The price has been facing brief correction after the recent rally all the way till $0.45 level.

If the price manages to go above $0.42 level, then it will likely test $0.45 resistance level.

Speculation over a possible Cardano exchange-traded fund (ETF) is now circulating among the Cardano (ADA) community. Speculation began with a recent X post by Tap Tools, a tool on the Cardano blockchain that tracks tokens, NFTs, and wallets.

With a graphic of a checklist, the tweet mentioned, “Is ADA ETF up next?” and only Cardano ETF remained after Bitcoin and Ethereum ETFs were ticked.

Tap Tools’ tweet piqued the interest of Charles Hoskinson, co-founder of Cardano. “Fine, I’ll do it myself.” he captioned a GIF picture that looked like a superhero. Within the ADA community, this playful-yet-aggressive answer sparked additional debate.

In terms of staking market cap, The Open Network (TON) has surpassed Cardano and is now ranked third. Ethereum has the most staking market cap at $115 billion, a staking ratio at 27.67%, and a reward ratio at 3.33%, according to statistics from Staking Rewards. With a staking ratio of 65.95% and a reward ratio of 2.8%, Cardano ranks fourth with a staking market cap of $9.63 billion.

Brief Correction Underway

At the time of writing, ADA is trading at $0.4114, up 0.30% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 12.13%. The price has been facing brief correction after the recent rally all the way till $0.45 level. The price is down 7.11% in the last 7 days.

If the price manages to go above $0.42 level, then it will likely test $0.45 resistance level. Conversely, if the price goes below $0.41 level, then it will likely test $0.38 support level. Breaking below this level will likely see price testing $0.32 support level.

London, England, July 24th, 2024, Chainwire

MoonTaurus, the latest entrant in the cryptocurrency market, has made an impressive debut by raising $100,000 within the first two hours of its presale launch. As the presale continues, the team hopes excitement around MoonTaurus will increase, so it can be positioned as a significant player in the crypto market.

MoonTaurus (MNTR) has quickly gained popularity among other memecoins due to its presale structure. The MNTR presale is structured in several tiers, with limited tokens availability in each stage and subsequent price increase. During the presale phase, the token is set to increase in value from an initial price of $0.005 to $0.07 by the end of the presale (1300% higher). For example, users can buy MNTR for $0.005 a token, after which the price will increase to $0.01 in the second phase, double the current rate.

The team behind MoonTaurus (MNTR) is focused on achieving several key milestones to ensure the project’s long-term success. Their primary goal is to reach a $1 billion market capitalization, demonstrating their ambition and commitment to the project’s growth. To support this objective, the team is actively working to secure listings on decentralized exchanges (DEXs) to provide additional trading opportunities and help maintain a diverse trading ecosystem. 

The MNTR token features a total supply of 3 billion tokens, as a part of its tokenomics model. With a fixed total supply of 3 billion tokens, no additional tokens will be created.

In addition, the team is focused on building a big community that is engaged with the project via community-building initiatives and strategic partnerships. First, MoonTaurus (MNTR) is running a $100,000 giveaway to boost community engagement. MoonTaurus will award prizes to 10 lucky winners. To enter, participants need to follow MoonTaurus on social media, join the Telegram or Discord channels, and engage in promotional activities. This giveaway aims to create excitement around the project and increase its visibility.

Website: https://moontaurus.com/

Linktree: https://linktr.ee/moontaurus

Moontaurus is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Investing in memecoins can be a volatile activity.

Contact

EditorJohn MooreXENON Agencycontact@xenon.agency

Some altcoins have the potential to see explosive growth in the near future. Certain coins could rise as much as fifty times their current value. This article delves into which altcoins are primed for such dramatic gains. Markets are shifting, and now is the time to uncover those hidden gems poised for a meteoric rise.

CYBRO Presale Exceeds $1.4 Million: A One-in-a-Million Next GEN DeFi Investment Opportunity

CYBRO is capturing the attention of crypto whales as its exclusive token presale quickly surges above $1.4 million. This next-generation DeFi platform offers investors unparalleled opportunities to maximize their earnings in any market condition.

Experts predict a potential ROI of 1200%, with CYBRO tokens available at a presale price of just $0.03 each. This rare, technologically advanced project has already attracted prominent crypto whales and influencers, indicating strong confidence and interest. In another exciting update, CYBRO has introduced a referral program. It offers 12% commissions from direct referees’ token purchases, 3% from second-level referees, and 2% from third-level referees. Rewards are distributed weekly in USDT, and referees receive double CYBRO Points on their first deposit using the referral code.

Holders of CYBRO tokens will enjoy lucrative staking rewards, exclusive airdrops, cashback on purchases, reduced trading and lending fees, and a robust insurance program within the platform.

With only 21% of the total tokens available for this presale and approximately 64 million already sold, this is a golden opportunity for savvy investors to secure a stake in a project that’s truly one in a million.

>>>Join CYBRO and aim for future returns up to 1200%<<<

Injective (INJ) Poised for Growth After Recent Gains

Injective (INJ) is currently showing promising signs despite the overall market downturn. Trading within the range of $23.31 to $29.87, the bulls seem to be gearing up. The price has shown a robust 25.08% increase over the past month, suggesting strong momentum. With its nearest resistance level at $32.29 and second resistance at $38.84, INJ has the potential to climb another 30% or more. The RSI at 59.09 supports this bullish sentiment, indicating more room for upward movement before hitting overbought conditions. If the coin can maintain above its 10-day SMA of $24.79, we could see continued positive momentum.

Bulls Show Strength as Jupiter (JUP) Surges with Promising Growth Potential

Jupiter (JUP) is exhibiting strong bullish momentum, trading between $0.904 and $1.18. Bulls are showing resilience, with the price sitting above its 10-day and 100-day moving averages of near one dollar. The nearest resistance level stands at $1.27, which if surpassed, could see JUP aiming for the second resistance at $1.55, marking a significant potential rise. Over the past week, JUP has gained about 10%, and an impressive 35% in the last month. With a staggering six-month growth of over 3200%, Jupiter is poised for further advances.

Arbitrum Set to Surge: Bulls Poised for Promising Gains

Arbitrum (ARB) is hovering between $0.75 and $0.83, with bulls showing resilience against a modest pullback. The price is currently flirting with its simple moving average of $0.78, hinting at a potential breakout. Bears seem weak as the RSI sits near a neutral 47.61, and the stochastic at 30.53 indicates room for upward movement. A break past the nearest resistance at $0.86 could push ARB toward the second resistance level at $0.95, a potential growth of over 15%. Despite recent dumps, the stage is set for a bullish altcoin season reminiscent of 2021. All signs point to ARB preparing for a notable leap.

Conclusion

INJ, JUP, and ARB show less potential in the short term. CYBRO, a technologically advanced DeFi platform, offers investors unparalleled opportunities to maximize their earnings through AI-powered yield aggregation on the Blast blockchain. With features like lucrative staking rewards, exclusive airdrops, and cashback on purchases, CYBRO ensures a superior user experience characterized by seamless deposits and withdrawals. Emphasizing transparency, compliance, and quality, CYBRO stands out as a promising project with strong interest from crypto whales and influencers.

Site: https://cybro.io

Twitter: https://twitter.com/Cybro_io

Discord: https://discord.gg/xFMGDQPhrB

Telegram: https://t.me/cybro_io

A major change in the country’s stance toward cryptocurrencies is marked by the measure.

The government has the power to prohibit cryptocurrency mining in certain areas.

A law to legitimize Bitcoin mining has reportedly been passed by Russia’s Duma. This measure, which was approved on the first reading, lays the groundwork for a digital currency mining sector that is regulated. A major change in the country’s stance toward cryptocurrencies is marked by the measure. Which seeks to limit illicit activity, solicit investments, and provide employment opportunities.

A group of deputies spearheaded by Anatoly Aksakov, Chairman of the Duma Committee on Financial Markets, proposed a measure that lays out specific regulations for Bitcoin mining. As to the RIA Novosti report, the goal is to decrease illicit mining operations and associated crimes via the implementation of stringent regulations.

Budget and Taxes Committee member Nikita Chaplin claims that the rule will make it more difficult to engage in illicit activities using digital currency.

Stringent Compliance

Moreover, the Russian government and the Bank of Russia will work together to establish these guidelines. Furthermore, compliance will be monitored by the Ministry of Digital Development to guarantee that mining operations follow the set regulations.

Furthermore, according to the report, the government has the power to prohibit cryptocurrency mining in certain areas if deemed essential. In this nation, mining may only be done by officially recognized businesses or individuals.

In the meantime, the measure authorizes the sale of digital currency that has been mined independently of Russia’s information infrastructure. Nevertheless, it forbids the use of crypto for anything other than mining and distribution inside mining pools within Russia. 

Promoting digital currency issuance-related products and services, as well as advertising or selling cryptocurrencies to the general public, is likewise prohibited. The bill will take effect on September 1, 2024, if enacted.

Highlighted Crypto News Today:

Solend Rebrands to Save and Expands Innovative Product Offerings

The recent political stir-up in the United States has affected the crypto market more than one may expect, especially for political memecoins like the Super Trump tokens.

When President Joe Biden withdrew his bid for the 2024 presidency, the value of the Super Trump Token skyrocketed; however, RCO Finance (RCOF) promised even higher returns.

Shifts in the Political Landscape Trigger Market Changes

Biden’s decision to step aside has dramatically changed the political landscape, potentially benefiting Donald Trump. This move has shifted the dynamics of the upcoming election and influenced market sentiments. 

With Biden endorsing Vice President Kamala Harris as his successor, investors are adjusting their strategies for a closer race.

Following Biden’s announcement, Trump-associated cryptocurrencies saw a significant increase in value. Super Trump tokens surged by 40%, highlighting market enthusiasm for a potential Trump return. This rise demonstrates how political events can greatly impact crypto valuations, especially for meme coins driven by social sentiment and speculation.

RCO Finance (RCOF) to Capitalize on the Political Shift

As the Super Trump tokens enjoy their time in the spotlight, RCO Finance (RCOF) establishes a strong stance within the crypto sphere. RCOF’s products and services are unique, and its presale has guaranteed institutional and retail investors a massive profit.

RCOF is touted as a ”DeFi blue-chip’ thanks to its low fees, high scalability, and robust trading tools. Native to the RCO Finance platform, the RCO token is expected to gain significantly from the current political shift, similar to the surge of the Super Trump token. As such, many are already predicting a monumental rise in RCOF’s adoption.

Factors Supporting the Projected RCO Finance Growth

Besides the current political climate, other factors could drive RCOF’s growth in the coming months. Here are some of the factors;

AI Trading Capabilities

RCO Finance stands out as a protocol that is pioneering the use of AI in DeFi trading. The robo-advisor in this platform uses algorithms and machine learning to analyze users’ financial data for investment opportunities and making trades.

It is more accurate than decisions made by human beings since emotions and errors are not likely to influence trading. One of the features of the robo-advisor is that it has to learn from new data and market conditions to ensure the optimality of the investment strategies in the long run.

Such an approach serves as a professional trader and introduces various instruments and strategies for newcomers working in DeFi.

Decentralized Trading

RCO Finance has a decentralized trading system. Customers can buy various assets from the platform using the RCOF token.

This refers to equities, bonds, commodities, ETFs, and other conventional assets alongside real-world assets or RWAs that are tokenized real estate and metals. The platform also allows trading in popular cryptos and perpetual derivatives such as ETFs, options, futures, and swaps.

Reducing middlemen and using blockchain technology helps RCO Finance establish clear and safe transactions while lowering costs. This decentralized approach gives users more control over their funds and creates new possibilities in the DeFi market.

Privacy and Security

RCO Finance ensures user security and privacy by integrating blockchain technology with Fireblocks, guaranteeing transaction immutability and reducing fraud and errors.

With a non-KYC approach, RCO Finance prioritizes user privacy and accessibility, enabling participation in DeFi without disclosure of personal information. SolidProof, which has audited and confirmed the safety of the RCOF token’s smart contracts, further validates the platform’s security measures.

Join the RCO Finance for Over 40X ROI

RCO Finance is amid its presale, which has garnered significant interest due to its projected returns. Sales of over 57 million tokens have been made. Priced at just $0.0127 in the current first token presale, the token price is expected to rise significantly in the preceding token presale.

The RCOF token is anticipated to soar to $0.4 – $0.6 by the end of the presale, an over 4000% increase from the initial price. This trajectory suggests that an early investment of $500 could yield over $20,000 during the token listing.

Apart from the high ROI of the RCOF token, RCOF holders have access to the platform’s frequent airdrops, passive incomes, governance rights, and trading discounts of up to 40%. Moreover, they will have access to up to $100,000 gift rewards.

For more information about the RCO Finance (RCOF) Presale:

Visit RCO Finance Presale

Join The RCO Finance Community

At the time of writing, SOL is trading at $181.74, up 4.86% in the last 24 hours.

If the price manages to go past $185 level, then it will likely test $203 resistance level.

Following the success of its spot Ethereum ETF, Franklin Templeton is now contemplating launching an ETF for Solana. On the first day of trading, spot Ethereum ETFs received $107 million.

According to a recent post, Franklin Templeton, who was among the first to provide a spot Bitcoin ETF in the U.S, is hopeful about the prospect of further cryptocurrency ETFs, such as a Solana product.

Coincident with the introduction of their second cryptocurrency ETF, the Franklin Ethereum ETF (EZET), Franklin Templeton made a comment about possible Solana ETFs. A potential Solana ETF has been rumored in light of this optimistic forecast. Members of the community speculate that, after VanEck and 21Shares, Franklin Templeton may submit an application for a Solana ETF.

Eyeing $200 Mark

Amidst the wild swings in the crypto market, Solana (SOL) made a sharp turn around and formed a bullish channel after retracing to $171 level. Prior to this current market action, SOL’s price was above the $180 barrier, suggesting a possible rally.

Currently, the price of Solana is above the 100-day Simple Moving Average (SMA) on the 4-hour chart. Moreover, the price has rebounded and has once again reached above $180 level. At the time of writing, SOL is trading at $181.74, up 4.86% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 14.41%. Notably, in the last 7 days the SOL price has surged a remarkable 15.70%.

If the price manages to go past $185 level, then it will likely climb further to test $203 resistance level. However, if the price falls below $171 level, then it will likely test $168 support level.

The platform’s information quotation flow will be redesigned as part of the update.

Updates to UniswapX and other versions are now live on the web app.

Uniswap, a decentralized cryptocurrency exchange, has announced an update for UniswapX, and users are hoping for more activity. The platform’s information quotation flow will be redesigned with the deployment of a new auction contract as part of the update.

Updates to UniswapX, implemented via a new auction, rework the flow of order quotation information, according to Uniswap Labs. Increased quotation speeds, improved deal execution, and more MEV returned to swappers are all promised by the new version, according to the exchange’s post on X. Updates to UniswapX and other versions are now live on the web app, and they will soon be accessible on mobile devices.

Strong Comeback Anticipated

At a time when people are hoping for a change for the better, the community is praising the upgrade. Although the current price of the exchange token has corrected, recent whale behavior suggests that there may be increases.

Due to institutional investment and the legalization of spot Bitcoin ETFs, decentralized finance (DeFi) activity has surged this year. Consequently, AUM and trade volumes surged in Q1 2024 before leveling out in the following quarters.

Previous figures, improvements, and institutional market participation have kept consumers optimistic about a strong comeback. With a new opportunity for more conventional participants, Ethereum exchange-traded funds (ETFs) in the US are likely to attract a flood of new investors.

At the time of writing, UNI is trading at $7.58, down 1.69% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 18.87%.

Highlighted Crypto News Today:

Everstake Joins exSat as a Validator to Boost Bitcoin Ecosystem

The country’s vice president, Kashim Shettima, has said that Nigeria is prepared to surpass other developed nations economically and technologically.

As part of Nigeria’s plan for digital transformation and leadership in Africa, Shettima revealed this on Tuesday when he inaugurated the AI Expertise Blockchain and Technology Training and Outsourcing Initiative in Dutse, the capital of Jigawa State.

Driving Innovation That Will Shape the Future

In collaboration with the prominent tech firm Gluwa, the AI Expertise Blockchain and Technology Training and Outsourcing Initiative seeks to provide training in artificial intelligence, blockchain, and other cutting-edge technologies to 1,000 Nigerians every year.

The Vice President urged Nigerian youngsters to embrace the initiative, stating that it is critical to the country’s economic future, at the initiative’s debut at the Yakubu Gowon NYSC Orientation Camp, Fanisau, Dutse.

According to him:

“We are not merely catching up with the rest of the world; we are poised to overtake them. This initiative offers its beneficiaries the chance to become part of a global workforce, driving innovation that will shape our future”.

Together with outlining the initiative’s wider goals, he said that the federal government is aiming to establish a nationwide network of tech centers that would sustain Nigeria’s economic development for many years to come.

The Vice President expressed gratitude for the collaboration by Gluwa, saying it is in line with President Tinubu’s plan to transform Nigeria’s digital technology space. He praised Gluwa for empowering Aella Microfinance Bank and enabling the flow of nearly N100 billion to two million Nigerians, while also acknowledging the substantial impact of the company.

Jigawa State Governor Umar Namadi highlighted the significance of the initiative in his previous speech, calling it a unique chance that is right at the young people’s doorstep. According to him, the new initiative prioritizes innovation and digital technologies and is in line with Jigawa State’s 12-Point Agenda as well as the federal government’s Renewed Hope Agenda.

Re-establishing Jigawa State as ICT Hub

The governor went on to announce the creation of a new ICT & Digital Economy Agency, stating, that they are more committed than ever to re-establish Jigawa State as a significant ICT hub in Nigeria.

Shettima had earlier announced the launch of the fourth iteration of the Expanded National Micro, Small, and Medium Enterprises (MSMEs) Clinic, revealing that President Bola Tinubu had issued an executive order directing the federal government to provide N150,000 grants to each state’s business owners as part of its support for MSMEs nationwide. He said that the N150,000 that the president had allocated to each MSMEs was an outright grant that did not need to be repaid.

One of the federal government’s initiatives to facilitate business in Nigeria is the Expanded National MSME Clinics. These are a series of business forums that are arranged throughout the nation to offer MSMEs immediate solutions to problems they face. The first, second, and third editions of the clinics were introduced earlier this year in the states of Benue, Ogun, and Ekiti, respectively.

The MSMEs sub-sector, according to Shettima, is the backbone of the country’s economy and has been a top priority for the Tinubu administration. They not only account for over 45% of Nigeria’s GDP and 96% of all businesses in the country, but they also provide a vital lifeline for 80% of the workforce.

Malam Umar Namadi, the governor of Jigawa State, had earlier expressed gratitude to the federal government for granting the state’s citizens dividends of democracy via the MSME Clinics and other similar initiatives dispersed around the region.

Namadi called the initiative a unique chance for operators in the state’s small business sector and encouraged both current and prospective entrepreneurs to use the services offered by the clinics.

Stablecoins have shown notable increases in market cap in H1 2024 according to CMC data. 

The CEO of Circle stated that stablecoins will constitute 10% of all global economic money.

In H1 2024, the stablecoin sector witnessed 24.3% growth in market cap according to CMC data. It also dominated the DeFi sector and is stated to be a fast emerging digital asset. Popular stablecoins such as USDT and USDC showed substantial growth in users apart from increases in market cap. Moreover, currently, the fiat-collateralized stablecoins constitute 96.6% of the real-world assets market cap. 

As stablecoins exhibit increasing prominence, let’s understand the asset by delving into their functioning, use cases, and some of the top stablecoins in 2024. 

What are Stablecoins? 

Stablecoins are crypto solutions to foster stability within the volatile cryptocurrency sector. In other words, Stablecoins are cryptocurrencies that aim to maintain stability by pegging their value to different external factors. These factors include Fiat currencies, other cryptocurrencies, algorithms, and other commodities such as Gold. 

The cryptocurrency sector is very volatile, unlike fiat currencies which tend to show price changes very rarely. Thus, stablecoins value is pegged in a 1:1 ratio to fiat currencies. One example of a stablecoin is USDT, which is pegged to the US dollar and is issued by Tether Limited Inc. 

When a stablecoin’s value is pegged to a particular currency, then for every token minted, reserves bearing the pegged fiat currency receive an equivalent. Stablecoins are often stated as bridging the advantages of both traditional finance and blockchain technology. They provide the stability of fiat currencies while functioning on the efficient blockchain technology. 

How are Stablecoins Used? 

Stablecoins are issued by particular crypto firms. These issuers hold the reserves that store the fiat equivalents for the cryptocurrency. When a user wants to exchange, they can do so, without incurring any losses. 

While its primary function, as aforementioned, is to mitigate the crypto market’s volatility, users also utilize stablecoins for payments similar to other cryptocurrencies. Moreover, in developing countries, the tokens are used as USD banking methods due to scarce access to the US dollars. The USD-pegged stablecoins enable users to exchange their tokens for USD effectively. 

Thirdly, the tokens hold utility in centralized crypto exchanges such as Coinbase as quote assets. These assets are common to all trading pairs, for instance, the BTC/USDT, ETH/USDT, and SOL/USDT. Stablecoins also find usage within Defi applications as payment gateways and also provide traders with advantages. For instance, traders lend stablecoins on Defi to gain additional interest as Defi platforms hold higher interest rates than USD. 

Moreover, apart from these general use cases, each particular token brings in particular utility within its specific ecosystems. 

Top Stablecoins to Watch in H2 2024 

In the current crypto market, two stablecoins dominate – USDT and USDC. Tether USD holds the first position with a market cap of $113 billion approximately according to CMC data. USDC is the second largest stablecoin with a market cap surpassing $33 billion. MakerDAO-issued stablecoin DAI, Ethena USDe, and TrueUSD are other major stablecoins. 

According to market analysts, these tokens hold the potential to reach new highs in the second half of 2024. 

Tether USD (USDT): 

Tether USD (USDT), the first fiat-backed stablecoin was launched in 2014. Since then the token has shown significant growth in terms of both users and market cap. According to Tokenterminal data, in the past month, Tether recorded 6.9 million active addresses. 

Moreover, the token witnessed  $70.2 billion in trading volume and has recorded a slight dip in the last 24 hours. The token’s current circulating supply stands at 113 billion out of the total 117 billion supply of USDT tokens. 

Tether USD is expected to continue its dominance of the stablecoin sector with additional expansions into other sectors. The issuer plans to invest in renewable energy sources and has initiated new projects such as Tether Gold. The firm’s gold-pegged stablecoin project is called Tether Gold. 

Moreover, the token has also seen global adoption as more eastern markets have integrated it into their network. Recently, in the past months, Tether also integrated into the Tron Network. Additionally, on Wednesday, Tether was listed on Indonesia’s leading exchange Tokocrypto. 

Circle USD (USDC): 

The second largest stablecoin in the market Circle USD (USDT) made its market debut in 2018. In H1 2024, the token has shown notable growth in its market cap. From $24.1 billion in January this year, the token currently holds as aforementioned over $33 billion. 

Notably, USDC has also shown a significant increase in token holders over the past six years. According to Tokenterminal data, in January 2024 USDC token holders amounted to 2.8 million, while the current token holders count stands at 5.1 million. Moreover, Circle’s transaction volume as of July 17 stands at $13.567 billion. 

Additionally, the token is one of the most-watched stablecoins this year according to market analysts. USDC plays a crucial role in global payments and enables trader profits through lending and borrowing systems. 

Moreover, USDC issuer Circle has also expanded its USDC issuance on a global level. At the beginning of  July, the firm announced the launch of its Euro-backed stablecoin EURC. Additionally, in a recent update, the firm has entered into a partnership with CryptoISAC, a crypto analytic center. It aims to fight cyber threats through this partnership stated CryptoISAC’s X post. 

Dai (DAI):  

DAI USD is issued by the prominent deFi platform MakerDAO. The token was launched in 2017 with a total supply of 5.3 billion tokens. Presently, the token’s total supply is in circulation. Additionally, in the past few months, DAI has shown notable surges in market cap surpassing prominent cryptocurrencies such as Polygon MATIC and PEPE on the CMC leaderboard. 

Meanwhile, in 2023 MakerDAO introduced “The Maker Constitution” for ‘preparing for the future’ as stated by the firm. The Maker Constitution is a new governance approach that ensures the stability of DAI. Recently, MakerDAO also announced the launch of a new governance token. 

Stablecoins at the Global Level 

This year saw several advancements in the stablecoin sector both from existing markets and developing crypto sectors globally. US-based crypto giant Ripple announced the launch of its stablecoin, RLUSD, on April 4. Additionally, at the beginning of July, the Philippines launched its first stablecoin, the Philippines Peso Stablecoin (PHPS) pegged to the Philippine Peso. 

Moreover, this market also witnessed surges in supply and on-chain activity. Specifically, Paypal’s stablecoin, PYUSD after expanding into the Solana network depicted a notable 97% growth in supply. 

Additionally, the regulatory bodies in several countries, including the U.S SEC, in light of the sector’s growth, have scrutinized and imposed new regulations for the issuance and trading. Presently, the Hong Kong government has announced the list of stablecoin issuers who will take part in the sandbox, for examining their products.

 In conclusion, this sector is expected to expand in both utility and dominance in the overall crypto market in the coming years. Notably, Circle CEO, Jeremy Allaire stated in June, that by 2025, stablecoins will make up 10% of global economic money.

ExSat is delighted to announce that Everstake, a leading blockchain service provider, will be joining our network as a recognized Validator node as part of a fresh collaboration. Our shared goal of improving scaling solutions via the exSat Docking Layer for the benefit of the Bitcoin ecosystem is greatly advanced by this partnership.

When it comes to blockchains, investments, staking, and guardianship, Everstake is a prominent blockchain firm. Everstake supports around 900,000 retail and institutional delegators and collaborates with about 80 blockchain networks as a validator.

Everstake has supported the growth and development of several well-known blockchains and projects, like Wormhole and Solana, thanks to its globally dispersed infrastructure and a staff of highly skilled DevOps and researchers. The company has maintained near-perfect uptime during its entire existence.

The Bitcoin Docking Layer: exSat

Bitcoin’s intrinsic scalability and interoperability issues are addressed with exSat, a revolutionary Docking Layer. Enhanced scalability, security, and ecosystem compatibility are made possible by exSat’s Data Availability Layer and Decentralized Indexer, which expand BTC’s data capabilities.

This method provides a solid foundation for smart contracts and complicated business logic applications by integrating Bitcoin with a variety of Layer 2 solutions.

Hybrid Consensus Mechanism

With its innovative Data Consensus Extension Protocol, exSat blends PoW and PoS, two distinct consensus mechanisms. With this hybrid consensus mechanism, exSat can improve BTC’s data consensus and provide a scalable and secure infrastructure for the Bitcoin ecosystem by utilizing the capabilities of both PoW and PoS.

exSat Validator Nodes

To further decentralize and increase Bitcoin’s functionality via exSat, entities interested in functioning as Validator Nodes are crucial. Ensuring that active and competent partners contribute to our rich ecosystem, these nodes play a critical role in sustaining the network’s integrity and scalability. To ensure the network’s security and operating effectiveness, validators are chosen according to their technical skills and level of dedication.

Yves La Rose, Founder of exSat stated:

“I am especially thrilled to welcome Everstake as a validator for exSat. Everstake’s Founder Sergey and I have known each other for years, working together closely and sharing numerous personal and professional experiences. His leadership and Everstake’s proven track record of near-perfect uptime and innovative solutions are unparalleled. This partnership is a testament to our mutual respect and commitment to advancing the blockchain space. Everstake’s involvement will significantly enhance our efforts to build a more scalable and interoperable Bitcoin ecosystem.”

Expanding Bitcoin’s Ecosystem

With the help of Everstake, exSat will be able to expand Bitcoin’s capabilities by facilitating safer and more efficient transactions and the introduction of sophisticated smart contracts. A big step toward our common goal of a scalable, interoperable Bitcoin ecosystem, Everstake’s position as a Validator will be essential in keeping the exSat network secure and efficient.

Keep an eye out for future announcements as we unveil more validators joining exSat, further demonstrating our commitment to building an interoperable and scalable Bitcoin ecosystem.

The team at exSat is committed to fixing Bitcoin’s problems with scalability and interoperability. The goal of exSat is to improve the data consensus, scalability, security, and ecosystem interoperability of BTC by introducing a Data Consensus Extension Protocol that merges Proof of Work (PoW) with Proof of Stake (PoS). Visit exsat.network for additional details.

Backed, a pioneer in the tokenization of real-world assets (RWAs), and Lisk, the Layer 2 blockchain committed to reintroducing Web3 adoption in emerging markets to Ethereum, today announced a strategic collaboration to accelerate RWA adoption and financial inclusion in emerging markets.

Through the use of Lisk’s vast blockchain ecosystem, the partnership will combine Backed’s expertise in tokenizing real-world assets and its long list of tokenized assets. The collaboration aims to promote RWA adoption in a variety of applications. Together, Backed and Lisk are concentrating their efforts on emerging economies in particular, where there is a great deal of room for financial inclusion and economic progress.

Within this growing network, the firms will investigate how Backed’s RWA solutions may be integrated with the Optimism Superchain to improve accessibility and scalability for emerging markets. Acknowledging tokenization’s disruptive potential, Backed and Lisk want to use this technology to provide financial possibilities and boost economic growth.

Bernardo Quintao, Head of Business Development at Backed stated:

“We are thrilled to partner with Lisk to expand access to RWAs and drive financial inclusion in emerging markets. Our on-chain RWAs and tokenization solutions, combined with Lisk’s interoperable blockchain platform, create a powerful synergy to unlock new opportunities for individuals and businesses in these rapidly growing economies.”

In order to promote innovation, Lisk’s incubator program will be made available to Backed’s ecosystem partners, making it easier for new initiatives to be developed on the Lisk platform. The Blockchain Incubation Hub by Lisk is an initiative that helps African entrepreneurs scale their blockchain solutions from zero to one hundred. Using Backed’s bTokens or tokenization infrastructure, new Lisk projects will be able to apply for grants of up to 100,000 USD worth of LSK tokens. Furthermore, in order to streamline the process and minimize obstacles to entry, Backed will provide priority tokenization services to customers who are developing on top of Lisk’s L2 solution.

Erwan Mismaque, Head of On-Chain Finance stated:

“This partnership aligns perfectly with our vision of democratizing access to financial services through blockchain technology. Backed’s innovative approach to RWA tokenization, coupled with our focus on interoperability and Emerging Markets, will accelerate the adoption of blockchain-based solutions and empower individuals in regions with significant potential for growth.”

Solend, a Solana lending protocol has announced that it has rebranded as Save and relaunched on save.finance. In order to increase the financial possibilities accessible to Solana users, Save is growing with the launch of three additional products: an LST, an app for memecoins shorting, and a stablecoin.

The lessons the Solend team has learnt over the last three years are summed up in Save. Having risen to become Solana’s top DeFi protocol, with a TVL of more over $1 billion. More than simply a name change, Save helps the project become more multifunctional and more accurately represents its place in the DeFi landscape.

With a completely revamped UI, Save debuts as a major advancement over Solend. The UI/UX has been carefully thought out in order to streamline onboarding and improve platform use.

Concurrent with the introduction of save.finance, three novel products have been introduced. Save will accommodate a new generation of onchain users in a variety of ways, as shown by SUSD, saveSOL, and dumpy.fun. Decentralized stablecoin SUSD allows borrowing against SOL with 0% interest. Deep integration with Save will expand the ways in which SUSD may be used on Solana while enabling its rapid and secure growth.

A liquid staking token for SOL called saveSOL will also be released by Save. Leveraged staking tactics are included with it, enabling users to get the benefits of owning SOL while earning yield. A multitude of opportunities to experience SOL staking and earn increased APYs will become available with saveSOL.

Dumpy.fun, the final product released in tandem with Save, lets users short Solana memecoins. The manner in which traders might benefit from memecoins are expanded by dumpy.fun.

With $6.5 million in funding from blockchain venture capital firms including Dragonfly Ventures, Polychain Capital, Race, Coinbase Ventures, and Solana Ventures, Solend made its debut in 2021. Save’s debut will advance everything that Solend has been pursuing over the last three years and more accurately represent the company’s expanding position within the Solana ecosystem.

Ferrari expands crypto payments to European dealers following successful U.S. launch.

Partnership with BitPay enables payments in Bitcoin, ether, and USDC.

Ferrari is extending its cryptocurrency payment options to its European dealer network this month, following a successful U.S. launch. The luxury sports car manufacturer will broaden this initiative to other international markets where cryptocurrencies are legally accepted, according to a Reuters report.

The Italian automaker initially introduced crypto payments in the U.S. in October 2023, responding to growing market demand and requests from dealers. Many of Ferrari’s clients are cryptocurrency investors, prompting the move to offer a payment alternative that aligns with their interests.

Ferrari’s European expansion is a direct follow-up to the U.S. initiative, aimed at accommodating the evolving needs of its clientele. The company noted that most dealers in Europe have either adopted or are in the process of adopting this particular payment system. Ferrari’s move underscores its commitment to embracing digital payment methods in response to customer preferences.

A Major Crypto Adoption?

For the U.S. rollout, Ferrari partnered with BitPay, a prominent cryptocurrency payment processor. This partnership allowed customers to pay using Bitcoin, ether, and the USDC stablecoin. To mitigate volatility, Ferrari converted crypto payments into fiat currency immediately upon receipt, protecting dealers from potential price fluctuations.

As Ferrari prepares to extend its crypto payment options to Europe and the other regions, it remains uncertain which payment processors will be involved in these markets. This expansion marks a significant step in the luxury automotive sector’s adaptation to digital finance trends.

In contrast, Tesla, another high-profile automaker, began accepting Bitcoin payments in 2021. But later suspended this option due to environmental concerns related to Bitcoin mining and the high energy consumption.

Ferrari’s decision highlights the growing acceptance of cryptocurrency in high-end markets, reflecting a broader trend toward integrating digital assets into traditional financial transactions. And it also demonstrates the evolving landscape of luxury retail.

Highlighted News Of The Day

Tron Network and Ethereum Show Massive Surges in On-Chain Activity

Franklin Templeton is bullish on Solana, citing its technological progress and increasing adoption.

Speculation is rising that Franklin Templeton may file for a spot Solana ETF.

Franklin Templeton, a prominent global asset management firm, has expressed strong optimism about the future of Solana (SOL) within the cryptocurrency ecosystem. The firm’s enthusiasm has played an influential role in the recent launch of Bitcoin and Ethereum spot ETFs in the U.S.

Besides Bitcoin and Ethereum, there are other exciting and major developments that we believe will drive the crypto space forward. Solana has shown major adoption and continues to mature, overcoming technological growing pains and highlighting the potential of high-throughput,…

— Franklin Templeton Digital Assets (@FTI_DA) July 23, 2024

Franklin Templeton highlighted Solana’s expanding influence in the crypto space. The firm expressed a positive outlook on Solana, noting its technological advancements and growing adoption. This suggests that Solana is overcoming previous challenges and is set for continued growth.

Additionally, Franklin Templeton emphasized Solana’s high-throughput and monolithic architecture. That could play a significant role in shaping Solana’s future, potentially surpassing established giants like Bitcoin and Ethereum.

Growing Anticipation for a Solana ETF

The bullish sentiment comes soon after Franklin Templeton’s launch of its second-spot cryptocurrency ETF, the Franklin Ethereum ETF (EZET). This new ETF, with a management fee of 0.19%, is currently offered without fees for the first $10 billion in assets until January 31, 2025. 

This follows the firm’s introduction of a spot Bitcoin ETF earlier this year, which was part of a broader trend that saw multiple issuers entering the Bitcoin ETF market, including major names such as Grayscale, BlackRock, and Fidelity.

However, this positive outlook on Solana has sparked speculation that Franklin Templeton might soon file for a spot in the Solana ETF, following similar moves by VanEck and 21Shares. 

Nate Geraci, President of the ETF Store, has supported this notion, predicting that a Solana ETF could be within its scope. 

Further fueling these expectations, the Chicago Board Options Exchange (CBOE) has recently filed Form 19b-4s with the U.S. Securities and Exchange Commission (SEC), proposing a rule change for Solana ETFs. This submission has begun the public comment period and is expected to conclude with a decision by 2025.

Highlighted News Of The Day

Tron Network and Ethereum Show Massive Surges in On-Chain Activity

Tron Network and Ethereum hit new milestones in the number of transactions. 

Ethereum’s spot ETFs began trading on July 23.

The crypto industry has witnessed crucial events over the past few weeks. Amid the tumult of new digital assets approvals, amplified regulator scrutiny, and the July market crash, the community experienced a spur in activity. Specifically, the Tron Network and the Ethereum blockchains hit new milestones in the last 24 hours.

Notably, the Tron Network hit a new milestone surpassing 8.1 billion in transactions with 6.8 million transactions within the past day. Moreover, according to Tron Network data, the native token TRON (TRX) transactions constituted the largest amount making up 37.97%. Additionally, the TRON token holds a market cap of $11.6 billion while its trading volume stands at $320 billion approximately. 

Moreover, at the beginning of the year, the network’s transaction count stood at 7.05 billion. Particularly, in the past month, the on-chain activity surged hitting 8 billion in mid-July. Additionally, the Tron Network has 2.5 million active accounts as of July 23. 

The Ethereum blockchain, on the other hand, showed total transaction counts of 2,451 million according to etherscan data. The blockchain recorded an average of 12.7 transactions occurring per second. With a $416 billion market cap, the altcoin is the second-largest cryptocurrency. 

Tron Network & Ethereum in the Past Month

In the last 30 days, the two ecosystems have witnessed crucial updates. The Tron Network announced the launch of gas-free stablecoins for Tron and Ethereum blockchains at the beginning of July. Moreover, the blockchain exhibited a six-month high in the number of new accounts created in June. 

Meanwhile, the Ethereum ecosystem has received the spotlight over others due to the launch of spot ETFs in July, post the SEC approval in May. The ETFs began trading on July 23 and have recorded net inflows within the first 24 hours of trading. 

However, both ecosystems also encountered regulator scrutiny in H1 2024. While Ethereum’s ETFs faced prolonged approval periods, the Tron Network combated a lawsuit against the SEC.

Highlighted Crypto News Today: 

dYdX V3 Website Recovers from DNS Hijack Attack

dYdX v3 restored its website following a DNS hijacking attack.

The dYdX team has advised users to clear their browser cache and restart their browsers before accessing the site.

Decentralized finance (DeFi) crypto exchange dYdX restored its version 3.0 website after a DNS hijacking attempt on July 23. The team restored the website three hours after announcing the compromise.

https://t.co/Ym1dFLLOwx website has been recovered by dYdX Trading Inc. Please note that your machine may still be caching the compromised site.Make sure to clear your cache and restart your browser before connecting to the website.

— dYdX (@dYdX) July 23, 2024

On July 23, the DeFi space faced a security scare when the crypto exchange dYdX experienced a domain name service (DNS) hijack. Following that, the dYdX team swiftly addressed the attack that briefly compromised the exchange’s version 3.0 website and restored it within three hours.

Further, the exchange advised users to clear their browser cache and restart the user’s browser before accessing the platform.

The attack involved hackers seizing the domain and setting up a fraudulent website that lured users into connecting their wallets. Once connected, users were prompted to approve transactions via PERMIT2, enabling the theft of valuable tokens. This incident is part of an extensive trend of DNS hijacking attacks targeting DeFi platforms, notably those using the Squarespace registrar.

Surge in Crypto-Cyberattacks

This dYdX incident was followed by a malicious Zoom platform incident on the same day, where $300,000 worth of cryptocurrency was stolen through a fake app that tricked users into installing malware designed to drain crypto funds.

Concurrently, the crypto sector witnessed another major security breach. Indian exchange WazirX reported a $230 million theft on July 18, marking the second-largest crypto hack of 2024. 

These incidents highlight a troubling rise in crypto-related cyberattacks. The first quarter of 2024 saw hackers abscond with $542.7 million in digital assets, a 42% increase from the previous year. Also, private key leaks emerged as the primary cause, responsible for over 55% of the hacked assets.

As the crypto industry continues to grow, balancing regulatory developments and enhancing cybersecurity measures will be crucial to ensuring the stability of digital asset platforms.

Highlighted News Of The Day

Can Ethereum Meet Traders’ Bullish Expectations?

XRP is volatile at the price range of $0.6000, up by 0.40% in the last 24 hours.

Ripple and SEC meeting on July 25 is speculated to end the long-running battle.

XRP has initiated a downside correction from the $0.6200 zone, amidst the anticipation surrounding an upcoming meeting between Ripple and the U.S. Securities and Exchange Commission (SEC). 

Ripple CEO Brad Garlinghouse shared his optimism early in July that the years-long legal battle with the U.S. Securities and Exchange Commission (SEC) might end soon. A closed meeting with the SEC scheduled for July 25 is speculated to bring a potential settlement.  

Meanwhile, in the last week, whales have bought over 140 million XRP, valued at approximately $84 million, as per the data by analyst Ali. The buying pressure coincided particularly with the landmark ruling by Judge Phyllis Hamilton in Ripple’s ongoing legal process. Moreover, Hamilton extended the deadline for excluding four expert testimonies until July 26 last week. 

The community anticipates the settlement in a favorable way, and that could drive XRP’s price upward and lead to widespread adoption. The market eagerly awaits to clarify XRP’s regulatory status.

Will XRP Bounce Back?

According to CoinMarketCap, XRP’s monthly performance shows a 27.48% increase. The token was trading at a low of $0.4003 and a high of $0.635. Over the past week, the XRP price plummeted only by 0.07%. However, at the time of writing, the token was traded at $0.6008. The trading volume is noted at $33.59 billion, and the daily trading volume has dropped by 23.96%, staying at $1.60 billion. 

XRP’s current bullish trend is showcased by the short-term 9-day MA of $0.5963 and the 21-day MA at $0.5195, standing below the current price. Furthermore, XRP’s daily RSI stands at 68.24, reflecting its closeness to the buy zone.

XRP Price Chart (Source: TradingView)

If the bulls become aggressive, the altcoin can break the significant resistance at $0.6455, and it will test the next resistance at $0.6835. If the bears win over the bulls, the price might bottom to $0.5705. Further loss of XRP may take the price to $0.5292.

Highlighted Crypto News

Spot ETH ETFs Kick-Off to a $106M Inflow On First-Day Trading

Ethereum’s price remains volatile, potential retracement to $2,882 if bearish.

Large holders accumulated 112.9k ETH, surpassing ETF inflows.

The crypto market witnessed a significant milestone as spot Ethereum began trading on Tuesday, following weeks of back-and-forth on registration statement edits. According to Sosovalue data, spot ETH ETFs recorded inflows within the first 24 hours of trading. While the ETF greenlight was expected to spark a bull run, the bears took over, pushing the price below $3.38K.

Ethereum is down 1.98% in the past 24 hours, with the price trading at $3,455.30. Trading volume has increased by 2.8%. History repeats itself, as seen with Bitcoin [BTC] ETFs, which demonstrated heavy demand for the cryptocurrency; the same is expected for ETH. Notably, BlackRock’s ETH ETF (ETHA) exhibited the highest inflows, recording $266.55 million in one-day net inflows as of July 23. The ETF holds total net assets worth $277.08 million, leading the ETH ETF sector.

In the past seven days, despite a drop in ETH prices yesterday, large holders accumulated 112.9k ETH. It valued at nearly $390 million. This accumulation notably surpasses the $106 million net inflows to the ETF.

In the past 24 hours, Ethereum whales made significant moves: 6,016 ETH worth $20 million was transferred from an unknown wallet to a beacon depositor, 6,836 ETH worth $23 million was transferred from Coinbase Institutional to an unknown wallet, and 9,430 ETH worth $32 million was transferred from an unknown wallet to Coinbase.

Should Investors Be Aware Of ETH Bears?

Ethereum’s recent price action reflects a slippery bullish trend, highlighted by recent highs breaching the $3,560 resistance level, with the potential to test $3,621 soon. However, the daily Relative Strength Index (RSI) at 55 indicates a neutral position.

Should bears regain control, Ethereum could retrace to $3,346 initially, potentially falling further to $2,882 in a more pronounced decline.

Highlighted News Of The Day

Will XRP Climb Up to Break its Nearby Resistance?

As the market rebounds, Render (RNDR) and AAVE are rising, while SOL and DOT show bullish trends. Amidst these developments, BlockDAG, a promising layer 1 project, has gained traction with a successful presale. With a recent announcement unveiling its CEO, team, and advisory board, BlockDAG has inspired investor confidence, pushing its presale to over $60.4 million. This article explores the Render (RNDR) Price Prediction, the reasons behind AAVE Surges, and why BlockDAG is becoming a preferred investment. Which crypto will explode next? Let’s delve into the details.

Render (RNDR) Price Prediction: Current Status and Future Potential

Render (RNDR) is currently trading at $6.65, showing a 7.09% increase in the last 24 hours. With a market cap of $2.46 billion, RNDR holds a 0.11% market dominance. Analyst Jonathan Carter highlights a falling wedge pattern, suggesting a potential price breakout. Key resistance levels include $6.90, $7.95, and $9.50, with a significant zone at $10.70. If these levels are breached, a bullish trend could be confirmed.

Analyst Javon Marks predicts that RNDR could reach $177, representing an 1,800% growth. Render’s history of reaching $13.64 from $0.4718 shows its potential for dramatic increases. Marks also notes multiple bull divergences between price and RSI near $7.8501, indicating a strong foundation for future gains. Analysts anticipate RNDR might break above $15 in the short term, further boosting its bullish momentum. This makes Render a key crypto to watch for significant returns.

AAVE Surges: Recent Performance and Investor Confidence

AAVE has seen a notable increase recently, with its value rising from $80 to $110 in just two weeks, marking a 37.5% uptick. Currently trading around $105, AAVE shows signs of sustained growth. Six days ago, a whale or venture capitalist significantly boosted investor confidence by purchasing $3 million worth of AAVE tokens, bringing their total holdings to $12.1 million.

Investor interest in AAVE remains robust due to its innovative approach to decentralized finance (DeFi). The recent large investment underscores the growing trust in AAVE’s potential for continued growth. As AAVE surges, it attracts more attention from investors looking for reliable assets in the volatile crypto market. With strong market signals and substantial backing, AAVE is well-positioned for further gains, making it an appealing option for those seeking stable investment opportunities in cryptocurrency.

Which Crypto Will Explode? BlockDAG’s Growth & Potential Makes it the Best Candidate

BlockDAG is set to make a significant announcement on July 29, 2024, introducing its CEO, executive team, and advisory board. This unveiling will be followed by an “Ask Me Anything” (AMA) session on July 30, allowing investors and the community to interact directly with the new team. These events have significantly boosted investor confidence, contributing to the surge in its presale.

The presale for BlockDAG has now raised over $60.4 million, with the coin’s price increasing by 1400% from its initial batch price of $0.001 to its current batch price of $0.015 in batch 20. This impressive performance is largely attributed to BlockDAG’s innovative Directed Acyclic Graph (DAG) technology, which enhances transaction speed and efficiency, making it a strong contender in the crypto market.

BlockDAG’s community engagement initiatives further enhance its appeal. A documentary set to release on August 22 will offer an in-depth look at the project’s journey and technological advancements. These strategic moves underscore BlockDAG’s commitment to transparency and community involvement, positioning it as a top choice for investors wondering which crypto will explode next.

Key Insights

While Render (RNDR) and AAVE offer strong potential, BlockDAG stands out with its innovative technology and strong investor interest. The announcement of its new CEO, team, and advisory board on July 29, followed by an AMA on July 30, has boosted its presale to over $60.4 million. BlockDAG’s presale price surged 1400% from $0.001 to $0.015 in batch 20, showcasing its growth potential. With strategic development plans and a solid presale performance, BlockDAG is well-positioned to deliver substantial returns. Investors should consider BlockDAG when deciding which crypto will explode next.

Join BlockDAG Presale Now:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this Press Release does not represent any investment advice. TheNewsCrypto recommends 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.

Kraken has completed the distribution of BTC and Bitcoin Cash to Mt. Gox creditors after 10 years.

The distribution of $2.85 billion in BTC has led to a significant price drop, with Bitcoin falling nearly 3% from $67,359 to $65,484.

In a significant update for the cryptocurrency community, Kraken announced the successful distribution of Bitcoin (BTC) and Bitcoin Cash (BCH) to creditors affected by the Mt. Gox hack nearly a decade ago. The now-defunct exchange’s long-awaited fund recovery process has been facilitated by Kraken, alongside Bitstamp and other partners.

On Tuesday morning, Mt. Gox trustees began transferring $2.91 billion worth of BTC to new wallets, primarily to distribute 5,110 BTC, valued at approximately $340.1 million, to four separate Bitstamp addresses. However, the exact amount returned by Kraken to Mt. Gox customers is still unclear. 

The Mt. Gox Trustee has been working with several exchanges, including Kraken and Bitstamp, to ensure a fair return of funds to affected users. Despite this distribution, Mt. Gox still holds a substantial 95,340 BTC, valued at approximately $5.96 billion.

Following the release, Bitcoin saw a price correction of approximately 3%, currently trading around $65,855. This recent dip follows a high of $68,474 recorded on July 22, after Bitcoin broke through the $65,000 resistance level. Additionally, the daily trading volume of BTC declined by over 23%, now standing at $33 billion. This market reaction was evident as users confirmed the deposits in their wallets.

Bitcoin Price Trends and Key Levels to Watch

On-chain data analysts, CryptoQuant have observed that the price decline has impacted short-term BTC holders, emphasizing the need to monitor crucial support levels, particularly around $63,600. Despite the recent drop, Bitcoin has managed to maintain its position above the $65,500 level, trading at $65,855 with a market capitalization of $1.29 trillion.

 

Technical indicators suggest a potential recovery for Bitcoin. The cryptocurrency remains above its 50 and 100-day moving averages, and there is a potential double-bottom pattern forming with bullish divergence in the relative strength index (RSI). If key support at $66,500 holds, Bitcoin could see a rebound towards $68,850.

Support levels are currently observed between $64,350 and $63,757, with critical levels to watch including $61,751 and the 200-day moving average above the $60,000 mark. Despite recent volatility, Bitcoin’s long-term outlook remains positive, bolstered by its performance above major moving averages.