Category: Cryptocurrency News

Bitcoin (BTC) has been trading in a tight range for quite some time now, with bulls and bears engaged in a tug-of-war over key support and resistance levels.  The recent move above $29,500 has provided some hope for the bulls, but so far, they have been unable to gather enough momentum to push prices higher. Bitcoin Struggles To Break Above Key Moving Average According to Material Indicators, a leading market analysis firm, the key to a bullish breakout in the BTC market is for the coin to print candles above the 100-week moving average (MA). However, BTC has yet to test this level, and bulls have struggled to maintain the current range. The 50-day MA has been a crucial support level, with BTC testing it for today’s eighth consecutive day. While the 50-day MA has managed to hold, resistance at $29,500 has been replenishing, posing a challenge for the bulls.  If they cannot clear this level, Material Indicators expects a run at the lows with $28,300 as the last line of defense. The big question for BTC investors is whether the coin will bounce from the $28,000 zone or extend to $25,000 and beyond. All of these moves are possible, but the mystery lies in what order and timeline they will play out. Related Reading: Breaking: HEX Token Plummets 25% Following SEC Lawsuit Against Founder Richard Heart As the market approaches the monthly close, all eyes are on the potential for volatility in the BTC market. Traders and investors closely monitor the price action and indicators to prepare for potential moves. BTC’s Store Of Value Narrative Solidified The recent changes in the structure of Bitcoin’s trading volume have sparked a debate among cryptocurrency investors and traders. According to Crypto Quant, since January 2023, the Spot vs. Derivatives volume ratio has dropped from 35% to 6%, resulting in a new era of low volatility in the cryptocurrency market. This decrease in spot volume means that investors are holding onto their Bitcoins instead of selling them, as Bitcoin is now considered a valuable asset, similar to digital gold.  This is seen in the BTC: Binary Coin Days Destroyed (CDD) chart, which shows that since the start of the year, there have been no active sales among the cohort of long-term holders (LTHs). Moreover, the total Simple Moving Average (SMA)-7d weekly trading volume of Bitcoin across all exchanges has dropped from 2.5 million BTC in March to less than 600 thousand BTC in July, representing a more than 75% reduction over the specified period.  While some may see this trend as a crisis, Crypto Quant believes it is a sign of the cryptocurrency market maturing and becoming more stable and predictable. However, this trend could lead to significant changes in the Bitcoin market. A reduction in spot volume may result in a reduction in liquidity, which could increase the demand and price of Bitcoin. The market currently lacks a new wave of optimism, and the question is, where will it come from? Related Reading: US Presidential Candidate Defends Bitcoin, Calls Out Environmental Critics The answer may lie in the growing institutional interest in Bitcoin and other cryptocurrencies. Several major financial institutions, such as Fidelity, Blackrock, and Morgan Stanley, have recently applied for Bitcoin Spot Exchange-Traded Funds (ETFs).  This institutional interest could bring a new wave of optimism to the cryptocurrency market, increasing demand and increasing prices. Bitcoin is facing challenges in its attempt to regain its 50-day moving average (MA) as a support level instead of being another resistance line. As of the time of writing, Bitcoin is trading at $29,200, representing a slight 0.6% decline over the last 24 hours. Featured image from iStock, chart from TradingView.com 

Authorities in the United Kingdom and France have also reportedly cited concerns over Worldcoin’s data collection methods, which involve collecting iris scans from users.

A few days ago I presented myself in the community, the truth is that the receptivity I got from everyone was incredible, many people welcoming me and offering to help me understand Ethereum much better. I received several recommendations and warnings, which I appreciate too much, I can certainly say that this community is part…
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Bitcoin’s record low volatility is also a sign that the next price breakout will be volatile, but everyone is guessing which direction the price will go and how it will impact altcoins.

Human or an AI bot? Get your eyeballs scanned by OpenAI CEO Sam Altman’s Worldcoin Orbs to prove digital identity and earn cryptocurrency.

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The BALD memecoin collapsed in price as collectors alleged an exit scam, but the developer claims not to have sold any coins.

Stablecoin USDT issuer Tether published its Q2 2023 attestation report on July 31 and according to the report, Tether recorded an “operational profit” of $1 billion in the second quarter, about a 30% decline from its Q1 profit of $1.48 billion. Although its $1 billion “operational profit” represents a decline from the first quarter, there is a 30% increase in comparison with the Q2 of 2022. Tether also disclosed a share buyback amounting to $115 million and its other investments in energy-related initiatives which are financed by some of the profits from Q2.  “The investment in energy-related initiatives is not included in the CRR as these are not considered by Tether as an eligible reserve for the token in circulation, the company clarified. Related Reading: US Presidential Candidate Defends Bitcoin, Calls Out Environmental Critics Tether Sees Increase In Excess Reserves Tether’s excess reserves in the second year of this year increased by $850 million, taking its total excess reserves to around $3.3 billion. These excess reserves are the profits the company doesn’t share as dividends to shareholders. Instead, it holds them to shore up its 100% reserves used in backing all USDT in circulation and maintaining the token’s stability.  The company has explained that keeping an additional 4% of its assets within its reserves is one of its risk management decisions as it aims to protect customers’ funds. It believes this move is necessary and one that other players should emulate, as under-collateralization, brings weakness to the whole system. USDT market cap at $83.8 billion | Source: Market Cap USDT on Tradingview.com Remaining Committed To Transparency In 2021, Tether agreed to release quarterly reports on its reserves for two years as part of its settlement with the authorities. However, the company continues to release these reports as part of its commitment to transparency despite fulfilling its agreement with the authorities earlier this year.  As part of the report, Tether’s CTO stated: Transparency is not just a buzzword for us; it is the cornerstone of our philosophy. We believe that open communication and strong financials foster trust and reliability, and this is what the global community deserves especially in a year devastated by many failures across the banking and crypto industry. Related Reading: Is It A Good Idea To Buy Curve Now? Here’s What This Founder Thinks Tether has faced criticisms in the past, especially concerning its reserves and whether or not the USDT tokens in circulation were 100% backed. However, despite those allegations, USDT has continued to maintain its peg to the US dollar (re-pegging very quickly every time it dropped below a dollar). The USDT token also remains the largest stablecoin with a market cap of $83.8 billion, with its closest rival, Circle’s USDC, boasting a market cap of $26 billion according to data from CoinMarketCap. Featured image from CryptoSlate, chart from Tradingview.com