or bulls, ultimately influencing the price.

SINGAPORE–(BUSINESS WIRE)–#assetservicing–Northern Trust (Nasdaq: NTRS), the National University of Singapore’s School of Computing (NUS Computing) and Asian Institute of Digital Finance (NUS AIDF) today announced a series of research and industry development initiatives that will advance efforts to define the future of blockchain for institutional investors. The strategic partnership between Northern Trust, NUS Computing, and NUS AIDF includes: A joint research project on “Custody in the age of digital assets.” The project investigates different methods for maintaining control and possession of digital assets on third-party blockchains, and ways for clients to achieve a real-time view of assets across digital and traditional markets. The research is part of the Singapore Blockchain Innovation Programme (SBIP), a national-level partnership anchored at NUS Computing to explore institutional use of blockchain and the translation of new technology for the banking industry. A memorandum of understanding (MoU) with NUS AIDF, a university-level institute in NUS. The MoU signifies Northern Trust’s commitment to growing the Fintech ecosystem in Singapore. Northern Trust is currently providing mentorship to Insightic, a RegTech start-up incubated at AIDF, with a distinct focus on risk assessment for Web 3.0-based virtual asset service providers. Leveraging our expertise in blockchain, Northern Trust is helping them to refine their product-market fit and go-to-market strategies. An agreement between Northern Trust and NUS Computing to provide an industry-linked internship opportunity to a student in the Master of Digital Fintech program. The five-month program will expose the intern to critical market advocacy and digital development work that Northern Trust is spearheading in the Asia-Pacific region. Justin Chapman, global head of Digital Assets and Financial Markets, Northern Trust, said: “The financial markets will continue to evolve rapidly as we embrace technologies such as blockchain and artificial intelligence. Our partnership with NUS is an important step in our strategy to provide thought leadership and develop future leaders who will shape the industry. I believe this is only the starting point of a productive collaboration between the two organizations.” Professor Ooi Beng Chin, Lee Kong Chian Centennial Professor and faculty member at NUS Computing, and Programme Lead of SBIP, said: “The multifaceted approach taken by Northern Trust and NUS Computing demonstrates the potential for business and academic institutions to join forces and drive the development of new digital marketplaces and blockchain solutions for the industry.” Northern Trust’s Digital Assets and Financial Markets is the bank’s single group unifying digital and traditional market functions focused on helping clients navigate the fast-developing digital markets and challenges of investing in digital assets alongside allocations to more traditional asset classes. This global group helps provide access to market-leading expertise, industry insights and continued innovations, and keeps Northern Trust clients at the forefront of change. Northern Trust has offices across Asia Pacific in Beijing, Bengaluru, Hong Kong, Kuala Lumpur, Manila, Melbourne, Pune, Singapore, Sydney and Tokyo. It has strong relationships with some of the region’s largest central banks, sovereign wealth funds, government agencies and corporations. About Northern Trust Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 25 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2023, Northern Trust had assets under custody/administration of US$14.2 trillion, and assets under management of US$1.3 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Twitter @NorthernTrust or Northern Trust Corporation on LinkedIn. Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions. Contacts Europe, Middle East, Africa & Asia-Pacific: Camilla Greene +44 (0) 20 7982 2176 [email protected] Marcel Klebba +44 (0) 20 7982 1994 [email protected] US & Canada: John O’Connell +1 312 444 2388 John_O’[email protected]

On July 6, 2023, the Multichain Protocol was hit by a massive hack, resulting in the loss of over $125 million worth of cryptocurrency. The attack targeted the protocol’s Fantom bridge, resulting in the theft of valuable crypto assets like WBTC, USDC, DAI, wETH, and Link. The stolen funds amounted to a staggering $126 million, with WBTC accounting for $30.9 million, wETH for $13.6 million, and USDC for $57 million. This exploit is one of the biggest crypto hacks on record. Multichain Attack And Insider Threats According to a recent report by the analysis and data company Chainalysis, the attack is suspected to be an inside job since Multichain has recently experienced some notable issues unrelated to its protocol design, prompting public suspicions that insiders may have carried out this recent exploit. The disappearance of Multichain’s CEO, who is known by the alias Zhaojun, and the subsequent suspension of services for more than 10 chains, including DynoChain, Redlight Chain, and Public Mint has added fuel to this suspicion. Multichain’s smart contracts are secured by a multi-party computation (MPC) system, which functions similarly to a multi-signature wallet system. However, like multi-signature wallets, these systems are still vulnerable if an attacker possesses sufficient MPC keys. It is possible that the attacker gained control of Multichain’s MPC keys to pull off this exploit. Interestingly, the attacker did not swap out centrally controlled assets like USDC, which can be frozen by the issuing company (Circle, in the case of USDC), along with the addresses holding those assets. Most hackers typically seek to quickly swap funds for those not vulnerable to those security measures. In total, addresses frozen by Circle and Tether hold approximately $65 million in assets stolen from Multichain. What’s Next For The Protocol? After the attack, the Multichain team tweeted that they were beginning an investigation and urged users to pause transactions. A day later, on July 7, the team tweeted that the protocol would be stopping service indefinitely. Unfortunately, scammers also went on Twitter to spread a “phishing” link and impersonate the Fantom Foundation to trick affected users into claiming an “emergency FTM distribution.” Cross-chain bridge protocols have proven lucrative targets for hackers due to their experimental designs and the fact that they generally have large, centralized repositories of assets bridged by users to other blockchains. However, there may be several methods to mitigate risk and prevent similar exploits from occurring. According to Chainalysis, one way is through rigorous code audits to help developers standardize projects and investors evaluate protocol viability. While the Multichain hack appears to have resulted from compromised keys rather than faulty code, reputable audit reports often explicitly identify which parts of protocols are vulnerable to private key theft, which may help users better assess risk. Additionally, users of any protocol can research before they transact. The exploit suffered has left the blockchain community on edge, with many waiting for an official statement from the Multichain team. The team has not made any public pronouncements on the matter, leaving users and investors in the dark about the protocol’s future. Multichain’s native token, MULTI, has experienced a significant decline over the past 7 days, with a drop of over 27% in this timeframe. Currently, the token is trading at $2.387, representing a further decline of 3% in the last 24 hours. Featured image from Unsplash, chart from TradingView.com

Litecoin price is now back under $100, locked within an ever tightening trading range. The lack of notorious cryptocurrency market volatility in LTCUSD in recent weeks is reminiscent of late 2016 and early 2017 — right before an epic 100x rally. With the signal back, does this mean that another sizable surge is ahead? A Pre-100x Litecoin Signal Is Back Past performance is never a guarantee of future results, but technical analysis seeks out various signals and historical patterns in hopes of increasing the probability of success. What can be guaranteed, however, is that after a long period of low volatility, it ends with a bang and a breakout back into a highly volatile state. Combine this behavior with the more volatile crypto asset class, and you’ve got a recipe for some serious moves. So large in fact, that the lowest volatility that Litecoin ever reached, concluded with a breakout into a 100x rally. In less than a year’s time, LTCUSD grew from $3 to over $300. Now that signal is back again, and it could once again lead to a huge move in Litecoin. But it doesn’t necessarily mean up. Why Low Volatility Ends With A Bang The pre-100x signal in LTCUSD we are talking about is the 9-day Bollinger Bands, and Bollinger Band Width. The Bollinger Bands are the second-tightest in Litecoin history. The Bollinger Bands are a volatility-measuring tool using a simple moving average and two bands set at two standard deviations. They expand with high volatility and contract with low volatility. A low volatility state, called a squeeze, always ends with a significant move and turn to shocking volatility. But volatility is only the measure of price dispersion over a time period. This means a that the large move, when it finally arrives, could be down. However, several other technicals support price appreciation in the future so up is also an option. What isn’t an option, is remaining in this low volatility state for much longer, so buckle up, it’s about to get interesting soon enough. Furthermore, Bollinger Band Width has been contracting with lower highs for six full years. If the downtrend pattern breaks, the largest movement in half a decade might arrive.

Sumit Gupta has voiced his concern regarding the negative impact of taxes. He highlighted the adverse consequences of a 1% TDS on crypto transactions. In recent discussions on Twitter, industry experts and observers have raised concerns over the taxation policies implemented in India, particularly those affecting the crypto and gaming sectors. Sumit Gupta, CEO of CoinDCX, and Twitter user Ravisutanjani have voiced their apprehensions regarding the potential negative impact of taxes on these industries. Sumit Gupta highlighted the adverse consequences of a 1% Tax Deducted at Source (TDS) on crypto transactions, asserting that it has had a crippling effect on the Indian crypto industry. According to Gupta, this policy has inadvertently favored offshore crypto platforms that operate outside the purview of Indian tax laws, disadvantaging local businesses and hindering industry growth. Similarly, Gupta expressed concerns about the 28% GST levied on the entire face value of online gaming. He suggested that this tax rate could potentially decimate the Indian gaming industry, with illegal offshore platforms reaping the benefits at the expense of domestic companies. Tax Burdens on Indian Citizens Ravisutanjani further joined the conversation by pointing out the existing tax burdens on Indian citizens, including income tax rates of up to 30% and a 28% GST applicable to various goods and services. Ravisutanjani expressed frustration over the exclusion of fuel and alcohol from the GST ambit, while crypto and gaming face taxation. Additionally, Ravisutanjani drew attention to the Board of Control for Cricket in India (BCCI), which is classified as a charitable organization, implying perceived inconsistencies in the tax system. Both Gupta and Ravisutanjani argued that taxing emerging industries like crypto and gaming may lead to unintended consequences. They expressed concerns that such tax policies create arbitrage opportunities, benefiting illegal offshore platforms and causing detrimental effects on customers and startups. It is important to note that these perspectives represent the opinions of individuals on social media platforms and may not reflect the entire range of views on the subject. As the debate surrounding taxation in the crypto and gaming industries continues, stakeholders and policymakers will likely consider these concerns while crafting future tax policies.