Welcome to another episode of "beware it's a scam"! The analysis of scam/ponzi/MLM crypto "trading companies" or tokens that are clearly a scam. CATLY meager homepage. CATLY is a BEP-20 token, created on the Binance Smart Chain. Catly’s website domain (“catly.io”), was privately registered on March 2nd, 2023. SimilarWeb tracked top sources of traffic to…
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Bitcoin (BTC) saw a significant resurgence over the past few hours after hitting the lowest price since June 21 at $28,641 yesterday. At press time, BTC has experienced a 3.7% hike from its low. In fact, BTC even brushed past the $30,000 mark, indicating a substantial shift in market sentiment. So, the question begs. Why Is Bitcoin Up Today? “The entire short build-up of the past couple days just got wiped,” tweeted analyst Byzantine General. Data from Coinglass backs this claim and shows that BTC short positions amounting to $27.8 million were liquidated yesterday, followed by an additional $13.45 million today. This accounts for the most significant short liquidation since July 14, undeniably playing a significant role in the current price movement. But perhaps the most influential reason for the sudden shift in market sentiment was MicroStrategy’s recent announcement. The company stated that it will conduct stock sales worth $750 million. After the announcement, the Bitcoin community was abuzz with speculation that Michael Saylor might make additional, gigantic BTC purchases. Related Reading: Bitcoin Addresses In Loss Soar To One-Month High Amid Mixed Market Indicators “As with prior programs, we may use the proceeds for general corporate purposes, which include the purchase of Bitcoin as well as the repurchase or repayment of our outstanding debt,” said Andrew Kang, MicroStrategy’s CFO during a recent earnings call. While it remains unclear if the entire proceeds will be funneled into Bitcoin, the likelihood of a substantial chunk is certain. Directly after this announcement, Bitcoin surged by 1.6% within one hour. On-chain analysis firm Santiment tweeted: “Bitcoin has breached back above $30k once again, with assistance from the many traders who capitulated during the past week of price declines. Volume is rising to kick off August, & this psychological resistance cross may shift sentiment positive.” Related Reading: BlackRock CEO Larry Fink Is The Best Thing To Happen To Bitcoin, Mike Novogratz Says The chart shared by the firm shows that yesterday trading volume picked up steam again, rising to the highest level since six weeks. Also, the lowest amount of profit / loss taking in 7 months indicates a capitulation event. Analyst @52Skew added that the Bitcoin on the Binance spot market experienced a “real spot demand” which he wanted to see for a strong price reaction. “Note the limit bid wall that pushed up price; typical with PvP conditions to force limit chasing. Marked notable liquidity on the orderbook,” the analyst stated. What’s Next? However, he also cautioned that the 4-hour chart is so far looking like a classic Swing Failure Pattern (SFP) into a higher time-frame support / resistance. The Swing Failure Pattern, or SFP, is a type of reversal pattern where traders target stop-losses above a key swing low or below a key swing high to manipulate the price direction by generating enough liquidity. Nevertheless, the market appears to be brimming with anticipation. As per @DaanCrypto: “If price starts ranging here I’d look for another sweep of the lows and consolidation there. $28.5 & 29.5K are the areas of interest.” Meanwhile, a break above the resistance zone at the monthly and weekly open between $29,236 and $29,300 would validate a bullish scenario where the price targets $30,000. At press time, BTC wasn’t able to reclaim the red resistance zone and was trading at $29,606. Featured image from Kanchanara /Unsplash, chart from TradingView.com
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In a recent court ruling, Ethereum (ETH) was denied non-security status in a case against the U.S. Securities and Exchange Commission (SEC). The court granted the SEC’s motion to dismiss the complaint for declaratory relief on whether Ethereum and the Ethereum Network are securities. While the ruling was a procedural one and not on the merits, it confirmed that there is no protection for Ethereum as a non-security. Ethereum And Other Cryptocurrencies Left In Legal Limbo At this point in the US, only Bitcoin (BTC) and XRP are large-cap tokens that have legal clarity. The court’s decision highlights the regulatory uncertainty surrounding cryptocurrencies and the need for the SEC to issue definitive guidance rather than approaching the issue in piecemeal litigation. According to the Law Firm Dedicated to unique issues of digital assets and cryptocurrency, Hodl Law, the court emphasized that the SEC has not investigated the plaintiff or threatened to investigate, and there is no imminent threat based on its unclear Ethereum position and enforcement-by-litigation approach. Related Reading: Bitcoin Price Forecast: Dark Days Ahead As $29,200 Support Fails However, the SEC’s recent refusals to comment on Ethereum, combined with the position it was forced to take in this briefing, clearly demonstrate that it views Ethereum as a security and is waiting for the most opportune time to strike. While there are appellate options and constitutional grounds available, the ruling underscores the need for greater regulatory clarity in the cryptocurrency space. Businesses and individuals operating in the crypto industry need expert legal counsel to navigate the complex legal landscape and ensure compliance with applicable regulations. ETH’s Fate As A Security If the SEC were to classify Ethereum as a security, it could have significant consequences for the cryptocurrency and the broader industry. First and foremost, if Ethereum were classified as a security, it would be subject to the same regulations as traditional securities, such as stocks and bonds. This would mean that Ethereum would have to comply with securities laws and regulations, including registration requirements, disclosure requirements, and other compliance obligations. This would likely increase the cost and complexity of operating the ETH network and could potentially stifle innovation. Related Reading: Bitcoin Bollinger Bands Are The Tightest Ever, What Happens Next? Additionally, it could impact the value and liquidity of the cryptocurrency. The SEC’s classification would create uncertainty and potentially undermine investor confidence in Ethereum, leading to a decline in its value and potentially reducing demand for the cryptocurrency. Furthermore, this case could potentially lead to legal action against the platform and its developers. If the SEC were to determine that Ethereum was sold in violation of securities laws, it could result in penalties and fines for the platform’s founders and developers. As the crypto industry continues to evolve, regulators must provide clear guidance on the status and treatment of cryptocurrencies. The ongoing confusion and uncertainty surrounding the legal status of Ethereum and other cryptocurrencies pose significant challenges for businesses and investors in the space. While the court’s ruling, in this case, maybe disappointing for some, it underscores the need for greater clarity and regulatory certainty in the cryptocurrency industry. As of the time of writing, ETH is in the process of recovering from a significant decline experienced over the past few days. Currently, the second-largest token in the nascent industry is trading at $1,850, which represents a 0.7% decrease in the last 24 hours. Featured image from iStock, chart from TradingView.com
The Open Ordinals Institute aims to bolster the protocol’s future development as Ordinals inscriptions hit a milestone of 21 million.
Michael Egorov is attempting to pay off his mountain of DeFi debts by selling CRV at a discount.
Bitcoin, the pioneering cryptocurrency, is currently exhibiting mixed market signals, according to the latest data from Glassnode. The analytics firm points out that Bitcoin addresses in loss have reached a one-month high, even as the count of addresses holding smaller balances of the coin marks a record high. The contrasting trends paint an intriguing picture of the current state of the Bitcoin market, further spurring dialogues on the future trajectory of this digital asset. Related Reading: Bitcoin Price Forecast: Dark Days Ahead As $29,200 Support Fails BTC Addresses In Loss Reaches New Heights Glassnode’s report reveals earlier today that the number of Bitcoin addresses in loss (seven-day Moving Average) has peaked at roughly 14.043 billion, marking a new one-month high. This supersedes the previous peak of 14.041 billion recorded on July 31, 2023. Such a trend points towards a section of investors who bought BTC at higher price points and are now in the red due to the recent price fluctuations. However, it’s important to note that these losses are only ‘unrealized’ and turn ‘real’ only when the Bitcoin is sold. While a high number of addresses in loss might initially signal negativity, they can also indicate potential price recovery as these addresses might be waiting for prices to bounce back. Bitcoin Addresses With Smaller Holdings On The Rise In contrast to the increasing number of addresses in loss, Glassnode reports that the number of Bitcoin addresses with 0.01+ coins has attained a new all-time high (ATH) of 12.2 million. This suggests a broadening distribution of Bitcoin among retail investors, perhaps indicative of an increasing acceptance and adoption of the cryptocurrency. Adding another dimension to the market’s mixed signals, the number of non-zero Bitcoin addresses has also reached an all-time high of 47.9 million. This growth underscores the expanding base of Bitcoin holders, reflecting the coin’s widespread global adoption. Related Reading: Why This Billionaire Continues To Advocate For Bitcoin Amid Surging US Debt? While these trends unravel, BTC’s price has found itself in a rebound after a decline of nearly 5% in the past month. Particularly, the asset has seen a slight increase of 0.2% in the past 24 hours bringing its current price to trade at $29,375 after trading below the $29,000 mark earlier today. BTC’s market capitalization has also recorded more than $6 billion in loss in just the past week. The asset market cap has plunged from a high of $575 billion earlier last week to a current cap of $568 billion. Interestingly, Bitcoin’s trading volume has traced quite a contrasting path over the same period. Instead of following the trend of the recent falling BTC price, trading volume has been on a slight uptrend. Last week, the trading volume was stuck at $10 billion. However, in stark contrast to the price trend, this volume experienced a surge, peaking at $13 billion in just the past 24 hours. This suggests a heightened market activity, despite the dwindling Bitcoin price. Featured image from iStock, Chart from TradingView
Hello, r/ethereum community! I'm trying to get a deeper understanding of the concept of programmable money and how it relates to Ethereum's smart contracts. We all know that Ethereum provides the ability to create smart contracts. These contracts can execute predefined actions based on specific conditions. For example, a smart contract might release funds only…
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