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

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

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

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

Cathie Wood’s Ark Invest funds sold 478,356 Coinbase shares for a total of $53 million. The price of COIN had reached a new 24-hour high of $114.43. As Coinbase stock prices near a 52-week high, Ark Invest, the investment management business run by Cathie Wood, has liquidated some of its holdings in the company. After acquiring millions of dollars’ worth of Coinbase shares during the bear market, Ark Invest sold off part of its holdings twice this week. Transaction records show that on July 14, when Coinbase (COIN) achieved a new annual high of $114.43, Cathie Wood’s Ark Invest funds sold 478,356 shares for a total of $53 million. There were sales of 263,247 COIN shares from Cathie Wood’s flagship fund, ARK Innovation ETF (ARKK), 93,227 COIN shares from ARK Next Generation Internet ETF (ARKW), and 35,666 COIN shares from ARK Fintech Innovation ETF (ARKF). The price of COIN had reached a new 24-hour high of $114.43, up 33% from its previous low this week and 213% from its yearly low. Coinbase, along with other crypto-related equities, rose after the judgment in the Ripple case. However, as investors grabbed profits, the price of COIN shares dropped to $105.31 on Friday. On July 11 (valued at $12 million), ARK Fintech Innovation ETF (ARKF) sold 160,887 Coinbase (COIN) shares, while ARK Innovation ETF (ARKK) sold 135,152 Coinbase (COIN) shares. Banking on Meta and Robinhood On Friday, Cathie Wood’s Ark Invest funds bought shares in Meta Platforms (META) and Robinhood (HOOD). Cathie Wood began purchasing shares of Meta Platforms in June, when the company announced the introduction of a Twitter-like social networking platform called “Threads.” The ARK Innovation ETF (ARKK) bought 69,793 shares of META, while the ARK Fintech Innovation ETF (ARKF) bought 111,843 shares of Robinhood. The ARK Next Generation Internet ETF (ARKW) has got 12,559 META shares and 169,116 Robinhood shares, respectively. Highlighted Crypto News Today: FTX’s Former CEO SBF Seeks Visitation Privileges Without Security

BNB Chain, the blockchain platform powering the Binance ecosystem, has recently emerged as a formidable force in the crypto world, surpassing its competitors in terms of daily active users. This surge in user engagement has coincided with a surge in the value of the BNB token, which has experienced a steady increase of over 5% within a single week. As BNB’s daily active users continue to soar, one can’t help but question the overall impact of this unprecedented growth. What lies behind BNB’s ability to outshine its rivals and attract a growing user base? Is there a hidden catalyst propelling its value upwards? Moreover, as these metrics diverge from the norm, skeptics begin to raise valid concerns about the sustainability and potential risks associated with BNB’s rise. BNB Chain Surpasses BTC, ETH In Daily Active Users In the ever-evolving landscape of blockchain technology, BNB Chain has recently achieved a significant milestone, surpassing renowned chains such as Bitcoin (BTC) and Ethereum (ETH) in terms of daily user activity. According to a BNB analysis, the chain secured the second position, solidifying its position as a formidable player in the crypto world. Token Terminal’s data also revealed that BNB Chain boasts an impressive count of over 1 million daily active users, a testament to the platform’s growing popularity and appeal. This notable achievement is even more remarkable considering the longstanding dominance of Bitcoin and Ethereum, which have traditionally held the top positions in the cryptocurrency market. The BNB token has also made waves in the market. Currently priced at $248.78, it experienced a slight setback with a 3.5% slump in the past 24 hours. However, the token quickly bounced back with a decent 5.4% increase in the last week. Mixed Signals While the BNB Chain has garnered widespread enthusiasm and positioned itself as a competitive player in the crypto market, recent data from Santiment reveals a nuanced picture. Despite the chain’s impressive user base, as measured by daily active addresses, the level of excitement appears to be relatively consistent without any notable spikes, according to Santiment’s analysis. When examining the Total Value Locked (TVL) metric, which indicates the amount of assets held within a blockchain protocol, BNB Chain falls behind Ethereum and Tron, occupying the third position. As of the latest data, the TVL for BNB Chain stands at approximately $3.4 billion, highlighting room for growth in this area. Similarly, the stablecoin market cap on the BNB Chain has exceeded $5 billion. However, Santiment’s charts indicate that both the TVL and market cap metrics have yet to exhibit a significant upward trend, despite the chain’s growing user base. This suggests that while BNB Chain boasts a higher number of active users, the overall TVL and market cap have not fully reflected this growth. (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 Gadgets 360

The lawyers maintained that get-togethers didn’t need a permanent security presence. The solicitors also asked that the public not learn the identities of these persons. The solicitors for Sam Bankman-Fried (SBF) asked Judge Lewis Kaplan for permission to have specific visitors see their client without going through security checks. Despite being permitted to live with his parents, the former FTX CEO is subject to several constraints. If he has visitors over, a security guard must be present. Lawyers for Bankman-Fried asked New York District Court Judge Lewis Kaplan in a formal letter to allow “close friends” to see their client at his parents’ home in Palo Alto, California. They maintained that get-togethers didn’t need a permanent security presence. The lawyers stated: Targets of Threats in the Past For safety considerations, the solicitors also asked that the public not learn the identities of these persons. Given that SBF and his parents have been the targets of threats and harassment in the past, it may be prudent to keep their names “under seal.” In January, three men were involved in an automobile accident with the house’s barrier. They then reentered the car and left, hoping to avoid being seen. A federal court in New York granted SBF bail in the amount of $250 million so that he could remain with his family two months after FTX’s collapse. The legal proceedings are underway and SBF has denied all charges levied against him. The FTX collapse is one of the significant turning points in the history of the crypto sector. Highlighted Crypto News Today: Will Solana Recent Surge Propel SOL to Overtake Cardano (ADA)?

Ron DeSantis has pledged to ban central bank digital currencies (CBDC). CBDC will allow people to prohibit undesirable purchases. Florida Governor Ron DeSantis has made a strong statement ahead of the 2024 elections. United States presidential candidate Ron DeSantis has pledged to ban central bank digital currencies (CBDC) on day one if he emerges victorious in the 2024 elections. It sparks discussions about the future of money, technological advancements, and the role of governments in financial systems. On July 14, the governor of Florida, Ron DeSantis, joined as a guest speaker at the Family Leadership Summit 2023. In the interview, presidential candidate Ron DeSantis answered the question of concerns about the next economic phase and his option to ban the Central Bank Digital Currencies. DeSantis replied that he would ban central bank digital currencies (CBDC) “on day one” if elected in 2024. Ron DeSantis Says CBDC Will Become a Massive Threat DeSantis’s recent statement has ignited intense debate among the crypto community, policymakers, and citizens. He mentioned that they would not recognize CBDC in the state of Florida. He is expecting that other states are probably going to follow suit, and that will stop their ability to do it through executive actions. Moreover, they don’t have the authority to do so because there would be a lawsuit. According to the governor of Florida, CBDC will allow people to prohibit undesirable purchases. This will impose a social credit system on the country. Moreover, CBDC will become a massive threat to American liberty on January 20, 2025. In recent days, DeSantis has continuously expressed his strong objection to CBDC. In the recent Fed announcement, he claimed that the government may use a CBDC for evil purposes, including to “control” American money. DeSantis expresses skepticism about their impact on the economy and financial stability. Highlighted Crypto News Today: Binance Layoff Update: Cz’s Hiring Initiatives Remain Unaffected

This decline follows a rise of over 80% after a positive verdict in the Ripple v. SEC case. The cryptocurrency is once again below Binance’s BNB as per CMC. The fifth biggest cryptocurrency, XRP, is down 8% in the last 24 hours and is now around $0.70. According to CMC statistics, the cryptocurrency is once again below Binance’s BNB. It currently sits at the 5th position on the top crypto by market cap list on CMC. This decline follows a rise of over 80% after a positive verdict in the Ripple v. SEC case led to big U.S. exchanges such as Coinbase and Bitstamp relisting XRP. Fox Business’ Charles Gasparino tweeted about the drop, citing unanswered questions regarding the scope of Ripple’s triumph in court as the reason. Despite being a devastating reality, the pro-Ripple camp has mostly disregarded the court’s judgment that $700 million in XRP sales were unlawful and required to be refunded. SEC Expected to Appeal John Reed Stark, a legal expert, has analyzed the court’s ruling and found many possible problems. According to Stark, the judgment makes it harder to distinguish between private sales of XRP to approved investors and sales of the tokens via programmatic means on crypto-trading platforms. Moreover, he claims this strategy might create a new category of “quasi-securities” whose characteristics vary based on the investor’s level of expertise. Stark notes that the verdict raises concerns about whether token sales to sophisticated investors like VC firms can be considered securities or not. The analyst ends by saying the SEC would likely appeal the Ripple case to the 2nd Circuit and that the District Court’s findings pertaining to programmatic and other sales will be reversed. Highlighted Crypto News Today: Will Solana Recent Surge Propel SOL to Overtake Cardano (ADA)?

Solana (SOL) market cap surged over 89% in the last 24 hours. Solana and Cardano are in close competition, with a 2% difference in market caps. The so-called “Ethereum Killers” Solana (SOL) and Cardano (ADA), emerged as strong competitors in the global crypto market. Following the Ripple (XRP) victory against the U.S. SEC, both cryptocurrencies have gained significant momentum, with Solana experiencing a remarkable surge in market capitalization. Over the past 24 hours, Solana’s market cap has surged by a staggering 89%, jumping from $5.99 billion to $11.30 billion. This achievement marks the highest level for Solana since November 2022, underlining its growing influence and investor confidence. Top Cryptocurrencies As a result of this surge, Solana has surpassed well-established cryptocurrencies such as Litecoin (LTC), Tron (TRX), Polygon (MATIC), and Dogecoin (DOGE), securing the 8th position in terms of market cap. Solana (SOL) vs Cardano (ADA) Solana’s bullish momentum continues, allowing SOL to reclaim its market position. Currently, Solana is closely competing with Cardano (ADA), which currently holds a market cap of $11.55 billion. The market cap difference between Cardano and Solana is just 2%, with Cardano holding a slightly higher market cap compared to Solana. This intensifying competition between the two cryptos further highlights the significance of their achievements and the strong demand. Solana (SOL) Price Chart (Source: Tradingview) At the time of writing, Solana (SOL) is traded at $27.99, with a market cap of over $11.30 billion. In the past 24 hours, SOL has experienced a 5% price increase and a notable 30% surge within a week. Since the beginning of the year, Solana has witnessed an astonishing growth of 181%, and currently SOL holds a 24 hour trading volume of $1.7 billion. On the other hand, Cardano (ADA) is currently trading at $0.33 with a market cap of $11.55 billion. In the past 24 hours, ADA has seen a 1.4% price rise and has gained 17% in a week. In addition, Cardano has a 24-hour trading volume of $548 million, which is 50% lower than Solana. Cardano (ADA) Price Chart (Source: Tradingview) These statistics highlight the positive performance of both Solana and Cardano, showcasing their substantial gains over various timeframes. Highlighted News Today BRISE Gets Another Feather in the Cap, Gets Verified on Etherscan

Binance undergoes significant layoff, but CEO CZ continues hiring. Over 1,000 employees were laid off in Binance’s recent restructuring. Binance could lose over a third of its staff amid the reorganization. Binance, one of the world’s largest cryptocurrency exchanges, has reportedly laid off over 1,000 employees, majorly 36 in India. This binance layoff primarily affected customer service workers, and said it to be a result of its aim to reallocate resources and enhance talent density within the organization. Binance had previously announced a 20% reduction in staff on May 31, with the intention of remaining dynamic as they prepare for the next major bull cycle. However, the recent binance layoff made headlines as it indicated a larger impact on the company’s workforce.It might potentially result in a loss of more than a third of its staff. Binance Layoff : Decoded According to a CNBC report, the cuts are expected to eliminate 1,500 to 3,000 jobs globally, with the process extending until the end of the year. However, a Binance spokesperson disputed the higher figure of 3,000 workers, stating it was too high. The departure of several senior executives have been attributed to Binance CEO Zhao’s handling of the ongoing investigation by the U.S. Department of Justice (DOJ) into Binance’s activities. However, CZ took to twitter to express his commitment to the company. And refuted media reports about the extent of the binance layoff. In addition to the workforce reductions, Binance has faced regulatory challenges worldwide. It was ordered to cease operations in Belgium, failed to obtain a license in the Netherlands. And lost its euro banking partner. The exchange is also under scrutiny in France and is facing a subpoena in Brazil regarding a Ponzi scheme investigation. The DOJ investigation remains a significant challenge for Binance. And CZ’s refusal to give up control or step aside has raised concerns about the exchange’s future. Despite facing challenges and setbacks, Binance celebrated its 6th anniversary and remains operational, prioritizing ongoing hiring efforts. Finally,The cryptocurrency exchange industry, including Binance, has been subject to increasing regulatory scrutiny in various jurisdictions, it has posed challenges for their operations. Highlighted News Today BRISE Gets Another Feather in the Cap, Gets Verified on Etherscan

In a long-awaited decision, Judge Torres ruled in favor of XRP in their case against the U.S. Securities and Exchange Commission (SEC) yesterday. The verdict is a positive development for the cryptocurrency industry, particularly with a focus on whether digital assets should be deemed securities in the US. The ruling is expected to set a precedent for the industry moving forward. It is positive for both altcoins and the wider industry, as the default expectation is that these assets are not deemed securities so long as they are made available to the public. This event will likely have wider implications for ongoing legal cases and may help rebuild confidence in the industry for developers and attract more liquidity to the ecosystem. XRP Defies Expectations With Massive Price Surge And Trading Volume Spike Following the news, XRP saw a surge in price, reaching as high as $0.93, the highest price since May 2021, and closing at $0.82. According to data compiled by the research company CCData, the news led to an influx of trading activity, with XRP trading pairs on centralized exchanges (CEX) recording a total volume of $6.05 billion on the day, an increase of 1351% from the previous day. The relisting of the asset on other centralized exchanges, including Coinbase, Kraken, and Gemini has also contributed to the spike in volumes. The news surrounding the ruling also led to almost 100% daily gains for XRP, with other tokens such as Solana (SOL) and Cardano (ADA), recently deemed securities, seeing significant gains of 35% and 28%, respectively. Despite the negative backdrop that XRP has faced due to the lawsuit, its market depth liquidity at the 1% level has remained resilient year-to-date (YTD). XRP’s 1% bid/ask side depth at Yearly Open was 26.5 million XRP, which saw a variance of 0.41% throughout the year and remained strong at 25.1 million XRP on the 12th of July. Derivatives Data Shows Positive Sentiment According to the report, Derivatives data indicate that XRP’s positive funding rate remained steady over the past few days, in line with the wider positive market sentiment. The lawsuit news generated a significant rise in speculative interest on the bid side, with a $280 million increase in Open Interest, from $635 million to a high of $913 million across exchanges. Moreover, funding rates reached over 0.03% across exchanges, over three times higher than its baseline level of under 0.01% before the announcement. On the other hand, the funding rate history of XRP shows that speculators trading perpetual contracts have been favoring the upside, with minimal time spent this year in negative funding rate territory. This underscores the positive sentiment of traders for XRP, which was recently rewarded with a large price rise due to the announcement. While it remains to be seen whether XRP will maintain its extremely positive funding rate, it is currently a good standard for gauging positive sentiment within altcoins, given the attention and volume it is generating. Considering the lawsuit’s success, the implications for the market are overwhelmingly positive, and the ruling provides clarity that did not exist before the judgment. According to CCData, the market could see a few trends emerge, such as coins deemed securities recovering well and potentially outperforming and the potential for Bitcoin dominance to drop as an overall percent of market cap, given renewed optimism in altcoins. Despite the recent surge in positive sentiment and renewed investor confidence, XRP has experienced a significant price drop. After coming close to reaching the $1 mark, which it has not seen since November 2021, XRP is currently trading at $0.7002, marking a decrease of over 11% in the last 24 hours. Featured image from Unsplash, chart from TradingView.com

On-chain data shows a PEPE whale has made a large deposit to Binance, something that could provide an impedance to the meme coin’s rally. PEPE Whale Has Deposited $7.2 Million To Binance According to data from the cryptocurrency transaction tracker service Whale Alert, a massive PEPE transfer has occurred on the Ethereum blockchain during the past day. The transaction in question involved the movement of 3.94 trillion PEPE, which was worth almost $7.2 million at the time the transfer went through on the network. Generally, only the whale entities are capable of making such large moves, so it’s reasonable to assume that a whale investor would have been behind this transfer. Due to the massive amount of capital involved in transactions of these humongous investors, they can sometimes cause noticeable fluctuations in the price of the asset. As such, the movements of the whales can be something to watch out for. How such transfers may affect the market, though, depends on the exact intent the investor had behind it. Here are some additional details regarding the relevant PEPE whale transfer, which may shed some light on what the whale wanted to achieve with the move: As you can see above, the sending address in the case of this PEPE transfer is an unknown wallet, meaning that it’s an address unattached to any known centralized platform, making it likely that it’s the personal wallet of an investor. The receiving address, on the other hand, looks to be a wallet affiliated with a centralized platform. More specifically, this address is connected to the cryptocurrency exchange Binance. Transfers like these, where coins move from self-custodial wallets to exchanges are called “exchange inflows.” As one of the main reasons why investors may deposit their coins to these platforms is for selling-related purposes, exchange inflows can provide hints about the selling pressure in the market. In the current case, as the whale has made a rather large inflow to these platforms, it’s possible that the price of the meme coin may suffer bearish consequences from it. Naturally, this would only be so if the PEPE whale in question truly made these deposits with selling in mind, and not for using any of the other services the Binance platform offers. Though, considering that the exchange inflow has occurred following a rapid 17% rise in the meme coin’s value, there is probably a fair chance that the whale is indeed looking to sell and take advantage of this profitable exit opportunity. So far, however, the PEPE price has only moved mostly sideways since the whale made the transfer, implying that, if the whale indeed sold the coins, the market currently has enough buying pressure that the selling has simply been absorbed. Another possibility, though, may be that the whale has only made the deposit in advance and is yet to actually the pull trigger on selling the stack, perhaps to see if the price goes up further. Naturally, if this is the case, the price would feel a bearish effect from this later down the line. PEPE Price At the time of writing, PEPE is trading around $0.000001736, up 11% in the last week.

In a significant turn of events, large cryptocurrency exchanges Coinbase, Kraken, Bitstamp, and Gemini announced their decision to relist XRP after a significant legal victory for Ripple against the Securities and Exchange Commission (SEC). This momentous decision comes as a result of the exchanges reevaluating their previous delisting of XRP, showcasing a renewed confidence in the token’s regulatory standing. This was brought about by the recent landmark court ruling by Judge Analisa Torres. Coinbase, Kraken, And Bitstamp Reinstate XRP Trading Coinbase, a leading cryptocurrency exchange, wasted no time in announcing the resumption of XRP trading following the court ruling. Brian Armstrong, the CEO of Coinbase, expressed the exchange’s decision in a tweet, stating: “Coinbase will re-enable trading for XRP (XRP) on the XRP network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset remain available on @Coinbase & @CoinbaseExch.“ The reinstatement of the digital asset on Coinbase’s platform marks a significant shift in their position after delisting the token in January 2021. Kraken, another prominent exchange, also confirmed its plans to reinstate trading for the cryptocurrency, as Marco Santori, Kraken’ Legal Officer tweeted stated: “1/ This morning, the Federal Court for the Southern District of New York ruled that XRP is not a security. As such, just a few minutes ago, Kraken re-enabled trading in XRP for US users.” Bitstamp, an early adopter of XRP, joined the bandwagon, emphasizing its role as a leading liquidity venue for the asset globally as it confirms the return of the token on its exchange for US users. Ripple’s Legal Battle And Market Impact The court ruling stems from the SEC’s lawsuit against Ripple, which accused the company of conducting an unregistered securities offering through the sale and distribution of XRP. Ripple chose to fight the lawsuit, investing substantial resources into the legal proceedings. The outcome of this case carries significant weight for the cryptocurrency industry, as it determines the regulatory oversight faced by digital asset firms. Although Judge Torres’ recent summary judgment concluded that while Ripple’s initial sale of XRP to institutional investors could be classified as a securities offering, the subsequent trading of the tokens on crypto exchanges did not fall under the same classification. This ruling provides a level of clarity regarding the regulatory status of the token and sets a precedent for similar cases involving other cryptocurrencies. The market responded with enthusiasm to the court ruling as XRP experienced a surge in value, rising by over 75% compared to its price at the beginning of Thursday. Coinbase’s share prices also witnessed a significant jump of more than 24% following the ruling.

Today marks Binance’s sixth anniversary. To mark the occasion, the founder and CEO of the world’s largest exchange Changpeng Zhao (CZ), has reflected on a number of moments in the platform’s history. The company’s chief executive said in a statement that Binance began operations in 2017 as a crypto-to-crypto exchange supporting five currencies and two languages, with digital assets valued at $15 million. They had to borrow a customer service crew from a friend of CZ’s who already had one. Sailed Thru Crypto Winters When China outlawed cryptocurrency exchanges and initial coin offerings (ICOs) only two months after Binance launched, several ICO ventures had to refund backers. It cost Binance $6 million (or 40% of its cash on hand at the time), the greatest one-time expense in the company’s history, percentage-wise. Binance quickly surpassed its competitors to become the largest cryptocurrency trading platform by volume, and it has maintained that position through two crypto winters, during which many businesses and organizations, including competitor exchange FTX, and other firms went out of business. With such little exposure to FTX and Terra’s LUNA, Binance was able to weather the storm of the 2022 crypto winter without suffering any significant losses. The company had even pledged to save other businesses, including Voyager and FTX, but those plans ultimately failed. It’s “not unexpected,” CZ said, given the events of 2022 and Binance’s magnitude that the exchange is now under regulatory inspection. Binance is the cryptocurrency exchange that authorities focus on the most. The issue is proportional. The CEO emphasized the need of taking the initiative and collaborating with authorities throughout the globe to advance the sector. CZ added: Banking on DeFi The exchange has evolved into a worldwide infrastructure, connecting over 140 million individuals to the financial system. Binance now has thousands of staff and supports over 600 different tokens in over 40 different languages. From decentralized exchange to storage applications, the BNB chain is now powering it all. Meanwhile, CZ thinks that the participation of conventional finance heavyweights like BlackRock and Citadel in the cryptocurrency market is proof that the technology behind cryptocurrencies is sound. He also predicts that during the next half-decade, decentralized finance would surpass their centralized counterparts. Binance is proud of its 17 country registrations and licenses, which attest to the company’s pro-regulation position and the substantial work it has done in the area of compliance and regulation. Users now have more options for safely storing their crypto money thanks to improvements in wallet technology. There will be a rise in the number of individuals using DeFi devices and operating on blockchains manually. This also provides consumers with access to financial services in areas where TradFi and traditional banks are yet to expand. CZ is certain that during the next six years, DeFi will surpass CeFi.

Earnings of $1.4B were up 27% year-over-year for the biggest asset manager in the world. Earlier this month, the CEO called Bitcoin an international asset. On Friday, Larry Fink expressed optimism about the future of cryptocurrencies by discussing the growing interest he has seen from gold investors. The CEO of BlackRock said on CNBC after the company’s second-quarter earnings report that “more and more” gold investors have been inquiring about the role of crypto over the previous five years. Drawing parallels between the role exchange-traded funds (ETFs) have played in facilitating access to gold and what they could do for crypto. Fink stated: Strong Q2 Performance BlackRock’s profits increased significantly in the second quarter as a result of the unexpectedly robust market performance. Earnings of $1.4 billion were up 27% year-over-year for the biggest asset manager in the world. That’s equivalent to a per-share profit of $9.06. Revenue dropped by 1% to $4.5 billion. There was a 4% growth in assets under management, which brought the total to $9.4 trillion. The U.S. SEC has rejected dozens of applications to list a spot bitcoin ETF in recent years, but BlackRock’s application last month included a surveillance-sharing agreement, which could be the deciding factor in the SEC’s eventual approval of such a product. Fink further added: Earlier this month, the CEO gave an interview to Fox Business, where he also was optimistic about the future of cryptocurrencies. He referred to Bitcoin (BTC) as an “international asset” and supported the concept of crypto functioning as “digital gold.” There has been a flood of money into the cryptocurrency market in the hopes that an ETF for Bitcoin would eventually be approved by the U.S. SEC. Especially with financial heavyweights like BlackRock backing it. Highlighted Crypto News Today: Christie’s Auction House Partners With Gucci to Launch NFT Collection

The auction house begins accepting bids on July 18 and runs through July 25. The collection uses generative systems like algorithms and AI. Christie’s, the 256-year-old auction house, is collaborating with the high-end fashion label Gucci to launch a collection of non-fungible tokens (NFTs). The collection, dubbed “Future Frequencies: Explorations in Generative Art and Fashion,” includes 21 NFTs. These are made by artists including Claire Silver (AI), Emily Xie (generative art), Botto (decentralized autonomy), and others. Christie’s 3.0, the auction house’s digital art platform, will host the sale. It begins accepting bids on July 18 and runs through July 25. Banking on Gucci Brand The Bamboo 1947 collection, which features the now-iconic bamboo handle of Gucci purses, serves as a major influence for the NFT line. The collection uses generative systems like algorithms and AI to encourage more expression at the convergence of art, fashion, and technology. Christie’s Manager of Digital Art Sales Sebastian Sanchez said that the partnership encourages creatives and the fashion sector to use Web3 technology. Sanchez explained that the collaboration with Gucci adds depth to the collection. And welcomes art enthusiasts and fashionistas alike to delve into the works’ shared themes. Sanchez stated: Gucci has been steadily expanding its digital fashion and art initiatives. While Christie’s has been a frontrunner in the Web3 field ever since it sold artist Beeple’s “EVERYDAYS” NFT. The Gucci Vault, the brand’s virtual experience venue, was built on property bought in February 2022 in the metaverse The Sandbox. The company and Yuga Labs announced their collaboration to deliver haute fashion to the Otherside earlier this year. Highlighted Crypto News Today: Shiba Inu (SHIB) Bounces Back With 300% Rise in Transaction Volume

XRP has observed a massive 67% rally during the past 24 hours. Here are some facts on-chain data reveals about this price surge. Several Indicators Have Surged Following The XRP Rally In its latest insight post, the on-chain analytics firm Santiment has looked into the underlying metrics related to XRP as the cryptocurrency has seen an extremely sharp surge during the last day. This rapid growth in the asset’s value has come following Ripple’s victory in court as XRP has been declared “not a security.” Immediately after the announcement, the coin had managed to rise by around 90%, but in the hours since then, the asset has taken some hit. Nonetheless, the cryptocurrency has still managed to hold onto the majority of its gains so far, as it’s still up 67%. This rise has now made the asset the fourth largest in the space in terms of market cap, as it has leapfrogged past BNB. Following the rally, the “social dominance” of XRP saw a sharp surge toward the 7.4% mark, as the below chart displays. Social dominance measures how the discussions on social media related to any given coin (which, in this case, is XRP) compare against the combined amount of talk the top 100 assets by market cap are receiving currently. At the current value of the metric, 7.4% of all discussions related to these top 100 coins are coming from XRP alone. Such a high amount of interest among social media users is generally a sign of euphoria, which usually leads to a correction in the price. This may explain why the asset has taken a hit since the initial jump. In terms of whale activity, the network has naturally been active during this surge, as these humongous investors have made a large number of transactions, as shown below. The number of whale transfers has crossed the 637 mark during the past day, which is the highest level observed in 2023. “Clearly the pump is being fueled by these large transactions,” notes Santiment. The trading volume (the total amount of XRP being transacted on the chain) has also registered a steep increase, which isn’t too surprising considering the high amount of whale activity that has occurred during the past day. The current levels of the trading volume are the highest that they have been in around 10 months, further showcasing the extraordinary activity that the blockchain is observing right now. The analytics firm has also pointed out how the sharks and whales of the cryptocurrency had been accumulating during the couple of months that have led to this rally. “This group of wallets is essentially the one best to watch to understand how ‘smart money’ is behaving,” explains Santiment. “And they had been showing confidence in the asset for over two months now, even prior to today’s court ruling.” XRP Price At the time of writing, XRP is trading around $0.78, up 69% in the last week.

The global market cap has seen an effective surge of a 4.77% over the previous day. The market price of Shiba Inu stands at $0.000008007. One of the most trending memecoins, Shiba Inu (SHIB) achieved a stabilized market value with a price surge over the last 24 hours. It is noted that the SHIB transactions have increased by 300% following the market growth as per data from CMC. The rapid surge in the overall crypto market cap has created an impact on the prices and volumes apart. Several enthusiasts are excited to jump on the bullish momentum with FOMO playing a major role. Impacts of SHIB Price Surge Earlier this Friday, the global market capitalization has seen an effective surge of a 4.77% over the previous day. This was following the historic decision in Ripple vs SEC case. As other cryptocurrencies are skyrocketing to their respective milestones, Shiba Inu has also gained its market cap rising to 6.35%. (Source: CoinMarketCap) Moreover, the trading volume has surged 244.49% worth $252M at the time of analysis. The market capitalization accounts for an increase of 9.17% worth $4,900,878,882. The favorable bullish momentum has prompted the crypto community to trade in large amounts, especially whales and dolphins. Also, the burn rate has decreased a bit. According to CoinMarketCap, the current market price is at a 13.22% increase and ranges at $0.000008308 over the 7 days statistical results. Meanwhile, the transaction volume seems to continue as the traders resemble the bullish momentum. The altcoin season perceives over the day whereas SHIB ranks the 17th position in overall market capitalization. Highlighting Crypto News Today: Shiba Inu Witnesses Surging Investor Interest, Achieves Remarkable Milestones

XRP, the token behind the Ripple payment network, has been on an absolute monster rally in the last day. The token has seen a 65% price surge that propelled it into the number 4 spot in the crypto rankings, pushing BNB down to 5th place, even though BNB on the other hand, is also up by 9% in the past week. XRP Overtakes BNB XRP recently overtook BNB after reaching a yearly high of $0.81, giving the cryptocurrency a market cap of $41 billion. The huge price spike can be attributed to investors jumping on the bandwagon with fear of missing out on XRP after the big news regarding its victory over the United States Securities and Exchange Commission (SEC). The court determined on June 13 that the sale of XRP to regular investors does not constitute the sale of an unregistered security. As such, United States District Judge Analisa Torres ruled in partial favor of Ripple, saying that XRP sales on public cryptocurrency exchanges were not offers of securities under the law. However, the judge remarked that Ripple’s direct sale of XRP to institutional investors in the amount of approximately $700 million violated federal legislation regarding the sale of securities. This catapulted XRP’s price from $0.478 to $0.7885 in just under a day. With its current market cap, this means XRP is now the third-largest native cryptocurrency behind Bitcoin and Ethereum when the USDT stablecoin is removed. 24-Hour Trading Volume Spikes 1700%+ According to data from Coinmarketcap, XRP’s 24-hour trading volume has spiked a whopping 1,758.13% to over $13.49 billion. Trading volumes have surged on various exchanges, where Upbit, the South Korean-based crypto exchange, had over $2.7 billion in 24-hour trading volume. Binance also saw over $2.3 billion in trading volume as investors scurried to buy XRP. Coinglass data shows more than $35 million short position trades on XRP have been liquidated in the past 24 hours. Most of these are from Bybit, OKX, and Binance, with $21 million, $14 million, and $14 million in short position liquidations, respectively. Of course, fast price rises often end in pullbacks as XRP remains a volatile digital asset. But its recent breakout shows it’s still an altcoin to watch, with the potential for even bigger gains if more investors continue to FOMO. However, XRP’s potential for long-term growth continues to be supported by Ripple Labs’ real-world value as a payments network. At the time of writing, XRP is still trading at $0.797, which translates to 68% gains in the last day. It is currently the top gainer in the market with 70.66% and 56.79% gains in the last seven and 30 days, respectively.