Altcoin sentiment is at extreme lows, but that’s not the only thing reaching extremes. Bitcoin dominance, a measure of the top cryptocurrency by market cap’s weight compared to the rest of the space, also reached the most extreme reading ever on a technical indicator known for its precise timing and ability to pin-point reversals. If accurate, it’s only a matter of time until altcoins once again outperform BTC. Why The 50% Level In Bitcoin Dominance Is Critical In recent weeks, BTC dominance reached above 50% — an important psychological level in the relationship between Bitcoin and altcoins. While the metric has been much higher — and lower — in the past, the idea that one coin is the size of all others combined is a massive accomplishment. But after reaching only 2% above the 50% zone, Bitcoin dominance has struggled to push any higher and found resistance. The first signs of a possible reversal began as XRP was deemed not a security by a US judge. Since then, the relationship between Bitcoin and alts has since switch course. The change in course coincides with the Fisher Transform flipping downward from the most extreme reading in the history of 2W BTC.D charts. The Fisher Transform Forecasts A Potential Altcoin Season The Fisher Transform, created by John Elhers, converts price action into a Gaussian normal distribution in order to better highlight precise turning points in markets. The tool’s readings are based on a standard deviation, where readings on the most extreme side of the bell curve are rare, and thus have a higher probability of reversal once the signal turns down. Such moves to extremes require enormous strength behind the underlying trend. But even the most powerful trends must eventually come to an end. Reversing down from the highest point in 2W BTC.D history could suggest the trend favoring Bitcoin has ended, and the altcoins will perform better for the foreseeable future. Whether or not that leads to a sustainable altcoin season remains to be seen.

On July 24, 2023, Coinglass data revealed that over $41 million worth of Bitcoin long and short leveraged positions were liquidated as the BTC prices unexpectedly crashed below a consolidation level of around $29,500, shrinking by over 4%. The drop below the primary support is heaping pressure on the coin. It may draw more selling pressure in upcoming sessions, pushing prices toward immediate reaction lines, the next being at about $28,300. Bitcoin Drops, Over $41 Million Of Longs Liquidated In crypto trading, liquidation happens the facilitating exchange, for example, OKX or Binance, forcibly takes over the collateral securing the leverage position whenever prices move against the trader’s prognosis. In this case, the recent liquidation was triggered by the rapid sell-off in Bitcoin, leading to a more than 4% price decline within a few hours during the New York Session on July 24. Binance, the world’s largest crypto exchange and a platform facilitating trading crypto derivatives, liquidated most levered positions. Significant liquidation amounts were also observed in ByBit and OKX. A big chunk of liquidated positions were “longs,” meaning traders expected prices to rise in the days ahead. Coinglass said over $41 million of cumulative long positions were closed. Meanwhile, only $2.5 million of short positions were closed despite Bitcoin plunging, moving along the traders’ price prediction. Despite Bitcoin remaining in a bullish formation, prices have been moving inside a consolidation, failing to breach the $31,800 level recorded in mid-July 2023. Coinciding with this expansion, a United States judge had ruled to favor Ripple Labs, saying XRP was not a security, in their case against the Securities and Exchange Commission (SEC). Following this declaration, the broader crypto market edged higher, only to cool off days later. Bitcoin has been no exception, as current price action reveals. Will ETF Applications Support Prices? Still, the collapse comes a few days after the SEC accepted applications from major financial institutions, including BlackRock, a prominent Wall Street giant, to launch Bitcoin exchange-traded funds (ETFs). News of BlackRock applying for a Bitcoin ETF previously triggered a bull run, pumping prices to 2023 highs. Bitcoin remains bullish as prices remain within the leg-up established from June 15 to July 13. Even though fundamental factors could support prices, BTC may edge lower should bulls fail to prop up prices and push them within the consolidation of the better half of July 2023. Technically, a close above $31,800 and July 13 highs may drive the coin towards the $36,000 zone and later $43,000 in a buy trend continuation formation. These are critical levels from the Fibonacci extension levels anchored on the recent leg-up from mid-June to mid-July.

Bitcoin (BTC), the world’s largest cryptocurrency, has experienced a sharp decline recently, mirroring the broader decline in the cryptocurrency market. This has led to concerns among Bitcoin bulls, who closely monitor the cryptocurrency’s price movements to determine whether the decline will continue or stabilize the market. Downside Volatility Threatens BTC’s Support According to crypto analyst Rekt Capital, Bitcoin is hovering below a critical support level of $29,250. This is a crucial threshold for Bitcoin bulls, as a sustained breach of this level could trigger a macro trend shift and lead to a retest of lower support lines. Rekt Capital notes that Bitcoin has over a week to continue holding this support level, with the July Monthly Candle Close as an essential milestone. However, the analyst also warns that there is plenty of time for the market to shake out investors with downside volatility below this level potentially. BTC currently trades at $29,000, with the $29,250 50-day Moving Average (MA) being momentarily lost. This aligns with Bitcoin’s squeeze momentum indicator, which points to a downtrend cycle. Historically, such cycles have resulted in a consolidation period of 15 to 30 days after a sharp decline like the one BTC experienced recently. However, there is positive news for bulls as BTC’s Average Directional Index (ADX) indicator is spiking, suggesting a loss of momentum in the current downtrend. Nonetheless, if the current downtrend persists, the only notable support lines would be at $28,200, $28,100, $27,200, and the 200-day MA, which is critical for Bitcoin’s long-term trend and currently at $26,800. Bulls need to hold the 200-day MA, as losing it could compromise the current bullish trend. Bitcoin On The Edge On the other hand, the broader cryptocurrency market is under pressure ahead of Wednesday’s upcoming interest rate decision. However, according to the crypto trader known as The Wolf Of Few Streets, Bitcoin’s support levels at 28,800 and 28,300 should prevent a significant fall. The trader believes that the Bitcoin market has already priced in the expected increase. Ideally, the market should bounce off one of these levels and test $32,000 again after the interest rate data is released on Wednesday. Additionally, The Wolf Of Few Streets is optimistic about the positive news that may emerge regarding Exchange-Traded Funds (ETF) decisions, which could further support the market. The trader sees no immediate negatives for BTC and believes that a minor liquidation of long positions has been long overdue, making the timing for a decline perfect. However, The Wolf Of Few Streets does not expect this decline to last long. Overall, The Wolf Of Few Streets remains bullish on Bitcoin and believes the current market pressure is temporary. The trader’s analysis suggests that the support levels will hold, and positive news regarding ETF decisions could provide further support. Featured image from iStock, chart from TradingView.com

Aave’s price surged to $88 just two weeks ago, but currently, the altcoin is experiencing a correction. Over the past 24 hours, Aave has dropped over 4%, and on the weekly chart, it has depreciated more than 7%. The technical outlook for Aave appears bearish, with both demand and accumulation declining on the one-day chart. Presently, Aave is hovering near a critical support level, and upcoming trading sessions will be decisive in determining the coin’s direction. Although the price is currently above the crucial support zone, it faces two important resistance levels that it must overcome. Failure to surpass the immediate resistance could lead to a resurgence of bearish sentiment, potentially pushing the price below the local support level. Additionally, Aave’s market capitalization has declined, indicating a gradual loss of buyer momentum on the daily chart. Aave Price Analysis: One-Day Chart As of press time, the altcoin’s value stands at $70, following a correction from its previous $88 peak. The coin encounters resistance levels at $72 and $75. It is important to note that if the price drops from its current level, sellers could become active. This is due to the presence of a bearish order block, signifying high sell volume. Failing to maintain a price above $68 may result in Aave trading near $66 and $64. However, historically, the $68 price mark has proven to be a crucial rallying point, as evidenced by the previous rally to $88, which was initiated from the same level. However, if the coin can maintain its price above the $68 level in the upcoming trading sessions, it may have the potential for a 27% rally opportunity. Technical Outlook Following the rejection at the $75 level, Aave’s buyers have been encountering difficulties in the market. The Relative Strength Index (RSI) also signalled this weakening buying strength as it dipped below the half-line. Additionally, the price fell below the 20-Simple Moving Average line, indicating a shift away from buyer-driven momentum. To revive buyer interest, Aave would need to break above the $72 mark, potentially drawing them back into the market. The altcoin showed sell signals in line with declining demand. The Moving Average Convergence Divergence (MACD) was negative, displaying red histograms, which are associated with sell signals on the chart. Additionally, the Chaikin Money Flow (CMF), an indicator of capital inflows and outflows, was below the half-line, indicating that at the time of writing, capital outflows exceeded inflows. These technical indicators suggest a bearish sentiment in the market and potentially lower demand for the altcoin.

Elon Musk is, once again, showing his support for Dogecoin in a subtle but meaningful way. Twitter, one of the biggest social media companies now under the leadership of Musk, recently changed its logo from the infamous ‘blue bird’ to a seemingly discrete X symbol. However, this was not the end of the changes as Musk also changed his Twitter bio to display the Dogecoin symbol. Elon Musk Highlights Dogecoin In Recent Changes On Monday, Elon Musk changed his Twitter location to “XД, X for the new Twitter logo, and Ð for Dogecoin’s logo, sparking speculations about a possible integration of Dogecoin into the Twitter platform. This isn’t the first time Musk has promoted DOGE and caused a stir in the crypto community, as he has tweeted about the meme coin several times in the past. With almost 150 million followers on the social media platform, Musk’s tweets garner a huge amount of attention. So when he mentions specific companies or cryptocurrencies, it often leads to big price swings. His tweets in the past have triggered double-digit percentage increases in the price of Dogecoin in particular. This time, Musk’s support seems to have had more of a subtle price reaction. Following the implementation of the new bio, the price of Dogecoin shot up more than 5%. Trading volume on exchanges also increased drastically as investors rushed to buy the altcoin. According to Coinmarketcap, Dogecoin has seen a total increase of 309.19% in trading volume in the past 24 hours. Dogecoin was created as a “meme currency,” but has since developed its own very passionate community and following, including Elon Musk, who is one of the world’s richest men. Will The New Twitter X Support DOGE? There’s a good chance that Twitter (now X) may incorporate Dogecoin payments into its platform, especially given Musk’s continuous support. As Twitter’s largest shareholder, Musk could push for the social media company to incorporate the meme coin into its ecosystem. This will enable users to seamlessly make payments on the site using Dogecoin, which may attract more crypto investors to the platform and boost user engagement. However, there are a few roadblocks in the way. More stable cryptos like Bitcoin and Ethereum are starting to be accepted as payment methods in various aspects of the world. However, altcoins like Dogecoin are still very volatile with little utility and there are questions about its stability before Twitter (X) seriously considers it as an official payment method. At the time of writing, DOGE is trading at $0.07535, a quick increase from its price of $0.07081 earlier in the day.

Russia is progressing with its central bank digital currency (CBDC). President Vladimir Putin has endorsed the digital ruble bill, signing it into law on July 24. As a result of this approval, the digital ruble law is officially set to take effect starting from August 1, 2023. The digital ruble will serve as an additional form of the Russian national currency. It will run alongside the existing cash and non-cash forms. This development means that the Russian ruble will exist in three different forms. This includes physical cash, non-cash transactions (such as electronic transfers and online payments), and the newly introduced digital version. The digital ruble will primarily function as a medium for payments and transfers. However, opening a bank account using digital rubles or obtaining a loan denominated in digital rubles will not be possible. The recently passed legislation now grants the Russian central bank the authority to conduct the first CBDC pilot involving real consumers. Earlier, the government had planned to initiate trials in April. It was to collaborate with multiple local banks, including major institutions like Sberbank. Russia’s Central Bank To Be The Principal Operator Of Digital Ruble According to the newly enacted law, Russia’s central bank will assume the role of the principal operator for the digital ruble infrastructure. It will be responsible for safeguarding the stored assets. Additionally, individuals or entities not operators or participants in the digital ruble platform, are prohibited from using the phrase “digital ruble platform” for their benefit. This also includes banning any related words and expressions in their advertising. Elvira Nabiullina, the Bank of Russia governor, has stated that Russian citizens will not be obligated to use the CBDC. The usage of the digital ruble will be entirely voluntary. The decision to adopt the CBDC will rest with the individuals. Nabiullina stated: Provisions For The Inheritance Of Digital Rubles The document outlines provisions for the inheritance of digital rubles. It allows individuals to pass on their rights to these digital assets through testamentary dispositions or wills. The Russian government will establish the process and rules for issuing such orders in collaboration with the Bank of Russia. This ensures that digital rubles can be transferred or inherited according to the legal framework set by the authorities. It allows for adequately managing and distributing these digital assets during a person’s passing. However, the government does not anticipate widespread adoption of the digital ruble anytime soon. Mass adoption is not expected to happen before 2025 or possibly even 2027, as stated by Bank of Russia deputy governor Olga Skorobogatova.

On-chain data shows an additional 5.9% of the total Bitcoin supply has entered into losses as the cryptocurrency’s price has plummeted to $29,200 today. Bitcoin Supply In Profit Has Declined To 70.4% After Today’s Price Plunge According to data from the on-chain analytics firm Glassnode, 1.11 million BTC has gone underwater with the latest asset value drop. The relevant indicator here is the “percent supply in profit,” which tells us about the percentage of the total Bitcoin supply currently carrying some profit. Related Reading: Bitcoin Cash Price Could Restart Rally To $300 If It Breaks This Resistance This metric works by going through the on-chain history of each coin in circulation to see what price it was previously moved at on the network. If this last transfer price for any coin were less than the current spot price of the asset, then that particular coin would be holding an unrealized gain currently. The percent supply in profit adds up all such coins and calculates what part of the total supply they make up for. A counterpart indicator called the “percent supply in loss” keeps track of the opposite type of tokens, and its value can be simply found by subtracting the supply in profit from 100. Now, here is a chart that shows the trend in the Bitcoin percent supply in profit over the past day or so: As displayed in the above graph, the Bitcoin percent supply in profit had been floating around 76.3% when the cryptocurrency price was above $30,200 yesterday. With the plunge to $29,200 over the past day, though, the metric has also taken a sharp hit, as only 70.4% of the total circulating supply is holding some unrealized profit now. Historically, whenever the profit in supply has crossed the 75% mark, declines in the price have become more probable. This is because investors become more likely to sell the more profits they hold. The latest tumble in the asset may have come because of this, as the investors who had been sitting on profits may have buckled and sold their coins to harvest their gains. As the metric has cooled down well below the 75% mark now, it’s possible that this may be it for the correction. Before the plunge to $29,200, Bitcoin had been consolidating above $30,000 since many weeks ago. As buying and selling took place in this sideways trend, many investors slowly gained their cost basis at or above this level. Due to this reason, the drop below this level has resulted in a significant part of the supply going into loss. More specifically, around 1.11 million BTC (equivalent to 5.9% of the total supply) has entered into the red. BTC Price At the time of writing, Bitcoin is trading around $29,100, down 4% in the last week.

Russian President Vladimir Putin signed the digital ruble bill into law on July 24. The Russian government’s central bank will be in charge of the digital ruble’s infrastructure. The legislation governing the digital ruble has been approved and will go into effect on August 1, 2023, with the exception of one restriction. Article 3 is scheduled to go into effect in Russia in August 2024. Moreover, it amends various federal laws, notably those pertaining to bankruptcy and inheritance. According to a government document, Russian President Vladimir Putin signed the digital ruble bill into law on July 24. Also, this means that Russia is going ahead with its central bank digital currency (CBDC). Third Form of Money Moreover, the new law gives the Russian central bank the green light to begin testing CBDC with actual users in August. Trials were originally planned to begin in April in conjunction with 13 local banks, including major players like Sberbank. The Russian government’s central bank will be in charge of maintaining and protecting the digital ruble network as stipulated by the new legislation. The digital ruble’s only function is to facilitate transactions and wire transfers; it is not an asset in and of itself. Furthermore, it is anticipated that the digital ruble will function as a third form of money, joining the cash and non-cash rubles now in use. Also, Elvira Nabiullina, governor of the Bank of Russia, allegedly said on July 24 that the CBDC would not be mandatory and that the usage of the digital ruble will be up to people to choose. Moreover, Deputy Governor of the Bank of Russia Olga Skorobogatova has said that widespread use of the digital ruble in Russia is not expected until 2025 or 2027. Highlighted Crypto News Today: Dogecoin Whales Accumulate Billions: Speculating on Their Intentions

The last time Litecoin had this type of problem was from August 2021 to January 2022. The expert implied that the impending halving would be a good opportunity to make a sale. The Litecoin (LTC) halving, set to occur in early August, is currently one of the most awaited events in the crypto industry. On-chain expert @Ali_Charts has speculated that the event may have an unexpected outcome, drawing on the anticipation around the halving event over the last few months. The crypto researcher speculated that the number of Litecoin wallet addresses had grown significantly in recent times. This may be an ominous indication for the LTC price, which may soon experience a precipitous decline. Impending Sell-off Ahead? The data shows that in the last five years, whenever the number of LTC addresses surpassed 350,000, the price of LTC dropped significantly. The last time Litecoin had this type of problem was from August 2021 to January 2022. On-chain data implies a significant price crash as LTC miners prepare for the effect of the block reward halving. Ali pointed out that in anticipation of the halving event, which will take place in the next 8 days, more than 690,000 LTC addresses had been generated lately. He implied that the impending halving would be a good opportunity to make a sale. Possible outcomes include increased selling pressure and transient price changes. He concludes that Litecoin investors may be holding in expectation of the anticipated price spike in LTC after the halving. A sell-off or enormous accumulation are both possible outcomes. On the other hand, the upcoming halving of Litecoin’s supply might lead to significant price appreciation. This view is grounded on the deflationary impact that the halving will have. Since the creation of new coins will slow down. If this trend continues, together with rising demand for LTC, it might be a recipe for sustained price appreciation over the medium to long term.

Currently, the crypto market is under fire from bears, and coins like Ethereum (ETH) are already starting to feel the heat. Amid the struggle to recover, there have been massive inflows of ETH into centralized exchanges, which could spell further struggles for the digital asset going forward. Ethereum Whales Move Millions To Centralized Exchanges Multiple reports from the on-chain whale tracking platform Whale Alert have shown that Ethereum whales could be exiting their positions in large volumes. The reports started on Saturday, July 22, when the first transaction was first picked up on the blockchain. In the first transaction, Whale Alert shows that the whale had moved 15,000 ETH to Gate.io. And at the time, the transaction was worth around $28.28 million. However, this was only the first of many as the whale tracker would go on to report even larger movements to centralized exchanges. The next was a transaction carrying 19,328 ETH worth $36.5 million at the time to Coinbase. Moving forward, the tracker also reported another transaction of 15,000 ETH ($28.1 million) being moved to the Gate.io crypto exchange once more. The fourth transaction was one carrying 19,328 ETH valued at $36.12 million, transferred from another unknown wallet to Coinbase. And last but not least, a large ETH transaction carrying 12,000 ETH ($22.5 million) popped up in the early hours of Monday. What Do These Transactions Mean For ETH? These movements by Ethereum whales could have negative implications for the price of ETH going forward. This is because when crypto investors send coins to exchanges, it is usually because they are looking to sell their coins and take advantage of the deep liquidity that centralized exchanges provide. If this is the case and these whales begin to sell such large amounts of ETH in one go, then it could significantly impact the price of ETH. This could see the altcoin which is already struggling in the market fall even further as the selling pressure climbs. Already, ETH is seeing a decline in its prices, falling toward $1,830 in the early hours of Monday before making a brisk recovery. Such sharp declines could have been triggered by the whales selling, and if there is not enough demand in the market to soak up this new supply, then ETH’s price could return to the low $1,800s once more. For now, the digital asset seems to be holding up against the bears but it has already lost its footing at the $1,850 support. Right now, the next major support lies at $1,800, unless the bulls are able to retain control and reclaim $1,900.

Binance, the world’s largest cryptocurrency exchange, has now listed Worldcoin (WLD), the much-anticipated digital asset founded by Sam Altman, the CEO of OpenAI. This listing has garnered immense attention from the global crypto community, with investors eager to participate in this new venture. The listing, announced today at 12:00 will include trading pairs such as WLD/BTC, WLD/USDT, and WLD/USDC. Worldcoin (WLD) aims to empower humanity in the Age of AI Worldcoin and revolutionize the digital identity landscape in the era of artificial intelligence. As the project’s service token, the WLD token carries essential governance features. This ambitious endeavor introduces the World ID system, Orb with iris scanner, and World App wallets. Despite privacy and security concerns expressed by experts, Altman is confident that Worldcoin’s open-source AI technology with iris scanning capabilities will alleviate these concerns over time. Crypto Exchanges Line Up To List Worldcoin’s Newly Launched WLD Token Binance is not the only cryptocurrency exchange to participate in the listing of Worldcoin’s newly launched WLD token. Several other major exchanges, including OKX, Huobi, Bybit, and Gate.io, have also jumped on board to offer trading services for WLD. These listings have given a bullish birth to the newbie token (WLD). The token’s early trading on ByBit saw a remarkable surge, reaching highs of $2.79 within minutes of its debut. With a total token supply of 10 billion tokens, the WLD token’s fully diluted value currently stands at an alarming $25.6 billion. Worldcoin’s Ambitious Vision And Support Sam Altman’s mission to provide universal access to cryptocurrency has struck a chord with investors and communities worldwide. The World ID system, authenticated through iris scanning technology called “The Orb,” aims to establish a trustable and reliable global identification system for all individuals. With financial backing of $115 million from its Series C funding round, the project is expected to make significant strides toward achieving its goals. The World ID’s potential to distinguish between real humans and AI-generated entities has caught the attention of Twitter co-founder Jack Dorsey, who is confident in its bright future. “At no time should a corporation or state own any part of the global financial system,” Dorsey said in response to a tweet from the Worldcoin Twitter account. As the project gains momentum, its role in reshaping the economy through generative AI, and potentially contributing to the concept of universal basic income, is becoming increasingly apparent. However, whether this will be good or bad remains to be seen.

The entire outflow from crypto asset investment products was $6.5 million. Investors prepare for a big policy decision from the Federal Reserve on July 26. According to a report by CoinShares, crypto asset investment products saw outflows for the first time in five weeks, after four weeks of inflows from institutions totaling $742 million. The entire outflow from crypto asset investment products was $6.5 million. As investors sell off their Bitcoin holdings, they wonder whether the institutional purchasing has ended. The previous four weeks witnessed a cumulative influx of $742 million into cryptocurrency asset funds. Even though flows had been negative for nine weeks prior to the inflows, the year-to-date total is now positive. Bitcoin saw massive inflows as BlackRock, Fidelity Investments, and other financial heavyweights filed for spot Bitcoin ETFs. All Eyes on Policy Update However, last week’s $6.5 million in crypto asset withdrawals sparked fears of a market downturn. Investors dumped $13 million worth of Bitcoin and bought $6.6 million worth of Ethereum. In addition, $5.5 million has flowed out of short Bitcoin investment products. The outflows have been for the thirteenth week in a row. Moreover, following Ethereum’s lead, XRP saw the most influx thanks to Ripple’s partial victory over the US SEC. The cryptocurrency market as a whole saw a selloff that resulted in the loss of over $90 million in an hour and $150 million in the preceding 24 hours. As investors prepare for a big policy decision from the Federal Reserve the price of bitcoin dropped precipitously to start the week. On Wednesday, after a two-day meeting, the Federal Reserve will announce its decision, and investors will be waiting to see what happens next. Highlighted Crypto News Today: Binance to Remove Set of Spot Trading Pairs

Anonymous wallets move 42 billion SHIB tokens ($327,600). 14 billion coins taken from major exchanges, 2.4 billion sent to Binance 14 wallet. Over 32 million transactions, mainnet to use BONE token for burning SHIB. According to data from Etherscan, a significant amount of Shiba Inu meme coins has been transferred by anonymous wallets recently. Fifteen transactions were recorded, totaling 42 billion SHIB, which is approximately equivalent to $327,600. Notably, around 14 billion SHIB were withdrawn from prominent cryptocurrency exchanges, including decentralized platforms like Kraken, Uniswap, and 1inch. Additionally, a considerable sum of 2.4 billion SHIB was transferred from anonymous addresses to a Binance 14 wallet, presumably for potential selling activities. Shibarium hits new milestone In other news, Shibarium’s beta explorer, Puppyscan, has reported a new milestone for Puppynet over the weekend. The platform has surpassed 32 million transactions, indicating a record high in terms of transaction count. As of now, the number of connected wallets stands at 17,062,522. It is worth mentioning that all future transactions on the Shibarium mainnet, scheduled for release later this year, will rely on the BONE token for power. Moreover, part of the BONE gas fees will be utilized for burning Shiba Inu meme coins by transferring them to unspendable wallets.

Dogecoin whales accumulate billions: Analyst Ali Martinez’s findings. Meme coins show volatility: Santiment reports SHIB, DOGE, and APE movements. Social media sentiment boosts DOGE: Santiment observes price fluctuations. Crypto analyst and trader Ali Martinez recently shared data on Twitter (now called the “X app”) concerning significant accumulation of the original meme coin, Dogecoin, by whales. According to his tweet, over the past few weeks, these wallet owners have substantially increased their holdings of the meme coin. Ali presented an IntoTheBlock chart displaying that DOGE whales, varying in capacities, acquired a total of three billion Dogecoin in the span of three weeks, amounting to $225 million. The acquisition activity began on July 3, as indicated in the chart screenshot. Santiment shared data about meme coins taking off In another development, earlier today, Santiment reported positive movements for meme coins such as SHIB, DOGE, and APE. Shiba Inu witnessed a brief surge of 2.63% but followed by a decrease of 4.16%. DOGE, on the other hand, experienced a significant 8% increase, then faced a 5% drop, only to rise again by 3.77%. As for APE, it saw an initial increase of 3% but subsequently declined by 3.5%. Santiment attributed these rises, particularly in DOGE’s case, to heightened spikes in social media sentiment, stating that “DOGE excitement is heating up.”

Bittrex Inc., the US arm of the crypto exchange Bittrex Global, has sent a reminder email to its users on the need to withdraw their funds “as soon as possible.” Although the deadline for withdrawal of funds remains August 31, the crypto exchange has urged users to do it soon to give their team “sufficient time to resolve any unforeseen issues.” “Bittrex Inc. has been granted permission by the United States Bankruptcy Court to allow customers who meet the necessary regulatory requirements to access their accounts and withdraw any remaining assets.” the email read. How It All Went Down For Bittrex On March 31, 2023, Bittrex announced on its Twitter platform that it was winding down its US operations due to the “continued regulatory uncertainty.” The tweet read: However, the exchange’s woes were just starting as on April 17, 2023, the United States Securities and Exchange Commission (SEC) charged the crypto exchange for violating securities laws, including trading unregistered securities on its platform. This had caused many to believe that the impending SEC charges may have caused the crypto exchange to announce it was winding back in March. This belief may not be far from the truth as Bittrex released a statement on its Twitter platform following the SEC’s charges. Bittrex said in its statement: The impact of this regulatory action was significant for the exchange and on May 8, 2023, Bittrex filed for Chapter 11 bankruptcy protection. This came following the SEC’s clampdown on the trading platform. Its filings also suggested that the firm was in deep financial woes as it stated that it had more than 100,000 creditors. Bittrex’s Approach Is Commendable Unlike what was seen with FTX and other crypto platforms that experienced ‘free fall’ bankruptcy, Bittrex’s case is quite different. From all indications, the company was fully prepared for the moments leading up to its bankruptcy filing. According to Patterson Belknap Webb & Tyler LLP, Bittrex had taken “extensive action pre-petition to ensure full customer recovery, and plan to swiftly bring these chapter 11 cases to a responsible conclusion.” These actions include the ‘winding up’ announcement on March 31, which was going to become effective on April 30, halting deposits (without halting withdrawals), and giving customers enough time to withdraw their funds. Even at the time of filing, Bittrex continued to reiterate the fact that customers’ assets were safe and would be returned. This customer-first approach by Bittrex is commendable, considering how customers of different crypto platforms remain in limbo as to when (or if ever) they will regain their funds. It is also worth mentioning that Bittrex went as far as obtaining a $7 million loan in Bitcoin (BTC) from its parent company, Aquila Holdings, to pay back its customers, according to a Reuters report on May 10.

The Worldcoin (WLD) token was listed on the crypto exchange Binance today. Buterin said that the continuous development of personality-proof systems might take years. Sam Altman, CEO of OpenAI, released details of the Worldcoin Project to the public on Monday, July 24. The Worldcoin (WLD) token was listed on the crypto exchange Binance shortly after the announcement. Ethereum creator Vitalik Buterin has shared his thoughts on Worldcoin’s biometric identity verification system. He described how Worldcoin stands apart from the crowd by scanning users’ iris using cutting-edge biometrics and a piece of equipment called “the Orb.” More Development Needed Buterin said that Worldcoin is based on a simple concept: artificial intelligence (AI) will provide many material benefits to mankind, but it also has the potential to cause the loss of many professions and make it difficult, if not impossible, to distinguish between humans and robots. Also, he said that the continuous development of personality-proof systems might take years despite the fact that they create privacy and security issues. Moreover, Buterin added that several of Worldcoin’s commercial actions as well as the bad design of its “coin” had earned criticism. Some of the feedback is rather specific, concentrating on decisions that might have been taken better and that the Worldcoin team may be willing to change. It seems difficult to create a proof-of-personhood system that is both effective and dependable, particularly in the hands of persons who are not part of the established crypto community. It’s a challenge and it might take a lot of time before a viable solution is found as per Buterin. Investors are thrilled and optimistic about the development of this big project, despite certain concerns. As a consequence, there has been a flurry of activity as early investors seek to acquire WLD tokens. The WLD token’s price has increased by over 60% in a little over an hour after it was listed on Binance and reached a high of $3.31 as per data from CMC.

On-chain data shows the number of Bitcoin sharks has continued to increase recently, but the whale count on the network has hit stagnation. Bitcoin Sharks Have Continued To Go Up In Number Recently According to data from the on-chain analytics firm Santiment, the number of whales on the Bitcoin blockchain has observed a slight decline during the last couple of months. The relevant indicator here is the “Supply Distribution,” which measures the total number of addresses that belong to each of the wallet groups on the network. The addresses are divided into these “wallet groups” on the basis of the total amount of BTC that they are carrying in their balances right now. In the context of the current discussion, there are four such cohorts that are of interest: 0-0.01 coins, 0.01-1 coins, 1-100 coins, and 100+ coins. Naturally, an address belonging to any of these groups would have its balance inside the range of the group in question. So if the Supply Distribution is applied to these cohorts, it would tell us (among other things) the total number of addresses on the chain that satisfy the respective conditions. Now, here is a chart that shows the trend in the Bitcoin Supply Distribution for each of these four cohorts since the start of the year: The first of these groups, the 0-0.01 coins range, signifies the small retail holders of the market. From the above graph, it’s visible that these investors haven’t changed in number much lately as their Supply Distribution curve has been moving sideways over the past seven weeks. This would suggest that adoption among small investors isn’t rising for the cryptocurrency at the moment. The second group of relevance (0.01-1 BTC) has also been moving flat recently, showing that retail investors as a whole have hit a state of stagnation on the network. Unlike these cohorts, though, the indicator’s value for the 1-100 coins group, which is sometimes popularly referred to as the “sharks,” has only continued to climb higher in the past few months. This would imply that these decently-sized holders are still interested in buying the cryptocurrency, which could be a positive sign for the asset’s rally. While the sharks may hold some influence in the market due to the size of their holdings, they don’t hold nearly as much power as the largest cohort in the market: the whales. These humongous investors with 100+ BTC can move around a large amount of coins on the network, and thus, can cause noticeable ripples in the market. Due to this reason, these holders’ behavior may be considered the most important to watch. As displayed in the graph, the number of whales on the network has observed a decline during the last couple of months, although the degree of the downtrend hasn’t been too much. Nonetheless, one fact remains: they haven’t been accumulating recently. What these investors do next from here may be worth keeping an eye on, as Santiment explains that if they start buying again, the possibility of a breakout would greatly increase. BTC Price At the time of writing, Bitcoin is trading around $29,300, down 3% in the last week.

Following a correction in the crypto market, several coins, including the flagship cryptocurrency Bitcoin, have surrendered their weekly-accumulated gains. However, amid the massive depression, Chainlink (LINK) held more than 14% in the weekly chart. Does the off-chain data aggregator’s remarkable resilience despite the bearish outlook depict a market decoupling, or is something sustaining it? Chainlink Price Stronger As More Ecosystem Developments Unfold Last week, Chainlink launched the much anticipated cross-chain interoperability protocol (CCIP) on Avalanche, Ethereum, Optimism, and Polygon mainnets. According to the official announcement, leading DeFi protocols in lending and derivatives, including Synthetix, have adopted the CCIP. Related Reading: Here’s Why Shiba Inu Burns Do Not Impact SHIB Price Synthetix is now live in the CCIP mainnet, while BGD Labs (Aave) have integrated it into their protocols. Chainlink’s CCIP seeks to address the complexity associated with cross-chain solutions and offers enhanced security to mitigate risks of exploits. The CCIP has several use cases: cross-chain tokenized assets, cross-chain collateral, cross-chain liquid staking, cross-chain NFT minting, cross-chain gaming, and account abstraction. It also allows for cross-chain data storage and computation. This development is a major milestone for the Chainlink network and increases LINK token utility. As such, LINK’s recent bullish price moves are not farfetched. Chainlink Bullish Price Movement Suggests Potential Rallies Underway Chainlink added notable gains in the last seven days as its price increased over 27% from its value seven days ago (July 19) before the latest downtrend. LINK traded at $6.5286 on July 19 with its price increase nearly neutral, with stiff resistance at the $6 price level. However, LINK witnessed a sharp surge on July 20 following the news that Aave (BGD Labs) and Synthetix launched Chainlink’s cross-chain governance, CCIP. LINK’s price spiked from $6.8559 to approximately $8.04 during this time, a 17% increase. The rally continued, with LINK hitting a week-high of $8.3358 on July 21. Although it met a few pullbacks between July 22 and 23, LINK remained above $8 until today’s market-wide correction. The token’s price has declined over 4.94% in the last 24 hours, with a bearish momentum that snatched some gains garnered over the week. However, LINK remains bullish as its current price is over 14% higher than its value seven days ago. Nonetheless, Chainlink maintains a bullish trading activity, with a 27 % increase in 24-hour trading volume. It suggests today’s bearish outlook has not waned Chainlink’s network activity. Moreover, LINK’s relative strength index is 60, below the overbought region (70), suggesting potential rallies are underway as more buyers join the market. The daily chart shows LINK met stiff resistance at $7.628. However, the ongoing buying activity may succeed in spinning LINK off the $7.628 resistance price level, facilitating a push above $8.408 in the coming days.

Utherverse provides hyper-realistic immersive experiences allowing developers to create interconnected virtual worlds NEW YORK–(BUSINESS WIRE)–Utherverse, one of the largest metaverse platforms in the world, will launch a closed beta of the next generation version of the platform Sept. 26. The closed beta will provide a preview of its Web3 capabilities as well as test and continue the final build-out of the next generation of the popular platform. The closed beta will enable users to claim their Utherverse usernames and begin to experience the Web3 version of the platform. Users will have various entertainment and friendly social options, such as an outdoor concert arena, rooftop dance clubs with live DJs, film and movie screenings, influencer broadcast studios with live audiences featuring some well-known speakers, shopping and art galleries and a lot more. In addition, users will be able to interact with each other in a variety of settings, as well as buy and sell virtual goods and participate in other e-commerce opportunities. Utherverse VIP legacy users who already have their usernames will be given automatic access to the closed beta. Trunk holders who have already purchased functional NFTs (fNFTs) will then be given priority access, followed by users who have joined the whitelist, available for sign-up on Discord at https://discord.gg/theuthers. The closed beta will also kick-off a monthlong virtual celebration including entertainment events, shopping, networking and other business-to-consumer and business-to-business special experiences. This will include a portion of the sixth annual Virtual Con, a completely virtual Web3 trade show with exhibitors, speakers and panel discussions. “This is going to be a hallmark year for Utherverse as we roll out the next generation of what is already the largest metaverse platform in the world,” said Brian Shuster, founder and CEO of Utherverse. “Hyper-realistic immersive experience will engage consumers and our technology backbone will create unprecedented opportunities for brands, entertainment providers, retailers and companies in many different industries.” The announcement comes several months after Utherverse offered the first and second pre-sale rounds of the Uther Coin (UTHX) through Nexus Ecosystems as part of the token’s initial decentralized offering (IDO). The Uther Coin will be the in-house currency for all metaverses on the Utherverse platform. Utherverse is a metaverse platform that enables developers to build interconnected virtual worlds, provides hyper-realistic immersive experiences for consumers and opportunities for companies to market and monetize their products and services. Utherverse generates revenue from custom metaverse building services, sales of NFTs and a variety of business verticals including advertising/marketing, shopping/retail, conferences/conventions, education, dating, lifestyle, entertainment events/performances, VIP experiences and virtual offices. The Utherverse platform was launched in 2005 by internet visionary Brian Shuster. The platform has served 50 million+ users with 32 billion+ virtual commerce transactions. Utherverse has developed the technology and received more than 40 patents critical toward operating large-scale metaverses. The company is based in British Columbia, Canada. More information can be found online at Utherverse.io; Twitter/Instagram: @Utherverse; Facebook: /UtherverseDigital; LinkedIn: /utherverse-digital-inc/; Telegram: /UtherverseAnnouncements; Discord: /Utherverse.io. Contacts Steve Honig The Honig Company, LLC 212-401-4875 [email protected]

Shiba Inu (SHIB) is the second largest meme coin and has a special feature compared to Dogecoin: token burns. Hardly any other topic is discussed more frequently in the SHIB community (besides Shibarium) and causes confusion in the process. Everywhere you can read: “Billions of SHIB burned, this is what happens to the price”. But hardly anyone emphasizes that SHIB Burns basically have no significant impact on the price, at least not with the current volumes. Also, because the total circulating supply of SHIB of 589,346,914,631,298.1 SHIB is gigantic, large numbers can quickly create a mirage. The SHIB burn tracker, the most popular service for monitoring SHIB burns, has stepped forward to address the misconceptions and shed light on the factors driving SHIB’s price movements. SHIB Burns X Shiba Inu Price The expert emphasizes the essential role of demand and uniform investments in shaping SHIB’s price, rather than relying solely on token burns. Burning a substantial number of tokens, while seemingly impactful, cannot significantly influence the price without continuous and substantial token purchases to match the current buying rate. As the analyst puts it, “Burning 10 billion tokens in a week will not impact the price when there are far larger transfers being purchased daily and prices have just sustained.” The crux of SHIB’s price dynamics lies in the fundamental economic principles of supply and demand. Token burning can contribute to scarcity and reduced supply, but it is demand that imparts value to the token. As the burn tracker aptly notes, “A token can burn 90% of their supply, but if there’s no demand for that token, then it holds no value.” In other words, burning alone cannot enhance SHIB’s value; rather, it is the surge in demand coupled with decreased supply that can positively influence its price. The role of major holders, mainly centralized exchanges, also holds significance in the SHIB ecosystem. The tracker points out that “the top 100 accounts (excluding the burn address) for $SHIB hold near 400T of the token’s supply.” These major holders impact liquidity and accessibility for traders, influencing the token’s overall market behavior. While acknowledging the potential impact of token burning, the tracker urges caution against overemphasizing it as the sole driver of SHIB’s price success. Success should be evaluated holistically, and arbitrary price targets should not dictate a token’s journey. As the SHIB tracker suggests, “A token’s success doesn’t always mean reaching a specific price, like ‘$0.01.’ Many have their own price goals.” Instead, long-term growth and adoption, as well as continuous community interest and participation, should be considered as vital indicators of success. Furthermore, it is crucial to recognize that SHIB is still in its early stages, while with Shibarium launch there is a huge driver coming for higher SHIB burns. As the burn tracker points out, “Crypto is still growing, and we’ve seen significant progress in terms of the number of crypto holders worldwide.” At press time, the SHIB price stood at $0.00000779, continuing the upward trend of the last few weeks (black line), even though the price has recorded a small loss of 0.8% in the last 24 hours.