The platform has licensing agreements with some of the greatest sports leagues in the world. Sorare announced that the need to pay only in ETH on the platform has been removed. Sorare, a Web3 fantasy-sports firm, now accepts fiat payments for its digital trade cards instead of requiring customers to only purchase in ETH. Managers (participants) in the Sorare blockchain-based game may acquire and transfer non-fungible tokens (NFTs) representing professional athletes to form teams for tournament participation. The platform has licensing agreements with some of the greatest sports leagues in the world. These include MLB, NBA, and soccer’s’ Premier League, La Liga, and Bundesliga. Strategic Expansion Plan Despite having more than 5 million registered managers (participants). Sorare is beginning to worry that its previous closeness to the crypto industry would hurt its ability to expand. So it has begun offering support for the U.S. dollar, the euro, and the British pound. This change follows the lead of NBA Top Shot, another NFT-related sports game that recently added support for the U.S. dollar. In addition to attracting more users, these platforms may be attempting to distance themselves from the stigma associated with cryptocurrencies after the market crash and the spectacular fall of the FTX crypto exchange in November. Sorare announced via email on Monday that the need to pay in ETH on the platform has been removed. The firm stated: Because Sorare trade cards are NFTs and transactions are recorded on the blockchain. Widespread adoption of digital assets and decentralized technologies may benefit from the platform’s popularity. Highlighted Crypto News Today: Polygon (MATIC) Unveils Disruptive Solution for India’s Caste Certificates

For an industry that rarely gets mainstream political support, Bitcoin recently received a massive endorsement after Democratic Presidential candidate Robert F. Kennedy spoke out in support of the cryptocurrency. According to RFK, arguments against adopting Bitcoin due to perceived environmental impact are merely a cover to curtail financial freedom. Responding to the tweet by Feldman, RFK stated that “… environmental arguments should be used as a smokescreen to curtail freedom to transact.” RFK, who is a holder of BTC, has previously disclosed his intention to return the USD to hard currency backed with assets such as BTC. Bitcoin And The Environment One of the challenges of Bitcoin adoption is the perceived threat it poses to the environment. According to anti-crypto campaigners and politicians, bitcoin mining is harmful due to its high energy requirement. This argument is a prominent position within the political and environmental protection ecosystem, so much so that campaigners like Greenpeace have accused BTC of destroying the planet. However, while Bitcoin mining is energy-intensive, it utilizes more renewable energy presently than ever before. This position was further reiterated by Daniel Feldman, director of Sangha Systems. According to him, there exists a “symbiotic relationship” between Bitcoin and renewable energy. Agreeing with the popular Democratic candidate, Feldman noted that bitcoin mining offers a solution to boost the electric grid and limit dependence on fossil fuels. He, however, noted that “most renewable energy sites are not profitable without government subsidies.” Subsidies in the form of tax credits generate market distortions and the flow of these credits is managed by banks who are often bailed out by governments during financial crises, the very banks that Bitcoin seeks to free people from. According to Feldman, renewable energy sites experience curtailment and congestion challenges due to the absence of global markets to sell to during demand troughs. BTC solves this challenge by providing a universal market for electricity that will boost investments in renewable energy projects. A Look Into BTC Energy Usage Renewable energy arguments are popular within the green energy industry as they continually seek the flexibility offered by crypto mining operations. However, they are still faced with serious opposition from the media and the political establishment, who believe BTC mining will boil the planet. According to data obtained from Cambridge University, it is estimated that global BTC mining activities are currently pegged at 137 TW/h (terawatt hours) per year. This figure surpasses the energy usage of countries such as Ukraine, which utilizes 134 TW/h. In contrast, the electricity distribution and transmission losses in the US are sufficient to power BTC 1.5 times with 206 TW/h per year.

Bitcoin (BTC) price experienced a slight recovery from its weekly low. Last week, the price dipped below the $30K support level. The 25 bps rate hike by the Fed did not have a significant impact on Bitcoin’s price. Bitcoin (BTC), the oldest gem in the crypto market, witnessed a slight recovery from its weekly low of $29,030 and soared to the $29,428 price level. However, the rebound seems to be faltering as the digital asset faces selling pressure. Last week, Bitcoin experienced selling pressure that pushed its price below the crucial psychological & support level of $30,000, leading to a drop of around $29,000. Also, the 25 bps rate hike by the Federal Reserve on July 26, along with the subsequent commentary by Fed Chair Jerome Powell failed to significantly impact Bitcoin’s price, indicating that the market had already priced in the expected outcome. Furthermore, the crypto market continued its lackluster performance on the weekend, following the release of the US Personal Consumption Expenditures (PCE) Index, which came in lower than analysts’ expectations. Bitcoin (BTC) Price Analysis At the time of writing, Bitcoin is trading at $29,258 with a 24-hour trading volume of $11.6 billion, which soared 76%. The current price of BTC shows that the bounce off the 50-day simple moving average at $29,250 is losing steam near the 50-day exponential moving average of $29,434, signaling that price levels are attracting sellers. On the other hand, the Relative strength index (RSI) is in the negative territory, suggesting that bears currently have a slight edge in the market. On a positive note, the 50-day moving average crossing above the 200-day moving average indicates a buy signal. Bitcoin (BTC) Price Chart (Source: Tradingview) If Bitcoin manages to breach the $31,016 level, it could rise to $37,879. Conversely, a bearish move below the immediate support at $28,410 may lead to a downward movement towards $27,088, and potentially down to $24,947. Such a move would indicate that Bitcoin might remain within the $24,800-to-$31,000 range for some time. However, the $31,000-to-$32,400 region will serve as a significant test for the bulls. Moreover, Bitcoin is currently experiencing historically low volatility, suggesting that it is at its lowest level ever since its inception. This reduced volatility is believed to be influenced by the halving event. What are you doing during the choppy market? Longing, shorting, or just HODLing? Tweet us @The_NewsCrypto and let us know Highlighted Crypto News SEC Asked Coinbase to Suspend All Crypto Trading Except Bitcoin

The Litecoin Halving has been a major focus for investors in the month of July. The month also witnessed several unfortunate incidents of hacking and exploitation. One topic has dominated coverage of the cryptocurrency industry in recent weeks. Among cryptocurrency enthusiasts, the approaching Litecoin Halving has become the most awaited event. In addition, as anticipation for the event grew, its value increased to $110 on June 30. Moreover, the price is facing high volatility as investors are getting ready for the big event. On August 2, 2023, the much-anticipated Litecoin Halving event will take place. Investors have been paying close attention to the price of Litecoin (LTC) for most of this month. Shiba Inu Ecosystem With the upcoming release of Shibarium, a layer 2 blockchain based on the Shiba Inu protocol, the Shiba Inu ecosystem has attracted the interest of investors. Soon to be released, it will provide improved scalability and productivity to the ecosystem. SHIB and BONE, two utility tokens in the Shiba Inu ecosystem, have garnered the most attention ahead of the launch. Moreover, the crypto world is buzzing with the release of the Shibarium Beta Bridge for testing last week. XRP Saga Following Ripple’s partial victory over the SEC this month, XRP, Ripple’s native cryptocurrency, has seen a spectacular rebound. As a consequence of this successful legal battle, XRP has been relisted on major cryptocurrency exchanges, leading to an increase in both demand and trading volume. However, the US SEC has given hints that it plans to appeal the Summary Judgement in the Ripple vs. SEC issue, which might be bad news for the XRP community. Bitcoin Bitcoin tried to start a new rally towards $31,000 at the end of June, after many Bitcoin ETF registrations. On July 14th, Bitcoin hit a new yearly all-time high of $31,657. Currently, Bitcoin is experiencing a period of consolidation. It reached a record high of $31,474 for the year in early July, but it has since struggled to retain its position due to the extreme volatility of the markets. In only two weeks, the price dropped to the $29,000 range. Bitcoin’s price action over the last two weeks, despite swings, has shown its optimistic posture. The whale alert indicates that there are now a large number of whales engaged in Bitcoin transfers. Around 2,459 BTC worth approx. $72,661,201 USD was transferred to an anonymous Binance wallet last week, with many such transactions recorded this month. Ethereum On July 30th, Ethereum (ETH) reached the eighth year since its inception. Ethereum’s trading price has experienced significant volatility in 2023. The first time this year that the price of ether exceeded $2,000 was in April. It rose to a high of $2120 and remained there for three days. Three months later, on July 14, ETH breached $2,000 for the second time and reached $2028. The altcoin’s spike was brief, and it has since traded for less than $2K. Moreover, some of the greatest MEV block rewards in Ethereum history were disclosed by core developer Eric.eth today. Significant Exploits Poly Network briefly halted operations on Sunday, July 2, after a major assault that affected more than 57 assets across many blockchain platforms. Moreover, the Multichain hack in July resulted in losses of about $125 million. Also, two attackers in the first week of July used a vulnerability in the Azuki DAO governance token contract to make off with 35 ETH. More than $765,000 worth of NFTs were stolen in a SIM swap attack on the Gutter Cat Gang NFT project on July 7. On July 11, hackers exploited a security hole to steal $455,000 from Arcadia Finance. On the same day, hackers breached the Aptos Foundation’s Twitter and directed the account’s followers to a fake website where they could sign up for a fake airdrop. In addition, nearly $47 million was stolen from a number of projects using Vyper, an alternative programming language for Ethereum smart contracts. The attacks happened on Curve Finance, an automated market maker platform, and targeted stable pools on July 30. In conclusion, the cryptocurrency industry has seen significant developments and events in July. The Litecoin Halving has been a major focus for investors, driving up the price and causing high volatility. However, July also witnessed several unfortunate incidents of hacking and exploitation in the crypto space, resulting in substantial losses for various projects. Highlighted Crypto News Today: As Litecoin Halving Nears, LTC Holders Increase Exponentially

In the wake of a massive exploit, the price of the Curve (CRV) token has declined drastically, recording double-digit losses in the last day. This has led to what some would call an opportunity to buy cheap coins and Matrixport and Bitdeer founder Jihan Wu is one of the believers. A Good Time To Buy Curve (CRV)? Jihan Wu recently tweeted that he bought the CRV dip. According to Wu, he remains a strong believer in the token because of its future applications. Wu’s tweet comes at a time when Decentralized Finance (DeFi) platform Curve DAO’s native token CRV has been down by more than 12% in the last 24 hours. This dip came following an exploit in some of Curve’s stablecoin pools. The exploit on the protocol reportedly occurred due to a bug in the Vyper programming language, which is used to power part of the DEX’s ecosystem. Despite this occurrence, Wu believes that this is a good time to invest in the CRV tokens as these tokens will play a significant role in the coming RWA (Real World Assets) wave in reference to the tokenization of physical assets. “In the coming RWA wave, $crv is one of the most important infrastructures. I have BTFD. NFA,” the founder said in the tweet. Without a doubt, the tokenized industry is growing and boasts immense potential. Last year, a World Economic Forum survey projected the tokenized assets industry to account for almost 10% of the global GDP by 2027. The tokenization of real-world assets will involve bringing physical assets like houses, arts, and precious metals on-chain. This will undoubtedly provide easier access and promote fractional ownership of these assets. As Wu has highlighted, DeFi protocols like Curve and tokens like CRV will play an integral role in facilitating transactions involving the transfer and trade of these tokenized assets. DeFi Security Remains A Stumbling Block The several exploits on DeFi protocols continue to remain a huge problem in the DeFi ecosystem and something which many consider a stumbling block to the wider adoption of DEXs over CEXs by many crypto users. Recently, Curve Finance’s Omnipool platform, Conic Finance, suffered an exploit that resulted in the hacker stealing over $3 million in Ether. A report from Web3 portfolio app De.Fi found that over $204 million was lost to hacks and exploits in the DeFi ecosystem in Q2 of 2023 alone. The number of incidents (117) in Q2 this year translated to an “almost 7 times” increase in comparison with Q2 of 2022 (17 incidents). According to the report, over $665 million have been lost to such exploits this year. And these breaches further highlight the need for DeFi protocols to implement enhanced security mechanisms on their platforms.

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Richard “Heart” Schueler and crypto projects HEX, PULSECHAIN, and PULSEX. According to a document filed with a court for the Eastern District of New York and shared on X by economist Alex Krüeger, the regulator is violating U.S. securities laws. As of this writing, HEX is feeling the heat from the lawsuit. The token plummeted over 11% in today’s trade session alone as a direct impact of this development. It continues a downside trend that worsened over the past two weeks when the cryptocurrency saw a 23% loss. SEC Fails With XRP But Goes After HEX Per the document, the regulator claims that Richard Heart raised over $1 billion by allegedly offering unregistered security, the token HEX. The crypto founder supposedly offered the token in December 2019 and for the following three years to “retail investors in the U.S. and abroad.” The SEC claims that Heart operates via PulseChain and PulseX, part of the scheme that allegedly allows him to raise $1 billion from investors. Via these platforms, the regulator argues, Heart made “grandiose” promises of wealth to his investors. Furthermore, the Commission claims that while Heart publicly spoke about supporting free speech, he supposedly purchased “luxury goods” by taking money from his investors. In that sense, the SEC claims that the crypto investor misappropriated his investors’ assets and allegedly defrauded investors. The regulator placed a special focus on HEX’s staking mechanism, its “locked up” periods, and how Heart allegedly manipulated the token’s supply by “recycling transactions.” The document stated: Consensus In The Crypto Community The U.S. SEC is coming out of a major loss after a court ruled out against their claims in the case versus payment company Ripple and its executives. The regulator stated that the company offered unregistered securities. However, unlike the Ripple and XRP case, the crypto community is taking the SEC’s side and believes the regulator is on the right track. Heart has been a controversial figure for years in the nascent industry. Bloomberg Intelligence’s James Seyffart stated the following regarding the case: It remains to be seen if the regulator will score another negative result, but many in the crypto community are siding with the SEC. Cover image from Unsplash, chart from Tradingview

On-chain data shows a pattern in the stablecoin shark and whale holdings that may suggest the Bitcoin rally could make a return in the near future. Stablecoin Sharks & Whales Have Been Accumulating Recently According to data from the on-chain analytics firm Santiment, the sharks and whales of the major stablecoins have been increasing their reserves while Bitcoin has been struggling recently. The “sharks” and “whales” are two of the largest cohorts in the sector, with investors belonging to the former holding at least $100,000 and at most $1 million worth of the asset, while the latter has wallet balances in the $1 million to $10 million range. Due to such large holdings, these investors can potentially move around a large number of coins at once, something that can make them influential entities in the market. In the context of the current discussion, the sharks and whales of stablecoins are of interest. In particular, the four largest players in the market are of relevance here: Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and Dai (DAI). Santiment has used its “Supply Distribution” metric to track the holdings of these humongous holders and this indicator tells us about the percentage of the supply that each group in the market is holding right now. Here is a chart that shows the trend in this metric specifically for the sharks and whales of the top 4 stablecoins in the sector: As displayed in the above graph, the holdings of these stablecoin sharks and whales have been on the rise recently. Interestingly, while this trend has formed, the price of Bitcoin has dipped below the $30,000 level. A similar pattern in the supply held by these large investors had also formed last month, as these investors had been buying more stablecoins, while BTC had been on a decline. What followed this period of accumulation back then was a sharp Bitcoin rally that had taken the cryptocurrency’s price above the $30,000 level. An explanation of this curious trend may lie in what the holdings of these large stablecoin holders signify. Generally, these investors opt for stables whenever they want to exit volatile assets such as BTC. Such holders, however, usually only seek to temporarily take shelter in these dollar-tied tokens, because if they wanted to stay away from the sector for extended periods, they would have exited through other means like fiat. Thus, these investors would eventually shift their stablecoins into Bitcoin and others again, and with this exchange, provide a bullish boost to their prices. This is why the supply of these sharks and whales may be looked at as the available buying pressure that these humongous investors can put on the asset at any point they want. From the chart, it’s visible that the BTC rally above $30,000 didn’t actually kick off from new money being pumped back into the asset by the sharks and whales, but rather the conversions that they made back into the asset, as their holdings decreased while the rally happened. As the large investors of the major stables have again been accumulating recently, it’s possible that Bitcoin could see a bullish effect from this down the road once more, although it’s uncertain how long it may be before these investors deploy their stablecoins back into the market. Bitcoin Price At the time of writing, Bitcoin is trading around $29,300, up 1% in the last week.

Experienced Attorney to Drive CoinFund’s Legal Deal Strategy and Execution NEW YORK–(BUSINESS WIRE)–#CoinFund–Today CoinFund, a leading web3 investment firm, announces the appointment of experienced transactional attorney Dilveer Vahali as Head of Venture Legal. In his new role, Dilveer will drive CoinFund’s legal deal strategy and execution, and serve as a resource to CoinFund’s nearly 90 active web3 venture investments. Dilveer brings extensive experience working on bespoke and complex corporate transactions which he will leverage in his new role at CoinFund as a seasoned advisor. Dilveer joins CoinFund with a decade of experience advising on M&A, venture capital investments and other transactional law matters. Most recently, Dilveer was the General Manager and Lead Counsel at TCG Crypto where he acted as the general counsel and COO of the crypto fund, leading deal execution, strategy and operations. He initially joined The Chernin Group (TCG) as Deputy General Counsel where he led deal execution for the TCG funds at large and worked on fund and portfolio company legal matters. Prior to joining TCG, Dilveer was a Partner at Kirkland & Ellis LLP in the corporate group, where his practice was focused on mergers & acquisitions, private equity and corporate governance. He began his career in investment banking as a financial analyst in Citigroup’s Corporate Mergers & Acquisitions group. Co-founded in 2015 by Jake Brukhman and Alex Felix, CoinFund is one of the world’s first cryptonative investment firms: now a registered investment adviser and world class interdisciplinary global team of nearly 30 people, with more than 100 investments across six investment vehicles spanning all aspects of web3, including artificial intelligence, protocols, gaming and NFTs. The firm recently announced the close of $158M Seed IV Fund in July 2023, on the heels of $320M early-stage web3 venture fund CoinFund Ventures I in August 2022, to increase its scope beyond its $83 million seed stage fund Seed III announced in July 2021. The formidable CoinFund investment team deploying this capital is led by Managing Partners Jake Brukhman (focus areas currently include decentralization technologies and infrastructure, AI x web3); Alex Felix (marketplaces, infrastructure, financial services); Seth Ginns (cross-vertical liquid investing); David Pakman (NFTs, consumer, infrastructure) and Chris Perkins (financial convergence, tokenization, CeFi.) The Investment team includes Vangelis Andrikopolous, Austin Barack, Einar Braathen, Evan Feng, Christian Murray, Rishin Sharma and Isaiah Washington. Areas of expertise include ZK/ML/AI; DeFi; Layer 2s; consumer services, gaming, NFTs and DAOs; infrastructure including nodes, security, analytics, middleware, interoperability and scalability, and emerging markets. In just the last two months, CoinFund has announced investments in Cloudburst Technologies’ cyberthreat intelligence for digital currency fraud; ML compute protocol Gensyn; Giza, an AI platform for smart contracts and web3 protocols; Cosmos layer 1 blockchain Neutron; and Robert Leshner’s Superstate, building blockchain-based financial products. Managing Partner and Head of Venture Investments David Pakman led the creation of the new Venture Legal role and related executive search to meet the demands of increased deal flow as well as the firm’s renewed focus on post-investment services and mentorship. David said, “As CoinFund enters its 9th year, Dilveer’s appointment signifies the continued maturation and sophistication of CoinFund as an organization. In a complex and novel legal environment, Dilveer’s cryptonative expertise and experience will be invaluable to drive deal execution, to build successful relationships with institutional and sophisticated LPs, and as a resource for our portfolio companies for long after their term sheet.” Dilveer graduated with a BA in International Studies from Johns Hopkins University before receiving his MBA from the USC Marshall School of Business and JD from the USC Gould School of Law. He is currently a lecturer in law at USC Gould School of Law and was recognized by Super Lawyers as a ‘Rising Star’ each year from 2018-2021. Speaking on his appointment, Dilveer said: “I am excited to be joining CoinFund at this critical time. As the industry continues to mature, it is clear that the best investors are leveraging seasoned professionals to apply their knowledge from other industries to provide effective advice in a creative way to crypto and web3. CoinFund’s history and reputation exhibits the successful integration of significant and meaningful experience within a cryptonative ethos and community. I look forward to supporting our investment strategy working closely with Stewart, David, Jake, Alex and the rest of the investment team, and lending my expertise to support CoinFund’s mission to champion the leaders of the new internet.” Stewart Eichner, General Counsel and Chief Compliance Officer of CoinFund, said: “Adding Dilveer to our team of experienced and result-driven professionals is further demonstration of our commitment to bringing the best talent to web3 generally and to CoinFund specifically. His skills and experience will benefit our investors and portfolio companies alike.” Contacts Orlagh Lyons [email protected]

So far, there are 3.2M XRP accounts exist in the crypto market. XRP drops by 2.15% compared to the previous day. Ripple, the open-source blockchain payment protocol that skyrocketed the whole crypto market with its win over the SEC, is once again making headlines with remarkable new additions, buzzing across social platforms. It is noted that XRP has enlisted around 3.2 million accounts so far till July 25th of the year 2023. Also, the average count of XRP tokens in each wallet falls to 12,350.86. Last week, the XRP traders stepped back, leading to a drop in the trading volume by 44%. But today, the participation of investors involved in trading has increased. However, this gives an average of about 1,166 newer accounts on a daily basis. Hence, it drew a linear line prolonging over time being upward. XRP’s Activity Status Recently, Coinbase relisted XRP again once the case against SEC. As of July, XRP is quite active. Nevertheless, the engagement of distribution has crossed nearly 48 billion. Overall, the distributed XRP counts 47.9% and the rest is around 52.1% with respect to July month. According to CoinMarketCap, the current market price of XRP is fallen by 2.5% which ranges to $0.7054. And, the crypto investors are held in the active status of trading XRP which reports an increase of 31.59% in trading volume; ranking 7th position. XRP 24H Price Chart (Source: CoinMarketCap) Yet, the price chart of the last 24 hours drifts down reflecting a red signal. Countably, the maximum supply of XRP ranges to 100B tokens whereas the circulating supply just matches 52.69% of its overall supply in the crypto market. Related Crypto News: XRP Investors on Edge as Trading Volume Plunges

Binance, the world’s largest crypto exchange by trading volume, recently announced that it had secured a license to operate in Dubai after meeting the conditions needed for the grant of an Operational Minimum Viable Product (MVP) license. The firm has emerged as the premier platform to secure the highly coveted accreditation from Dubai’s Virtual Asset Regulatory Authority (VARA). Binance Is Blazing The Trail In The Cryptocurrency Ecosystem Last year, Binance was granted a Provincial License by Dubai’s Virtual Assets Regulatory Authority (VARA), enabling it to establish domestic bank accounts to preserve clients’ funds, offer custody and payment services, and run a crypto exchange. However, the newly acquired Operational MVP license allows the crypto exchange to legally conduct two more activities which are virtual asset broker-dealer services and virtual asset exchange services. Although these activities are only limited to qualified institutional and retail investors. Obtaining the Operational MVP license is not only an outstanding milestone but evidence of Binance’s dedication to becoming a regulatory-compliant exchange platform. According to the firm, they are working with local regulators to ensure that their operations are designed to meet the country’s unique framework for Virtual Asset Service Providers (VASPs). Improving Service Delivery and Ensuring Security In recent years, the United Arab Emirates has emerged as the bastion of blockchain technology, building an ecosystem that allows innovation and security to thrive alongside the other. The pivot from Provisional to Operational MVP license will provide users in Dubai with improved access to services. Participants can now convert their virtual assets to fiat currency by following the guidelines laid down by VARA. Institutions and individuals who are eligible for these services can utilize the market assurance standards and protections crafted especially for the virtual asset sector. According to Binance, the license signifies the creation of the first fully regulated exchange in Dubai after meeting the compliance requirements of FATF, thereby establishing the framework for unwavering user assurance and global growth. The licensing procedure in Dubai is a four-stage process, and with the recent license granted to Binance, it means the platform has now cleared three of these stages. The only outstanding license is the Full Market Product (FMP), however; this is expected to be granted after the latest demonstration of compliance with all the rules of VARA. This recent win comes as Binance prepares to re-enter Japan amidst regulatory challenges with the United States Securities and Exchange Commission this year.

Dogecoin (DOGE) has been witnessing a notable recovery in recent days, and technical analysis suggests that an ascending trendline is providing significant support to this upward movement. An ascending trendline represents a price chart that connects a series of higher lows over time. It acts as a visual guide to tracking the price movements of an asset, indicating a bullish sentiment in the market. As of the latest data from CoinGecko, Dogecoin price stands at $0.079, experiencing a minor 24-hour slump of 0.9%. However, it has still managed an impressive seven-day rally of 7.2%, hinting at the potential for further gains. Understanding DOGE’s Ascending Trendline An ascending trendline is essential for traders and analysts as it helps them visualize an asset’s market sentiment and potential price levels. When the asset price approaches the ascending trendline, it indicates a likely level of support, and if the price breaks above the trendline, it suggests an uptrend resumption. With sustained buying pressure, DOGE buyers have the potential to re-challenge the last swing high at $0.083. A bullish breakout for DOGE above this resistance level would hint at the resumption of the uptrend, potentially pushing the meme-inspired cryptocurrency’s market value higher by 21.7% to reach $0.095. Positive Indicators On Dogecoin Daily Chart Meanwhile, several indicators signal bullish momentum, as a recent price analysis notes. The Exponential Moving Average (EMA) Ribbon, a cluster of EMAs that smooth out price data, displayed a bullish crossover, further reinforcing the upward momentum. Moreover, the Moving Average Convergence Divergence (MACD) indicator showed that the bulls have the upperhand, a sign that an upward trend may be in the pipeline. DOGE’s Money Flow Index (MFI), which measures money flow into or out of an asset, also increased. This development is favorable for buyers as it suggests that more capital is entering the DOGE market, supporting its recent price gains. DOGE Outlook Dogecoin’s current recovery is supported by an ascending trendline, indicating a positive market sentiment among buyers. With several bullish indicators on the daily chart, including the EMA Ribbon, MACD, and MFI, the potential for an uptrend resumption and a push toward $0.095 is plausible. However, as with any investment, caution should be exercised, and investors must conduct their research and consider various factors before making any decisions. The crypto market can be volatile, and prices are subject to rapid changes. (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 Medium

The ETH price may have a significant breakthrough in the month of August. A drop might begin in the ETH price if it is unable to break through the $1,875 level. There has been hardly any upward or downward movement in the Ethereum price during the last several days. Ethereum price is following in Bitcoins footsteps. However, the ETH price may have a significant breakthrough in the upcoming month of August. In light of Bitcoin’s latest decline to $29,000, the price of Ethereum has fallen back below the $1,900 threshold. But after dropping below $1,850 for a few days, the price has increased marginally again recently. Indecisive Breakout In the last two weeks, the price of Ethereum has generally stayed between $1,850 and $1,950. This trend of indecision seems like a range-bound consolidation that might explode into a sharp uptick or downtick at any moment. Source: CoinMarketCap The hourly chart also shows a breach below a major bullish trend line that was providing support at $1,870. The price has lately begun a new upswing after testing the $1,850 resistance level. A rise occurred over $1,865. Moreover, a 50% Fibonacci retracement barrier of the decline from the swing high at $1,885 to the low at $1,850 was broken by the bulls. Furthermore, Price action puts it below $1,875 and the 100-hourly SMA. The first significant barrier is about $1,885. If the price breaks through the $1,900 mark, the next major barrier is seen in the $1,950 area. If the price continues to rise, it may soon surpass the $2,000 mark. Another drop might begin in the Ethereum price if it is unable to break through the $1,875 barrier level. The area around $1,860 should provide as first downward support. If the price drops below the $1,850 area, it may seek refuge in the $1,820 region. The next significant support is at $1,780.

A new whitepaper from Fleek Network outlining the decentralized edge platform it is developing has just been published. Along with its release, the protocol’s new open source github repository has just been launched. On the road to releasing a testnet for the decentralized edge network next month, this release represents a significant milestone. The new whitepaper is an improvement of the earlier whitepaper and research centered on a decentralized CDN. A full-edge network is made possible by the new protocol architecture and design that are introduced. The new protocol may handle a considerably larger variety of decentralized edge services, such as serverless functions, SSR (server-side rendering), container orchestration, different database functions, etc., but a decentralized CDN is still one of the use cases. The contemporary web has moved from the cloud to the edge, and Fleek decided to create a decentralized edge platform in response to these infrastructural developments. This change reflects both the internet’s fast-growing user base and the low latency requirements of consumers throughout the world. Fleek Network wants to provide a shared performance layer that all web3 protocols can use rather than developing this performance layer redundantly for every web3 service or protocol. The edge platform from Fleek Network is able to enhance almost any web3 protocol, service, and application because of its modular and protocol-agnostic architecture. Because of the way Fleek is designed, the work that nodes throughout the network do is only influenced by their location and a reputation score that is based on performance. Stateless execution, a VM-less core, content addressing, and other performance enhancements are other characteristics of the network. These support the network’s overall performance and low latency, as stated in the whitepaper, as well as the edge services that are built on top of it. Microservices that are accelerated by a performance layer that sits on top of everything else define the contemporary web. These same features will be offered in a decentralized manner via Fleek Network’s edge platform without compromising on speed, cost, or web3 principles. To fulfill the latency requirements of developers and end users, the majority of web3 protocols now depend on web2 performance layers. With the help of Fleek Network’s decentralized edge technology, the web3 stack will get a much-needed performance layer, allowing developers to further decentralize their infrastructure and eliminate potential points of failure while still delivering the speed and low latency that their consumers need. Following the publication of the revised whitepaper and Github source, Fleek seeks to release a testnet for its decentralized edge network, which is presently scheduled for August.

Litecoin (LTC) is facing a critical juncture in its price surge, with its value hovering just above $89.52 on CoinGecko, showcasing a modest 0.3% increase in the last 24 hours. However, LTC has endured a slump of 3.6% over the past seven days. As the price continues to hover below the crucial resistance level of $95, investors are wondering if the muted performance of Bitcoin (BTC) will hinder LTC’s upward trajectory. Furthermore, all eyes are on the upcoming August halving event to determine if it will catalyze significant price action. Understanding Litecoin Halving In the context of cryptocurrencies like Litecoin, a halving is a programmed event that occurs when a specific number of blocks are mined on the blockchain. Litecoin, similar to Bitcoin, has a fixed supply cap and new coins are introduced into the market through mining. Approximately every four years, the mining reward for each block is cut in half, reducing the rate at which new coins enter circulation. This process is known as “halving” and is intended to control inflation by gradually limiting the supply of new coins. LTC’s price surge beyond $95 has encountered significant resistance, as this level had previously acted as support in early July. However, as BTC’s performance weakened, the support flipped to resistance, creating an obstacle to Litecoin’s advancement. The fate of LTC’s price action remains closely intertwined with Bitcoin’s performance, as the latter serves as a bellwether for the broader cryptocurrency market. Impact Of BTC’s Performance Being the most dominant and influential cryptocurrency, Bitcoin often dictates the market’s direction. If BTC remains weak, with its price currently at $29,414 at CoinGecko, Litecoin’s ability to break past the immediate $95 resistance level could be hindered. A retest of the 38.2% Fibonacci retracement level at $88 might be possible in such a scenario. On the other hand, a solid and decisive move by Bitcoin could have a positive knock-on effect on Litecoin, propelling it past the resistance and potentially sparking a more significant price rally. As the Litecoin halving approaches, investors are speculating whether this event will drive a significant price surge. Historically, halvings have been associated with bull markets in cryptocurrencies, as the reduced supply of new coins can create a supply-demand imbalance, leading to higher prices. However, it’s essential to recognize that the market’s sentiment, overall health, and broader macroeconomic factors also play crucial roles in determining price movements. (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 PublishOx

After a shocking revelation by CEO Brian Armstrong, Coinbase, the Nasdaq-listed crypto exchange, saw its share price plummet by more than 10%. The reason: a controversial request from the US Securities and Exchange Commission (SEC) prior to the lawsuit against Coinbase. The SEC’s demand? That Coinbase halts trading in all cryptocurrencies other than Bitcoin. Brian Armstrong, Coinbase’s CEO, revealed the SEC’s absurd request in an exclusive interview with the Financial Times. “They came back to us, and they said . . . we believe every asset other than Bitcoin is a security,” Armstrong said. “And, we said, well how are you coming to that conclusion, because that’s not our interpretation of the law. Remarkably, the SEC answered, “we’re not going to explain it to you, you need to delist every asset other than Bitcoin.” SEC Wanted To End The Entire US Crypto Industry This unprecedented move by the SEC indicates an intent to assert regulatory authority over the entire altcoin market. The SEC’s case against Coinbase identified 13 traded cryptocurrencies as securities, asserting that by offering them to customers, the exchange fell under the regulator’s remit. However, the SEC’s request for Coinbase to delist over 200 tokens suggests a push for even wider authority over the crypto industry under the chairmanship of Gary Gensler. Armstrong was quick to point out the potential implications of such a move. “If Coinbase had agreed, that could have set a precedent that would have left the vast majority of the American crypto businesses operating outside the law unless they registered with the commission,” he said. The CEO further added, “We really didn’t have a choice at that point, delisting every asset other than Bitcoin, which by the way is not what the law says, would have essentially meant the end of the crypto industry in the US.” Coinbase (COIN) Plunges Following The News In the wake of the news, the Coinbase share price (COIN) plummeted in an initial reaction by more than 10%, from $102.35 to $91.94. However, at press time, the price recovered somewhat and traded at $94.76. The news may have been a shock for COIN investors, as the statement by Brian Armstrong reveals that the approach by the SEC is even harder and worse for the crypto industry (by naming all cryptocurrencies except BTC a security) However, it’s important to note that it won’t have any impact on the SEC-Coinbase lawsuit directly. Thus, it’s possible that this was an overreaction of the market. It’s also worth noting that the upward trend in COIN’s 1-day chart remains intact. The price has bounced upwards off the support level at $91.87.

Litecoin (LTC) halving is expected to bring a scarcity in LTC supply. The trading volume kept increasing irrespective of the LTC drop. Litecoin Halving, the recent talk of the town is approaching the crypto world in just three days. However, the Litecoin (LTC) holders are rushing up as the halving is just away reported Santiment, a platform of behavior analysis. LTC Holders’ Activity With the analysis of crypto enthusiasts and traders, this event is considered to be an aggressive bullish push in the crypto industry. According to Santiment, the coming Wednesday might hit the Litecoin holders to trade in the range between $9.5k and $950k. To mention, the dolphins and the sharks stacked 205.4K LTC in their wallets till the 14th of June 2023. Litecoin (LTC) 24H Price Prediction (Source: CoinMarketCap) Meanwhile, the records say that the Litecoin network has involved in 33M transactions in the last 6 months till June. Currently, the market price has sloped down by a 1.03% range at $93.79. Nevertheless, the 87.48% circulating supply is surging the trading volume with a surge of 17.70% ranking 9th position in CoinMarketCap. Litecoin Prediction and Updates Considering the long-term prediction of LTC, the bullish price might reach up to $134.57. There are expectations that there could be a 50% surge in the next 7 years as per the predictors. Now, the social engagement of the LTC is getting huge and the participation of traders and investors hitting the majority of the crypto community. As per LunarCrush, Litecoin makes the strongest combination of trading and social engagement in the crypto market. Regarding the upcoming third Litecoin halving, the schedule is set for August 2nd of 2023. This time, the block reward would reduce to 6.25 LTC for the miners; this exists when 2.52M blocks are mined overall. There is a possibility of increasing scarcity as nearly 87% of coins are mined and the rest would fall in demand. Related Crypto News: Litecoin Halving 2023: Predictions and Crypto Market Impact

The Ethereum ecosystem has continued to see fascinating developments in the past weeks. Among the most notable is the sudden movement from a participant in Ethereum’s initial coin offering (ICO), who, after a roughly eight-year slumber, has sprung into action due to a reason. The Ethereum ICO participant, whose address remained inactive for 2,922 days, stirred up by transferring 641 ether, an amount currently valued at nearly $1.2 million. An Unexpected Move In The Ethereum Ecosystem The intent behind these transactions was revealed through on-chain analytics X (Twitter) account Lookonchain, noting that the Ethereum ICO participant had moved the funds to stake them. This reason has raised speculation among the crypto community as some suggest that the whale behind this move might know something they don’t. Related Reading: Ethereum Price Recovery Could Soon Fade If ETH Fails To Surpass $1,900 Just over eight years ago, the same address received exactly 2,000 ETH from Ethereum’s Genesis. This amount of ETH at the time was worth $620 as the Ethereum network arranged an exceptional sale event then that made ETH sell for $0.31 per ETH. This event was before the network commenced its own token generation, providing a platform for early participants and co-founders to accrue pre-mined ETH. However, fast forward to nearly a decade later today, this same amount of 2,000 ETH is currently valued at over $3.72 million, showcasing the meteoric rise in the value of ETH since its inception. Notably, the awakening of this long-dormant Ethereum participant is not an isolated incident. It falls into a recent trend, observed over the summer, where several early ICO participants have begun transferring their ETH holdings. ICO Participants Stirring After A Long Hiatus This pattern of dormant Ethereum ICO participants springing into action isn’t new. Two weeks prior to the latest transaction, a pre-mined stash of Ethereum, which had been lying dormant for nearly eight years, was abruptly moved. At current rates, this stash is estimated to be worth more than $100 million. This particular ‘whale’ move grabbed the attention of the crypto community, stirring speculation and interest in equal measure. Interestingly, the motives behind this transfer remain largely unknown, adding an element of mystery to the whale movement. Regardless of these ICO participants’ movement on the blockchain, Ethereum has seen a continuous downtrend in the past few weeks. Particularly, the asset is currently down by 3.2% in the past 14 days. ETH has declined from a high of trading above $1,900 to a trading price of $1,866, at the time of writing. Featured image from Unsplash, Chart from TradingView

In a recent statement, Wells Fargo’s Treasury Management officer Shannon Thorp provided an eye-catching price prediction for XRP. The forward-thinking executive anticipates a potential surge in XRP’s value to anywhere between $100 and $500 in the short term, specifically within the next 4 to 7 months. This price hike prediction represents an astounding 14,200 % to 71,400% increase from the current trading value. Finding The Right Best Model Thorp acknowledges the longstanding debate within the XRP community, where one faction relies solely on chart patterns and trends exhibited by Bitcoin to draw short-term price predictions. On the other hand, another group emphasizes the significance of XRP’s utility, believing that its partnerships and the replacement of antiquated systems will be the key drivers of its price. However, Thorp presents a novel perspective, emphasizing that XRP is NOT a security and basing price forecasts on traditional securities logic is counterintuitive to the original vision set forth by the Ripple team. Expanding on her rationale, Thorp introduces the concept of Liquidity Strength (LS) as a pivotal metric to consider when predicting XRP’s future value. To ascertain a price range for the token, she takes into account the total supply, including circulating tokens, burnt tokens, those owned by banks, governments, and individuals, and assumes that Ripple has released all their XRP from escrow. According to Thorp, if one company were to possess all 100 billion tokens, their Liquidity Strength (LS) in a price range of $1.00 to $5.00 would amount to $100 billion to $500 billion. However, she argues that such a calculation fails to consider the potential growth in the economy, messaging and settling activities, and the continuous benefits derived from using XRP. Drawing on real-world examples, Thorp compares the token’s potential to that of SWIFT, which handles approximately 44.8 million messages per day. Even if Ripple could capture only 30% of SWIFT’s daily value, which she approximates at $7 trillion, it would result in a staggering $2.1 trillion in daily value (roughly 13.2 million messages) for XRP. Considering XRP’s quick settlement time of 1 to 5 seconds, the liquidity would indeed be present. However, Thorp highlights the challenge of conducting large transactions with limited Liquidity Strength, as it may require a significant portion of a bank’s XRP holdings. XRP Price Prediction To arrive at her price prediction, Thorp factors in various elements such as all global banks, burnt XRP, individual holdings, XRP distributed to large banks and creators, and tokens available on liquidity hubs and exchanges. She estimates that at any given time, there may be 50 to 75 billion XRP supporting Liquidity Strength (LS). When distributed across approximately 300 to 1000 different banks, liquidity providers, and governments, this would yield around $75 million XRP/dollars for each institution. Taking into account J.P. Morgan as a top-tier bank with a daily transaction volume exceeding $8 trillion, Thorp postulates that even if Ripple captured only 10% of this market, which amounts to $800 billion, the existing 75 billion XRP in circulation would not suffice to move such massive sums efficiently. Thorp acknowledges that this estimation solely pertains to cross-border transactions and does not encompass derivatives, real estate, CBDCs, technical parallels, and NFTs. With the groundwork laid, Thorp makes her price prediction, projecting XRP’s price range to be anywhere from $100 to $500 in the near short term (4 – 7 months). Her calculation is based on the Liquidity Strength (LS) scenario, where a XRP price of $100 with a supply of 50 billion XRP would yield an LS of $5 trillion, while $500 would result in an LS of $25 trillion. According to Thorp, this valuation gives the market breathing room, allows for growth, and assures that no single entity needs to hold billions of XRP to operate daily. Furthermore, Thorp believes that a potential “flip of the switch” moment could trigger this price surge – an event akin to a re-evaluation for XRP, similar to how gold is assessed. Notably, Thorp’s speculation sets an exciting stage for the future of XRP, albeit it is important to remember that her prediction is based on several assumptions that may or may not actualize. As always, those interested in investing should conduct their due diligence, consider multiple perspectives, and make informed decisions. At press time, the XRP price was at $0.7074.

XRP has developed significantly since the recent court ruling in the high-profile case between Ripple and the US Securities Exchange Commission. The court declared that XRP is not a security, leading to a significant rally in its value. However, XRP has not made significant progress toward the coveted $1 mark since the initial gains, leaving investors and market observers wondering about its future trajectory. The characteristics of the larger cryptocurrency market have also hampered XRP’s development. XRP’s price swings have been impacted by the erratic nature of the cryptocurrency market and the ebb and flow of investor emotion, forcing them to fluctuate without building enough momentum to reach the coveted $1 milestone. According to a recent XRP price report based on data from TradingView, a crypto analyst who goes by the pseudonym, Juicyho, expressed doubts regarding the likelihood of a swift surge in XRP’s value. XRP Key Resistance Levels To Watch Juicyho believes that XRP might only experience a substantial rally once it finds strong support around the $0.58 level. Despite the positive impact of the court case on market sentiment, Juicyho suggests that additional factors may be at play, causing the token’s progress to stall. As of the latest data from CoinGecko, XRP is trading at $0.704, having experienced a 0.8% decline in the last 24 hours and a 3.1% slump over the past seven days. These fluctuations have left investors needing clarification about the cryptocurrency’s near-term trajectory. In the quest for a price rebound, Juicyho highlighted crucial resistance levels to watch: $0.769, $0.785, and $0.98, with $0.785 as the most critical resistance level, based on historical price action on the yearly time frame. Breaking through and sustaining a value above $0.981 would signal a significant shift in price dynamics, potentially leaving the lower price range behind. CoinsKid’s Bullish XRP Prediction Despite the current stagnation, some analysts like CoinsKid remain optimistic about XRP’s prospects. CoinsKid pointed out on X that XRP could be forming a “double bottom” pattern, often seen as a signal of an impending upward trend after a period of decline. Additionally, the analyst highlighted the formation of an ascending triangle, another bullish indicator. CoinsKid’s perspective is summed up in the trading principle, “compression leads to expansion,” indicating that XRP’s constrained trading range might eventually lead to a breakout. Navigating Uncertainty Meanwhile, the court victory has undoubtedly brought positive sentiment to XRP, but the token faces challenges on its path to recovery. Analysts like Juicyho caution against hasty expectations and emphasize the importance of support levels. On the other hand, CoinsKid’s bullish outlook, based on technical patterns, keeps the optimism alive. XRP investors and traders must navigate uncertainty and exercise caution as the market evolves. Monitoring essential support and resistance levels and technical patterns will be crucial in gauging XRP’s potential breakout or further declines. Only time will tell how XRP’s price will ultimately respond to the court victory and the broader market conditions. (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 Coin Central

Vyper vulnerabilities led to $47 million in losses in DeFi projects. Curve Finance drained 32 million CRV tokens. The Front-running MEV bot worsened losses for the JPEG’d project during the attack. In a devastating blow to the decentralized finance (DeFi) ecosystem, several projects utilizing Vyper— an alternative programming language for Ethereum smart contracts, suffered significant losses, with attackers making off with over $47 million. The incidents occurred on July 30, targeting stable pools on Curve Finance, an automated market maker platform. The vulnerabilities were rooted in Vyper’s 0.2.15, 0.2.16, and 0.3.0 versions, specifically related to malfunctioning reentrancy locks. Among the affected projects were decentralized exchange Ellipsis, Alchemix’s alETH-ETH, JPEG’d’s pETH-ETH pool, and Metronome’s sETH-ETH pool. Curve Finance’s swap pool also saw the draining of 32 million CRV tokens, valued at over $22 million, a fact confirmed by Curve Finance CEO Michael Egorov. In response to the attacks, the founder of Curve Finance made a repayment to Aave of 4.63M USDT, and deposited $10.12 million worth of CRV as collateral. In turn, Aave took swift action by disabling the CRV borrowing function to prevent further exploitation of the vulnerability. In-Depth Analysis Of The Vyper Vulnerability The attacks were re-entry attacks, a common vector for hackers to exploit DeFi protocols. In which the attackers used the Vyper vulnerabilities to repeatedly enter the contract and siphon funds. Cybersecurity experts emphasize that proper design and development practices could mitigate such risks in the future. During investigations, it was discovered that attackers used a maximal extractable value (MEV) bot to front-run JPEG’d. The bot executed a similar transaction before the attacker, making profits and increasing losses for affected projects. Meanwhile, Vyper acknowledged the compiler’s failure on X. And it became evident that the issue wasn’t limited to a single project. Following the JPEG’d exploit, Alchemix and MetronomeDAO also lost $13.6 million and $1.6 million, respectively, in a similar manner. The attacks have had a significant impact on the governance tokens of the affected projects. JPEG’d’s governance token, JPEG, experienced a sharp decline of 22.47% in value, reaching an all-time low of $0.000347. Similarly, Alchemix and MetronomeDAO are actively working to fix the issues in their liquidity pools, with MetronomeDAO describing the attack as “part of a broader set of exploits.” Finally, As the investigation unfolds, affected projects are working tirelessly to rectify the vulnerabilities. And strengthen their security protocols to prevent similar attacks in the future.