🟢 Bitcoin, Ethereum Technical Analysis: BTC Consolidates Below $31,000 Following Prime Trust Liquidation

👉 After briefly rising above $31,000, bitcoin consolidated on Wednesday, as bulls moved to secure recent gains. The uncertainty came as crypto custodian Prime Trust entered receivership, after being found to be illiquid by authorities. Ethereum also declined, once again falling below $1,900.

🪙 Bitcoin (BTC) consolidated on Wednesday, as traders opted to secure profits following a recent bull run.

🔼 BTC/USD broke out of a key resistance level at $30,800 on Tuesday, on its way to a peak at $31,006.79 late in yesterday’s session. However, take profit orders seemed to have been triggered, with bitcoin dropping to an intraday low of $30,169.78 today.

🔷Additionally, ethereum (ETH) also edged lower on Wednesday, with price once again falling under the $1,900 mark.

🔽 After Tuesday’s peak at the $1,911.31 mark, ETH/USD slipped to a bottom at $1,850.87 earlier in today’s session. This low has acted as an interim point of support for previous bulls, who typically go on to push prices higher from this level.

🌟 Biggest Movers: LTC Leaps to 15-Month Peak as DOGE Bull Run Continues

⚡️ After climbing by over 20% on Friday, litecoin extended gains to start the weekend, surging to its highest point in over a year. The move comes as momentum surrounding the token’s listing on EDX markets continues to grow. Dogecoin also recorded a strong start to the day.

⚫️ Litecoin (LTC) was once again a big mover in cryptocurrency markets, as the token rallied to a multi-month high.

🟡 Following a low of $91.73 during Friday’s session, LTC/USD raced to an intraday high of $111.76 earlier today.

🟣 As a result of the rally, litecoin peaked at its strongest point since April 7 last year, when price reached a top at $116.00.

🔘 This time at the 68.00 level, with price strengt peaking at 73.91 to start the weekend, which is its highest point since January.

🔴 Litecoin has since gone on to retreat from today’s high, and as of writing, is trading at $110.17.

⚫️ Another notable gainer on Saturday was dogecoin (DOGE), which climbed to a three-week high to start the weekend.

🟡 DOGE/USD jumped to a peak of $0.07079 earlier in the day, less than 24 hours after falling to $0.06264.

🟣 The move saw the world’s largest meme coin jump nearly 5% higher, hitting its highest level since June 10 in the process.

🔘 DOGE is now trading at $0.06835, with the RSI hovering around the 56.00 mark, which is marginally above a ceiling at 55.00.

💰 Coinbase Shares Skyrocket Over 30% After Nasdaq and Cboe Amend Bitcoin ETF Applications

👍 During the initial half of 2023, Coinbase shares experienced a significant surge, rocketing over 30% this week as Nasdaq and Cboe refiled spot bitcoin exchange-traded fund (ETF) applications on behalf of numerous fund managers. The revisions highlighted that, upon ETF approval, Coinbase has been asked to serve as a surveillance-sharing agreement (SSA) collaborator.

➡️ Coinbase (Nasdaq: COIN) observed a 30.82% increase in its shares throughout the past week, and six-month data reveals that COIN has jumped 131% against the U.S. dollar.

💲 On September 30, 2021, COIN’s value was $319 per share; currently, it stands at $79.93.

⚠️ The San Francisco-based crypto exchange is concurrently contending with a lawsuit filed by the U.S. Securities and Exchange Commission (SEC).

➡️ While COIN has thrived this week against the greenback, multiple other publicly traded companies experienced rising stock prices following the crypto market’s recent surge.

👑 Multichain Woes: Users Informed of an ‘Abnormal’ Transfer of Assets to Unknown Address

➡️ Users of the cross-chain protocol Multichain were on July 6 informed of an abnormal transfer of lockup assets on the Multichain MPC address to an unknown address. While the Multichain team has urged users to stop using the cross-chain protocol, Binance CEO Changpeng Zhao (CZ) told his followers that the incident does not affect Binance users or the exchange itself.

👉 Just over a month after the disappearance of the Multichain CEO known only as Zhaojun sent shockwaves through the crypto community, users of the cross-chain protocol were on July 6 informed of an abnormal transfer of “lockup assets to an unknown address.”

🆘 Reacting to Multichain’s tweet, Binance CEO Changpeng Zhao (CZ) told his followers that the “hacking” incident does not affect users on Binance or the cryptocurrency exchange itself. He added:

⚫️ We have swapped all assets out and closed deposits a while back. Regardless, we offer our assistance in helping with the situation.

📣 While the Binance CEO has characterized the transfer lockup assets on the Multichain MPC address as hacking, a Twitter user going by the name Oxloki said their analysis suggests that the attacker may not be a hacker.

💎 Meanwhile, in a notice shared via Twitter, Kyber Network, a blockchain-based liquidity hub, urged users to “revoke all permissions and not use any Multichain service.”

🪙 Bitcoin, Ethereum Technical Analysis: BTC Remains Near $30,000, as Traders Prepare for Key US Economic Data

➡️ After a recent slip, bitcoin moved back above $30,000 on Monday, ahead of a key week of U.S. economic data, with the headline being the inflation report. Inflation is expected to drop to 3.1% in June, which would be a nearly two-year low. Ethereum also slipped on Monday, remaining below $1,900.

⚫️Bitcoin (BTC) started the week trading near the $30,000 level, after the price dropped below this point over the weekend.

➡️ Following a low of $29,985.39 on Sunday, BTC/USD jumped to an intraday high of $30,427.59 in today’s session.

🟡The rebound comes as bears rejected a breakout below a recent support point at the $29,900 level.

🕯 Bitcoin, Ethereum Technical Analysis: Bitcoin Consolidates Below $31,000, as Traders Digest Recent Economic Data

🪙 Bitcoin retreated from recent gains on Thursday, as traders were unable to sustain a breakout of a key resistance level. Market volatility has risen following yesterday’s U.S. inflation report, which dropped to a two-year low. Ethereum was marginally lower, slipping below $1,900.

📊 Bitcoin (BTC) consolidated below the $31,000 level in today’s session, as traders continued to digest the latest inflation report.

🔽 BTC/USD dropped to an intraday low of $30,228.84 earlier in today’s session, a day after peaking at $30,959.97. The drop came as bulls were unable to sustain a breakout above a key resistance level at the $30,800 zone.

🔷 After a brief stint above $1,900, ethereum (ETH) also moved lower on Thursday, with a moving average crossover close to occurring.

📉 Following a high of $1,901.15 on Wednesday, ETH/USD fell to a bottom at $1,864.50 earlier in today’s session.

⚫️ Similar to BTC, this drop came as ethereum fell below a recent resistance level of $1,890, and towards a floor at $1,850.

💩 Judge Criticizes SEC Approval of Coinbase IPO in Pre-Motion Conference

➡️Southern District of New York judge Katherine P. Failla called to attention the U.S. Securities and Exchange Commission’s (SEC) approval of Coinbase’s Initial Public Offering (IPO), hinting that the agency could have been more thorough. Failla expressed skepticism about the SEC’s posture that approving the Coinbase S-1 form to go public meant “nothing,” stating that the commission could have called out Coinbase’s behavior.

⚫️ During the pre-motion conference of the case, which took place on July 13, Failla was curious about the SEC approval of the S-1 form from Coinbase, which described its business model to the commission to be listed in public markets.

💬 Mancuso stated that there was “no way” that approval of an S-1 constituted a “blessing of a company’s entire business.”

❌ The approval of Coinbase’s public offering came up again further along in the discussion, with Sullivan & Cromwell’s Steven Peikin blasting the commission’s stance.

🪙 Bitcoin Technical Analysis: BTC Moves Below $30,000, Following Latest US Retail Sales Report

➡️ Bitcoin slipped below the $30,000 mark on Wednesday, as markets continued to react to the latest U.S. retail sales report. Sales rose by 0.2% last month, which is more than the 0.5% sum many had forecasted. Ethereum has remained resilient, climbing back above $1,900.

⚫️ Bitcoin (BTC) slipped below $30,000 on Wednesday, following the latest retail sales data from the United States.

⚫️ After climbing to a peak of $30,184.18 on Tuesday, BTC/USD dropped to an intraday low of $29,556.43 earlier today.

⚫️ The decline came in the midst of a five-day win-less run, which occurred soon after last week’s move close to $32,000.

🇳🇬 Nigerian Currency Plunges to All-Time Low Versus Dollar, Central Bank Revokes Licenses of 2,700 Currency Exchanges

🔽 The exchange rate of the Nigerian currency versus the greenback recently plunged to an all-time low of NGN860:USD1. The naira’s depreciation has been attributed to shortages of foreign exchange on the official market and the rising demand for forex. The Central Bank of Nigeria (CBN) said it has revoked the licenses of nearly 2,700 bureaux de change (currency exchanges).

♾ On July 20, the Nigerian currency reportedly hit a new low of NGN860 per dollar on the parallel market.

🏦 According to a Reuters report, the currency’s plunge followed the Central Bank of Nigeria (CBN)’s decision to float the naira, which was made shortly after Bola Ahmed Tinubu’s inauguration as the Nigerian president.

😬 However, the shortage of dollars in the formal market coupled with the rising demand for forex has increased pressure on the naira.

❌ Meanwhile, in an attempt to halt the currency’s slide, the CBN reportedly announced on July 20 that it had revoked the licenses of 2,698 bureaux de change.

🪙 Rare 2010 Bitcoin Block Reward Stirs After 13 Years of Dormancy

➡️ On July 24, 2023, a block reward from 2010 was transferred for the first time in 13 years, marking this month’s first expenditure of dormant bitcoin from that year. So far this year, a total of nine such block rewards from the 2010 era have been spent, resulting in the transfer of 450 bitcoins.

⚫️ According to btcparser, a rare 2010 block reward was spent on Monday, transferring 50 bitcoins to an unidentified address.

⚫️The funds were transferred to a specific bitcoin address and moved on from there. Blockchair’s privacy tool indicated that the transfer scored a 5 out of 100 on privacy, citing three issues, and it labeled the privacy level as “low.”

⚫️The 2010 block reward transfer on Monday marked the ninth such expenditure this year, with the most recent previous transactions from this era occurring on June 26.

⚫️Thus far in 2023, a total of nine 2010 block reward transfers have occurred, but only eight of these were from virgin, dormant bitcoin rewards.

🇺🇸 US House Financial Services Committee Passes Stablecoin Legislation ‘After a Few Fireworks’

⚡️ The U.S. House Financial Services Committee has passed Chairman Patrick McHenry’s Clarity for Payment Stablecoins Act with bipartisan support. McHenry said committee members, unlike the White House, understood the urgency and importance of providing clarity for payment stablecoins. Sheila Warren, the CEO of the Crypto Council for Innovation, described the bill’s passage as the “first steps toward a legislative foundation for stablecoins in the U.S.”

🌟 After holding negotiations for fifteen months, the U.S. House Financial Services Committee passed the Clarity for Payment Stablecoins Act on July 27 with bipartisan support.

🌟 Confirmation of the bill’s passage came after an eventful day which at one point saw McHenry blast the White House for frustrating the committee’s hopes of reaching a bipartisan agreement.

🔩 The Republican also commended the New York Department of Financial Services superintendent Adrienne Harris for what he described as “her invaluable contributions.”

👉 Following the bill’s passage, Sheila Warren, the CEO of the Crypto Council for Innovation, described this as the “first steps toward a legislative foundation for stablecoins in the U.S.”

⚫️ The CEO, like fellow crypto proponents who have been calling on the U.S. to take the lead in establishing clear rules for the industry, also highlighted how a regulatory regime can foster innovation and as well as “provide critical protections for consumers.”

⚡️ Biggest Movers: SHIB Stays Close to Recent 2-Month High on Monday

🐶 Shiba inu remained close to a two-month high to start the week, as sentiment in the meme coin remained mostly bullish on Monday. This comes despite the global cryptocurrency market cap mostly consolidating in today’s session. Bitcoin cash was another notable exception, as the price rose by over 4%.

📈 Shiba inu (SHIB) was close to a two-month high on Monday, as momentum in the meme coin remained bullish.

💲 Following a low of $0.000008171 on Sunday, SHIB/USD jumped to an intraday high of $0.000008688 earlier today. This has pushed SHIB close to its highest point since May 29, when price peaked at $0.000008888.

⚫️ Monday’s move came as the relative strength index (RSI) bounced from a recent support point at the 60.00 mark.

🪙 Another notable gainer on Monday was bitcoin cash (BCH), which rose by as much as 4% to start the week.

📈 BCH/USD peaked at $258.30 earlier in today’s session, following on from Sunday’s low at $243.34. The move saw the cryptocurrency continue to trade near yesterday’s two-week high at the $266.29 point.

⚫️ Earlier gains have since slipped however, as price strength collided with a resistance level at 56.00. Currently the RSI is at a reading of 53.23, and appears to be heading for a floor around the 50.00 zone.

➡️ A destination of $240.00 may be the target for bears should this decline continue.

👑 GHO and FDUSD Stablecoins See Massive Supply Growth in Recent Debut

🔔 In a recent turn of events, the cryptocurrency world has been introduced to two stablecoins anchored to the U.S. dollar — Aave’s gho (GHO) and First Digital’s stablecoin FDUSD. These dollar-tied tokens have rapidly gained momentum, witnessing substantial growth in market capitalization soon after their debut.

🔼 In mid-July, the decentralized finance (defi) lending protocol Aave approved a governance proposal and unveiled the platform’s gho (GHO) stablecoin. On July 17, 2023, there were 2,510,269 GHO tokens in circulation, and now there are more than 11.25 million TO. This implies that GHO’s supply expanded by over 348% within the last 16 days.

💲 The 24-hour trading volume of GHO has hovered around $1.52 million, and Balancer’s Vault accommodates 59.2255% of the entire GHO supply. The present supply and market capitalization of GHO position it as the 31st largest stablecoin in August 2023.

🔼 While a 348% supply surge is impressive, FDUSD has exhibited an even more remarkable ascent since its introduction. On July 26, 2023, etherscan stats revealed that FDUSD’s supply was approximately 1,114,126 just a week ago.

👉 An estimated 96.0563% of FDUSD’s supply is held in a wallet named “Binance 14,” while 1.4325% resides in another wallet called “Binance 15.”

🔥 Indian Analyst: World War III Already Started, BRICS Could Merge With SCO

➡️The president of a New Delhi-based think tank believes that World War III has already begun. He also anticipates the BRICS economic bloc (Brazil, Russia, India, China, and South Africa) merging with the Shanghai Cooperation Organization (SCO). “A single merged organization will be much more clearer, stronger and grow into very meaningful pole,” he described.

🎙 “Both BRICS and SCO are initially founded by China and Russia. Many big picture goals of both organizations are same. It is necessary for both organizations to have very different roadmap in future. Otherwise, I have said many times that it is now time to consider merging of the SCO and BRICS into a single organization,” the Indian analyst told Russian news outlet Tass on Friday.

➡️ Discussing the BRICS economic bloc’s current position globally, Sachdev emphasized: “BRICS will have to create its own space and find a way to be as effective or more effective than other international organizations.”

The think tank president also believes that World War III has already begun, stating:

🎙 In my view, we are already in the middle of World War III or the First World War of the 21st century.

🏴‍☠️ Bitstamp Delists AXS, CHZ, MANA, MATIC, NEAR, SAND and SOL for US Customers

⛔️ Trading will soon be halted for several popular cryptocurrencies on the Bitstamp exchange for users in the United States. Starting August 29, 2023, the exchange will suspend trading for AXS, CHZ, MANA, MATIC, NEAR, SAND and SOL for U.S. customers, canceling all existing orders for those assets. After this deadline, U.S.-based Bitstamp users will no longer be able to trade these crypto assets on the platform.

🇺🇸 Bitstamp says the decision comes as part of a continuous evaluation of its crypto offerings, taking into account the changing regulatory environment in the United States.

➡️ The exchange recommended users execute any desired buy or sell orders for the affected assets before the August 29 deadline to ensure a smooth transition during the trading halt.

➡️ Despite delisting those assets for U.S. customers, Bitstamp noted it will continue offering up to 30 available cryptocurrencies to trade on its platform.

🪙 Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound on Saturday, as Markets Consolidate Following Recent Decline

✅ Bitcoin was back in the green to start the weekend, after bulls rejected a breakout below $29,000 during Friday’s session. The cryptocurrency continues to hover around a key support level, without either bulls or bears taking control. Ethereum was also marginally higher.

🕯 Bitcoin (BTC) returned to the green on Saturday, as traders of the cryptocurrency rejected a breakout of a key price level.

⚫️ Following a low of $29,253.52 on Friday, BTC/USD rose to an intraday peak of $29,517.77 earlier in today’s session.

⚫️The move comes as the world’s largest cryptocurrency by market cap began to consolidate, following a recent move above $30,000.

⚫️Bitcoin surged earlier this week, as markets reacted to Moody’s downgrading the credit rating of several U.S. banks.

⚫️Today’s consolidation occurred just as the relative strength index (RSI) flatlined around a support point near 49.00. As of writing, the index is now tracking at a reading of 48.70, with earlier gains in BTC somewhat fading.

⏺ From Crypto Custodian to Court: Prime Trust Files for Bankruptcy Protection

🔴In the wake of financial upheavals and regulatory hurdles, Prime Trust, a digital currency custodian, has formally sought Chapter 11 bankruptcy protection. This move closely follows the appointment of John Guedry as the company’s overseer, bolstered by a designated committee to steer the restructuring process.

🔴Despite the chaos, Prime Trust pledges to operate with transparency, prioritizing its stakeholders’ best interests.

🔴As the gravity of Prime Trust’s monetary woes intensified, the Nevada Financial Institutions Division stepped in, signaling its plan to dismantle Prime Trust and seize its holdings.

🔴Upcoming on Prime Trust’s agenda is the submission of multiple proposals to the Bankruptcy Court. These proposals are designed to refine the assessment of all viable approaches, potentially encompassing the sale of company assets and ongoing operations.

🔴These deliberations emerge from Prime Trust’s recent ordeals, notably its ties with crypto entities like Stably, which encountered disruptions due to their affiliations with the beleaguered custodian.