Ethereum price failed to stay above $2,000 and corrected lower against the US Dollar. ETH could start a fresh rally if there is a move above $1,950. Ethereum started a downside correction and tested the $1,900 level. The price is trading below $1,950 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $1,930 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it clears the $1,930 and $1,950 resistance levels. Ethereum Price Could Restart Rally Ethereum’s price rallied above the $1,970 resistance. ETH even climbed above $2,000 but failed to extend gains. A high was formed near $2,027 before there was a bearish reaction. There was a move below the $1,950 support zone and the 100-hourly Simple Moving Average. The price even tested the $1,900 level. A low is formed near $1,900 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level downward move from the $2,027 swing high to the $1,900 low. Ether is also trading below $1,950 and the 100-hourly Simple Moving Average. Besides, there is a key bearish trend line forming with resistance near $1,930 on the hourly chart of ETH/USD. On the upside, immediate resistance is near the $1,930 level. The first major resistance is near the $1,950 zone, above which the price could rise toward the $1,975 resistance zone. It is close to the 61.8% Fib retracement level downward move from the $2,027 swing high to the $1,900 low. Source: ETHUSD on TradingView.com The next major resistance is near the $2,000 level. Any more gains could send Ether toward the $2,050 resistance or even $2,120. More Losses in ETH? If Ethereum fails to clear the $1,930 resistance, it could a fresh decline. Initial support on the downside is near the $1,920 level. The first major support is near the $1,900 level, below which the price might gain bearish momentum. The next major support is near the $1,850 support level. Any more losses could send Ether toward the $1,825 support level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,900 Major Resistance Level – $1,950

CMC reports a 24-hour increase in value of 20.18% for the stablecoin TerraUSD Classic. The stablecoin’s 24-hour trading volume has increased by 409%. The algorithmic stablecoin of the Terra Classic (LUNC) ecosystem, TerraUSD Classic (USTC), is on a meteoric rise today, demonstrating a tremendous upsurge of interest in the stablecoin. CMC reports a 24-hour increase in value of 20.18% for the stablecoin TerraUSD Classic, which now stands at $0.01803. The overnight purchasing momentum of the stablecoin suggests its rise is organic, albeit the reasons for the recent uptick remain unknown. Massive Volume Surge According to the numbers, the stablecoin’s 24-hour trading volume has increased by 409%, reaching $$154,222,673. It seems that the widespread adoption of the stablecoin has driven its price. Since its historic de-pegging incident more than a year ago. USTC has been trading much lower, with a 52-week high of $0.06. USTC is a stablecoin pegged to the USD at a 1:1 ratio, therefore its price should be $1. There were widespread negative consequences from TerraUSD Classic’s de-peg, and these effects are still being felt today. Some crypto firms that had dealt with Terraform Labs, the parent business of Terra Classic, fell down as a result of the coin’s price dropping by more than 99.9 percent. The crypto winter was prolonged by the collapse of FTX Derivatives Exchange. Which was in turn driven by the bankruptcies of Celsius Network and Voyager Digital. Many in the community believe that the TerraUSD Classic token, which has had a massive price increase recently, is gaining momentum to retest the $1 mark. This is a fairly bold prediction, but the LUNC community is working hard to improve its infrastructure in order to accelerate the burning of LUNC and to promote novel initiatives like staking that may renew enthusiasm for and increase the supply of the stablecoin. Highlighted Crypto News Today: Price Volatility Looms for Shiba Inu as Trillions of SHIB Consolidate in a Sell Wall

At the current ETH exchange rate, the total value of the destroyed ether is $6.68 billion. More than 230,000 ether has been burnt in NFT transactions on Opensea. It’s been almost two years since the London hard fork, which saw the deployment of EIP 1559. As a result of this major update, the base fee component of a transaction fee on the Ethereum network is being consumed constantly, 24 hours a day. Statistics show that after the London hard fork, more than 3.46 million ether have been burned. At the current ETH exchange rate, the total value of the destroyed ether is $6.68 billion. Since EIP-1559 went into force, this amounts to almost 146,000 ether being destroyed per month, on average. Diversified Sources Ethereum’s deflationary strategy, wherein the total amount of ETH is gradually reduced, was made possible via EIP-1559. The majority of the Ethereum decrease, equivalent to almost 300,000 ETH, may be attributed to regular ETH transfers. More than 230,000 ether has been burnt in NFT transactions on Opensea, while about 200,000 ether has been burned by Uniswap v2. More than 150,000 ETH have burned in Tether transactions, while more than 200,000 ETH have been destroyed between Uniswap versions 3 and 1. There are around $232.53 billion worth of ETH distributed across 120,201,621 accounts. Since EIP-1559 went into effect, little more than 3 million ether have been created. Since The Merge on September 15, 2022, when the Ethereum network switched from a PoW blockchain to a PoS blockchain, 304 days have passed. The network would have produced 6.5 million ether if the Merge never happened. There are now 120 million ETH in circulation; this number would increase by 9.9 million if the chain stuck to a PoW approach and refused to apply EIP-1559. Highlighted Crypto News Today: TerraUSD Classic (USTC) Witnesses 20% Surge in Price

Shiba Inu struggles to break critical price threshold despite recent increase. Substantial sell-off of Shiba Inu reported near critical price point. Concentration of SHIB presents challenges for holders. The Shiba Inu has been experiencing significant fluctuations in the market as it struggles to surpass the critical threshold of $0.0000084 per SHIB. Despite a recent increase of more than 12% in the past few days, each attempt to exceed this level has resulted in a false breakout, leading to subsequent sell-offs. Reports indicate that a substantial amount of Shiba Inu tokens, specifically 1.453 trillion SHIB, were sold when the price approached this crucial point. It’s important to note that these figures pertain to Binance’s spot market. Data shows concentration of trillions of Shiba Inu However, this is just part of the story. According to data from IntoTheBlock, there is a significant concentration of more than 60 trillion tokens between the current price and the $0.00001 per SHIB level. Holders of these coins are currently experiencing losses, with a notable concentration of 26 trillion coins within the $0.000008 to $0.000009 range. This considerable volume presents a challenging situation. Unless there is a substantial increase in buying power to absorb this extensive supply, it is expected that the price of SHIB will continue to experience downward pressure within this range. Unfortunately, current market conditions suggest that buying power alone may not be sufficient to counterbalance the sell-off of slightly over a trillion tokens.

Litecoin surpasses 170 million transactions, setting new records. LTC halving event: a major milestone approaches. The exciting halving event is set to happen on August 2. A significant milestone has been achieved by Litecoin as it processes its 170 millionth transaction on its network. The announcement on Twitter highlights the continuous growth of LTC, with an addition of over 10 million transactions in the past seven weeks. This achievement holds significance as the network has maintained uninterrupted uptime throughout its over 11-year history. Known as the “Digital Silver” to Bitcoin’s “Digital Gold,” Litecoin emphasizes its unique distinction as the only blockchain with such a long track record of continuous uptime. Litecoin’s much-awaited halving to happen soon The upcoming (LTC) halving in 2023 is generating significant anticipation among supporters of proof-of-work (PoW) cryptocurrencies. It will be the third halving in Litecoin’s history, following those in 2015 and 2019. With approximately 18 days remaining until the event, expectations are rising, as indicated by increased search trends for Litecoin reported by on-chain analytics firm IntoTheBlock. This approaching halving event is considered a crucial factor driving the increased interest surrounding LTC. OKLink’s analytics platform provides a countdown to the halving event, currently at 17 days and 3 hours, with an expected date of August 2. There are approximately 9,875 blocks left before the event takes place. The halving event will reduce Litecoin mining rewards from 6.25 LTC to 3.125 LTC and is generally viewed as a positive development.

SNX, the native token of the Synthetix Network, has been on the rise, gaining more than 35% in the past week. The cryptocurrency continues to exhibit strong bullish momentum, having registered a positive market performance over the past few weeks. SNX’s recent price surge has been linked to the positive sentiment surrounding the Synthetix network. A few days ago, the protocol announced its plan to release a new decentralized exchange (DEX). Synthetix Token Tallies 35% In One Week – Price Overview The cryptocurrency market experienced a jolt of positivity after the long-running battle between payments and technology firm Ripple – the company behind XRP – and the United States Securities and Exchange Commission (SEC) came to a positive conclusion on Thursday. US District Judge Annalisa Torres delivered a landmark judgment declaring the XRP token as non-security, thereby granting a decisive triumph for Ripple. However, unlike other cryptocurrencies, the price of SNX barely reacted to this piece of news. The token’s value increased by a mere 5% following the announcement of the court’s decision. SNX did experience a surge of its own the following day. On Friday, July 14, the token’s price jumped by nearly 40%, touching the $3 level before retracing back to $2.5. As of this writing, the Synthetix token is valued at $2.82, with an 8% price increase in the last 24 hours. With a market cap of $903.4 million, SNX ranks as the 47th-biggest cryptocurrency, according to CoinGecko data. The recent increase in SNX’s price is believed to have been triggered by the announcement of a new Synthetix trading product. In a blogpost released on Friday, the protocol’s founder Kain Warwick unveiled plans to introduce a new derivatives front-end called Infinex. What Is Infinex? Infinex is a new derivatives front-end to the decentralized trading infrastructure of Synthetix. The exchange is expected to be an improvement on the already-existing Kwenta, Synthetix’s derivatives decentralized exchange on Optimism. According to Kain Warwick, Infinex will remove the impediments to the growth of Synthetix’s decentralized trading ecosystem. Firstly, it will address the inconvenience of acquiring sUSD, Synthetix’s stablecoin, to begin trading on Kwenta. Also, it will eliminate the need to sign every action on the current platform. Warwick claims that the purpose of Infinex is to provide competition for centralized exchanges (CEXs) while eliminating any uncertainty surrounding decentralized perpetuals (Perps). The blogpost also revealed that Infinex will cater to users familiar with CEX platforms, providing its trading services through a username and password. With this, users would be able to generate a public-private key pair, which will be locally stored in the browser. It is worth noting that this key pair is not designed for fund withdrawals. Instead, it would be used to sign trades on the upcoming decentralized exchange. While the blogpost didn’t reveal the exact launch date of Infinex, it disclosed that the project’s introduction should come alongside the release of Synthetix’s Perps V3. Related Reading: Stablecoin TrueUSD To Be Fully Controlled By Asian Owner

At the end of the survey of similar cases, 8.9% voted yes, while 19.3% said no. Bank of America was penalized this week by the CFPB and the OCC. On Wednesday, Muneeb Ali, co-founder of Stacks, a Bitcoin layer for smart contracts, disclosed on Twitter that Bank of America (BOFA) had abruptly cancelled his bank account of 15 years without providing an explanation. He thinks the account was closed because he used it to buy crypto using Coinbase. Coinbase CEO Brian Armstrong replied to the tweet by inquiring whether any other users had experienced problems while using Bank of America. The CEO of Coinbase expressed his displeasure with this possibility on Twitter. He then went to Twitter to see if anybody else had had their Bank of America accounts frozen for using his cryptocurrency exchange. Mixed Response by Users At the end of the survey, 16,701 people had cast their vote; 8.9% voted yes, while 19.3% said no. In response to Armstrong’s survey, several respondents offered their own stories, with some claiming they had never had any problems. However, several reported that their bank had frozen or cancelled their accounts because of their crypto purchases. Bank of America was penalized this week by the CFPB and the Office of the Comptroller of the Currency (OCC) for “illegally charging junk fees, withholding credit card rewards, and opening fake accounts.” More than $100 million will go to compensate victimized customers, while another $150 million will go to fines paid to the two regulatory bodies. Coinbase, on the other hand, has announced that its staking service would be discontinued in four American states. In order to meet the standards set by the regulatory authorities in those jurisdictions, Coinbase, one of the biggest and most popular cryptocurrency exchanges in the U.S, took this route of action. Highlighted Crypto News Today: Shiba Inu (SHIB) Team Unveils New Revamped Landing Page

Lummis emphasized the need for a transparent crypto environment post-XRP verdict. The Senator’s work is indicative of rising awareness among legislators. On Twitter, Wyoming Republican Senator Cynthia Lummis emphasized the significance of the latest court judgment by Judge Analisa Torres that the Ripple-associated token XRP is not a security. Senator Lummis tweeted on the verdict and its implications for crypto regulation, stressing their importance. According to her, this judgment shows that Congress must act quickly. In order to pass a sweeping crypto framework that puts consumer safety first. The Senator, a long-time crypto advocate, emphasized the need for a transparent crypto environment in supporting innovation and protecting investors. The Senator stressed the need to protect Howey Test’s judicial precedent. She referred to the legislation she co-introduced with Senator Kirsten Gillibrand, known as the Lummis-Gillibrand bill. Investment and Growth Stifled Moreover, the goal of this legislation is to standardize the way digital assets are regulated under the Howey Test as used by the Southern District of New York. The senator’s request for action in the Senate is not without validity. The crypto sector as a whole is likely to be affected by the continuing legal dispute between Ripple Labs and the SEC. The case’s resolution may have far-reaching implications for the future of digital asset regulation in the United States. Furthermore, the lack of consensus on how to regulate the nascent blockchain industry has stifled investment and new business creation. To what extent Senator Lummis’ request for statutory clarity in the crypto market will be met by Congress remains to be seen as the case develops. Her work, however, is indicative of a rising awareness among legislators. That the crypto economy needs innovative regulation in order to reach its full potential. Highlighted Crypto News Today: Dogecoin Price Struggling for a Trend Reversal; Awaiting Breakout

In today’s news, the prominent stablecoin TrueUSD – with the ticker TUSD – is now undergoing a management change. According to a thread this morning by the project’s official Twitter handle, Archblock Inc., the current TUSD operator, has begun the transfer of total control of Token to its Asian-based owners, Techteryx Ltd. Techteryx Finally Assumes Control Of TrueUSD Back in December 2020, Techteryx acquired ownership of TUSD but hired Archblock to keep maintaining the stablecoin’s operations. And for the last two years in which Archblock remained TUSD’s operator, Techteryx claims to have been focusing on expanding the token’s foreign use cases in the global markets. Related Reading: BUSD Market Cap Plunge Of 80% Raises Concerns Of Impending Collapse However, Archblock has now commenced the transfer of control yesterday, July 13, marking the end phase of TUSD’s international transition. Upon completion, Techteryx will reportedly assume full management of all aspects of the stablecoin’s operation. These controls will include mining and redemptions, customer onboarding and compliance, conservation of fiat reserve, and maintenance of banking and fiduciary relationships. During the transition period, Archblock will continue to support the US-based TUSD users, with Techteryx stepping in with the necessary guidance and further updates. Prior to today’s news, TUSD has attracted some interest especially following Binance’s recent moves with the stablecoin. On June 21, the cryptocurrency exchange announced the launch of a TUSD zero-maker fee promotion for spot and margin trading pairs beginning from June 30. Interestingly, Binance had minted $1 billion worth of TUSD on the Tron network a week before making that announcement becoming the largest holder of the token. Related Reading: Stablecoin Market Share Dwindles As USDC And BUSD Supply Deplete At the time of writing, Ethercscan data shows that Binance accounts for over 68% of TUSD’s circulating supply, estimated at $1.92 billion. With a market cap value of $2.8 billion, TrueUSD currently ranks as the 5th largest stablecoin and 27th largest cryptocurrency, according to data by Coingecko. The Stablecoin Market In 2023 Stablecoins are considered a vital part of the crypto space, especially due to their constant value, allowing traders and investors to avoid the volatility of the crypto market. According to data from DeFi ilLama, the stablecoin market has been on the decline all year, with its total market cap shrinking from $137.79 billion on January 1 to its current value of $126.96 billion, accounting for 9.86% of the total crypto market. Related Reading: Stablecoin Sharks & Whales Show Strong Accumulation, Good Sign For Bitcoin? Unsurprisingly, Tether USDT (USDT) has remained the leader of the pack, with a market cap of $83.5 billion, with Circle’s USDCoin (USDC) following with a market cap of $27.08 billion. Following the regulatory embargo that halted its issuance in February, Binance USD (BUSD) – with a market cap of 3.99 billion – lost over 75% of its market share, slipping to fourth place behind the DAI stablecoin, which currently boasts a market cap of $4.28 billion.

The news of Ripple’s recent partial victory against the SEC after a legal battle spanning almost three years sent a ripple of joy around the entire crypto industry. However, according to a legal expert on Twitter, Lawyer Bryan Jacoutot, the victory might be short-lived as SEC has enough grounds to appeal the decision and drag this thing out for a lot longer. The SEC’s Lawsuit Against Ripple Labs The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that Ripple had conducted an unregistered securities offering worth over $1.3 billion through the sale of XRP. According to the SEC, XRP is a security under federal securities laws. But the court determined on June 13 that the random “programmatic sale” of XRP to regular investors does not constitute the sale of an unregistered security under Howey. However, sales to institutional investors fall under Howey, which is used in the United States to determine whether a transaction qualifies as an investment contract. In this case, the Court found that the buyers couldn’t know who was selling them the XRP, unlike the institutional investors who would expect Ripple Labs to use the capital for the betterment of the Ripple ecosystem. According to Jacoutot, the Court’s reasoning is weak and Howey was misapplied in the case. The Court reasoned that regular investors bought XRP fully knowing that it is subject to the general cryptocurrency market trends, especially secondary sales of XRP tokens. However, Jacoutot believes those buying XRP would have also expected to make a profit from the efforts of Ripple Labs. The attorney also made a case of the Ethereum Foundation, as everyone who took part in the pre-sale of ETH knew they were buying from Ethereum Foundation. When looking at the XRP ruling in a similar manner, this would mean institutional investors of the ETH presale also bought unregistered securities. What Does The Ruling Mean? According to Jacoutot, the ruling opens up a few loopholes that can be exploited. In a tweet by attorney Joe Carlasare on Twitter, it explains that the logic of the ruling leaves an opening that can be used to lawfully launch a pyramid scheme. In this case, profits from the “programmatic sales” to retail investors can be distributed to institutional investors. Ripple CEO Brad Garlinghouse has said the ruling provided relief and that the company could now promote the various use cases for Ripple and its technology without worrying about legal repercussions. This is definitely a win for Ripple, but an appeal by the SEC could drag out the legal battle for years and create another round of major uncertainty in the crypto market. The price of XRP skyrocketed after the ruling. It is now up by 50% this month and is currently trading at $0.7154.

Cathie Wood’s investment firm, Ark Invest, has made significant moves in its holdings of Coinbase shares, selling over $50 million worth of shares as the cryptocurrency exchange’s stock continues to surge. This marked the second time in a week that Ark Invest reduced its stake in Coinbase, reflecting its active management approach amid a backdrop of regulatory developments and industry optimism. At the same time, Ark Invest has been actively investing in other notable companies, including Meta Platforms and Robinhood. Ark Invest Cashes In on Coinbase Rally Ark Invest, led by Cathie Wood, sold a total of 478,356 shares of Coinbase on Friday, amounting to more than $50 million. The sales were spread across Ark’s flagship fund, Ark Innovation ETF, which sold 263,247 shares, Ark Next Generation Internet ETF, which sold 93,227 shares, and Ark Fintech Innovation ETF, which offloaded 121,882 shares. This decision comes on the heels of Coinbase’s role as a surveillance-sharing partner for several spot Bitcoin ETF applicants, including industry giants BlackRock and Fidelity. Furthermore, recent legal rulings surrounding the status of the cryptocurrency XRP have added to the overall industry optimism. However, despite the sales, Ark Invest remains the second-largest owner of Coinbase shares, holding a 6.30% stake. Looking To The Future With Meta Platforms and Robinhood While reducing its Coinbase holdings, Ark Invest has also been actively investing in other crypto-adjacent companies. The firm initiated purchases of shares in Meta Platforms (formerly Facebook) and Robinhood. In June, Ark Innovation ETF acquired 69,793 Meta shares, while Ark Fintech Innovation ETF purchased 111,843 shares of Robinhood. Additionally, the Ark Next Generation Internet ETF increased its holdings with 12,559 Meta shares and 169,116 Robinhood shares. These strategic investments reflect Ark Invest’s ongoing strategy to navigate the evolving digital asset market. Ark Invest’s decision to trim its Coinbase holdings after significant acquisitions during market volatility and regulatory challenges demonstrates a calculated approach to secure profits amid the stock’s impressive rally this year and indicates a calculated effort to secure profits during the stock’s rally. Also, it demonstrates the firm’s commitment to diversifying its portfolio for long-term growth potential, as evidenced by its investments in Meta Platforms and Robinhood. As the crypto market continues to evolve, Ark Invest’s actions will be closely watched by market participants, looking for insights and guidance in navigating this dynamic landscape.

The recent price behavior may signal a change in the underlying trend structure. If the price is able to break out over $0.08101, it may signal a change in trend. A price objective of $0.16520 is set based on the Descending Channel Pattern Range. Since around the middle of February 2022, the price of the popular cryptocurrency DOGE/USDT has been consolidating within a narrow band of $0.1420 to $0.5140. There has been a lack of direction in the market, as seen by the protracted horizontal trend seen throughout this time. However, DOGE/USDT made a serious effort to push through the barrier in late October 2022 as seen in the analysis chart below. The large wick candles formed at the rejection area shown in the chart clearly indicated the strong bearish sentiment. Unfortunately, the bullish momentum didn’t last long, as the bears quickly regained control and created a powerful bearish Inverted Hammer pattern near the key resistance point of $0.1420. This denial was a major blow for DOGE/USDT, and it triggered a continuation of the downward trend that has endured ever since. Potential Trend Reversal: DOGE/USDT Shift from Lower Highs to Higher Highs DOGE/USDT’s recent price behavior may signal a change in the underlying trend structure. The cryptocurrency’s price action, marked by a series of lower highs and lows, is negative. This is pretty clear as seen in the analysis chart below. There are, however, signs that this trend is about to change. DOGE/USDT is getting close to the previous Continue to Structure (CTS) level after a string of lower lows. In addition, the cryptocurrency had a notable 15% drop in a single day on June 11th, 2023 as seen in the chart above, which might signal a reversal of the current gloomy outlook. This change from lower highs to higher highs may mark a turning point for DOGE/USDT. Technical Analysis: DOGE/USDT Trapped in Descending Channel Pattern, Resistance at Trend Line According to the technical analysis, DOGE/USDT has been trading within a Descending Channel Pattern since November 7th, 2022, and is expected to do so until July 15th, 2023. A sequence of lower highs and lower lows defines this pattern as seen in the chart below, which is indicative of a negative outlook. During this time, the value of DOGE/USDT has dropped drastically, by an estimated 50%. Notably, the price has been rejected three times by the falling trend line, which indicates strong resistance. These setbacks point to intense selling pressure, and they add weight to the notion that DOGE/USDT will have a hard time breaking above the trend line resistance. Breakout or Continuation: The Critical Levels to Understand DOGE/USDT Future Trend If DOGE/USDT is to break out of its present downtrend or continue to drift down, the next price moves will be decisive. If the price is able to break out over $0.08101, it may signal a change in trend. A consistent pattern of higher highs and higher lows would follow such a breakout, signaling the end of the lower low and lower high structure. If the price of DOGE/USDT were to break out in this way, it would be a fantastic opportunity for buyers and sellers. In contrast, the lower low and lower high structures are expected to persist for DOGE/USDT if it is unable to break through the pivot level at $0.06377. The current negative trend would continue, increasing the risk of a further price decline. Projected Target and Potential Rally The recent price behavior suggests the possibility of a trend reversal, with DOGE/USDT showing signs of shifting from lower highs to higher highs. This potential turning point is supported by the cryptocurrency nearing a previous structural level and a notable drop on June 11th, 2023. Technically, DOGE/USDT remains trapped within a descending channel pattern, facing strong resistance at the trend line. The next price moves will be crucial in determining the cryptocurrency’s future trend. A breakout above $0.08101 could signal a change in trend, while failure to break through the pivot level at $0.06377 would sustain the current downtrend. If a breakout occurs, DOGE/USDT could experience a significant rally, with a projected target of $0.16520, representing a potential 100% increase from its current level. Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

The organization has announced its plans to submit a multi-chain proposal to the community. GHO stands out due to its unique minting procedure based on deposited collateral. The popular Aave DAO platform has successfully launched its own decentralized stablecoin, GHO, on the Ethereum mainnet. Minting the stablecoin with a wide variety of collateral assets kept inside the Aave Protocol is part of its effort to improve user visibility. By including such an asset, Aave hopes to provide its consumers with more leeway. The popular stablecoins Tether (USDT) and USD Coin (USDC) are among the 30 Ethereum-based currencies that may be pooled on Aave right now. The platform also allows for the creation of pools that stand in for physical assets like real estate and may be tokenized for purchase or collateral. Multi-chain Proposal Underway The introduction of the GHO stablecoin is motivated by the platform’s desire to make its ecosystem more accessible to consumers at reduced costs while simultaneously increasing market efficiency. However, the organization has announced its plans to submit a multi-chain proposal to the community for review and approval. In June of 2022, the Aave DAO was presented with the concept of launching GHO. After receiving positive feedback from the Ethereum community, developers released GHO on the Ethereum Testnet in February to make final adjustments before the protocol’s official release. When compared to other stablecoins like MakerDAO’s DAI, GHO stands out due to its unique minting procedure based on deposited collateral. GHO enables several forms of collateral to be placed in a single transaction, while DAI needs individual vaults for each asset used for minting. In keeping with its decentralized character, the Aave DAO will select the interest rate, the maximum number of GHO that may be minted, and the rules for doing so. Highlighted Crypto News Today: SEC Accepts BlackRock’s Bitcoin ETF Application; Review Process Begins!

The team claims that the arrival of summer was the impetus for the redesign. The mainnet release of Shibarium is scheduled for this summer as per Shytoshi Kusama. Today, the official Shiba Inu (SHIB) memecoin Twitter account announced a major upgrade to the protocol’s homepage, and the crypto community went into a frenzy. The price of SHIB is up 2% and is now trading at $0.000008199 as per CMC. The team claims that the arrival of summer was the impetus for the redesign of the Shiba Inu website. The new website provides extensive information on the ecosystem and services that the protocol has to offer, such as Shibarium, Shibacals, Shib the Metaverse, and Shibaswap. Furthermore, according to the Shiba Inu protocol, the updated website is only the first of many new offerings coming this summer. All Eyes on Shibarium Launch Shiba Inu has evolved into a protocol with substantial value and usefulness for its user base. Shiba Inu may have begun as a memecoin, but it has evolved into an ecosystem with the same level of importance for supporting smart contracts as the best Layer-1 and Layer-2 protocols. One of its most notable achievements so far is the Shibarium Layer-2 scaling protocol, which is now active on Testnet. Shibarium, which was created to take on rivals like Polygon (MATIC) and Arbitrum (ARB), has attracted a lot of attention from dev and users. Since the PuppyNET testnet for the scaling protocol went live, it has attracted a massive user base and processed millions of transactions. The project’s chief developer, Shytoshi Kusama, has previously hinted that the mainnet release of Shibarium is scheduled for this summer. Moreover, consistent expansion of the Shiba Inu ecosystem has helped reinvigorate interest in the protocol, which continues to be listed in the top 20. Highlighted Crypto News Today: Aave DAO Successfully Launches GHO Stablecoin on Ethereum Mainnet

Coinbase is required to halt the staking service after the regulatory action. Certain services were suspended as a result of legal action. Coinbase, the United States-based cryptocurrency exchange, has announced that it will halt the staking service in four states in the United States. Coinbase, one of the largest and most prominent cryptocurrency exchanges, made this decision to comply with the legal requirements imposed by the regulatory authorities in those states. On July 14, Coinbase released a blog announcing that users in California, New Jersey, South Carolina, and Wisconsin won’t be able to use some staking services until further notice. The temporary halt on asset staking comes after the regularity issues faced by the crypto exchange. According to the report, the crypto exchange required to halt the staking service after the regulatory action only in California, New Jersey, South Carolina, and Wisconsin. However, users based in other states, like Alabama, Illinois, Kentucky, Maryland, Vermont, and Washington, allowed to stake cryptocurrencies as normal. Coinbase Disagrees with the SEC’s Allegations The U.S. Securities and Exchange Commission filed a lawsuit against the crypto exchange Coinbase in June, alleging that it has offered unregistered securities. Following that, Certain services suspended as a result of legal actions taken by regulatory organizations in ten US states. Coinbase mentioned that it strongly disagreed with the SEC’s allegation that its staking services are securities. The crypto exchange has spent the last several weeks in active discussions with these state agencies. However, California, New Jersey, South Carolina, and Wisconsin are requiring changes to their services before those state proceedings are complete. That means there will be a temporary impact on customers in the specific states. Recently, the U.S. SEC made its first appearance in court as part of its legal action against the cryptocurrency exchange. According to the SEC, 13 different cryptocurrencies listed on the exchange that meet the requirements of the Howey Test. However, Coinbase has been strong and proactive in its legal defense. Recommended For You: Cathie Wood Dumps Coinbase Shares; Buys Meta & Robinhood Stocks

Bitcoin price experienced a 2.54% decline, reaching $30,350 in 24H. Caution is advised in the BTC market amidst uncertainties and funding rate disparities. Bitcoin, the leading cryptocurrency, has experienced significant price volatility, declining by 2.81% to reach $30,350. This sudden BTC price drop in value comes as a surprise to many investors and traders, especially considering the recent positive momentum in the market. The price surge earlier was driven by the optimism generated from the near-conclusion of the legal battle between the SEC and Ripple. It led to a substantial rally in Bitcoin which hit ATH of this year yesterday. However, seeing yesterday’s top surging altcoins and bitcoin price dump makes the investors go off guard. BTC Price Chart, Source:TradingView Bitcoin(BTC) Price Dump , What’s Behind? Several factors have contributed to this downturn. Firstly, Binance, a major cryptocurrency exchange, announced the layoff of up to 1,000 employees. This news has created uncertainty and affected market sentiment, potentially influencing trading patterns. Additionally, concerns have arisen regarding the transfer of over 9,000 Bitcoins by the US Government to an unidentified wallet. Speculation suggests that these BTCs may have been sold during the recent price surge, which could have exerted downward pressure on Bitcoin price. Another noteworthy aspect is the discrepancy in funding rates among different exchanges. Although the volume-weighted funding rate for it remains favorable at 0.0079%, exchanges with higher financing rates have experienced reduced trading activity and liquidity for futures contracts. This divergence in funding rates indicates a potential decrease in overall trading activity, which might be impacting Bitcoin price dump. In summary, the recent decline in Bitcoin’s price stems from factors including Binance‘s layoffs, a substantial Bitcoin transfer by the US Government, and disparities in funding rates among exchanges. This has left investors in a state of caution due to the heightened volatility in the cryptocurrency market. Highlighted News Today Binance Layoff Update: CZ’s Hiring Initiatives Remain Unaffected

BlackRock’s application for a spot Bitcoin ETF is accepted by the SEC, and the review procedure is initiated. Also, the SEC reviews other Bitcoin ETF applications like Wise Origin and WisdomTree Bitcoin Trust. The United States Securities and Exchange Commission (SEC) has accepted the BlackRock spot Bitcoin ETF application and formally initiated the review process for the exchange-traded fund ETF proposal. Further, along with BlackRock’s application, the SEC has revealed its review of other Bitcoin-related funds. Such as Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Trust, and Invesco Galaxy Bitcoin ETF. This proactive approach demonstrates a growing recognition of the demand for regulated Bitcoin investment options. That reflecting companies’ commitment to meeting customer expectations. The SEC’s approval of BlackRock’s application shows that it is willing to explore the concept of a spot Bitcoin ETF and assess its potential market impact. While this initial step marks the beginning of a lengthy regulatory journey, it demonstrates the SEC’s openness to considering the potential benefits and risks associated with a spot Bitcoin ETF. BlackRock’s involvement in the spot Bitcoin ETF competition carries significance due to its prominent position in the financial industry. Also, the company’s filing includes a surveillance-sharing agreement with Coinbase, a major cryptocurrency exchange. This agreement is expected to enhance market oversight and integrity in the ETF’s operations. Also, the outcome of these reviews will shape the future of cryptocurrency investment products. And potentially pave the way for increased institutional participation in the crypto market.

Avalanche (AVAX), the native token of the Avalanche blockchain, has witnessed a notable price surge of 27.39% over the past seven days, capturing the attention of traders and investors. Currently facing strong resistance at the EMA50 daily level, AVAX is showing promising signs of potential bullish momentum. As buyers accumulate AVAX anticipating a breakout, optimism grows within the market. As of the latest data, Avalanche is trading at $15.45 per AVAX, showcasing impressive price growth within the past week. With a circulating supply of 345,845,505.008 AVAX, the token’s total market capitalization stands at $5,294,894,681.68. Furthermore, AVAX has experienced a substantial surge in trading volume, which has increased by $2,091,996,941.63 in the last 24 hours, marking a significant 381.96% rise. In the past day, approximately $547,703,576.77 worth of AVAX has been traded. AVAX: Strong Resistance And Accumulation The EMA50 daily level has emerged as a formidable resistance point for the coin, presenting a considerable challenge for buyers to overcome. However, buyers’ increasing accumulation of AVAX indicates a positive sentiment and a belief in the token’s potential to breach the resistance level. Traders have noticed similarities between AVAX and other successful cryptocurrencies, drawing comparisons that suggest a potentially significant price surge. Related Reading: XRP Explodes With 1,300% Surge In Trading Volume As crypto Exchanges Jump On Board Looking at the technical indicators, its relative strength index is at 65 in the neutral zone between the oversold region of 50 and the overbought region of 75. The Moving Average Convergence/Divergence (MACD) is currently in the buy zone which is a bullish signal. In addition, the histogram bars are green and signal that a bullish trend is ahead and if the bulls persist, the crypto is likely to have a sustained uptrend in the coming days Growing Investor Interest And Bullish Sentiment The ongoing accumulation of AVAX demonstrates a growing interest and confidence among investors in the token’s underlying technology and future growth potential. As buyers strategically position themselves at key support regions, they aim to capitalize on the anticipated breakout and potential price appreciation. This accumulation activity is a positive indicator for AVAX and reinforces the belief that the token’s price could experience a notable upward movement. Market participants closely monitoring Avalanche have identified similarities between its current price pattern and other successful cryptocurrencies. In particular, the comparison with SOL, which experienced a significant surge after successfully breaking through a crucial resistance level, adds to the overall bullish sentiment surrounding AVAX. These comparisons contribute to the growing optimism within the market. Related Reading: PEPE Sees Sharp 17% Surge, But Will This Whale Spoil The Party? While the accumulation of AVAX and the anticipation of a breakout are encouraging signs, it is essential to acknowledge the highly volatile nature of the cryptocurrency market and the potential influence of various market forces. Traders should exercise caution and consider other technical indicators and market factors that may impact AVAX’s price trajectory. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured Image from iStock, chart from TradingView

Polygon (MATIC) has demonstrated a significant price surge in the past week, rising by 27.39%. This bullish momentum has been further reinforced by a 9.38% increase in the last 24 hours. However, in the most recent hour, the price experienced a slight decline of 1.04%. Currently trading at $0.84 per MATIC, the cryptocurrency remains 71.11% below its all-time high of $2.92. Reasons For The Price Movement Multiple factors have contributed to the recent price movement of the crypto. Firstly, a favorable court ruling for XRP ripple effect on market sentiment, potentially influencing the performance of other cryptocurrencies like MATIC. The court’s determination that XRP is not a security has provided investors reassurance and positively impacted the overall cryptocurrency market. Related Reading: PEPE Sees Sharp 17% Surge, But Will This Whale Spoil The Party? Furthermore, the increased activity of decentralized applications (Dapps) on the Polygon Network has significantly driven up demand for MATIC. The network’s reputation as a scalable and efficient solution for the Ethereum network has attracted numerous developers and users to build and interact with Dapps on the platform. This heightened interest in the Polygon Network has increased demand for MATIC tokens. Additionally, the highly anticipated launch of Polygon 2.0 has generated excitement within the community. This proposed upgrade aims to enhance the functionality and scalability of the Polygon Network, allowing for the support of multiple chains without compromising security. If successfully implemented, Polygon 2.0 could further solidify MATIC’s position as a leading blockchain solution, potentially attracting more investors and driving higher prices. Expectations For Polygon Looking ahead, Polygon holds promising prospects for further growth and development. With a total value locked (TVL) of $1 billion on the Polygon Network, the platform has established itself as a prominent second-layer scaling solution for Ethereum. The increasing TVL, which has grown from $878 million in the previous month, indicates a rising demand for Polygon’s processing capabilities and underscores its potential for further adoption and expansion. The impending launch of Polygon 2.0 adds a layer of anticipation. This upgrade will introduce new features and improvements, enhancing the network’s efficiency and functionality. If successfully implemented, Polygon 2.0 could attract even more users, developers, and investors, ultimately driving up the price of MATIC. However, it is essential to exercise caution and closely monitor the market. While the current price movement suggests positive momentum, competition from other scaling solutions, such as Arbirtrum (ARB) and Optimism (OP), should be considered. Additionally, developments in privacy implementations utilizing zero-knowledge proofs could introduce new dynamics to the market. Related Reading: XRP Explodes With 1,300% Surge In Trading Volume As crypto Exchanges Jump On Board Investors and traders should remain attentive to updates regarding the Polygon 2.0 upgrade, ongoing market trends, and any significant announcements within the cryptocurrency ecosystem that may impact the future performance of MATIC. By staying informed and exercising due diligence, market participants can make more informed decisions regarding their investments in Polygon. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured Image from istock, chart from TradingView.

Is Dogecoin (DOGE losing its charm? Despite the impressive price rally in May, recent trends suggest a decline in engagement and investor interest. As the crypto market continues to evolve, concerns are mounting about the broader implications of Dogecoin’s waning appeal. Dogecoin’s engagement metrics have faltered, leaving some experts wondering if the crypto’s allure is wearing off. Market indicators show a decline in trading volume, with fewer transactions taking place compared to previous months. Will this once-beloved digital currency be able to regain its momentum, or is its star beginning to fade? Dogecoin New Addresses Stagnant The growth of new addresses joining the Dogecoin community has hit a roadblock since May, according to a recent DOGE price report. However, on-chain data analysis reveals that this stagnation in new holders has not adversely affected the weighted sentiment associated with the cryptocurrency. As of the latest update, DOGE’s weighted sentiment stands at -0.645. This metric provides insights into the average sentiment attached to a particular cryptocurrency, taking into account the unique social volume surrounding it. Interestingly, despite the somewhat negative value, the weighted sentiment has shown improvement from its low point of -1.99 on June 9. This shift suggests that the prevailing defeatist perception during that period has gradually shifted towards a more optimistic outlook. Social Volume And Holder Count: A Diverging Trend However, while the weighted sentiment demonstrates a positive trajectory, the coin’s social volume tells a different story. Instead of aligning with the stagnant number of holders, the social volume of Dogecoin has remained remarkably low since June 9, as per Santiment’s data. Social volume measures the number of mentions and discussions specifically related to a cryptocurrency across various platforms. In the case of Dogecoin, this metric indicates a significant decrease in overall online activity and conversations surrounding the coin. As of now, there have been no significant changes in the aforementioned trends. This suggests that the hype surrounding DOGE has diminished considerably. From a market perspective, this could potentially indicate that the coin is undervalued and has yet to reach its peak valuation. The road ahead for Dogecoin appears challenging, as the cryptocurrency grapples with stagnant new addresses and a decline in social volume. However, it would be premature to discount the resilience of this meme-based digital asset. As of the latest data from Coingecko, the price of DOGE stands at $0.068, reflecting a decline of 4.7% over the past 24 hours. However, despite this recent dip, Dogecoin has experienced a seven-day rally of 4.6%, showing signs of resilience in the face of short-term fluctuations. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Terminix