Category: Cryptocurrency News

U.S. senators including Elizabeth Warren and Bernie Sanders claimed crypto tax evaders are siphoning off billions from the government.

Bitcoin price is moving lower below $29,500. BTC could start a fresh increase if there is a close above the $30,000 resistance zone. Bitcoin is slowly moving lower below the $29,500 pivot level. The price is trading below $29,300 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support near $29,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could attempt a fresh increase toward the $29,750 resistance zone. Bitcoin Price Starts Fresh Decline Bitcoin price struggled to clear the $30,000 resistance zone. BTC started a fresh decline below the $29,750 and $29,500 support levels. There was a close below $29,200 and the 100 hourly Simple moving average. The price even spiked below the $29,000 level. A low is formed near $28,932 and the price is now consolidating losses. The price is now trading near the 23.6% Fib retracement level of the downward move from the $30,000 swing high to the $28,932 low. Bitcoin is now trading below $29,300 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $29,100 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $29,275 zone and the 100 hourly Simple moving average. The first major resistance is still near the $29,450 level or the 50% Fib retracement level of the downward move from the $30,000 swing high to the $28,932 low. Source: BTCUSD on TradingView.com The next major resistance is near the $29,750 level, above which the price might rise toward the $30,000 resistance zone. A close above the $30,000 resistance zone could start a decent increase. In the stated case, the price may even surpass the $30,400 resistance. More Losses In BTC? If Bitcoin fails to clear the $29,450 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,100 level and the trend line. The next major support is near the $28,750 level, below which the price could accelerate lower. The next support is near the $28,40 level. Any more losses might call for a move toward the $28,000 level in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $29,100, followed by $28,750. Major Resistance Levels – $29,450, $29,750, and $30,000.

Michael Saylor compared his firm to a “sportscar” whereas a spot ETF will be like a “supertanker” when it came to giving investors Bitcoin exposure.

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According to Etherscan data, the number of active ERC-20 addresses has not changed much in 2023. It has stayed between 200,000 and 300,000 while Ethereum prices stagnate below July 2023 highs. As of August 2, there were about 275,000 active ERC-20 addresses, up from 156,000 on June 18. Although activity has been low overall, there was a significant increase on June 11, with over 446,000 active ERC-20 addresses. Ethereum’s price trajectory has been tumultuous in tandem with this activity pattern, looking at the charts. For instance, Ethereum bulls have failed to breach the $2,100 liquidation level posted in the latter stages of H1 2023.  Ethereum Prices Volatile, Few Coins Burned At the moment, ETH prices hover around the $1,800 range, teetering precariously and likely to drop, looking at candlestick arrangements in the daily chart. Although Ethereum has been bullish in the past two months, bulls have been tamed, and a drop below the $1,800 level may signal a shift from bullish to bearish in the medium term. With ETH under pressure, the number of active ERC-20 addresses remains constant and relatively lower than the 2021 peaks. This means there is less demand for ETH, which is used to pay transaction fees. As a result, gas fees are lower because there is less competition for block space. Typically, this would encourage more people to participate and even deploy complex contracts in decentralized finance (DeFi).  Related Reading: Ethereum ETFs Heat Up As Filings With SEC Climbs To Six With EIP-1559 in the equation, low activity means fewer coins are taken out of circulation. Despite low network activity, the protocol continues to issue 2 ETH after each validated block, watering down deflationary effects enforced by EIP-1559.  DeFi Activities Falling Falling activity could be attributed to the waning interest in decentralized finance (DeFi) activities over recent months. As of August 2, the total value locked (TVL) remains below $50 billion, with a significant portion of assets tied in Ethereum. DeFi projects like LidoDAO, Curve, and Uniswap facilitate the trading of ERC-20 tokens. Furthermore, on-chain data highlights USDT as the most actively transacted token. Given its position as the third-largest coin by market cap, with substantial circulation in Ethereum and Tron networks, such a trend is expected. Looking back at ERC-20 transactions from June and July, it is evident that transfers stayed constant despite temporary price increases. Ethereum prices rose from $1,630 to $2,000 between mid-June and mid-July 2023, but ETH is now lower.  Related Reading: BNB Nears $250 Level As Market Suffers Volatility; What’s Driving It? On-chain ERC-20 activity has remained stable despite price volatility. It’s unclear whether there will be a change in activity as prices continue to drop. However, lower prices may force token holders to wait and see, leading to less activity. Feature image from Canva, chart from TradingView

Economists from Goldman Sachs predict that AI investment could account for up to 4% of GDP in the United States by 2025.

Shiba Inu, a cryptocurrency that originated as a meme but has now solidified its market presence, is making waves with the ‘Shibarium’ launch on the horizon. Data from IntoTheBlock reveals that the crypto’s whales – entities holding large quantities – have shifted billions of SHIB tokens in the past 24 hours. This vast movement of funds coincides with an increase in Shiba Inu’s large transaction volume, reaching roughly 1.13 trillion SHIB. It appears that large-scale investors are making their moves in anticipation of the cryptocurrency’s next big announcement, which is likely to be the Shibarium launch. Related Reading: Shiba Inu Price Prediction: Is Shibarium The Key To A Trend Reversal? Whales And Burn Rates – Shiba Inu Active Market The metric of large transaction volumes serves as a key indicator, offering a snapshot of the activities carried out by prominent players, often called ‘whales,’ within the crypto ecosystem during a specific timeframe. This measure mainly provides valuable insights into the magnitude of transactions made by these influential participants on any given day, reflecting their potential impact on the market dynamics. IntoTheBlock defines large transactions as transfers exceeding $100,000. And as it stands, the recent activity shows increasing movements on the Shiba Inu market, with whales adjusting their holdings. Simultaneously, there has been a significant uptick in the burning of SHIB tokens, doubling in the past 24 hours. According to data from Shibburn, a platform solely for tracking Shiba Inu burn activities, over 62 million SHIB tokens have been eliminated from circulation in the past day, increasing the total SHIB burn rate by 220% over the same period. Notably, this deliberate reduction of available tokens is a strategy often used in the crypto sphere to create scarcity and potentially drive up the value of the remaining tokens in the long, in this case, the price of SHIB. The Shibarium Anticipation The recent activity among SHIB’s largest holders may be connected to the upcoming Shibarium launch. Bitcoin advocate Davinci Jeremie has recently expressed his bullish sentiment on X (formerly known as Twitter), stating, “Big things are happening for Shib looking forward to [seeing] what happens.” Related Reading: Shibarium Hype: Shiba Inu Whales Boost Appetite, Snag 1 Trillion SHIB Tokens Further fuelling the anticipation, the official SHIB account on X also hinted at the community with a post featuring a cheerful expression of a Shiba Inu dog. However, the specifics of what these “big things” could be remain uncertain, further stoking the fires of curiosity and excitement among the Shiba Inu investors. GM #SHIBARMY pic.twitter.com/bC60SaRx4L — Shib (@Shibtoken) August 2, 2023 However, as the curtain rises on the next chapter for Shiba Inu, the recent flurry of whale activity and the increased burn rate underline a market bracing for impact. Whether the coming changes propel SHIB to new heights or steer it down another path is a story that remains to be written. Meanwhile, Shiba Inu token SHIB has seen quite a retrace in the past 24 hours following a more than 5% increase over the past 7 days. At the time of writing, SHIB trades for $0.00000817 down by 1.1% in the past 24 hours. Featured image from Unsplash, Chart from TradingView

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