Bitcoin first came into existence on Jan. 3, 2009 when Satoshi Nakamoto mined the genesis block, minting the first cryptocurrency. In the years since, some wallet addresses have amassed a large portion of the supply. 

According to the Blockchain Council, more than 19.71 million Bitcoin (BTC) have been awarded to miners in block rewards. Nakamoto’s white paper dictates only 21 million are available, meaning most Bitcoin is already in circulation.

BitInfoCharts data shows that around 1.86% of wallet addresses — over one million — hold more than 90% of all total BTC currently in circulation. Known as whales, some of these individuals or entities hold large amounts of crypto.

Bitcoin rich list: Source: BitInfoCharts

Speaking to Cointelegraph, Caroline Bowler, CEO of Australian crypto exchange BTC Markets, said any concentration of BTC ownership among a small number of addresses presents both challenges and benefits.

“On one hand, it raises concerns about market manipulation, centralization and liquidity constraints,” she said.

“On the other hand, it provides these large holders with substantial market influence, strategic advantages and exclusive opportunities.”

Bowler says that for the broader BTC ecosystem, the concentration of crypto underscores the importance of continued efforts to promote decentralization and enhance market stability to mitigate potential risks associated with uneven wealth distribution.

Nakamoto’s original BTC white paper proposed a decentralized system for peer-to-peer transactions without going through a financial institution or intermediary. His goal was to take financial control back from the elites.

According to data from Exploding Topics, just over 46 million BTC wallets hold at least $1 in value. Less than half of these wallets have more than $100 worth of crypto.

Bitcoin wallet balances. Source: Exploding Topics

BitInfoCharts data shows only four wallets hold between 100,000 and 1 million BTC, totaling 688,681 BTC. The next 100 largest owners possess a combined total of 2,464,633 BTC. Together, these 104 addresses account for about 15.98% of the total supply.

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Bowler speculates that if the entire BTC supply were to ever be accumulated by a small group of whales, it would change the whole ecosystem.

“The concentration of 100% of Bitcoin in a few addresses would fundamentally alter the dynamics of the Bitcoin ecosystem,” she said.

“It would centralize control, undermine the core principles of decentralization, and potentially lead to market manipulation, loss of trust and increased regulatory scrutiny.”

At the same time, Bowler says these theoretical holders could have unprecedented power over the BTC network and its future. She believes the result would likely damage BTC’s reputation and drive users toward more decentralized alternatives.

Related: The last Bitcoin: What will happen once all BTC are mined?

“If 100% of Bitcoin is in the hands of the few, it is likely that interest and development on the network would fade,” she said.

“The point of Bitcoin is that it is universal with trading and uses popularized by ordinary people. If it loses that popular touch, an alternative will likely appear.”

Unprecedented market control but not much else

Phillip Lord, president of crypto tap payment app Oobit, told Cointelegraph that if a small number of addresses owned most of the BTC, these whales would gain even more control over the market, but they still couldn’t change the Bitcoin Network or protocol.

“This centralization could potentially impact the market, as these addresses could influence Bitcoin’s price through large transactions,” he said.

“However, owning such a substantial portion of Bitcoin does not inherently provide direct control over the protocol or the ability to change its code.”

Whales already wield significant influence over BTC market dynamics, with their massive holdings giving them the power to sway supply and demand. As a result, traders and other people in the space tend to keep an eye out for any transactions by whales.

When whales increase their BTC stash, prices tend to soar, while selling off portions of their holdings can lead to declines.

Source: CryptoQuant/Cryto India

Lord says there is a distinction between BTC as a cryptocurrency and the Bitcoin network, which serves as the project’s decentralized infrastructure.

While individuals can own BTC as a token, the Bitcoin network operates on decentralized architectural principles.

Lord thinks the protocol or code could be changed, but it requires a decentralized consensus process, not control over most of the BTC. Changes are proposed through Bitcoin Improvement Proposals (BIPs), which the community then discusses and reviews.

“For a change to be implemented, it must gain broad support from miners, developers and node operators,” Lord said.

“Once there is sufficient consensus, the changes are incorporated into a new version of the Bitcoin software, which users can choose to adopt. If a significant majority adopts the new version, the changes become part of the Bitcoin protocol.”

Governance model relies on community consensus

Jonathan Hargreaves, global head of business development at Web3 ecosystem Elastos, which developed the Bitcoin layer-2 solution, told Cointelegraph that any concentration of wealth among the top 1% remains a central global economic issue.

According to data from United Kingdom-based nonprofit organization Oxfam International, 81 billionaires have more wealth than 50% of the world combined.

Related: How 1,500 new Bitcoin millionaires per day deal with getting rich

If BTC went down that path, Hargreaves said the “concentration could lead to centralization.” That could potentially alter the “foundational principles of Bitcoin,” which aimed to redefine the social contract toward a global consensus.

He doesn’t think any amount of BTC will provide extra control over the network, though, and the only additional benefit would be wealth.

“Bitcoin and decentralized currencies initially promised greater inclusion, but this goal has not materialized as anticipated,” Hargreaves said.

“However, Bitcoin’s governance model does not grant holders the authority to alter its core mechanisms. Key principles like the 21 million coin limit and non-inflationary nature are immutable, so the benefits to this 1% are limited to the wealth creation opportunity.”

Certain aspects of the BTC code have been modified or removed in the past. Operation Concatenate (OP_CAT), an opcode that allowed users to combine two data sets into a single transaction script, was disabled in 2010 by Nakamoto over security concerns.

Hargreaves says the governance model relies on community consensus, involving developers, node operators, miners, the core development team and technicians, akin to typical open-source projects.

“The concentration of ownership itself may not pose a direct threat, but the centralization of funds could potentially erode these principles over time,” Hargreaves said.

“However, there is an expectation that these community stakeholders, including Nakamoto, would likely resist attempts to influence or buy consensus. Therefore, I don’t see 100% BTC ownership being the threat rather than attempts to buy the Bitcoin network.”

Nothing stopping whales from holding all the Bitcoin

Sasha Ivanov, founder of the Waves Tech ecosystem, said that at this stage, there are no mechanisms to provide “fair distribution and prevent the traditional Pareto distribution of wealth,” where top holders have all the BTC.

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He thinks whale addresses having the most supply of a given asset provides them material benefits since they can indirectly control the price and engage in market manipulation.

“Large holders have the financial means to skew the development in the direction they see fit,” he said.

“It could lead to full centralization of Bitcoin since the community will have no recourse to withstand the financial incentives and will be fully driven by the vision of a cohort of large holders.”

Bitcoin and gold could be on track to a significant price breakout as macroeconomic conditions improve.

The beginning of “macro summer” could lead to a Bitcoin (BTC) price breakout in the near term, according to Raoul Pal, the founder and CEO of Global Macro Investor, who wrote in a July 29 X post:

“Macro Summer is beginning to take hold and should last at least for the rest of 2024 and into 2025… Bitcoin is ready to soon break the giant cup and handle and head into the Banana Zone.”

BTC, cup and handle formation, weekly chart. Source: Raoul Pal

The “Banana Zone” is a term coined by Pal to describe a period of significant upward price movement. In this case, it suggests that Bitcoin price could break out to a new all-time high.

Related: Bitcoin ‘Trump pump’ potential matches key technical signal — Can BTC break $71.5K?

Bitcoin needs a close above $70,000 to confirm the breakout

According to Pal, Bitcoin will confirm a move toward a new record high when it breaks out of the current cup and handle formation, a technical chart pattern used to spot bullish uptrend continuations.

This confirmation will come once Bitcoin price breaches the $70,000 mark, according to crypto trader Moataz Elsayed, also known as “Eljaboom.” The trader wrote in a July 28 X post:

“BTC Massive Cup And Handle [formation]. A weekly close above $70,000 and the game will be over for bears!”

BTC/USD, 1-week chart. Cup and Handle formation. Source: Eljaboom

Contributing to the bullish sentiment, Bitcoin’s open interest reached a new all-time high on July 29, pointing to increased interest and liquidity in the world’s first cryptocurrency, that could result in a breakout.

Related: World’s largest BTC miner Marathon buys $100M BTC to go ‘full HODL’

This is a developing story, and further information will be added as it becomes available.

The Ronin network surpassed other blockchains in daily active users (DAU) as its gaming-dedicated ecosystem reached several milestones in 2024. 

On July 29, the onchain data platform Token Terminal showed that the Ronin network recorded a two million DAU count, surpassing other active blockchains like Tron (TRX) and Solana (SOL). Tron was in the second spot with 1.8 million active users, while Solana had 1.2 million users in the last 24 hours.

Daily active users chart for blockchain networks. Source: Token Terminal

According to Token Terminal, its daily active users’ chart represents the number of distinct addresses interacting with business-relevant contracts. The data includes users transacting and engaging within the network.

Related: Sky Mavis recovers $5.7M from Ronin Bridge hack

Ronin’s ecosystem continues to expand

In its mid-year review published on July 23, the Ronin team highlighted factors that may have influenced the increase in active users.

According to Ronin, its growth in the first half of 2024 was partly driven by a surge in volume for its non-fungible token (NFT) marketplace called Mavis Market and the listing of the Ronin (RON) token on Binance. The Ronin team believes this gave users a “portal” into its “gamers country.”

The team also reported 12 million RON holders and over three million downloads for its Ronin Wallet. The network also highlighted that its ecosystem now has 15 playable games and noted that more games are being developed.

Pixels migration and zkEVM plans

Pixels, one of the largest Web3 games by user count, also migrated to Ronin in February 2024. The network reported that the game’s monthly active users peaked at 1.7 million in June. According to Ronin, players spent over 15 million in Pixels (PIXEL) tokens for the game’s VIP coupons in the last 12 months.

Apart from gaming, the Ronin network also enhanced its technology stack. On June 18, revealed its plans to introduce Ronin zkEVM, a zero-knowledge (ZK) Ethereum Virtual Machine (EVM) layer-2 chain with a modified version of the Polygon Chain Development Kit (CDK).

According to Sky Mavis, the team behind Ronin, this will “further decentralize Ronin” using ZK-proof layer-2 rollups. The team also believes that it would prepare the network to handle billions in transactions in the future.

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The launch of spot-based Ether exchange-traded funds (ETFs) has marked one of the largest inflows to the asset since December 2022.

According to the latest CoinShares report, newly issued Ether (ETH) ETFs racked up a significant $2.2 billion in inflows alongside a 542% hike in ETH exchange-traded products (ETPs).

The new inflows milestone was tempered by $285 million in overall net outflows from incumbent funds from Grayscale’s $1.5 billion incumbent trust.

Related: BlackRock imposters target crypto ETF investors

Bitcoin inflows persevering

Alongside ETH developments, Bitcoin (BTC) has attracted $3.6 billion in inflows over the past month, contributing to a year-to-date (YTD) total of $19 billion — a historical high.

According to CoinShares analysts, the firm believes the surge is driven by speculation surrounding the upcoming United States elections and the potential for BTC to become a strategic reserve.

The analysts also attribute this to renewing investor confidence in BTC, given the expectations of a Federal Reserve rate cut in September.

Related: Grayscale Ethereum Trust ETF net outflows hit $1.5B

Market trends and statistics

The report reveals that the digital asset market continues to grow, with total assets under management reaching $99.1 billion.

Total inflows for 2024 have reached a record-breaking $20.5 billion YTD as trading volumes across all digital assets rose to an all-time high in May in anticipation of Ether (ETH) ETFs.

The report highlights that this record was broken last week, totaling $14.8 billion, largely fueled by the launch of the Ether ETFs, despite digital asset investment products seeing only $245 million in inflows last week.

Related: bitFlyer acquires FTX Japan, plans to launch crypto ETFs

Grayscale outflows hit $1.5 billion

On July 26, Grayscale Ethereum Trust ETF (ETHE) outflows reached over $1.5 billion, with net outflows topping $356 million in a single day.

The newly converted Ethereum Trust ETF witnessed investors withdraw over $1.5 billion since the spot Ether ETFs launched in the US on July 23.

Contrastingly, Grayscale’s Ethereum Mini Trust ETH (ETH) performed well, recording a net inflow of $44.9 million on July 26.

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Bitcoin futures’ open interest has reached a new all-time high, suggesting that investor demand for the world’s largest cryptocurrency is increasing. Could a price breakout be imminent?

Bitcoin (BTC) open interest, a metric monitoring the total number of open positions in the underlying asset, has reached an all-time high of $39.46 billion across all exchanges.

The current figure surpasses the previous all-time high of $39.03 billion reached on March 29, 2024, according to CoinGlass data.

BTC Futures open interest, all-time chart. Source: CoinGlass

Bitcoin’s open interest is used by traders to gauge the interest and liquidity behind the asset. The current $39.46 billion peak shows increased investor interest in Bitcoin, which may precede a breakout toward new record highs.

Related: World’s largest BTC miner Marathon buys $100M BTC to go ‘full HODL’

This is a developing story, and further information will be added as it becomes available.

Non-fungible tokens (NFTs) are poised to reach their lowest monthly sales volume since November 2023.

On July 29, data tracker CryptoSlam reported that the monthly volume of digital collectibles had reached $393 million. With NFTs experiencing a daily volume of less than $14 million, July may turn out to be the lowest or second-lowest month for this asset class this year.

In June 2024, NFTs’ monthly sales volume recorded an w-month low, having only $450 million in sales. This marked the asset class’ lowest monthly record since November 2023.

NFTs continue their downward momentum

Data shows that NFTs have been trending downward since the second quarter of 2024. Within the quarter, NFTs had a 45% quarter-on-quarter drop. The first quarter of 2024 had a sales volume of $4.1 billion, while the second quarter only had $2.24 billion.

Despite experiencing lower volumes earlier in July, NFTs saw a significant increase in transaction volumes for the month. According to CryptoSlam data, there were 9.9 million NFT transactions in July, a 73% rise from June's 5.7 million transactions.

Even though NFT volumes are lower, Web3 professionals expressed optimism for the asset class. SuperRare co-founder Jonathan Perkins previously told Cointelegraph that NFTs continue to be an extremely powerful token standard, and nothing has changed about their utility.

Related: Web3 experts cite innovation and PR as key challenges for NFT adoption

NFTs are still “here to stay”

In a Cointelegraph interview, CryptoSlam founder Randy Wasinger said that despite its lower volumes, NFTs will stay. He explained:

“I certainly wouldn’t say NFTs are dead. In fact, I would say that NFTs, just like all digital blockchain assets, are here to stay.”

The executive believes that while some NFT applications fueled by previous hype cycles may never return, this is not the end for NFTs. According to Wasinger, certain use cases have peaked and may not regain their previous levels.

“PFPs [picture-for-profile], for example. I don’t see that ever regaining the volume and adoption level it had a year or two ago,” Wasinger added.

However, the CryptoSlam founder believes that more robust Web3 applications will likely need NFTs. The executive also believes that use cases will continue to evolve positively. “I don’t know if it’ll necessarily be reflected in large sales volume numbers like we’ve seen at least anytime soon, but I do foresee it manifesting in perhaps larger transaction volumes,” he explained.

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Bitcoin (BTC) sets up a crunch climax to July at $70,000 comes into view in time for the monthly close.

In what promises to be a frantic few days for BTC price action, bulls are attempting to claw back lost support at key psychological levels.

Can they succeed? This is the question on everyone’s lips going forward as Bitcoin returns to price points absent for nearly two months.

The weekly close did not disappoint, saving the market from a “red” candle, but continued momentum is now essential.

On paper, the situation looks promising — miners are recovering, macroeconomic signals increasingly favor risk assets, and traders are betting on the end of Bitcoin’s post-halving retracement.

That said, the scope for flash volatility is there — the United States Federal Reserve will decide on interest rate changes this week, while Chair Jerome Powell can move markets in an instant with his press commentary.

US unemployment data will hit at the end of the week, providing a final window for erratic crypto price moves.

Cointelegraph takes a closer look at these topics as BTC/USD lines up an important retest of final resistance before all-time highs.

Bitcoin bounces back to grill final BTC price resistance

Bitcoin bulls got a last-minute reprieve at the latest weekly close as the one-week candle edged from red to green.

At around $68,265 on Bitstamp, per data from Cointelegraph Markets Pro and TradingView, Bitcoin rounded out a hectic weekend at what became a launch level for further gains into the July 29 Asia trading session.

New multi-week highs came as a result, with BTC/USD reaching $69,848 for the first time since June 10.

BTC/USD 1-day chart. Source: TradingView

Unsurprisingly, traders are in a positive mood as Bitcoin approaches key resistance below March’s all-time highs.

“Every halving event, Bitcoin goes through a couple months of choppy price action,” popular trader Jelle wrote in one of his latest posts on X.

“Once that phase comes to an end, the true bull market starts. This time probably won't be different.”

Bitcoin price comparison. Source: Jelle/X

That resistance meanwhile remains formidable — data from monitoring resource CoinGlass shows the nearest block of asks focusing on $70,400 at the time of writing. As Cointelegraph reported, billions of dollars in shorts stand to be liquidated should price rapidly head higher.

BTC liquidation heatmap (screenshot). Source: CoinGlass

The key feature of recent days was US Presidential candidate Donald Trump’s speech at the Bitcoin 2024 conference in Nashville, Tennessee.

Trump, along with fellow contender Robert Kennedy Jr, pledged to turn the 200,000 BTC confiscated by the US government into a strategic reserve if elected.

While already rumored to be the case, Trump’s confirmation did little to shift BTC price action itself, which conversely headed lower in the hours following.

For trader Daan Crypto Trades, however, it is a question of time. In his latest X content, he suggested that the “real move” on BTC/USD may only now be starting.

“The rumour that Trump would announce a strategic Bitcoin reserve started last week. During that time, $BTC mostly traded up, while stocks took a massive beating,” he summarized.

“Usually, BTC would have traded down considerably during such weakness in the general markets. But it didn't, which I think is mostly contributed to this narrative that was going on. We likely traded 5-10% higher than we ‘should have’ because of this.”

BTC/USDT chart. Source: Daan Crypto Trades/X

FOMC week begins with US debt milestone

As US national debt hits $35 trillion for the first time in history, the power to move crypto markets lies to a large extent with Fed Chair Jerome Powell this week.

Source: US Debt Clock

His press conference, which will follow the latest Federal Open Market Committee (FOMC) decision on interest rates, can dictate longer-term expectations for economic policy simply by the tone of language used.

That said, markets see few surprises from the decision itself — no rate cuts are expected until the next FOMC meeting in September.

The latest estimates from CME Group’s FedWatch Tool put the odds of rates staying the same this month at nearly 96%. Conversely, they have fully priced in a cut in some form for September.

Fed target rate probabilities for September FOMC meeting. Source: CME Group

Those cuts are the key focus for crypto and risk-asset traders, as their presence should boost overall investment liquidity.

This week, however, the Fed is not alone — US jobless claims will follow FOMC, providing even more scope for surprise crypto market moves.

“Volatility is back with a huge week ahead,” trading resource The Kobeissi Letter summarized in an X thread.

“We have economic data, earnings, and the July Fed meeting all at the same time this week.”

Commenting on the macro week ahead, popular trader CrypNuevo warned that Powell may play it safe and avoid any firm commitment to cuts.

“I imagine something such as: ‘We'll cut rates when we make sure inflation is moving back down to 2% and for that, we must stay data-dependent. We need to see the coming data from the next 2 months,’” he told X followers at the weekend.

“If so, markets could experience volatility due to investors' disappointment.”

BTC/USDT forecast. Source: CrypNuevo/X

As such, BTC/USD may retrace post-FOMC, while high-timeframe analysis still calls for a retest of liquidity around all-time highs.

“Those highs haven't been hit for a while, creating an OI gap and also gathering a lot of liquidations in HTF,” CrypNuevo added, referring to open interest and liquidity areas.

BTC/USDT cha. Source: CrypNuevo/X

Bitcoin mining difficulty set for new highs

Bitcoin network fundamentals are wasting no time in showing which side of the bull/bear battle miners are on this week.

Bitcoin network fundamentals overview (screenshot). Source: BTC.com

The latest estimates from monitoring resource BTC.com calculate that on July 31, Bitcoin mining difficulty will hit new all-time highs.

These will come if a giant 8% difficulty increase becomes reality, this nonetheless dependent on miners' cost-effectiven.

That surge would follow a 3.2% uptick from two weeks prior, and take difficulty to 88.61 trillion.

Source: Jamie Coutts

As Cointelegraph reported, a miner renaissance has been on the cards for some time, evidenced by both hashrate and the associated hash ribbons indicator calling the end of miners’ post-halving “capitulation” phase.

The latest raw data from MiningPoolStats continues to show hashrate coiling below all-time highs of its own — currently at 665 exahashes per second (EH/s) at the time of writing.

Bitcoin hashrate raw data (screenshot). Source: MiningPoolStats

Concern as BTC miner selling resurfaces

Analyzing the overall profitability of the mining sphere, however, on-chain analytics platform CryptoQuant warned that it is still early days for the comeback.

The miner position index (MPI), contributor XBTManager noted, remains at a “very low level.”

“This adds some selling pressure to the current structures but doesn't create a significant overall selling pressure,” he wrote in one of CryptoQuant’s Quicktake blog posts.

Bitcoin MPI chart (screenshot). Source: CryptoQuant

XBTManager appeared more concerned about BTC leaving known miner wallets, suggesting that selling is accelerating, not abating, at current price levels.

“After a support level of $53,000, miner outflow continues to rise,” he explained.

“Bitcoin has been observed leaving miner wallets at the current price level, which could create potential selling pressure. A similar example was seen on May 21.”

Bitcoin miner outflow chart (screenshot). Source: CryptoQuant

That date coincided with a trip above $71,000 for BTC/USD, this level forming a local high before the $53,000 lows hit at the start of July.

Sentiment calls for Q3 BTC price all-time highs

The Crypto Fear & Greed Index is back at levels not seen since early June.

Related: How high can BTC price go after Trump’s bullish Bitcoin speech?

The classic crypto market sentiment indicator is on the verge of returning to “extreme greed,” something arguably expected as Bitcoin tackles the final hurdles before price discovery.

Fear & Greed measured 74/100 on July 28, marking a giant 50-point increase in just two weeks.

Crypto Fear & Greed Index (screenshot). Source: Alternative.me

As Cointelegraph reported at the weekend, bullish sentiment among crypto traders is not only at its highest in weeks, but in the entire 16 months since the start of the bull market.

Research firm Santiment, which compiled the data, released an X survey last week asking when followers thought that Bitcoin would return to its record $73,800 level from March.

The majority of respondents guessed that this would occur by the end of October.

Source: Santiment

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin was seen closing in on the $70,000 mark on July 29, posting a seven-week high despite falling short of its all-time high by around 6%. 

BTC prices tapped $69,775 during Asia trading hours on July 29, according to TradingView.

This brought the asset to within 5.7% of its all-time high of $73,757, which occurred four and a half months ago on March 14.

It is the highest Bitcoin has traded since June 13, when it hit $70,000 but found resistance there and retreated again.

BTC/USD 1D Coinbase. Source: Tradingview

Meanwhile, analyst “Titan of Crypto” told his 86,000 X followers on July 27 that Bitcoin at $110,000 “is programmed” as the asset is “breaking out from the handle” of a cup and handle chart pattern.

Meanwhile, recent Bitcoin positive sentiment has been driven by two US presidential candidates and a prominent Republican Senator at the Bitcoin 2024 Conference, which ran from July 25 to 27.

Robert F. Kennedy Jr. and Senator Cynthia Lummis spoke about establishing a strategic Bitcoin reserve for the United States while Donald Trump said the government wouldn’t sell anymore if he got elected. Should this come to pass, it would induce a lot of buying pressure and a potential supply shock for BTC markets.

Related: Bitcoin hits 16-month high ‘positive sentiment’ as price sits near $68K

Additionally, the personal consumption expenditures index (Core PCE) rose just 0.1% last month, increasing confidence in an interest rate cut in September as inflation comes under control.

There will also be a Federal Reserve meeting on July 31 in which another rate decision is expected.

However, the market expects the Fed to keep rates unchanged with the CME Group predicting 95.9% odds on more status quo with rates remaining at 5.25% to 5.5%.

Signals are strengthening for a rate cut in September, though, with the odds at 85.8% for a cut to 5.0% to 5.25%, which would be the first reduction since March 2020.

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Nearly $1.5 billion in tokens from major crypto projects are set to be unlocked in August, with 1 billion XRP (XRP) tokens—worth $609 million at current prices—making up a massive part of the month’s total on Aug. 1. 

Ripple, the firm behind the XRP Ledger and the native token XRP, has unlocked 1 billion tokens on the first day of every month since 2017. It uses two main wallets, Ripple (24) and Ripple (25), to evenly split the unlocks each month.

Other major unlocks in August include those from layer-1 network Avalanche and cross-chain bridging platform Wormhole, releasing a combined $449 million worth of tokens, per Token Unlocks data.

Wormhole (W) will unlock 33.3% of its circulating supply — 600 million W tokens with a current market value of $180.5 million — on Aug. 3. It comes after conducting its long-awaited airdrop launch on April 4.

Wormhole is set to release a third of its circulating supply on Aug. 3. Source: Wormhole

On Aug. 20, Avalanche will unlock 2.4% of the circulating supply of AVAX (AVAX) tokens, amounting to 9.4 million AVAX with a current market value of $268 million.

Tokens unlocking on the first day of August

Other than XRP, another three projects, including layer-1 network Sui, decentralized exchange dYdX, and “universal” blockchain ZetaChain will also unlock significant portions of their supply on the first day of August.

Sui will unlock 2.56% of its circulating supply, releasing 64 million tokens with a current value of $50 million on Aug. 1.

dYdX will unlock 8.33 million tokens worth nearly $11 million the same day — amounting to 3.65% of its circulating supply. Notably, the tokens will unlock for three groups: investors, founders and staff, and future employees.

Related: Worldcoin faces ‘scam’ allegations after extending token lockup by 2 years

Meanwhile, the new layer-1 network ZetaChain (ZETA) will unlock nearly 18.9% of its circulating supply on Aug. 1. At current prices, 53.9 million tokens amount to a market value of around $34.5 million. It follows its launch in February this year.

Other August unlocks

Crypto gaming network ImmutableX will unlock 2.11% of the circulating supply of IMX (IMX) on Aug. 9, amounting to 32.5 million tokens which commanding a current market value of $49 million.

Aptos, Sui’s rival layer-1 network, will unlock $80 million worth of its native token APT on Aug. 12, while Web3 gaming platform The Sandbox will unlock $69 million worth of SAND on Aug. 14.

Two Ethereum layer-2 networks, Starknet and Arbitrum are set to unleash tokens as well.

On Aug. 15, Starkent will unlock 64 million tokens, amounting to 4.4% of the token’s circulating supply. The token has a current market value of $35 million.

On Aug. 16, Arbitrum (ARB) will unlock 92.6 million tokens amounting to 2.8% of its circulating supply. The market value of the yet-to-be-unlocked tokens stands at $67 million.

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Andrew Left, the founder of short-selling financial research firm Citron Research, has been accused of securities fraud for allegedly profiting $16 million by making “bait and switch” stock recommendations that mislead retail investors.

Left, a strong crypto-skeptic, used social media and TV appearances to make recommendations on stocks he had short or long positions in, the United States Securities and Exchange Commission alleged in a July 26 statement.

This created a false perception that his public comments on these stocks were in line with his company’s trading activity — though in many cases, he would do the opposite. 

“Left bought back stock immediately after telling his readers to sell, and he sold stock immediately after telling his readers to buy.”

“This fraudulent practice deceived investors and allowed Left to use his Citron Research reports and tweets as catalysts from which he could derive short-term profits,” the regulator added.

Excerpt from the SEC’s complaint against Andrew Left and Citron Capital. Source: SEC

The SEC alleges that Citron and Left engaged in illegal trades and attempted to manipulate the market between March 2018 and December 2023, filing the case in the US District Court Central District of California.

There were 26 trades made from 23 companies, including Nvidia, American Airlines, Alibaba, Meta (formerly Facebook) and X (formerly Twitter and now not publicly traded).

Meanwhile, the US Department of Justice also announced a criminal case against Left, which accused the short-seller of committing securities fraud and lying to federal law enforcement about compensation from hedge funds.

If Left is convicted on all 18 fraud-related charges, he could spend 25 years behind bars. His indictment comes a little over two years after he said the crypto industry is full of fraud.

“I think crypto is just complete fraud, over and over and over,” Left said when asked where he saw fraud taking place in financial markets in July 2022.

Citron recently told investors to short Coinbase

This February, Left’s Citron called for the short sale of Coinbase stock following the crypto exchange’s temporary outage on Feb. 28.

Related: IREN tumbles after short seller calls miner ‘Prius at the Grand Prix’

Citron suggested investors place a Bitcoin long position through one of the spot exchange-traded funds while shorting the “bloated” crypto exchange.

Source: Citron Research

Cointelegraph reached out to Citron for comment but did not receive an immediate response.

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The University of Wyoming is launching the UW Bitcoin Research Institute in August. The new institute aims to provide “high-quality peer-reviewed” studies about Bitcoin.

Bradley Rettler, a Bitcoin activist and Associate Professor at the University of Wyoming, announced the new institute on X on July 28. He will serve as the institute’s director.

Rettler described the current state of Bitcoin (BTC) research as “poor” and stressed the industry needs more “high-quality peer-reviewed” publications to ensure the public is properly informed about what Bitcoin is and how it works.

University of Wyoming campus in Laramie, Wyoming. Source: University of Wyoming

He highlighted a 2018 study led by University of Hawaii Professor Camilo Mora that claimed Bitcoin emissions alone could increase global warming by 35.6° Fahrenheit (2° Celsius) by 2048.

“They failed to account for the difficulty adjustment *and* didn’t know there was a block size cap,” Rettler stressed in a July 28 X post.

“These mistakes make their way into journalism, and policy. Bitcoin is multi-faceted in theory, and even more so in practice. Journalists can’t be experts, so they rely on academics. Too many of those academics have let them down.”

One of the institute’s professors is Andrew M. Bailey, lead author of “Resistance Money: A Philosophical Case for Bitcoin.” Rettler was also named as an author of the book.

The Bitcoin Research Institute will officially open in August when the Fall semester for 2024-2025 begins.

Source: Andrew M. Bailey

It will run annual summer workshops, offer academic prizes and host weekly seminars, according to its website.

Related: Bitcoin firm, Texas university partner for $5M endowment fund

The BRI is classed as a nonprofit and is accepting Bitcoin donations to assist research.

“We allocate 4% of our investments to bitcoin, so if you donate bitcoin, we will not sell it,” Rettler explained.

Source: Dagnum PI

Wyoming is fast becoming a leading Bitcoin state in the United States, largely due to pro-Bitcoin Senator Cynthia Lummis and Caitlin Long, founder and CEO of Custodia Bank, which offers Bitcoin custody solutions.

Lummis announced a strategic Bitcoin Reserve bill at the Bitcoin 2024 conference in Nashville on July 27, which would see the US buy 5% of the 21 million Bitcoin that will ever enter into circulation.

“It can be used for one purpose, to reduce our debt,” Lummis declared during her keynote speech.

Wyoming lawmakers passed a bill in February, 2023, that prohibits state courts from forcing someone to disclose their digital asset private keys. The state also provides a legal framework for decentralized autonomous organizations.

Magazine: ‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters

Apple’s eagerly awaited artificial intelligence upgrade dubbed Apple Intelligence could miss its planned rollout with the new suite of iPhone 16s and its operating system iOS 18 in September. 

Instead, Apple Intelligence will likely arrive a few weeks later in October, as part of a follow-up software update, according to a July 28 report for Bloomberg, citing anonymous sources close to the matter.

Despite the delay, the technology giant still plans to make Apple Intelligence available to software developers as early as the week starting July 29, with the release of iOS 18.1 and iPadOS 18.1 beta versions.

Apple Intelligence will introduce new visual and written tools enhanced by AI. Source: Apple

Apple typically doesn’t release previews of follow-up updates until the initial version of the new software is released publicly.

The anonymous sources told Bloomberg that the delay of the new operating system stemmed from concerns over the stability of Apple Intelligence across the iPhone and iPad.

The delay would give developers more opportunity to work out any potential bugs ahead of time.

Cointelegraph contacted Apple but did not receive a response by the time of publication.

Related: ChatGPT users on macOS shocked to learn chats were stored unencrypted

The California-based tech firm announced the launch of Apple Intelligence in partnership with OpenAI on June 10.

Apple Intelligence will feature a “seamlessly integrated” version of ChatGPT across its new operating systems.

Apple Intelligence will offer iPhone, Macbook, and iPad users a suite of new features including an enhanced version of Apple’s voice-assistant Siri, the ability to summarize long pieces of text and audio as well as generate detailed custom graphics.

Notably, Apple’s voice assistant, Siri, will relay user questions to ChatGPT when necessary. The new feature is powered by GPT-4o, OpenAI’s latest iteration of ChatGPT.

Apple Intelligence will offer a range of new AI-integrated features to Apple users. Source: Apple

While Apple says its new Intelligence software is “designed to protect [...] privacy at every step,” X owner Elon Musk has threatened to ban all Apple devices at his companies should Apple integrate OpenAI’s ChatGPT into its iPhone, iPad and Mac operating systems.

“If Apple integrates OpenAI at the OS level, then Apple devices will be banned at my companies. That is an unacceptable security violation,” Musk said in a June 10 post to X.

AI Eye: $1M bet ChatGPT won’t lead to AGI, Apple’s intelligent AI use, AI millionaires surge

It’s time for Securities and Exchange Commission (SEC) Chair Gary Gensler to polish his resume. At a Bitcoin conference in Nashville on July 27, Republican presidential nominee Donald Trump vowed to oust crypto’s favorite supervillain in favor of a pro-industry replacement.

That’s good news for Web3, but turning America into the crypto capital of the world isn’t as simple as saying “You’re fired.” Insatiable demand for tokenized dollars has given the US an invaluable head start, but Web3 still desperately needs investor protection and oversight. That’s exactly what the SEC exists to provide.

Trump should pick an SEC chair who understands this — and commits to five goals from the start.

Let Ether funds start staking

Spot Ethereum (ETH) exchange-traded funds (ETFs) finally hit the market on July 23, but staking — or locking ETH as collateral in exchange for rewards — is conspicuously absent.

PRESIDENT TRUMP: "ON DAY ONE I WILL FIRE SEC CHAIR GARY GENSLER...LET ME SAY THAT AGAIN...I WILL FIRE GARY GENSLER!" ‼️ pic.twitter.com/DyPRDCtBvG

— Autism Capital (@AutismCapital) July 27, 2024

Fixing this is easier said than done. The Investment Company Act of 1940 requires ETFs and mutual funds to promptly redeem shares for underlying fund assets on-demand — usually within the day. Staking makes that virtually impossible for spot ETH funds. Timelines for staked ETH withdrawals are unpredictable, often taking days to complete.

Related: Ethereum ETFs are coming — Here’s what you need to know

The SEC has exempted funds from this rule in the past. It needs to do the same for spot Ether. Crafting a thoughtful carveout will take time. Trump’s nominee should get started on day one.

Embrace on-chain compliance solutions

The SEC should take a similarly flexible approach elsewhere. Core functions of securities markets — such as reporting, clearing, and settlement — are subject to intense regulatory scrutiny, and rightfully so. They are also areas where blockchain excels.

Distributed ledgers automatically record and settle every on-chain transaction and are highly resistant to manipulation or fraud. The SEC knows this and — in at least one instance — already recognized on-chain ledgers as valid financial reports. Now, regulators should replicate this at scale, issuing comprehensive guidance so others can follow the same path.

Upgrade KYC and custody rules for Web3

The same goes for other compliance mandates, such as Know Your Customer (KYC) and custody. Today, self-custody wallets — such as Ledger and MetaMask — are regulatory black holes, off limits to most security tokens.

It doesn’t have to be that way. In the US, qualified crypto custodians (QCs) — which hold crypto for users in insured, segregated accounts — are already proliferating. They include Anchorage Digital, BitGo, Coinbase Custody, and Paxos, among others. Adding elements of self-custody — such as non-upgradable smart contracts and private keys — to existing rules for crypto QCs would only strengthen protections for investors.

Congressional gridlock is no excuse. These changes are largely achievable within existing laws. The core goals of SEC oversight are as relevant as ever. Blockchain technology simply achieves them in new ways. Mapping these new solutions onto the SEC’s existing frameworks will open up a world of possibilities for Web3.

Bring DEXs out of the shadows

Decentralized exchanges (DEXs) such as Uniswap and Balancer are the future of trading. They replace a costly chain of intermediaries — including custodians, brokers, clearinghouses, and transfer agents — with transparent, non-custodial smart contracts. Implemented properly, DEXs can cut costs, mitigate counterparty risk, and facilitate real-time, 24/7 trading.

Related: Trump's VP pick, JD Vance, could mean a new era for crypto

There’s one problem. Despite being in use for nearly a decade, DEXs are still almost completely unregulated. This is largely thanks to an ongoing tug-of-war between the SEC and the Commodity Futures Trading Commission (CFTC), which oversees commodity derivatives markets.

Fixing this is straightforward. The SEC should clarify what tokens, if any, are securities, set a clear registration path for the DEXs that trade them, and hand off the rest of the spot crypto market to the CFTC.

Crucially, DEXs should meet comparable standards to traditional exchanges for risk management, KYC and disclosures. But, as with other compliance rules, the SEC should fully embrace on-chain solutions wherever possible.

Dollarize the digital economy with RWAs

On-chain dollarization is the holy grail of US crypto policy, and the opportunity is wide open. Global demand for tokenized dollars clocks triple-digit growth rates year after year. Dollar-backed stablecoins — such as USD Coin (USDC) and Tether (USDT) — have already bought upwards of $100 billion of US government debt.

That’s only scratching the surface. Tokenized money market funds and other yield-bearing real-world assets (RWAs) are only beginning to gain a foothold in Web3. The handful of early entrants — such as BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) and Franklin OnChain US Government Money Fund (FOBXX) — are stymied by severe restrictions.

It’s time to reverse course. The SEC should actively foster a robust on-chain market for USD-backed RWAs. These tokenized securities must fully leverage blockchain’s capabilities. They must be tradable on DEXs, accessible to user-managed wallets, and open to Web3 developers.

A truly America-first crypto policy should prioritize dominating the digital economy for decades to come. In that, America’s robust financial regulatory framework is an invaluable asset. Trump should pick an SEC chair who understands this — and is ready to act.

Alex O’Donnell is a senior writer for Cointelegraph. He previously founded DeFi developer Umami Labs and worked for seven years as a financial journalist at Reuters, where he covered M&A and IPOs. He is also the crypto growth lead at startup accelerator Expert Dojo.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Compound Finance, a decentralized lending and borrowing protocol, appears to be going through a tumultuous community disagreement over governance, according to community forums and a slew of recent proposals. 

The passage of proposal 289, on July 28, appears to be the catalyst for a series of allegations on social media that a governance attack has occurred as perpetuated by a voting bloc called the “Golden Boys.”

Source: Dr. Nick.

Over on the Compound governance message boards, insiders specifically warned such an event would occur just days before as discussions over the proposals played out.

Governance attack?

On May 6, 2024, Compound Governance shot down proposal 247 when it failed to reach a quorum. The proposal, dubbed “Treasury to Invest 5% of COMP holdings into goldCOMP Vault,” was subsequently cancelled.

The intent of the proposal, according to one of its purported supporters, was to establish a wrapped COMP token called “GoldCOMP” that would be held in a separate treasury operated by the Golden Boys and funded by COMP. This, claimed Golden Boy "Humpy," in order to provide an additional layer of “passive income” for COMP holders, which would be invested and divested at the discretion of the Golden Boys.

Per a post from Golden Boy member Humpy:

“When a user places COMP into the goldCOMP vault, the depositor receives goldCOMP, a semi-liquid wrapped token representing their initial deposit. These goldCOMP tokens can be placed in a 99/1 Balancer pool, creating a passive income stream for COMP holders who plan to hold COMP for a long period of time.”

An updated proposal from the bloc, number 279, failed to pass a July 19 vote. It purportedly requested “a one-year investment of 92,000 COMP” be sent to the goldCOMP Treasury Fund."

On Compound Governance message boards, around the time of 279's failure, “Wintermute Governance,” representing the Wintermute bloc, expressed concerns the Golden Boys proposal would give the group complete control over the transferred funds. 

“Any form of withdrawal action (divest) is solely controlled by GoldenBoyzMultisig,” wrote Wintermute, adding that the separate vault “delegates the deposited COMP’s governance rights to the GoldenBoyzMultisig.”

Michael Lewellen, of the OpenZeppelin bloc, under the username “cylon” went so far as to state that the Golden Boys proposal could be perceived as a governance attack:

“In my personal opinion, the actions of Humpy and the Golden Boys can be considered a governance attack if they persist in their attempts to take funds from the protocol in clear opposition to the will of all other Compound DAO delegates’.

Proposals 289 and 290

On July 28, a subsequent proposal, number 289, from the Golden Boys passed by a measure of 682,191 for to 633,636 against. The new proposal upped the amount of COMP requested to fund the goldCOMP treasury from 92,000 to 499,000.

As of the time of this article’s publication, 289’s passage indicates an implementation date of July 30. It’s been followed by proposal 290, “Precautionary Transfer of Timelock Admin,” which proposes sending the Compound Governance Timelock Admin to “CommunityMultiSig.”

Transferring the Timelock Admin could potentially stymie future efforts to pass proposals similar to the Golden Boys. But it might be a case of too little too late when it comes to proposal 289.

The 499,000 COMP requested — worth approximately $24.1 million as of the time of this article’s publication — will likely still move to the goldCOMP treasury fund on or around July 30 per the terms of proposal 289’s passage.

Independent blockchain sleuth Wazz posted a public warning on July 28 that the “biggest $Neiro token on Ethereum is a honeypot.” 

Source: Wazz.

Up front: our preliminary investigation remains inconclusive as of the time of this article’s publication. However, the post from Wazz does indicate several visible red flags with the project. We’ve so far been unable to find contact information for the developer(s) behind the token.

Per Wazz, whose past sleuthing accolades include being the first to spot the $870,000 hacking of billionaire Mark Cuban’s hot wallets, a particular Neiro meme token with an Ethereum blockchain address of “0x3ad4f189f08cdc60496eeBb3bd70B90dF28B7455” is a honeypot scam:

“It bypasses most automated scan tests but owner is constantly calling AutomatedMarketMaker() with addresses, which modifies the transfer() function, likely blacklisting any new buyers. Most scans are not detecting this.”

Blockchain analytics site Quick Intel shows that the Neiro coin cited by Wazz has a market capitalization of approximately $31 million as of the time of this article’s publication. The site also warns that the project hasn’t been “renounced.”

In cryptocurrency parlance, this means the owner still has control over certain functions that could be used to manipulate the token or prevent users from divesting/investing funds and assets.

Source: Quick Intel.

Other suspicious indicators show that the token has direct connectivity to wallets outside its ecosystem and that its liquidity pool isn’t locked, meaning funds could hypothetically be drained at a moment’s notice.

Related: Casper Network halts operations following security breach

Bitcoin (BTC) has recovered sharply from the intra-week lows, indicating a positive sentiment where dips are being purchased. Market analytics firm Santiment said in a X post that the ratio of positive comments to negative comments toward Bitcoin has reached its highest level since March 2023.

While the short-term traders are focusing on a new all-time high for Bitcoin, the long-term investors are projecting uber-bullish targets for Bitcoin. SkyBridge Capital founder Anthony Scaramucci said during the Bitcoin 2024 conference in Nashville, Tennessee, that Bitcoin’s market capitalization will probably overtake the total market capitalization of gold. Bitcoin’s market capitalization is roughly $1.3 trillion, while gold is between $15 trillion-$16 trillion.

Crypto market data daily view. Source: Coin360

Bitcoin’s bullishness did not rub off on Ether (ETH), which is down more than 7% this week. The negative sentiment in Ether is largely due to the net outflows of about $342 million from the Ether exchange-traded funds, per data from SoSo Value.

Could Bitcoin rise to $70,000, triggering buying in altcoins? If that happens, what are the top 5 cryptocurrencies that look strong on the charts?

Bitcoin price analysis

The bulls tried to push Bitcoin to $70,000 on July 27, but the long wick on the candlestick shows selling at higher levels.

BTC/USDT daily chart. Source: TradingView

The upsloping 20-day exponential moving average ($64,945) and the relative strength index (RSI) in the positive territory suggest that the path of least resistance is to the upside. If the price turns up from the current level or rebounds off the 20-day EMA, the bulls will again try to clear the hurdle at $70,000. If they succeed, the BTC/USDT pair could reach the $72,000 to $73,777 resistance zone.

This positive view will be invalidated in the near term if the price turns down and breaks below the 50-day simple moving average ($63,422). That could pull the price down to the psychological support at $60,000.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the bulls are finding it difficult to maintain the price above $68,500. The price has pulled back to the moving averages, which are likely to act as a strong support. If the price turns up from the moving averages, the bulls will make another attempt to drive the pair to $70,000.

Alternatively, if the price skids below the moving averages, it will suggest that the bulls are losing their grip. The pair may then plunge to $63,250 and later to $62,300.

XRP price analysis

XRP (XRP) has been consolidating between $0.57 and $0.64 for the past few days, indicating uncertainty about the next directional move.

XRP/USDT daily chart. Source: TradingView

The upsloping 20-day EMA ($0.57) and the RSI in the positive territory indicate advantage to buyers. The bulls will have to push and sustain the price above $0.64 to start the next leg of the up move to $0.74. This level is likely to attract aggressive selling by the bears.

This positive view will be invalidated in the near term if the price turns down and breaks below the 20-day EMA. That will suggest trading inside the large range between $0.41 and $0.64 for a while longer.

XRP/USDT 4-hour chart. Source: TradingView

Both moving averages have flattened out, and the RSI is near the midpoint, indicating a balance between supply and demand. If the price stays above $0.61, the bulls will try to push the pair to $0.64.

On the contrary, if the price slips below the moving averages, the bears will try to tug the pair to the solid support at $0.57. The next trending move is likely to begin on a break above $0.64 or below $0.57.

Kaspa price analysis

The bulls tried to propel Kaspa (KAS) above the $0.19 overhead resistance on July 27, but the bears thwarted their attempt.

KAS/USDT daily chart. Source: TradingView

The moving averages are the crucial support to watch for on the downside. A strong bounce off the moving averages will signal that the sentiment remains positive and traders are buying on dips. That will improve the prospects of a break above $0.19, and the KAS/USDT pair could surge to $0.24.

Instead, if the price turns down and breaks below the moving averages, it will suggest that the bulls have given up. The pair may then slump to the solid support at $0.14.

KAS/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the pair has formed a bullish ascending triangle pattern, which will complete on a break and close above $0.20. This bullish setup has a target objective of $0.24.

The first important support on the downside is the 20-EMA and then the uptrend line. If the price turns up from the uptrend line, it will suggest that the pair may spend some more time inside the triangle.

If bears want to make a comeback, they will have to yank the price below the uptrend line. If they do that, the bullish setup will be negated. That may accelerate selling and pull the pair toward $0.16 and then $0.14.

Related: ‘Feels surreal’ — Bitcoin sticks to $68K as market ignores 200K BTC US election pledge

Stacks price analysis

Stacks (STX) broke above the downtrend line on July 15, signaling that the downtrend could be ending.

STX/USDT daily chart. Source: TradingView

The moving averages have completed a bullish crossover, and the RSI has jumped into the positive territory, indicating that the bulls have a slight edge. Buyers will have to push and maintain the price above the neckline to complete an inverse head-and-shoulders pattern. If they do that, the STX/USDT pair could start an up move to $2.50 and then to the pattern target of $2.65.

If bears want to prevent the up move, they will have to quickly pull the price back below the moving averages. The selling could intensify further on a break below $1.65.

STX/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the bulls pushed the price above $2 but could not sustain the higher levels. This suggests that the bears are fiercely defending the $2 level. If the price rebounds off the moving averages, the bulls will again try to drive the pair above $2. If they manage to do that, the pair could start a rally toward $2.50.

Conversely, a break and close below the moving averages may sink the pair to $1.72 and thereafter to $1.65. This level is likely to attract strong buying by the bulls.

JasmyCoin price analysis

JasmyCoin (JASMY) fell below $0.027 on July 25, but the bulls bought the dip and pushed the price back above the level.

JASMY/USDT daily chart. Source: TradingView

The 20-day EMA ($0.028) has started to turn up gradually, and the RSI is in positive territory, indicating advantage to buyers. If the bulls overcome the barrier at $0.033, the JASMY/USDT pair is likely to pick up momentum and jump to $0.039.

Contrarily, if the price turns down from $0.033, it will suggest that the bears are active at high levels. That may keep the pair stuck inside the $0.027 to $0.033 range for a few days. The bears will be back in command if the price plunges and closes below $0.027.

JASMY/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the bears are trying to stall the up move at $0.033, but a positive sign is that the buyers have not ceded much ground to the sellers. The upsloping 20-EMA and the RSI in the positive territory indicate the possibility of an upside breakout. If that happens, the pair may start a rally to $0.039.

This optimistic view will be negated in the near term if the price breaks below the 20-EMA. The pair may then decline to the $0.027 support.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Donald Trump intends to make the United States the crypto capital of the planet. The former president promised this and more during a rousing speech given at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27. But some of the Republican candidate’s comments may have been cause for consternation among cryptocurrency advocates.

While Trump’s speech largely centered on Bitcoin and the community surrounding it being a positive force for America, he did lay out some specifics. Chief among his promises was that the US wouldn’t part with its current Bitcoin stockpile, if he's re-elected.

Per Trump:

“For too long, our government has violated a cardinal rule that every Bitcoiner knows by heart: never sell your bitcoin. If I am elected, it will be the policy of my administration for the United States of America to keep 100% of all the bitcoin the US. government currently holds or acquires.”

According to Casa co-founder and CTO Jamison Lopp, however, “there is a slight problem no one is acknowledging regarding the plan.”

Source: Jameson Lopp.

Bitfinex assets

The US government purportedly holds 212,847 bitcoin, as of April, 2024. The total value, as of July 28, stands at approximately $14.4 billion.

Part of those funds originate from the Bitfinex cryptocurrency exchange. In 2022 the US government seized “approximately 94,636” BTC from wallets associated with hackers who admitted responsibility for stealing 119,754 BTC from the exchange in 2016.

If we remove those coins from the government’s holdings, the US would be left with about $8 billion worth of BTC in its coffers.

US asset forfeiture laws

The investigation into the Bitfinex hack appears to be ongoing. There’s little in the way of news since the 2022 seizure. The US has transferred assets related to the hack between wallets as recently as February, 2024, but it’s unclear at this time exactly what the Justice Department intends to do with the funds.

There isn’t much in the way of legal precedence either, which raises myriad questions with answers that may not be forthcoming.

Firstly, federal laws surrounding asset forfeiture typically don’t prioritize making victims whole again, especially when investigations may be ongoing.

If, for example, the funds were connected to other assets purportedly linked to other alleged crimes, then the Justice Department would be errant in its prosecutorial duties if it returned a portion of the related funds prior to issuing any pursuant actions against other suspects.

There are also situations where it could be illegal for US agents to return funds stolen in aggregate to a single-source distributor. A judge could, conceivably, order the US to return the stolen funds to affected users under the oversight of a neutral third party custodian.

All of this is purely speculatory while the investigation and/or any follow-on legal action remains ongoing. But there’s more at play than just the legalities.

Secondly, by Trump’s own admission he intends to hold all the government’s Bitcoin. But it’s possible the president merely meant he wouldn’t sell Bitcoin for the purposes of cashing out the assets for fiat currency to make a quick profit.

Generally speaking, there’s no reason to assume Trump intends to defy any court rulings ordering the government to return the funds.

Finally, Trump specifically said it would be his administration’s “policy” to hold all the BTC the US currently has. While this does imply that he’s including the Bitfinex assets, it also implies that the administration will remain flexible.

There’s a difference between legislation or an executive order prohibiting the sale of cryptocurrency in the government’s possession and a policy against such sales.

Ulbricht fund recovery unlikely

On the subject of Silk Road founder Ross Ulbricht, however, things are a bit simpler. Ulbricht was convicted in 2015 on charges related to narcotics trafficking, hacking, and money laundering. He was subsequently sentenced to and is currently serving “double life” plus 40 years in prison.

In 2020, the US government seized 50,591 BTC purportedly stolen from Ross and Silk Road in a previous hack. As of July 28, those assets would make up approximately $3.4 billion of the US government’s current holdings.

During his Bitcoin 2024 speech, Trump promised, if re-elected, to commute Ulbricht’s sentence.

Related: Trump to end war on crypto if elected, says US will be ‘crypto capital of the planet’’

With a commutation, Ulbricht’s conviction would still stand. He’d essentially be released with time served and the funds, which have been labelled as criminal proceeds, would remit to the US government.

That’s entirely different from a pardon, something presidential candidate Robert F. Kennedy Jr. recently said he would give Ulbricht on day one, were he elected. 

A pardon would legally absolve Ulbricht of his crimes and, technically, provide a legal path towards recovery.

However, Ulbricht reportedly signed away his claim to those funds in 2022 as part of a deal with the courts to repay his $183 million restitution debt. This likely leaves him with no legal claim to the seized bitcoin going forward.

Donald Trump went all in on Bitcoin (BTC) in his latest keynote at the Bitcoin 2024 conference in Nashville, promising voters to make the United States “the crypto capital of the world."

He will do so by creating a national BTC "stockpile" and, in turn, making the cryptocurrency a "permanent national asset."

Naturally, Trump's electoral promises have triggered bullish responses from top crypto analysts, with some predicting BTC's price will grow tenfold in the future.

Bitcoin price will likely cross over $800K — analyst

One of the boldest and most bullish outlooks for Bitcoin after Trump's speech comes from independent market analyst Daan de Rover.

The chartist, who goes by the moniker "Crypto Rover" on X, expects BTC’s price to cross $800,000 if the former US President is elected once again in November, particularly since Trump also stated that Bitcoin may overtake gold’s market capitalization in the future.

"If this would happen, BTC would be valued at $813,054," Rover said in a tweet on July 28.

Bitcoin vs. gold market capitalization. Source: Crypto Rover

Republican Senator Cynthia Lummis of Wyoming adds to the bullish outlook. She presented a legislative proposal to establish an official US federal reserve of 1 million BTC over the next five years, which is almost 5% of the total BTC supply of 21 million tokens.

Excerpts from her address:

“[Bitcoin] will be held for a minimum of 20 years and can be used for one purpose: Reduce our debt."

US national debt. Source: Federal Reserve

The US government already holds 210,000 BTC worth over $14.26 billion. Trump has promised to allocate those holdings to the US Treasury, adding that his government, if elected, will never dump them.

Bitcoin price will reach $100K — Analyst

Bitcoin sold off following Trump's speech and has since stabilized around the $67,500-68,000 range. But that has not refrained some analysts, like Dan Crypto Traders and Tanaka, from making upside predictions toward $100,000.

Related: Bitcoin hits 16-month high ‘positive sentiment’ as price sits near $68K

"In the long term, I'm fully optimistic about BTC reaching $100k and ETH reaching $8-10k," Kanaka said, noting that the ETF funds will gradually "attract more large institutional investors" to the Bitcoin market.

Source: X

As of July 26, US Bitcoin ETFs managed $17.58 billion in assets, the highest to date. That is also up from $14.65 billion at the start of the month, reflecting a surge in interest in the days leading up to Trump's keynote.

US Spot Bitcoin ETFs net flows. Source: Farside Investors

Meanwhile, analyst Cryptomist anticipates that the BTC price will reach $100,000, based on an ascending channel pattern.

Rising wedge: Bitcoin’s next target is $74K

Bitcoin’s volatile price moves are occurring inside BTC’s prevailing rising wedge pattern, indicating a rally toward $74,000 by August. This level, up 9.30% from the current price levels, is where the wedge’s two trendlines converge.

BTC/USD daily price chart. Source: TradingView

Conversely, a decisive breakdown below the wedge's lower trendline, depending on the breakdown point, will risk a correction toward the $60,000-66,000 range. That is primarily because of how rising wedge breakdowns are calculated: by measuring the maximum distance between the two trendlines and subtracting the outcome from the breakdown point.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

In a significant crackdown on financial fraud, Hong Kong police have arrested four individuals, including a 14-year-old, for their involvement in a syndicate using counterfeit banknotes to defraud cryptocurrency owners. 

According to local media, the operation resulted in losses of up to HK$11 million (US$1.4 million). The arrests are part of ongoing efforts by law enforcement to combat the rise in crypto-related scams in the region.

Scam masterminds arrested

Chief Inspector of the Commercial Crime Bureau, Lo Yuen-shan, revealed on Sunday that the latest arrests bring the total number of individuals apprehended in connection with these scams to 14 since October of last year.

The suspects, aged between 14 and 39, were detained on July 26, on charges of conspiracy to defraud, possessing, and using 5,000 counterfeit banknotes.

The police detailed the structured nature of the syndicate, with specific roles assigned to each member. Two of the suspects were identified as the masterminds responsible for procuring the fake banknotes from a mini-storage facility in Mong Kok, while the masterminds disguised a nearby location as a legitimate business.

By impersonating a well-known cryptocurrency investor, they attracted victims with offers above the current market price for virtual currencies. They also targeted potential victims online.

Related: Crypto exchange grace period to remain unchanged in Hong Kong despite scandals

The scheme involved inviting victims to the fake store, where they were shown stacks of counterfeit HK$1,000 ($128) banknotes. Only the top and bottom notes were real, a tactic to deceive victims into believing the entire stack was genuine. The suspects prohibited the victims from untying the stacks, insisting on online transactions to settle the deal.

Financial fraud in Hong Kong

Once the cryptocurrency was transferred, the scammers swiftly moved the assets out of the account and refused to pay, leaving the victims nothing. Chief Inspector Lo noted that these tactics were common in recent cases, with the group and others defrauding 12 victims of HK$11 million (US$1.4 million) from October 2023 till the arrest.

The arrests highlight the ongoing battle against financial fraud in Hong Kong, particularly involving digital currencies.

Meanwhile, a worldwide manhunt is underway for two well-known Hong Kong crypto influencers, previously linked to the embattled JPEX exchange in Dubai, as they face allegations of theft, fraud, and money laundering, prompting Interpol to take action.

Magazine: Hong Kong Bitcoin ETF launch in ‘top 20%,’ STRK scam suspect busted

Bitcoin (BTC) headed for a crunch weekly close on July 28 after markets shook off United States Presidential Candidates’ crypto pledges.

BTC/USD 1-hour chart. Source: TradingView

BTC price brushes off Trump crypto policy plans

Data from Cointelegraph Markets Pro and TradingView showed BTC price stabilizing after flash volatility around the Bitcoin 2024 conference.

Anticipation of a snap price surge had built far in advance of the event. As two Presidential candidates, Donald Trump and Robert Kennedy Jr., both stated plans to build a strategic Bitcoin reserve of at least 200,000 BTC, however, the impact was muted.

“There's a 65% chance of a US strategic reserve for Bitcoin and you can still buy it for under $70K,” Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, reacted on X, referring to Trump’s election odds.

Popular trader Daan Crypto Trades suggested that the overall lack of market response could be a question of time.

“Think people are a bit surprised and confused by this timeline,” he wrote in his own X analysis of speeches by Trump and others.

“Feels surreal what we just saw & heard. We basically got what we wanted. This was partially priced in but we saw a big flush of longs before Trump made the statement.”

Daan Crypto Trades added that was “heavily underpricing” the strategic reserve commitments.

“Even if they won't buy any new coins, just holding their seized coins will rule out a ~$15B supply overhang,” he noted, referencing recent sell-side pressure from state actors.

“This is more than the German Government & Mt. Gox together.”

Bitcoin monthly close in focus

With the conference buzz dying down, Bitcoin traders thus turned their attention to the upcoming weekly and monthly close.

Related: Key altcoin season metric in accumulation mode as Bitcoin dominance peaks

The previous candle finish came in at nearly $68,200, leaving uncertainty over whether the week would ultimately see losses.

Analyzing relative strength index (RSI) data, popular trader MegaWhale Crypto nonetheless hoped for upside continuation.

“BTC weekly RSI has broken upward! This is a great sign, however to validate the breakout the RSI will need to sustain > the diagonal down trending resistance until weekly close and close above,” he summarized on July 27.

BTC/USDT chart with RSI data. Source: MegaWhale Crypto/X

Keith Alan, co-founder of trading resource Material Indicators, was more conservative. Bitcoin, he said, was still rejecting from key resistance overhead.

Source: Keith Alan

Data from monitoring resource CoinGlass showed BTC/USD up 7.8% in July, cancelling out the losses seen in June.

BTC/USD monthly returns (screenshot). Source: CoinGlass

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.