Anatoly Yakovenko, accused its rivals of spreading false information about a key aspect. As per the Anatoly, the Ethereum community claimed that Solana has exhausted TPS. The war of words between the Solana (SOL) ecosystem and the Ethereum community has reached a new low after the protocol’s creator, Anatoly Yakovenko, accused its rivals on Twitter of spreading false information about a key aspect of Solana’s performance. Toly, as he’s known on Twitter, sounded the alert that the Ethereum community claimed that Solana has exhausted TPS, a claim that, if answered, may cause enormous FUD and have a negative effect on the protocol. Solana’s founder stated: Common for Rivals Toly has said that he enjoys competition and would be happy to participate, but only if all participants in the sector strictly adhered to the facts. It is common for members of rival protocols to often engage in casual conversation as they vie for dominance. Members of the XRP community and Charles Hoskinson, creator of the Cardano protocol, had a contentious relationship due to their competitiveness. Since Hoskinson made peace with the XRP community a few weeks ago, tensions between Cardano and XRP have subsided. On the other hand, an update on the status of Solana’s reliability and availability was issued by the Solana Foundation on July 20th, detailing the first half of 2023’s network performance. The report highlighted just one outage in 2023 so far. Highlighted Crypto News Today: French Authorities Investigate Worldcoin Over Biometric Data Acquisition

Kyrgyzstan government to build $20M worth of crypto mining farm. The country’s president gives a promise to distribute money to the ordinary people. In Kyrgyzstan, the crypto mining farm will be built for $20 million, says President Sadyr Japarov with a nod. As per the reports of July 27, the Hydroelectric Power Plant under the government of Kyrgyzstan will be built. Back in 2010, the Kambar-Ata-2 was launched that lost 6.8B KiloWatt-Hours (kWh) of energy in Kyrgyzstan, highlighted the President. The state of emergency energy sector will be activated from August 1, 2023, as per President’s announcement on Monday. However, it ends on December 31, 2026. Cryptocurrency Development in Kyrgyzstan The representatives of the Kyrgyzstan government look forward to bringing an opportunity to enhance local revenue with the help of cryptocurrencies. In March 2022, lawmakers had a chance to operate cryptocurrency as a legal industry since it grows faster than anything. Yet, the government didn’t rely on any laws to prospect the regulations of crypto platforms in the country. However, it is noted that one of the government officials held an argument stating that crypto mining drives more energy which causes a crisis in Kyrgyzstan. Now, this act of bringing hydro-powered crypto mining will be helpful in distributing money to ordinary people. Also, this has been termed as a promise from the Kyrgyz President.

A Stanford MBA has explained why the current Bitcoin cycle was different from the others, and why the next one could end up being bigger. This Bitcoin Cycle Faced Obstacles That May Not Be There Next Time A “cycle” for Bitcoin refers to the period between two consecutive halvings. The halvings, events where the rewards miners receive for solving blocks on the network are permanently slashed in half, are chosen as the start and end points for the cycles due to the immense significance they hold for the cryptocurrency. The rewards miners earn are essentially the only way new supply can be introduced into circulation, so since halvings cut these in half, the production rate of the asset itself gets tightened. Because of basic supply-demand dynamics, Bitcoin’s post-halving scarcity increases the asset’s valuation. It’s not a coincidence that the bull markets have always followed these special events. The halvings occur roughly every four years, with the next one being scheduled for next year. As BTC transitions towards a new cycle, Jesse Myers, a Stanford MBA, has released a new post that looks back at this cycle so far and compares it with the previous cycles. At first sight, one difference becomes immediately clear: the structure of the top during this past bull market wasn’t anything like what the previous cycles displayed. “Instead of a parabolic advance culminating in a blow-off top, we got a bi-modal rounded top spread out over six months,” notes Myers. So, why did the BTC price behave differently during this bull market? Well, there are mainly four factors at play here. The first and undoubtedly the biggest one would be COVID-19 and the US government’s response to it. The onset of the virus and the black swan crash that came with it just preceded the cycle, meaning that the cycle kicked off in anomalous conditions. During the cycle itself, the Fed was giving out stimulus checks as a way to mitigate the economic impacts of COVID. “That Quantitative Easing (QE) undoubtedly helped fuel the 2021 Bitcoin bull market,” explains the Stanford MBA. The problem came, however, when the Fed changed its policy and switched to Quantitative Tightening (QT). Interestingly, this switch appears to be what marked the Bitcoin top in November 2021. In the middle of all this, another factor was also at play: the May 2021 China ban on Bitcoin mining. Back then, China was the biggest hub of cryptocurrency mining, so the ban naturally delivered a significant shock to the sector. The resulting selling pressure crashed the market, leading to the bull rally prematurely halting. It wasn’t until three months later that bullish winds once again returned for the asset. While these factors have been quite influential for BTC, it’s apparent that they are unlikely to repeat, meaning they shouldn’t have any presence in the next cycle. On the contrary, the other two factors that made this cycle different are likely to appear in the next cycle as well. This previous bull market was the first one where investors widely used leveraged futures trading. Probably, leverage would again come into play in the next bull market. Lastly, there is the fact that platforms like FTX issue a lot of “paper Bitcoin.” Supply equivalent to 25% of the mined BTC that year was owned by FTX’s customers, but this BTC didn’t exist; it was only there on “paper.” The analyst believes that such fudging will likely be present during the upcoming cycle. While there had been some developments in this cycle that ultimately shortened the bull market, some changes can be favorable for the next cycle. The Bitcoin supply is quickly moving off exchanges, and the HODLers getting hold of the majority of the supply has often been making the news recently. Still, there is another super exciting factor. According to this chart from Glassnode, the relatively small entities on the network (holding less than 100 BTC) have been accumulating 275% of all Bitcoin being mined. The fact that this rate is more than 100% suggests that the smaller investors are taking coins off the likes of whales. “This has never happened before. We have reached some kind of inflection point,” says Mjers. Soon the halving will occur, and this supply shock brewing in the market will only get tighter. Perhaps the smaller investors are looking to get in before this happens. Mjers mentions, however, that these individuals aren’t the only ones catching on; asset managers like Blackrock are also coming around and pushing to get themselves into the industry. As mentioned before, the QT policy proved disastrous for BTC in this cycle, but a shift back towards QE may be imminent, which would naturally boost the market instead. The analyst thinks this event might coincide with the upcoming halving of the cryptocurrency. Now, based on all these factors, these are probabilities that Mjers has assigned to the different price range predictions for the next cycle: The Stanford MBA believes that a growth of more than 8x, a multiplier higher than what the current cycle saw, is the second most probable scenario, given all the potentially positive developments. A cycle outperforming the previous has never happened in the cryptocurrency’s history, so if this scenario happens, it would be a first. BTC Price At the time of writing, Bitcoin is trading around $29,300, down 2% in the last week.

It would appear that Bitcoin whales are shifting their BTC into exchanges at an alarming rate, which is a warning that they may be getting ready to liquidate their holdings. Recent on-chain data shows that Bitcoin whale exchange deposits reached $275 million in a single day as the cryptocurrency continues to struggle to cross over $30,000. Bitcoin Whales Moving Funds to Exchanges Tweets from the whale transaction tracker @whale_alert indicate that a total of 9,406 Bitcoins, with an approximate worth of $275 million, have been moved into exchanges through separate transactions. The vast majority of these trades entered Binance twice, with the largest single deposit being the entry of 2,459 BTC with a total value of $72.6 million. Another significant transaction included the deposit of 1,499 BTC with a total value of $44.3 million into the Binance exchange. The actions of these Bitcoin whales, or large holders, often significantly impact the overall market. There are a few possible for big money transfers, but when whales make large deposits to exchanges, it usually signals they are preparing to sell in large volumes, which can crash the market, at least temporarily. Many traders consider this a bearish signal and can spark worry that prices may soon drop. For smaller investors, this can mean opportunity or risk ahead. The price of Bitcoin crossed over $30,000 last month, showing promising signs of an upward trend for investors. However, the cryptocurrency has experienced a slight decline in the last seven days, dropping by around 1.57%. Further massive selloffs by whales can have a counter effect on this bullish sentiment. BTC HODLer Net Position Change Reaches 1-Month Low In the same vein of waning bullish sentiment, the number of net Bitcoin position changes recently reached a 1-month low. The metric, which measures the position change of long-term investors on a monthly basis, shows whether investors are opening or closing positions in Bitcoin. According to data from Glassnode alerts, this metric just reached a one-month low of 17,604.723. This shows that more holders have been closing out their BTC positions to withdraw their profits for the past few weeks than those opening new ones. It is important to keep an eye on whale selloffs, but other factors, like the shift in the net position of HODLers, also help to reveal where the price of Bitcoin is headed in the short term.

Preliminary discussions have been in place for an IPO for Phoenix in Abu Dhabi. Cheap energy and a crypto-friendly regulatory climate have made the Gulf a popular spot. Cryptocurrency mining gear supplier and mining facility operator Phoenix Technology is contemplating an IPO as per a Bloomberg report. The article claims that preliminary discussions have been in place for an IPO for Phoenix in Abu Dhabi. The UAE-based firm signed a $650 million contract for mining rigs in 2021, increasing its capacity to 1.4 GW. Phoenix co-founder Bijan Alizadeh said in January that the United Arab Emirates (UAE) is the “third crypto hub in the world.” Cheap energy and a crypto-friendly regulatory climate have made the Gulf a popular spot for Bitcoin miners. On the other hand, Marathon Digital Holdings, a cryptocurrency miner, is constructing 250 MW of facilities in Abu Dhabi with a local partner. While Crusoe Energy, a competitor, has announced plans to expand into both Oman and Abu Dhabi. Crypto-friendly Regulations The United Arab Emirates (UAE) is widely regarded as one of the most crypto-friendly governments in the world, with the Dubai Virtual Asset Regulatory Authority (VARA) serving as a crypto-specific regulator. In addition, Ras Al Khaimah (RAK), an emirate in the United Arab Emirates, has established a free trade zone for cryptocurrency exchanges. While the United Arab Emirates is generally supportive of the cryptocurrency industry, its authorities may be harsh on firms that fail to meet submission deadlines for the necessary paperwork. Moreover, the flourishing crypto community in UAE is evidence of its dedication to encouraging creativity and development. Also, the region has fostered an environment that promotes cooperation and development in the industry, from blockchain conferences and meetings to specialized crypto-friendly regulations. Highlighted Crypto News Today: US Financial Committee Chairman to Pass Landmark Legislation on Stablecoins

The court’s remark was made over an increase in reported cryptocurrency-related crimes. There has been a protracted struggle for definite crypto rules by the Indian government. According to a local media source, the Indian Supreme Court criticized the Union government on July 27 for the country’s lack of crypto legislation. As the Supreme Court pointed out, it is “unfortunate” that the government has not issued any concrete regulations regarding cryptocurrencies. The court’s remark was made in light of an increase in reported cryptocurrency-related crimes, and it ordered the Union government to publicly disclose if it intends to establish a specific federal agency to investigate such crimes, as reported by the local media. Justices Surya Kant and Dipankar Datta reportedly stated: Still Awaiting Legislation The comment was made while the court heard petitions related to crypto fraud cases in several Indian states. The government has been asked by the court to comment on whether or not they have the resources to establish a framework to examine these kinds of situations. Moreover, there has been a protracted struggle for definite crypto rules provided by the Indian government. In 2018, after the Supreme Court’s directive, the government officially began drafting a crypto law. Despite repeated assurances over the previous four years that a final draught of the crypto law will be introduced, the administration has failed to do so. Although the Indian government has yet to issue crypto guidelines, it moved swiftly to apply crypto taxes regulations in April 2022. Highlighted Crypto News Today: US Financial Committee Chairman to Pass Landmark Legislation on Stablecoins

Bitcoin continues to trade sideways during today’s trading session, holding the line draw for the past few weeks. Recent data shows that the cryptocurrency has been recording “crab-like” price action in the short term, but operators favor the long side of their trades. As of this writing, Bitcoin trades at $29,700 with a 0.7% loss in the last 24 hours and a 2% loss in the previous week. The cryptocurrency’s implied volatility has been trending to the downside while BTC’s price holds still at its current levels. Low Volatility Set The Stage For A Bitcoin Price Explosion? Data from a report posted by crypto analytics firm Block Scholes via Deribit indicates that Bitcoin and Ethereum traders have been seeking long exposure to these cryptocurrencies. As mentioned above, this behavior coincides with a decline in delivered volatility. As a result, the BTC and ETH perpetual swap markets are experiencing a shift in funding rates. This measure determines the percentage paid by long to short positions at a given time. The chart below shows that funding rates have been trending to the upside since last September 2022. At that time, the price of Bitcoin and other cryptocurrencies hit a multi-year low. Now, the BTC price experienced a 100% recovery from those levels leading to a change in the derivatives sector. The chart shows that funding rates across the BTC, ETH, and USDC trading pairs have been positive for the past three months. This data shows that traders are going long and willing to pay short positions for their exposure. A positive funding rate is often linked to the sentiment among operators and could hint at an upcoming bullish run when found on platforms like Deribit, where “smart money” trades. Why Are BTC Traders Going Long? Conversely, Block Scholes wonders: why are traders going long when implied volatility fell to new all-time lows? What’s driving operators for long exposure while the price trades sideways so much that they are willing to pay a premium? The report stated: The above is unclear; it could be traders hedging their positions on the options market could be traders getting ready for an upcoming move as the U.S. Securities and Exchange Commission (SEC) deliberates on the potential approval of a spot Bitcoin Exchange Traded Fund (ETF).

A recent development in the ongoing showdown between the United States Securities and Exchange Commission (SEC) has seen the withdrawal of another Ripple attorney from the lawsuit, recent court filings reveal. This comes after a motion was filed earlier in the month for Anna R. Gressel to withdraw as attorney of defendant Ripple Labs. This recent withdrawal has cast a shadow of uncertainty as holders of XRP ponder on the likely impact of this development. Ripple Remains Upbeat Despite Attorney’s Withdrawal According to details in the filing made at the District Court for the Southern District of New York on July 27, Ripple is asking for the leave of the court to withdraw Lisa R. Zornberg as an attorney to the defendants in the ongoing XRP vs. SEC lawsuit. Ripple is appealing to the court to grant Lisa R. Zornberg of the popular Debevoise & Plimpton LLP permission to withdraw as an attorney in the lawsuit. This is in light of the fact that Lisa R. Zornberg will no longer be working with the law firm from July 31. The foremost federal prosecutor was appointed by New York City Mayor Eric Adams as City Hall’s Chief Counsel earlier this week. However, this move does not in any way affect Ripple’s relationship with Debevoise & Plimpton LLP as other attorneys of the firm will continue representing Ripple Labs in the case. Ripple has also reiterated that the withdrawal of Lisa R. Zornberg does not in any way affect its interests, including those of CEO Brad Garlinghouse and co-founder Chris Larsen. It’s also important to note that the court had previously approved withdrawal motions for three attorneys Kylie Chiseul Kim, Clayton J. Masterman, and Anna R. Gressel to exit the lawsuit. Attorney Withdraws As Case Grinds to a Close The withdrawal of Lisa R. Zornbergs comes in the wake of Judge Analisa Torres’ referral of the lawsuit to Magistrate Judge Sarah Netburn. Magistrate Judge Netburn instructed the SEC and Ripple to reach an agreement on three mutually suitable dates to hold a settlement conference on issues like institutional sales of XRP. XRP’s price witnessed a surge in the wake of the summary judgment entered in favor of Ripple. The plans unveiled by Ripple have also helped in bolstering investor confidence as the demand for XRP among institutional investors continues to surge. XRP is currently trading at $0.071, down 0.5% in the last 24 hours according to data from CoinGecko. However, its current price puts it 33% higher than its July opening price of $0.47.

Bitcoin has continued to stagnate recently as another recovery move has failed to prosper. So here’s an indicator that may hint when a break could happen. Bitcoin Rally May Not Resume Until The Stablecoin Market Cap Goes Up Around the start of this week, Bitcoin observed a sharp plunge that had taken the asset’s price from the $30,000 level down to the $29,000 mark. A couple of days back, however, the coin had started surging again and had reclaimed the $26,600 level. This uplift in the price had come as the US Fed had announced a 25 bps interest rate hike, but before long, the recovery efforts had run out of steam, and now, the cryptocurrency has already retraced its gains from the rally. Earlier, Bitcoin had been stuck in a phase of stagnation above the $30,000 level for more than a month, but with the plunge in the price, this streak had been broken. The asset now sticking near the $29,000 level may mean, however, that volatility hasn’t truly returned for the asset yet, as it still continues to consolidate, just around a different level. When a true break away from this stagnation may happen and the rally would return could possibly depend on the total supply of all the stablecoins. As explained by an analyst in a CryptoQuant post, range-breaking price rises in Bitcoin this year have generally only come whenever the stablecoin supply has registered an increase. As the quant has marked in the chart, the major price increases in the past few months have generally preceded a sharp local increase in the supply of the stablecoins. Usually, an increase in the stablecoin supply can suggest two things. First, there may be a fresh injection of capital happening into the market, as investors ask for more of these fiat-tied tokens to be minted. And second, some holders of other coins like Bitcoin may be selling their coins to seek the relative safety that the stablecoins offer. Either way, such investors who hold their capital in the form of stables do so because they eventually plan to dip (back) into the volatile side of the market. Due to this reason, the total stablecoin supply may be looked at as a store of buying pressure that can be deployed into assets like Bitcoin. From the chart, it’s visible that it hasn’t exactly been the increase in the stablecoin supply that has fueled the price surges this year, but rather the decline in the metric that followed shortly after. Related Reading: Bitcoin At Decision Point As Investors Hold Neutral Sentiment These decreases in the supply suggested a transfer of capital into Bitcoin and others, which is why their prices observed a bullish boost. It’s also visible in the graph, however, that the stablecoin supply has been on a net decline in this period, meaning that the dry powder tied up in these tokens has been constantly running out. Based on this trend, if the stablecoin supply doesn’t see another major cash injection in the coming days, then the Bitcoin rally may not be able to resume. At the time of writing, Bitcoin is trading around $29,200, down 1% in the last 24 hours.

Just over a year after launching its crypto fund, venture capital firm Sequoia is now rolling back its investments and taking more of a more careful approach. The firm was making some serious waves when it launched its crypto fund last year in February, signaling that crypto was ready for mainstream VC backing. But now the company has reportedly downsized its cryptocurrency fund by 65% as the crypto winter rages on. Sequoia Pulls Back On Its Crypto Funding Sequoia Capital, one of Silicon Valley’s most prestigious VC firms, is scaling back its ambitions in the crypto space. After launching a dedicated $585 million crypto fund last year, Sequoia recently announced they’re slashing it by 65% to $200 million. The firm has also reduced its ecosystem fund by 50%. The fund, which invests in other smaller venture funds and solo investors, is now at $450 million, down from $900 million. Insiders close to the situation said this is a result of the bear market, which has affected projects across the industry and pulled down prices significantly over the last year. Why Is Sequoia Taking This Step Now? Sequoia is known for making investments in crypto companies and had initially announced its funds as part of a larger restructuring effort to increase its investments in the crypto space. The crypto market, however, has seen most projects take a big hit over the last few months and Sequoia wasn’t left out, as it has seen a major part of its investment take drastic losses. The company was particularly affected by the crash of FTX, as it had a $214 million investment in the failed crypto exchange. Rather than spray and pray with a large fund, Sequoia is now tightening its focus. According to the report, the company’s new investment plan is to pivot toward smaller crypto players. The smaller cryptocurrency fund will now focus more on a select group of startup companies. With the crypto market taking a major downturn since the announcement of its funds, it’s no surprise that Sequoia has decided to scale back. Crypto projects, in particular, haven’t done well in recent times. According to a recent report by Lattice, a crypto venture fund, only 5% of projects created during the 2021 crypto boom have been able to create Product-to-Market Fit (PMF). More data published by Cointelegraph also shows that the amount of money invested in cryptocurrency startups through venture capital fell by 29.73% in the month of June. While it shows a lack of faith and reflects the growing trend among venture capital firms, the pullback doesn’t mean Sequoia is abandoning the space altogether. The venture capital firm began its crypto journey in 2014 and has a history of backing innovative technologies early on.

ZUG, Switzerland–(BUSINESS WIRE)–#discussions–The Web3 Foundation, best known for its leading project, Polkadot, unveiled a new initiative to encourage roundtable dialogues with regulators worldwide. The first of such meetings was conducted in Tokyo, Japan, on July 25th, and brought together individuals from regulatory bodies, government institutions, and industry stakeholders. The Foundation’s representatives included CEO Bertrand Perez, Bjorn Wagner, the CEO of Parity Technologies, a leading contributor to the Polkadot network and Yusuke Obinata, a council member of the Foundation. In the context of the swift adoption of blockchain technology and regulatory evolution, the Foundation emphasises the importance of taking a proactive stance in initiating meaningful conversations with policymakers around the globe. Established in 2017 by Dr. Gavin Wood, co-founder of Ethereum and Founder of Polkadot, the Foundation is headquartered in Zug, Switzerland, commonly known as ‘Crypto Valley.’ Being situated in a region known for its supportive regulatory and taxation policies towards the Web3 ecosystem, the Foundation has gained valuable insights. It aspires to disseminate these positive experiences from Zug and foster the adoption of similar pro-Web3 regulations around the globe. The roundtables build on the Foundation’s closely maintained connections with other jurisdictions, by sharing its progress and technical advancements. Over the past three years, the Web3 Foundation has engaged in a continuous dialogue with the Securities and Exchange Commission (SEC) in the United States. The insights gained from these conversations have significantly informed the development and regulatory navigation of Polkadot, the Foundation’s flagship blockchain project. The team took the SEC’s invitation to engage with its Strategic Hub for Innovation and Financial Technology (FinHub) and participated in more than 50 meetings. Bertrand Perez, CEO of the Web3 Foundation said: “Web 3.0 is a transformative wave that will repair many of the current internet’s shortcomings. Like any emerging technology, it presents valid concerns that governments and policymakers need to address. As strong advocates of this technology, our role is to stand alongside these organisations, assisting in addressing these issues or questions in a manner that promotes innovation. The roundtable in Japan will be a crucial first step in growing our regulatory network in Japan and APAC more broadly.” In parallel with the Foundation delegation’s participation in the roundtable discussion, Japan’s Prime Minister Fumio Kishida unveiled the country’s intent to back Web3 technology. At the WebX conference held in Tokyo, Prime Minister Kishida acknowledged, “Web3 is part of the new form of capitalism.” He underscored the significance of Web3 as a vital element of Japan’s economic strategy, which is centred around growth, innovation, wealth distribution, digital transformation, and the support of startups. Yusuke Obinata, a council member of the Foundation, said: “Japan has a growing opportunity to cement itself as a crypto hub and a welcome environment for Web3 entrepreneurs. The Foundation’s experience with Zug, Switzerland is illustrative when regulators engage with the industry and take a thoughtful and pragmatic approach to regulation. The positive response from the industry represents a great example of how increased understanding between the industry and regulators can make meaningful changes to regulation that both reflect Web3 technology and support innovation within their jurisdictions.” The Web3 Foundation is committed to fostering an open dialogue between the blockchain community and regulatory bodies. By sharing its experiences and technical expertise, the foundation aims to encourage pro-Web3 policies that will nurture the growth of this transformative technology worldwide. Contacts Úrsula O’Kuinghttons [email protected]

Bitcoin (BTC) has continued to occupy center stage, drawing varied reactions from different financial pundits. One of these voices is billionaire investor Mike Novogratz, who has yet again reiterated his support for the top cryptocurrency despite the unsettling dynamics in the United States economy. The Growing Concern: Skyrocketing Interest Payments The US is currently experiencing an unprecedented increase in debts as its interest payments reach $970 billion. This figure represents a leap of $41 billion in the second quarter alone. Observers anticipate that the rising trajectory could soon see the country’s debts surge resulting in the interest payments hitting the $1 trillion milestone, which has set off alarm bells in financial circles. Related Reading: Bitcoin Retreat Below $30,000: A Threat To Crypto’s 2023 Dominance Over Stocks? To clarify, interest payments are the actual payments that the borrower makes to the lender, typically on a regular schedule, to repay the interest on a loan or debt. The amount of each payment is determined by the interest rate and the terms of the loan. As such, the sustained upsurge of interest payments in the US economy has triggered growing unease among financial experts. Tax receipts are currently failing to keep pace with the ballooning sovereign debt. Consequently, the issuance of more debt to fund interest payments is becoming an increasingly common occurrence. This scenario has created a vicious cycle, causing concern about the potential repercussions on the nation’s fiscal health. In light of this, Mike Novogratz has once again expressed his firm support for Bitcoin. His latest advocacy came to the forefront recently when he urged investors to buy Bitcoin as the US national debt spiked by $1 trillion between June and July. Novogratz’s Stance: Bitcoin As A Safe Haven Despite expressing caution regarding the broader economy, Novogratz holds a sanguine view of Bitcoin’s prospects. He envisions that the cryptocurrency is on the cusp of another growth cycle, following a consolidation phase oscillating between the $28,000 to $32,000 range. However, Novogratz maintains that a significant shift in policy by the Federal Reserve, specifically a reduction in interest rates, is key for this expected surge to come to fruition. Meanwhile, recent indicators suggest that the central bank may have different intentions. The Federal Reserve’s current stance seems to diverge from the conditions that Novogratz believes are necessary for a Bitcoin rally. Despite this, the experienced investor continues to champion Bitcoin, viewing it as a potential safe haven amid economic uncertainties. In the meantime, Bitcoin’s valuation is still persistently working to rise above the recent downward trend. The digital asset experienced a slight dip of 1% in the last day and now has a market cap of $567.5 billion. BTC’s market price currently stands at $29,309, at the time of writing. This price action follows the asset’s unsuccessful endeavor to reclaim the $30,000 mark earlier this week. Featured image from Unsplash, Chart from TradingView

The memecoin scene is predicted to witness a shakeup, as Google Bard points to Pomerdoge as the potential successor to the throne currently held by Pepe (PEPE). As a novel Play-to-Earn memecoin presently in its presale phase, Pomerdoge is already attracting huge attention but is this just the start of a much larger run? Let’s find out. Click Here To Find Out More About The Pomerdoge (POMD) Presale Pomerdoge (POMD) Pomerdoge is a fresh and engaging entry in the memecoin universe, boasting an array of features that extend beyond the lighthearted appeal of most meme coins. It’s built around a thriving ecosystem consisting of a play-to-earn (P2E) game, an in-game marketplace called Pomerplace, and the native utility token, POMD. The Pomerdoge P2E game allows players from across the globe to compete, have fun, and earn rewards simultaneously. It offers an immersive, decentralized gaming experience, setting it apart from many of its peers in the memecoin space. Serving as a bustling marketplace within the Pomerdoge realm, the Pomerplace is where players can engage in buying, selling, or trading in-game assets. This feature not only heightens the gaming experience but also opens up additional earning avenues for players. At the heart of the Pomerdoge ecosystem is the native token, POMD. This token fuels all transactions within the platform and offers access to a range of rewards and exclusive features. Furthermore, Pomerdoge incentivizes token holders who actively use their tokens on the platform, promoting user engagement and long-term growth. Recently, Google Bard caught the attention of the crypto community with its prediction for Pomerdoge. Google Bard forecasts that Pomerdoge could soon overtake Pepe (PEPE) and become the biggest memecoin in the world. Only time will tell if Google Bard’s predictions come true for Pomerdoge. But if it does, the current price of $0.007 during phase 1 of the Pomerdoge presale seems to be a bargain that could be hard to pass up. Pepe (PEPE) Pepe (PEPE) has captured the imagination of the internet with its unique branding inspired by the Pepe the Frog meme, peaking at a value of $0.00000439 and amassing a market cap of nearly $2 billion in a matter of weeks — showing the sheer power of the meme economy. Despite this, the very factor that fueled Pepe Coin (PEPE)’s rise — speculative investment — became its downfall. With the promise of high returns, investors flocked to Pepe Coin (PEPE) but were quick to sell when they perceived any risk or uncertainty. Pepe (PEPE)’s creators have been transparent about the coin’s lack of utility, unapologetically positioning it as a vehicle for speculation rather than a tool for practical application. This approach may have generated interest initially, but it also makes Pepe (PEPE) highly dependent on market sentiment. This boom-bust cycle illustrates one of the challenges of meme coins: their value is often built on hype and speculation rather than underlying fundamentals. Pomerdoge’s use of in-game assets, on the other hand, ensures that its value is also based on real usage and adoption. While it’s too early to definitively say that Pomerdoge will overtake Pepe (PEPE), the signs are promising. Google Bard’s prediction further reinforces the potential of Pomerdoge, adding to the growing anticipation and excitement surrounding this new meme coin. Find out more about the Pomerdoge (POMD) Presale Today Website: https://pomerdoge.com/ Telegram Community: https://t.me/pomerdoge Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

Bitcoin’s bearish trend persisted with a 3.69% decline in the past month. Bitcoin’s trading volume decreased by 15.25% Only 2.25 million $BTC in known exchange wallets, the lowest since Jan 2018. Bitcoin, the largest cryptocurrency by market cap, is currently facing bearish momentum with a 3.69% decline. Despite hitting an all-time high of this year’s $31,474 in early July, it struggled to maintain its position amid high market volatility. Within two weeks, the price fell to $29,030. Crypto Commonly known as Digital Gold is struggling to initiate a bull run in the highly competitive market. The trading volume has also decreased by 15.25%, with the current price standing at $11,139,027,043. Additionally, only 2.25 million $BTC are held in known crypto exchange wallets, marking the lowest Bitcoin supply on trading platforms since January 2018. Will Bitcoin(BTC) Bearish Trend Persist? The price movement of Bitcoin over the last two weeks has showcased its bullish stance despite fluctuations. However, the daily price chart indicates that the current price action has dropped below the short-term 50-day exponential moving average (50 EMA), signaling an attempt to enter a bearish state. The moving average currently stands at $29,193. BTC Price Chart, Source: TradingView Taking the daily RSI into account, it is evident that BTC has fallen below the neutral zone (at 43). Additionally, Bitcoin’s BTC Exchange Net Flow (1d MA) has just reached a 3-month high of $9,444,052.17. It surpassed the previous 3-month high of $7,898,978.85 observed on 01 June 2023. At the time of writing, CoinMarketCap reports that the market price of BTC shows a 24-hour gain of $29,167 but with a decline of 1.24%. Bitcoin Whale Movements Bitcoin whales are experiencing a notable resurgence, resembling the period before the exponential run of 2020 – 2021. Despite a significant sell-off at the end of 2022 and stagnation in the 2022-2023 cycle low, the current situation indicates whale accumulation exceeding 4.5 million BTC. Moreover, sources reveal that Bitcoin whales are now selling holdings at the fastest pace in history, approximately 148K BTC/month. Analyzing the recent notable Bitcoin whale movement, According to whale alert reports, a substantial number of whales have been activated, transferring 2459 Bitcoin on Thursday with a transaction fee of 0.00002938 BTC, worth 0.86 USD. Overall, the analysis suggests that Bitcoin is currently experiencing a bearish phase, but various factors, including whale movements, can have a significant impact on its future price trajectory. What do you think will hit first? BTC to $25K or $35K?

Chairman Patrick McHenry brings legislation on Stablecoins. Coinbase team applauds the step towards consumer protection for the Stablecoins Payment Act. The Chairman of the Financial Services Committee of the United States, Patrick McHenry, who is serving the tenth Congressional District has introduced the Clarity for Payment Stablecoins Act through Bipartisan vote. In Washington, this Thursday, Chairman McHenry laid the foundation for regulating the stablecoin providers with strong consumer protection. This is with respect to the federal guidelines before any incident could happen, as mentioned. In total, there are seven bills that have been remarked from the Financial Services Committee supporting the legislation. Out of which, the “Clarity for Payment Stablecoins Act of 2023” brings the newer evolutions in the U.S. with an adaptable approach into the subjective marketplace. Payment Stablecoins Act with Consumer Protection Chairman McHenry in collaboration with multiple parties over the past fifteen months, finally came one step closer to make the legislation, a law. Protecting consumers is a valuable way of keeping investors on track by ensuring safety and security. Moreover, this Payment Stablecoins Act might enlighten the crypto community with secured trading. In April, the House Committee kept the Financial Services on the Stablecoins to be on hold yet the current legislation has come up with the effective chances of secured payment. Payment Stablecoins Act Gets Support From CoinBase The Chief Policy Officer of Coinbase, Faryar Shirzad congratulated Chairman McHenry for bringing the Clarity for Payment Stablecoins Act. However, he also pointed out that the support for the necessary act across the line paved the way through bipartisan voting. Brian Armstrong, the CEO and Co-founder of Coinbase has given an astonishing response praising the effective step ahead towards consumer protection. The term ‘huge’ determines the necessity of payment over the stablecoins and the CPO of Coinbase pointed out, “It’s been a historic week.” Related Crypto News: The Rise of Stablecoins: A Secure Haven for Investors

ARK Invest CEO and crypto proponent Cathie Wood says that Bitcoin is set to grow massively as a store of value following the recent bank collapses. She believes that Bitcoin’s stability and a huge rally in the wake of US regional banks collapsing is a major testament to the fact that Bitcoin is the future of money. Cathie Wood Remains Bullish On Bitcoin In a recent interview with Barron’s, Wood maintained that she remains bullish on digital assets and highlighted three reasons she won’t be backing down on her investments. According to her, Bitcoin stood tall and rose by 60%, from $19,000 to $30,000, when regional banks like First Republic, SVB, and Signature Bank collapsed. She attributed this run to investors seeing the asset as a safe alternative for storing their wealth. Wood explained: The other reasons for her bullishness on digital assets relate to decentralized finance (DeFi) and digital property rights involving tokenizing several physical assets in real estate and other relevant industries. “The second revolution is in financial services, or the so-called DeFi, which will be Ethereum-based. There are a number of infrastructure providers out there. It’s the survival of the fittest, and I’m excited to see who wins,” the CEO said. Last but not least, according to Woord, “is digital property rights, or what many call NFT or the metaverse. People are already buying real estate in virtual worlds. Our young research associates come into the office wearing jeans and T-shirts with no logos, but they are getting their status in the virtual world.” Weighing In On Coinbase’s Battle With SEC During the interview, Cathie Wood also discussed Coinbase’s ongoing battle with the United States Securities and Exchange Commission (SEC). Wood’s ARK holdings are one of the largest holders of Coinbase’s stock. She believes that the crypto exchange will ultimately get victory in the SEC’s lawsuit against it for the sale of unregistered securities. According to her, the court will rule that the SEC has gone beyond its regulatory purview, and in the long run, the US Congress will pass crypto-friendly bills. “Meanwhile, the legislative branch has awakened to the fact that crypto is a new asset class and we might need new legislatures to give the regulators some guidance,” the ARK Invest CEO added. “Those two branches of government have given us great confidence that Coinbase will come out of this as a winner. Many Coinbase competitors either haven’t entered the US or moved out because of our regulatory system. Coinbase has stayed to fight. We think they’ll be rewarded accordingly.” Cathie Wood’s ARK had bought $21.6 million worth of Coinbase’s stock in early June, just immediately after the SEC filed a lawsuit against the crypto exchange.

KoinBX, India’s leading crypto exchange has announced the listing of one of the most trending tokens in the crypto realm, Worldcoin (WLD). The listing of Worldcoin (WLD) on the KoinBX exchange is a major event for the crypto market as a whole. Beginning at 11.30 a.m. (UTC) on July 28, 2023, users will be able to deposit, withdraw, and trade the WLD token on the exchange. The developers of Worldcoin envision a future in which humans, not computers, are in control of the global economy. Worldcoin’s World ID aims to be person-bound, which implies that the person to whom it was issued should be the only one to use it. This is done using a well-considered method that links tokens to a unique identity generated from a hash of each user’s biometric iris scan. OpenAI’s CEO, Sam Altman, is one of the project’s co-leaders. Diverse Options for Traders With the WLD token being listed on KoinBX, traders have more trading choices and can engage in the WLD/INR and WLD/USDT trading pairings, resulting in increased WLD token liquidity. In addition, the listing of Worldcoin (WLD) demonstrates the exchange’s continued dedication to offering its customers diverse options. The addition of Worldcoin to KoinBX is significant for investors and traders alike since it gives them access to diverse options along with a streamlined trading experience. Sam Altman of OpenAI’s Worldcoin is driving innovation in the cryptocurrency space, and the recent listing on KoinBX will help the industry advance by connecting traders with new markets and enhancing their prospects to generate potential profit. Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

Crypto.com has secured registration approval from DNB to operate a crypto service in the Netherlands. The registration permits Crypto.com to offer a wide range of crypto services including crypto wallets. Recently, Crypto.com obtained the VASP registration from the Bank of Spain. Today, Crypto.com, a leading cryptocurrency service provider, received official registration approval from De Nederlandsche Bank (DNB) to operate in the Netherlands. This development comes after a rigorous assessment of Crypto.com’s business and compliance with the country’s Money Laundering and Terrorist Financing (Prevention) Act (Wwft). Netherlands Welcomes Crypto.Com The registration permits Crypto.com to offer a range of crypto services to Dutch-based users. Including the provision of cryptocurrency wallets and facilitating both fiat currency and cryptocurrency exchanges. This move signifies a significant step forward for Crypto.com’s expansion into the Dutch market, enabling them to cater to a growing number of cryptocurrency enthusiasts and investors in the region. However, the registration announcement marks a pivotal moment for the crypto exchange. Which had already been accessible to users in the Netherlands before the approval. Now, with the DNB’s recognition, Crypto.com can solidify its presence in the Dutch cryptocurrency ecosystem. Offering secure and compliant services to its expanding customer base. In contrast, a major player in the cryptocurrency space, Binance, recently faced setbacks in its attempts to secure registration with the DNB. As a result, Binance announced its decision to withdraw its efforts to become a registered cryptocurrency service provider in the Netherlands. Consequently, the platform will cease operations in the jurisdiction, impacting its Dutch user base. In another significant development, Crypto.com achieved a major breakthrough by obtaining the Virtual Asset Service Provider (VASP) registration from the Bank of Spain at the end of June. This achievement further reinforces the crypto exchange commitment to regulatory compliance and adherence to the highest industry standards. Highlighted Crypto News Today: U.S SEC Mandates Stringent Cybersecurity Reporting for Crypto Firms

DeFi protocol, Hector Network, has closed its official Discord server, leaving many investors in the dark. The move comes amidst growing suspicions of a $16 million rug pull engineered through a so-called hard rug, a process where funds are quickly moved, leaving investors with shitcoins. This comes after a controversial rage-quit vote organized by the project’s DAO. DeFi Protocol Hector Network Leaves Investors In Limbo Hector Network investors woke up to the news that the DeFi protocol had cut off communications on its official Discord server. The Discord server was the only means of communication between the network’s team and its investors which was established after the Hector Network team censored them from the official server in April. The server was meant to run parallel to the official Discord, preserving data from the latter. Since then, it has become the only means of communication among DAO members. The move has left the network’s investors in a state of shock since they no longer have any means of communication with the network’s team. This has led to a lot of backlash, and according to Libagscientist, an investor and vocal critic of the platform, “there is no backchannel open anymore.” In the absence of any official communication, dejected investors are accusing the network of siphoning the $16 million left in its treasury. According to investors, the team embezzled the project’s funds over an 18-month period starting in 2021. According to records of DAO votes, the Hector team received over $51 million in salaries during this period without delivering on any meaningful milestone. An aggrieved investor identified as Jintu said, “..not one thing has actually moved forwards.” A Story of Sheer Incompetence and Greed The Hector Network is part of several Olympus DAO forks, a prominent cryptocurrency reserve currency project that peaked during the DeFi summer of 2021. The Hector Network, like other Olympus DAO forks, promised huge annualized yields of about 100,000% in the beginning, and the early successes of Olympus DAO attracted many investors hunting for massive returns. During its hay days, Hector Network’s native token, HEC reached $357 in late 2021. However, the platform’s challenge lies in the fact that its inflationary yield needs to be supported with a steady influx of investor cash to keep the HEC token valuable and maintain its high yields. Following the crypto winter that began in November 2021, the platform has been unable to recover. Aggrieved investors believe that the team should have applied the funds held in its treasury toward developing value for token holders. Many have now accused the team of being greedy and unconcerned about meeting the targets of the network and the current saga might eventually end up in the courts. However, investors’ top priority remains to recoup their funds. Hector Network has declined requests for comments but has unequivocally rejected the allegations in a statement released on June 14.

It is an effort to strengthen the relationship between investors and public corporations. The new requirement will go into effect between the next 30 and 180 days. Listed corporations, including crypto enterprises, are required by the U.S SEC to report annually on their “cybersecurity risk management, strategy, and governance.” In an effort to strengthen the relationship between investors and public corporations. The new regulation mandates that businesses report any “material” cybersecurity issues within four business days. Organizations are obligated to disclose not just the occurrence and time of a cyberattack, but also its potential effects. How businesses will figure out which security lapses might cost them money is an open question. SEC Chair Gary Gensler stated: Management’s Competence and Participation Even while most publicly traded firms already warn investors about cybersecurity concerns, the SEC has not required that they do so until recently. Both public and foreign private issuers must disclose management’s participation and competence in evaluating and handling material risks from risks related to cybersecurity. Moreover, after the new financial release is published in the Federal Register. The new requirement will go into effect between the next 30 and 180 days. Also, companies of a smaller size will be given the full 180 days to file disclosures. The registrants can petition in the event that the U.S. Attorney General determines that immediate disclosure of specific cybersecurity vulnerabilities would represent a significant danger to national security or public safety, the disclosure may be delayed. According to the data from cybersecurity firm Chainalysis, 2022 was the worst year on record for crypto-related attacks. Also, the blockchain analytics company stated that hackers stole $3.8 billion in cryptocurrencies, up from $3.3 billion in 2021. Highlighted Crypto News Today: Sequoia Capital Shrinks Crypto Fund from $585M to $200M