Chainlink (LINK) was among a subset of cryptocurrencies that made a lower low on daily timeframes recently. A lower low is indicative of a continued downtrend and weakness at support. However, on higher timeframes, technical tell a very different story — one of possible strength building. In fact, a signal has appeared that the last time around prompted a 14,000% rally in LINKUSD. High Timeframe Bullish Confluence Hints At Surprise Chainlink Recovery Chainlink (LINKUSD) remains down more than 80% from its former all-time highs. Worse yet, after a full year at bear market lows, the range broke down temporarily forming a lower low on daily charts. In technical analysis, higher timeframes provide more dominant signals. And although there was a lower low made on the daily, the monthly timeframe did not make a lower low on a closing basis. On top of being a possible range deviation and reclaim, the monthly candlestick formed a dragonfly doji. A dragonfly doji In Japanese candlestick analysis represents a possible bullish reversal pattern. Within even lower timeframes, Chainlink was among a slew of altcoins they formed a different bullish Japanese candlesticks reversal pattern on weekly timeframes, called the morning star pattern. A LINK To The Past: Oversold Stochastic No More If bullish range reclaim on low timeframes, and a pair of higher timeframe Japanese candlestick reversal patterns aren’t enough confluence for you, there’s more. The one-month Stochastic has left oversold territory for the first time since late 2021. The indicator spent all of 2022 oversold, and halfway through 2023. Prior to that, the last time Chainlink left oversold conditions was back in early 2019, before going on an over 14,000% run. The signal is back and in alignment with the potential reversal patterns from above. Meanwhile, Bitcoin and other cryptocurrencies have enjoyed much more of a recovery by comparison. The broader trend turning around more clearly could remove whatever doubt is remaining surrounding LINK, allowing the altcoin to return to its former glory days. This chart originally appeared in Issue #10 of CoinChartist (VIP). Sign up for a free subscription.

On Wednesday, an interview with BlackRock CEO Larry Fink went viral in which the CEO called Bitcoin an international asset. Not only that, Fink also pointed toward digital assets such as Bitcoin as being a way to digitize gold on the blockchain. This statement from the CEO has since been interpreted in various ways to mean that Fink referred to BTC as digital gold. So the question now remains, if Bitcoin is digital gold, which cryptocurrency is digital silver? ETH Is Digital Silver? The digital gold argument for Bitcoin continues but with Ethereum being the second-largest and most popular cryptocurrency in the market, it has often been dubbed the ‘Digital Silver’. Over the last seven years, its performance has also solidified claims that Ethereum is silver to Bitcoin’s gold. There have previously been claims that Litecoin qualifies to be referred to as the digital silver. Most of these claims were rooted in the fact that Litecoin’s mechanism is basically identical to that of BTC. However, performance-wise, it has fallen short compared to ETH, which is now BTC’s largest rival. One area where Litecoin tends to outshine Ethereum though is when it comes to supply. While Litecoin undergoes halving events every four years like BTC to reduce its block rewards and has a maximum supply, Ethereum has none of these things. ETH’s unlimited supply has usually been a concern as this means the digital asset could be a perpetually inflationary asset. That is, until the implementation of the ETH burn, aimed at reducing the rate at which new coins are being brought into circulation. Data from Ultrasound Money, a website that tracks the ETH burn and issuance rate, shows that instead of increasing, the ETH supply is now decreasing at a rate of 0.33% per year. This development eliminates the concerns about inflation for ETH, further giving credence to the fact that Ethereum is the digital silver. Bitcoin Vs Ethereum, Which Is Better? The argument about the better option between Bitcoin and Ethereum continues to wax strong, especially on social media platforms. However, both of these digital assets are unique in their own way and serve different functions in the market. While Bitcoin continues to hold the torch as the pioneer cryptocurrency, garnering massive support over the last decade, Ethereum, in its own right, has propelled the concept of decentralized finance (DeFi). The use of smart contracts on the latter has helped developers to create financial products investors can leverage to manage their own wealth without the need for an intermediary. Although this capability is gradually being developed on Bitcoin as well. For now, both digital assets serve different sides of the market. However, this could easily change in the future.

Institutional interest in cryptocurrencies such as Bitcoin has been increasing in the past few months, with mainstream interest in the cryptocurrency industry. As a result, the largest crypto, Bitcoin, exploded in the first half of 2023, as its trading volume on various exchanges crossed $4.2 trillion. Bitcoin Sees Highest Trading Volume In March According to data from bitcoinity.org, BTC trading volume on exchanges during this whole first half of the year eventually exceeded $4.2 trillion, with March recording the highest monthly BTC trading volume of $1.2 trillion. Last year was a tough year for Bitcoin, which was mirrored by the rest of the cryptocurrency industry, as it appeared to be caught in a bear market season. Market analysts had initially projected a further decline for BTC, however, the price started to rebound in April this year, crossing $30,000 for the first time this year. This was Bitcoin’s first highest price in 12 months, signaling renewed vigor in the bullish market. Although this bullish sentiment was a little short-lived, with BTC dipping back down to $28,000. Statistics show that Bitcoin trading volume went back down to $492.9 billion during this period, However, things started to change in June, as news came out that several investment companies like BlackRock, Fidelity, and Invesco were filing Bitcoin spot ETF applications with the SEC. This sparked hope that mainstream investors will soon gain access to Bitcoin exposure, propelling the price of BTC back over $30,000 in late June and a 13-month high of $31,500 in July. Volatility And Price Action: What To Expect In H2 2023 The second half of 2023 is expected to be a wild ride in the world of crypto and Bitcoin. With BTC volumes crossing $4.2 trillion in the first half of 2023, it’s clear that mainstream interest in the cryptocurrency is surging. While investment companies like BlackRock have updated their filings with the SEC for spot Bitcoin EFTs, investors wait to see what comes next. If approved, spot Bitcoin ETFs will be a major turning point for the crypto, as Bitcoin currently holds 49% dominance in the industry. Bitcoin’s price has already increased by more than 50% since the beginning of the year and is presently trading at over $30,300 following the news of the ETF filings. According to data from the on-chain analytics firm Glassnode, the 1+ years old supply HODLers of BTC is now at a new all-time high of 13.4 million BTC as more investors opt to hold for the long-term. Also, as expectations around the ETFs rise, prices are expected to rise. If this happens, this will lead to increased participation from investors, translating to possibly higher trading volumes for Bitcoin.

According to the latest report by Hashrate Index, a website for Bitcoin mining data and metrics, the UAE is now becoming a growing destination for Bitcoin miners, especially in the Middle East. Bitcoin Miners Look For Greener Pastures Bitcoin miners have faced issues in popular Bitcoin mining countries like China and Kazakhstan in recent years. As a result, many of these miners have been forced to look for new operational hubs. Mining Bitcoin is a difficult process, both financially and in terms of the amount of electricity required. It involves using powerful computers to solve complex math problems in order to get rewarded with BTC. This energy requirement is part of the reason why miners have run into problems in various jurisdictions over the years. However, the Middle East is now emerging as a prime destination for Bitcoin miners, and the UAE is leading the charge among these energy-rich countries. The United Arab Emirates is helping to pave the path for the future of Bitcoin mining with its increased availability of affordable electricity, favorable access to funding, and politically stable and business-friendly climate. During the past year-and-a-half, some major mining companies signed agreements and entered partnerships with the digital asset arm of Abu Dhabi’s sovereign wealth fund (Zero Two) to create two giga projects that put the UAE on the global bitcoin mining map. As a result, the biggest amount was spent on a single Bitcoin mining site, with an investment totaling $2 billion. Now, it seems these large-scale projects are starting to cement the UAE as a serious player in the Bitcoin mining niche. According to the data provided by the Hashrate Index, bitcoin miners in the UAE should produce approximately 13 EH/s, which is equivalent to 3.7% of the total Bitcoin hash rate at an assumed average energy efficiency of 30 J/TH. UAE Aims To Become A Global Crypto Hub The UAE government aims to establish the country as a global hub for cryptocurrency and blockchain innovation. Several recent initiatives show the country is serious about becoming a leader in this emerging industry. With government backing, relaxed rules, and major companies setting up offices, the building blocks are in place. Earlier this year, the country announced that it is launching a ‘free zone’ for crypto firms called the RAK Digital Assets Oasis (RAK DAO), allowing them to own 100% of their companies. The future looks bright for Bitcoin mining in the UAE. The country’s share in the global Bitcoin mining metric should continue to grow as more mining firms are drawn to the region. However, considering the hot climate of the region when compared to big Bitcoin mining regions like Texas and Russia, the temperature could be challenging for mining. Also, the report shows that the only way to mine Bitcoin in a scalable and legally sustainable way in the country is by partnering with a government entity.

Ethereum’s price seems to have been following Bitcoin’s, but recent large transactions suggest it may soon move independently. Whale Alert reported a sum of 25,264 ETH, roughly valued at around $48 million, was moved from an unidentified wallet to the leading cryptocurrency exchange, Coinbase. Analyzing The Potential Impact While these large transfers can, on occasion, herald an upcoming uptrend, they can also imply a short-term surge in volatility. Particularly, such movements can be used to discern possible price sentiment changes. In addition to the 25,264 ETH transferred, another substantial transaction of 30,000 ETH was also noted. This amount was relocated from an anonymous wallet to OKEX, another prominent crypto exchange. Notably, as with any financial market, the crypto industry is impacted by many factors, with ‘whale’ movements being just one of them. While they can potentially influence price sentiment, other elements, such as broader market trends, global economic indicators, and investor sentiment, should also be considered for a holistic market understanding. Ethereum Latest Price Action Thiese Ethereum transactions come at a time when ETH has been trading between an intra-day high of $1,957.35 and an intra-day low of $1,872.94. At the time of writing, Ethereum has only seen a slight decline of 1.4% in the past day, with a market price of $1,884. This modest plunge indicates whales might not have moved or sold just a small amount of the ETH deposited. Notably, a ‘whale’ in cryptocurrency refers to an individual or entity holding a large amount of a cryptocurrency. This individual or entity has the potential to influence the market due to the sizeable volume of its holdings. When such transfers occur, they can create waves in the market and often signal potential price shifts. Over the past week, Ethereum has seen more than a $3 billion surge in its market capitalization. The second largest asset by market cap has surged from the $223 billion seen last Thursday to $226 billion. ETH’s daily trading volume has also surged significantly in the same period. Ethereum’s daily trading volume has soared from $6 billion last week to above $12 billion over the past 24 hours. Featured image from Shutterstock, Chart from TradingView

Bitcoin (BTC) has been trading within a narrow range for the past 12 days. Nonetheless, the fact that bulls have held the crucial $30,000 support level is seen as a short-term win for them. Even though BTC has been experiencing sideways trading, there is a growing sense of optimism that it has the potential to break through upper resistance zones and reach new highs. BTC’s Sideways Trading Sets Stage For Bullish Momentum? According to Yan Alleman, the co-founder of blockchain analytics firm Glassnode, Bitcoin’s recent sideways trading has paved the way for potential bullish momentum shortly. BTC’s current range-bound trading between $31,200 and $29,600 is seen as a consolidation period allowing for a re-establishment of bullish momentum in the market. To assess market sentiment and potential price movements in the Bitcoin market, Glassnode has developed a proprietary metric called the Swissblock Risk Signal. This metric considers various factors, including volatility, on-chain activity, social sentiment, and more. In the context of Alleman’s analysis, the Swissblock Risk Signal has remained stable at 0, as seen in the chart below, which suggests that the current market sentiment is neutral, with no clear dominance from either buyers or sellers. This could indicate that the market is in a consolidation phase, as buyers and sellers are cautious before making any significant moves. Additionally, Alleman predicts that BTC will likely break above $31,200, providing a strong foundation for buyers to target resistance levels at $33,000 and $34,800. However, even if the support at $29,600 were to break, Alleman believes that remaining bullish until the 50% retracement level near $28,200 seems viable. This pullback could represent an opportunity for investors to accumulate BTC for the next leap as the market shows signs of potential growth. As such, Alleman’s analysis suggests that the current market conditions present a favorable opportunity for those looking to invest in Bitcoin. Bitcoin Faces Critical Moment Bitcoin is facing a critical moment as its price fluctuates within a narrow range, warns market analyst Michael Van de Poppe. With Bitcoin’s lows being taken again, Van de Poppe believes that if it fails to recover soon, it could test support at $28,500. Adding to Bitcoin’s challenges is the expectation of a rate hike due to positive unemployment data. This leads to increased speculation that the Federal Reserve will raise interest rates sooner than expected. This could create a more challenging economic environment for cryptocurrencies. If both major resistance lines of $29,600 and $28,500 give in to pressure, a potential bull run in the short term could be in danger, potentially resulting in a retracement down to the $27,500 resistance level. This would represent a 9% pullback from the current level of $30,200. If such a scenario were to occur, it could take time for Bitcoin bulls to regain their current levels. In the past, a period of consolidation has typically followed a pullback before any further continuation to regain lost levels. However, despite Bitcoin’s challenges, as long as it can hold the $30,000 line, BTC bulls have the upper hand. At the time of writing, BTC is trading at $30,200, down a slight 0.3% in the last 24 hours. Featured image from iStock, chart from TradingView.com

Laura Burgoyne elaborated on four key suggestions to the British government. The group also suggested a legal framework for crypto-related assets. There has to be more clarity about crypto lending, according to the lawyer directing the United Kingdom’s Law Commission’s review of the application of British laws toward digital currencies. In an interview, Laura Burgoyne elaborated on those four key suggestions to the British government. The country’s legislative structures and their application to the digital asset industry up to this point were the subject of a thorough assessment. It was earlier reported that the Law Commission is advocating for the development of a new legal classification. Especially, for digital assets and cryptocurrencies. Subject to FCAR The group also suggested a legal framework for crypto-related assets. Along with the creation of an industry-specific panel. And changes to the law to determine whether or not this asset class is subject to the Financial Collateral Arrangements Regulations (FCAR) in the United Kingdom. Moreover, Burgoyne emphasized the significance of FCAR. In that it allows conventional financial intermediaries to take security over assets “free from a number of restrictions and formalities,” which would normally apply. Furthermore, a security interest, as used in the financial industry, is a lender’s legal claim on an asset provided by a borrower. In the event that the borrower defaults on the loan. Burgoyne said that these clauses are meant to facilitate the security of assets. In the case of an investor’s failure or insolvency. If the assets in issue meet the definition of “cash,” “financial instruments,” or “credit claims” under FCARs. Then they may be utilized as collateral under a qualified financial collateral arrangement. The primary focus of the Law Commission’s suggestion was on the application of current U.K. personal property rules to crypto and digital asset judicial processes. Highlighted Crypto News Today: CFTC Reports Insolvent Celsius and Former CEO of Violating U.S. Rules

According to recent hedge fund Ark Invest data, a historical amount of the Bitcoin supply has remained dormant for at least a year, with roughly 70% of the circulating supply unmoved in June 2023. Despite looming economic uncertainty, this dynamic occurs alongside a surge in institutional interest in the cryptocurrency. In June, several factors contributed to the increased robustness of the Bitcoin price action. Ark Invest, a renowned asset management firm, highlighted this trend in its recent Bitcoin report. Their data sheds light on the risen support from steadfast holders and a noticeable shift in institutional sentiment towards Bitcoin. Bitcoin Holder Base Strength According to Ark Invest’s analysis, around 70% of Bitcoin’s circulating supply has not changed hands for at least one year. This statistic signifies an increase in the confidence of long-term Bitcoin investors, contributing to a sturdier holder base. As seen in the chart below, there has been a spike in Over-the-Counter Transactions (OTC) that hint at growing institutional demand. A one-year high was seen in the balance of BTC held on over-the-counter (OTC) trading desks, typically used as a gauge for institutional activity. The 60% increase in the OTC Bitcoin balance by quarter-end insinuates that institutions and capital allocators are concentrating more on Bitcoin as an investment avenue. The report stated the following: Meanwhile, diverging trends were noted between USDC and Tether, two prominent stablecoins. While USDC’s supply shrunk by 37% year-to-date, Tether’s supply increased by 25%, hitting a record high in June. Ark Invest attributes this divergence to the uncertain U.S. regulatory climate, which might drive some crypto activity overseas. Rising Institutional Activity Amid Market Dynamics An interesting development in June was the Grayscale Bitcoin Trust (GBTC) discount reduction went from 42% to 30% following BlackRock’s Bitcoin spot Exchange Traded Fund (ETF) filing. According to Ark Invest’s report, this lower discount implies market anticipation for a Bitcoin spot ETF approval, subsequently enhancing the possibility of GBTC transitioning into an ETF. Ark Invest’s report cautioned about potential economic challenges despite these positive indications. According to the Purchasing Managers ‘ Index, manufacturing sector data suggests a plunge in new orders. Concurrently, the U.S. Gross Domestic Income (GDI) shows signs of contraction, indicating the possibility of an impending recession. BTC is trading above $30,000, following its recovery from last month when its value dipped below that. The asset’s downturn was largely spurred by a legal challenge launched by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase, the two foremost crypto exchanges. Nonetheless, Bitcoin’s recent rally comes on the heels of endorsement from heavyweight financial institutions such as BlackRock. This embrace of the digital currency market has injected a dose of optimism, driving Bitcoin’s substantial growth. Related Reading: Bitcoin Could Soar To $140,000 In Next Bull Cycle, Crypto Analysis Channel Yesterday, the asset reclaimed its $31,000 mark. However, over the past 24 hours, BTC has retraced and currently trades for $30,400 at the time of writing. Featured image from iStock, Chart from TradingView

The company’s recent purchase of Apex Crypto would help it achieve its worldwide goals. According to the CEO. the crypto markets outside the United States are more active. Bakkt CEO Gavin Michael has said that the business is considering expanding internationally to Hong Kong, the United Kingdom, and the European Union. This is because of the absence of a stable regulatory environment in the United States. The CEO stated: According to Michael, the company’s April 2023 purchase of Apex Crypto from Apex Fintech Solutions in the United States, an integrated crypto-trading platform, would help it achieve its worldwide goals. He said that the worldwide expansion of Apex will be facilitated by the company’s current agreements with organizations like as Webull, M1, Public.com, and Stash. Regulatory Uncertainty in U.S He said that the low barrier to entry for crypto exchanges is due to the fact that when these firms expand worldwide to provide U.S. stocks trading. Bakkt may add crypto trading alongside them. However, the platform has already had some setbacks, with 25 tokens being removed from Bakkt owing to regulatory concerns. According to the CEO of Bakkt, the cryptocurrency markets outside the United States are more active. Because of the greater regulatory certainty. Michael said he agrees with the recent U.S. regulatory moves. But more has to be done to clarify regulations, especially at the federal level. According to him, this uncertainty has hindered Bakkt’s capacity to collaborate with U.S.-based businesses. While Bakkt debuted with many major collaborations (including Microsoft and Starbucks). Michael noted that many businesses are waiting for regulatory clarity before entering the market. Highlighted Crypto News Today: Litecoin Surges By 17%, LTC Halving On the Horizon

The CFTC may initiate a lawsuit against Celsius as soon as this month. The state of New York filed a lawsuit against Mashinsky on January 5. Bankrupt crypto lender Celsius and its former CEO Alex Mashinsky allegedly infringed many United States rules before the company’s collapse in 2022, as found by investigators from the Commodity Futures Trading Commission (CFTC). Attorneys from the CFTC’s enforcement section reportedly determined that Celsius deceived investors, failed to register with the regulator, and Mashinsky breached many rules, as reported by Bloomberg on July 5. Lawsuit Underway According to the sources, the CFTC may initiate a lawsuit against the defunct crypto lender in U.S. federal court as soon as this month if the majority of its commissioners agree with the investigators’ conclusions. The results of the CFTC’s investigation are the latest in a slew of legal steps taken against the bankrupt cryptocurrency lending platform. The state of New York filed a lawsuit against Mashinsky on January 5 for allegedly losing billions of dollars due to the former CEO’s fraudulent actions. Moreover, three days after Celsius unexpectedly ceased customer withdrawals on June 13, 2022, securities regulators from five different U.S. states launched an inquiry against the company on June 16. Furthermore, court documents reveal that several investigations were opened by the Securities and Exchange Commission and federal prosecutors in Manhattan. According to Bloomberg’s reporting, the Securities and Exchange Commission (SEC) and the U.S. Attorney’s Office for the Southern District of New York have both refused to comment on the current state of the investigations. An independent examiner hired by U.S. courts in January concluded that Celsius sometimes behaved like a Ponzi scheme, a conclusion that was shared by Vermont’s financial regulator. Highlighted Crypto News Today: Litecoin Surges By 17%, LTC Halving On the Horizon

The Commodity Futures Trading Commission (CFTC) has concluded its investigation into bankrupt crypto lender Celsius and its former CEO, Alex Mashinsky, and found that they violated United States rules, according to sources familiar with the matter. The investigation, conducted by attorneys in the CFTC’s enforcement unit, revealed that Celsius misled investors and failed to register with the regulatory body. If the majority of the CFTC’s commissioners agree with these findings, the agency could file a case in federal court as early as this month. Celsius Reportedly Misled Investors, Lack Of Registration Surfaces The findings of the investigation shed light on the actions of Celsius and its former CEO, raising questions about their compliance with regulatory requirements. It is alleged that Celsius engaged in deceptive practices and failed to provide accurate information to investors. By misleading investors, the lending platform potentially put their funds at risk and undermined market transparency. Furthermore, the failure to register with the CFTC raises concerns about the company’s adherence to regulatory oversight. The independent examiner appointed during Celsius’ bankruptcy case further shed light on the company’s operations. The examiner found that Celsius had operated in a manner similar to a Ponzi scheme, which raised concerns about the company’s business practices and its impact on investors. This finding adds weight to the allegations against Celsius and strengthens the case for regulatory action. The potential case against Celsius and its ex-CEO has significant implications for the crypto industry and regulatory enforcement. If the CFTC proceeds with the lawsuit, it would signal a strong stance on holding companies accountable for their actions and ensuring investor protection in the cryptocurrency market. When Celsius filed for voluntary bankruptcy in July 2022, the lending company reportedly owed between $1 billion and $10 billion to creditors. The case is currently ongoing at the United States Bankruptcy Court for the Southern District of New York. Implications For The Crypto Industry And Regulatory Enforcement The allegations against Celsius and its former CEO highlight the need for increased regulatory scrutiny and oversight in the crypto sector. As the market continues to grow and attract more participants, it is crucial to establish clear guidelines and enforce compliance to protect investors and maintain market integrity. Nevertheless, the potential case against Celsius demonstrates the commitment of regulatory authorities to uphold these standards and address violations that occur within the industry. This case could serve as a precedent for future enforcement actions, shaping the regulatory landscape for the industry as a whole.

Shiba Inu’s new burning mechanism set to revolutionize SHIB. The unique burning mechanism generates buzz in SHIB community. Shibarium’s highly-awaited launch expected next month with impressive token burn rate. Shibarium, an upcoming project associated with the SHIB token, has announced the development of a new burning mechanism that aims to burn a significant number of SHIB tokens. Shytoshi Kusama, the lead developer of SHIB, has confirmed that the launch of the project has been scheduled and is not subject to change. Recently, Shibarium Gems, a Twitter account dedicated to updates on the Shiba Inu meme coin, shared details about the new burn mechanism. The introduction of Shibarium, along with its unique burning mechanism, has generated a great deal of excitement within the SHIB community. Shibarium poised to launch next month Speculation suggests that Shibarium might be launched as early as next month, further fueling anticipation among cryptocurrency enthusiasts. According to the SHIB development team, the new burning mechanism is expected to burn an impressive 5 trillion tokens each month. In June, Shibburn reported the burning of 1 billion SHIB tokens, representing a decrease of approximately 89.25% compared to the previous month. In May, over $15 million in tokens were burned. According to CoinMarketCap data, SHIB is trading at $0.000007247 with a 3% drop in value over the last 24 hours.

The transfer of customers to Coinmerce will be monitored by the Dutch Central Bank. Binance is complying with the new MiCA regulations in the European Union. Since the Dutch authority did not grant Binance a virtual asset service provider (VASP) license certifying that it complies with anti-money laundering (AML) requirements, the world’s biggest cryptocurrency exchange has decided to leave the country. The exchange said in a statement that as on July 17, only Dutch citizens may make withdrawals. Following Binance Netherlands’ impending closure. Coinmerce will become the largest exchange in the Netherlands by absorbing thousands of customers, assets, and offerings from Binance Netherlands. Smooth Transition Binance customers may now easily and at no cost transfer their digital assets to Coinmerce, a cryptocurrency exchange that is known for its user-friendliness. The transfer of Binance customers to Coinmerce will be monitored by the Dutch Central Bank. The European Union usually supports cryptocurrency trading platforms’ efforts to combat money laundering. In France, Italy, Spain, Poland, Sweden, and Lithuania, Binance satisfies all requirements for anti-money laundering. The exchange announced its intention to relocate from Cyprus earlier. Citing the need to comply with the new regulations on crypto-assets (MiCA) in the European Union. Binance has said that it has been involved in a thorough registration application procedure with the authority in order to operate as a virtual asset service provider. Despite extensive efforts, Binance has not yet been approved as a VASP in the Netherlands. This is despite the fact that the company has investigated several other options for serving Dutch citizens in accordance with local laws. It has been announced that the exchange will maintain communication with Dutch authorities. Existing users who are residents of the Netherlands will get an email explaining the implications of this change for their Binance accounts and any assets they may hold. Highlighted Crypto News Today: Shytoshi Kusama Announces Shibapendance Day with the Launch of ShibaSwap

LTC is currently experiencing price fluctuations, with a 2.2% decrease over the past 24 hours. It has managed to surpass the significant price level of $100, reaching a weekly high of $113. LTC has achieved an impressive 18% growth in the same timeframe. Litecoin (LTC) is currently experiencing price fluctuations. Over the past 24 hours, the digital currency has seen a decrease of 2.2%, trading at $98.14. Despite the recent volatility, Litecoin has demonstrated growth of 17% on the weekly chart. The broader cryptocurrency market has witnessed a mix of positive and negative factors impacting investor sentiment. In this environment, Litecoin managed to surpass the psychologically important price level of $100, reaching a weekly high of $113. When compared to its peers, such as Bitcoin (BTC) and Ethereum (ETH), Litecoin’s 18% growth outshines Bitcoin’s 0.78% price decline and Ethereum’s marginal 1.63% growth within the same timeframe. Litecoin halving just around the horizon Litecoin’s halving event is approaching rapidly, with only 27 days remaining until its block reward is reduced from 12.5 LTC to 6.25 LTC. According to OKLink, the third LTC halving event is expected to occur around August 2, 2023. The countdown to the event currently stands at 27 days, with 15,679 blocks remaining until the halving. On July 3, LTC shared a countdown to the event, stating, “Just 30 days till the Litecoin Halving.” Therefore, the countdown is now at 27 days.

Prominent Bitcoin mining company Marathon Digital Holdings has published its Bitcoin production and mining operation update for June 2023. In the report released yesterday, Marathon revealed that its Bitcoin production decreased by 21% from May due to weather-related issues in Texas and a decline in transaction fees on the Bitcoin network. “We produced 979 bitcoin in June, down 21% from last month and up 599% from June 2022,” said the Company’s CEO, Fried Theil. “The decreased production relative to last month was due to weather-related curtailment in Texas and a significant decrease in transaction fees, which fell to approximately 5.1% of the total bitcoin we earned in June compared to 11.8% in May,” Theil added. The Marathon boss noted that the rise of the Bitcoin ordinals contributed to an increase in network fees back in May, and although network congestion decreased in June, he stated that the mining company is quite optimistic about the future of mining economics. Marathon’s Operational Hash Rate Boosts By 16% Marathon’s monthly report revealed that the mining company’s operational hash rate gained by 16% in June, rising to 17.2 exahashes/second (EH/s). Its installed hash rate also increased to 21.8 EH/a, representing an 8% gain in the last month. Related Reading: Bitcoin Exchange Supply Continues To Slip, Holders Not Interested In Selling? According to its CEO, Marathon remains committed to its goal of attaining 23 EH/s by boosting its operations in North Dakota and Texas, as emphasized by its CEO. Theil said: Theil also announced that the company’s joint venture with Zero Two in Abu Dhabi began operations last week and is expected to achieve a hash rate of 7 EH/s before the end of the year. However, this JV operation does not contribute to the reported operational hash rate of 17.2 EH/s and the mining target of 23 EH/s. Marathon’s Growth In The Last Year Looking at its Year-Over-Year production rate, Marathon reports that its level of Bitcoin production has gone up by 599% since June 2022, moving from an average daily intake of 4.7 BTC to 32.6 BTC. Related Reading: Bitcoin Cash Hashrate, Mining Difficulty Skyrockets As Miners Chase BCH Profits Furthermore, the company’s current operational hash rate of 17.7 EH/s represents a stunning increase of 2,429% compared to last June’s value of 0.7 EH/s. However, its installed hash rate only experienced a percentage gain of 506% moving from 3.6 EH/s to 21.8 EH/s. That said, Marathon stands as a leading mining company with approximately 149,000 Bitcoin miners as of July 1, 2023.

Cayman Islands, Cayman Islands, July 6th, 2023, Chainwire Native USDT unlocked on Cosmos. Tether’s USDt, the world’s most liquid, secure, and transparent stablecoin, has successfully launched on Cosmos via Kava, marking a significant milestone in the expansion of the Cosmos DeFi ecosystem. The integration of Tether’s USDt on Kava makes deep stablecoin liquidity across Cosmos’ Inter-Blockchain Communication (IBC) and Ethereum Virtual Machine (EVM) ecosystems easily accessible. With native USDt issued on Kava, the Cosmos ecosystem’s limited growth, fragmented liquidity, and exaggerated volatility get addressed by the addition of natively issued USDt for users and developers. Native USDt brings Cosmos dApp and appchains, and EVM dApp users a secure and universally adopted canonical stablecoin. Scott Stuart, Co-Founder of Kava, expressed his excitement for the successful integration, “Our support for Tether’s USDt integration unlocks much-needed stablecoin liquidity across the Cosmos and EVM ecosystems. Tether’s choice makes Kava a key support and a strong ally for Cosmos ecosystem projects building out the Internet of Blockchains.” Unlike external third-party bridge solutions which create fragmented pools of wrapped assets, with the launch of Kava 14, USDt natively issued on Kava can move between IBC and EVM blockchains via an ‘internal bridge’ with tight access controls and restrictions that greatly reduce attack vectors. Kava makes moving assets across chains fast and highly secure and provides users with an efficient mechanism for stablecoin liquidity provision and transfer. As a result, this integration could potentially catalyze a significant expansion of the DeFi economy on Cosmos, providing a compelling solution to the liquidity problem that has been challenging since the collapse of Terra’s UST in Q1 2022. Deploying Tether, a stablecoin with a strong market reputation and ~65% dominance, will also offer increased security and reliability to users and developers alike. Paolo Ardoino, CTO at Tether stated, “The Kava network is a unique and widely followed blockchain with a robust track record of four years with zero security issues, which is essential to protecting USDt users. Together, we aim to reshape the future of decentralized finance, fostering a robust and inclusive ecosystem that benefits users worldwide.” About Kava Kava (kava.io) is a secure, lightning-fast Layer-1 blockchain that combines the developer power of Ethereum with the speed and interoperability of Cosmos in a single, scalable network. Committed to fostering innovation and growth, Kava is a trusted choice for developers and users worldwide. For more updates, follow Kava on Twitter. Disclaimer This press release is not an offer to sell or the solicitation of an offer to buy USDt or KAVA tokens. Contact Media Manager Guillermo Carandini Kava [email protected]

Ecosapiens expands its product suite to include carbon-offsetting enterprise NFTs SAN FRANCISCO–(BUSINESS WIRE)–Ecosapiens, a creative tech company that develops corporate and consumer products that positively impact the environment, announced today its new enterprise product: customized digital collectibles enabling businesses to offset their carbon footprints. Ecosapiens is inaugurating the new offering in collaboration with the Celo Foundation, the nonprofit organization supporting Celo, a carbon-negative, mobile-first, EVM-compatible blockchain ecosystem. Through the partnership, Ecosapiens is introducing its custom carbon-backed NFT called a “Celosapien,” which offsets 100 percent of Celo’s annual carbon emissions. The Celosapien facilitates carbon offsets for the Celo blockchain and sources its credits from Celo’s carbon credits providers. Ecosapiens also works with its own carbon credit providers it can source credits from for future enterprise collaborations. The Celosapien NFT will evolve over time, becoming more artistically intricate as it facilitates additional carbon offsets. Ecosapiens is also producing an open edition NFT series of the Celosapien, which folks can mint for free on the Celo network. “There are lots of companies today that prioritize sustainable business practices and are looking for ways to not only accomplish their climate goals but to also share and allow their customers, partners and community to participate in that collective impact,” said Ecosapiens CEO and co-founder Nihar Neelakanti. “This collaboration with the Celo Foundation is a major milestone for us as the first partner for our corporate carbon-backed NFTs, and we hope it will inspire leadership from other businesses to easily and elegantly offset their emissions.” Inspired by the Celo ecosystem’s participation in Kenyan forest and mangrove protection projects, the collectible reflects the region’s natural features; the fully evolved Celosapien will have a cheetah-like body, antelope horns and wings made of the mineral selenite, and be adorned in orchids, baobab and Socotra dragon trees. “We are very excited to be partnering with Ecosapiens in developing the first iteration of their corporate climate collectibles,” said Nikhil Raghuveera, Celo Foundation’s Head of Strategy and Innovation. “NFTs are a still untapped opportunity for galvanizing climate action and this collaboration is a next step towards our community’s mission to promote scalable regenerative design through blockchain technology. Our joint effort will provide organizations and enterprises with novel and user-friendly opportunities for climate action at scale on the Celo blockchain.” This collaboration follows Ecosapiens’ alpha collection launch in February that has offset more than 3,000 tons of carbon, the equivalent of planting about 120,000 trees. In April, the company also announced a $3.5 million seed fundraise led by consumer web3 fund Collab+Currency with gmoney joining as an advisor. Additional investors in the project include Alex Witt, former COO of Moonbirds Ryan Carson, co-founder of Boost VC Brayton Williams, Boost VC, Slow Ventures, Menlo Ventures, and Alumni Ventures Blockchain Fund. Visit ecosapiens.xyz for more information. About Ecosapiens Ecosapiens is an eco-conscious collective that defends the climate through creative tech, beginning with a perpetual carbon capture digital collectible series, through which carbon projects are funded. The platform’s namesake collection, Ecosapiens, represents a new iteration of the human species that is more connected to and thoughtful about its impact on the planet. Key Ecosapiens investors include Boost Ventures, Slow Ventures, Menlo Ventures, Alumni Ventures Blockchain Fund, Charles River Ventures and Collab+Currency. Follow Ecosapiens on Twitter and Instagram and join us on Discord. About the Celo Foundation The Celo Foundation was founded to support the growth and development of the decentralized, open source, mobile-first Celo platform to help build a carbon-negative financial system that creates the conditions of prosperity for all. The Foundation is guided by the Celo community tenets and contributes to education, technical research, environmental health, community engagement, and ecosystem outreach—activities that support and encourage an inclusive financial system. For more about Celo, visit https://celo.org/. Contacts Ally Norton [email protected]

According to court filings, cryptocurrency exchange, Bittrex, has been accused by Florida’s financial regulator of violating several laws within the state. These violations allegedly occurred prior to Bittrex Inc. filing for Chapter 11 in May. Bittrex had made a request for an Automatic Stay, which would impede certain creditors from pursuing or continuing legal actions against a bankrupt estate. In response, Brandon Greenberg, Assistant General Counsel to the Florida Office of Financial Regulation (OFR), filed a statement opposing the request. The purpose of Greenberg’s filing is to challenge the implementation of the Automatic Stay. This would allow creditors to proceed with their actions against Bittrex Inc. as part of the bankruptcy proceedings. Greenberg highlighted in his statement that the financial regulator, the Florida Office of Financial Regulation (OFR), had already provided guidance and advice to Bittrex, regarding potential avenues for resolving the charges brought against them. Accusations Against Bittrex: What Led To The Regulatory Uproar? Bittrex Inc. faces several accusations which included the failure to separate customer assets from the company’s own capital. Not only that, the exchange, was also accused of inconsistent maintenance of an adequate surety bond. According to the filing, from October 2022 to March 2023, the OFR collaborated with financial regulators in Texas, Maryland, and Michigan to conduct a “multistate examination” of Bittrex Inc. This suggests that the regulators from multiple states worked together to assess and investigate the operations of Bittrex Inc. during that period before coming to their present conclusion. After conducting its investigation, the OFR filed a three-count complaint against the exchange platform on April 17, as stated by Greenberg in the filing on Wednesday. On the same day, the U.S. Securities and Exchange Commission (SEC) accused the company of violating federal laws by operating as a securities exchange, broker, and clearing agency. The OFR previously advised the company to engage in administrative procedures. It was suggested in order to help Bittrex to pursue a more substantive discussion and potentially explore options for a settlement. In his filing, Greenberg asserted that the Florida Office of Financial Regulation holds the authority to exercise administrative discretion. It can determine which violations to charge in their Administrative Complaint against the platform. Bittrex Ceased Operations Amidst “Uncertain Regulatory and Economic Environment” On March 31, Bittrex Inc. made an announcement stating its intention to wind down its operations in the United States. It cited concerns over the uncertain regulatory and economic environment. According to Greenberg, the company expressed disappointment with the enforcement action taken by the OFR back in April as they had hoped to surrender their license and exit Florida without such action. At that time, Bittrex Inc. did not disclose any plans to file for bankruptcy. However, on April 30, the company surrendered its money transmitter license. Legal representatives for the exchange have combated the allegations. They said that although Bittrex may have faced regulatory issues in the past, they had been in compliance with Florida law since then. On May 8, Bittrex Inc. filed Chapter 11 in the state of Delaware.

What is arbitrage? Arbitrage, in its simplest form, is the process of buying a stock on one market and selling it on another to take advantage of price listing differences across various markets. For example, a car manufacturer is priced at $45 on the NYSE but is trading at $45.30 on the SSE. A trader purchases these shares on the NYSE and sells them on the SSE to make a 30-cent profit on each share. This is a basic example of arbitrage trading. What is arbitrage trading in crypto? Arbitrage crypto trading works in a similar way to conventional stock market arbitrage trading. In the same way arbitrage traders seek to make gains by buying and selling across markets, crypto arbitrage traders look to profit from the varying list prices on different exchanges. For example, an investor buys 100 Solana coins on the Coinbase crypto exchange at $14 per coin and sells them on the eToro exchange for $14.10 — meaning the investor made 10 cents profit per share by trading them on a new platform. Types of crypto arbitrage The only significant difference between crypto arbitrage trading and stock market arbitration is that there’s more than one way to do it. Some of the common types of crypto arbitrage trading include: Spatial arbitrage — Also known as geographical arbitrage, spatial arbitrage is when an investor simply buys cryptocurrency on one exchange, sells in another, and collects the profit. Investors can trade crypto between centralized exchanges (CEXs) or Decentralized exchanges (DEXs) and take advantage of an exchange’s technical inefficiencies — like pricing delays — and listing differences to profit. Spatial arbitrage without transferring — The most common and simple form of arbitrage trading. An investor takes a long position on a cryptocurrency on one exchange and a short position with the same cryptocurrency on another exchange. This means investors can hedge against substantial losses and make small profits on price fluctuations across different exchanges. Triangular arbitrage — The triangle aspect refers to three types of currency involved in a triangular transaction — the two coins and the fiat currency used. Triangular arbitrage works like this: The investor logs on to their crypto exchange or trading account and buys one Bitcoin on their account using their fiat currency — for example, pound sterling or US dollars. The investor transfers that Bitcoin to a different exchange or wallet and purchases 10 Ethereum using that Bitcoin. The investor then sells their current holding of Ethereum — for a higher price than the cost of the original Bitcoin — and buys back the original Bitcoin for the starting price to complete the triangle. Although profitable when done correctly, these opportunities rarely arise, and this isn’t a method commonly used by traders. How to find crypto arbitrage opportunities It’s all well and good knowing how to put an arbitrage trading plan into action. However, prospective arbitrageurs must know how to spot these opportunities to act on them. To spot a lucrative crypto arbitrage opportunity, investors must: Browse the market for price changes — Whether manually or using a tracking tool to do the heavy lifting, comparing the prices of cryptocurrencies on a range of platforms is essential to know where to buy and sell. Specialist software can help investors scrape this data from various exchanges to highlight potential opportunities. Use trading pairs — Trading helps gauge the comparative value of two cryptocurrencies or between a coin and a fiat currency. For example, an exchange might show that one Bitcoin token is worth X amount of Ethereum on the interface and vice versa. This value can be used to calculate how much a coin is worth when you trade, making it easier to identify if the exchange rate works in your favor. Keep up-to-date with currency exchange rates — Another crucial aspect of arbitraging crypto is tracking the exchange rates of fiat currencies. For investors buying and selling cryptocurrencies across global CEXs and DEXs, understanding how the fiat currencies have moved can affect how much profit they’ll make when all the assets are sold. Advantages of crypto arbitrage Despite being an uncommon tactic, there are many potential advantages to arbitraging cryptocurrencies. The main advantages of cryptocurrency arbitrage trading include: Low risk — Because crypto arbitrage trading often involves buying and selling simultaneously or on different markets, traders hedge their losses with a counter investment, meaning there is minimal risk for the trade. Potential for quick returns — Arbitrage trading has a quick turnaround — once investors spot an opportunity, they jump at it. The nature of rapid arbitrage trading and currency conversions at a desirable rate means that profits can be realized in a matter of minutes. Industry Volatility — Volatility is usually not associated with positive financial investing, however, it’s a vital part of arbitrage. Cryptocurrencies are inherently volatile. Because the supply and demand of a coin are largely based on speculation, markets are constantly moving — exposing daily pricing errors and inefficiencies across many crypto exchanges daily. It’s these inefficiencies that open the door for traders to profit. Works during bull and bear markets — Whether the market is rising or falling, the number of arbitrage opportunities remains the same. Although bull markets are more desirable, traders can hold both long and short positions and make money whether the markets bull or bear. Disadvantages of crypto arbitrage All investment strategies come with a level of risk – cryptocurrency arbitrage is no different. Some of the drawbacks of crypto arbitrage include: Withdrawal limits — Some cryptocurrencies limit the amount you can withdraw at any given time. Investors must understand these limits and select exchanges that offer the cheapest withdrawal fees to maximize profit on short-term trades. Transaction Fees — All trading platforms and cryptocurrency exchanges won’t let you buy, deposit, or withdraw money or coins from a wallet without charging fees. Investors must factor these fees into account before taking arbitrage trades. Fees for buying, selling, and withdrawing coins or fiat currency can exceed the profit made by performing a successful arbitrage trade — adding extra layers of complexity for novice and experienced investors alike. Slow Transaction Times — As competition for a share of the crypto pie ramps up, so do transaction times, due to the increased volume. Because funds need to be reallocated and withdrawn quickly, these slow wait times can be the difference between an investor profiting, missing out on an opportunity, or losing out entirely. Precision Timing Needed — All trading is relatively time-sensitive, but none more than arbitrage trading. When prices across exchanges don’t match up, and an opportunity arises, investors have minutes or even seconds to react and turn a profit. Investors need to be quick to reduce the risk of the market turning against them, making it a method that’s most suitable for more experienced traders. Frequently Asked Questions (FAQs) Which coin is the best for arbitrage? Arbitrage can be done with any crypto coin or token. However, coins with high volatility are most suitable as they open more opportunities for arbitration. Cheaper tokens and meme coins – like Dogecoin, Shiba Inu, and Cardano – offer increased volatility and are also more accessible to investors with smaller portfolios. Can you lose money doing crypto arbitrage? Like any form of trading, if the market doesn’t fall in your favor — or you make a mistake on your inputs — you can lose money from crypto arbitrage. Unfortunately, trading has real-world consequences, so it’s critical to be informed and practice on a paper money account before committing personal capital. For more information on how to invest in crypto as a beginner and the potential pros and cons of trading, check out our helpful guide! Is crypto arbitrage legal? Crypto arbitrage trading is not only legal in the majority of countries across the world, but it’s also encouraged. It helps iron out market inefficiencies by making it easier for centralized and decentralized markets to receive a steady supply of coins to fulfill demand without affecting the market price. How to learn crypto arbitrage? When learning any form of trading, it’s important to learn from the best and practice the strategy in a safe environment. Most exchanges offer investors the option to set up a paper account. A paper account lets novice investors set up and try different investment strategies — including crypto arbitrage trading – without the risks associated with committing capital straight away.

Shytoshi Kusama, the creator of the popular dog-themed memecoin Shiba Inu, has shared a blog post with exciting news. He announced Shibapendance Day as a remarkable achievement for the Shib community. The blog post from the Shiba Inu (SHIB) has sparked excitement around the crypto community. On June 6, Shytoshi Kusama tweeted a blog post. In the blog post, he mentioned that after joining the Shiba Inu, he was faced with the question of whether it was possible to build a leaderless, 100% decentralized, autonomous, and persistent community. Moreover, he stated that publishing a paper might be stressful, so he decided to release a small blog post. Shytoshi Kusama Launches the First Decentralized ShibaSwap The main focus of the announcement is the launch of ShibaSwap, the first truly decentralized exchange associated with the Shiba Inu ecosystem. By bringing about the new era of a truly decentralized exchange, he announced the Shibapendance. Kusama emphasized the importance of decentralization. Moreover, Bone is to be the major token for ShibaSwap and the other ecosystems. According to Shytoshi, to properly execute the goal, Shiba Inu needs structure, technical and practical. So that the ecosystem can govern itself, and the DAO will consist of the holders of tokens in the Shib ecosystem. With this new development, Shiba Inu aims to create a way for a decentralized future and provide financial opportunities for individuals. Kusama highlighted that Bone, the Shiba Inu’s governance token, supports technology in the community. The Leash maintains control over community protection and also offers exclusivity. Moreover, Treat governs and enhances community projects. At the time of writing, the trading price of Shiba Inu is around $0.000007474, with an increase of over 0.47% in the last 24 hours. The trading volume of the SHIB has experienced a decline of over 28.69%, according to CoinMarketCap. Recommended For You: Shiba Inu (SHIB) Breaking Records with Daily Active User Growth