👇👇Texas Legislature Aims to Take the Crown👑 as the Bitcoin Mining Capital of the World🗺!
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Hong Kong is preparing to launch a stablecoin.
Hong Kong intends to become one of the leaders in digital finance and Web 3.0 development. To do this, the region is preparing to launch its own stablecoin — a cryptocurrency pegged to the fiat currency rate in a ratio of 1:1. Such a token has stability, security and transparency thanks to blockchain technology.
This was stated by Chen Haolian, Deputy Director of the Bureau of Financial Services and the Treasury of Hong Kong, at the fintech forum. He said that public consultations have been held on the launch of the stablecoin and it is planned to create a regulatory framework by the end of next year. He also said that the Hong Kong government is actively involved in the virtual asset value chain and successfully issued tokenized bonds earlier this year.
Tokenized bonds are securities converted into a digital token using blockchain technology. A security token is backed by a real asset and pegged to its value. Such tokens have a number of advantages over traditional bonds, such as lower fees, faster trading and higher liquidity.
The Hong Kong stablecoin will be backed by the Hong Kong dollar and will allow residents and businesses in the region to make payments and transfers digitally easily and quickly. In addition, the stablecoin contributes to the integration of the cryptocurrency ecosystem with the traditional financial system and increase Hong Kong's competitiveness in the global market.
Chen Haolian also said that over the past five years, the number of financial technology companies in Hong Kong has increased exponentially, and now there are more than 800 of them providing a variety of services, including virtual banking, virtual insurance and virtual asset trading.
Hong Kong intends to become one of the leaders in digital finance and Web 3.0 development. To do this, the region is preparing to launch its own stablecoin — a cryptocurrency pegged to the fiat currency rate in a ratio of 1:1. Such a token has stability, security and transparency thanks to blockchain technology.
This was stated by Chen Haolian, Deputy Director of the Bureau of Financial Services and the Treasury of Hong Kong, at the fintech forum. He said that public consultations have been held on the launch of the stablecoin and it is planned to create a regulatory framework by the end of next year. He also said that the Hong Kong government is actively involved in the virtual asset value chain and successfully issued tokenized bonds earlier this year.
Tokenized bonds are securities converted into a digital token using blockchain technology. A security token is backed by a real asset and pegged to its value. Such tokens have a number of advantages over traditional bonds, such as lower fees, faster trading and higher liquidity.
The Hong Kong stablecoin will be backed by the Hong Kong dollar and will allow residents and businesses in the region to make payments and transfers digitally easily and quickly. In addition, the stablecoin contributes to the integration of the cryptocurrency ecosystem with the traditional financial system and increase Hong Kong's competitiveness in the global market.
Chen Haolian also said that over the past five years, the number of financial technology companies in Hong Kong has increased exponentially, and now there are more than 800 of them providing a variety of services, including virtual banking, virtual insurance and virtual asset trading.
Solana allows fork due to pressure regulator.
The SEC named Solana as a security in lawsuits against Binance and Coinbase. Influential members of the Solana community are proposing a fork. It will help you avoid litigation and problems arising from FTX.
The US Securities Commission - SEC - is putting pressure on the crypto market. The regulator filed a lawsuit against the leading exchanges - Binance and Coinbase. Companies are accused of selling unregistered securities. The department names several coins as securities. One of them is Solana (SOL).
At the time of publication, Solana's result is as follows:
- over the past 7 days, the SOL rate has fallen by 27%;
- over the past 24 hours, the SOL rate has increased by 7%.
Observers admit: the SEC may file a lawsuit against Solana following the example of Ripple.
The community believes that launching a fork of Solana will help avoid persecution. The poll on whether to fork SOL was created by author Degen Picks. So far the results are mixed. The idea was supported by user Abracadabra, the founder of HGEABC. He reminds: Ethereum is a fork of Ethereum Classic, and ETH clearly looks confident.
The fork will also solve the FTX bankruptcy problem. The FTX exchange was one of the main holders of SOL. The new fork will get a new set of rules. In particular, the rules can prescribe a ban on the issuance of new tokens to FTX addresses.
The SEC named Solana as a security in lawsuits against Binance and Coinbase. Influential members of the Solana community are proposing a fork. It will help you avoid litigation and problems arising from FTX.
The US Securities Commission - SEC - is putting pressure on the crypto market. The regulator filed a lawsuit against the leading exchanges - Binance and Coinbase. Companies are accused of selling unregistered securities. The department names several coins as securities. One of them is Solana (SOL).
At the time of publication, Solana's result is as follows:
- over the past 7 days, the SOL rate has fallen by 27%;
- over the past 24 hours, the SOL rate has increased by 7%.
Observers admit: the SEC may file a lawsuit against Solana following the example of Ripple.
The community believes that launching a fork of Solana will help avoid persecution. The poll on whether to fork SOL was created by author Degen Picks. So far the results are mixed. The idea was supported by user Abracadabra, the founder of HGEABC. He reminds: Ethereum is a fork of Ethereum Classic, and ETH clearly looks confident.
The fork will also solve the FTX bankruptcy problem. The FTX exchange was one of the main holders of SOL. The new fork will get a new set of rules. In particular, the rules can prescribe a ban on the issuance of new tokens to FTX addresses.
Forecast of the bitcoin exchange rate and the reasons for the fall of the cryptocurrency
Bitcoin fell amid the publication of the Fed's decision on the key rate and the speech of the head of the department, Jerome Powell. The regulator, as expected by most market participants, left the rate unchanged - in the range of 5-5.25%. The pause was preceded by a series of increases in the metric, which started in March 2022 amid rising tensions in the geopolitical arena.
The refusal of the next Fed rate hike is a positive signal for the stock market and the crypto industry that follows it. Unfortunately for investors, the US regulator has made it clear that the pause may be temporary. It may be followed by new decisions to raise rates. The potential for further growth of the metric reduces the attractiveness of investing in high-risk assets such as cryptocurrency. As a result, bitcoin, followed by other coins, reacted with a fall to the next decision of the Fed on the rate and forecasts of the regulator.
Recall that the crypto market is also under pressure from the US Securities and Exchange Commission (SEC). The regulator sees signs of securities in many popular coins. In addition to cryptocurrency issuers, two of the largest crypto exchanges, Binance and Coinbase, also came under SEC pressure.
Earlier, the editors of BeInCrypto understood the possible consequences of the war between the crypto community and the Commission.
Bitcoin fell amid the publication of the Fed's decision on the key rate and the speech of the head of the department, Jerome Powell. The regulator, as expected by most market participants, left the rate unchanged - in the range of 5-5.25%. The pause was preceded by a series of increases in the metric, which started in March 2022 amid rising tensions in the geopolitical arena.
The refusal of the next Fed rate hike is a positive signal for the stock market and the crypto industry that follows it. Unfortunately for investors, the US regulator has made it clear that the pause may be temporary. It may be followed by new decisions to raise rates. The potential for further growth of the metric reduces the attractiveness of investing in high-risk assets such as cryptocurrency. As a result, bitcoin, followed by other coins, reacted with a fall to the next decision of the Fed on the rate and forecasts of the regulator.
Recall that the crypto market is also under pressure from the US Securities and Exchange Commission (SEC). The regulator sees signs of securities in many popular coins. In addition to cryptocurrency issuers, two of the largest crypto exchanges, Binance and Coinbase, also came under SEC pressure.
Earlier, the editors of BeInCrypto understood the possible consequences of the war between the crypto community and the Commission.
Bitcoin Forecast: What's Next
Members of the crypto community gave a forecast of the bitcoin rate against the backdrop of a fall in cryptocurrency after the publication of the Fed's decision and the comments of the head of the regulator on action plans. The opinions of netizens on how BTC will behave further have diverged. For example, the popular crypto blogger Karl Runefelt (Carl From The Moon) allowed the coin to drop to $20,000.
His bitcoin forecast is based on the theory that the BTC rate is “tending” to the “gaps” that form on the BTC futures chart of the CME exchange. Trades are conducted from Monday to Friday. Crypto exchanges, in turn, operate 24/7. In the event that, due to trading on cryptocurrency exchanges, the BTC exchange rate changes significantly over the weekend, trading on the CME opens from a new “height”. The difference between the opening and closing prices of trading forms the very "gap".
The prospects for a further decline in BTC were also seen by analyst Peter Brandt. Doctor Profit analyst agreed with him. He noted that bitcoin’s approach to breaking the weekly MA200 curve means that the coin is at risk of moving into bear territory.
Analyst K A L E O, a popular analyst in the crypto community, has adjusted his Bitcoin forecast amid the behavior of the cryptocurrency. Previously, he assumed that within the bear market, investors would be able to see BTC at $40,000. The new forecast for the K A L E O bitcoin rate includes a possible movement of the coin in the range of $20-30 thousand. In his microblog, he shared the expected trajectory of BTC.
Bitcoin exchange rate forecast from K A L E O.
Recall that earlier the editors of BeInCrypto launched an experiment. We asked experienced analysts and a neural network to give a bitcoin forecast for the end of 2023 and at the time of the halving. We will sum up the first results of the experiment in December. Save the article in your browser bookmarks to be the first to know the results.
Members of the crypto community gave a forecast of the bitcoin rate against the backdrop of a fall in cryptocurrency after the publication of the Fed's decision and the comments of the head of the regulator on action plans. The opinions of netizens on how BTC will behave further have diverged. For example, the popular crypto blogger Karl Runefelt (Carl From The Moon) allowed the coin to drop to $20,000.
His bitcoin forecast is based on the theory that the BTC rate is “tending” to the “gaps” that form on the BTC futures chart of the CME exchange. Trades are conducted from Monday to Friday. Crypto exchanges, in turn, operate 24/7. In the event that, due to trading on cryptocurrency exchanges, the BTC exchange rate changes significantly over the weekend, trading on the CME opens from a new “height”. The difference between the opening and closing prices of trading forms the very "gap".
The prospects for a further decline in BTC were also seen by analyst Peter Brandt. Doctor Profit analyst agreed with him. He noted that bitcoin’s approach to breaking the weekly MA200 curve means that the coin is at risk of moving into bear territory.
Analyst K A L E O, a popular analyst in the crypto community, has adjusted his Bitcoin forecast amid the behavior of the cryptocurrency. Previously, he assumed that within the bear market, investors would be able to see BTC at $40,000. The new forecast for the K A L E O bitcoin rate includes a possible movement of the coin in the range of $20-30 thousand. In his microblog, he shared the expected trajectory of BTC.
Bitcoin exchange rate forecast from K A L E O.
Recall that earlier the editors of BeInCrypto launched an experiment. We asked experienced analysts and a neural network to give a bitcoin forecast for the end of 2023 and at the time of the halving. We will sum up the first results of the experiment in December. Save the article in your browser bookmarks to be the first to know the results.
🤯BlackRock’s Billion-Dollar Bet: World’s Largest Asset Manager’s Massive Bitcoin Investment Shift👇👇
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Well-known trader Ton Weiss does not rule out the rise of Bitcoin to $ 55,000
"I highly doubt we will crash in the next 12 hours, so the next candle will be a green star candle and hopefully this will lead us to a new swing high.
… the moving averages are moving into bullish territory and the weekly chart is now in full bullish mode based on Consensio."
The Consensio trading system uses three different moving averages to determine an asset's momentum and position sizing.
Looking at the chart, the trader expects Bitcoin to rally towards its original $34,000 target. If Bitcoin exceeds its original target, Weiss suggests that BTC could rise to $55,000.
And while Weiss is optimistic about BTC, in his opinion, the Bitcoin daily chart indicates that a consolidation period is just around the corner:
"The daily chart is at the top of the MRI (Momentum Reversal Indicator), so the last 24 hours has been a good time to lock in your profits.
We have just started a new candle. I'm looking for a one to four candle retracement, but that retracement could certainly be a consolidation and I'm leaning more towards consolidation.
I think we will hold around $30,000 but be careful with the S&P 500… The daily S&P 500 actually tends to fall another 5% or so, maybe 3%, to the 4275 area, so what… it could lower bitcoin a bit."
"I highly doubt we will crash in the next 12 hours, so the next candle will be a green star candle and hopefully this will lead us to a new swing high.
… the moving averages are moving into bullish territory and the weekly chart is now in full bullish mode based on Consensio."
The Consensio trading system uses three different moving averages to determine an asset's momentum and position sizing.
Looking at the chart, the trader expects Bitcoin to rally towards its original $34,000 target. If Bitcoin exceeds its original target, Weiss suggests that BTC could rise to $55,000.
And while Weiss is optimistic about BTC, in his opinion, the Bitcoin daily chart indicates that a consolidation period is just around the corner:
"The daily chart is at the top of the MRI (Momentum Reversal Indicator), so the last 24 hours has been a good time to lock in your profits.
We have just started a new candle. I'm looking for a one to four candle retracement, but that retracement could certainly be a consolidation and I'm leaning more towards consolidation.
I think we will hold around $30,000 but be careful with the S&P 500… The daily S&P 500 actually tends to fall another 5% or so, maybe 3%, to the 4275 area, so what… it could lower bitcoin a bit."
Cryptocurrency Litecoin (LTC) is predicted to rise to $ 5,000-10,000
A supporter of the Litecoin (LTC) cryptocurrency, Shang Belew, predicted that LTC would rise to $5,000-$10,000. In his opinion, the price of the altcoin will retest the key resistance zone at $90-100 and head up.
Most likely, digital silver will only reach the $5,000-10,000 zone when Bitcoin (BTC) hits its high during the next halving-related bull cycle.
On the afternoon of June 25, LTC was trading at $89.94, according to CoinMarketCap, recording a daily loss of 2.58%. However, the weekly performance of the altcoin remained positive at 16.74%.
From a technical standpoint, the price of LTC has been rejected by the main resistance level at $90.95. However, during the trading session the day before yesterday, the cryptocurrency was able to overcome this mark and rise to a high of $93.80. At the same time, it was not possible to close the daily candle above the main resistance point.
Despite this, the technical indicators on the daily LTC chart suggested that its price would continue to rise in the next 24-48 hours. The 9-day EMA line was bullish above the 20-day EMA line.
In addition to this, the daily RSI was in neutral territory, which indicated that the LTC price had potential for growth before it moved into the overbought zone.
If the bullish technical flags are confirmed, then LTC price could turn the aforementioned $90.95 resistance level into support. On the other hand, over the next 48 hours, the price of LTC may again deviate from the resistance level, which will lead to a correction to support at $83.88.
A supporter of the Litecoin (LTC) cryptocurrency, Shang Belew, predicted that LTC would rise to $5,000-$10,000. In his opinion, the price of the altcoin will retest the key resistance zone at $90-100 and head up.
Most likely, digital silver will only reach the $5,000-10,000 zone when Bitcoin (BTC) hits its high during the next halving-related bull cycle.
On the afternoon of June 25, LTC was trading at $89.94, according to CoinMarketCap, recording a daily loss of 2.58%. However, the weekly performance of the altcoin remained positive at 16.74%.
From a technical standpoint, the price of LTC has been rejected by the main resistance level at $90.95. However, during the trading session the day before yesterday, the cryptocurrency was able to overcome this mark and rise to a high of $93.80. At the same time, it was not possible to close the daily candle above the main resistance point.
Despite this, the technical indicators on the daily LTC chart suggested that its price would continue to rise in the next 24-48 hours. The 9-day EMA line was bullish above the 20-day EMA line.
In addition to this, the daily RSI was in neutral territory, which indicated that the LTC price had potential for growth before it moved into the overbought zone.
If the bullish technical flags are confirmed, then LTC price could turn the aforementioned $90.95 resistance level into support. On the other hand, over the next 48 hours, the price of LTC may again deviate from the resistance level, which will lead to a correction to support at $83.88.
The total amount of liquidations on the crypto market over the past 24 hours has exceeded $140 million.
Most of the liquidations - more than $89 million - were shorts, and bitcoin became the record holder for liquidations ($56 million). The largest order of $3 million was filled by Binance.
Most of the liquidations - more than $89 million - were shorts, and bitcoin became the record holder for liquidations ($56 million). The largest order of $3 million was filled by Binance.
Italy launches trials of central bank digital currency
The Bank of Italy has launched field trials of the state cryptocurrency, developed with the support of the financial technology company R3.
The CBDC test program, called Project Leonidas, will involve 18 Italian commercial banks and the Italian Banking Association. These entities will use the same network for interbank money transfers. The purpose of the study is to evaluate the effectiveness of applications based on blockchain technology in the field of financial stability and customer security.
Work on the "Project Leonid" began last year after employees of the Milano Hub, an innovation center of the Bank of Italy, decided to find application for distributed ledgers in the financial industry. Specialists received 57 applications from 81 enterprises to create a central bank digital currency and began to study them.
As part of their upcoming experiments, banks are likely to test R3's Corda network. CBDC will be issued on this blockchain for transactions. Connecting Corda to the existing financial infrastructure will be the responsibility of NTT Data Italia, an information technology firm.
The Bank of Italy has launched field trials of the state cryptocurrency, developed with the support of the financial technology company R3.
The CBDC test program, called Project Leonidas, will involve 18 Italian commercial banks and the Italian Banking Association. These entities will use the same network for interbank money transfers. The purpose of the study is to evaluate the effectiveness of applications based on blockchain technology in the field of financial stability and customer security.
Work on the "Project Leonid" began last year after employees of the Milano Hub, an innovation center of the Bank of Italy, decided to find application for distributed ledgers in the financial industry. Specialists received 57 applications from 81 enterprises to create a central bank digital currency and began to study them.
As part of their upcoming experiments, banks are likely to test R3's Corda network. CBDC will be issued on this blockchain for transactions. Connecting Corda to the existing financial infrastructure will be the responsibility of NTT Data Italia, an information technology firm.
This week will see the largest expiration of BTC options this year, with 145,000 contracts with a notional value of $4.5 billion expiring on June 30.
The Put/Call Ratio (PCR) is holding at 0.52 with open interest of 95k for calls and 49k for puts. positive mood and bidders expect price growth.
The maximum pain for BTC is at $25,000. This is the price at which the largest number of option holders will suffer losses.
Predicting how the market will behave on such a day is quite difficult. However, the expiration dates of large derivatives markets often lead to an increase in the volume and volatility of the underlying assets as traders rebalance positions or close them. Extra care on this day definitely does not hurt.
The Put/Call Ratio (PCR) is holding at 0.52 with open interest of 95k for calls and 49k for puts. positive mood and bidders expect price growth.
The maximum pain for BTC is at $25,000. This is the price at which the largest number of option holders will suffer losses.
Predicting how the market will behave on such a day is quite difficult. However, the expiration dates of large derivatives markets often lead to an increase in the volume and volatility of the underlying assets as traders rebalance positions or close them. Extra care on this day definitely does not hurt.
The head of BlackRock praised the prospects of bitcoin in the global asset market
What happened?
The head of the investment company BlackRock, Larry Fink, admitted that bitcoin will become part of the global asset market. In a conversation with the former governor of the Bank of England, Mark Carney, he noted that the first cryptocurrency attracted the attention of many people, but the volume of transactions with it in comparison with other markets is still very small. At the same time, he believes that in the future BTC may join the global market.
CNBC material
What else did Fink say?
According to the CEO of BlackRock, the existence of a digital currency has an impact on the US dollar. It lies in the fact that fiat is losing its relevance, but not for Americans, but for international holders of dollar assets.
BlackRock is the largest investment company with $10 trillion in assets under management. In mid-June, the media reported that she was preparing to apply to register a bitcoin exchange-traded fund (ETF) in the United States. It is not yet known whether it will be spot or futures.
A number of other large financial institutions have already applied to register Bitcoin spot ETFs, including Valkyrie, WisdomTree, Invesco and Bitwise. Against the backdrop of these news, the BTC rate for the first time in two months crossed the $30,000 mark, and on June 26, 11:20 Moscow time, it is traded on Binance at $30,365, having decreased by 1.6% per day.
Experts from the Singaporean financial company QCP Capital doubted the imminent launch of spot bitcoin ETFs in the United States. In their opinion, this will be prevented by the tough position of the head of the Securities and Exchange Commission (SEC) Gary Gensler regarding cryptocurrencies. At the same time, it is the SEC that considers applications for registration of such products.
What happened?
The head of the investment company BlackRock, Larry Fink, admitted that bitcoin will become part of the global asset market. In a conversation with the former governor of the Bank of England, Mark Carney, he noted that the first cryptocurrency attracted the attention of many people, but the volume of transactions with it in comparison with other markets is still very small. At the same time, he believes that in the future BTC may join the global market.
CNBC material
What else did Fink say?
According to the CEO of BlackRock, the existence of a digital currency has an impact on the US dollar. It lies in the fact that fiat is losing its relevance, but not for Americans, but for international holders of dollar assets.
BlackRock is the largest investment company with $10 trillion in assets under management. In mid-June, the media reported that she was preparing to apply to register a bitcoin exchange-traded fund (ETF) in the United States. It is not yet known whether it will be spot or futures.
A number of other large financial institutions have already applied to register Bitcoin spot ETFs, including Valkyrie, WisdomTree, Invesco and Bitwise. Against the backdrop of these news, the BTC rate for the first time in two months crossed the $30,000 mark, and on June 26, 11:20 Moscow time, it is traded on Binance at $30,365, having decreased by 1.6% per day.
Experts from the Singaporean financial company QCP Capital doubted the imminent launch of spot bitcoin ETFs in the United States. In their opinion, this will be prevented by the tough position of the head of the Securities and Exchange Commission (SEC) Gary Gensler regarding cryptocurrencies. At the same time, it is the SEC that considers applications for registration of such products.
Cryptocurrency trading volumes up amid optimism due to BlackRock Bitcoin ETF
Despite this, turnover on spot and derivatives trading on centralized exchanges remains at a minimum over the past 3.5 years
Cryptocurrency trading volumes rose in June for the first time in three months. The optimism of crypto traders is associated with the filing of an application by the BlackRock management company to open a bitcoin exchange-traded fund (ETF), Coindesk reports, citing CCData data.
The total volume of spot and derivatives trading on centralized exchanges rose by 14% to $2.71 trillion, according to the company's report.
“Increased volatility following the SEC lawsuit against Binance US and Coinbase, as well as a positive outlook in the market after the filing of spot Bitcoin ETFs by companies such as BlackRock and Fidelity, contributed to increased trading activity last month,” CCData explained.
Spot trading volumes remain at historically low levels, the second quarter being the lowest since the fourth quarter of 2019.
One of the largest investment companies in the world, BlackRock, is about to launch an exchange traded fund (ETF) for bitcoin. This is an important move for the market due to the reach of BlackRock, and also because the fund will allow investors to buy bitcoin in the form of ETF shares from a regular brokerage account.
In a filing with the U.S. Securities and Exchange Commission (SEC), the company is asking to be allowed to trade cryptocurrencies through the iShares Bitcoin Trust mechanism. This will be a spot fund, that is, when buying its shares, the actual purchase of coins on the market will be carried out. In addition, it will make it easier for institutional investors, including pension funds, to own cryptocurrencies. As of the end of March, BlackRock had over $9 trillion under management.
Despite this, turnover on spot and derivatives trading on centralized exchanges remains at a minimum over the past 3.5 years
Cryptocurrency trading volumes rose in June for the first time in three months. The optimism of crypto traders is associated with the filing of an application by the BlackRock management company to open a bitcoin exchange-traded fund (ETF), Coindesk reports, citing CCData data.
The total volume of spot and derivatives trading on centralized exchanges rose by 14% to $2.71 trillion, according to the company's report.
“Increased volatility following the SEC lawsuit against Binance US and Coinbase, as well as a positive outlook in the market after the filing of spot Bitcoin ETFs by companies such as BlackRock and Fidelity, contributed to increased trading activity last month,” CCData explained.
Spot trading volumes remain at historically low levels, the second quarter being the lowest since the fourth quarter of 2019.
One of the largest investment companies in the world, BlackRock, is about to launch an exchange traded fund (ETF) for bitcoin. This is an important move for the market due to the reach of BlackRock, and also because the fund will allow investors to buy bitcoin in the form of ETF shares from a regular brokerage account.
In a filing with the U.S. Securities and Exchange Commission (SEC), the company is asking to be allowed to trade cryptocurrencies through the iShares Bitcoin Trust mechanism. This will be a spot fund, that is, when buying its shares, the actual purchase of coins on the market will be carried out. In addition, it will make it easier for institutional investors, including pension funds, to own cryptocurrencies. As of the end of March, BlackRock had over $9 trillion under management.
Bitcoin Price Stopped at $31,500, Correction Coming
For almost two weeks now, the price of bitcoin has been trading in a tight range with little sign of a breakout, but a closer look at price action points to a possible sharp correction.
The price of Bitcoin has formed a clear Wyckoff distribution pattern, and there are several distinct parts to this setup: the local top formed on June 21st, which is the Initial Supply where the selling took place.
After the formation of the Initial Supply, the bulls pushed the price of bitcoin to form a buying climax. As investors take profits after this surge, there was a pullback that formed an automatic reaction.
An unsuccessful attempt at another rally led to the formation of a secondary test. Now a failed selloff forms a Sign of Weakness. What follows is a classic sign of early bull manipulation or trapping due to upthrust over a buying climax. This phase is followed by the Upthrust after distribution phase, which are two places where the smart money offload their assets.
Therefore, after the Upthrust after distribution, the asset undergoes a steep correction.
With the price of bitcoin trading around $30,500, investors should expect two scenarios - a sudden sell-off from the current position, or a surge to a high of $31,500 followed by a correction. In both cases, the bear target is $28,138, which is the midpoint of the 27 percent gain seen between June 15 and 23.
In some cases, the decline could push the price of bitcoin towards the 62% retracement level at $27,331 or the 70% retracement level at $26,760. Overall, BTC can be expected to fall from 8.66% to 15% in the coming days.
For almost two weeks now, the price of bitcoin has been trading in a tight range with little sign of a breakout, but a closer look at price action points to a possible sharp correction.
The price of Bitcoin has formed a clear Wyckoff distribution pattern, and there are several distinct parts to this setup: the local top formed on June 21st, which is the Initial Supply where the selling took place.
After the formation of the Initial Supply, the bulls pushed the price of bitcoin to form a buying climax. As investors take profits after this surge, there was a pullback that formed an automatic reaction.
An unsuccessful attempt at another rally led to the formation of a secondary test. Now a failed selloff forms a Sign of Weakness. What follows is a classic sign of early bull manipulation or trapping due to upthrust over a buying climax. This phase is followed by the Upthrust after distribution phase, which are two places where the smart money offload their assets.
Therefore, after the Upthrust after distribution, the asset undergoes a steep correction.
With the price of bitcoin trading around $30,500, investors should expect two scenarios - a sudden sell-off from the current position, or a surge to a high of $31,500 followed by a correction. In both cases, the bear target is $28,138, which is the midpoint of the 27 percent gain seen between June 15 and 23.
In some cases, the decline could push the price of bitcoin towards the 62% retracement level at $27,331 or the 70% retracement level at $26,760. Overall, BTC can be expected to fall from 8.66% to 15% in the coming days.
Ripple to Host First Policy Summit in Thailand
Ripple will host a Thailand Policy Summit, Bangkok on July 5th. Organized in partnership with TRM Labs, the event represents Ripple's efforts to further strengthen its presence in the Southeast Asian market.
Brooks Entwistle, Senior Vice President of Accounts and Managing Director of Ripple in Asia Pacific and the Middle East and North Africa (APAC & MENA), shared his expectations for the summit in a recent tweet.
The tweet provides a glimpse into the vibrant atmosphere surrounding the event, and the Ripple team made a strong impression by lighting up the façade of The W Bangkok Hotel in Silom, Bangkok.
Thai Policy Summit
The Ripple x TRM Labs Summit in Thailand brings together key industry players, regulators and policy makers to discuss developments in blockchain and digital asset regulation globally and what is needed to drive growth and innovation in the sector in Thailand.
The event will also feature speakers from the public sector, including Archari Suppiroy, Director of Payment Systems, and Bunrit Pongrasamiroy, Senior Analyst of Payment Systems. Both persons represent the Bank of Thailand.
The agenda of the summit will be devoted to discussing global regulatory developments regarding blockchain and digital assets, with a focus on the Thai market.
Ripple is expanding
Notably, the Thailand Political Summit is part of an extensive effort being made by Ripple to strengthen its position and increase visibility in the global market. Ripple also wants to host its important Ripple Swell event in Dubai this November.
It is worth mentioning that Ripple recently received a principal license from the Monetary Authority of Singapore as part of its global expansion goal. The San Francisco-based firm also announced plans to expand in Europe as the MiCA regulation aims to bring clarity to market regulation.
Ripple will host a Thailand Policy Summit, Bangkok on July 5th. Organized in partnership with TRM Labs, the event represents Ripple's efforts to further strengthen its presence in the Southeast Asian market.
Brooks Entwistle, Senior Vice President of Accounts and Managing Director of Ripple in Asia Pacific and the Middle East and North Africa (APAC & MENA), shared his expectations for the summit in a recent tweet.
The tweet provides a glimpse into the vibrant atmosphere surrounding the event, and the Ripple team made a strong impression by lighting up the façade of The W Bangkok Hotel in Silom, Bangkok.
Thai Policy Summit
The Ripple x TRM Labs Summit in Thailand brings together key industry players, regulators and policy makers to discuss developments in blockchain and digital asset regulation globally and what is needed to drive growth and innovation in the sector in Thailand.
The event will also feature speakers from the public sector, including Archari Suppiroy, Director of Payment Systems, and Bunrit Pongrasamiroy, Senior Analyst of Payment Systems. Both persons represent the Bank of Thailand.
The agenda of the summit will be devoted to discussing global regulatory developments regarding blockchain and digital assets, with a focus on the Thai market.
Ripple is expanding
Notably, the Thailand Political Summit is part of an extensive effort being made by Ripple to strengthen its position and increase visibility in the global market. Ripple also wants to host its important Ripple Swell event in Dubai this November.
It is worth mentioning that Ripple recently received a principal license from the Monetary Authority of Singapore as part of its global expansion goal. The San Francisco-based firm also announced plans to expand in Europe as the MiCA regulation aims to bring clarity to market regulation.
Ripple to Host First Policy Summit in Thailand
Ripple will host a Thailand Policy Summit, Bangkok on July 5th. Organized in partnership with TRM Labs, the event represents Ripple's efforts to further strengthen its presence in the Southeast Asian market.
Brooks Entwistle, Senior Vice President of Accounts and Managing Director of Ripple in Asia Pacific and the Middle East and North Africa (APAC & MENA), shared his expectations for the summit in a recent tweet.
The tweet provides a glimpse into the vibrant atmosphere surrounding the event, and the Ripple team made a strong impression by lighting up the façade of The W Bangkok Hotel in Silom, Bangkok.
Thai Policy Summit
The Ripple x TRM Labs Summit in Thailand brings together key industry players, regulators and policy makers to discuss developments in blockchain and digital asset regulation globally and what is needed to drive growth and innovation in the sector in Thailand.
The event will also feature speakers from the public sector, including Archari Suppiroy, Director of Payment Systems, and Bunrit Pongrasamiroy, Senior Analyst of Payment Systems. Both persons represent the Bank of Thailand.
The agenda of the summit will be devoted to discussing global regulatory developments regarding blockchain and digital assets, with a focus on the Thai market.
Ripple is expanding
Notably, the Thailand Political Summit is part of an extensive effort being made by Ripple to strengthen its position and increase visibility in the global market. Ripple also wants to host its important Ripple Swell event in Dubai this November.
It is worth mentioning that Ripple recently received a principal license from the Monetary Authority of Singapore as part of its global expansion goal. The San Francisco-based firm also announced plans to expand in Europe as the MiCA regulation aims to bring clarity to market regulation.
Ripple will host a Thailand Policy Summit, Bangkok on July 5th. Organized in partnership with TRM Labs, the event represents Ripple's efforts to further strengthen its presence in the Southeast Asian market.
Brooks Entwistle, Senior Vice President of Accounts and Managing Director of Ripple in Asia Pacific and the Middle East and North Africa (APAC & MENA), shared his expectations for the summit in a recent tweet.
The tweet provides a glimpse into the vibrant atmosphere surrounding the event, and the Ripple team made a strong impression by lighting up the façade of The W Bangkok Hotel in Silom, Bangkok.
Thai Policy Summit
The Ripple x TRM Labs Summit in Thailand brings together key industry players, regulators and policy makers to discuss developments in blockchain and digital asset regulation globally and what is needed to drive growth and innovation in the sector in Thailand.
The event will also feature speakers from the public sector, including Archari Suppiroy, Director of Payment Systems, and Bunrit Pongrasamiroy, Senior Analyst of Payment Systems. Both persons represent the Bank of Thailand.
The agenda of the summit will be devoted to discussing global regulatory developments regarding blockchain and digital assets, with a focus on the Thai market.
Ripple is expanding
Notably, the Thailand Political Summit is part of an extensive effort being made by Ripple to strengthen its position and increase visibility in the global market. Ripple also wants to host its important Ripple Swell event in Dubai this November.
It is worth mentioning that Ripple recently received a principal license from the Monetary Authority of Singapore as part of its global expansion goal. The San Francisco-based firm also announced plans to expand in Europe as the MiCA regulation aims to bring clarity to market regulation.
Santiment: Verge capitalization tripled in 48 hours
Santiment reports: The capitalization of the Verge (XVG) cryptocurrency has grown by 209% in 48 hours. The Verge blockchain is focused on privacy.
The capitalization of the Verge (XVG) cryptocurrency increased by 209% in 48 hours. This is reported by analysts at Santiment.
Verge is a blockchain focused on privacy. He proposes to improve the original Bitcoin blockchain. The mission of Verge is to create a fast and efficient crypto payment network.
Santiment comments:
Verge's market cap has more than tripled (+209%) in just 48 hours, and it's no surprise that it's a top trending asset in crypto. XVG is seeing huge bullish sentiment as our AI explains. But watch out for FOMO (fear of missing out).
Santiment reports: The capitalization of the Verge (XVG) cryptocurrency has grown by 209% in 48 hours. The Verge blockchain is focused on privacy.
The capitalization of the Verge (XVG) cryptocurrency increased by 209% in 48 hours. This is reported by analysts at Santiment.
Verge is a blockchain focused on privacy. He proposes to improve the original Bitcoin blockchain. The mission of Verge is to create a fast and efficient crypto payment network.
Santiment comments:
Verge's market cap has more than tripled (+209%) in just 48 hours, and it's no surprise that it's a top trending asset in crypto. XVG is seeing huge bullish sentiment as our AI explains. But watch out for FOMO (fear of missing out).
Two teenagers arrested in Canada after stealing $4.2 million in cryptocurrencies
Two 17-year-old residents of Hamilton, Canada, have been charged after stealing $4.2 million in cryptocurrencies from a US citizen through phishing. This is reported by local media.
The investigation began in June 2023. According to the case file, the teenagers pretended to be the support service of the cryptocurrency exchange Coinbase and tricked the victim into transferring $4.2 million in Ethereum and bitcoins to them.
Some of the stolen funds were used by the defendants to buy the nickname @zombie on Instagram.
According to the police, in total, the detainees had more than $13.4 million in cryptocurrencies.
They were charged with stealing more than $5,000 and possessing property or property proceeds from crime.
According to Beosin experts, in the first half of 2023, the crypto industry lost about $655.6 million as a result of hacks, scams and rug pull.
Recall that at the end of June, the Huobi bitcoin exchange eliminated a data leak that reportedly put users' assets at risk since June 2021.
Two 17-year-old residents of Hamilton, Canada, have been charged after stealing $4.2 million in cryptocurrencies from a US citizen through phishing. This is reported by local media.
The investigation began in June 2023. According to the case file, the teenagers pretended to be the support service of the cryptocurrency exchange Coinbase and tricked the victim into transferring $4.2 million in Ethereum and bitcoins to them.
Some of the stolen funds were used by the defendants to buy the nickname @zombie on Instagram.
According to the police, in total, the detainees had more than $13.4 million in cryptocurrencies.
They were charged with stealing more than $5,000 and possessing property or property proceeds from crime.
According to Beosin experts, in the first half of 2023, the crypto industry lost about $655.6 million as a result of hacks, scams and rug pull.
Recall that at the end of June, the Huobi bitcoin exchange eliminated a data leak that reportedly put users' assets at risk since June 2021.
Changpeng Zhao: “When they take bribes in cash, bribes are to blame, and when they take crypts, then crypts”
The head of Binance again criticized regulators in the US and Europe for harassing his cryptocurrency exchange, saying that the problem with bribes is in the bribes themselves, and not in the currency through which they are made.
“When bribes are given in cash, the problem is the bribes; when bribes are made in crypto, the problem is in crypto,” Changpeng Zhao tweeted.
Last week, the Binance administration filed a petition in the US District Court as part of the proceedings with the US Securities and Exchange Commission (SEC), insisting that it violated securities laws. However, the district judge did not consider the claim of Binance, but immediately rejected the petition. The judge explained this decision by the absence of the need to repeat the obligations of both parties to comply with the rules of ethics, because this does not affect the case.
Recently, EU authorities have begun to suspect that Binance's subsidiaries in Ireland and Malta may be carrying out illegal activities. In particular, investigators fear that Binance could fake its accounts and transactions, as well as mix income from different countries so as not to raise questions from regulatory and tax authorities. The exchange is also suspected of money laundering and tax evasion.
This Tuesday, the Australian Securities and Investments Commission (ASIC) raided Binance's offices as part of an ongoing investigation into the cryptocurrency exchange's activities in the country. Binance, in turn, said that it is "cooperating with local authorities" and "focused on compliance with local regulatory standards in order to serve users in Australia in full compliance with them."
The head of Binance again criticized regulators in the US and Europe for harassing his cryptocurrency exchange, saying that the problem with bribes is in the bribes themselves, and not in the currency through which they are made.
“When bribes are given in cash, the problem is the bribes; when bribes are made in crypto, the problem is in crypto,” Changpeng Zhao tweeted.
Last week, the Binance administration filed a petition in the US District Court as part of the proceedings with the US Securities and Exchange Commission (SEC), insisting that it violated securities laws. However, the district judge did not consider the claim of Binance, but immediately rejected the petition. The judge explained this decision by the absence of the need to repeat the obligations of both parties to comply with the rules of ethics, because this does not affect the case.
Recently, EU authorities have begun to suspect that Binance's subsidiaries in Ireland and Malta may be carrying out illegal activities. In particular, investigators fear that Binance could fake its accounts and transactions, as well as mix income from different countries so as not to raise questions from regulatory and tax authorities. The exchange is also suspected of money laundering and tax evasion.
This Tuesday, the Australian Securities and Investments Commission (ASIC) raided Binance's offices as part of an ongoing investigation into the cryptocurrency exchange's activities in the country. Binance, in turn, said that it is "cooperating with local authorities" and "focused on compliance with local regulatory standards in order to serve users in Australia in full compliance with them."
Bitcoin ETF Approval and Halving Will Push Bitcoin Price to 😳$100,000😳
Having survived the harsh crypto winter of 2022, Bitcoin (BTC) has come out of hibernation and is performing well. At the moment, the leading cryptocurrency is preparing for a significant breakthrough, which consists in breaking the resistance level at $ 32,000.
The renewed momentum is fueled by growing hype around the possible launch of a spot Bitcoin ETF in the United States, which could make BTC a major asset among institutional investors.
Financial analyst and managing director of Midas Touch Consulting Florian Grummes believes that the potential approval of the Bitcoin ETF could be one of two key factors that will play the role of a powerful catalyst for the price of BTC and raise it to $100,000 by the end of 2024.
On June 15, BlackRock, one of the largest investment companies in the world, filed an application with the US Securities and Exchange Commission (SEC) to launch a spot bitcoin ETF. Several other well-known financial companies from the world of traditional finance followed suit, including Invesco, Valkyrie, Fidelity Investments and WisdomTree.
The SEC considered the content of these documents insufficient, citing a lack of details about the proposed product. BlackRock corrected these deficiencies and resubmitted the application.
Grummes himself believes BlackRock will eventually get approved, but no one knows how long it will take. If agreed, “we can definitely expect a lot of both institutional and retail purchases in this market,” the expert added.
Moreover, Grummes believes that the expectation and hype around the Bitcoin ETF alone is already capable of pushing the price of BTC to $49,000.
Grummes explained that the nearly $50,000 mark represents the corrective level seen in the previous bear market.
The second factor that can lead to a new bull run for bitcoin, Grummes considers halving, which should take place in the network of the flagship cryptocurrency tentatively in April 2024.
It is especially worth noting his words that before the halving and the possible appearance of an ETF, Bitcoin should again fall to $ 25,000-30,000.
"Halving will change everything, and along with the potential launch of Bitcoin ETF, the market is definitely in for drastic changes, and then there is a good chance that we will see a figure of $ 100,000 next year,” the financial expert added.
However, to reach this milestone, Bitcoin must first break through the $69,000 resistance level, which is the all-time high for the cryptocurrency.
Having survived the harsh crypto winter of 2022, Bitcoin (BTC) has come out of hibernation and is performing well. At the moment, the leading cryptocurrency is preparing for a significant breakthrough, which consists in breaking the resistance level at $ 32,000.
The renewed momentum is fueled by growing hype around the possible launch of a spot Bitcoin ETF in the United States, which could make BTC a major asset among institutional investors.
Financial analyst and managing director of Midas Touch Consulting Florian Grummes believes that the potential approval of the Bitcoin ETF could be one of two key factors that will play the role of a powerful catalyst for the price of BTC and raise it to $100,000 by the end of 2024.
On June 15, BlackRock, one of the largest investment companies in the world, filed an application with the US Securities and Exchange Commission (SEC) to launch a spot bitcoin ETF. Several other well-known financial companies from the world of traditional finance followed suit, including Invesco, Valkyrie, Fidelity Investments and WisdomTree.
The SEC considered the content of these documents insufficient, citing a lack of details about the proposed product. BlackRock corrected these deficiencies and resubmitted the application.
Grummes himself believes BlackRock will eventually get approved, but no one knows how long it will take. If agreed, “we can definitely expect a lot of both institutional and retail purchases in this market,” the expert added.
Moreover, Grummes believes that the expectation and hype around the Bitcoin ETF alone is already capable of pushing the price of BTC to $49,000.
Grummes explained that the nearly $50,000 mark represents the corrective level seen in the previous bear market.
The second factor that can lead to a new bull run for bitcoin, Grummes considers halving, which should take place in the network of the flagship cryptocurrency tentatively in April 2024.
It is especially worth noting his words that before the halving and the possible appearance of an ETF, Bitcoin should again fall to $ 25,000-30,000.
"Halving will change everything, and along with the potential launch of Bitcoin ETF, the market is definitely in for drastic changes, and then there is a good chance that we will see a figure of $ 100,000 next year,” the financial expert added.
However, to reach this milestone, Bitcoin must first break through the $69,000 resistance level, which is the all-time high for the cryptocurrency.
