If historical Bitcoin price performance leads, one trader is adamant that the coin is at a critical inflection point at spot rates. Based on astronomical patterns and moon arrangement, trading desk QCP Capital believes Bitcoin prices can swing higher in a bull run towards the $33,000 to $35,000 level, reversing following sharp losses in 2022. Conversely, after a recovery that has seen Bitcoin price rally 20% from mid-June 2023, there can be a contraction that may see the coin dip after an impressive performance in the past few trading weeks. Supermoons Coincide With Key Bitcoin Price Reversals Based on technical and fundamental actions, the trading desk cited the past performance of Bitcoin at different cyclical stages. For instance, when Bitcoin fell in the early days of 2020, primarily due to fears of the far-reaching consequences of lockdowns brought by the COVID-19 pandemic, it posted a 161% rally from early March to May 2020. The same was observed from mid-June to August 2022 when Bitcoin, at the depth of the last cyclical bear market, prices soared 43%. Marking peaks, Bitcoin corrected from the end of April to June 2021, falling 51% in a predominantly bullish market. According to the trading desk, major reversals in bearish and bullish runs occurred during a “supermoon.” In astrology, a supermoon is a full moon that forms when the moon is at its closest point to the Earth in its elliptical orbit. The moon appears brighter than usual during this time and happens only once or twice a year. A supermoon formed on July 4, and the trader believes Bitcoin is at a critical reaction point. For years, there has been a belief that supermoons correlate with bullish markets. However, no scientific findings support this, and neither have statistical correlations. Still, based on the trader’s analysis, the multiple correlations and timing of peaks and bottoms of Bitcoin prices during supermoons can be used to predict BTC markets. Will Prices Rally Or Dump? While it is yet to be seen whether BTC will edge higher, breaking above $31,300 and rally towards the $35,000 zone, the trading desk says fundamental factors will play a critical role and remains bullish that BTC may rally to within the $33,000 to $35,000 liquidation zone. Overall, monitoring how the Federal Reserve of the United States will implement its monetary policies will be necessary in the future. Although inflation has been dropping, the trader observes that it has not fallen low enough to warrant a rate cut. Rate cuts tend to move the capital to store-of-value assets from which Bitcoin will likely benefit. On a more pessimistic side, the trading desk expresses caution saying BTC has strong resistance at spot levels since the recent leg up was most likely the fifth and the last wave from November 2022 lows. At the same time, the $33,000 to $35,000 resistance zone is a critical resistance trend line. For this reason, any dump may see BTC retest the $24,000 and $26,000 support zone.

Bitcoin price failed to settle above $31,000 and corrected lower. BTC could continue to move down toward the $30,000 support zone. Bitcoin is correcting gains from the $31,000 and $31,250 resistance levels. The price is trading below $30,800 and the 100 hourly Simple moving average. There was a break below a connecting bullish trend line with support near $30,750 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend its decline and test the $30,000 support zone. Bitcoin Price Corrects Lower Bitcoin price failed to settle above the $31,000 resistance zone. BTC started a downside correction below the $31,000 and $30,850 levels. Besides, there was a break below a connecting bullish trend line with support near $30,750 on the hourly chart of the BTC/USD pair. The bears were able to push the price below $30,250. A low is formed near $30,160 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $31,373 swing high to the $30,160 low. Bitcoin is trading below $30,800 and the 100 hourly Simple moving average. Immediate resistance is near the $30,600 level. The first major resistance is near the $30,750 level and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $31,373 swing high to the $30,160 low, above which the price might retest $31,000. Source: BTCUSD on TradingView.com A close above the $31,000 resistance could start a steady increase. The next major resistance is near the $31,400 level. Any more gains could open the doors for a move toward the $32,000 resistance zone. More Losses in BTC? If Bitcoin’s price fails to clear the $31,750 resistance, it could continue to move down. Immediate support on the downside is near the $30,150 level and the recent low. The next major support is near the $30,000 level, below which there could be a drop toward $29,550. Any more losses might send the price toward the $29,200 zone in the coming sessions. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $30,150, followed by $30,000. Major Resistance Levels – $30,750, $31,000, and $31,400.

The Shiba Inu community continues to mark new milestones with its testnet, Shibarium, as a steady surge of users links their crypto wallets to the network. Shibarium’s testnet, also known as Puppynet, launched on March 11 and has seen an increase in overall transaction count over the past 24 hours. Shibarium added almost a million transactions in a single day, catapulting past the 27 million mark and setting a new record. On June 13, a peak of 324,000 transactions was recorded, after which it slightly decreased over the following days. However, since June 19, the daily transactions have hovered around the 274,000 mark. Consistent Growth In Wallet Links And Blocks Alongside transaction growth, the number of wallets linked to Shibarium continues to rise, albeit slower, according to Puppyscan data. The current count of linked wallets is over 17 million, with no substantial spikes recorded recently. The total blocks have increased to surpass 1.56 million, and the time required to create a new block has been reduced to 8.3 seconds. Notably, the community anticipates the official launch of Shibarium’s mainnet, with excitement fueled by a statement from the lead developer of Shiba Inu and Shibarium, the elusive Shytoshi Kusama. The developer informed the SHIB army about the planned “launch strategy” for Shibarium, noting that the date and time have been confirmed. The community speculates that the Shibarium mainnet could be launched between August 13 and 16 in Toronto, Canada, during the annual ETHToronto event. This event celebrates the creation of Ethereum, and given SHIB’s original launch on this blockchain, the community believes it would serve as a fitting tribute to Ethereum and its founder, Vitalik Buterin. Awaiting The Launch Of Shibarium Mainnet Kusama recently dropped a hint in a Telegram channel solely for Shibarium discussions, possibly confirming the theory regarding the mainnet’s launch date and location. Before this, he disclosed that Shiba Inu was “going somewhere” and clarified that this location would be outside the United States. Regardless, Shiba Inu (SHIB) has been in a downward trend over the past 24 hours. The dog-themed meme coin has declined by nearly 4% and is currently trading for $0.00000745 at the time of writing. However, over the past week, SHIB’s market capitalization has surged by $200 million. The asset’s trading volume has also recorded a slight surge in the past week from $100 million seen last Wednesday to $117 million in the past 24 hours. Featured image from Shutterstock, Chart from TradingView

The total Bitcoin Options open interest, the number of open call and put orders, recently rose to $14.87 billion on June 30 before falling to $10.74 billion on July 4, on-chain data on July 5 shows. Related Reading: Valkyrie Follows In BlackRock’s Footsteps, Refiles For Spot Bitcoin ETF At $14.87 billion, the total number of Bitcoin Options open interest at top trading platforms, mostly Deribit, CME, and OKX, stood at near all-time highs registered in October 2021 when prices went on to rally, printing all-time highs of over $69,000. On October 21, the total Bitcoin open interest stood at $15.06 billion, a record high that has never been broken. BTC Options At Near 2021 Peaks Many traders seem optimistic about the future of Bitcoin, as open interest remains high and trending near the peak levels of October 2021. With a strong close to the first half of 2023, the expectation is for prices to continue rising. The recent surge in Bitcoin prices, reaching new highs in June 2023 at $31,300, could be seen as a sign of overall bullishness, similar to the period before prices reached over $69,000 in November 2021. This skew and apparent optimism can be shown by the distribution of “call” and “put” Bitcoin options across major crypto derivatives trading platforms of which Deribit dominates. For instance, as of July 5, over 65% of all Bitcoin options orders are “calls,” meaning more traders expect prices to rise from spot rates. At this level, roughly 206,000 BTC orders are placed as “calls.” Meanwhile, a minority of traders expect price contracts from spot rates towards $28,300 or lower in the coming months. About 99,000 BTC options have been placed as “puts” to align with traders’ expectations of worse prices in the coming months. Bitcoin Traders Bullish The same can be observed in trading patterns over the past 24 hours. Despite Bitcoin prices falling 2% but staying above the $30,000 psychological level, most options traders are bullish since there are more “calls” than “puts.” Typically, Options give the contract holder the right or the obligation to buy or sell the underlying asset at an agreed price on or before the expiry date. Mostly, options contracted are used by traders to mitigate risks. More “calls” could mean more BTC traders are optimistic, expecting the coin to clear recent resistance levels. Based on recent trends, Options trading volumes have been decreasing on Deribit. After peaking at $3.29 billion on October 16, 2021, participation levels have been shrinking over the past 20 months. Trading was suppressed throughout 2022 during the bear market, which saw Bitcoin drop below $16,000 in November 2022. Since then, Options trading volumes rose, peaking at over $2.3 billion in March 2023. It has since dropped below the $1 billion level when writing on July 5. Cover image from Canvas, chart from Tradingview

Cardano is one of the most prominent proof of stake (POS) blockchains that requires users to stake their native tokens, ADA, to confirm and secure transactions on the network. Over time, the network has held the record for the largest percentage of its token supply staked. And once again, the blockchain has solidified its position in this regard as it reaches a new high for the total amount of ADA staked in decentralized finance (DeFi) protocols. Cardano Token TVL Reaches New All-Time High Back in September 2021, Cardano saw the completion of the Alonzo hard fork upgrade, an update that brought smart contracts capability to the network. What this meant was that developers could now build decentralized applications (DApps) on the blockchain, finally bringing the decentralized finance (DeFi) sector to Cardano. Since then, there has been a steady rise in the number of DeFi protocols being built on the blockchain. And as developers have flocked to the network, investors have followed suit, leading to a rapid rise in the number of staked ADA as users invested in various protocols. Although there were dips along the way, especially in the crypto winter of 2022, the tide has turned in 2023 and the number of staked ADA has now hit a new high. According to data from DeFiLlama, the total number of ADA staked on the network reached 560.7 million on Tuesday, July 4, a new all-time high. However, the new milestone is only reflected in the number of ADA staked and not in the total valued locked (TVL) in dollar terms. DeFiLlama shows that the current dollar equivalent of $161.82 million is still 50% below its March 2022 all-time high of $316.36 million. How Will ADA Price Respond? Like the altcoins in the crypto market, the price of ADA has responded closely to the movement of Bitcoin. As a result, over the last day, the digital asset has recorded a decline in its price. This is happening despite the latest TVL milestone. This decline suggests that the price of ADA is not reacting positively to the new all-time high in Cardano TVL, meaning it remains isolated at this point. However, it could point to a bullish movement further out as the DeFi interest in the blockchain continues to grow. Currently, ADA is trading at a price of $0.28 which translates to a 3.30% decline in the last 24 hours. But on the 7-day chart, the altcoin is still seeing gains of around 5%. If the general market rallies again, then ADA is likely to retest the $0.3 resistance.

StarkWare, an Israeli-based company working to scale Ethereum (ETH), has released the testnet for its latest layer-2 solution, Starknet v12.0. The new version focuses on improving performance and user experience, with a significant 10x increase in throughput achieved through the implementation of the Sequencer in Rust. Starknet Upgrade Signals Boost for Ethereum’s Scalability According to the company’s blog post, the Sequencer has been optimized with the help of LambdaClass, resulting in a smoother user experience by removing the PENDING status for transactions. A new syscall has also been introduced to retrieve past block hashes easily. Furthermore, the new version of Starknet supports a new Cairo syntax that focuses on safety. This means that the new syntax is designed to make it easier for developers to write secure smart contracts that are less prone to errors and vulnerabilities. The network upgrade to Starknet v12.0 will undergo a community vote, ensuring widespread participation and input. The community will have the opportunity to shape the future of Starknet, and the upgrade protocol for breaking changes includes a six-month window in which contracts compiled with the older compiler version (v1.1.0) will still be accepted. Starknet’s vision is to achieve substantial scalability in scale and cost, with the next priority being reducing transaction costs. The long-term goal is to provide a scalable, flexible, cost-effective infrastructure for decentralized applications. The upcoming vote for Starknet Alpha V0.12.0 will allow the community to examine and test the upgraded version before approving it for Mainnet deployment. Everyone is invited to participate in the proposal and vote on whether to upgrade Starknet Mainnet accordingly. Starknet empowers developers to code solutions that make a difference, and the new version allows developers to start their Cairo development journey. With the Cairo docs, Cairo Basecamp, and tutorials, developers can stay up to date with all version updates by signing up for the Starknet Developers Newsletter. The release of Starknet Alpha V0.12.0 represents a significant milestone for StarkWare and Ethereum, with the layer-2 solution’s focus on performance and user experience promising to enhance scalability and reduce transaction costs for decentralized applications. Ethereum Prices Surge, But Network Activity Shows No Significant Boost According to recent data from Glassnode, despite the recent rise in Ethereum prices, network activity has not experienced a significant boost, with gas prices remaining relatively low. This contrasts the situation during the Shanghai upgrade in April, which preceded a similar rally in ETH markets, where gas prices rose by 78%. Gas prices on the Ethereum network measure the cost of executing smart contracts and transactions. When demand for transaction processing exceeds the available network capacity, gas prices rise as users compete to process their transactions more quickly. This often happens during high network activity periods, such as upgrades and market rallies. However, the recent rally in Ethereum prices does not seem to have led to a significant increase in network activity, as gas prices have remained relatively stable. This could be due to several factors, such as that the current rally is driven more by institutional investors and DeFi protocols rather than individual users. Additionally, there may be more network capacity available now than during the Shanghai upgrade, which could be helping to keep gas prices in check. Despite the low gas prices, there are still signs of growth and development within the Ethereum ecosystem. The recent release of the Starknet v12.0 testnet by StarkWare, for example, is a significant milestone for Ethereum, as it promises to enhance scalability and reduce transaction costs for decentralized applications built on the network. ETH is trading at $1,900, following the steps of Bitcoin, and has decreased by 1.8% in the last 24 hours.

In recent months, the crypto markets have witnessed significant turbulence leading to the lowest quarterly trade volume since 2020. Amid varying economic factors, a bearish perception of investors toward cryptocurrencies and the broader economic climate reflects a dynamic yet challenging landscape. Kaiko, a crypto market data provider, shed light on this development alongside various key industry trends. Despite the lowered trade volumes, the crypto industry concluded the quarter positively, demonstrating resilience. Challenges Faced By TrueUSD And Impact On Crypto Market Prime Trust, the crypto custodian of TrueUSD (TUSD), has encountered financial difficulties, placing the stablecoin under scrutiny. The custodian’s financial shortfall, amounting to approximately $82 million, led to significant challenges, with customers unable to execute withdrawals. The challenges also included considerable sales pressure on TrueUSD on decentralized exchanges after the disclosure that True USD’s present auditing firm is a restructured version of FTX’s auditor. However, despite the selling pressure on decentralized exchanges, the price of TUSD remained around $0.999. Kaiko revealed that the potential liquidation of Prime Trust’s holdings could significantly impact the token’s price due to the holdings’ scale. Mixed Performances And Emerging Trends In the realm of performance, the second quarter witnessed a drop in the open interest for altcoins. Layer 2 tokens, which had initially reported gains in the first quarter, experienced a reduction ranging from 20% to 40% during Q2, according to Kaiko. On the flip side, DeFi tokens wrapped up the quarter marking a decline of 8%, yet picked up steam in June, largely fueled by the rise of tokens like MakerDAO’s MKR and Compound’s COMP. COMP experienced a boost of over 50% as large-scale investors in Binance intensified their purchasing activities. Kaiko further revealed that the Korean won (KRW)-denominated trade volume surpassed USD in the quarter’s final week, primarily spurred by WAVES and Bitcoin Cash (BCH). The spike in volume was largely attributed to WAVES’ price jump after securing support from DWF Labs, while Bitcoin Cash (BCH) saw a massive rise following its listing on EDX Markets. Meanwhile, EUR-denominated volume on centralized exchanges recorded a two-year low since the crypto bull run in late 2020. This trend indicates a shift in European market sentiment, adding to the quarter’s varied developments. Regardless, the crypto market has shown recovery from its bloodbath last year. Over the last 7 months, the crypto market has grown compared to the bearish trend seen all through 2022. Both small caps and Larger crypto assets such as Bitcoin (BTC) and Ethereum (ETH) have broken multiple resistance surpassing important levels. Bitcoin has recently traded above $31,000 before retracing below $30,427 at the time of writing. Ethereum, on the other hand, has also surged and trades above the $1,900 mark and now looking to break past the $2,000 region. Featured image from iStock, Chart from TradingView

Fed’s ‘hawkish pause’ sparks uncertainty in the crypto market. Labor market strength may squeeze crypto prices. The inflation battle poses challenges for crypto as an inflation hedge. After a period of bated breath, the Federal Reserve’s June meeting minutes are now public. Significantly, these insights could ripple through the policy-sensitive rates and Treasury yields, critical players in the global cryptocurrency game. In a surprising twist, the Fed elected to break its ten-meeting streak of interest rate hikes. This ‘hawkish pause’ jolted the stock market, and consequently, we need to question the potential ramifications for cryptocurrencies. As sentiment and speculation propel the crypto market, the Fed’s decisions indirectly but significantly sway cryptocurrency values. Inflation Conundrum and Crypto: The Wait-and-Watch Game The Federal Open Market Committee (FOMC) keeps a keen eye on the labor market conditions, which are notoriously tight. A robust labor market typically fortifies the dollar, which could, in turn, squeeze the price of cryptocurrencies. Interestingly, future projections indicate an upswing in the federal funds rate. If these rate hikes manifest, they could destabilize the crypto market. Historically, hikes have prompted investors to retreat from risky assets, like cryptocurrencies, and seek refuge in more stable harbors. Conversely, the FOMC members expect a 1% GDP growth for 2023. This positive economic trajectory could rekindle confidence in venturesome investments, including cryptocurrencies. Moreover, inflation continues to feature prominently in Fed discussions, with a revised projection of 3.9% for core inflation. In this scenario, Bitcoin and other cryptocurrencies often emerge as a haven against inflation. Hence, the Fed’s battle against rising inflation will undoubtedly cast ripples through the crypto market. Additionally, the Fed’s aim to anchor inflation back to its 2 percent objective might reduce the appeal of cryptocurrencies as inflation hedges. In conclusion, the crypto market stands at a critical juncture as it awaits the impact of the Fed’s June meeting minutes. With inflation, interest rates, and economic growth in focus, the ripple effects on cryptocurrencies could dampen or ignite investor sentiment. Exciting times lie ahead for crypto enthusiasts. Highlighted Crypto News Today: CoinDCX CEO Sparks Controversy with Strong Opposition to P2P, Citing High Risks

Despite the recent surge in Ethereum (ETH) prices, network activity on the blockchain has not witnessed a substantial boost. The impact of the Shanghai hardfork on the Ethereum network has been noteworthy. Glassnode’s report reveals a significant peak in deposit activity on June 2, with over 13,595 new deposits of ETH. Despite the recent surge in Ethereum (ETH) prices, network activity on the blockchain has not experienced a significant boost, according to a recent report by Glassnode. The report highlights that gas prices, which serve as a measure of blockspace demand, have remained relatively low despite the price rally. Ethereum Prices and Network Activity Glassnode’s report reveals that despite the upward movement in ETH prices during 2023, the increased prices have not translated into a substantial rise in network activity. Gas prices, which indicate the demand for blockspace, have remained relatively low, particularly in the week following the announcements of ETF filings. During the Shanghai upgrade in April, which preceded a comparable rally in ETH markets, gas prices experienced a significant surge of 78%. In contrast, in the current week, gas prices have only seen a moderate increase of 28%. The Impact of the Shanghai Hardfork The Shanghai hardfork brought about the ability to withdraw staked ETH from the Ethereum consensus mechanism. However, instead of witnessing a surge in withdrawals, the upgrade has actually incentivized a fresh wave of deposits as stakers find confidence in the newfound flexibility. The report highlights a peak in deposit activity (transaction counts) on June 2, with over 13,595 new deposits amounting to more than 408k ETH. In comparison, ETH exchange deposit transactions have remained relatively stable at around 30k deposit transactions during the same period. Comparison of Staked ETH and Exchange Inflow Volume A clear trend emerges when comparing the volume of newly staked ETH (blue) versus exchange inflow volume (red). Since the launch of the Shanghai upgrade, the volume of newly staked ETH has consistently been higher or at least equal in scale to exchange inflows. Glassnode’s report sheds light on the current state of the Ethereum network, revealing that despite the recent surge in ETH prices, network activity and gas prices have not experienced significant growth.

The platform plans to make oUSD accessible to customers who deposit crypto. If a user’s oUSD balance falls below zero, they will be charged interest at a rate. Mark Lamb, co-founder of OPNX, announced the creation of a credit currency for margin trading on July 5 in a statement. The “phase 1” release of the oUSD currency requires users to put crypto assets into the exchange before they may obtain oUSD. To facilitate potential “bankruptcy remoteness,” Lamb said the platform plans to make oUSD accessible to customers who deposit cryptocurrency into on-chain contracts in a future “phase 2” edition. Addresses 3 Prime Issues The litepaper for oUSD states that it addresses three issues. First, banks and other financial institutions are hesitant to place their cryptocurrency collateral with third-party platforms. Second, during the bear market of 2022, several exchanges and lending platforms went bankrupt because they lent money to margin traders. Third, “portfolio margin,” or the capacity to borrow and trade based on one’s crypto holdings rather than one’s stablecoin holdings, is desired by traders in crypto derivatives. In order to address this issue, oUSD was created as a “credit currency.” It may be used to calculate gains or losses when Bitcoin, Ether, or another cryptocurrency is used as collateral, and it can be acquired at a 1:1 ratio with Tether. Moreover, if a user’s oUSD balance falls below zero, they will be charged interest at a rate set by the platform’s OX token holders. Those who have accumulated a surplus may withdraw their funds in USDT. Lamb said that users will be able to stake crypto outside of the network in smart contracts and obtain oUSD in the future. This will provide them a buffer against the possibility of the exchange going bankrupt. Highlighted Crypto News Today: ProShares Bitcoin Strategy ETF Yet Again Surpasses $1B AUM

The dream of a spot Bitcoin exchange-traded fund (ETF) in the US is still yet to become a reality as various investment firms continue to seek approval from the Securities and Exchange Commission (SEC) despite multiple rejections. In a recent turn of events, Valkyrie, an alternative asset management company specializing in the emerging cryptocurrency sector, refiled its application for a Spot bitcoin exchange-traded fund. Valkyrie Takes Another Swing At Bitcoin ETF Approval In a new 19b-4 form submitted by the Tennessee-based firm, the latest Bitcoin ETF filing includes some key differences that may improve its chances of approval by the SEC. For starters, Valkyrie mentions it is now bringing on Coinbase as a partner for market surveillance in support of the fund. The company also mentions that Coinbase had “executed a term sheet with Nasdaq” to “enter into a surveillance-sharing agreement.” Given that Coinbase is the largest cryptocurrency exchange based in the United States, Valkyrie’s partnership with Coinbase is most likely going to increase the likelihood that the application will be approved. Valkyrie is, however, not new to the BTC business, as the company is majorly focused on bridging the gap between traditional finance and the rapidly evolving digital asset industry. In 2022, the company received approval from the SEC for its Bitcoin Futures Fund. In 2021, Valkyrie filed for a Spot Bitcoin ETF, but it was outrightly rejected by the SEC for the reason of being too risky for investors for various reasons such as market manipulation. The former application proposed that the fund be listed on NYSE Arca, but now it’s moving to Nasdaq with the ticker symbol $BRRR. How A Spot BTC ETF Could Impact Crypto Markets Other major players in the investment world have recently filed for their own Spot Bitcoin ETFs with the SEC. Investment companies like BlackRock and Fidelity have refiled their spot Bitcoin application in the past month. This news drove the price of Bitcoin high in late June, crossing over $30,000. Although these applications were previously said by the SEC to be ‘inadequate’, they have now been modified and refiled. With major investment companies entering the fray and refiling their applications, the SEC will likely face mounting pressure to approve a Spot Bitcoin ETF finally. As investors’ demand for digital assets grows, a spot ETF could provide a regulated way to gain exposure to BTC and lead to even more mainstream adoption of cryptocurrencies, especially for institutional investors. If any of these filings are approved, it would be the first Bitcoin spot ETF to win approval in the US and the fund(s) will be able to offer unlimited Bitcoin ETF shares to investors.

Nasdaq resubmits requests for spot Bitcoin ETF, including surveillance-sharing agreement. Valkyrie persists in seeking SEC approval for spot BTC ETF. Transitioning to spot ETFs could legitimize cryptocurrencies for institutional investors. Nasdaq, the renowned stock exchange, has resubmitted its request for a rule change to the U.S. Securities and Exchange Commission (SEC) to allow the listing of a spot Bitcoin exchange-traded fund (ETF) for the Valkyrie Bitcoin Fund. This recent filing on July 3 included a notable addition—a “surveillance-sharing agreement” with Coinbase, the prominent cryptocurrency exchange. The agreement aims to grant Nasdaq supplementary access to data regarding spot Bitcoin trades, which may enhance the chances of regulatory approval. In the past week, other asset managers, namely BlackRock and Fidelity, have followed suit and included surveillance-sharing agreements in their ETF refilings. On June 30, the SEC expressed concern that previous crypto ETF filings with Nasdaq and Cboe needed more clarity and comprehensiveness. This hint from the regulatory body suggests that surveillance arrangements could prove beneficial in securing approval for the applications. Valkyrie’s Persistence in Pursuing a Bitcoin ETF Valkyrie, a cryptocurrency fund manager, has persistently sought approval for its spot BTC ETF from the SEC. While their most recent attempt was made in June, the company has applied for such an investment vehicle since 2021. Despite successfully launching an ETF tied to Bitcoin futures in October 2021, Valkyrie has yet to gain approval for a spot ETF linked directly to cryptocurrency. Numerous firms have sought SEC approval for crypto investment vehicles over the past few years, albeit failing to succeed. Following the denial of Grayscale Investments’ spot Bitcoin ETF in June 2022, the investment firm filed a lawsuit accusing the regulator of inconsistent treatment towards similar investment vehicles. However, the inclusion of surveillance-sharing agreements in recent ETF filings suggests that market participants adapt their strategies to appease regulatory concerns. Significantly, this shift may impact the prospects of approving Bitcoin ETFs, potentially paving the way for increased institutional participation in the crypto market. Consequently, if the SEC deems the surveillance arrangements satisfactory, it could mark a significant turning point for the industry. With Nasdaq resubmitting its request for a Valkyrie Bitcoin ETF and including a surveillance-sharing agreement with Coinbase, the path toward approving a spot is evolving. The recent inclusion of similar agreements by BlackRock and Fidelity underscores the industry’s commitment to addressing regulatory concerns. Moreover, crypto awaits a breakthrough as the SEC aims for clarity and comprehensive information in these filings. Transitioning from futures-based ETFs to spot ETFs could further legitimize cryptocurrencies in the eyes of institutional investors, potentially driving significant growth in the market. Highlighted Crypto News Today: Denmark Regulators Force Saxo Bank To Sell Crypto Asset Holdings

Recent analysis reveals a significant downturn in the token burn rate of Shiba Inu. Shibburn data highlights the burning of 71.4 million SHIB in the past 24 hours. The recent red market for Shiba Inu resulted in a decline in its price and a lack of momentum in the burn rate. Recent analysis of the Shiba Inu network has revealed a significant downturn in the rate of token burning, even during a relatively calm weekend trading period. The burn rate of SHIB has witnessed a considerable drop, dropping by over -79.%. Token burning involves deliberately removing tokens from circulation, thereby reducing the total supply. In the context of Shiba Inu, the drop in the burn rate during the weekend is evident in comparison to the past few weeks. With a reduced supply, each remaining token may experience a potential increase in value, provided that demand remains stable or grows. Shibburn data shows that in the past 24 hours, 71.4 million SHIB were burned. Additionally, 240.6 million SHIB were sent to dead wallets in the last seven days. Shiba Inu price in the red amidst slumping burn rate Shiba Inu has encountered market challenges recently, particularly after the recent 800 billion SHIB dump on Binance. Nevertheless, the coin has failed to maintain a stable price around the typical level of $0.0000075. According to CoinMarketCap data, SHIB is down by over 3.5% in the last 24 hours. The burn rate has also failed to keep up the momentum of past milestones where billions of SHIB were burned in a day.

Binance has announced the temporary suspension of support for eight Multichain-bridged (MULTI) tokens The exchange will be temporarily unable to deposit or withdraw digital assets associated with eight tokens. The affected tokens include Polkastarter (POLS), Alchemy Pay (ACH), Beefy.Finance (BIFI), SuperVerse (SUPER), Travala (AVA), Spell Token (SPELL), Alpaca Finance (ALPACA), and Harvest Finance (FARM). Binance, a prominent cryptocurrency exchange, has announced the temporary suspension of support for eight Multichain-bridged (MULTI) tokens starting from July 7. The decision is a result of issues encountered with certain cross-chain routes within the protocol. According to an update shared on July 5, Binance users will be unable to deposit or withdraw digital assets associated with 8 tokens. However, the exchange clarified that deposits for these assets will still be allowed on other compatible networks. Binance to cease support of 8 multichain tokens Binance announced that the temporary suspension will be effective from July 7, 2023, until further notice. The decision comes in response to recent developments with the Multichain (MULTI) protocol. The affected tokens and their respective networks are as follows: Polkastarter (POLS) via BNB Smart Chain Alchemy Pay (ACH) via BNB Smart Chain Beefy.Finance (BIFI) via Fantom Network SuperVerse (SUPER) via BNB Smart Chain Travala (AVA) via Ethereum Network Spell Token (SPELL) via Avalanche C-Chain Alpaca Finance (ALPACA) via Fantom Network Harvest Finance (FARM) via BNB Smart Chain Deposits for these tokens were previously suspended on May 24, 2023, following the issues encountered with the Multichain protocol. Binance acknowledges any inconvenience caused by this situation. However, users will still have the ability to deposit or withdraw the affected tokens via other networks supported by Binance.

Dogecoin is up 5% during the past week, but data from Santiment reveals that social media talk around the asset still continues to be low. Interest In Dogecoin Remains Low Despite Surge In Price According to data from the on-chain analytics firm Santiment, there haven’t been many discussions around DOGE on social media recently. The relevant indicator here is “social dominance,” which tells us about the percentage of the total discussions happening on social media platforms related to the top 100 assets (by market cap) that involve the topic of Dogecoin. When the value of this metric is high, it means that the DOGE-related talks currently make up a significant part of the discussions involving the wider cryptocurrency market. Such a trend is usually a sign that the interest in the asset is high among the general investor. On the other hand, low values imply that social media users aren’t talking that much about the meme coin. Naturally, this kind of trend suggests that there is no excitement around the coin in the market at the moment. Now, here is a chart that shows the trend in Dogecoin’s social dominance over the last few months: As displayed in the above graph, the Dogecoin social dominance has been quite low during the past month. Currently, the indicator’s value is around 1.4%, which means that DOGE-related discussions make up for just 1.4% of all talks related to the top 100 assets. These recent low values of the metric are particularly notable as the meme coin has observed an increase of about 5% during the last week or so. It would appear that despite this rise, interest in the cryptocurrency hasn’t particularly shifted one way or the other. In the chart, Santiment has also attached the data for another indicator: the “Binance funding rate.” This metric keeps track of the periodic fee that Dogecoin futures traders are exchanging with each other on the Binance platform. From the graph, it’s visible that this indicator became quite negative a while back, implying that a large number of short contracts piled up. Before long, however, the metric turned back positive as the price observed its latest rally. This timing would suggest that a “short squeeze” might have helped with the recent price growth. A short squeeze is an event where a mass liquidation of short contracts takes place at once and ends up providing fuel for an upward price move. Even though this was the largest short squeeze of 2023, it would appear that social media users have remained uninterested in the asset. This may not be all bad for Dogecoin, though, as excessive social media hype usually ends up in a top formation for the meme coin. Nonetheless, the indicator still staying as low as it has can be concerning, as a lack of any attention also means that the rally may run out of fuel before too long. DOGE Price At the time of writing, Dogecoin is trading around $0.066, up 5% in the last week.

Saxo Bank allows its clients to trade several cryptocurrencies on its platform. The regulator said that the firm provides many crypto-linked ETFs and ETNs. Denmark’s financial watchdogs are cracking down on cryptocurrency exchanges and payment processors. This is after they banned local banks from holding cryptocurrencies to protect themselves from trading risks. Saxo Bank, a Danish financial firm, was formally forced to sell its crypto assets by the Danish Financial Supervisory Authority (DFSA) on July 4. According to the Danish Financial Supervisory Authority, Saxo Bank’s crypto operation “lies outside of the legal business area of financial institutions,” according to Article 24 of the Danish Financial Business Act. Trading for Its Own Account The DFSA reports that Saxo Bank allows its clients to trade several cryptocurrencies on its platform. The regulator said that the company provides many crypto-linked ETFs and ETNs, and that “it is possible to speculate on crypto assets.” The market risk of the bank’s crypto products is also hedged by a portfolio of the bank’s own cryptocurrency holdings, the DFSA said. Trading in crypto-assets does not seem to fall outside the legal business area of financial institutions in Denmark. The regulator stated the above citing Annex 1 of the Financial Business Act. According to the DFSA, The regulators have reasoned the Bank trading in crypto assets for its own account is unacceptable as per legal terms. Moreover, the MiCA (Markets in Crypto Assets) legislation from Europe was also highlighted in the DFSA’s declaration. The governing body remarked that not all MiCA rules would go into force until December 2024. According to the authorities, this means the area will continue to be unregulated for the time being. Highlighted Crypto News Today: Binance Academy and Coursera Collaborate to Boost Global Blockchain Education

On June 29 investors put in $14.9 million, and on July 3 they put in another $11.9 million. BITO, the first Bitcoin futures exchange-traded product, debuted in October 2021. Assets under management (AUM) for the ProShares Bitcoin Strategy ETF (ticker symbol: BITO) have risen back beyond $1.04 billion thanks to massive inflows over the last few weeks. According to ETF.com, on June 29 investors put in $14.9 million, and on July 3 they put in another $11.9 million. Since BlackRock submitted its proposal for a spot Bitcoin ETF, the fund’s assets under management (AUM) had increased by more than $200 million. Investors Optimistic Although the recent upbeat sentiment around a spot Bitcoin ETF is great news for crypto investment products in general, the amount of money going into these funds is still far away from what it was during the bull market. BITO, the first Bitcoin futures exchange-traded product, debuted in October 2021 and, only two days later, became the quickest ETF in history to achieve $1 billion in AUM. Despite the fact that the market has cooled dramatically, investors have continued to pour money into crypto investment products on a weekly basis. According to data from CCData, total AUM for all investment products related to digital assets rose by 69.5% year-to-date in June, hitting $33.4 billion. Analysts have discovered that the Grayscale Bitcoin Trust (GBTC) accounted for 74% of the trading volume of all trust products in the market in a recent study. The expert pointed out that the rising demand for and market share of GBTC reflect the rising optimism around the underlying asset. Recent market volatility in Bitcoin’s price has led to a fascinating trend among retail investors, who have been called the “shrimps” for their risk-taking behavior. Even though most Shrimps have less than 1 BTC apiece, they have been steadily amassing the cryptocurrency at a pace of 33,800 BTC every month. Highlighted Crypto News Today: BlackRock Refiles ETF Application Naming Coinbase as Surveillance Partner

Solana (SOL) has recorded progressive gains in the past week, with its 7-day high at 15.95%. It is currently trading at $18.73 today with slight gains on its price. Although SOL is still 92.61% below its all-time high value of $260, its recent gains in the past week have pushed its price closer to the $20 price level. SOL Price Outlook This Week Suggests A Bearish Trend SOL is in a sideways trend this week, following positive price action in the last two weeks. It has formed a small red candle on the weekly chart implying that the bears are active this week. Also, SOL is still trading in the lower region of the Donchian Channel (DC), expressing a bearish sentiment. Its Relative Strength Index (RSI) is at 45.60 in the neutral zone between the oversold region of 30 and the overbought region of 70. The RSI indicator reflects the sideways trend this week. SOL’s Moving Average Convergence/Divergence (MACD) is slightly above its signal line and shows convergence which is a bearish signal. Although the MACD displays a negative value, the Histogram bars are green, signaling a bullish recovery ahead. So if the bulls prevail, SOL will likely move to an uptrend in the coming weeks. SOL’s Key Support And Resistance Levels SOL is trading at $18.73 after it found critical support at the $15.43 price level weeks ago. This puts the altcoin close to the $19.48 resistance level. A break above the $19.48 resistance level will help to boost its price to reclaim the $20 psychological resistance level. If this happens, SOL will likely rally to the $21.81 resistance level after breaking above $20. However, a price decline below $18 in the short term remains possible due to its bearish outlook on the weekly chart. Factors Influencing Solana’s Price There are several factors right now that could influence the SOL’s price. These factors include macroeconomic factors such as inflation and crypto regulation in several areas. Also, utility and adoption are vital factors alongside recent trends and developments in the ecosystem. Another trend in SOL’s ecosystem likely influencing its price action this week is its decentralized exchange (DEX) volume. According to a report from the on-chain analytic platform DefiLlama, Solana’s weekly DEX volume increased to see it rank fifth on the list at press time. Related Reading: Lido (LDO) Sustains Weekly Run With 16% Gain – What Fuels It? SOL’s DEX volume surged by 84%, and its 24-hour volume rose above $38 million. This increase will likely help to boost its price action in the coming week. However, despite an increase in its total DEX volume, its Total Value Locked (TVL) is stagnant. DefiLlama shows that SOL’s TVL has been stagnant since its decline in November 2022 following the collapse of FTX. The TVL is currently sitting at $273.26 million, with no notable increase in value despite slight gains in SOL’s price on the daily chart.

A world of luxury and pampering with thousands of Euro/USD in vouchers. DUBAI, United Arab Emirates–(BUSINESS WIRE)–#blockchain–Embarking on a ground-breaking journey, the Cleopatra Club introduces a new era of customer benefits by merging the potential of blockchain technology with the essence of traditional loyalty programs. Inspired by one of the most legendary figures of all time, the symbol of charm, strength and leadership, the Cleopatra Club introduces a lifestyle of luxury, beauty and wellness. Each membership card is a digital asset granting access to unique offers and experiences from renowned global partners. The Cleopatra Club goes live today and its members will receive their welcome pack starting the 14th of July 2023. During the third phase, members will have the option to sell their vouchers to peers directly or through the TLC marketplace. This unique attribute will not only enhance the value of the loyalty card but will also provide flexibility for members to monetize vouchers, adding up to the savings occurring from the use of the platform. Dimosthenis Manginas, founder of Cleopatra, stated: “Our vision is to bring the loyalty club world into the digital age. With Cleopatra, we are creating the first of a series of thematic clubs designed to change the way the world interacts with loyalty cards. When joining our innovative gains-for-all platform, you will be taking your luxury experience to another dimension.” Dr. John Anastasatos, a famous plastic surgeon from Beverly Hills, California, is an early adopter of Cleopatra Club: “The Cleopatra platform represents a new paradigm in luxury and exclusivity. I have the pleasure to announce that I am offering an exclusive discount for my cosmetic surgery services to the first 1,000 members who join Cleopatra.” The pre-sale for the Cleopatra Club is now live, offering the chance to secure a place in this game-changer loyalty program. To learn more and join Cleopatra’s community, visit https://thecleopatra.club. “Token Loyalty Card DMCC” is a pioneer in blockchain-based loyalty programs, offering secure and transparent access to diverse benefits through tokenization. To learn more, visit https://thetlc.club. Contacts Mr Michael Grabner [email protected]

XRP, one of the prominent cryptocurrencies in the market, has witnessed a remarkable surge in its daily burn rate, sparking speculation about its potential to go on a bull rally. Crypto analyst and influencer 24HRSCRYPTO is one of those who have put forward an extremely optimistic outlook for the XRP cryptocurrency. The analyst says that the altcoin, which is currently trading below $1, will reach as high as $100, and has provided reasons. XRP’s Daily Burn Rate Surges, Fueling Speculation of $100 Token Value 24HRSCRYPTO unveiled an astonishing increase in XRP’s burn rate through a series of tweets that captivated the attention of the XRP community. Related Reading: Bitcoin Humpback Wallets Reach ATH, Is BlackRock Behind The Surge? The surge in XRP’s daily burn rate has been a topic of great interest within the crypto community. Just a month ago, the total supply of XRP stood at 99,988,863,851. However, it has now dropped to 99,988,616,835, indicating a reduction of 247,016 XRP. With the total supply of XRP decreasing by 247,016 over the course of just 30 days, equivalent to an average of approximately 8,233 XRP burned per day, the stage is set for a potential upward trend that could lead to a significant appreciation in XRP’s value. In comparison to the figures observed in previous months, the recent 247,016 burned XRP represents a significant increase. This development has prompted crypto enthusiasts to question the potential for further growth and whether it could drive XRP’s value to unprecedented heights. The increased burn rate and the subsequent reduction in XRP’s supply have sparked a wave of excitement among investors. It suggests the possibility of a bullish trend, with the burn rate potentially rising even further as trillions of dollars flow into the crypto market. Senior Ripple Engineer Shares Insight A deeper dive into the factors driving the heightened burn rate reveals valuable insights as a Software engineer at Ripple, Neil Hartner, shed light on the situation, attributing the surge to the deletion of XRPL accounts as a deleted account equals two XRP burned. Hartner specifically highlighted Poloniex, a leading crypto exchange, which recently deleted a staggering 85,566 outdated XRPL accounts. This action alone contributed to the burning of 171,132 XRP. As the burn rate accelerates and the supply of XRP dwindles, the prospect of XRP reaching $100 per token gains traction. While some skeptics may question the validity of such a bold claim, the consistent upward trend in the burn rate provides a compelling argument if it continues at such a scale. The continuous rise in the burn rate and the deletion of XRPL accounts by prominent exchanges reflect the evolving landscape of the crypto market. Investors and enthusiasts are closely monitoring these trends, eagerly anticipating the future value of XRP and the potential rewards it may bring. Amidst these developments, XRP’s current trading price stands at $0.4883, with a market valuation exceeding $25.5 billion.