ARK Invest, led by Cathie Wood, has been offloading its holdings of Coinbase (COIN) shares as the stock continues to surge. ARK Invest sold around $91 million worth of Coinbase (COIN) shares overall. The renowned growth-focused fund ARK Invest, led by Cathie Wood, has revealed its ongoing offloading of Coinbase shares as the COIN continued to surge. The disclosure indicates that the firm sold 248,838 COIN shares, valued at just over $26 million based on Monday’s closing price of $105.55, which falls just short of the stock’s one-year high of $114. This latest move by ARK Invest follows a series of recent sales of COIN shares as the stock has demonstrated strong performance. On July 14, the fund disclosed the sale of 480,000 COIN shares across three funds, amounting to $53 million based on the price of $112, which is the highest since April 2022. Additionally, the previous week witnessed ARK Invest sell $12 million worth of shares as Coinbase’s stock continued to rally. Timeline of Cathie Wood’s ARK Invest Sales of COIN ARK Invest held approximately $808 million worth of Coinbase (COIN) shares, accounting for 8.79% of their overall portfolio. However, they have recently sold around $91 million worth of Coinbase shares, representing approximately 11.5% of their total holding in the company. Cathie Wood’s ARK Invest Explores New Avenues As ARK Invest continues to divest its holdings of Coinbase, market observers are keen to analyze the motivations behind the fund’s decisions. The ongoing sales suggest that ARK Invest believes the stock has reached a favorable valuation or that it is reallocating its capital to other investment opportunities. In a recent statement on Bloomberg, Cathie Wood expressed a positive outlook on Coinbase, particularly in light of the court ruling regarding Ripple vs SEC lawsuit. However, she mentioned that ARK Invest is choosing to take profits from its Coinbase holdings and reallocate the capital to other stocks that have not performed as well, referring to them as “laggards.” Further, Cathie Wood’s ARK Invest funds made purchases of shares in Meta Platforms (formerly Facebook) and Robinhood on July 14. Cathie Wood had already started acquiring shares of Meta Platforms in June, following the announcement of the company’s new social networking platform called “Threads,” which bears similarities to Twitter. Highlighted Crypto News Today: Binance Ends Argentina Soccer Sponsorship Deal Over Contract Dispute

Today, the court will once again hear arguments from Celsius and its creditors. Creditor’s argued that the court should overrule any objections and approve settlement. The creditors of bankrupt cryptocurrency lender Celsius and the Series B holders have agreed on a plan to disburse $25 million to the shareholders, with $24 million going towards legal fees and the remaining $1 million being split evenly among the parties. While the terms of the sale to Galaxy Digital of the self-custody platform GK8 were not made public as part of Celsius’ bankruptcy filing. Galaxy spokesperson Michael Wursthorn had previously told that the price was much less than the $115M Celsius purchased for. The Series B funding round for the insolvent crypto lender was completed in November of 2021. The round, which was oversubscribed and increased the rise from $400 million to $750 million, was headed by growth equity company Westcap and one of Quebec’s pension funds. Awaiting Court Approval At first, some Series B shareholders complained that the $24 million allotted wasn’t enough to pay their legal fees. While others said that the $1 million was an unjust “windfall” for certain holders. In a court filing, the largest group of Series B shareholders said they intend to split the settlement’s $1 million in half with all preferred shareholders. They argued that the court should overrule any objections and approve the settlement so that the bankruptcy case can continue. Today, the court in New York will once again hear arguments from Celsius and its creditors. The former CEO of Celsius, Alex Mashinsky, was detained last week. After an inquiry into the company’s collapse, and the insolvent lender is being sued by multiple U.S authorities. Highlighted Crypto News Today: Chainlink’s Cross-Chain Interoperability Protocol Revolutionizes Finance

Chainlink’s new Cross-Chain Interoperability Protocol bridges traditional finance (TradeFi) to the blockchain-powered space. CCIP’s early access is available on Ethereum, Avalanche, Polygon, Arbitrum, and Optimism. LINK, the native token of Chainlink, surged over 6% in the last 24 hours. Chainlink, the popular decentralized oracle network, launched its Cross-Chain Interoperability Protocol (CCIP), aiming to facilitate seamless integration between traditional financial institutions and various public and private blockchains. On Monday, Kemal El Moujahid, Chief Product Officer of Chainlink Labs, revealed that CCIP has entered the early access phase on Ethereum, Avalanche, Polygon, Arbitrum, and Optimism. CCIP has been through efficient testing with nearly 25 partners such as Aave, Synthetix, and Swift. Starting from July 20, developers can access CCIP on the five major testnets: Arbitrum Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli, and Polygon Mumbai. The protocol focuses on enabling financial institutions to securely transfer data. And value directly from their existing backend systems to blockchain environments. Ultimately, this protocol aims to enable entities to harness the potential of blockchain interoperability. Chainlink Cross-Chain Interoperability Protocol, Gaps No More? During an interview, Sergey Nazarov, co-founder of Chainlink, emphasized the significance of interoperability as a fundamental component of a blockchain-powered economy. He stated that a robust value transmission solution between networks is essential for further blockchain innovation. Nazarove added: “CCIP is a cross-chain solution that banking and DeFi builders both need to 10x the on-chain economy in their respective verticals […] Our goal with CCIP is not only to create connectivity within these two critical groups but to create a way for them to securely and efficiently transact with each other.” Moreover, CCIP leverages Swift’s messaging infrastructure, a widely-used system employed by over 11,000 banks globally for international payments and settlements. Notably, the blockchain-based data oracle aided major banks such as BNY Mellon, BNP Paribas, Citi, Australia and more. And Lloyds Banking Group in embracing blockchain interoperability. CCIP’s transition to the mainnet after extensive testing with over 25 partner organizations demonstrates its potential to bridge various blockchain and banking networks. Following the announcement, Chainlink’s native token LINK experienced a surge of 6.69% in the last 24 hours. The Price hit $7.12, according to CoinMarketCap.

Binance signed a five-year contract in January 2022 to be the primary sponsor of AFA. The exchange alleges a violation of the contract by the Argentina soccer association. After just one year of their five-year agreement, Binance has ended it, alleging a violation of contract on the side of the Argentina Football Association (AFA). Binance signed a five-year contract in January 2022 to be the primary sponsor of Argentina’s successful national soccer team and the naming sponsor of Argentina’s national soccer league. Controversy surrounded the arrangement since it was signed by Binance after AFA abruptly ended its contract with fan token platform Socios. Even though Socios was sued by AFA, it continued to be the only source of the official fan token, $ARG, for the organization until 2026. Regulatory Scrunity Effect Binance, one of the biggest exchanges in the world, has felt the pain of the bear market and regulatory crackdown much like the rest of the cryptocurrency industry. Furthermore, according to a recent report by the WSJ, dwindling profitability at Binance has forced the business to cut down on staff perks. It was estimated that more than a third of Binance’s prior 8,000 employees might be let go in the future after the business let off more than 1,000 people in recent weeks in response to mounting regulatory and legal problems throughout the globe. Moreover, it was speculated that Binance CEO Zhao’s handling of the ongoing investigation by the U.S. authorities into Binance’s actions has contributed to the resignation of numerous key personnel. CZ, on the other hand, turned to Twitter to reaffirm his commitment to the organization. And debunked news reports that a large number of Binance employees were let go. Highlighted Crypto News Today: Binance Introduces Multiple Deposit Addresses for a Single Network Feature

The Bitcoin price has fallen to the lower end of its almost one-month trading range between $29,800 and $31,300. Already yesterday, BTC briefly fell to as low as $29,704, only to recover to $30,306 within a few hours. At press time, BTC was again moving towards the $30,000 mark, and another fall and liquidity grab seems likely. While this week the macro data releases are pretty quiet, it’s worth taking a look at what’s happening in the Bitcoin market itself. Why Is Bitcoin Down Today? Swissblock Insights observed a peculiar calm in the market when Bitcoin reached a new yearly high of $31.840 last week. However, the momentum quickly faded, and selling pressure increased, causing BTC to drop to the low $30ks. They highlight the narrow Bollinger Bands, stating, “The Bollinger Bands are very narrow, with only a 4.2% value difference separating the upper and lower bands. A move is brewing.” Moreover, the analysts emphasize the need for a significant catalyst to inject life into the current lackluster scenario: According to the analysts, a breakdown of the $29.650 support level would invalidate a long setup. On the other hand, a bullish leg up $31.500 could reignite momentum and surge the price to $33,000. But for this to happen, spot demand needs to reignite strongly and longs need to enter the market, “otherwise momentum will continue to fading.” Glassnode, an on-chain data provider, further illuminates the current state of the Bitcoin market. Despite the temporary yearly high, they describe the market as “extremely quiet”, also pointing to the Bollinger Bands. This compression in volatility signals a market reminiscent of the calm observed in early January, as NewsBTC reported yesterday. Furthermore, Glassnode’s analysis reveals a slow but steady inflow of capital into Bitcoin. The Realized Cap currently sits just shy at $396 billion. After hitting a cycle low at $380 billion, the metric indicates that a slow but steady stream of capital is entering the market throughout 2023. Glasnode also emphasizes that investors remain unwilling to part with their held supply, resulting in choppy market conditions similar to those seen in 2016 and 2019-20 periods. Total realized profit and loss resembles the historic trend: The analysis also highlights the profit-locking behavior among Bitcoin holders, with the majority of both short-term (88%) and long-term holders’ balances (73%) held in profit. However, short-term holders are the primary entities that are active in the market. Out of the total 39.600 BTC in daily exchange inflows, 78% of this is associated with the STH cohort. This means that short term holders may have to trim their profits for the time being before selling pressure eases and the bulls can take the upper hand again. GreekLive, an options expert, explains that the Bitcoin market is still losing liquidity, which makes it highly susceptible to spikes and V-shaped recoveries: The analysis advises sellers to focus on static protection and have risk control plans for holding options until expiration. For buyers, timely profit-taking and using futures to hedge options are recommended risk management strategies. At press time, BTC traded at $30,064.

Istanbul Blockchain Week gets a seal of approval from HAQQ (Islamic Coin), an ethics-first network committed to empowering individuals and fostering sustainable decentralized finance. As the title sponsor, HAQQ will bring to the forefront ESG-forward and Shariah-compliant advancements within Web3, celebrating a culture of inclusivity and social responsibility. Istanbul becomes the epicenter for the convergence of technology, finance, and Islamic values. Istanbul Blockchain Week, the highly anticipated global event that attracts industry leaders, politicians, entrepreneurs, and developers, is excited to unveil its collaboration with HAQQ (Islamic Coin), dedicated to creating a fair and ethical decentralized financial system. HAQQ will serve as the title sponsor for this year’s event, reflecting IBW’s strong commitment to technological innovation and financial inclusion, rooted in a culture of inclusivity, and social responsibility. Crypto has made its mark in Turkey, and Istanbul has emerged as the go-to destination for the country’s Web3 enthusiasts. Many small businesses in the region are actively involved in cash-to-crypto transactions, and crypto has become a practical solution to counter the effects of inflation. By assuming the title sponsorship for Istanbul Blockchain Week, HAQQ stands as a testament to the harmonious coexistence of crypto trading and investments, Web3 engagement, and the guiding principles of Shariah. IBW becomes a cultural melting pot where Europe meets the Middle East, thereby emerging as the symbol of ethical crypto investing and practices, representing an inclusive and decentralized future. “Upon meeting the team behind IBW, it became evident that HAQQ had to be a part of this remarkable event. The meticulously curated list of sponsors and speakers reflects the dedication of IBW to bring together a community of fair, transparent, and forward-thinking projects,” explained Alex Malkov, the CEO of HAQQ, “As we strive to drive the ESG change and promote the integration of Shariah-compliant principles in Web3, our commitment extends to fostering cross-cultural collaboration and inclusivity. With its unique blend of European and Middle Eastern influences, Istanbul provides the perfect backdrop for our vision of a supranational, inclusive, and decentralized future to flourish.” Attendees of IBW will have a unique opportunity to participate in a workshop organized by HAQQ, focused on exploring sustainable and ethical blockchain infrastructure. During this session, participants will learn about the principles of Shariah and understand why projects following this philosophy are considered ethical and ESG-compliant. The CEO of HAQQ, Alex Malkov, will also deliver a keynote speech at IBW, sharing his journey and emphasizing the importance of reliable measures to verify and support sustainable projects within Web3. “Last year, Istanbul Blockchain Week attracted over 4,000 attendees and featured more than 120 speakers, including prominent Turkish leaders, entrepreneurs, and government officials. I am immensely proud that HAQQ recognizes the unwavering dedication of IBW to create a space where ethical and transformative leaders from around the world can come together, network, collaborate, and elevate our industry,” commented Erhan Korhaliller, the founder of Istanbul Blockchain Week, “HAQQ’s participation as the title sponsor reaffirms our commitment to technological innovation, financial inclusion, and the values that hold significant importance in Islamic and Turkish cultures on a global scale. With HAQQ’s invaluable support, we pledge to foster an ethical and inclusive decentralized finance system that empowers individuals, businesses, and communities worldwide.” Istanbul Blockchain Week will take place in Istanbul Hilton Bomonti Hotel from August 22nd through 23rd. It is a celebration of decentralized culture and trade, gathering forward-thinking leaders from all over the world. About HAQQ HAQQ is an ethics-first L1 blockchain that brings together sustainability-centered developers, validators, open-source contributors, and Muslim innovators in sustainable finance with its native asset – Islamic Coin. As an EVM-equivalent chain built using the Cosmos SDK, HAQQ’s innovative technology allows for the seamless deployment of smart contracts from other EVM chains. HAQQ aims to create a fairer, more sustainable financial system by balancing Shariah-compliant philosophy with cutting-edge technology using Shariah Oracle – an on-chain registry of Halal Certificates, which assures compliance with Islamic principles. HAQQ ensures that its users interact exclusively with whitelisted Shariah-compliant dApps, minimizing unethical or Haram activity within the network. Learn more about HAQQ at haqq.network. About Istanbul Blockchain Week Istanbul Blockchain Week is an annual event that brings together blockchain enthusiasts, industry experts, and thought leaders from across the globe. Following its remarkable success in November 2022, which witnessed an impressive turnout of over 4,000 attendees and featured 120+ international and Turkish speakers such as Yoshihisa Hashimoto, Changpeng Zhao, Ziya Altunyaldız, and Şant Manukyan, IBW is set to return to Turkey’s prominent crypto hub from August 22nd to 23rd. As a dynamic platform for networking, knowledge sharing, and exploration of the latest advancements in blockchain technology, Istanbul Blockchain Week creates an environment conducive to collaboration and innovation. The event offers attendees a diverse program featuring keynote speeches, panel discussions, workshops, and exhibitions that delve into various aspects of Web3. Istanbul Blockchain Week presents a unique opportunity for individuals to immerse themselves in the blockchain world and connect with like-minded visionaries actively shaping the future. To learn more about HAQQ, visit istanbulblockchainweek.com. 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.

Ethereum price corrected further lower below the $1,900 level against the US Dollar. ETH is showing bearish signs and might decline further toward $1,825. Ethereum extended its decline and tested the $1,875 level. The price is trading below $1,930 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD (data feed via Kraken). The pair could decline further if it stays below the $1,910 and $1,940 resistance levels. Ethereum Price Could Extend Losses Ethereum’s price made a fresh attempt to start a decent increase above the $1,950 resistance. However, ETH struggled to gain strength for a move above $1,950. A high was formed near $1,943 and the price reacted to the downside. There was a break below the $1,900 support zone. A new weekly low is formed near $1,875 and the price is now attempting a fresh increase. It broke the $1,890 and $1,900 levels. There was a move above the 50% Fib retracement level recent decline from the $1,943 swing high to the $1,875 low. Ether is now trading below $1,930 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $1,910 level. There is also a connecting bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD. The trend line is near the 61.8% Fib retracement level recent decline from the $1,943 swing high to the $1,875 low. Source: ETHUSD on TradingView.com The first major resistance is near the $1,950 zone, above which the price could rise toward the $1,985 resistance zone. The next major resistance is near the $2,030 level. Any more gains could send Ether toward the $2,120 resistance or even $2,200. More Losses in ETH? If Ethereum fails to clear the $1,910 resistance, it could start a fresh decline. Initial support on the downside is near the $1,890 level. The first major support is near the $1,875 level, below which the price could extend its decline. The next major support is near the $1,825 support level. Any more losses could send Ether toward the $1,780 support level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,875 Major Resistance Level – $1,910

Chainlink’s LINK price is gaining pace above $7.00. The price could rise further if it clears the $7.35 and $7.50 resistance levels. Chainlink token price is showing positive signs and rising from $6.50 against the US dollar. The price is trading above the $7.00 level and the 100 simple moving average (4 hours). There is a major bullish trend line forming with support near $6.65 on the 4-hour chart of the LINK/USD pair (data source from Kraken). The price could gain bullish momentum above the $7.35 resistance zone. Chainlink (LINK) Price Eyes More Gains After a short-term downside correction, LINK price found support near the $6.45 level against the US Dollar. A low was formed near $6.458 and the price started a fresh increase, unlike Bitcoin and Ethereum. There was a clear move above the $6.65 and $6.90 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $7.36 swing high to the $6.458 low. LINK price is now trading above the $7.00 level and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $6.65 on the 4-hour chart of the LINK/USD pair. The pair is now facing resistance near the 76.4% Fib retracement level of the downward move from the $7.36 swing high to the $6.458 low. Source: LINKUSD on TradingView.com The first major resistance is near the $7.35 zone. A clear break above $7.35 may possibly start a fresh increase toward the $7.50 and $7.85 levels. The next major resistance is near the $8.00 level, above which the price could revisit $8.80. Dips Supported? If Chainlink’s price fails to climb above the $7.35 resistance level, there could be a downside correction. Initial support on the downside is near the $6.90 level. The next major support is near the $6.65 level and the trend line zone, below which the price might test the $6.45 level. Any more losses could lead the price toward the $6.00 level in the near term. Technical Indicators 4 hours MACD – The MACD for LINK/USD is gaining momentum in the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level. Major Support Levels – $6.90 and $6.65. Major Resistance Levels – $7.35 and $8.00.

Elon Musk has consistently proven to be a pivotal figure in cryptocurrencies, particularly Dogecoin (DOGE), his crypto of choice. His influence on DOGE has been nothing short of remarkable, with any mention or action from him causing significant fluctuations in its price. In the digital currency landscape, where DOGE has struggled to keep pace with its counterparts despite the recent positive sentiment surrounding cryptocurrencies, any movement on the meme coin carries a heightened significance. Enthusiasts eagerly await every word uttered by Musk, recognizing the potential impact his statements can have on the price and overall market sentiment. Given this context, what did Elon Musk, the Tesla and SpaceX top honcho and Twitter owner, say this time, and how did it reverberate within the DOGE community? Elon Musk ‘Doges’ Preference Boosts Dogecoin Price Musk recently responded to a question on a popular social media platform. The question was about his preference between cats and dogs, and the enigmatic billionaire, promptly answered, “Doges.” This seemingly innocuous response had an immediate impact on the price of the meme coin. Following Musk’s endorsement, Dogecoin experienced a surge in its price on Monday, with a notable 3% gain. Its trading value climbed from $0.07 to $0.073, reflecting the enthusiastic market response to Musk’s statement. The sudden price increase further solidified the significance of Musk’s influence on Dogecoin and the broader cryptocurrency market. However, as of the time of writing, the initial excitement has subsided, and DOGE’s price on Coingecko has adjusted to $0.070024. Despite the slight dip from the peak, the meme coin still managed to record a modest increase of 0.5% within the last 24 hours. Over seven days, Dogecoin showcased a more promising rally, with a substantial gain of 8.2%. Crypto Trading Expert Foresees DOGE Breakout Meanwhile, crypto trading expert Ali Martinez recently took to Twitter to share his prediction that Dogecoin is on the brink of a breakout, presenting an opportunity for investors. Leveraging an analysis of critical resistance levels and historical data on address accumulation, Martinez foresees a potential 10% price surge if DOGE surpasses the significant $0.75 supply wall. His insightful analysis suggests that breaking through the $0.75 supply wall can catalyze a notable upswing in Dogecoin’s price, propelling it toward the $0.85 mark. This specific price level holds particular significance because of the presence of approximately 176,000 addresses that had previously acquired a substantial amount of over 12.34 billion DOGE. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Doha News

While most crypto market watchers remain focused on Bitcoin’s ongoing struggle with $31,000, Ethereum recently closed above the psychologically important $2000 level for the first time in weeks. Now poised to close lower for four straight days, let’s take an evidence-based approach and determine whether four consecutive days lower for Ether is historically bullish or bearish going forward. Let’s dive in! Ethereum’s Close Above $2000 Followed By Pullback After closing at an impressive multi-week high and back above the $2000 level on July 13th, Ether has pulled back for four consecutive sessions, one of the conditions we’ll test momentarily. To better add context to the test, we’ll also add two more conditions requiring that [1] Ether is above its 200ma and that [2] its 200ma is rising. Why? The 200ma and its slope both act as simple filters to help determine market regime. For example, this latest four day pullback in Ether occurs in an improving market in which ETH is above the rising 200ma. If the current four day pullback were occurring in a down trending market regime, we would require that ETH be below its declining 200ma. Ethereum Daily Chart | ETHUSD on TradingView.com What does this pullback in Ethereum suggest for its price? To find out, we’ll look at all signals since inception, and also compare those signals to a simple “buy and hold” approach. This will provide us with a baseline to better understand today’s test results. Four Days Down Compared To Buy And Hold The holding time graphic below shows historical results for Ether’s current technical setup on top with a simple “buy and hold” approach on the bottom. In other words, we’ll show hypothetical results using various holding times solely for when Ethereum has closed lower for four straight days while above its rising 200ma on top. The bottom results will act as a baseline, assuming a hypothetical purchase of ETHUSD with no conditions whatsoever and an exit n-days later. Average Trade Comparison | SOURCE: REKTelligence, Tableau While both approaches show positive average trade results over every exit we tested from 7 days through 90 days, our baseline “buy and hold” actually outperforms the current technical setup of four days down. The single exception is the “exit in 90 days” in which the current setup slightly outpaces the historical average “buy and hold” trade, beating it 62.1% to 59.4%. But while the average trade statistic remains important, it does not always tell the whole story. When looking at a comparison of the largest hypothetical losses for both approaches using the same conditions described earlier, note that the largest losses (i.e., worst trades) for the current four days down setup are far lower than for a simple “buy and hold” approach. This largest loss comparison indicates that while the current setup may not beat “buy and hold” in terms of average trade, Ethereum may currently have a lower than usual risk exposure – something most experienced traders will appreciate. Largest Loss Comparison | SOURCE: REKTelligence, Tableau While the past doesn’t predict future, based on our analysis, Ethereum looks poised for potential upside mostly in line with typical “buy and hold” expectations. In other words, not overly exciting and apparently lacking any meaningful edge at the moment. That said, risk also appears lower than usual relative to the “buy and hold” largest loss stats. Traders take note. Ethereum may now be offering its typical return profile based on its current technical setup, but with a lower overall risk exposure. DB the Quant is the author of the REKTelligence Report newsletter on Substack. Follow @REKTelligence on Twitter for evidence-based crypto market research and analysis. Important Note: This content is strictly educational in nature and should not be considered investment advice. Featured images created with Tableau. Charts from TradingView.com.

Bitcoin price is again moving lower toward the $29,200 level. BTC must surpass $30,500 to attempt a fresh increase in the near term. Bitcoin is showing bearish signs and trading well below the $30,500 zone. The price is trading below $30,300 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $30,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down if it stays below the $30,500 resistance. Bitcoin Price Extends Decline Bitcoin price attempted a fresh increase above the $30,250 level but failed to gain bullish momentum. BTC stayed below the key $30,500 resistance zone. A high was formed near $30,447 before the price dropped below $30,000. It traded to a new weekly low at $29,669 and is currently correcting losses. It broke the 50% Fib retracement level of the recent decline from the $30,447 swing high to the $29,669 low. The price was able to climb above the $30,000 level. Bitcoin price is now trading below $30,300 and the 100 hourly Simple moving average. Immediate resistance is near the $30,200 level. There is also a key bearish trend line forming with resistance near $30,200 on the hourly chart of the BTC/USD pair. The trend line is near the 61.8% Fib retracement level of the recent decline from the $30,447 swing high to the $29,669 low. The first major resistance is near $30,265. The main resistance is now forming near the $30,450 and $30,500 levels. A close above the $30,500 level might start a fresh increase. Source: BTCUSD on TradingView.com The next major resistance is near the $30,850 level. Any more gains could open the doors for a move toward the $31,500 resistance zone. More Losses in BTC? If Bitcoin fails to clear the $30,500 resistance, it could continue to move down. Immediate support on the downside is near the $29,850 level. The next major support is near the $29,550 level, below which there could be a drop toward the $29,200 support zone. Any more losses might send the price toward the $28,750 level in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. Major Support Levels – $29,850, followed by $29,200. Major Resistance Levels – $30,200, $30,265, and $30,500.

As one of the biggest stablecoins, USDC is one of the major players in the crypto industry. However, the stablecoins have seen better days, as the stablecoin has seen its market cap drop drastically over the past few months. The second-largest stablecoin has seen its market cap drop by over $1.4 billion in just the last few days thanks to a surge in redemptions. $1.4 Billion Redeemed In One Week The stablecoin market was rocked this week by a massive redemption of USDC. According to Circle and data obtained from Coinmarketcap, the supply of USDC decreased by $1.4 billion in just seven days as Circle’s rate of token burning outnumbered the rate of new token creations. This led to a market cap drop from $27.4 billion to $26.9 billion in a 7-day timeframe. This comes as the overall supply of USDC has been on a steep decline since the beginning of the year, plummeting from $45 billion to its present level of $26 billion. The worst drop in USDC’s market cap this year came during the height of Silicon Valley Bank’s shutdown. According to Nansen, Circle burned $1.6 billion in USDC in a single day. During this period, Circle’s market cap fell by more than $10 billion. This came as investors rushed to redeem USDC due to Circle having cash reserves in the failed bank. What Does This Mean For USDC? The rush to redeem USDC over the course of the past year has prompted doubts about the reserves underpinning the stablecoin. But the stablecoin market appears to be doing just fine in terms of maintaining its peg to the US dollar. Circle also maintains that the USDC cryptocurrency is backed 1:1 by cash and other monetary equivalents. In March of this year, Circle switched to short-term maturity bonds. This means that the USDC reserve is now held 80% in short-dated US treasuries and 20% in cash deposits within the US banking system. Given this, there are worries among investors as redemptions at this scale could strain the reserves if they’re invested in less liquid assets. This would explain the high volume of redemptions over this time. The cryptocurrency market is known for its volatility, but stablecoins have become one of the backbones of the industry due to their ability to offer more stability. Overall, most of the stablecoin market remains split between USDT and USDC, making up more than 83% of the total stablecoin market cap. For now, USDT has the higher momentum. While USDC’s market cap has slipped throughout the year, data shows USDT has added over $15 billion to its market cap.

Crypto exchange Binance has been the subject of intense regulatory scrutiny over the last few months and BNB has suffered as a result. Even now, as it seems the crypto exchange is beginning to find its footing once more amid regulatory wolves circling, its native token is still under immense selling pressure. This is evidenced by the BNB open interest, which has now skyrocketed to new all-time highs. BNB Open Interest Reaches New All-Time High In an interesting turn of events, BNB shorts are ramping up even at a time when the crypto market seems to be on a recovery trend. According to a Twitter post by analyst Dylan LeClair, this has caused the open interest in the digital asset to rise exponentially. The chart shared by LeClair shows that BNB’s open interest is now sitting at $400 million. This is over four times higher than the previous all-time high for the digital asset which was $50 million back in 2020. And unlike then, the surge in open interest right now is more bearish than it is bullish. This current increase has seen funding rates move above negative 200% and yet traders continue to short the altcoin. The fact that traders are choosing this route despite the high cost to do so points to the expectations of a massive crash coming for the digital asset. As LeClair points out, this could mean that the United States Department of Justice (DoJ) is finally leveling charges against the crypto exchange. “And people in the know are positioning accordingly.” Will The Altcoin Survive a DoJ Lawsuit? As already demonstrated by the Securities and Exchange Commission’s (SEC) lawsuit against the Binance crypto exchange, a lawsuit from regulators would have an adverse impact on the price of BNB. When the SEC sued the exchange in early June, the price of BNB plummeted by over 20% over a few days period. Given such a response, a lawsuit from the DoJ would be even worse because of its implications. And if this were to happen this week, then another 20% decline from here would see the digital asset lose its footing above $200. For right now, the price of BNB is still holding up nicely above $240. One reason for this could be the Arkham sale being carried out on the Binance launchpad. As this sale requires BNB for subscriptions to participate, it has provided temporary buy pressure for investors to participate. However, once the sale ends on July 18, this temporary plug would be eliminated and the cryptocurrency will likely fall back to the $230 territory.

Bitcoin price is pulling back after a strong finish in the crypto market last week. However, this past Sunday night’s weekend close was also the close of the 4-week BTCUSD chart, which has potentially confirmed a high timeframe continuation pattern. If the continuation pattern is indeed valid, it could point to 3-6 months of an extended uptrend, making 2023 an extremely bullish year in the end. Here is everything you need to know about the bullish continuation pattern and what it could mean for the crypto market. Bullish Candlestick Continuation Pattern To Light Up Second Half Of 2023 2023 has been an interesting year in the cryptocurrency market. Bitcoin has been mostly bullish, but nothing compared to what we’ve witnessed in the past — as recently as 2020. Meanwhile, altcoins have been long suffering an onslaught from the US SEC. This has kept Bitcoin further at bay against the US Dollar, while eating up altcoin capital on the BTC pair. Despite an important week for the industry and BTCUSD setting a new high for the year, Bitcoin lost some momentum and is now trading below $30,000 per coin. However, before the correction happened, the 4-week BTCUSD candle also closed on Sunday night. The 4-week timeframe is slightly more sensitive than the monthly at between 2 to 3 days less, sometimes offering unique signals from the 1-month. Sunday night’s close forever marked the chart with the last candle necessary for a completed Rising Three Method pattern. The Rising Three Method is a bullish Japanese candlesticks continuation pattern. It consists of a large white candle, followed by three small-bodied candles in a row. After the period of consolidation, a large white candle closes above the trio of black candles, engulfing them all. Bitcoin Buyers Make A Statement: Rising Three Method Pattern Completes The pattern shows that after a pause, buyers resume control. By making this statement, bulls could gain control of Bitcoin over the next 3 to 6 months. The reason for the timing, is due to the length of each candle’s session. After a Japanese candlestick pattern confirms, its expected results should appear within the next 3-5 candlesticks. 3-5 sessions of 4 weeks total, equals roughly 12 to 20 weeks, or around 3-5 months. That timing would take any potential bull rally through the end of the year. For further validation of the fact upside should appear within 3-5 candles after a confirmed signal, we can see that a morning star pattern completed during the first candlestick close of the year. The second candle of the year was a doji, then this bullish continuation pattern formed. All of this combined tells a possible story of a continued bull market for the rest of the calendar year. The Japanese candlestick continuation pattern also comes with plenty of confluence through a confirmed bullish crossover of the LMACD. The technical indicator suggests a momentum shift supportive of more upside in Bitcoin. Will this continuation pattern result in a strong bull market breakout? This chart originally appeared in issue #12 of CoinChartist (VIP) alongside a dozen exclusive XRP, Bitcoin, and other charts. Subscribe for free.

Uniswap, the leading decentralized exchange (DEX), has announced the launch of UniswapX, a permissionless and open-source protocol for trading across automated market makers (AMMs) and other liquidity sources. According to the announcement, UniswapX aims to improve self-custody swapping and grow on-chain trading by offering better prices through the aggregation of liquidity sources, gas-free swapping, protection against maximal extractable value (MEV), and no cost for failed transactions. Uniswap Latest Protocol Launch UniswapX addresses the growing complexity of on-chain routing and the fragmentation of liquidity pools resulting from the increasing number of customized pool designs. The protocol outsources routing complexity to a network of third-party fillers who compete to fill swaps using on-chain liquidity like AMM pools or their private inventory. This allows swappers to use the Uniswap interface without worrying about getting the best price and ensures that transactions are always transparently recorded and settled on-chain. Per the announcement, gas-free swapping is a key feature of UniswapX. Swappers sign a unique off-chain order, which is then submitted on-chain by fillers who pay gas on the swappers’ behalf. This eliminates the need for swappers to pay gas or hold a chain’s native network token to trade. MEV protection is also provided by UniswapX, which returns MEV that would be left on the table to be captured by an arbitrage transaction to swappers through improved prices. UniswapX also has plans to launch a cross-chain version later this year that combines swapping and bridging into one seamless action. This will provide users with the ability to exchange between different blockchain networks in a seamless and trustless manner. This is made possible through the use of bridges, which are specialized smart contracts that enable the transfer of assets between different blockchain networks. In addition, instead of receiving a bridge-specific token, users can choose which assets to receive on the destination chain. Strong Resistance Causes UNI To Retract After the announcement of the launch of the UniswapX protocol, the price of Uniswap’s native token, UNI, experienced a surge of around 3%. UNI reached a high of $6.152, a level not seen since April 2023. The excitement generated by the launch of this new protocol led to a surge in demand for UNI, as traders anticipated improved user experience and better prices for on-chain trading. However, UNI faced a strong resistance line at this same level, causing the token to retrace and lose all the gains generated by the announcement. At present, UNI is trading at $5.738, down by 1.4% in the last 24 hours. Despite this recent dip, UNI has posted significant gains in the 30-day timeframe, with a staggering 28% profit. On the flip side, according to Token Terminal data, Uniswap’s market cap (circulating) currently stands at $4.76 billion, representing a 28.3% increase over the past 30 days. The market cap (fully diluted) is $5.77 billion, up 26.01% over the same period. Uniswap’s total value locked (TVL) is currently $3.67 billion, a decrease of 0.54% over the past 30 days. The price fees (P/F) ratio (fully diluted) stands at 17.50x, indicating that the market values Uniswap’s future earnings potential at a premium. Uniswap’s trading volume (annualized) is $349.19 billion, representing a decrease of 8.05%. In terms of user activity, Uniswap has had an average of 69.640 daily active users over the past 30 days, representing an increase of 2.7%. Featured image from Unsplash, chart from TradingView.com

The Sui blockchain platform is witnessing a surge of activity, mainly due to its new Web3 game, Sui 8192. Not only is this game boosting blockchain engagement, but it’s also contributing to the bullish run of Sui’s native token, SUI. SUI scan has shown Sui 8192 contributed to the transaction spike on the network. In the past 24 hours alone, the game has drawn 258 million transactions on the Sui blockchain. Developed by Ethos, a Sui wallet maker, the game is intended to spark interest in Web3. New Era Of Web3 Gaming On Sui Blockchain? The mechanics of Sui 8192 includes Players accruing points by matching two similar tiles on a grid. When they amass 8192 points, the game ends, and a non-fungible token (NFT) is minted on the blockchain, a testimony to their achievement. This experience introduces more and more people to the world of blockchain and NFTs in an accessible way. However, Sui 8192 is not the only game in town; Sui also hosts other notable titles like the high fantasy action games Abyss World, Cosmocadia, and Orange Comet. Riding The Bullish Trend: SUI Token Climbs To New Heights Sui’s blockchain native token, SUI, is seeing an upward trajectory, with a 10.5% value gain in just a week, leaping from $0.63 on July 10 to a high of $0.72, a near 2% increase in the past 24 hours alone. Simultaneously, the trading volume of SUI has nearly doubled in the past week, escalating from $33 million to a towering $76 million in just 24 hours. SUI’s market capitalization is rising from $426 million to $461 million today. With the steady growth of Sui’s blockchain platform and the rising popularity of its gaming universe, the upward trend of SUI could be more than a temporary spike. Featured image from iStock, Chart from TradingView

NEW YORK & OTTAWA, Ontario–(BUSINESS WIRE)–#Magmic–Award-winning mobile game developer, Magmic announced today that they have been invited to participate in Pocket Gamer Connects Toronto to discuss the recent integration of ChatGPT into its popular ‘Hasbro’s Scattergories’ mobile game. Pocket Gamer Connects is a leading mobile gaming industry conference with over 750 games industry professionals in attendance to network, discover, pitch and learn from 150 of the world’s leading authorities. This latest update to the official Scattergories Mobile App, integrating OpenAI’s ChatGPT was announced in May 2023 with new insights and data recorded since the integration. “We have over three months of new data with the new AI update in place. We will be sharing comparisons on our processes before and after AI, KPI data on the difference made with AI integration, issues we faced and adjusted within the integration, and potential future uses for the technology. Scattergories can now compare answers against a knowledge base beyond anything developers could create themselves and we are honored to share these important developments that affect the future of mobile gaming at Pocket Gamer Connects Toronto,” said Magmic CEO and president Mohammad Agha. Scattergories has had nearly 4 million installs since its launch, making keeping the answer database up to date and complete the biggest hurdle for developers. ChatGPT is an artificial intelligence tool, created in November of 2022 by OpenAI that allows users to generate original text. You can ask it questions and give it creative prompts to generate anything from short stories to enhancing game question and answer databases as seen with the Scattergories integration. “As a pioneer in the mobile gaming industry, we are dedicated to staying at the forefront of new technologies – especially in the Web3 realm – and utilizing them to enhance our mobile games and the experience for our players. We will continue to test the ChatGPT integration and plan to continue with it and incorporate it into our entire portfolio of hundreds of mobile games based on the success with Scattergories,” said Magmic Co-Founder and CTO Joshua Ostrowalker. About Magmic Magmic is an award-winning publisher and developer of mobile games since the dawn of the mobile entertainment revolution to present day as a leader in the Web3 video game realm. Established in 2002 in Ottawa, Canada, Magmic is a pioneer in the mobile gaming industry and has developed and published over 100 mobile games, many of which have reached #1 in the Card and Board game categories on the App Stores. Magmic’s most popular games include Hasbro’s Scattergories and Scattergories Blitz, Mattel’s Phase 10, Skip-Bo and Blokus, Texas Hold’Em King, Passport Rummy, The New York Times Crossword app, Spite & Malice, Adventure Hearts, the Simply suite of card games, along with many others. With over 250 million game downloads over 21 years, Magmic currently has a player base of millions of monthly active users and tens of billions of hours of play. For more information, visit www.magmic.com About Hasbro Hasbro is a toy and game company whose mission is to entertain and connect generations of fans through the wonder of storytelling and exhilaration of play. Hasbro delivers engaging brand experiences for global audiences through toys, consumer products, gaming and entertainment, with a portfolio of iconic brands including MAGIC: THE GATHERING, DUNGEONS & DRAGONS, Hasbro Gaming, NERF, TRANSFORMERS, PLAY-DOH and PEPPA PIG, as well as premier partner brands. Hasbro is guided by our Purpose to create joy and community for all people around the world, one game, one toy, one story at a time. For more than a decade, Hasbro has been consistently recognized for its corporate citizenship, including being named one of the 100 Best Corporate Citizens by 3BL Media, one of the World’s Most Ethical Companies by Ethisphere Institute and one of the 50 Most Community-Minded Companies in the U.S. by the Civic 50. For more information, visit https://corporate.hasbro.com Contacts Tara Crary Connect Advertising Agency, Inc. for Magmic [email protected]

According to recent findings from blockchain analytics company IntoTheBlock, around 29% of the total Bitcoin circulating supply is now presumed lost forever after remaining stagnant for over five years. Bitcoin was designed to be scarce, with only 21 million coins ever to be mined, but the very features that make the cryptocurrency so attractive to investors can sometimes lead to investors losing their assets forever, especially in cases where private keys are forgotten. Related Reading: Why Ripple’s Victory Against The SEC May Be Short-Lived: Legal Expert Stagnant BTC Addresses Are Growing Over Time In a recent tweet by IntoTheBlock, the company called attention to the high number of dormant bitcoin addresses. “Our data shows that 29% of $BTC hasn’t moved in over 5 years. It’s possible that a large part of this concerns lost coins,” the tweet said. Similar data has been supplied by Glassnode Alerts, an on-chain metrics monitor. According to Glassnode, on-chain data shows that the total quantity of HODLed or lost bitcoins just hit a new all-time high of 7,781,224.168 BTC. Given that the price of a single Bitcoin is currently about $30,000, this equates to more than $235 billion in BTC that has now been lost. What Does This Mean For Bitcoin? Institutional interest in Bitcoin has grown in the past year, with companies like MicroStrategy doubling down on their bitcoin holdings. Hence, the increase in dormant addresses can show more people are holding Bitcoin as a long-term investment rather than trading or spending it. However, it can also signal the amount of BTC lost forever, especially by early investors. Taking into account that early investors are more likely to cash out on the huge gains made by the price of bitcoin, the latter is more likely. The price of Bitcoin has skyrocketed over the years and small amounts of Bitcoin from the early days are now worth a fortune. So if investors still had access to these dormant BTC, then they would likely have been moved already. As Bitcoin gained mainstream popularity, many people have also bought in without fully understanding how to secure their private keys properly. A good example is the case of Stefan Thomas, a San Francisco-based programmer who is unable to asses his holdings of about 7,002 bitcoins. Thomas’ holdings are currently worth $216 million, but he can’t remember the password containing the private keys to his digital wallet. With bitcoin having a fixed supply, its increasing scarcity due to lost coins can also enhance its appeal as a store of value. This could drive the price up due to increasing demand for the fewer bitcoins in circulation. Bitcoin has seen a surge in price in recent months fueled by spot ETF applications filed by major investment companies like BlackRock and Valkyrie. The cryptocurrency is up by 43% this year and is currently ranging around $30,000 for the past few weeks.

LTCUSDT gains 150% from recent low, eyeing a 170% rally if resistance is breached. Impressive Returns and Recent Bearish Trend LTCUSDT, the Litecoin to Tether trading pair, has experienced a notable journey in recent times. After showcasing impressive performance with a remarkable 750% return from January 2020 to April 2021, the cryptocurrency faced a significant hurdle in surpassing its recent high of $413. This resulted in a bearish trend lasting nearly 14 months. However, LTC has shown positive momentum since mid-July 2022, recovering nearly 150% from its lowest point. In this analysis, we will delve into the current price action, identify an ascending triangle pattern, and discuss the potential implications for traders and investors. Impressive Performance and Key Levels LTCUSDT has been trading around the $91.99 level, displaying strong growth over time. Despite facing challenges in surpassing the $413 mark, the cryptocurrency has performed well historically. Key levels to monitor include $149.84 and $326.83, which could act as significant resistance or support levels. Additionally, a notable weekly demand zone is observed at $45, indicating potential buyer interest at that level. Current Price Action Ascending Triangle Pattern and Potential Reversal: Within the weekly time frame, LTCUSDT has formed an ascending triangle pattern from April 18, 2022, to July 17, 2023. This pattern, combined with a recent volume spike, suggests a potential trend reversal and increased volatility. Traders should pay attention to this development, as it could indicate a shakeout of weak buyers and the emergence of a new bullish trend. Projected Targets and Breakout Potential Based on the range structure of the ascending triangle pattern, a measured move can be identified. If LTCUSDT breaks out above the resistance level at $110.80, it has the potential to reach Target 1 at $190 and Target 2 at $330. These levels represent potential price milestones if the bullish momentum continues and the breakout is sustained. While the ascending triangle pattern points towards a potential breakout and bullish scenario, caution is warranted. A bearish scenario would come into play if LTCUSDT breaks below the support level at $75. This would invalidate the bullish view and could lead to a shift in market sentiment. It is crucial for traders and investors to closely monitor the price action and adjust their strategies accordingly. The LTCUSDT trading pair has shown impressive performance in the past, recovering from a bearish trend and exhibiting positive momentum since mid-July 2022. The formation of an ascending triangle pattern suggests a potential trend reversal and breakout. Traders should carefully watch for a breakout above the resistance level at $110.80, which could propel LTCUSDT towards higher price targets. However, caution is advised, as a break below the support level at $75 could indicate a bearish scenario. Vigilance and adaptability will be key for traders and investors navigating the LTCUSDT market.

Initially, it will be marketed in the UK, the European Union, and the European Economic Area. Gnosis Pay is the result of a partnership between Gnosis and the payment processor SaltPay. Blockchain industry frontrunner Gnosis has introduced Gnosis Pay and Gnosis Card, the first fully decentralized payment network and self-custodial debit card. This was announced during the biggest annual European Ethereum 04-days event, The Ethereum Community Conference (EthCC). Using a Visa-certified consumer debit card linked to an on-chain self-custodial wallet, the Ethereum-based sidechain Gnosis offers Gnosis Pay and Gnosis Card, a first in the integration of decentralized payment networks with conventional processors. Boosting Crypto Adoption Initially, it will be marketed in the United Kingdom, the European Union, and the European Economic Area. The United States, Brazil, Mexico, Singapore, and Hong Kong are all on the list of target markets for Q4 expansion. This new service stands out from similar Web3 payment cards and is expected to boost crypto adoption. These novel services allow customers to utilize stablecoins and the Visa payment system to make transactions online. Working as a layer 2 solution on the chain, Gnosis Pay is the result of a partnership between Gnosis and the payment processor SaltPay. The Gnosis Card will support EURe, a stablecoin tied to the Euro, upon launch. The developers behind Gnosis Pay are hard at work adding support for MakerDAO’s decentralized stablecoin, DAI. Gnosis Pay will first provide a physical card and a web application; a mobile app is in development. The $30 EURe registration fee ushers in a new age of cryptocurrency transactions, thus boosting adoption. Despite Gnosis’s separation from Safe in July, the two companies remain closely connected, as seen by the inclusion of Safe wallets in Gnosis’s most recent product offerings. Highlighted Crypto News Today: Top Crypto Performers After Ripple’s Partial Win Against SEC