Optimism (OP), a prominent Layer 2 network, is experiencing a noticeable decline in network activity as the hype surrounding meme coins takes a dip. Once bustling with vibrant transactions and a fervent community, Optimism now faces a subdued atmosphere as users shift their attention away from these speculative assets. The decrease in meme coin fervor has had a direct impact on the overall engagement within the Optimism network, prompting questions about its long-term viability and adaptability in an ever-changing crypto landscape. Can the Layer 2 network adapt to evolving market trends and sustain its relevance in the face of shifting investor preferences? Declining OP Price And Network Activity Raise Concerns The price of OP on CoinGecko is currently at $1.29, indicating a 4.3% decline in the past 24 hours. However, despite this recent downturn, the coin has managed to sustain a seven-day rally of 1.5%, suggesting potential resilience and market support. Nevertheless, Optimism, the Layer 2 network housing decentralized exchanges (DEXes), has witnessed a significant decrease in daily on-chain transaction volume, leading to a concerning 59% decline over the past week. A new OP price report reveals a decline in network activity on the OP Mainnet since mid-June. The number of unique wallet addresses involved in daily on-chain transactions has exhibited a downward trend during this period. As of July 2, there were 81,480 daily active addresses, representing a 45% decrease over the past three weeks. These declining network activity figures raise questions about the future prospects of Optimism and its ability to attract and retain users in the face of changing market dynamics. Implications Of Waning Meme Coin Craze On Optimism Network The decline in network activity on Optimism can also be attributed to the waning craze surrounding meme coins, which have captivated the cryptocurrency market in recent months. Meme coins, characterized by their humorous and often whimsical nature, gained immense popularity as investors sought quick and potentially lucrative investments. However, as the initial hype around meme coins fade, users are now shifting their attention towards other crypto assets, resulting in a noticeable decline in engagement on the Optimism network. The implications of this shift in investor sentiment are significant for Optimism and its long-term viability. The network heavily relied on the surge of meme coin activity to drive transactions and foster a vibrant community. Can Optimism Win Back User Interest? With the decline in meme coin hype, Optimism now faces the challenge of retaining and attracting users who are seeking alternative avenues for potential gains. The decrease in network activity raises concerns about the network’s ability to adapt to evolving market trends and maintain its relevance in the ever-changing crypto landscape. (The information provided on this website should not be interpreted as investment advice. Investing carries inherent risks, and when you make investments, there is a possibility of experiencing capital loss due to these risks.) Featured image from Coin Culture

Ripple’s token price is moving higher from $0.4560 against the US Dollar. XRP price might gain bullish momentum if it clears the $0.4960 resistance zone. Ripple’s token price is moving higher toward the $0.4960 resistance against the US dollar. The price is now trading above $0.48 and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support near $0.4860 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair might continue to rise if it clears the $0.4960 resistance in the near term. Ripple’s Token Price Starts Fresh Increase This past week, Ripple’s XRP saw a downside correction from the $0.5265 resistance against the US Dollar. It dipped below the $0.500 support zone. The price even spiked below the $0.465 support. A low is formed near $0.4460 and the price is now rising, similar to Bitcoin and Ethereum. There was a move above the $0.455 and $0.465 resistance levels. XRP surpassed the 50% Fib retracement level of the downward move from the $0.5265 swing high to the $0.4460 low. XRP price is now trading above $0.480 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.4860 on the 4-hour chart of the XRP/USD pair. Initial resistance on the upside is near the $0.4960 zone. It is close to the 61.8% Fib retracement level of the downward move from the $0.5265 swing high to the $0.4460 low. The next major resistance is near the $0.5050 level. Source: XRPUSD on TradingView.com A successful break above the $0.505 resistance level might send the price toward the $0.525 resistance. Any more gains might call for a test of the $0.550 resistance. Fresh Decline in XRP? If ripple fails to clear the $0.496 resistance zone, it could start another decline. Initial support on the downside is near the $0.486 zone and the trend line. The next major support is near $0.476. If there is a downside break and a close below the $0.476 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.456 support zone. Technical Indicators 4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.485, $0.476, and $0.456. Major Resistance Levels – $0.496, $0.505, and $0.525.

Ethereum price failed to test $2,000 and corrected lower against the US Dollar. ETH is testing the $1,930 support and might start a fresh increase. Ethereum is correcting gains from the $1,975 zone. The price is trading above $1,930 and the 100-hourly Simple Moving Average. There is a short-term declining channel forming with resistance near $1,950 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase if it remains stable above $1,930 in the near term. Ethereum Price Holds Support Ethereum’s price attempted an upside break above the $1,975 zone but failed. ETH struggled to gain pace for a move toward $2,000 and corrected gains, similar to Bitcoin. There was a drop below the $1,950 support. The price declined below the 23.6% Fib retracement level of the upward move from the $1,890 swing low to the $1,975 high. However, the bulls were active near the $1,930 support zone. It also tested the 50% Fib retracement level of the upward move from the $1,890 swing low to the $1,975 high. Ether price is now trading above $1,930 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,950 level. There is also a short-term declining channel forming with resistance near $1,950 on the hourly chart of ETH/USD. The next major resistance is near the $1,975 level. A clear move above the $1,975 resistance could push the price toward $2,000. Source: ETHUSD on TradingView.com The next resistance sits near $2,050, above which the price could rise toward the $2,120 level. Any more gains could send Ether toward the $2,200 resistance. More Losses in ETH? If Ethereum fails to clear the $1,950 resistance or $1,950, it could continue to move down. Initial support on the downside is near the $1,930 level and the 100-hourly Simple Moving Average. The first major support is near the $1,910 level. The next major support is near the $1,900 level. If there is a move below the $1,900 support, the price could drop toward the $1,870 support level. Any more losses may perhaps send the price toward the $1,820 support in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,930 Major Resistance Level – $1,975

Luminex, a Bitcoin Ordinals launchpad, has proposed a new standard called BRC-69, which will allegedly optimize the costs of inscribing on this network. This proposal comes barely a month after Bitcoin Ordinals’ developers introduced recursive inscriptions to address the block size limit of 4 MB. Unlike normal Ordinals inscriptions, recursive inscriptions can reference each others’ content through a special syntax. BRC-69 Standard Can Reduce Inscription Fees By 90%: Luminex On Monday, June 3, Luminex introduced BRC-69, a new standard that will facilitate the creation of Recursive Ordinals collections. According to the launchpad, this BRC standard will help reduce inscription fees by 90%. In March 2023, the Ordinals protocol was updated to enable the minting of BRC-20 tokens, which have seen a significant level of adoption so far. According to data from Coingecko, there are currently 35,528 BRC-20 tokens in circulation, with a market cap of more than $249 million. The increasing number of BRC-20 inscriptions has led to a scarcity of block space on the Bitcoin network. Consequently, BTC transaction fees have increased as there are more pending transactions. A quarterly report by IntoTheBlock revealed that the Bitcoin network fees surged by more than 300% in 2023 Q2. The BRC-20 standard – and the creation of new tokens – were reported to be one of the major driving forces of the increased on-chain fees. To ease this pressure on the network, Luminex has developed the BRC-69 standard, which it claims to be a “revolutionary standard”. It will help reduce the cost of inscriptions while helping to optimize the Bitcoin block space as the number of inscriptions rises, according to the launchpad. BRC-69 Standard To Cut Inscription Fees In 4 Steps The BRC-69 standard reduces inscription fees in a four-step process of “inscribe traits”, “deploy collection”, “compile collection”, and “mint assets”, Luminex claims. This means that minters only need to inscribe a single line of text instead of a full image. This text will serve as a reference, enabling the final image to be automatically rendered across Ordinals frontends, only using on-chain resources. “The end result? A flawlessly rendered image. Unlike other SVG recursive collections, these images can be dragged, dropped, and saved as typical image type Ordinals,” Luminex said. In addition to cost efficiency, Luminex’s proposal claims that the BRC-69 standard offers high flexibility and paves the way for other on-chain features. Some of these features include pre-reveal collection launching and on-chain reveals. It is worth mentioning that the Bitcoin Ordinals are still controversial in the cryptocurrency industry, as a large percentage of the Bitcoin community is opposed to the protocol. Many argue that this technology negatively impacts the efficiency and security of the Bitcoin network.

Bitcoin price corrected gains and retested the $30,650 support. BTC could start a fresh increase if it stays above the $30,000 support zone. Bitcoin is holding gains above the $30,650 support zone. The price is trading above $30,700 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support near $30,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it stays above the $30,650 support zone. Bitcoin Price Remains Stable Bitcoin price struggled to clear the key $31,400 resistance zone. BTC started a downside correction below the $31,000 and $30,800 levels. The price declined below the 50% Fib retracement level of the upward move from the $30,192 swing low to the $31,372 high. However, the bulls were seen active near the $30,650 support zone and the 100 hourly Simple moving average. Bitcoin also tested the 61.8% Fib retracement level of the upward move from the $30,192 swing low to the $31,372 high. It is now trading above $30,700 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $30,700 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $31,050 level. The first major resistance is near the $31,250 level, above which the price might start rise toward $31,400. Source: BTCUSD on TradingView.com A close above the $31,400 resistance could start another strong increase. The next major resistance is near the $32,000 level. Any more gains could open the doors for a move toward the $32,500 resistance zone. More Losses in BTC? If Bitcoin’s price fails to clear the $31,050 resistance, it could continue to move down. Immediate support on the downside is near the $30,650 level and the trend line and the 100 hourly Simple moving average. The next major support is near the $30,470 level, below which there could be a drop toward $30,200. Any more losses might send the price toward the $30,000 zone, under which there is a risk of a larger decline. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level. Major Support Levels – $30,650, followed by $30,200. Major Resistance Levels – $31,050, $31,400, and $32,000.

A trader’s big bet against Ethereum caused him to lose a big chunk of his $2 million margin. Considering the firm and steady increment of ETH prices over the last few weeks, more could be at stake. In a series of screenshots shared on July 3 on Reddit, one trader on GMX has been aggressively “shorting” Ethereum with high leverage, a decision that has seen the trader lose hundreds of thousands in USD. GMX is a popular decentralized finance (DeFi) protocol that allows users to trade perpetual futures contracts, including those of ETH, with up to 50x leverage. Ethereum Prices Up 20% In 2 Weeks Despite facing significant losses from the forced liquidation of their shorts, the trader appears unfazed and continues to double down, shorting with high leverage without concern. Since mid-June 2023, Ethereum prices have been rising, expanding 20% at spot rates. Floating above previous liquidation levels at around $1,900, the coin is now trading at about $1,945.Although buyers were unable to drive up spot rates further, the bulls are still in charge. The psychological price point of $2,000 is still the immediate resistance level, along with the April 2023 highs at $2,100. Sparked by fundamental activities and mostly confidence from the broader cryptocurrency community, Ethereum has been marching higher, tracking the performance of Bitcoin. The direct correlation of prices versus the USD between Bitcoin and Ethereum could have benefited bulls during the rally. Comments from the United States Securities and Exchange Commission (SEC), alleging that some of the native currencies of some of Ethereum’s competitors, including Algorand, Cardano, and Solana, are unregistered securities could have provided tailwinds for ETH, cementing its positions as a leading smart contracts platform. The SEC’s representatives, especially its chair, Gary Gensler, have remained non-committal in readily classifying the status of ETH. Any clarification could boost prices or force a sell-off depending on the agency’s classification. Trader’s Doubling Down on ETH Shorts Despite the steady rise of ETH over the past two weeks, the trader, records reveal, has been shorting ETH from when it was at around $1,700 to spot rates. However, the trader began aggressively shorting ETH from June 26. In total, the trader opened two positions. One with a leverage of 19X was for $12 million, while the other with a leverage of 7X was for $1 million. As prices increased, the collateral representing $12 million from the 19X leverage position was closed. This didn’t stop the trader from opening another position. According to his trading history, another short position with a stop at $1,999 was opened, with leverage of 30X. Whether ETH prices will rise in the coming weeks is yet to be seen. All that’s evident is that the coin’s price has been firm, defying sellers who have been active from mid-April through to the first half of June. In the medium term, the $2,000 and $2,100 liquidation levels are critical price points that could shape ETH’s trajectory in the second half of 2023.

The ssv.network has finally announced the launch of its mainnet, bringing a decentralized Ethereum (ETH) staking infrastructure to the Ethereum network. The launch follows more than two years of testing and refining, and the network is poised to revolutionize the staking industry. SSV Network’s Decentralized Infrastructure The ssv.network’s mainnet rollout plan includes four phases, each with its goals and provisions. The first phase, beginning in early Q2 2023, ensures that all mainnet parameters are correctly configured. The second phase will introduce a complete set of verified operators, while the third phase will introduce builders utilizing the ssv.network infrastructure. Finally, the fourth phase will be the permissionless launch, inviting anyone to use the open protocol to build or stake. According to the announcement, the phased approach to the rollout is necessary to ensure that all the various actors and stakeholders in the network are aligned. But what are the benefits of this for the future of ETH staking? Decentralization: The ssv.network is a decentralized and permissionless network that aligns with the core principles of Ethereum. By embracing this vision, the network aims to bolster Ethereum’s resilience and empower the community to shape the future of staking. Fault tolerance: The ssv.network has been built to tackle fundamental Ethereum validator challenges, including fault tolerance. The network is designed to be resilient and able to handle failures in a decentralized manner. Security: The ssv.network has been designed to be secure, with multiple layers of security protocols to ensure the network is safe from attacks. Zero-coordination: The ssv.network has been designed to be a zero-coordination network, meaning that validators do not need to coordinate to validate blocks. Instead, the network uses a mesh-like structure that allows validators to validate blocks independently. Using the ssv.network for staking ETH provides a secure, resilient, and decentralized way to participate in the Ethereum network. The network’s focus on fault tolerance, security, zero-coordination, diversity, and its self-sustaining ecosystem, makes it an attractive option for anyone looking to stake ETH in the future. Shanghai Hardfork Sparks Surge In ETH Staking Deposits The recent implementation of the Shanghai hard fork has resulted in a surge in Ethereum staking deposits, according to analytics firm Glassnode. The hard fork, activated on June 2nd, introduced several changes to the Ethereum network, including updates to the gas fee structure and EIP-1559. This new transaction fee mechanism aims to improve the user experience by reducing transaction fees and improving predictability. Glassnode’s data shows that deposit activity for staking ETH peaked on June 2nd, with over 13,595 new deposits worth over 408,000 ETH. This surge in staking deposits suggests that investors and users are gaining confidence in Ethereum’s flexibility following the implementation of the hard fork. Staking allows users to earn rewards by holding and validating transactions on the network, and the recent surge in deposits indicates that more users are becoming interested in this process to participate in the network and earn passive income. In contrast to staking deposits, ETH exchange deposit transactions remained flat at around 30,000 during the same period. This suggests that investors and users choose to hold and stake their ETH rather than trade or sell it on exchanges. This is a positive sign for the Ethereum network, as staking provides a more stable and secure way to participate, compared to trading on exchanges, which can be subject to market volatility. As of the time of writing, ETH is trading at $1,948, struggling to break through the upper resistance level of $1,990. Over the last 24 hours, the cryptocurrency market has experienced a pullback, and ETH has declined by 0.8%. Featured image from Unsplash, chart from TradingView.com

Performance Wealth Partners bets on Robinhood with a $97,000 investment. The resurging crypto market may catalyze Robinhood’s recovery. Robinhood’s Q1 2023 revenues are up by 16% despite the FTX collapse. Performance Wealth Partners LLC, a respected financial firm, recently acquired 10,000 shares in Robinhood Markets, Inc. (NASDAQ:HOOD), demonstrating confidence in the company despite its turbulent past. The purchase, worth roughly $97,000, comes as the company shows encouraging signs of recovery amid a resurgent cryptocurrency market. Significantly, the transaction follows a wider trend among hedge funds and institutional investors, such as Commonwealth Equity Services LLC and Creative Planning, bolstering their stakes in Robinhood. As a result, institutional ownership now accounts for nearly 60% of Robinhood’s stock. Moreover, its shares opened at $10.66 on Tuesday, a healthy 6.8% upswing. This Robinhood’s impressive Q1 earnings report indicates a potential change in luck for the company, outperforming market predictions with an EPS of -$0.57. Further, this performance surpassed the consensus estimate of -$0.61, hinting towards a promising future aided by recent improvements. Crypto Market Rebound: A Boon for Robinhood On the same accord, Robinhood’s fortunes appear intertwined with the resurgence of the cryptocurrency market. The most renowned cryptocurrency, Bitcoin, has grown significantly this year, cresting the $30 mark. Similarly, altcoins like Ethereum, XRP, Cardano, Solana, and Litecoin have reported significant gains year-to-date. Despite suffering a setback due to the collapse of FTX last November, Robinhood managed to increase its net revenues by 16% to $441 million in Q1 2023. Moreover, transaction-based revenues rose 11% to $207 million. Despite a slight dip in cryptocurrency transactions, a resurgence in the crypto market may catalyze its continued recovery. The company has weathered its share of storms, including a notable sale of shares by insider Daniel Martin Gallagher, Jr. Despite this, Gallagher remains a significant shareholder, and corporate insiders still control over 20.81% of Robinhood’s stock. In conclusion, Robinhood’s path to recovery seems intertwined with the fortunes of the crypto market. Given the strong growth of cryptocurrencies this year, it may benefit significantly. However, as with all investments, the journey may be volatile and unpredictable. Highlighted Crypto News Today: Founders of Insolvent 3AC Lure Investors With Reimbursement Scheme

Litecoin has demonstrated a consistently positive trend in recent weeks, reflecting a strong market sentiment. As the broader market has gained strength in recent trading sessions, Litecoin has managed to sustain its gains. The price of Bitcoin has surpassed $31,000 at present, resulting in an upward movement for other altcoins as well. While Litecoin has not experienced significant changes in the past 24 hours, it has maintained a positive trajectory. On a weekly chart, however, the altcoin has surged by over 20%. This remarkable recovery began in June when Litecoin broke through the $70 price mark, and since then, the coin has gained more than 50%. From a technical outlook, the Litecoin outlook aligns with the bullish sentiment. Both demand and accumulation indicators on the chart have remained high, suggesting the possibility of further gains. However, there is an important resistance to consider. In the upcoming days, Litecoin is expected to experience a surge due to its halving event scheduled for 3rd August 2023. Additionally, the market capitalization of Litecoin has also improved, indicating an increase in demand for the cryptocurrency. Litecoin Price Analysis: One-Day Chart At the time of writing, LTC was priced at $106. Although the altcoin is below its resistance level of $108, this particular level is not the main obstacle. The crucial challenge for Litecoin lies in gaining sufficient strength to surpass the $115 resistance, a level at which the coin has historically faced rejection. In April of the previous year, Litecoin approached this level but could not sustain trading above it for the remainder of the year. Conversely, if Litecoin fails to break through the $115 resistance, it could experience a decline toward the $103 support level. Further downward movement from this point would bring LTC below the $100 mark, indicating a complete invalidation of the bullish intent. Technical Analysis The price surge from the $90 level in Litecoin has significantly bolstered investor confidence. The Relative Strength Index (RSI) indicator reached the overvalued zone, indicating increased buying activity. Although it retraced slightly from the overbought territory, it remained above the 60-mark, indicating sustained buying strength in the market. Furthermore, the LTC price movement was supported because it remained above the 20-Simple Moving Average (SMA) line. This suggests that buyers have assumed market control and are driving the price momentum. The Moving Average Convergence Divergence (MACD) indicator formed tall green histograms, indicating favorable buy signals for LTC. This suggests the potential for continued bullishness in the market. Additionally, the Bollinger Bands on the chart were wide open, indicating increased price volatility. The upper band coincided with one of the resistance levels at $108. This suggests that LTC will likely encounter price fluctuations and may face a barrier at the mentioned resistance level. The next trading sessions remain crucial for the altcoin.

Shiba Inu is one of the meme coins that has managed to maintain its popularity in the crypto market as its community remains committed to reducing the circulating supply of the asset. To this end, there has been a significant increase in the SHIB burn rate recorded over the last 24 hours. However, the SHIB price has had a hard time keeping up with this burn rate. SHIB Burn Rate Jumps 540% According to the Shiba Inu burn tracking website, Shibburn, the SHIB burn rate saw a tremendous burn over the last 24 hours. In total, over 78 million tokens were burned, accounting for a 542% increase in burn rate compared to the previous day. Now, it is important to keep in mind that this burn rate is notable because it follows multiple days of low burn rates. In fact, the meme coin opened the new week with a drastic decline in burn rate. Shibburn data shows that over the last seven days, the SHIB burn rate is down 78.87%. This indicates a return in positive momentum for the burn rate, which is helping to permanently remove tokens from circulation. Additionally, it also shows that Shiba Inu investors are getting more positive about burning tokens, which could work to help the price recover. Shiba Inu Price Fails To Follow Burn Rate Despite the rapid rise in the Shiba Inu burn rate over the last day, the price of the digital asset has not responded in kind. SHIB is still lagging behind, recording losses even at a time when digital assets such as Bitcoin and Ethereum are back on the rise. SHIB is now one of the worst-performing coins when comparing its present price to its all-time high. The meme coin is now almost 91% down from its all-time high price back in 2021 with the vast majority of investors nursing losses on their holdings. However, the cryptocurrency is performing well compared to its cycle low. After hitting its lowest point this cycle back on June 10, it is 34% up from that level, although this barely makes a dent in the losses of its investors. At the time of this writing, SHIB is changing hands at a price of $0.0000076, according to data from Coinmarketcap. Its market cap has declined rapidly this year, pushing it down to $4.52 billion, making it the 19th-largest cryptocurrency in the space. SHIB’s daily trade volume is currently sitting at $115 million, a 3.24% from the previous day’s figures.

Bitfinex, one of the world’s leading cryptocurrency exchanges, has released a report indicating that Bitcoin (BTC) has been sold in profit since its initial break above $30,000, suggesting early signs of a bull market. The report highlights two key on-chain metrics, the Spent Output Profit Ratio (SOPR) and Net Unrealised Profit and Loss (NUPL), which suggest that Bitcoin has entered the early stages of a bull market. Bitcoin Sold In Profit The report notes that BTC’s price broke above the crucial $29,500 mark for the second time this year on June 21st and had been bracketing in the range between this level and the $31,000 level since then. This range has always acted as a pivotal point in deciding the trend for the crypto market and, as such, is a major psychological level. The SOPR has been above one for about two weeks now since the BTC price broke above the crucial $29,500 level, indicating that people are, on average, selling their Bitcoin at a profit. The report also breaks down the events following the break above the $29,500 level and the subsequent range of the market between that and the $31,000 level from an order flow perspective. It notes that there is a high probability that the move away from the current range for Bitcoin is decisive since a retest of the range after a move up or down would mean it is likely to act as a crucial rebound zone when and if the price returns to it. However, the report warns that the next move out of the current range will be decisive and violent, which is unusual for the BTC price of late. BTC Dominates Digital Asset Flows According to the latest Coin Shares report, investors continue to pour money into digital asset investment products, with a second week of inflows totaling $125 million. The last two weeks have seen inflows of $334 million, representing almost 1% of total assets under management (AuM). Bitcoin remains the primary focus of investors, accounting for $123 million of inflows, or 98% of all digital asset flows. Recent price appreciation has seen AuM rise to $37 billion, matching the average AuM for 2022 and reaching the highest point since early June. Despite recent bullishness for Bitcoin, short-Bitcoin investment products saw their 10th week of outflows, totaling $0.9 million and representing 59% of AuM. Nevertheless, short-Bitcoin remains the second-best performing asset in terms of inflows year-to-date, with $60 million. On the other hand, a selection of altcoins saw minor inflows, with Ethereum leading the way at $2.7 million, followed by Cardano, Polygon, and XRP. Multi-asset and Solana saw minor outflows of $1.8 million and $0.8 million, respectively. The report suggests that investors remain bullish on Bitcoin, with inflows representing a significant portion of total assets under management. However, the continued outflows of short-Bitcoin investment products indicate some investors are betting against the cryptocurrency’s short-term performance. BTC has failed to consolidate above the $31,000 mark for two consecutive days. At the time of writing, BTC is trading at $30,900, representing a decline of 0.3% in the last 24 hours. The failure to consolidate above $31,000 could indicate a lack of buyer interest, potentially leading to further downside pressure on the cryptocurrency. It remains to be seen whether BTC can regain its footing and make another attempt at breaking through this crucial level. Featured image from Unsplash, chart from TradingView.com

Dogecoin, the popular dog-themed memecoin, emerged as the top gainer. The Aave trading price has experienced an increase of over 7.53%. The crypto market has continued to capture the attention of investors with its rapid growth and global acceptance. The crypto market has experienced a new trend of 2.0 version memecoins. These cryptocurrencies were showing a massive surge in a short period of time. Some cryptocurrencies have emerged as top performers, with a remarkable price surge in the constantly evolving crypto market. Dogecoin (DOGE), Aptos (APT), and Aave (AAVE) emerged as the top gainers of the day. These cryptocurrencies have exceeded expectations, skyrocketed in value, and attracted the interest of the whole crypto industry. Dogecoin (DOGE) The popular dog-themed memecoin, Dogecoin (DOGE), emerged as the top gainer. DOGE continued to show significant growth in recent times, even with the arrival of new versions of memecoin. Elon Musk, the CEO of Tesla, has played a crucial role in Dogecoin’s trading price. Recently, Elon Musk responded to the random tweet, saying, “Dogs Rock.” Whenever Musk tweets about DOGE, it directly impacts the trading price of the memecoin. Dogecoin (DOGE) Trading Price Chart (Source: CoinMarketCap) At the time of writing, the trading price of Dogecoin is around $0.07073, with a massive surge of over 4.37% in the last 24 hours. The trading volume of the DOGE has experienced an increase of 33.24%, according to CoinMarketCap. Moreover, the trading price of Dogecoin shows a bullish intent, which is expected to continue in the upcoming days. Aptos (APT) Aptos (APT) is an innovative public blockchain that focuses mainly on offering high throughput and strong security for smart contracts. The cryptocurrency experienced a significant gain in the last 24 hours. Recently, Aptos was listed among the top 10 traded assets on South Korea’s largest crypto exchange, Upbit. Aptos (APT) Trading Price Chart (Source: CoinMarketCap) The dominance of Korean traders, recognized for frequently driving crypto rallies, in Aptos’ price increases is another important element that may have contributed. At the time of writing, the trading price of Aptos is around $7.89, with an increase of over 4.61% in the last 24 hours. The trading volume of the APT has experienced a surge of over 165.72%, according to CoinMarketCap. Aave (AAVE) Aave is the second-biggest DeFi protocol in the world. It is also the largest decentralized lending network, with a TVL of more than $9.26 billion. Recently, the Aave trading price has experienced a significant movement. The sudden surge in the Aave’s price has attracted investor interest. The remarkable performance takes the surge to more than 5% in the last 24 hours. Aave Trading Price Chart (Source: CoinMarketCap) At the time of writing, the trading price of Aave is around $78.33, with an increase of over 7.53% in the last 24 hours. The trading volume of Aave has experienced a massive increase of over 100.17%, according to CoinMarketCap. The crypto market has seen remarkable growth, with certain cryptocurrencies emerging as top gainers. These cryptocurrencies have experienced remarkable price increases, providing profitable investment opportunities. However, It is crucial to remember that the crypto market is still highly speculative and volatile. Highlighted Crypto News Today: Shiba Inu Community Warned About Fake SHIB 2.0 Impersonator

Ethereum whales have been ramping up their activities on the blockchain as it eyes an important level. This time around, their recent spike in activity has been in the form of transactions. These whale transactions which are carrying at least $100,000, making it so only large holders could be behind the transactions, have been on the rise. Mostly, the Ethereum whales ramped up their activities following ETH’s price increase over the last week. The first spike was noticed after the crypto broke above $1,900 and as it has continued to maintain this level, there has been more consistency among the whales. IntoTheBlock data shows that ETH whales have doubled their transaction counts over a few days. This increase saw their total transactions go from 2,120 to 3,230 in two days. This jump in number of transactions translates to an over 54% increase in just 48 hours – from July 2 to July 4. In a 7-day period, almost $20 billion has been moved by ETH whales. However, while this jump is significant in its own right, it is not unusual for Ethereum to see such a high number of large transactions. For example, toward the end of June, the total whale transactions had also spiked above the $3,000 level. Ethereum’s holder base is made up of a high number of whales when compared to its largest competitor Bitcoin. While the latter’s whale holders only make up 11% of the total holder base, Ethereum whale wallets account for 42% of its total wallets, according to data from IntoTheBlock. Hence, a high volume of large transactions happening in a short period is not out of place. How The Ethereum Whales Can Affect Price A high number of whale transactions can have significant impacts on the price of coins like Ethereum depending on what the holders of these coins intend to do with them. If these transactions carrying at least $100,000 worth of coins are for selling, then the price of ETH would see a downtrend. However, since the price of ETH has remained relatively stable and maintained its hold on the $1,900 support, then it is likely that these whales are just moving their coins around without selling. Additionally, these on-chain transactions do not point toward a good volume of ETH flowing toward centralized exchanges, further giving credence to the fact that these whales are not moving their coins for selling purposes. Ethereum, on its own, has not had the best of days though as its trading volume is down significantly from Monday. It is currently sitting at $6 billion, a 27% decline from Monday’s figures. Nevertheless, its price is holding steady with meager gains of 0.1% as the coin trades at a price of $1,963.

The United States Federal Reserve has made a significant announcement regarding the certification of 57 organizations, including financial institutions and service providers, for the highly anticipated launch of the FedNow Service. With major players in the banking industry, such as JPMorgan Chase, Bank of New York Mellon, US Bancorp, and Wells Fargo, among the certified entities named by the Fed, the stage is set for a transformative shift in the financial landscape. Testing And Certification Completion For FedNow The Federal Reserve has disclosed that 57 early adopter organizations have successfully completed formal testing and certification for the upcoming FedNow Service launch planned for late July. This diverse group consists of financial institutions and service providers that are ready to send and receive transactions, supporting settlement and processing on behalf of participants. The US Department of the Treasury is also among the early adopters, reflecting the breadth of involvement in this groundbreaking initiative. Readiness and Final Trial Runs The certified organizations are currently undergoing final trial runs to confirm their readiness in handling live transactions over the new instant payments infrastructure. This critical phase ensures that the participants can seamlessly embrace the capabilities of FedNow, providing enhanced payment experiences to their customers. As part of this process, comprehensive testing and validation have been conducted to ensure compatibility, reliability, and optimal performance. The FedNow Service is designed to be a platform for innovation, allowing financial institutions to adopt and build upon its capabilities over time. With the goal of offering new instant payment services to their customers, these institutions are expected to leverage FedNow for various use cases such as account-to-account transfers, requests for payment, bill payments, and more. This forward-looking approach fosters a dynamic and evolving financial ecosystem, catering to the changing needs of businesses and individuals alike. In addition to the early adopters, the Federal Reserve continues to collaborate with financial institutions planning to join the FedNow Service later in 2023 and beyond. This ongoing effort aims to build a robust network that encompasses all 10,000 US financial institutions, ensuring nationwide reach and accessibility. By facilitating participation from organizations of all sizes and geographical locations, the Federal Reserve paves the way for a comprehensive and inclusive instant payment ecosystem. This instant payment system is set to revolutionize the US payment infrastructure, enabling individuals and businesses to make faster and more efficient transactions.

Litecoin’s upcoming halving: 13% of LTC supply held unmoved for five years, IntoTheBlock report reveals. IntoTheBlock data shows 13% of Litecoin (LTC) supply dormant ahead of halving event. Litecoin halving approaches: insights from IntoTheBlock on 13% of LTC supply held for five years. IntoTheBlock, an on-chain data vendor, recently shared intriguing information about Litecoin (LTC), often referred to as “digital silver.” According to their findings, leading up to the upcoming halving event, a portion of Litecoin wallets has held approximately 13% of the circulating LTC supply without any movement for a span of five years. Analysts at IntoTheBlock suggest that this could be attributed to an unwavering confidence in the cryptocurrency or potentially lost LTC coins. Litecoin halving to occur in August The LTC halving is scheduled for August 2nd this year, where the block reward will be reduced from the current 12.5 LTC to 6.25 LTC. A similar halving event recently occurred for the anonymous cryptocurrency DASH. Bitcoin is also anticipating a halving event next year in April-May, as programmed by its creators. Halvings serve to maintain deflationary characteristics in proof-of-work cryptocurrencies by reducing the number of coins entering the market every four years, which can potentially impact the price. Notably, LTC has observed a surge in hashrate recently, and preceding the upcoming halving, there has been a significant increase in active LTC wallets. Additionally, the number of LTC addresses holding 0.001 LTC has experienced rapid growth.

The U.K. Finance represents over 300 financial institutions in the United Kingdom. The bank had proposed a ceiling of between £10,000 and £20,000 ($12,700 and $25,400). A central bank digital currency (CBDC) created by the United Kingdom is being discussed by financial institutions there. One of the major financial membership organizations in the United Kingdom, U.K. Finance, has responded to a consultation of the Bank of England on the potential introduction of a digital pound by publishing their response. The U.K. Finance, which represents over 300 financial institutions, disagrees with the Bank of England’s proposed limitations on how much money a person might have in this proposed currency. Far Lower Cap Limit U.K. Finance recommended a far lower temporary restriction of £5,000 ($6,350) on these assets than the bank planned, in order to prevent panic during times of financial hardship. The bank had proposed a ceiling of between £10,000 and £20,000 ($12,700 and $25,400). The group also warned that the introduction of a digital pound might “exacerbate” the flight of deposits under certain conditions. The digital pound was only announced in January, when the U.K. government said it was considering issuing it. The digital pound, called “britcoin” by U.K. Prime Minister Rishi Sunak, is now in the early stages of design, and its issuance is projected by the end of 2023. British politicians are starting to worry about it because they believe the nation might use more resources in the fight against the introduction. Moreover, they “were really concerned” about a number of hazards associated with granting a CBDC, as indicated by Michael Forsyth, head of the Economic Affairs Committee, in January. A recent study also showed that British people are worried about the increased authority their government would have with a digital pound. Highlighted Crypto News Today: Gemini Co-Founder Threatens Legal Action Against DCG CEO

The average daily trading volume on OPNX is already $34 million. Davies claims to initiate a “shadow recovery process” for investors who lost money. Several months after their failed hedge firm 3AC went bankrupt, its founders launched two new businesses: a cryptocurrency exchange platform called OPNX and a new hedge fund named 3AC Ventures. So far, the 3AC ventures website consists just of a generic message requesting potential investors to send them an email. OPNX, on the other hand, seems to have convinced investors to put their money and hope that this time nothing goes wrong. The average daily trading volume on OPNX is already $34 million. And the company’s founders supposedly have ambitious expectations for their share of the profits. The two “serial entrepreneurs” have brought this new reimbursement scheme while they avoid bankruptcy and liquidation processes. Only for Early Onboards Kyle Davies, the owner of the insolvent hedge firm, claims that this is true, but that consumers will only be reimbursed if they board the OPNX early. Davies came up on Mario Nawfal’s Twitter Spaces Podcast to explain Zhu and his user-reimbursement scheme to jittery investors. For those who are prepared to conduct business with OPNX, Davies claims he and Zhu would initiate a “shadow recovery process” for investors who lost money due to the demise of 3AC. Legal efforts to recover cash for 3AC investors will be handled in a manner apart from this groundbreaking initiative. Davies also asserts that numerous investors have been reimbursed. For obvious reasons related to privacy, none of these investors were revealed. Investors don’t have to participate in the “shadow recovery process,” as it is optional, as per Davies. Highlighted Crypto News Today: UK Finance Disagrees With BoE’s Proposed CBDC Cap Limit

The Tron (TRX) Network is set to undergo a major upgrade on July 11th, and TRX and other key metrics have seen a steady uptrend as the upgrade approaches. The upcoming Periander upgrade brings significant enhancements to the Tron Network, while TRX experiences a surge in on-chain metrics. Tron Network’s latest update, Great Voyage—v4.7.2 (Periander), introduces four critical upgrades aimed at enhancing the functionality and usability of the network. These upgrades include an advanced Stake 2.0 mechanism, seamless compatibility with Ethereum’s EIP-3855, streamlined smart contract interface calling, and a revamped P2P network module. Tron’s Periander Upgrade The new Stake 2.0 mechanism offers users greater flexibility in staking and unstaking their resources, with the ability to customize lockup periods for delegated resources according to their individual needs. The compatibility with Ethereum’s EIP-3855 promotes interoperability between the two ecosystems, attracting more developers to TRON and reducing migration costs for projects across both chains. On the other hand, the streamlined smart contract interface calling provides developers with estimated transaction fees for deploying their contracts, simplifying the development of smart contracts. Finally, the revamped P2P network module enhances the connection efficiency, availability, scalability, and transmission efficiency of the TRON network. TRON founder Justin Sun emphasized the organization’s commitment to fostering the growth of the TRON ecosystem, attracting more developers, capital, and users to the platform. With over 169 million users worldwide, TRON has processed more than 6 billion transactions and boasts a total value locked (TVL) of over $5 billion. It has built a comprehensive ecosystem encompassing NFTs, DeFi, GameFi, stablecoins, the metaverse, and cross-chain solutions, and hosts the largest USDT circulating supply worth over $46 billion, making it an industry leader. Overall, the TRON MainNet Periander upgrade brings significant improvements to the Tron Network, providing greater flexibility, compatibility, and efficiency to its users and developers. The upgrade encourages greater participation in the network, attracts more developers to the platform, and stimulates the growth of the ecosystem. The revamped P2P network module provides a robust infrastructure that empowers developers and users to explore new possibilities and drive innovation within the TRON ecosystem. On-chain Metrics Show Bullish Trend For TRX As the TRON Network’s upgrade day approaches, the platform has experienced a notable uptick in its on-chain metrics, according to data from DeFiLlama. Since the beginning of the month, TRX’s trading volume has seen a gradual increase, which indicates that there is growing demand for the token. In the last few days, TRX’s trading volume has reached over $9 million. Additionally, the network activity on TRON has also been rising in recent weeks. On-chain activity, such as the number of transactions and unique addresses, is an essential metric to consider. In the lead-up to the upgrade, TRON’s on-chain activity has increased, which suggests that there is a growing demand for TRX. In the last three days alone, there have been over 20 million transactions on the TRON network. This growing network activity and usage of the TRON network are positive indicators for the TRON ecosystem and could lead to further growth in the future. On the flip side, TRX has been on an uptrend since June 20th, starting from a value of $0.06788 and now trading above the $0.07784 mark. This represents a considerable gain of 13% over the last 14 days and 4% in the seven-day period. However, TRX is currently facing its yearly high resistance at the same trading level. This could potentially create a delay in reaching new yearly highs if it is unable to surpass its nearest resistance. Featured image from Unsplash, chart from TradingView.com

ShibArmy Scam Alerts warns SHIB community about potential SHIB 2.0 scams. Shiba Inu’s Kusama clarifies the absence of SHIB 2.0 and urges caution against scams. ShibArmy Scam Alerts alerts SHIB community to recent Coinbase-related scam attempts. ShibArmy Scam Alerts, a Twitter account dedicated to exposing scams and protecting Shiba Inu users, has informed the SHIB community about potential scams involving SHIB 2.0. In a recent tweet, @susbarium cautioned the SHIB community about tokens originating from addresses claiming to be associated with SHIB 2.0. The community was also advised to exercise caution with Ethereum Names (ENS) that may appear to be affiliated with Shiba Inu but are not. Additionally, they were warned about tokens falsely implying a connection to the SHIB ecosystem. Shiba Inu’s Kusama warned there is no SHIB 2.0 A screenshot shared by Shiba Ecosystem official Lucie showcased a message from Shiba Inu lead Shytoshi Kusama, emphasizing that there is no SHIB 2.0 and urging the community to be cautious of scams. When asked to make a Twitter post about this, Kusama stated being occupied with launching a blockchain and emphasized the importance of conducting thorough research. Given the increasing prevalence of scams and fraudulent activities, ShibArmy Scam Alerts has been regularly issuing warnings to the SHIB community. In a recent update, @susbarium brought attention to ongoing scam attempts targeting users of the U.S.-based crypto exchange Coinbase within the community. The tweet highlighted an email scam, advising users to be cautious of fraudulent messages claiming that their Coinbase accounts were temporarily suspended. Users were urged not to click on any suspicious links. Earlier, the Shiba Inu community was alerted about fake SHI and TREAT tokens that were not officially available.

On-chain data shows 75% of the entire Bitcoin circulating supply is now in profit, something that could lead to a drop for the asset. Bitcoin Supply In Profit Has Registered An Uptick Recently As pointed out by an analyst in a CryptoQuant post, there may be a risk that the investors would participate in profit-taking here. The “supply in profit” is an indicator that, as its name already implies, measures the total amount of the circulating Bitcoin supply that’s currently holding an unrealized gain. The metric works by going through the on-chain history of each coin in circulation to see what price it was last moved/transferred at. If this previous price for any coin was less than the current spot price of the asset, then that particular coin is said to be holding a profit right now, and the indicator adds it up to its value. The “supply in loss” is the counterpart indicator of the supply in profit, and it naturally keeps track of the coins of the opposite type (that is, the coins with a higher acquisition price than the latest spot price). When the supply in profit goes up in value, it means that more investors are coming into profit. Generally, the more an investor gets in profit, the more likely they become to sell. So, a large amount of the supply carrying some gains can lead to a widespread selloff becoming more probable in the sector. Now, here is a chart that shows the trend in the 7-day simple moving average (SMA) Bitcoin supply in profit over the history of the cryptocurrency: As displayed in the above graph, the 7-day SMA Bitcoin supply in profit has observed a sharp surge recently. This spike in the metric has taken place as the rally in the cryptocurrency’s price towards the $31,000 level has occurred and has put a large number of investors into gains. At the current values of the indicator, coins equivalent to about 75% of the total circulating supply of the cryptocurrency are carrying some amount of unrealized profit. Naturally, this would mean that a lot of investors may be thinking about harvesting some of the gains that they have accumulated. If the holders do end up selling here, then the price of the asset could observe a drawdown, at least in the short term. From the chart, it’s visible that the current level of the indicator is around where the asset hit a local top back in April of this year, and it’s also the same value where the cryptocurrency faced resistance in early 2022. It now remains to be seen if the market can pull through this psychological barrier and allow the Bitcoin rally to continue further. BTC Price At the time of writing, Bitcoin is trading around $31,000, up 1% in the last week.