Shiba Inu is one of the meme coins that has managed to maintain its popularity in the crypto market as its community remains committed to reducing the circulating supply of the asset. To this end, there has been a significant increase in the SHIB burn rate recorded over the last 24 hours. However, the SHIB price has had a hard time keeping up with this burn rate. SHIB Burn Rate Jumps 540% According to the Shiba Inu burn tracking website, Shibburn, the SHIB burn rate saw a tremendous burn over the last 24 hours. In total, over 78 million tokens were burned, accounting for a 542% increase in burn rate compared to the previous day. Now, it is important to keep in mind that this burn rate is notable because it follows multiple days of low burn rates. In fact, the meme coin opened the new week with a drastic decline in burn rate. Shibburn data shows that over the last seven days, the SHIB burn rate is down 78.87%. This indicates a return in positive momentum for the burn rate, which is helping to permanently remove tokens from circulation. Additionally, it also shows that Shiba Inu investors are getting more positive about burning tokens, which could work to help the price recover. Shiba Inu Price Fails To Follow Burn Rate Despite the rapid rise in the Shiba Inu burn rate over the last day, the price of the digital asset has not responded in kind. SHIB is still lagging behind, recording losses even at a time when digital assets such as Bitcoin and Ethereum are back on the rise. SHIB is now one of the worst-performing coins when comparing its present price to its all-time high. The meme coin is now almost 91% down from its all-time high price back in 2021 with the vast majority of investors nursing losses on their holdings. However, the cryptocurrency is performing well compared to its cycle low. After hitting its lowest point this cycle back on June 10, it is 34% up from that level, although this barely makes a dent in the losses of its investors. At the time of this writing, SHIB is changing hands at a price of $0.0000076, according to data from Coinmarketcap. Its market cap has declined rapidly this year, pushing it down to $4.52 billion, making it the 19th-largest cryptocurrency in the space. SHIB’s daily trade volume is currently sitting at $115 million, a 3.24% from the previous day’s figures.

Bitfinex, one of the world’s leading cryptocurrency exchanges, has released a report indicating that Bitcoin (BTC) has been sold in profit since its initial break above $30,000, suggesting early signs of a bull market. The report highlights two key on-chain metrics, the Spent Output Profit Ratio (SOPR) and Net Unrealised Profit and Loss (NUPL), which suggest that Bitcoin has entered the early stages of a bull market. Bitcoin Sold In Profit The report notes that BTC’s price broke above the crucial $29,500 mark for the second time this year on June 21st and had been bracketing in the range between this level and the $31,000 level since then. This range has always acted as a pivotal point in deciding the trend for the crypto market and, as such, is a major psychological level. The SOPR has been above one for about two weeks now since the BTC price broke above the crucial $29,500 level, indicating that people are, on average, selling their Bitcoin at a profit. The report also breaks down the events following the break above the $29,500 level and the subsequent range of the market between that and the $31,000 level from an order flow perspective. It notes that there is a high probability that the move away from the current range for Bitcoin is decisive since a retest of the range after a move up or down would mean it is likely to act as a crucial rebound zone when and if the price returns to it. However, the report warns that the next move out of the current range will be decisive and violent, which is unusual for the BTC price of late. BTC Dominates Digital Asset Flows According to the latest Coin Shares report, investors continue to pour money into digital asset investment products, with a second week of inflows totaling $125 million. The last two weeks have seen inflows of $334 million, representing almost 1% of total assets under management (AuM). Bitcoin remains the primary focus of investors, accounting for $123 million of inflows, or 98% of all digital asset flows. Recent price appreciation has seen AuM rise to $37 billion, matching the average AuM for 2022 and reaching the highest point since early June. Despite recent bullishness for Bitcoin, short-Bitcoin investment products saw their 10th week of outflows, totaling $0.9 million and representing 59% of AuM. Nevertheless, short-Bitcoin remains the second-best performing asset in terms of inflows year-to-date, with $60 million. On the other hand, a selection of altcoins saw minor inflows, with Ethereum leading the way at $2.7 million, followed by Cardano, Polygon, and XRP. Multi-asset and Solana saw minor outflows of $1.8 million and $0.8 million, respectively. The report suggests that investors remain bullish on Bitcoin, with inflows representing a significant portion of total assets under management. However, the continued outflows of short-Bitcoin investment products indicate some investors are betting against the cryptocurrency’s short-term performance. BTC has failed to consolidate above the $31,000 mark for two consecutive days. At the time of writing, BTC is trading at $30,900, representing a decline of 0.3% in the last 24 hours. The failure to consolidate above $31,000 could indicate a lack of buyer interest, potentially leading to further downside pressure on the cryptocurrency. It remains to be seen whether BTC can regain its footing and make another attempt at breaking through this crucial level. Featured image from Unsplash, chart from TradingView.com

Dogecoin, the popular dog-themed memecoin, emerged as the top gainer. The Aave trading price has experienced an increase of over 7.53%. The crypto market has continued to capture the attention of investors with its rapid growth and global acceptance. The crypto market has experienced a new trend of 2.0 version memecoins. These cryptocurrencies were showing a massive surge in a short period of time. Some cryptocurrencies have emerged as top performers, with a remarkable price surge in the constantly evolving crypto market. Dogecoin (DOGE), Aptos (APT), and Aave (AAVE) emerged as the top gainers of the day. These cryptocurrencies have exceeded expectations, skyrocketed in value, and attracted the interest of the whole crypto industry. Dogecoin (DOGE) The popular dog-themed memecoin, Dogecoin (DOGE), emerged as the top gainer. DOGE continued to show significant growth in recent times, even with the arrival of new versions of memecoin. Elon Musk, the CEO of Tesla, has played a crucial role in Dogecoin’s trading price. Recently, Elon Musk responded to the random tweet, saying, “Dogs Rock.” Whenever Musk tweets about DOGE, it directly impacts the trading price of the memecoin. Dogecoin (DOGE) Trading Price Chart (Source: CoinMarketCap) At the time of writing, the trading price of Dogecoin is around $0.07073, with a massive surge of over 4.37% in the last 24 hours. The trading volume of the DOGE has experienced an increase of 33.24%, according to CoinMarketCap. Moreover, the trading price of Dogecoin shows a bullish intent, which is expected to continue in the upcoming days. Aptos (APT) Aptos (APT) is an innovative public blockchain that focuses mainly on offering high throughput and strong security for smart contracts. The cryptocurrency experienced a significant gain in the last 24 hours. Recently, Aptos was listed among the top 10 traded assets on South Korea’s largest crypto exchange, Upbit. Aptos (APT) Trading Price Chart (Source: CoinMarketCap) The dominance of Korean traders, recognized for frequently driving crypto rallies, in Aptos’ price increases is another important element that may have contributed. At the time of writing, the trading price of Aptos is around $7.89, with an increase of over 4.61% in the last 24 hours. The trading volume of the APT has experienced a surge of over 165.72%, according to CoinMarketCap. Aave (AAVE) Aave is the second-biggest DeFi protocol in the world. It is also the largest decentralized lending network, with a TVL of more than $9.26 billion. Recently, the Aave trading price has experienced a significant movement. The sudden surge in the Aave’s price has attracted investor interest. The remarkable performance takes the surge to more than 5% in the last 24 hours. Aave Trading Price Chart (Source: CoinMarketCap) At the time of writing, the trading price of Aave is around $78.33, with an increase of over 7.53% in the last 24 hours. The trading volume of Aave has experienced a massive increase of over 100.17%, according to CoinMarketCap. The crypto market has seen remarkable growth, with certain cryptocurrencies emerging as top gainers. These cryptocurrencies have experienced remarkable price increases, providing profitable investment opportunities. However, It is crucial to remember that the crypto market is still highly speculative and volatile. Highlighted Crypto News Today: Shiba Inu Community Warned About Fake SHIB 2.0 Impersonator

Ethereum whales have been ramping up their activities on the blockchain as it eyes an important level. This time around, their recent spike in activity has been in the form of transactions. These whale transactions which are carrying at least $100,000, making it so only large holders could be behind the transactions, have been on the rise. Mostly, the Ethereum whales ramped up their activities following ETH’s price increase over the last week. The first spike was noticed after the crypto broke above $1,900 and as it has continued to maintain this level, there has been more consistency among the whales. IntoTheBlock data shows that ETH whales have doubled their transaction counts over a few days. This increase saw their total transactions go from 2,120 to 3,230 in two days. This jump in number of transactions translates to an over 54% increase in just 48 hours – from July 2 to July 4. In a 7-day period, almost $20 billion has been moved by ETH whales. However, while this jump is significant in its own right, it is not unusual for Ethereum to see such a high number of large transactions. For example, toward the end of June, the total whale transactions had also spiked above the $3,000 level. Ethereum’s holder base is made up of a high number of whales when compared to its largest competitor Bitcoin. While the latter’s whale holders only make up 11% of the total holder base, Ethereum whale wallets account for 42% of its total wallets, according to data from IntoTheBlock. Hence, a high volume of large transactions happening in a short period is not out of place. How The Ethereum Whales Can Affect Price A high number of whale transactions can have significant impacts on the price of coins like Ethereum depending on what the holders of these coins intend to do with them. If these transactions carrying at least $100,000 worth of coins are for selling, then the price of ETH would see a downtrend. However, since the price of ETH has remained relatively stable and maintained its hold on the $1,900 support, then it is likely that these whales are just moving their coins around without selling. Additionally, these on-chain transactions do not point toward a good volume of ETH flowing toward centralized exchanges, further giving credence to the fact that these whales are not moving their coins for selling purposes. Ethereum, on its own, has not had the best of days though as its trading volume is down significantly from Monday. It is currently sitting at $6 billion, a 27% decline from Monday’s figures. Nevertheless, its price is holding steady with meager gains of 0.1% as the coin trades at a price of $1,963.

The United States Federal Reserve has made a significant announcement regarding the certification of 57 organizations, including financial institutions and service providers, for the highly anticipated launch of the FedNow Service. With major players in the banking industry, such as JPMorgan Chase, Bank of New York Mellon, US Bancorp, and Wells Fargo, among the certified entities named by the Fed, the stage is set for a transformative shift in the financial landscape. Testing And Certification Completion For FedNow The Federal Reserve has disclosed that 57 early adopter organizations have successfully completed formal testing and certification for the upcoming FedNow Service launch planned for late July. This diverse group consists of financial institutions and service providers that are ready to send and receive transactions, supporting settlement and processing on behalf of participants. The US Department of the Treasury is also among the early adopters, reflecting the breadth of involvement in this groundbreaking initiative. Readiness and Final Trial Runs The certified organizations are currently undergoing final trial runs to confirm their readiness in handling live transactions over the new instant payments infrastructure. This critical phase ensures that the participants can seamlessly embrace the capabilities of FedNow, providing enhanced payment experiences to their customers. As part of this process, comprehensive testing and validation have been conducted to ensure compatibility, reliability, and optimal performance. The FedNow Service is designed to be a platform for innovation, allowing financial institutions to adopt and build upon its capabilities over time. With the goal of offering new instant payment services to their customers, these institutions are expected to leverage FedNow for various use cases such as account-to-account transfers, requests for payment, bill payments, and more. This forward-looking approach fosters a dynamic and evolving financial ecosystem, catering to the changing needs of businesses and individuals alike. In addition to the early adopters, the Federal Reserve continues to collaborate with financial institutions planning to join the FedNow Service later in 2023 and beyond. This ongoing effort aims to build a robust network that encompasses all 10,000 US financial institutions, ensuring nationwide reach and accessibility. By facilitating participation from organizations of all sizes and geographical locations, the Federal Reserve paves the way for a comprehensive and inclusive instant payment ecosystem. This instant payment system is set to revolutionize the US payment infrastructure, enabling individuals and businesses to make faster and more efficient transactions.

Litecoin’s upcoming halving: 13% of LTC supply held unmoved for five years, IntoTheBlock report reveals. IntoTheBlock data shows 13% of Litecoin (LTC) supply dormant ahead of halving event. Litecoin halving approaches: insights from IntoTheBlock on 13% of LTC supply held for five years. IntoTheBlock, an on-chain data vendor, recently shared intriguing information about Litecoin (LTC), often referred to as “digital silver.” According to their findings, leading up to the upcoming halving event, a portion of Litecoin wallets has held approximately 13% of the circulating LTC supply without any movement for a span of five years. Analysts at IntoTheBlock suggest that this could be attributed to an unwavering confidence in the cryptocurrency or potentially lost LTC coins. Litecoin halving to occur in August The LTC halving is scheduled for August 2nd this year, where the block reward will be reduced from the current 12.5 LTC to 6.25 LTC. A similar halving event recently occurred for the anonymous cryptocurrency DASH. Bitcoin is also anticipating a halving event next year in April-May, as programmed by its creators. Halvings serve to maintain deflationary characteristics in proof-of-work cryptocurrencies by reducing the number of coins entering the market every four years, which can potentially impact the price. Notably, LTC has observed a surge in hashrate recently, and preceding the upcoming halving, there has been a significant increase in active LTC wallets. Additionally, the number of LTC addresses holding 0.001 LTC has experienced rapid growth.

The U.K. Finance represents over 300 financial institutions in the United Kingdom. The bank had proposed a ceiling of between £10,000 and £20,000 ($12,700 and $25,400). A central bank digital currency (CBDC) created by the United Kingdom is being discussed by financial institutions there. One of the major financial membership organizations in the United Kingdom, U.K. Finance, has responded to a consultation of the Bank of England on the potential introduction of a digital pound by publishing their response. The U.K. Finance, which represents over 300 financial institutions, disagrees with the Bank of England’s proposed limitations on how much money a person might have in this proposed currency. Far Lower Cap Limit U.K. Finance recommended a far lower temporary restriction of £5,000 ($6,350) on these assets than the bank planned, in order to prevent panic during times of financial hardship. The bank had proposed a ceiling of between £10,000 and £20,000 ($12,700 and $25,400). The group also warned that the introduction of a digital pound might “exacerbate” the flight of deposits under certain conditions. The digital pound was only announced in January, when the U.K. government said it was considering issuing it. The digital pound, called “britcoin” by U.K. Prime Minister Rishi Sunak, is now in the early stages of design, and its issuance is projected by the end of 2023. British politicians are starting to worry about it because they believe the nation might use more resources in the fight against the introduction. Moreover, they “were really concerned” about a number of hazards associated with granting a CBDC, as indicated by Michael Forsyth, head of the Economic Affairs Committee, in January. A recent study also showed that British people are worried about the increased authority their government would have with a digital pound. Highlighted Crypto News Today: Gemini Co-Founder Threatens Legal Action Against DCG CEO

The average daily trading volume on OPNX is already $34 million. Davies claims to initiate a “shadow recovery process” for investors who lost money. Several months after their failed hedge firm 3AC went bankrupt, its founders launched two new businesses: a cryptocurrency exchange platform called OPNX and a new hedge fund named 3AC Ventures. So far, the 3AC ventures website consists just of a generic message requesting potential investors to send them an email. OPNX, on the other hand, seems to have convinced investors to put their money and hope that this time nothing goes wrong. The average daily trading volume on OPNX is already $34 million. And the company’s founders supposedly have ambitious expectations for their share of the profits. The two “serial entrepreneurs” have brought this new reimbursement scheme while they avoid bankruptcy and liquidation processes. Only for Early Onboards Kyle Davies, the owner of the insolvent hedge firm, claims that this is true, but that consumers will only be reimbursed if they board the OPNX early. Davies came up on Mario Nawfal’s Twitter Spaces Podcast to explain Zhu and his user-reimbursement scheme to jittery investors. For those who are prepared to conduct business with OPNX, Davies claims he and Zhu would initiate a “shadow recovery process” for investors who lost money due to the demise of 3AC. Legal efforts to recover cash for 3AC investors will be handled in a manner apart from this groundbreaking initiative. Davies also asserts that numerous investors have been reimbursed. For obvious reasons related to privacy, none of these investors were revealed. Investors don’t have to participate in the “shadow recovery process,” as it is optional, as per Davies. Highlighted Crypto News Today: UK Finance Disagrees With BoE’s Proposed CBDC Cap Limit

The Tron (TRX) Network is set to undergo a major upgrade on July 11th, and TRX and other key metrics have seen a steady uptrend as the upgrade approaches. The upcoming Periander upgrade brings significant enhancements to the Tron Network, while TRX experiences a surge in on-chain metrics. Tron Network’s latest update, Great Voyage—v4.7.2 (Periander), introduces four critical upgrades aimed at enhancing the functionality and usability of the network. These upgrades include an advanced Stake 2.0 mechanism, seamless compatibility with Ethereum’s EIP-3855, streamlined smart contract interface calling, and a revamped P2P network module. Tron’s Periander Upgrade The new Stake 2.0 mechanism offers users greater flexibility in staking and unstaking their resources, with the ability to customize lockup periods for delegated resources according to their individual needs. The compatibility with Ethereum’s EIP-3855 promotes interoperability between the two ecosystems, attracting more developers to TRON and reducing migration costs for projects across both chains. On the other hand, the streamlined smart contract interface calling provides developers with estimated transaction fees for deploying their contracts, simplifying the development of smart contracts. Finally, the revamped P2P network module enhances the connection efficiency, availability, scalability, and transmission efficiency of the TRON network. TRON founder Justin Sun emphasized the organization’s commitment to fostering the growth of the TRON ecosystem, attracting more developers, capital, and users to the platform. With over 169 million users worldwide, TRON has processed more than 6 billion transactions and boasts a total value locked (TVL) of over $5 billion. It has built a comprehensive ecosystem encompassing NFTs, DeFi, GameFi, stablecoins, the metaverse, and cross-chain solutions, and hosts the largest USDT circulating supply worth over $46 billion, making it an industry leader. Overall, the TRON MainNet Periander upgrade brings significant improvements to the Tron Network, providing greater flexibility, compatibility, and efficiency to its users and developers. The upgrade encourages greater participation in the network, attracts more developers to the platform, and stimulates the growth of the ecosystem. The revamped P2P network module provides a robust infrastructure that empowers developers and users to explore new possibilities and drive innovation within the TRON ecosystem. On-chain Metrics Show Bullish Trend For TRX As the TRON Network’s upgrade day approaches, the platform has experienced a notable uptick in its on-chain metrics, according to data from DeFiLlama. Since the beginning of the month, TRX’s trading volume has seen a gradual increase, which indicates that there is growing demand for the token. In the last few days, TRX’s trading volume has reached over $9 million. Additionally, the network activity on TRON has also been rising in recent weeks. On-chain activity, such as the number of transactions and unique addresses, is an essential metric to consider. In the lead-up to the upgrade, TRON’s on-chain activity has increased, which suggests that there is a growing demand for TRX. In the last three days alone, there have been over 20 million transactions on the TRON network. This growing network activity and usage of the TRON network are positive indicators for the TRON ecosystem and could lead to further growth in the future. On the flip side, TRX has been on an uptrend since June 20th, starting from a value of $0.06788 and now trading above the $0.07784 mark. This represents a considerable gain of 13% over the last 14 days and 4% in the seven-day period. However, TRX is currently facing its yearly high resistance at the same trading level. This could potentially create a delay in reaching new yearly highs if it is unable to surpass its nearest resistance. Featured image from Unsplash, chart from TradingView.com

ShibArmy Scam Alerts warns SHIB community about potential SHIB 2.0 scams. Shiba Inu’s Kusama clarifies the absence of SHIB 2.0 and urges caution against scams. ShibArmy Scam Alerts alerts SHIB community to recent Coinbase-related scam attempts. ShibArmy Scam Alerts, a Twitter account dedicated to exposing scams and protecting Shiba Inu users, has informed the SHIB community about potential scams involving SHIB 2.0. In a recent tweet, @susbarium cautioned the SHIB community about tokens originating from addresses claiming to be associated with SHIB 2.0. The community was also advised to exercise caution with Ethereum Names (ENS) that may appear to be affiliated with Shiba Inu but are not. Additionally, they were warned about tokens falsely implying a connection to the SHIB ecosystem. Shiba Inu’s Kusama warned there is no SHIB 2.0 A screenshot shared by Shiba Ecosystem official Lucie showcased a message from Shiba Inu lead Shytoshi Kusama, emphasizing that there is no SHIB 2.0 and urging the community to be cautious of scams. When asked to make a Twitter post about this, Kusama stated being occupied with launching a blockchain and emphasized the importance of conducting thorough research. Given the increasing prevalence of scams and fraudulent activities, ShibArmy Scam Alerts has been regularly issuing warnings to the SHIB community. In a recent update, @susbarium brought attention to ongoing scam attempts targeting users of the U.S.-based crypto exchange Coinbase within the community. The tweet highlighted an email scam, advising users to be cautious of fraudulent messages claiming that their Coinbase accounts were temporarily suspended. Users were urged not to click on any suspicious links. Earlier, the Shiba Inu community was alerted about fake SHI and TREAT tokens that were not officially available.

On-chain data shows 75% of the entire Bitcoin circulating supply is now in profit, something that could lead to a drop for the asset. Bitcoin Supply In Profit Has Registered An Uptick Recently As pointed out by an analyst in a CryptoQuant post, there may be a risk that the investors would participate in profit-taking here. The “supply in profit” is an indicator that, as its name already implies, measures the total amount of the circulating Bitcoin supply that’s currently holding an unrealized gain. The metric works by going through the on-chain history of each coin in circulation to see what price it was last moved/transferred at. If this previous price for any coin was less than the current spot price of the asset, then that particular coin is said to be holding a profit right now, and the indicator adds it up to its value. The “supply in loss” is the counterpart indicator of the supply in profit, and it naturally keeps track of the coins of the opposite type (that is, the coins with a higher acquisition price than the latest spot price). When the supply in profit goes up in value, it means that more investors are coming into profit. Generally, the more an investor gets in profit, the more likely they become to sell. So, a large amount of the supply carrying some gains can lead to a widespread selloff becoming more probable in the sector. Now, here is a chart that shows the trend in the 7-day simple moving average (SMA) Bitcoin supply in profit over the history of the cryptocurrency: As displayed in the above graph, the 7-day SMA Bitcoin supply in profit has observed a sharp surge recently. This spike in the metric has taken place as the rally in the cryptocurrency’s price towards the $31,000 level has occurred and has put a large number of investors into gains. At the current values of the indicator, coins equivalent to about 75% of the total circulating supply of the cryptocurrency are carrying some amount of unrealized profit. Naturally, this would mean that a lot of investors may be thinking about harvesting some of the gains that they have accumulated. If the holders do end up selling here, then the price of the asset could observe a drawdown, at least in the short term. From the chart, it’s visible that the current level of the indicator is around where the asset hit a local top back in April of this year, and it’s also the same value where the cryptocurrency faced resistance in early 2022. It now remains to be seen if the market can pull through this psychological barrier and allow the Bitcoin rally to continue further. BTC Price At the time of writing, Bitcoin is trading around $31,000, up 1% in the last week.

Winklevoss accused Silbert of trying to play the victim after DCG illegally froze over $1.2B. According to Winklevoss’ letter, Silbert abused the mediation process and delayed things. In an open letter, Gemini’s co-founder and president Cameron Winklevoss issued a 3-day deadline to Digital Currency Group’s (the parent company of defunct cryptocurrency lender Genesis) founder and CEO Barry Silbert. The president of Gemini has threatened legal action if Silbert and DCG do not accept the modified offer by 4 pm ET on July 6, 2023. On July 3, Winklevoss accused Silbert of trying to play the victim after DCG illegally froze over $1.2 billion in funds belonging to Gemini Earn clients in Genesis. He alleges that Silbert has ignored the bogus assertions made to creditors and has instead cultivated a deceitful mindset. According to Winklevoss: Filing of Turnover Motion President of Gemini claims that not even Sam Bankman-Fried (SBF), founder and former CEO of collapsed crypto exchange FTX, is capable of such insanity. He said that after seeing his actions had hurt others, SBF tried to make things right. According to Winklevoss’ letter, Silbert abused the mediation process and purposely caused delays to buy time. Since Genesis stopped processing withdrawals, Winklevoss claimed Silbert has had no intention of negotiating a deal with creditors and Gemini Earn clients. Winklevoss will also file a turnover motion, which would call for the immediate payment of $630M to customers and creditors of Gemini Earn. Highlighted Crypto News Today: South Africa Mandates License for Crypto Exchanges Before Year End

Accepting applications for licenses by authorities began a few weeks ago. Post FTX’s demise, crypto exchanges and businesses have been under closer scrutiny. Financial authorities in South Africa have recently demanded that cryptocurrency exchanges register by the end of the year or risk legal action. By the end of the year, South Africa’s Financial Sector Conduct Authority has mandated that cryptocurrency exchanges submit applications for operational licenses. Since accepting applications for licenses began a few weeks ago, the financial regulator has received about 20 in total. The cut-off date is December 30. Stringent Compliance Mandated Until the deadline, the FSCA will conduct enforcement proceedings against firms that have applied for a license, according to FSCA Commissioner Unathi Kamlana. The businesses may be punished or ordered to shut down if they are found to be operating illegally. Moreover, Binance, Luno (owned by Barry Silbert’s Digital Currency Group), and VALR, funded by Pantera Capital, are just a few of the big enterprises established in South Africa. These businesses are racing against the clock to get the necessary permits. South Africans were victims of some of the world’s greatest cryptocurrency frauds, which cost them billions. The Financial Sector Conduct Authority (FSCA) is coordinating crypto regulation with an “inter-governmental fintech working group.” This group includes the National Treasury and the South African Reserve Bank. After a series of crypto market failures and bankruptcies last year, regulators and lawmakers have agreed to strengthen regulations for the crypto industry. Since FTX’s demise, crypto exchanges and businesses have been under closer scrutiny. In the meanwhile, the European Union’s (EU’s) Markets in Crypto-Assets (MiCA) legislation will help standardize the sector. Additionally, a new wave in the crypto industry was brought about by Hong Kong’s implementation of new legislation to license exchanges. Highlighted Crypto News Today: Shibarium Launching Next Month? Shiba Inu Founder Drops Final Hints

The reward will be paid entirely out of donations to LITF made by the general public. After the latest updates, several users say they’ve seen an increase in issues. The Joint L1 Task Force (L1TF), a group of community-backed core developers for Terra Luna Classic, has suggested a bug bounty program to reward those who discover and responsibly disclose flaws in the system. The reward will be paid entirely out of donations to LITF made by the general public. Proposal 11602 “Luna Classic Bug Bounty Incentive Program” was posted on Twitter by the Joint L1 Task Force project manager LuncBurnArmy. Combating Increased Issues The Terra Luna Classic development team plans to reduce the circulating supply of LUNC and USTC in the third quarter, and in doing so, hopes to shed light on network faults. After the latest updates, several users say they’ve seen an increase in issues. The proposal states that a bug bounty program would improve network security and stability, encourage cooperation and usability, and compensate participants for reporting flaws. Since L1TF will be covering the costs of the bounties, no special community expenditure request is needed. L1TF’s Q3 allocation plan calls for 50 million LUNC. Moreover, all community members, outside developers, and security professionals are welcome to participate in the bug bounty program. Participants are expected to follow responsible disclosure practices and to operate in accordance with applicable laws and ethical norms. Such as not disclosing vulnerabilities to the public and not engaging in any kind of malevolent activity. In light of recent events, the majority of the community feels that network security must be tightened up. On the other hand, the community pool fund balance at Terra Luna Classic has also decreased dramatically. Especially, after three community pool expenditure requests were approved. Highlighted Crypto News Today: Recent Approvals Drain Terra Classic Community Fund Pool

Renowned crypto analysis channel BitBoy Crypto recently presented a bullish forecast for Bitcoin, projecting a potential surge to $140,000. The leading cryptocurrency, currently enjoying a strong position in the market, could be poised for a significant climb, according to AJ, an analyst from BitBoy Crypto. This forecast comes at a time when Bitcoin continues to captivate institutional investors and attract large funds interested in capitalizing on its sustained growth. Bold Bitcoin Prediction Amid Growing Institutional Interest AJ’s latest analysis for Bitcoin points to a potential climb to $140,000 in the next bullish cycle. This prediction, particularly ambitious in its scope, follows BlackRock’s recent filing for a Bitcoin Exchange Traded Fund (ETF). This move sparked a chain reaction with several other large funds submitting their own filings, further underscoring Bitcoin’s burgeoning influence in the crypto landscape. Additionally, AJ forecasted that Bitcoin is set to consolidate its share of the crypto market in the coming years. This notion stems from two key factors: Bitcoin’s distinct position as a non-security digital asset, unlike various altcoins, along with its pioneering status in the market that has garnered institutional investor attention. According to AJ, Bitcoin’s dominance in the crypto market will not wane in the foreseeable future. He, however, did not dismiss the potential for Ethereum (ETH) to possibly surpass Bitcoin in terms of market capitalization in the long term. However, from a tokenomics perspective, Bitcoin stands out significantly from most altcoins. Currently, 92% of Bitcoin’s maximum supply is in circulation, contrasting sharply with several crypto projects, where only approximately 50% of their max supply ranging from 500 million to 1 trillion tokens is in circulation. BTC Climb And Market Cap Increase Wrapping up his speculation, the BitBoy Crypto analyst surmised that Bitcoin’s value could increase to somewhere between $100,000 and $140,000 in the next bull market. Moreover, he projected that Bitcoin’s market capitalization would reach at least $2 trillion, provided his bullish thesis holds true. This BTC prediction is just one out of the many Bitcoin predictions reported in the past weeks. Last week, renowned analyst Willy Woo sets forth a prediction suggesting Bitcoin could potentially scale up to a price of $310,000 under a specific set of circumstances. These conditions included institution players allocating 5% of their Assets Under Management (AUM) into BTC. Weeks prior, another crypto analyst Credible Crypto predicted that Bitcoin could reclaim its previous peak of $69,000 based on the assumption of a continuing “parabolic advance” Regardless, BTC currently trades above $31,000 at the time of writing. The asset is up 1.4% in the past 24 hours and has a daily volume of $16.5 billion over the same period. Featured image from Shutterstock, Chart from TradingView

MATIC price is recovering from the $0.60 support zone. Polygon might rise further toward the $0.75 and $0.80 resistance levels. MATIC price is attempting a recovery wave above the $0.68 resistance against the US dollar. The price is trading above $0.70 and the 100 simple moving average (4 hours). There was a break above a key declining channel with resistance near $0.650 on the 4-hour chart of the MATIC/USD pair (data source from Kraken). The pair could continue to rise if it clears the $0.720 resistance zone. Polygon’s MATIC Price Starts Recovery After a major decline, Polygon’s price found support near the $0.60 zone. MATIC traded as low as $0.600 and recently started a recovery wave. The recent gains in Ethereum and Bitcoin also helped altcoins such as MATIC and ADA. MATIC was able to climb above the $0.65 and $0.68 resistance levels. Besides, there was a break above a key declining channel with resistance near $0.650 on the 4-hour chart of the MATIC/USD pair. The price is now trading above $0.70 and the 100 simple moving average (4 hours). A high is formed near $0.7205 and the price is now consolidating gains. It is well above the 23.6% trading above $0.70 and the 100 simple moving average (4 hours).. Immediate resistance is near the $0.720 level. The first major resistance is near the $0.75 level. If there is an upside break above the $0.750 resistance level, the price could continue to rise. Source: MATICUSD on TradingView.com The next major resistance is near $0.78. A clear move above the $0.78 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.80 level or $0.82. Downside Correction in MATIC? If MATIC’s price fails to rise above the $0.720 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.692 level. The main support is near the $0.65 level or the 50% trading above $0.70 and the 100 simple moving average (4 hours). A downside break below the $0.65 level could open the doors for a fresh decline toward $0.622. The next major support is near the $0.60 level. Technical Indicators 4 hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level. Major Support Levels – $0.692 and $0.650. Major Resistance Levels – $0.720, $0.750, and $0.800.

The past few days have favored altcoins with incredible gains. Among the soaring coins is MakerDAO’s governance token Maker (MKR). MKR witnessed impressive price performance in the last seven days, outpacing top cryptocurrencies with over a 48% price increase on the weekly top gainers’ chart. CoinMarketCap data shows that Maker (MKR) price recorded a significant gain of 46.78% among top gainers over the past 30 days. As of the time of writing, the token has recorded a 24-hour price increase of 12.96%. Maker’s Price Movement in The Past Week Maker’s bullish price action attracted the attention of market participants after climbing to over $1,000 from a price of $677 recorded on June 28. Although it recorded pullbacks here and there, MKR price still saw massive rallies within the past seven days. Related Reading: USDC Circulating Supply Down 38% Since Jan. 1 – Will It Affect Price? The token price experienced a slight dip after trading at $704 on June 25. However, it recovered momentum and rose from $677.88 on June 28 to $834 on June 30, a 21% increase from the June 28 opening price. Maker rode a consistent bullish wave to its current price of $1,032, with a 49% gain over the past seven days. Since the start of June, MKR has recorded two major price rallies. From July 1, MKR’s price surged 21%, rising above $830 from $687 on June 30. MKR token’s valuation increased by 8% in the early hours of July 3, bringing the price to $929.87, a 3-month high since March. The token’s trading volume has also spiked, suggesting increased market activity and buying pressure. At press time, Maker’s trading volume is at $117 million, with a 71.53% increase in the last day. Maker saw a sharp spike in trading volume from June 28. The trading volume went from $25 million to $126 million on June 30 before dipping below $70 million. However, data shows the bulls are back as the uptick in trading volume resumed on July 3 and now stands at $125 million. Moreover, the overall protocol performance has improved. MakerDAO is in second place in DefiLlama’s protocol rankings. It is trailing behind Lido with a TVL of $6.205 billion. The protocol recorded a 24-hour decline of 0.92% and a 1-month increase of 0.97%. Factors Influencing Maker (MKR)’s Price Performance The specific factor driving MKR’s price action remains unclear. But the overall positive sentiment in the broader crypto market appears to have robbed off on the token. Spark Protocol, a Maker-powered lending platform launched on May 8, 2023, and appears to have received increased user interest. Spark Protocol developers, Phoenix Labs, launched a multi-chain proposal for Spark Protocol to allow cross-chain deposits and withdrawals for DAI borrowers. Currently, DAI borrowing on Spark Protocol has surpassed the previous debt ceiling of 5 million DAI to 8.16 million. This suggests increased lending activity in the protocol, increasing MKR transactions since it is the utility token for Spark Lending.

Data from Santiment shows XRP and Cardano, among other altcoins, may be the ones worth keeping an eye on in the coming days. Social Dominance Of Altcoins Like XRP & Cardano Has Remained Low Recently According to data from the analytics firm Santiment, Bitcoin is seeing the greatest attention in the market right now, while some of the alts aren’t being talked about that much. The indicator of interest here is “social dominance,” to understand which the “social volume” needs to be looked at first. The social volume is a metric that measures the total amount of unique social media posts/threads that are making mentions of a given asset or term. By “unique,” what’s meant here is that the indicator only counts these posts once regardless of how many times they mention the term (obviously, as long as they make at least one mention). If the metric counted the pure number of mentions instead, then a thread with a large number of mentions could raise the count by itself, even if mentions may be low everywhere else on social media. Thus, to obtain a more accurate representation of the trend in the wider market, the social volume only considers unique posts. Now, social dominance is an indicator that compares the social volume of a given cryptocurrency with the combined social volume of the top 100 assets (by market cap) in the sector. Here is a chart that shows the trend in the social dominance of the five largest coins in the market: Bitcoin (BTC), Ethereum (ETH), BNB (BNB), XRP (XRP), and Cardano (ADA): As displayed in the above graph, the social dominance of Bitcoin has been high since the rally started around the start of the year. The asset has been leading the price surge in these last few months, so it’s not particularly surprising that the interest in the cryptocurrency has been elevated during this period. Discussions around BTC on social media had been dropping slightly last month when FUD had been going around in the market, but with the latest leg in the rally above the $30,000 level, interest has once again spiked in the coin. While this has happened, however, the other top assets like XRP have only observed a sideways trend or a drawdown in their respective social dominance. This would imply that these cryptocurrencies have failed to garner any significant attention during the last couple of weeks. The amount of discussion that Bitcoin is seeing, though, isn’t always a good sign, as too much excitement has historically often resulted in the formation of a local top. On the contrary, as the alts aren’t getting too much attention currently, they may have the potential for observing more price rise. Cardano, BNB, and XRP, in particular, have pretty low values of the indicator right now, which, according to Santiment, makes them worth keeping an eye on. XRP Price At the time of writing, XRP is trading around $0.48, up 1% in the last week.

The Solana (SOL) price is currently at a crucial turning point, which will be of decisive importance for the coming weeks. If the SOL bulls manage to leap above the currently most important resistance, a rally of up to 40% could be on the cards. If the bulls lose the upper hand, another plunge of up to 21% could be imminent. Crucial Moment For The SOL Price An analysis of the 1-day chart using Fibonacci retracements shows that the SOL price is at a pivotal point for the coming weeks. At the time of writing, SOL was trading at $19.19, just below the 38.2% Fibonacci retracement level. So far, SOL bulls have failed to break above this level at $19.72. If successful, the price level above $21, at which SOL was trading before the U.S. Securities and Exchange Commission (SEC) classification of the Solana token was announced, would again be within reach. A bit further up, the 200-day Exponential Moving Average (EMA) awaits the SOL price at $22.05 – an indicator often described as a “bull line” that SOL investors have been unable to break above since April 2022. In this bullish scenario, the 200-day EMA can be considered as the second most important challenge for SOL bulls. An upside break could allow the price to rise to the 61.8% Fibonacci retracement level at $27.00, which also marked the year-to-date high, potentially marking a 40% rally. At this level at the latest, a preliminary pause in the rally is to be expected. In a bearish case, SOL fails to capture the 38.2% Fibonacci retracement level. In this case, a drop towards $15.30 is conceivable, which would represent a price loss of around 21%. Solana Displays Strong Fundamentals The renewed momentum in Solana’s price can also be attributed to strong fundamentals. Last Friday, June 30, Solana surpassed Ethereum in 24-hour NFT volume for the first time ever. Solana NFTs saw a surge in trading volume to $25.5 million, up over 1,900% day-over-day (compared to +28%, or $24.6 million for Ethereum). Moreover, Drift Protocol’s “Super Stake” is also currently causing a stir in the Solana ecosystem. Risk-averse traders can earn an additional 10% return by leveraging Solana Staking derivatives. Marinade-SOL (mSOL) from Marinade Finance is the preferred derivative, enabling traders to deposit mSOL tokens as collateral and borrow additional SOL tokens for continuous restaking, multiplying returns up to three times. This concept draws parallels with Ethereum’s MakerDAO and its stETH Yield Multiple Staking via Aave. While there are inherent risks, demand for Super Stake remains high, pushing Solana’s maximum utilization. Super Stake serves as a catalyst for the battered DeFi ecosystem, driven by the booming NFT market. Solana’s resilience, coupled with innovative solutions like Super Stake, positions SOL for a bullish breakout.

Bitcoin price crossed the $31,000 mark, while Ethereum is nearing the $2,000 milestone. BlockRock and other several companies refiled the Bitcoin ETF application. Bitcoin (BTC) and Ethereum (ETH) the crypto giants in the market showing positive momentum with significant price rally. The king of the global crypto market Bitcoin crossed an impressive $31,350 range. Similarly, the second largest cryptocurrency Ethereum nearing the $2K mark. The surge in Bitcoin’s price can be attributed to the renewed interest generated by several prospective Bitcoin ETF issuers who resubmitted their applications. This development sparked a rally in the world’s largest digital asset. BTC price surpassed the $31,000 level and reached $31,350. ETH price climbed to $1,980, which is the highest since April 17. Top Cryptos Bitcoin & Ethereum Price Status At the time of writing, BTC traded at $31,021.58, with a 24 hour trading volume of $16 billion, surged over 38%. Over the course of a single day, the BTC price surged by more than 1.5%, and over the span of a week, it recorded a 3% increase. Moreover, since the beginning of the year, the top cryptocurrency price also witnessed an impressive surge of over 89%. Bitcoin (BTC) Price Chart (Source: CoinMarketCap) On the other hand, Ethereum traded at $1,955.40, displaying a 24-hour trading volume of $6.7 billion. In the past 7 days, the price of ETH rose by approximately 4.5%, and since the beginning of 2023, it has experienced a significant increase of 63%. Ethereum (ETH) Price Chart (Source: CoinMarketCap) These remarkable price rallies indicate a renewed wave of optimism and interest in the cryptocurrency market, as both Bitcoin and Ethereum continue to attract attention and investment from traders and investors alike. Recommended for you Ethereum (ETH) Price Prediction 2023