“Despite Bitcoin’s recent dip below $30,000, it managed to hold above the Fib 0.382 support level, suggesting this could act as immediate support. However, 50-day EMA resistance may increase downward pressure. Meanwhile, tokens such as Optimism, IOTA20, and Bitcoin Cash display solid fundamentals and potential investment opportunity.”
While smart contracts have transformative power in the blockchain and cryptocurrency world, concerns are growing about their potential to stall or fail. Issues like lack of Bitcoin support, connection to mainstream finance, and hacking risks necessitate considering alternatives or critical adjustments to maximize their value and ensure security.
The United Arab Emirates national airline, Etihad Airways, is soon to expand its Polygon-based EY-ZERO1 NFT collection, providing holders with priority check-in, lounge access, and the ability to stake for miles. However, adopting blockchain technology might potentially alienate some customers unfamiliar with cryptocurrencies and NFTs.
“Bitcoin maintains its resilience amid cryptocurrency market fluctuations, with HEX, PulseChain, and PulseX’s legal issues adding uncertainty. Despite dips in SMART contract platforms and Curve’s CRV, market sentiment appears upbeat. Larger buyers seem to be accumulating Bitcoin, potentially changing the market tide.”
“The Internal Revenue Service (IRS) recently ruled that crypto investors should include rewards from validation activities on proof-of-stake networks as income. The same principle applies to investors staking tokens through a cryptocurrency exchange. This ruling provides tax transparency in the crypto space but could create anxiety among stakeholders due to potential implications on blockchain innovation and decentralization.”
Yuga Labs, known for nurturing the Bored Ape Yacht Club phenomenon, plans to acquire Roar Studios, aiming to enhance social experiences in its Otherside metaverse. With Roar’s technology and leadership, Yuga Labs seeks to become a convergence point for its intellectual properties, fostering creativity, social interaction, and introducing grand live demonstrations.
July 2023 saw a historic $486 million loss in the cryptocurrency markets, largely due to the multichain exploit. Recovery efforts have been significantly inadequate, recovering only a mere $6.15 million. Ethereum incurred the bulk of these losses, with worrying trends showing increasing vulnerability of the cryptocurrency sector to hacks and thefts.
“Terraform Labs, issuer of stablecoin TerraUSD, faces legal issues with the U.S. SEC. Unlike a previous ruling favoring Ripple Labs, Terraform’s motion to dismiss SEC lawsuit was denied. The case, centered on allegations of investor deception and fraud, casts light on the need for clear cryptocurrency regulations.”
Florida Governor Ron DeSantis, during his 2024 presidential campaign, vowed to prohibit central bank digital currencies (CBDCs) and suppress any policy by the current Biden’s administration pertaining to Bitcoin and cryptocurrency regulation. The move has sparked renewed conversations about digital currencies in the political sphere.
Presidential candidate Ron DeSantis’ stance on cryptocurrencies aims to dispel the purported “war on bitcoin and cryptocurrencies” by the current administration. DeSantis’ intent is to allow American citizens the freedom to invest in cryptocurrencies, offering a potential paradigm shift in this sphere.
Three main metrics can predict recessions: the yield curve, economic indicators (LEI), and the Purchasing Managers’ Index (PMI). Despite potential recession signs like a declining yield curve and PMI, other economic factors show growth, causing mixed market sentiments and complicating monetary policies. Understanding these indicators also impacts Bitcoin investment decisions.
“Salsal, a Web3-based verification-as-a-service model, bridges the gap between historical artifacts and an unalterable on-chain validation system. It aims to identify, grade, and record information about artifacts, transforming them into non-fungible tokens (NFTs). An immutable blockchain-based registry could deter theft and illegal extraction, preserving humanity’s priceless cultural artifacts.”
Litecoin Foundation and crypto cold-storage card manufacturer, Ballet, will soon offer 500 silver cards loaded with 6.25 LTC each, to commemorate Litecoin’s third halving event. The cards represent a fusion of blockchain technology and precious metal. Each silver card serves not only as a token but also incorporates security features, ensuring safely stored litecoin.
“The U.S Congress moved closer to regulatory clarity with two crypto-related bills: the Financial Innovation and Technology for the 21st Century Act, aimed at crypto company registrations, and the Blockchain Regulatory Certainty Act, aiming to cut down barriers for blockchain developers. However, potential conflicts between lawmakers and industry operators may lead to strenuous compliance requirements, possibly bringing the crypto industry closer to traditional finance rules and limitations.”
“CEO of Franklin Templeton, Jenny Jones, questioned whether the essence of a technologically progressive society lies in the currency – bitcoin, or the underlying database technology – blockchain. This highlights deep-seated issues about the importance of economic benefits provided by bitcoin, or the transactions facilitated by blockchain technology.”
“Bitcoin’s near-term course might significantly be influenced by its stand at the pivotal support zone in the mid-$28,000s. If the currency demonstrates resilience, it could indicate an upcoming test of yearly highs. Bitcoin’s response to this challenge could illuminate the cryptocurrency markets this August.”
Worldcoin, a project aiming to authenticate users via retinal scans for a global digital currency, faces scrutiny over its biometric data collection methods from various European authorities concerned about potential user risk. Amidst this flak, Worldcoin is still attracting significant interest, exemplifying the ongoing conflict between fostering innovative growth and ensuring security in the crypto space.
“The Bitcoin community observes the currency’s steady performance around $29,183, amidst upheaval in the DeFi space, including a $24M exploit of Curve Finance. Analysts anticipate potential breakout patterns, with metrics suggesting promising buying opportunities if Bitcoin surpasses the $29,500 price point.”
Charting the Future with Worldcoin: Revolutionizing Crypto and Global Identity or Igniting Privacy Concerns?
Worldcoin is a high-profile project blending cryptocurrencies, AI, and blockchain technology to establish a global, transparent identity and commerce system. A unique feature, World ID, utilizes an eye-scanning device that distinguishes human identity from AI robots, while also paving the way for decentralized, token-based commerce and potential income equality solutions.
U.S Republican Congressman George Santos reportedly tried to involve a donor in a questionable crypto-related investment deal, mimicking a typical scam. This comes amidst his past manipulation allegations and a questionable biography, and yet Santos still holds a congressional seat. His actions highlight the dangerous allure of the unregulated cryptocurrency market.
“MEV rewards for Ethereum validators surge after an exploit on Curve Finance triggers a torrent of transactions on the blockchain. The increased transaction rate, due to concerns about crypto asset safety, leads to higher transaction fees and a subsequent rise in MEV, a form of gain from rearranging or adding transactions in a data block.”
Digital Currency Group recently appointed Mark Shifke as its new CFO, following the departure of former CFO Michael Kraines. Amid economic strain and the challenges of a bearish crypto market, Shifke radiates optimism and enthusiasm as he looks forward to the future of the digital asset space.
Decentralized Exchange dYdX’s Critical Decision: Cut Rewards and Save a Million or Preserve Status Quo?
“dYdX community members are deciding whether to cut rewards for liquidity providers or maintain the current structure. If approved, the proposal could save the business $1 million monthly and reduce issuance of its dYdX token. However, limiting the token issuance could potentially boost their prices, resulting in a communal benefit.”
Crypto enthusiast Richard Heart, real name Richard Schueler, is accused by the SEC of raising $1 billion in unregistered securities offerings and misusing funds intended for his projects, Hex, PulseChain, and PulseX. His alleged luxury purchases with investor funds violated federal securities laws. Amidst this, the SEC is pushing for heightened crypto industry oversight in 2023.
Cryptocurrency enthusiasts continue to invest in the emerging Base blockchain, developed by Coinbase, despite it not being officially open to the public. Yet, despite its potential, there’s been a harsh reality of scams and empty promises. Investors are lured by the opportunity of striking gold in the meme-coin market, but often end up unknowingly buying worthless tokens. The future of Base is therefore uncertain.
“Bity, a firm operating 45 Bitcoin ATMs in Switzerland, is challenging the Financial Market Supervisory Authority (FINMA) regulations requiring users to reveal their identity for transactions exceeding 1,000 Swiss francs. Bity started a crowdfunding campaign to assist in legal expenses, rallying supporters with a resolute slogan, “FINMA is fighting crypto! We are fighting back!” They argue against the new know-your-customer (KYC) rules as undemocratic and overbearing.”
“As the NFT market cools, Web3 media companies like NFT Now are feeling the impact, leading to job cuts and strategic reassessments. The company, which had expanded significantly during the bull market, is now rethinking its growth strategy, terming its previous pace as unsustainable. Amid layoffs and hacking scenarios, the company grapples with a rapidly evolving tech world.”
Tether’s Billion-Dollar Profits vs. Transparency Concerns: The Trust Deficit Dilemma in Crypto Markets
“Tether, the issuer of the USDT stablecoin, announced over $3.3 billion in reserve assets and $72.5 billion exposure to U.S. Treasuries in its Q2 attestation. The firm’s operational profits surpassed $1 billion, increasing its Bitcoin holdings to $1.67 billion. However, despite enticing figures, Tether’s opacity raises scepticism regarding its reserve management.”
“Shiba Inu cryptocurrency is performing well, with $150 million flowing into trading volumes in the last 24 hours. This growth, partly driven by significant investors, suggests a bullish outlook for SHIB. Meanwhile, yPredict, an AI-powered crypto trading platform, attracts attention with its free, user-friendly crypto price prediction system.”
“Decentralized freelance platform, DeeLance, is set to innovate the $761 billion recruitment sector. Raising $1.7million in presale, the native currency $DLANCE is expected to rise by 20%. DeeLance envisions a crypto and NFT-driven metaverse for freelancers, offering a $100K $DLANCE token giveaway and promising secure, low-fee working environment with verifiable ownership transfer via NFTs.”
In an unfolding narrative around Apple and its App Store guidelines, questions arise about whether these constraints are hampering blockchain technology and non-fungible tokens (NFTs). With inconsistencies in their approach to crypto applications, the company is accused of stifling potential while ensuring a prolonged revenue stream.
IOTA20 token brings new vigor to the IoT-focused crypto project ecosystem, offering impressive returns for investors. The token, launched at a relatively low rate, encourages community longevity with the stake-to-earn concept. However, technological complexities and governance issues may pose challenges. Despite risks, it emerges as a promising road for widespread adoption.