SEC opposes Coinbase’s request for “essentially all documents” related to crypto assets.

Paul Grewal explained that Coinbase isn’t paid with Congressionally appropriated funds.

The ongoing legal battle regarding the alleged operation of an unregistered securities exchange between SEC and Coinbase is heating up. Recently, the SEC regulator rejects Coinbase’s access to the personal emails of SEC Chair Gary Gensler. The Coinbase Chief Legal Officer, Paul Grewal hence responded to this on X post.  

Paul Grewal Responds to the Denial 

He addressed the complaint filed with the Federal Election Commission (FEC) by a self-described critic of crypto and the research director of Public Citizen. He states that the seized crypto assets are not funds took over by Congress, and it dismisses a recent FEC complaint. Moreover, they clarifies the pride in the close cooperation with federal law enforcement and in backing the U.S. Marshals Service’s cryptocurrency services, which is funded by the sale of assets forfeited to the DOJ’s Assets Forfeiture Fund. 

Update: Today @SECGov filed its response to our request to produce important documents showing the record of the SEC’s inconsistent views of digital assets and its own regulatory reach. If the SEC is going to engage in an unprecedented regulation by enforcement campaign, the… https://t.co/MxQ1omDGN3

— paulgrewal.eth (@iampaulgrewal) August 5, 2024

Paul Grewal further added:

 “It’s also worth noting that Coinbase has donated to Dem and GOP super PACs equally with $500K to House and Senate funds for each party, respectively, for 2024. White and Public Citizen appear to want to report a political bias which does not exist.” 

Will the current SEC-Coinbase circumstances lead to severe throes? 

The SEC Rejects Coinbase’s Request

The exchange argues that Gary Gensler’s emails might hold pivotal information regarding the SEC’s stance on crypto regulations, which Coinbase assumes essential for their defense in the upcoming trial.

Previously, Coinbase has requested the court to issue a subpoena to the U.S. SEC Chair Gary Gensler, in need of accessing Gensler’s emails, according to the court document. The request got denied by the U.S. District Judge Katherine Polk Failla of New York. 

The SEC regulators mention that public speeches delivered non-officially is also aligns to Gensler’s role as the Chair and not his personal opinions. In the filing, the SEC added that the exchange’s interest in interfering with Gensler’s emails to gather information for their defense. Also, the SEC mentions that Coinbase sought “entirely irrelevant” documents that could relate to Coinbase’s services or the application of securities laws to digital assets.

Highlighted Crypto News 

India Demands $86 Million from Binance for GST Non-Compliance

Ronin Network faced a major security breach, leading to the theft of around $9.8 million in Ethereum.

In reaction to the exploit, Ronin Network paused its bridge to prevent further losses and address the issue.

Ronin Network has experienced a significant security breach, resulting in the loss of nearly $9.8 million worth of Ethereum (ETH). This incident highlights the growing concerns surrounding crypto security, particularly amidst the recent wave of hacking activities.

On August 6, 2024, Ronin Network, which underpins the popular play-to-earn game Axie Infinity, reported a suspicious transaction involving the transfer of 3,996 Ethereum, valued at over $9.8 million. The blockchain network took immediate action by halting its bridge to address the issue. This move was prompted by the detection of the large outflow linked to a potential MEV bot. That is often associated with exploiting market inefficiencies.

Initial investigations suggest that a white-hat hacker—an ethical security expert—might be behind the exploit. This individual could be testing the blockchain’s defenses. This theory is based on the nature of the transaction and the timing of the network’s response. The network promptly paused the bridge after flagging the suspicious transfer.

The crypto sector has been grappling with a surge in security breaches throughout July 2024, a peak in substantial financial losses. Notably, WazirX, a centralized finance platform, suffered a massive $230 million loss, which led to over $260 million in total losses from hacking incidents in that month alone. 

Further, in a similar incident from February, Jeff Zirlin, co-founder of Axie Infinity’s Ronin Network, revealed that someone hacked his personal wallets on the Ronin chain, leading to a loss of about $9.5 million in Ethereum.

Highlighted Crypto News Today

India Demands $86 Million from Binance for GST Non-Compliance

Grand Cayman, Cayman Islands, August 6th, 2024, Chainwire

Sui’s new Mysticeti protocol cuts consensus latency to 390 ms, elevating its industry-leading tech and developer stack to new highs.

Sui, the pioneering Layer 1 blockchain known for industry-leading performance and infinite horizontal scaling, today announced the successful deployment of Mysticeti on Sui Mainnet after a successful run on Testnet. This innovative protocol cuts consensus latency to an astonishing 390 milliseconds, establishing Sui as the fastest consensus layer in the industry.

Developed from extensive research into Byzantine fault tolerance (BFT) consensus mechanisms, Mysticeti represents a significant advancement from Narwhal-Bullshark, the consensus algorithms launched with Sui Mainnet over a year ago. Mysticeti achieves unprecedented transaction speeds, extending Sui’s impressive low latency performance across all transaction types on the network.

Sui’s object-oriented architecture allows the network to process transactions differently based on the characteristics of the transaction and the objects involved. Transactions on Sui involving only “owned objects,” such as peer-to-peer transfers, bypass the need for consensus, following a fast-path execution that completes in a shorter time. Now, with Mysticeti, transactions involving shared objects, such as those in marketplaces or collaborative game assets, are processed using an optimized version of BFT consensus that results in lower latencies nearly akin to those of owned object transactions. Mysticeti minimizes cross-validator communication and fully utilizes network bandwidth to maintain high throughput.

Live on Testnet for the past three months, Mysticeti’s remarkable results – including an 80% reduction in latency – generated significant buzz within Sui’s developer community and a broad desire to see the update pushed to Mainnet. With the update now live, the Sui Network can handle tens of thousands of transactions per second with end-to-end latencies well below one second.

“Mysticeti’s successful deployment is a testament to the collaboration between research and engineering, and the validator community that has integrated this new consensus mechanism,” said Dmitri Perelman, Head of Engineering at Mysten Labs. “Mysticeti is a next-generation consensus protocol that sets a new standard for blockchain transaction speeds and puts Sui at the forefront of our industry.”

Kevin Nelson, Co-Founder & CTO of Aftermath Finance, which created a leading DeFi protocol on the network said, “Mysticeti’s shift to minimizing latency for the general case—shared object transactions—marks a significant advancement across many sectors on Sui, particularly within the Sui DeFi ecosystem. The rollout to Mainnet has already begun to show tangible results, with noticeable latency reductions across our entire product suite. At Aftermath, we are excited to leverage Mysticeti’s full capabilities to deliver more efficient, lower latency products to market.”

Rabeel Jawaid, Co-founder of leading derivatives exchange Bluefin said, “On-chain settlement latency just dropped significantly on Bluefin with the Mysticeti upgrade! P50 consensus latency currently is just under 400ms and E2E client latency when measured via a fullnode is under 1s for P50, which as far as I know is the fastest in Web3 right now – especially at scale with parallelization. With this upgrade, the trading experience on Bluefin has already become more seamless for retail, and our institutional partners have started to scale their flow and liquidity on the platform.”

Bonkman, the pseudonymous Founder of Hop, a DEX aggregator on Sui said, “Hop allows users to interface with Sui DeFi. This makes it dependent on Sui’s consensus mechanism and before Mysticeti swaps took roughly 2-3 seconds. Now, nearly every single swap takes less than 1 second to execute and reach finality. In all of web3, there has never been a better DeFi experience that is present today on Hop via Mysticeti.”

Contact

Sui Foundationmedia@sui.io

Bitcoin hit a six-month low but is recovering with recent gains.

Large BTC holders increased their holdings, while small holders reduced their assets.

The cryptocurrency market experienced a significant downturn yesterday, dropping below the $49.5K mark and hitting a six-month low. Despite the slump, wallets holding between 1,000 and 10,000 BTC displayed confidence by consistently increasing their holdings as prices fell. Conversely, wallets with less than 1 BTC demonstrated weak hands, showing the most substantial decrease in holdings during the market downturn.

Additionally, the sleeping Bitcoin wallets from 2017 reawakened last month, moving approximately 1,636.94 BTC through 23 distinct transactions. In August alone, seven such wallets have become active again. On August 2, two Bitcoin wallets created on May 1 and 2, 2017, transferred a total of 400 BTC. The first wallet moved 200 BTC, confirmed in block 855,037, and the second wallet mirrored this transaction, sending another 200 BTC at block height 855,038.

In the past 24 hours, notable transactions include 973 Bitcoins worth $53 million transferred from Binance to an unknown wallet, 1.8K Bitcoins moved from an unknown wallet to Kraken, and 3,812 Bitcoins worth $207 million transferred from an unknown wallet to Coinbase Institutional. These large transfers have raised questions about the market’s immediate future and the potential motivations behind these moves.

How Does It Influence BTC?

Currently, Bitcoin’s price is slowly recovering, with a surge of 7% in the past 24 hours, bringing the price to $55,216. However, trading volume is down 15%, indicating cautious investor sentiment. Despite the rebound, the market remains in a bearish state. The daily RSI is at 49, suggesting that it nears the selling pressure phase.

Analysts suggest that Bitcoin’s price is in a volatile phase, making near-term predictions challenging. The cryptocurrency community is watching closely to see if the recent buying activity by large holders will stabilize the market or if further declines are imminent.

Highlighted News Of The Day

India Demands $86 Million from Binance for GST Non-Compliance

India’s DGGI has demanded ₹722 crore ($86M) from Binance for failing to comply with GST regulations.

Binance is charged with collecting ₹4,000 crore ($476M) in trading fees from Indian users without GST registration.

India’s Directorate General of Goods and Services Tax Intelligence (DGGI) has issued a show cause notice to Binance, one of the world’s largest cryptocurrency exchanges. The notice demands a payment of ₹722 crore ($86 million) in Goods and Services Tax (GST), marking a pivotal move in the regulation of the burgeoning crypto sector in India.

Indian Directorate General of GST Intelligence (DGGI) imposes @binance with GST fees of $86.01MThe Ahmedabad DGGI issued a show-cause notice stating the fees worth 722 crore in INR. This is the first time the regulatory body has approached a #crypto firm. pic.twitter.com/HXF4qhWqX3

— TheNewsCrypto (@The_NewsCrypto) August 6, 2024

The notice alleges that Binance earned approximately ₹4,000 crore ($476 million) in trading fees from Indian users without sticking to the Indian GST registration requirements. The DGGI’s notice to Binance is the first tax demand imposed by the Indian government on cryptocurrency firms.

Despite its significant international presence and operations across over 150 countries, Binance had not registered under India’s GST framework. To address this issue, the DGGI reached out to Binance’s associated companies in the Seychelles, the Cayman Islands, and Switzerland. But they did not receive any response. Later, Binance appointed a local legal representative in India to collaborate with the DGGI and resolve the tax compliance issue.

Binance’s Compliance Struggles and Regulatory Actions in India

Binance, which operates on a global scale and holds a significant market share, was banned in India earlier this year due to non-compliance with local regulations. However, in April, the company announced its plan to resume operations in India, provided it met its outstanding tax obligations. 

In May, Binance obtained approval from India’s Financial Intelligence Unit (FIU) to operate as a virtual asset service provider (VASP). Nonetheless, it faced a ₹18 crore ($2 million) fine from the FIU last month for failing in anti-money laundering compliance.

The DGGI’s actions are part of a broader crackdown on cryptocurrency exchanges, with expectations that other international and domestic platforms will also come under scrutiny. Meanwhile, India’s financial regulators, including the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), are working to establish a more comprehensive regulatory framework for cryptocurrencies.

Meanwhile, the Indian crypto community is grappling with a crisis following a significant security breach at WazirX, a leading exchange. The July 18 attack resulted in the theft of $230 million worth of assets from a multi-signature wallet. The inadequate recovery efforts by WazirX and the government’s limited involvement have intensified concerns within the sector.

Highlighted Crypto News Today

Trump Advocates US Crypto Development to Compete with China

Shiba Inu has shown a price increase of 22.54% in the last 24 hours. 

The token’s daily trading volume recorded a 0.12% decline according to CMC data.

Leading on-chain analyst, CryptoQuant’s author ‘binhdangg’ observed that 60% of the top 50 cryptocurrencies have lost their 2024 gains. Amid increasing liquations, leading tokens have shown significant price declines. Meanwhile, dog-themed meme coin Shiba Inu has exhibited notable price hikes in the last 24 hours. 

According to CMC data, the memecoin has factored in an 22.54% increase within the past day. Notably, the token was trading at $0.00001148 in the last hours of August 5. However, at the beginning of August 6, SHIB experienced a price breakout hiking to an intra-day high of $0.00001405. At the time of writing, Shiba Inu was trading at $0.00001335. 

Moreover, the token recorded a 0.12% decline in daily trading volume, despite its one-day increase. Additionally, the token’s RSI stands at 27.34 indicating the existing selling pressures in the memecoin according to TradingView data. 

SHIB/USDT Daily Price Chart (Source: TradingView )

Zooming out, over the past week Shiba Inu’s price performance stands at a 19.83% decline. The token traded at the $0.000016 level in the beginning of the week, after which it slid to find support at current trading levels. Moreover, SHIB’s short-term 9-day MA stands below the long-term 21-day MA highlighting current bearish trends. 

How Will Shiba Inu (SHIB) Price Perform in the Coming Months? 

In the past month, the memecoin has shown a price performance of 23.15% decline. Moreover, the token’s HMA stands below the current trading price reaffirming the overall downward trend, despite recent hikes. Meanwhile, Shiba Inu has recorded $1.16 million in liquidations in the last 24 hours, as per coinglass data. 

However, according to market analysts if Shiba Inu manages to sustain the current positive momentum it might witness additional price breakouts. TheNewsCrypto analysts have predicted a bullish price of $0.00004981 for SHIB in 2024. 

Meanwhile, the largest cryptocurrency, Bitcoin, has shown a slight upward movement in its price activity in the past day. 

Highlighted Crypto News Today: 

Aave Secures $6M Revenue During Ongoing Crypto Market Sell-Off

Closing out the world’s largest Web3 conference, TOKEN2049, the party will be hosted on the SkyPark Observation Deck of Singapore’s iconic Marina Bay Sands, delivering a night of sensory indulgence and high-calibre entertainment

TOKEN2049, the world’s largest Web3 and crypto conference, announced a star-studded DJ line-up for AFTER 2049, the official closing event of this year’s highly anticipated Singapore edition. Making their eagerly awaited debut in Singapore, award-winning trio WhoMadeWho will be headlining the event, alongside South African DJ and producer Da Capo and returning acts, Hong Kong’s Leon, Milam and Mo-Shi. AFTER 2049 will be held on Friday, 20th September at Marina Bay Sands’ SkyPark Observation Deck — open exclusively for AFTER 2049 each year, with exhilarating views of the Formula 1 evening session from the 57th floor.

This year’s AFTER 2049 will host 2,000 guests, with a premium open bar, and boasting a multi-sensory music experience with state-of-the-art productions, working with the best in the industry — details of which will be unravelled as the event nears. Tickets were sold out in minutes in 2023, with demand expected to surpass all previous records for the 2024 edition.

Having established themselves as one of the definitive electronic music acts of their generation, with performances at global music festivals like Burning Man, Sonar and Roskilde, WhoMadeWho will be bringing their unique music identity to AFTER 2049 and attendees can expect a scintillating hybrid DJ set.

Raphael Strauch, Founder of TOKEN2049 said: “We’re thrilled to bring AFTER 2049 back to the iconic Marina Bay Sands rooftop. This year, we’ve put together an incredible lineup featuring some of the largest names in electronic music. Our immersive setup will transform the venue into a portal of sound and light. Set against Singapore’s mesmerising skyline, AFTER 2049 promises more than just music – it’s a symphony of experiences where every element is crafted for an unforgettable night. Prepare for a landmark event that will redefine the electronic party scene in Singapore.”

Sponsors of AFTER 2049 include multichain real-world asset protocol Creditcoin, Incentive, decentralised talent incubator platform MEET48, chain abstraction stack NEAR, the distributed network for decentralised protocols 1inch, Axlflops, the platform combining blockchain with relational databases Chromia, the Bitcoin-powered, EVM-compatible blockchain Coredao, leading liquidity provider and digital asset exchange Darkex, the world’s first decentralised payments network Gnosis Pay, the application absolute liquidity network Haust, Hibachi, the security-first real-world asset layer-1 blockchain MANTRA, leading digital payment token service provider MetaComp, permissionless Ethereum Layer 2 network Metis, the permissionless liquidity layer for Web3 trading Orderly Network, the largest network of interconnected decentralised energy assets Rowan Energy and community foundation for Starknet’s permissionless decentralised Validity-Rollup Starknet Foundation.

A limited number of tickets for AFTER 2049 will be sold via Resident Advisor from 13 August onwards, with additional ticket drops releasing 26 August and 12 September.

To purchase tickets for AFTER 2049, please visit: https://ra.co/events/1973782.

For more information and continued updates on TOKEN2049 Singapore, please visit: https://www.asia.token2049.com/.

For any enquiries on AFTER 2049, please contact community@after2049.com.

###

About TOKEN2049

TOKEN2049 is a global Web3 event series, organised semi-annually in Singapore and Dubai, where decision-makers in the global crypto ecosystem connect to exchange ideas, network, and shape the industry. TOKEN2049 is the preeminent meeting place for entrepreneurs, institutions, industry insiders, investors, builders, and those with a strong interest in the crypto and blockchain industry.

Media Contact:

token2049@wachsman.com

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

Aave secured a $6 million revenue during Monday’s crypto market sell-off.

More than 1 billion was liquidated across the crypto derivative market.

On August 5, the decentralized finance (DeFi) protocol Aave showed notable strength amid a severe crypto market plunge. Aave generated $6 million in revenue from decentralized finance liquidations. This spike in revenue is a response to economic events, like the interest rate hike by the Bank of Japan and the U.S. jobs report.

Moreover, at the time of writing, the crypto market briefly experienced a rebound with Ether (ETH), spike over 6.62% the last 24 hours . Also, Aave’s native token (AAVE) saw its market cap spike by 21.23%. Overall, the crypto market cap increased to $1.97T, marking a 4.17% increase over the last day.

The market turmoil led to a staggering $433M in liquidations in the last 24 hours across the sector, and more than $1 billion liquidated across the crypto derivatives market. Aave was particularly fortunate, to turn this volatility into an opportunity. 

Also, a notable transaction involved a $7.42 million wrapped Ether (WETH) position, which alone generated $802.218 in revenue for Aave, according to on-chain data. The data shows that Aave’s V3 recorded revenue amounting to $2 million in a single day.

Aave’s Stability Amid Market Turbulence

Stani Kulechov, Aave’s founder, highlighted the protocol’s booming performance in an X post. He reported that Aave had successfully withstood 14 active markets on various Layer 1 (L1) and Layer 2 (L2) blockchains, securing a total value of $21 billion. 

The total value locked (TVL) in DeFi protocols dropped from $100 billion to $71 billion at the start of the month, reflecting broader sector challenges. According to Defilama, DeFi platforms show a $79.57B TVL which dipped from yesterday’s $85.195B value. The crypto community has responded positively to Aave’s performance, with many praising its stability during this turbulence.

However, Token Terminal reported an increase in active loans within the DeFi space, reaching $13.3 billion indicating a potential pioneer in a market rebound. Therefore, amid market conflicts, Aave’s strong performance and liquidation strategy highlight DeFi’s resilience amidst market volatility.

Highlighted Crypto News Today:U.S Fed Summons Emergency Meeting Amid Global Market Turmoil

Trump advocates for the US to increase its focus on cryptocurrency to prevent falling behind China.

Investment in digital currencies to maintain the US economy is a strategic financial innovation.

Donald Trump appeared on a Kick live stream with Adin Ross, a renowned YouTuber with more than 4 million followers. Adin Ross gifted Donald Trump a Cybertruck wrapped with the image of him standing after his assassination attempt and a $5K Rolex, on his live stream with over 500k live viewers.

Trump emphasized the necessity for the US to focus on cryptocurrency development to stay ahead of global competitors, particularly China. He stressed the strategic need for the U.S. to keep pace with China’s rapid advancements in digital currency.

Following this, he also criticized the idea of the US government selling its cryptocurrency holdings, arguing that this could undermine the country’s financial sovereignty and innovation potential. Trump insisted that rather than dispossessing, the government should invest in and promote the growth of digital currencies.

Importance of Crypto in Trump’s Campaign

Considering the level of interest Trump has shown in his election campaigns, he has always been a huge supporter of crypto. During his campaign stop in Nashville, Trump restated his belief that the future of finance lies in digital currencies. He pointed out that while the US has been cautious, China has moved swiftly to establish a digital currency. “The US should lead in the crypto race, not China,” says Trump.

Trump’s comments in Nashville echoed his broader campaign message that the US must innovate and adapt to emerging technologies. He wants the U.S. to keep seized bitcoin and proposes buying 1 million bitcoins to help pay down debt.

Trump’s stance on cryptocurrency is part of a larger vision for American economic resilience. He argues that embracing digital currencies will enhance financial innovation and ensure that the US remains a dominant player on the world stage. His advocacy for cryptocurrency development is a call to action for policymakers to prioritize technological advancements and secure the nation’s economic future.

Highlighted Crypto News Today:

Is Bitcoin Aiming For Price Recovery Amid Mounting SellOffs?

CEO Cory Klippsten emphasizes commitment to core business.

Bitcoin price is currently $55,881, with a 16.04% weekly decline.

Swan Bitcoin has announced the cancellation of the highly anticipated Pacific Bitcoin conference scheduled for October. This decision follows a strategic pivot and a recent staff reduction at the company. The focus now shifts towards bolstering Swan’s core business operations.

The company recently downsized its staff, a move aimed at streamlining operations and refocusing on its primary business objectives. This downsizing has directly impacted the decision to cancel the Pacific Bitcoin conference.

Cory Klippsten, CEO of Swan Bitcoin, took the time to address the cancellation on social media. He expressed the company’s commitment to its core business, stating, “After going through a staff reduction last month, it just doesn’t feel like the right time for a festival.”

Swan Bitcoin has assured all ticket holders that the refund process is already underway. To maintain goodwill and community engagement, the company is offering a complimentary invitation to a smaller, one-day event on October 17. 

It’s worth noting that the Pacific Bitcoin conference has previously hosted some memorable moments. One such instance was the impromptu appearance of a prominent Bitcoin advocate Andreas Antonopoulos who engaged in a spirited debate about the future of digital currencies. These moments have made the conference a beloved event among enthusiasts.

Bitcoin Price Weekly Overview

As of today, Bitcoin’s price is $55,881, marking a 16.04% decline over the past week as per data from CoinMarketCap. Despite the weekly drop, the market cap has risen by 7.33%, reaching approximately $1.10 trillion. The 24-hour trading volume stands at $87.51 billion, showing a 46.39% increase in trading activity. The Relative Strength Index (RSI) is currently at 70, indicating that Bitcoin is approaching overbought conditions. 

The Moving Average Convergence Divergence (MACD) shows bullish momentum with a widening gap between the MACD line and the signal line. The support level is observed at $52,000, with resistance around the $56,000 mark, suggesting potential consolidation before a further breakout as per the data from the Trading View.

Highlighted News Article TodayIs Bitcoin Aiming For Price Recovery Amid Mounting SellOffs?

Solana trades at $140, marking an increase by 13.56% over the last 24 hours.

$483M worth of SOL were transferred to Binance and Coinbase.

Bitcoin (BTC) and Ethereum (ETH), the largest cryptocurrencies by market cap, have faced a critical and dramatic downturn that panicked the global crypto community. In the unforeseen market crash, BTC plummeted by 17%, hitting its 5-month-low at $49K. Likewise, ETH recorded a severe drop of 24%, priced below the $2.5K mark. 

The impact of the total declines resulted in a staggering $1.04 billion worth of liquidations over the past 24 hours, pushing the global market cap below $2 trillion for the first time since February. 

Dramatically, after yesterday’s unexpected downturn, the global crypto market has started the day with a brief spike in prices. The altcoin Solana (SOL) was not spared in the market crash. The asset has dropped below $115, losing over 21%. Currently, the asset is up by 13.56%. 

According to Whale Alert data, the crash fear led to a significant transfer of 3.13 million SOL worth around $483 million to exchanges such as Binance and Coinbase within the last 24 hours.

Over the past 24 hours, the token has been trading at a 5-month low of $110.61, gradually showing price hikes. At the time of writing, SOL was trading at a price of $140 with a market cap of $65 billion. Meanwhile, Solana’s trading volume exhibited a 73.44% increase and stayed at $12.26 billion, as per CoinMarketCap data. 

Can the Bulls Dominate SOL Soon?

Over the last seven days, Solana has shown a declining price movement of 23.09%. At the beginning of the week, SOL was trading at a high of $182. The token’s price dived in the following days to $111. 

The daily relative strength index (RSI) is 41.75, as per TradingView data, which hints the asset is approaching the neutral zone. The moving averages lying above the current price action, 9-day MA and 21-day MA noted at $156 and $166 respectively, indicate a bearish trend.

SOL price chart (Source: TradingView)

Moreover, if a recovery occurs, SOL can test its initial resistance at the $147 level. If the bullish momentum persists, the token might surge to face the subsequent resistance range between the $151.26 and $155.69. However, if the bears take over, the token might dive to find its major support at $137.12. Further losses might take the price to the $130 level.

Disclaimer: The opinion expressed here is solely the author’s. It does not represent investment advice. TheNewsCrypto team encourages everyone to do their own research before investing.

Highlighted Crypto News 

Is Bitcoin Aiming For Price Recovery Amid Mounting SellOffs?

Ethereum recovers to $2,500 after dropping to $2,100, with $2,750 as the next resistance level.

Justin Sun, founder of TRON, reportedly bought 16,236 ETH using 37 million USDT.

Following a sharp dip to the $2,100 zone on Monday, Ethereum (ETH) has climbed back to test the $2,500 barrier. This recovery raises questions about the Ethereum market trend, with a target at the $2,750 level before possibly resuming a bearish trend.

On Monday, ETH’s price plummeted more than 23% but has since rebounded, currently testing a $2,500 zone and potentially resuming its bearish trend. Still, the technical indicator suggests a loss of positive momentum, nearing overbought conditions, which may lead to a bearish reversal if the $2,600 resistance remains unbroken. Key support levels are observed at $2,650 and $2,500, which could come into play if the bearish trend resumes.

The market’s attention has also shifted to Justin Sun, founder of the TRON blockchain after reports surfaced of a suspicious address linked to him purchasing 16,236 ETH with 37 million USDT while Ethereum’s price fell to $2,112.

The address, created shortly before the purchase, withdrew $36 million (14,884 ETH) from Binance, accumulating 392,474 ETH since February at an estimated cost of $1.19 billion, now valued at $995 million. Sun has denied rumors of liquidation despite ETH trading below his average buying price of $3,051.

Ethereum’s Price Recovery and Current Technical Outlook

Ethereum’s price dipped below the $2,200 support, briefly touching the $2,000 mark before bulls managed to drive it back up. The recovery pushed the price above the 61.8% Fibonacci retracement level, rising to $2,530 from a low of $2,100.

Currently, Ethereum is trading around $2,503, marking a 10.84% increase in the past 24 hours, with a daily trading volume of $46 billion, according to CoinMarketCap. On the hourly chart, ETH/USD is still below the $2,650 mark and the 21-day simple moving average. Immediate resistance is seen at $2,550, with significant hurdles at $2,680 and $2,750. A breakout above $2,750 could propel the price towards $2,850 and potentially higher towards $3,250 in the near term.

If Ethereum fails to surpass the $2,550 resistance, another decline could be imminent. Initial support lies near $2,350, with major support at $2,225. A drop below $2,225 could push the price back towards $2,100 and potentially lower, testing the $2,000 support level again.

Today’s trading range is expected to be between $2,350 support and $2,700 resistance.

Bitcoin price showed an upward movement of 7.34% in the last 24 hours. 

The token recorded $289.32 million in 24-hour liquidations as per coinglass data.

The overall crypto market has suffered a significant price drop over the last few days. Similar to the beginning of July, leading cryptocurrencies fell to previous support levels. This bearish turn has led to the rise of various speculations, with analysts expecting further dips. The leading cryptocurrency, Bitcoin, showed a slight upward movement with a 7.34% price increase in the last 24 hours. 

Notably, Bitcoin, in the past few months, has initiated bullish and bearish cycles in its price activity. However, the token’s recent dip has been, as quoted by community members, one of the worst weeks except for the FTX collapse. The token recorded a 16.33% price drop in the last 7 days as per CMC reports. 

Bitcoin, at the beginning of the day, was trading at $53,824 following which it slid to an intra-day low of $49,121. However, as the day progressed, BTC price began showing upward movements rising to the $55K level. Notably, the token’s trading volume also hiked by 42.15%. At the time of writing, the token was trading at $55,893. 

Meanwhile, according to coinglass reports, Bitcoin has witnessed a 24-hour liquidation of $289.32 million. The high liquidations are further highlighted by the token’s RSI standing at 32.23. Amid the context of high selling pressures, this recent price recovery can be interpreted as the token’s attempt to combat bearish price movements. 

Meanwhile, several leading community members, such as JP Morgan have stated that a buy-the-dip season is approaching for the largest cryptocurrency. 

Bitcoin Price Weekly Overview 

At the beginning of the week, Bitcoin traded at a high of $66,987 after hiking from the July market crash. As the week progressed, the token witnessed slight dips but managed to maintain prices above $60K levels. However, over the weekend, the market crash occurred when BTC prices plummeted to $52K causing other altcoins to drop as well. 

BTC/USD Daily Price Chart (Source: TradingView )

Moreover, according to TradingView data, the token’s short-term 9-day MA stands below the long-term 21-day MA suggesting current bearish trends. Additionally, BTC’s monthly price performance shows a 4.88% decline fueled by the recent dip. 

Furthermore, despite the recent dip, MicroStrategy Chairman, Michael Saylor has advocated for the token by stating his intention to HODL Bitcoin. 

Highlighted Crypto News Today: 

Shytoshi Kusama’s Cryptic Message Ignites Shiba Inu Community

Michael Saylor recently tweeted on X and reiterated his intention to HODL Bitcoin.

Bitcoin traded below $50,000 for the first time since February.

The price of Bitcoin recently crashed below $50,000 and widespread fear gripped the cryptocurrency industry. Chairman of MicroStrategy Michael Saylor has joined the crypto community in their cause, saying that he still holds onto his Bitcoins with Diamond hands.

Michael Saylor recently tweeted on X and reiterated his intention to HODL Bitcoin. In spite of the market meltdown, the chairman of MicroStrategy has not wavered from his Bitcoin purchase plan. More than $200 billion has been lost from Bitcoin’s market valuation in the last 24 hours, and rumors of a rate decrease by the Federal Reserve are circulating again, suggesting central bank action.

Ongoing Turmoil

Bitcoin traded below $50,000 for the first time since February. Meanwhile, shares of MicroStrategy (MSTR) have fallen as much as 16% today, reaching $1,213.77. The weekly losses for MSTR have now reached over 27% as a result of this move. The crypto market crisis was accompanied by the failure of other publicly-listed corporations by an equally massive margin.

It will be fascinating to see Michael Saylor’s future moves and if he chooses to purchase Bitcoin dips. Saylor said that MicroStrategy is aiming to acquire more Bitcoin by raising an extra $2 billion in capital at last week’s release of Q2 results.

At the same time as the price of bitcoin fell by 18%, the price of spot gold fell by less than 2%. Gold and silver, according to well-known US economist Peter Schiff, are the safest investments right now in light of the impending stock market meltdown and recession.

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VeChain Plunges Amidst Market Drop: VET Tests Crucial Level

The price of Bitcoin recovered from its decline below $50,000 and re-broke $54,000.

The volatility index has dramatically soared to values over 50, last seen in April 2020.

Financial behemoth JPMorgan claimed that a buy-the-dip opportunity is approaching as the world market collapses across asset classes. There have been a few brief liquidations in the last hour as the price of Bitcoin recovered from its decline below $50,000 and re-broke $54,000.

According to the JPMorgan trading desk, the IT sector’s rotation is almost complete. And the market is almost ready to give a “tactical” buy-the-dip chance. As the selloff in global markets deepened on Monday.

Tactical Opportunity

Predictions of an imminent Federal Reserve emergency meeting sent the Nasdaq down by 5% in Monday’s early trading hours. It would be intriguing to see whether the Federal Reserve steps in to calm the markets. By announcing a rate drop of 50 basis points before September.

Having said that, the volatility index has dramatically soared to values over 50, which was last seen during the COVID-19 pandemic meltdown in April 2020.

The head of positioning intelligence at JPMorgan, John Schlegel, stated:

“Overall, we think we’re getting close to a tactical opportunity to buy-the-dip and our Tactical Positioning Monitor could dip further in the next few days. That said, whether we get a strong bounce or not could depend on future macro data.”

Despite falling below $50,000 twice in the last 24 hours, the price of Bitcoin has recovered significantly, rising 8% from its low points. In the previous hour, due to this significant turnaround, more than $40 million worth of Bitcoin short bets were liquidated, according to data from Coinglass. At the time of writing, Bitcoin is trading at $54,029, down 9.80% in the last 24 hours as per data from CMC.

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VeChain (VET) experiences a sharp 36% price decline, testing critical support at $0.020.

Technical indicators suggest bearish momentum, with potential for further downside.

Market sentiment and Bitcoin’s performance may dictate VET’s short-term trajectory.

VeChain (VET) finds itself caught in the throes of a market-wide downturn, grappling with a staggering 36% price erosion.

This dramatic devaluation has thrust the altcoin into a precarious position, teetering on the brink of a crucial support level at $0.020. 

VeChain paints a bearish picture

VeChain’s price chart paints a grim picture, with a relentless succession of red candles forming a formidable downtrend. This bearish onslaught has effectively erased hopes of a double-bottom reversal pattern that bulls had pinned their hopes on at the $0.022 mark.

In the face of this selling pressure, VET has managed to limit its intraday losses to 11%, a small consolation as other digital assets reel from even steeper declines.

As trading volumes surge, all eyes are fixed on the psychologically important $0.020 level. This price point has emerged as a battleground between bulls and bears, with the daily candle’s lower wick hinting at a glimmer of buying interest.

However, the sustainability of this support remains in question as market participants brace for potential further volatility.

A deeper dive into VeChain’s technical indicators reveals a landscape dominated by bearish signals. The Relative Strength Index (RSI) has plummeted below the oversold threshold, registering a dismal reading of 22%.

This metric suggests that over three-quarters of recent price action has been skewed towards the downside, painting a bleak picture for short-term recovery prospects.

Adding to the technical woes, VeChain’s moving averages have aligned in a bearish formation. The 50-day and 100-day Exponential Moving Averages (EMAs) have executed a bearish crossover, a development that often presages prolonged downtrends.

This convergence of longer-term indicators reinforces the negative sentiment surrounding VET’s price action.

Bitcoin fell below $50,000 earlier today, its lowest valuation since February.

Aave and two other lending protocols were hit hard by these liquidations.

According to statistics from analytics company Parsec financial, on-chain liquidations across Ethereum’s decentralized finance protocols hit a new annual high, with positions liquidated totaling over $350 million in the preceding 24 hours.

This is happening as the market volatility has spiked and the crypto market as a whole has been selling down. Bitcoin fell below $50,000 earlier today, its lowest valuation since February, while ether reached a six-month low of about $2,300.

Substantial Impact

Aave and two other lending protocols were hit hard by the concentration of these liquidations in three key assets. Over the previous day, liquidations totaling $216 million hit ETH collateral the hardest. Liquidations of $97 million were seen in wrapped staked ETH (wstETH), whereas $35 million was seen in wrapped bitcoin (wBTC).

Moreover, founder Stani Kulechov of Aave said that the decentralized lending platform made $6 million in liquidations fees at the peak of liquidations. A number of causes, including rapid declines in market prices, might explain the recent uptick in liquidations.

At the same time, data from CoinGlass shows that centralized exchanges have seen futures liquidations exceeding $1 billion in the last day. According to Coinglass statistics, around $900 million of these investments were long leveraged. The liquidations that affected traders in Ethereum and Bitcoin alone were worth over half a billion dollars.

Global market asset classes have been collapsing, and JPMorgan, a banking behemoth, has predicted that a buy-the-dip opportunity is imminent. Following a decline below $50,000, the price of Bitcoin has swiftly recovered and is again trading over $54,000, causing a few brief liquidations in the last hour.

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Shiba Inu leader Shytoshi Kusama sparks speculation with cryptic “Mask off…” tweet.

Community debates potential reveal of Kusama’s identity amidst ongoing anonymity.

Upcoming Blockchain Futuristic Conference raises expectations for Shiba Inu ecosystem announcements.

Shiba Inu leader Shytoshi Kusama dropped a cryptic bombshell on social media platform X. The two-word tweet “Mask off…” has ignited a firestorm of speculation and debate among SHIB enthusiasts, leaving many to wonder if a momentous reveal is on the horizon.

Decoding Shiba Inu leader’s tweet

Kusama’s intriguing post came as a response to a whimsical image shared by Kuro, a prominent member of Shiba Inu’s Japanese community.

Mask off… https://t.co/0lsSTNXpcA

— Shytoshi Kusama (@ShytoshiKusama) August 4, 2024

The picture, featuring a dog seated in a car’s passenger seat, was initially posted in celebration of National Dog Month. 

The SHIB community’s response to Kusama’s tweet has been a mixed bag of amusement, excitement, and pressing questions. Some playfully speculated whether Kusama himself was the four-legged passenger in the shared image, while others seized the opportunity to inquire about a potential unmasking event.  

Shytoshi Kusama’s penchant for secrecy is not without precedent in the Shiba Inu ecosystem. Following in the footsteps of the project’s pseudonymous founder, Ryoshi, Kusama has maintained a veil of mystery since assuming leadership.  

Despite his efforts to remain incognito, Kusama has made limited public appearances, which have only deepened the mystery surrounding his identity. His debut at the IVS Crypto event in Kyoto, Japan, in July 2024, saw him donning a masked costume that effectively concealed his features.

A subsequent visit to Mumbai, India, alongside fellow developer Kaal Dhairya, maintained this trend of masked appearances, further fueling community curiosity.

Cardano (ADA) experiences major price drop, reaching levels not seen since November 2023.

Technical indicators and on-chain metrics suggest potential for further decline.

Market structure and investor sentiment point towards bearish momentum in the short term.

Cardano (ADA) has found itself at the epicenter of a market-wide downturn, shattering hopes of an imminent bull run. The digital asset’s value has plummeted to $0.30, a price point not witnessed since the closing months of 2023.

Decoding Cardano’s In/Out of Money Around Price (IOMAP) Metric

Delving into on-chain analytics, the IOMAP data paints a concerning picture for ADA’s immediate future. This sophisticated metric, which categorizes wallet addresses based on their profit and loss status at various price levels, reveals a troubling imbalance.

A substantial cluster of 106,850 addresses, holding 572.21 million ADA tokens, finds itself underwater at the $0.31 mark. In contrast, only 35,460 addresses, representing 451.95 million tokens, remain in the green between $0.28 and $0.30.

Source:  IntoTheBlock

The disparity in address distribution highlighted by the IOMAP creates a precarious scenario for ADA’s price stability. The current support at $0.30 appears fragile, potentially buckling under the weight of sell pressure from loss-bearing investors eager to break even.

Should this support level crumble, Cardano could face a drop towards the $0.28 threshold, opening the floodgates for further bearish momentum.

Further compounding ADA’s woes, the Market Value to Realized Value (MVRV) Long/Short Difference indicator flashes a warning sign. Currently registering at -10.79%, this metric suggests that short-term holders are outperforming their long-term counterparts in profit realization.

Historical data indicates that a reading approaching -19.33% often coincides with the onset of a bear market, placing ADA perilously close to this critical juncture.

A confluence of technical indicators on Cardano’s daily chart shows the bearish narrative. The Supertrend indicator, a versatile tool for identifying price direction and generating trading signals, has positioned itself above ADA’s price since it traded at $0.42. This configuration typically heralds a sell signal, foreshadowing the recent price collapse.

We are absolutely thrilled to announce a strategic partnership between Pivot & Skale Network to launch a groundbreaking 10 Million SKL Grants Program aimed at driving multi-sector growth & development of the Skale Network.

The program will provide significant resources to fuel the builders in the Web 3.0 ecosystem with an aim to encourage and empower developers, founders, & existing dApps to build on top of the Skale Network, adding to the growth & value of the Skale ecosystem and in turn foster a thriving and dynamic Web3 ecosystem.

Partnership Announcement – Pivot x Skale Network We are absolutely thrilled to announce a strategic partnership between @0xPivot_ & @SkaleNetwork to launch a groundbreaking 10 Million $SKL Grants Program!The initiative aims to drive multi-sector growth & development… pic.twitter.com/UzwGKlcwb9

— Pivot (@0xPivot_) August 5, 2024

More about the Grants Program

Here are some salient features / terms of the Pivot x Skale Network grants initiative.

A total of 10 Million SKL Tokens have been allocated to the grants pool

The grant is aimed at boosting the key performance metrics of the grantee, including but not limited to user growth (UAW) and total transactions.

Token distribution is based on milestones / metrics.

There will be two types of grants — Developer Grants + Growth Grants, to be distributed in conjunction with achievement of the respective metrics.

Applications for grants will be reviewed on a rolling basis.

Priority will be given to projects demonstrating high potential for ecosystem impact.

Comprehensive support will be provided to grantees throughout the development process.

Click on the following link to apply https://0xpivot.com/Startup-Application

Note: Please mention “For SKL grants program” in Reference box at the end of the form

Role of Pivot

Pivot will receive and qualify applications for the grants.

Ensure applications meet the required criteria and align with program goals.

Conduct evaluations to select high-impact, innovative projects.

Facilitating ongoing support and mentorship to grantees.

Monitor progress and ensure effective use of resources.

Facilitate other initiatives like collaborations and web3 networking.

Please note: The application received for the grants program is NOT related to the Pivot’s flagship acceleration program and does not guarantee a selection for the same. Pivot may choose to evaluate individual startups applying for the SKL grants program and invite select startups based on qualitative analysis & thorough DD.

A Step into the Future

This partnership between Pivot and Skale Network marks a significant milestone in our commitment to enabling innovation and growth in the Web3 ecosystem. By providing substantial resources and support through the SKL Grants Program, we aim to empower developers and entrepreneurs to push the boundaries of what is possible on the Skale Network. We look forward to seeing the groundbreaking projects and applications that will emerge from this initiative, driving forward the multi-sector growth and development that is essential for a vibrant and dynamic decentralized future.

About Skale Network

The SKALE Network is a fully decentralized open-source elastic blockchain network that empowers developers to run smart contracts and transactions at high speeds and low costs. The mission of the SKALE Network is to ensure there are high-quality open-source tools for monitoring overall participation and performance, specifically the operations and reporting of validator and delegator activities. SKALE aims to bring Ethereum and the power of decentralized applications to billions of users.

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About Pivot

Pivot is a global venture accelerator firm dedicated to the Web 3.0 industry, created by founders, for founders. Pivot’s selected startups are focused on milestones & are not bound to periodic curriculum-based programs. Founded by Anshul Dhir, a 3x founder in the Web 3.0 space, and mentor and investor in over 50 companies in Web3. Pivot is being supported by some great founders & Angels in this industry including Polygon, Delphi Digital, Blockchain Founders Group, Liminal, Biconomy, BitsCrunch, Tegro, Router, QuickSwap & more. We are also supported by Tier 1 ecosystems such as BNB Chain, Polygon, Arbitrum, ICP, Manta Network, Mantle apart from many VCs, launchpads, Exchanges & many more.

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