The scholars want to create a stablecoin that can compete with market leaders. They also argued that a local stablecoin may assist in de-dollarization efforts. Hong Kong University of Science and Technology Vice President Cai Wensheng proposed the HKD stablecoin on July 4. The Hong Kong government did not support a similar policy suggestion offered by Wang Yang, Lei Zhibin, and Wen Yizhou. The scholars want to create a stablecoin for the local currency that can compete with Tether (USDT) and Circle (USDC), the two market leaders. The idea to issue a HKD stablecoin will assist to cement Hong Kong’s dominance in the blockchain industry, claims Chinese writer Wu Blockchain. The idea is warranted for a number of other reasons, including supporting the local currency, boosting transaction efficiency, lowering transaction costs, expanding existing payment systems, and “further strengthening Hong Kong’s fintech capabilities.” Backed by Foreign Reserves In its proposal, the government acknowledged that its existing approach had limitations, namely, that it encourages and allows only private institutions to produce HKD stablecoins. They said, “this measure is too conservative,” since it conflicts with the government’s goals of fostering the digital economy. Therefore, the researchers propose that the government of Hong Kong create a stablecoin named HKDG backed by the roughly US$430 billion in foreign currency reserves that the region had as of March 2023. They also argued that a local stablecoin may assist in de-dollarization efforts. Last month, Hong Kong introduced new rules for virtual asset service providers, and this month, it’s attempting to create rules for stablecoins. While Hong Kong has the most clear crypto rules of any Asian country at the moment, the rest of Asia is quickly following up. Highlighted Crypto News Today: Australian Financial Authorities Reportedly Search Binance Offices

Stablecoins, the digital assets designed to maintain a stable value, have long been viewed as a potential bridge between the cryptocurrency world and the traditional financial industry. However, recent developments have cast a shadow of uncertainty over their perceived stability. As global policymakers continue to grapple with concerns about the crypto sector’s impact on the established financial system, a surprising twist occurred when stress in the US banking industry reverberated throughout the stablecoin market. According to Fitch Ratings, the tightening of financial conditions, culminating in the high-profile failures of several banks, notably including the collapse of the esteemed Silicon Valley Bank, had a profound impact on stablecoins. Stablecoins: Market Shakeup For instance, Fitch Ratings reports that the market capitalization of USD Coin (USDC), a stablecoin pegged to the US dollar at a 1:1 ratio, experienced a sharp decline of over 25% in the first quarter. Although the coin’s value remains depressed, Fitch noted that it managed to recover its peg soon after. According to data from The Block, the total supply of stablecoins has decreased from $138 billion at the beginning of the year to $124 billion as of July 3. This decline in supply further underscores the challenges faced by stablecoins and their struggle to maintain stability amidst market turbulence. “Significant volatility, shaken investor confidence, and temporary but sharp de-pegging occurred in the stablecoin market in March as shockwaves spread from traditional finance,” Fitch wrote. Tether Bucks Trend In contrast to USDC, Tether, another prominent stablecoin, observed a 12% increase in its market capitalization during the same period. Notably, Tether captured approximately 72% of USDC’s redemption volume, indicating a growing preference for Tether among investors. Despite Tether’s positive performance, the top 10 stablecoins experienced a decline in their monthly average of daily trading volumes. From March to May 2023, these trading volumes decreased from $53 billion to $28 billion. This reduction signifies a decrease in activity within the stablecoin market, possibly driven by cautious investor sentiment in the face of ongoing market uncertainties. Fitch noted that efforts to regulate stablecoins have been unfolding at varying speeds in the United States and Europe, leading to notable differences in the reporting and transparency standards of these digital assets. The contrasting approaches taken by the two regions have resulted in distinct regulatory landscapes for stablecoins, causing direct consequences on their reporting and transparency practices. (The information provided on this website should not be interpreted as investment advice. Investing carries inherent risks, and when you make investments, there is a possibility of experiencing capital loss due to these risks). Featured image from Zebpay

MicroStrategy’s total Bitcoin holdings are currently worth $4.728 billion. The company leads the list of the largest BTC holders. MicroStrategy, the most complete and expansive analytics platform, has emerged as a prominent player in the world of Bitcoin investments. The company has gained more than $200 million With its Bitcoin (BTC) investment. When it comes to Bitcoin investment, MicroStrategy has been one of the most consistent. Over the past two years, the company has continuously increased its crypto holdings. According to the report, MicroStrategy has currency holdings totaling 152,333 BTC, which is worth around $4.52 billion. With the massive amount of Bitcoin held, it has become the company with the largest BTC holdings. This profit is their highest level over the years. Moreover, it also clearly shows the company’s belief in digital assets. MicroStrategy’s total Bitcoin holdings are currently worth $4.728 billion, which means the company has already made a profit of over $200 million. This huge profit comes after Bitcoin reaches the $31K mark. MicroStrategy has effectively identified opportunities and managed risk within the challenging environment of the crypto market. MicroStrategy’s Massive Bitcoin Investment On June 28, MicroStrategy announced that it had made one of the most remarkable Bitcoin purchases during the period between April 29, 2023, and June 27, 2023. The company has acquired 12,333 BTC, which is worth $347 million at a trading price of over $28,136. Moreover, with this massive purchase, the company leads the list of the largest BTC holders. After the massive purchase, the trading price of Bitcoin experienced a significant surge, taking it to the $31 mark. The recent surge led MicroStrategy to a massive profit of $200 million. This achievement strengthens MicroStrategy’s position as a strategic player in the Bitcoin investment sector. Moreover, it highlights the immense potential of Bitcoin for significant returns within the volatile crypto market. After reaching the $31K mark, the trading price of BTC has dropped below the mark. At the time of writing, the trading price of Bitcoin is around $30,790, with a decline of over 0.78% in the last 24 hours. The trading volume of BTC has experienced a drop of over 32.35%, according to CoinMarketCap.

The crypto-related parts of the bill were not amended in the House of Lords. Uk wants to prioritize stopping the illegal use of crypto as part of economic crime policy. After the House of Lords adopted the Economic Crime and Corporate Transparency Bill on Tuesday, British law enforcement will have new options for seizing and freezing offenders’ crypto holdings. While the bill as a whole was amended during previous sessions to ensure its provisions applied in cases of terrorism and to make it more feasible for law enforcement to seize assets that can be used to discover crypto that has been associated with crime, the crypto-related parts of the bill were not amended in the House of Lords. Additionally, a new clause was added to allow courts to direct the confiscation and freezing of crypto assets belonging to offenders. Stopping Illegal Crypto Use Moreover, in March, the UK government said that for the next three years, it would prioritize stopping the illegal use of crypto as part of its economic crime policy. In an attempt to locate and reclaim criminals’ digital fortune, the government has sent crypto tactical consultants to police departments around the nation. In a September statement, National Crime Agency Director General Graeme Biggar said: Once a measure has been accepted by the Lords, it is sent to the House of Commons for final approval and passage. Legislation becomes law if it has been passed by both houses and the King. The bill might go back and forth between the Houses until a middle ground is found. Highlighted Crypto News Today: MicroStrategy Hits $200 Million Profit in Bitcoin Investments Amid BTC Surge

A Meta-launched countdown site suggests that the launch will occur on Thursday. Pre-orders for Threads may now be placed on the Apple App Store ahead of its release. Only days after Twitter’s “rate limit” occurrence, which temporarily curtailed how many tweets users may view each day, Meta intends to debut its new Twitter competitor, Threads, on July 6. A Meta-launched countdown site suggests that the launching of the platform, which is deeply integrated with the Instagram picture and video-sharing service, will occur on Thursday. Pre-orders for Threads may now be placed on the Apple App Store ahead of its scheduled release on July 6. Despite a potentially optimal release window, the app doesn’t seem to have received much attention, at least among the crypto enthusiasts of Twitter. Collection of User Data Moreover, Data mining, privacy, and the viability of the app in isolation have all been cited as points of concern. Threads app developer Instagram would have access to a vast assortment of user data. Including financial details and IDs, as was noted by former Twitter CEO Jack Dorsey. However, experts who commented on Dorsey’s tweet claim that Twitter has almost the same rights as Threads and gathers identical data. Others have voiced doubts about the app’s viability. Since prior independent apps launched by Meta have been discontinued or had their capabilities incorporated into other products. Moreover, ActivityPub, the decentralized social networking protocol that drives Twitter competitor Mastodon, will be supported by the standalone Threads app. Just days after Twitter’s rate limit crisis, which has temporarily limited the number of postings a user may see in a day. Meta is set to debut Threads. The new service will import a user’s Instagram followers and the list of people they are following. Thus, saving them the trouble of starting again. Highlighted Crypto News Today: Why Is Elon Musk Implementing a ‘Rate Limit’ On Twitter?

After Bitcoin reached a new yearly high at $31,413, the buy side has so far failed to initiate a trend-following move north. Although the bulls fended off a sell-off last Friday in the wake of the SEC’s perceived concerns over a Bitcoin spot ETF approval, the momentum seems to be increasingly flattening, or isn’t it? What’s Next For The Bitcoin Price? As the market awaits an approval from the Security and Exchange Commission (SEC) regarding a spot Bitcoin exchange-traded fund (ETF), investors are seemingly exercising caution. While open interest in the Bitcoin futures market continues to rise, activity in the spot market has recently declined. This shift indicates that price action in recent days has been primarily influenced by futures traders. Analyst @52Skew noted on Twitter, “$BTC Spot CVDs & Delta: Quite a bit of spot still being dumped on the market + no limit chasing today from coinbase buyers. Spot bid liquidity $30.5K.” This observation underscores the reluctance of investors in the spot market who may be waiting for a decisive move by the SEC. However, it should be noted that US markets were closed yesterday for the 4th of July holiday. Most recently, huge spot buying volume came from Coinbase, pushing the market up. So today will be interesting to watch if yesterday’s retracement is bought today by US investors. Bitcoin dominance, which had risen to resistance at 52.15%, has now consolidated somewhat, dropping to 51.25%. This consolidation, combined with the entry of investors into the altcoin sector, reinforces the prevailing wait-and-see attitude among investors. Analyzing the Bitcoin price, it is clear that the market is currently facing strong resistance in the $31,300 to $31,416 range. The support area at $30,700 is currently proving to be a critical mark to watch. Holding above this support could give buyers the opportunity to launch a renewed offense. If the Bitcoin price can break out dynamically above the year-to-date high, the next major chart hurdle awaits at $32,500. Yet, a temporary retracement to the support area at $29,800 could be acceptable to gain momentum for the next breakout attempt. So far, the bears have lacked follow-through. The sell side also failed in its attempt to sell off the BTC price in the higher time frames back below the psychologically important $30,000 level in recent days. The goal of the bears must be to push Bitcoin permanently below $29,800. Experts Remain Bullish For Now Renowned analyst Josh Rager believes the pullbacks won’t be as deep as many experts expect, suggesting that ETF approval, particularly from BlackRock, is a real possibility. He says, “Only an ETF rejection can cause pain, but I think BlackRock will be approved this time,” adding: Similarly, NewsBTC lead analyst Tony “The Bull” believes in the bullish case for BTC in the near term. However, he stresses the importance of Bitcoin’s Relative Strength Index (RSI) entering overbought territory, as a failure to do so could indicate a lack of strong upside momentum:

BERLIN–(BUSINESS WIRE)–Recently, Solain Exchange and the private non-profit organization Caridad Luz reached a merger and acquisition to jointly establish a new cryptocurrency exchange. SOCA Exchange was officially launched on July 4, 2023, which marked the digital asset field. This new chapter will bring new opportunities and experiences to investors. Solain Exchange has grown continuously in the past 4 years, with more than 5 million members, and has always provided a convenient and secure platform for global digital currency transactions. In addition, Caridad Luz is also committed to “relief of difficulties and helping the poor”, and currently has more than 2 million members worldwide. Caridad Luz is made up of volunteer global citizens who are passionate about philanthropy. Since its establishment many years, charitable organizations have donated from caring people in society to create studios and treatment centres to carry out disaster relief work. The combination of Solain and Caridad Luz is believed to create a safe and efficient trading platform for global investors and create value for 7 million members. SOCA Exchange combines social capital and digital assets and combines charity and public welfare undertakings to provide more comprehensive investment services and a wider range of charitable and public welfare undertakings. SOCA Exchange will further promote the development and innovation of the digital asset industry. For investors, SOCA Exchange will become a platform worth looking forward to, bringing them more possibilities for success. Contacts Company Name: SOCA Exchange Address: 10 Sunlight Building, No.15 Main Street, Berlin, German Website: https://www.solain.im/ Contact: Nora Lenida Email: [email protected]

Ethereum Whale transfers 26K ETH to Coinbase, raising selloff concerns. The Cryptocurrency market speculates on the significance of the massive ETH transfer. In a noteworthy development, a sizable transaction involving 26,017 Ethereum (ETH) has caught the attention of the cryptocurrency market. The transaction, valued at approximately $50,468,910, saw the transfer of ETH from an unknown wallet to Coinbase. The move, which was flagged by the blockchain analytics platform Whale Alert, signals heightened trading activity. And is expected to generate significant investor interest. The whale responsible for the transfer, recognized as one of the largest ETH holders, moved a substantial amount of ETH to Coinbase on July 5, when the price of ETH stood at around $1,941. Strategic Move by the Ethereum Whale? This transaction has garnered attention not only due to the prominence of Ethereum as the second-largest cryptocurrency by market capitalization. But also because it coincides with a period of recovery for both Ethereum and Coinbase. While Ethereum has been gradually emerging from a bearish phase, Coinbase has been actively navigating a challenging regulatory landscape in relation to its battle with the SEC. The whale’s decision to exploit Ethereum’s recent bearish phase underscores its strategic move. Analyzing the whale’s transaction history reveals a consistent buying pattern of Ethereum on Coinbase over a span of 15 days when prices were around $1,715. Subsequently, the whale executed the transfer when it experienced a slow surge over the past week. As of writing, the price of Ether was at $1,936, indicating a marginal 0.95% decline. And with a 24-hour trading volume of $4,997,798,473, representing a 36.20% decrease. ETH price volatility has confined it within the range of $1,932 and $1,964. If this trend persists, Ethereum’s price may stabilize within this range for the foreseeable future. It is crucial to note that Ethereum‘s recent slump is not isolated but rather indicative of the broader cryptocurrency market. Consequently, experts suggest that Ethereum may be experiencing the effects of substantial selling pressure witnessed across various cryptocurrencies.

Pro XRP lawyer has clarified the timeline for a summary judgment in the Ripple vs SEC battle. Ripple (XRP) price recovers from the recent downturn following the Bitcoin and Ethereum. Ripple (XRP), the leading crypto, never fails to spark excitement in the cryptocurrency community. Ripple has grabbed attention not only for its potential but also due to an ongoing Ripple vs SEC legal lawsuit. Lawyer John Deaton, who has been vocal about his support for XRP, has clarified his position regarding the timeline for the issuance of a summary judgment in the Ripple vs SEC case. The extended duration of the lawsuit has raised concerns within the cryptocurrency community, leading to discussions on social media. In addition, previously, John Deaton had mentioned that the lawsuit was nearing its conclusion. But the latest update in the lawsuit judgment indicates the Ripple vs SEC battle has not yet ended and needs more time. Ripple (XRP) Price Bounces Back The outcome of the lawsuit holds significant implications for XRP investors and the cryptocurrency’s future. Despite the legal battle, Ripple continues to command attention and maintain its presence in the market. During the past week, Ripple’s XRP experienced a correction as it dropped below key support levels. Ripple price even briefly fell below the $0.465 support level, reaching a low of around $0.44. However, XRP has since started to recover and is following the upward trend seen in Bitcoin and Ethereum. Ripple (XRP) Price Chart (Source: Tradingview) Currently, XRP has surpassed the resistance levels and moved to the swing high of $0.49.15. At the time of writing, the XRP price had soared over 1.5% in a week to trade at $0.4908. Also, the 100 simple moving average (MA) signals a significant bullish trend line is forming with support near $0.5011 on the chart of the XRP/USD pair. However, these developments indicate a potential recovery for XRP, but it remains to be seen whether the bullish momentum will sustain. Recommended for you Ripple (XRP) Price Prediction 2023

The current price of Pepe 2.0 is $0.000000114. In the past 24 hours, Pepe 2.0 has witnessed a staggering surge of over 150%. The arrival of PEPE 2.0 has injected a dose of excitement into the memecoin game. With its impressive achievements right after its launch, this newcomer has quickly become a subject of intense hype and anticipation. Pepe 2.0 (PEPE2.0) has taken the crypto market by storm, creating a frenzy with its exceptional price surge in the realm of meme coins. The strong historical presence and reputation of the original Pepe token have played a crucial role in fueling the immense popularity of PEPE2.0, capturing the attention of investors and enthusiasts. The ongoing development of the project holds considerable weight in determining the value of PEPE2.0. With a remarkable surge of over 1000% since its inception, PEPE 2.0 has not only taken the market by storm but has also set new growth. PEPE2.0 price chart (source:CoinMarketCap) CoinMarketCap reports the current price of Pepe 2.0 as $0.000000114, with a remarkable 24-hour trading volume of $31,336,710. In the past 24 hours, Pepe 2.0 has witnessed a staggering surge of over 150%. Considering the volatility commonly seen in meme coins, it is important to note that PEPE 2.0 is still in its early stages. Similar to the original PEPE token, it does not currently have designated use cases. Amidst Pepe 2.0’s prominent rise, other meme coins are also experiencing bullish trends. Thug Life ($THUG) and Wall Street Memes ($WSM) have emerged as noteworthy projects, attracting considerable attention and interest. Highlighted Crypto News Today Pepe (PEPE) Price Prediction 2023

Borrowers may get a loan in one cryptocurrency while staking another as collateral. The borrower may repay the loan at any time before or on the end date. Bitget has launched a Crypto Loans product to enter the cryptocurrency lending sector. The platform plans to provide a crypto-based alternative financing option, as said in a statement, in an effort to win over customers who are dissatisfied with traditional financial institutions. It utilizes a dual-coin strategy to streamline the lending process. Borrowers may get a loan in one cryptocurrency while staking another as collateral via its Crypto Loans product. Global Market Insights estimates that by 2022, the digital lending industry will be worth more than $8.5 billion, expanding at a CAGR of 20.5%. Also, Bitget claims this is the reason why the demand for crypto loans has grown in recent years. Furthermore, centralized crypto lending enterprises had a hard year in 2022, with many high-profile collapses that had a major influence on the sector. These included Celsius, BlockFi, and Voyager Digital. Tempting Users to Join Bitget claims that it has streamlined the lending process by making use of a format more often used in traditional finance. The collateral value is used to calculate how much of a loan may be disbursed at a fixed interest rate. Moreover, the money and collateral are completely at the discretion of the borrower. The borrower may repay the loan at any time before or on the end date. Bitget also said that its streamlined loan application and withdrawal processes would tempt users to join up. BitGet’s managing director Gracy Chen has remarked that the company’s lending program makes it possible for cryptocurrency holders to diversify their holdings. Highlighted Crypto News Today: Ripple vs SEC End Near: New Update 2023

Optimism (OP), a prominent Layer 2 network, is experiencing a noticeable decline in network activity as the hype surrounding meme coins takes a dip. Once bustling with vibrant transactions and a fervent community, Optimism now faces a subdued atmosphere as users shift their attention away from these speculative assets. The decrease in meme coin fervor has had a direct impact on the overall engagement within the Optimism network, prompting questions about its long-term viability and adaptability in an ever-changing crypto landscape. Can the Layer 2 network adapt to evolving market trends and sustain its relevance in the face of shifting investor preferences? Declining OP Price And Network Activity Raise Concerns The price of OP on CoinGecko is currently at $1.29, indicating a 4.3% decline in the past 24 hours. However, despite this recent downturn, the coin has managed to sustain a seven-day rally of 1.5%, suggesting potential resilience and market support. Nevertheless, Optimism, the Layer 2 network housing decentralized exchanges (DEXes), has witnessed a significant decrease in daily on-chain transaction volume, leading to a concerning 59% decline over the past week. A new OP price report reveals a decline in network activity on the OP Mainnet since mid-June. The number of unique wallet addresses involved in daily on-chain transactions has exhibited a downward trend during this period. As of July 2, there were 81,480 daily active addresses, representing a 45% decrease over the past three weeks. These declining network activity figures raise questions about the future prospects of Optimism and its ability to attract and retain users in the face of changing market dynamics. Implications Of Waning Meme Coin Craze On Optimism Network The decline in network activity on Optimism can also be attributed to the waning craze surrounding meme coins, which have captivated the cryptocurrency market in recent months. Meme coins, characterized by their humorous and often whimsical nature, gained immense popularity as investors sought quick and potentially lucrative investments. However, as the initial hype around meme coins fade, users are now shifting their attention towards other crypto assets, resulting in a noticeable decline in engagement on the Optimism network. The implications of this shift in investor sentiment are significant for Optimism and its long-term viability. The network heavily relied on the surge of meme coin activity to drive transactions and foster a vibrant community. Can Optimism Win Back User Interest? With the decline in meme coin hype, Optimism now faces the challenge of retaining and attracting users who are seeking alternative avenues for potential gains. The decrease in network activity raises concerns about the network’s ability to adapt to evolving market trends and maintain its relevance in the ever-changing crypto landscape. (The information provided on this website should not be interpreted as investment advice. Investing carries inherent risks, and when you make investments, there is a possibility of experiencing capital loss due to these risks.) Featured image from Coin Culture

Ripple’s token price is moving higher from $0.4560 against the US Dollar. XRP price might gain bullish momentum if it clears the $0.4960 resistance zone. Ripple’s token price is moving higher toward the $0.4960 resistance against the US dollar. The price is now trading above $0.48 and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support near $0.4860 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair might continue to rise if it clears the $0.4960 resistance in the near term. Ripple’s Token Price Starts Fresh Increase This past week, Ripple’s XRP saw a downside correction from the $0.5265 resistance against the US Dollar. It dipped below the $0.500 support zone. The price even spiked below the $0.465 support. A low is formed near $0.4460 and the price is now rising, similar to Bitcoin and Ethereum. There was a move above the $0.455 and $0.465 resistance levels. XRP surpassed the 50% Fib retracement level of the downward move from the $0.5265 swing high to the $0.4460 low. XRP price is now trading above $0.480 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.4860 on the 4-hour chart of the XRP/USD pair. Initial resistance on the upside is near the $0.4960 zone. It is close to the 61.8% Fib retracement level of the downward move from the $0.5265 swing high to the $0.4460 low. The next major resistance is near the $0.5050 level. Source: XRPUSD on TradingView.com A successful break above the $0.505 resistance level might send the price toward the $0.525 resistance. Any more gains might call for a test of the $0.550 resistance. Fresh Decline in XRP? If ripple fails to clear the $0.496 resistance zone, it could start another decline. Initial support on the downside is near the $0.486 zone and the trend line. The next major support is near $0.476. If there is a downside break and a close below the $0.476 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.456 support zone. Technical Indicators 4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.485, $0.476, and $0.456. Major Resistance Levels – $0.496, $0.505, and $0.525.

Ethereum price failed to test $2,000 and corrected lower against the US Dollar. ETH is testing the $1,930 support and might start a fresh increase. Ethereum is correcting gains from the $1,975 zone. The price is trading above $1,930 and the 100-hourly Simple Moving Average. There is a short-term declining channel forming with resistance near $1,950 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase if it remains stable above $1,930 in the near term. Ethereum Price Holds Support Ethereum’s price attempted an upside break above the $1,975 zone but failed. ETH struggled to gain pace for a move toward $2,000 and corrected gains, similar to Bitcoin. There was a drop below the $1,950 support. The price declined below the 23.6% Fib retracement level of the upward move from the $1,890 swing low to the $1,975 high. However, the bulls were active near the $1,930 support zone. It also tested the 50% Fib retracement level of the upward move from the $1,890 swing low to the $1,975 high. Ether price is now trading above $1,930 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,950 level. There is also a short-term declining channel forming with resistance near $1,950 on the hourly chart of ETH/USD. The next major resistance is near the $1,975 level. A clear move above the $1,975 resistance could push the price toward $2,000. Source: ETHUSD on TradingView.com The next resistance sits near $2,050, above which the price could rise toward the $2,120 level. Any more gains could send Ether toward the $2,200 resistance. More Losses in ETH? If Ethereum fails to clear the $1,950 resistance or $1,950, it could continue to move down. Initial support on the downside is near the $1,930 level and the 100-hourly Simple Moving Average. The first major support is near the $1,910 level. The next major support is near the $1,900 level. If there is a move below the $1,900 support, the price could drop toward the $1,870 support level. Any more losses may perhaps send the price toward the $1,820 support in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,930 Major Resistance Level – $1,975

Luminex, a Bitcoin Ordinals launchpad, has proposed a new standard called BRC-69, which will allegedly optimize the costs of inscribing on this network. This proposal comes barely a month after Bitcoin Ordinals’ developers introduced recursive inscriptions to address the block size limit of 4 MB. Unlike normal Ordinals inscriptions, recursive inscriptions can reference each others’ content through a special syntax. BRC-69 Standard Can Reduce Inscription Fees By 90%: Luminex On Monday, June 3, Luminex introduced BRC-69, a new standard that will facilitate the creation of Recursive Ordinals collections. According to the launchpad, this BRC standard will help reduce inscription fees by 90%. In March 2023, the Ordinals protocol was updated to enable the minting of BRC-20 tokens, which have seen a significant level of adoption so far. According to data from Coingecko, there are currently 35,528 BRC-20 tokens in circulation, with a market cap of more than $249 million. The increasing number of BRC-20 inscriptions has led to a scarcity of block space on the Bitcoin network. Consequently, BTC transaction fees have increased as there are more pending transactions. A quarterly report by IntoTheBlock revealed that the Bitcoin network fees surged by more than 300% in 2023 Q2. The BRC-20 standard – and the creation of new tokens – were reported to be one of the major driving forces of the increased on-chain fees. To ease this pressure on the network, Luminex has developed the BRC-69 standard, which it claims to be a “revolutionary standard”. It will help reduce the cost of inscriptions while helping to optimize the Bitcoin block space as the number of inscriptions rises, according to the launchpad. BRC-69 Standard To Cut Inscription Fees In 4 Steps The BRC-69 standard reduces inscription fees in a four-step process of “inscribe traits”, “deploy collection”, “compile collection”, and “mint assets”, Luminex claims. This means that minters only need to inscribe a single line of text instead of a full image. This text will serve as a reference, enabling the final image to be automatically rendered across Ordinals frontends, only using on-chain resources. “The end result? A flawlessly rendered image. Unlike other SVG recursive collections, these images can be dragged, dropped, and saved as typical image type Ordinals,” Luminex said. In addition to cost efficiency, Luminex’s proposal claims that the BRC-69 standard offers high flexibility and paves the way for other on-chain features. Some of these features include pre-reveal collection launching and on-chain reveals. It is worth mentioning that the Bitcoin Ordinals are still controversial in the cryptocurrency industry, as a large percentage of the Bitcoin community is opposed to the protocol. Many argue that this technology negatively impacts the efficiency and security of the Bitcoin network.

Bitcoin price corrected gains and retested the $30,650 support. BTC could start a fresh increase if it stays above the $30,000 support zone. Bitcoin is holding gains above the $30,650 support zone. The price is trading above $30,700 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support near $30,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it stays above the $30,650 support zone. Bitcoin Price Remains Stable Bitcoin price struggled to clear the key $31,400 resistance zone. BTC started a downside correction below the $31,000 and $30,800 levels. The price declined below the 50% Fib retracement level of the upward move from the $30,192 swing low to the $31,372 high. However, the bulls were seen active near the $30,650 support zone and the 100 hourly Simple moving average. Bitcoin also tested the 61.8% Fib retracement level of the upward move from the $30,192 swing low to the $31,372 high. It is now trading above $30,700 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $30,700 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $31,050 level. The first major resistance is near the $31,250 level, above which the price might start rise toward $31,400. Source: BTCUSD on TradingView.com A close above the $31,400 resistance could start another strong increase. The next major resistance is near the $32,000 level. Any more gains could open the doors for a move toward the $32,500 resistance zone. More Losses in BTC? If Bitcoin’s price fails to clear the $31,050 resistance, it could continue to move down. Immediate support on the downside is near the $30,650 level and the trend line and the 100 hourly Simple moving average. The next major support is near the $30,470 level, below which there could be a drop toward $30,200. Any more losses might send the price toward the $30,000 zone, under which there is a risk of a larger decline. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level. Major Support Levels – $30,650, followed by $30,200. Major Resistance Levels – $31,050, $31,400, and $32,000.

A trader’s big bet against Ethereum caused him to lose a big chunk of his $2 million margin. Considering the firm and steady increment of ETH prices over the last few weeks, more could be at stake. In a series of screenshots shared on July 3 on Reddit, one trader on GMX has been aggressively “shorting” Ethereum with high leverage, a decision that has seen the trader lose hundreds of thousands in USD. GMX is a popular decentralized finance (DeFi) protocol that allows users to trade perpetual futures contracts, including those of ETH, with up to 50x leverage. Ethereum Prices Up 20% In 2 Weeks Despite facing significant losses from the forced liquidation of their shorts, the trader appears unfazed and continues to double down, shorting with high leverage without concern. Since mid-June 2023, Ethereum prices have been rising, expanding 20% at spot rates. Floating above previous liquidation levels at around $1,900, the coin is now trading at about $1,945.Although buyers were unable to drive up spot rates further, the bulls are still in charge. The psychological price point of $2,000 is still the immediate resistance level, along with the April 2023 highs at $2,100. Sparked by fundamental activities and mostly confidence from the broader cryptocurrency community, Ethereum has been marching higher, tracking the performance of Bitcoin. The direct correlation of prices versus the USD between Bitcoin and Ethereum could have benefited bulls during the rally. Comments from the United States Securities and Exchange Commission (SEC), alleging that some of the native currencies of some of Ethereum’s competitors, including Algorand, Cardano, and Solana, are unregistered securities could have provided tailwinds for ETH, cementing its positions as a leading smart contracts platform. The SEC’s representatives, especially its chair, Gary Gensler, have remained non-committal in readily classifying the status of ETH. Any clarification could boost prices or force a sell-off depending on the agency’s classification. Trader’s Doubling Down on ETH Shorts Despite the steady rise of ETH over the past two weeks, the trader, records reveal, has been shorting ETH from when it was at around $1,700 to spot rates. However, the trader began aggressively shorting ETH from June 26. In total, the trader opened two positions. One with a leverage of 19X was for $12 million, while the other with a leverage of 7X was for $1 million. As prices increased, the collateral representing $12 million from the 19X leverage position was closed. This didn’t stop the trader from opening another position. According to his trading history, another short position with a stop at $1,999 was opened, with leverage of 30X. Whether ETH prices will rise in the coming weeks is yet to be seen. All that’s evident is that the coin’s price has been firm, defying sellers who have been active from mid-April through to the first half of June. In the medium term, the $2,000 and $2,100 liquidation levels are critical price points that could shape ETH’s trajectory in the second half of 2023.

The ssv.network has finally announced the launch of its mainnet, bringing a decentralized Ethereum (ETH) staking infrastructure to the Ethereum network. The launch follows more than two years of testing and refining, and the network is poised to revolutionize the staking industry. SSV Network’s Decentralized Infrastructure The ssv.network’s mainnet rollout plan includes four phases, each with its goals and provisions. The first phase, beginning in early Q2 2023, ensures that all mainnet parameters are correctly configured. The second phase will introduce a complete set of verified operators, while the third phase will introduce builders utilizing the ssv.network infrastructure. Finally, the fourth phase will be the permissionless launch, inviting anyone to use the open protocol to build or stake. According to the announcement, the phased approach to the rollout is necessary to ensure that all the various actors and stakeholders in the network are aligned. But what are the benefits of this for the future of ETH staking? Decentralization: The ssv.network is a decentralized and permissionless network that aligns with the core principles of Ethereum. By embracing this vision, the network aims to bolster Ethereum’s resilience and empower the community to shape the future of staking. Fault tolerance: The ssv.network has been built to tackle fundamental Ethereum validator challenges, including fault tolerance. The network is designed to be resilient and able to handle failures in a decentralized manner. Security: The ssv.network has been designed to be secure, with multiple layers of security protocols to ensure the network is safe from attacks. Zero-coordination: The ssv.network has been designed to be a zero-coordination network, meaning that validators do not need to coordinate to validate blocks. Instead, the network uses a mesh-like structure that allows validators to validate blocks independently. Using the ssv.network for staking ETH provides a secure, resilient, and decentralized way to participate in the Ethereum network. The network’s focus on fault tolerance, security, zero-coordination, diversity, and its self-sustaining ecosystem, makes it an attractive option for anyone looking to stake ETH in the future. Shanghai Hardfork Sparks Surge In ETH Staking Deposits The recent implementation of the Shanghai hard fork has resulted in a surge in Ethereum staking deposits, according to analytics firm Glassnode. The hard fork, activated on June 2nd, introduced several changes to the Ethereum network, including updates to the gas fee structure and EIP-1559. This new transaction fee mechanism aims to improve the user experience by reducing transaction fees and improving predictability. Glassnode’s data shows that deposit activity for staking ETH peaked on June 2nd, with over 13,595 new deposits worth over 408,000 ETH. This surge in staking deposits suggests that investors and users are gaining confidence in Ethereum’s flexibility following the implementation of the hard fork. Staking allows users to earn rewards by holding and validating transactions on the network, and the recent surge in deposits indicates that more users are becoming interested in this process to participate in the network and earn passive income. In contrast to staking deposits, ETH exchange deposit transactions remained flat at around 30,000 during the same period. This suggests that investors and users choose to hold and stake their ETH rather than trade or sell it on exchanges. This is a positive sign for the Ethereum network, as staking provides a more stable and secure way to participate, compared to trading on exchanges, which can be subject to market volatility. As of the time of writing, ETH is trading at $1,948, struggling to break through the upper resistance level of $1,990. Over the last 24 hours, the cryptocurrency market has experienced a pullback, and ETH has declined by 0.8%. Featured image from Unsplash, chart from TradingView.com

Performance Wealth Partners bets on Robinhood with a $97,000 investment. The resurging crypto market may catalyze Robinhood’s recovery. Robinhood’s Q1 2023 revenues are up by 16% despite the FTX collapse. Performance Wealth Partners LLC, a respected financial firm, recently acquired 10,000 shares in Robinhood Markets, Inc. (NASDAQ:HOOD), demonstrating confidence in the company despite its turbulent past. The purchase, worth roughly $97,000, comes as the company shows encouraging signs of recovery amid a resurgent cryptocurrency market. Significantly, the transaction follows a wider trend among hedge funds and institutional investors, such as Commonwealth Equity Services LLC and Creative Planning, bolstering their stakes in Robinhood. As a result, institutional ownership now accounts for nearly 60% of Robinhood’s stock. Moreover, its shares opened at $10.66 on Tuesday, a healthy 6.8% upswing. This Robinhood’s impressive Q1 earnings report indicates a potential change in luck for the company, outperforming market predictions with an EPS of -$0.57. Further, this performance surpassed the consensus estimate of -$0.61, hinting towards a promising future aided by recent improvements. Crypto Market Rebound: A Boon for Robinhood On the same accord, Robinhood’s fortunes appear intertwined with the resurgence of the cryptocurrency market. The most renowned cryptocurrency, Bitcoin, has grown significantly this year, cresting the $30 mark. Similarly, altcoins like Ethereum, XRP, Cardano, Solana, and Litecoin have reported significant gains year-to-date. Despite suffering a setback due to the collapse of FTX last November, Robinhood managed to increase its net revenues by 16% to $441 million in Q1 2023. Moreover, transaction-based revenues rose 11% to $207 million. Despite a slight dip in cryptocurrency transactions, a resurgence in the crypto market may catalyze its continued recovery. The company has weathered its share of storms, including a notable sale of shares by insider Daniel Martin Gallagher, Jr. Despite this, Gallagher remains a significant shareholder, and corporate insiders still control over 20.81% of Robinhood’s stock. In conclusion, Robinhood’s path to recovery seems intertwined with the fortunes of the crypto market. Given the strong growth of cryptocurrencies this year, it may benefit significantly. However, as with all investments, the journey may be volatile and unpredictable. Highlighted Crypto News Today: Founders of Insolvent 3AC Lure Investors With Reimbursement Scheme

Litecoin has demonstrated a consistently positive trend in recent weeks, reflecting a strong market sentiment. As the broader market has gained strength in recent trading sessions, Litecoin has managed to sustain its gains. The price of Bitcoin has surpassed $31,000 at present, resulting in an upward movement for other altcoins as well. While Litecoin has not experienced significant changes in the past 24 hours, it has maintained a positive trajectory. On a weekly chart, however, the altcoin has surged by over 20%. This remarkable recovery began in June when Litecoin broke through the $70 price mark, and since then, the coin has gained more than 50%. From a technical outlook, the Litecoin outlook aligns with the bullish sentiment. Both demand and accumulation indicators on the chart have remained high, suggesting the possibility of further gains. However, there is an important resistance to consider. In the upcoming days, Litecoin is expected to experience a surge due to its halving event scheduled for 3rd August 2023. Additionally, the market capitalization of Litecoin has also improved, indicating an increase in demand for the cryptocurrency. Litecoin Price Analysis: One-Day Chart At the time of writing, LTC was priced at $106. Although the altcoin is below its resistance level of $108, this particular level is not the main obstacle. The crucial challenge for Litecoin lies in gaining sufficient strength to surpass the $115 resistance, a level at which the coin has historically faced rejection. In April of the previous year, Litecoin approached this level but could not sustain trading above it for the remainder of the year. Conversely, if Litecoin fails to break through the $115 resistance, it could experience a decline toward the $103 support level. Further downward movement from this point would bring LTC below the $100 mark, indicating a complete invalidation of the bullish intent. Technical Analysis The price surge from the $90 level in Litecoin has significantly bolstered investor confidence. The Relative Strength Index (RSI) indicator reached the overvalued zone, indicating increased buying activity. Although it retraced slightly from the overbought territory, it remained above the 60-mark, indicating sustained buying strength in the market. Furthermore, the LTC price movement was supported because it remained above the 20-Simple Moving Average (SMA) line. This suggests that buyers have assumed market control and are driving the price momentum. The Moving Average Convergence Divergence (MACD) indicator formed tall green histograms, indicating favorable buy signals for LTC. This suggests the potential for continued bullishness in the market. Additionally, the Bollinger Bands on the chart were wide open, indicating increased price volatility. The upper band coincided with one of the resistance levels at $108. This suggests that LTC will likely encounter price fluctuations and may face a barrier at the mentioned resistance level. The next trading sessions remain crucial for the altcoin.