Despite China’s strict ban on cryptocurrencies, crypto investment scams continue to surface. On July 31, 2024, local news agency Baidu reported that law enforcement in Shaanxi had dismantled a significant crypto fraud scheme, arresting four suspects.

Police bust major crypto scam in China

The victim, identified as Wang, was cheated out of 410,000 Chinese yuan ($56,800). Wang filed a complaint on July 16, explaining that he was duped into investing in cryptocurrency through an app by individuals he met online. These fraudsters claimed they had discovered a loophole guaranteeing crypto profits. Wang was convinced by their assurances and invested his money, only to realize later that it was a scam.

After receiving Wang’s complaint, the Criminal Investigation Bureau launched an investigation. Through several visits and detailed investigations, they managed to identify the suspects. On July 23, police arrested two of the suspects, Zhai and Li, in Zhengzhou City, Henan Province. Two days later, on July 25, they apprehended the other two suspects, also named Wang and Li, in Kaifeng City, Henan Province. All four suspects are now in custody, facing fraud charges as the investigation continues.

China is known for its strict stance on cryptocurrency, having imposed multiple bans on activities such as trading and mining. The most recent ban, enforced in 2021, effectively outlawed almost all crypto transactions. Despite this, the Chinese government permits the holding of cryptocurrency, recognizing it as virtual property protected by law. This means while trading and mining are illegal, individuals can still own and hold cryptocurrencies.

Illegal crypto activities in China

Chinese authorities remain vigilant in cracking down on illegal crypto activities. Law enforcement agencies across the country have been actively uncovering and dismantling various crypto-related fraud operations. For instance, in December 2023, the State Administration of Foreign Exchange uncovered an underground bank using crypto for illegal exchange services.

This extensive operation spanned 17 provinces and involved over 1,000 bank accounts. It moved 15.8 billion yuan ($2.2 billion) to buy crypto on overseas exchanges and provide yuan exchange services.

The crackdown on such activities highlights the ongoing risks associated with cryptocurrency investments, especially in jurisdictions with strict regulations. Investors are advised to exercise extreme caution and conduct thorough research before engaging in any crypto-related activities, even in countries where some aspects of cryptocurrency are permitted.

China’s ongoing efforts to crack down on crypto-related fraud highlight the persistent risks in the digital currency landscape, even in regions with stringent regulations. The situation in China serves as a reminder that while cryptocurrency can offer lucrative opportunities, it also comes with significant risks, particularly in environments where regulatory measures are stringent but not foolproof.

Optimism among traders and investors has propelled XRP, to the forefront of the market, outperforming major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and the broader market during Asian trading hours. XRP’s price has risen by 7% in the past 24 hours, reaching a high of $0.64 the highest point since March 25, 2024.

XRP outperforms the broader crypto market 

This significant surge in the price of XRP comes amid a scheduled token unlock and increased hopes for a settlement in the long-running legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, the company associated with XRP.

A recent SEC filing indicated plans to amend its complaint against Binance, particularly concerning “Third Party Crypto Asset Securities.” Although no specific tokens were named, traders interpret this as a positive sign for the Ripple-SEC case. Ripple is a fintech company focused on creating a global payments network, while XRP is an independent digital asset used for online payments and currency swaps. 

Ripple will release 1 billion XRP tokens, valued at approximately $641 million at current prices, in August 2024 as part of a pre-determined schedule. This release is part of a systematic plan by Ripple to increase the supply of XRP in the market gradually.

Interestingly, while increasing the token supply might logically lower prices, recent research suggests it could actually boost a bullish market trend due to increased liquidity. The idea is that more tokens in circulation can enhance trading activity and attract more investors, thus potentially driving up the price.

South Korean investors demand for XRP

Market data shows that the demand for XRP is largely driven by South Korea. The trading pair of XRP and the Korean Won reached $386.5 million in volume, surpassing Binance’s XRP-USDT pair, which hit $352.5 million. The enthusiasm from South Korean traders has historically been a significant factor in the cryptocurrency market, often leading to substantial price movements.

Earlier in July 2024, XRP trading activity on South Korean exchanges surpassed that of Bitcoin and Tether (USDT) stablecoins, leading to a 20% rally in XRP’s price. This surge in trading activity highlights the strong interest and belief in the potential of XRP among South Korean investors. The increased trading volumes and price movements suggest that South Korean traders see significant opportunities in XRP, further driving its market performance.

This combination of legal optimism and market dynamics is setting the stage for a potentially significant movement in XRP’s price in the coming weeks. The outcome of the Ripple-SEC case could have broader implications for the cryptocurrency market, potentially influencing regulatory approaches and investor confidence in digital assets. 

Today, July 30, 2024, the cryptocurrency market has taken a significant hit, with an overall drop of 2.8%. Major cryptocurrencies like Bitcoin (BTC), Solana (SOL), and Binance Coin (BNB) have seen their prices fall by 4%, 5.1%, and 3.5% respectively. Amidst this downturn, Ripple’s XRP is showing signs of potential growth, drawing attention from investors.

70 million XRP token moves from the exchange

A blockchain transactions tracker, Whale Alert, reported several large XRP transfers from Binance to private wallets. In the past 24 hours, whales have moved a notable 70 million XRP tokens, worth $42.48 million, in three separate transactions. Such large transfers from exchanges to wallets usually indicate that investors are holding onto their tokens, suggesting a bullish outlook for XRP.

The technical analysis supports this positive view. The XRP price chart shows a bullish symmetrical triangle pattern on a daily timeframe. This pattern often precedes significant price movements. If XRP’s daily candle closes strongly above the $0.618 level, it could rise to $0.73 and even $0.85 in the coming days. This optimistic scenario is bolstered by XRP’s current position above the 200 Exponential Moving Average (EMA) on the daily chart, a key indicator of bullishness.

Other technical indicators like the Relative Strength Index (RSI) and Stochastic suggest that XRP is in a neutral condition, meaning it is neither oversold nor overbought. This neutral stance indicates that XRP has room to move in either direction, but the recent whale activity and technical patterns lean towards a positive breakout.

Investor hint significant bull rally ahead

Tony Severino, an investor and founder of CoinChartist, highlighted that XRP’s monthly Bollinger Bands are the tightest they have ever been. Bollinger Bands are a volatility indicator, and tight bands usually precede major price movements. Severino noted that the last time this happened, in 2018, XRP’s price skyrocketed by 60,000%, adding weight to the bullish sentiment around XRP.

$XRP monthly Bollinger Bands are the tightest everTighter than before the historic 60,000% rally that ended in early 2018 pic.twitter.com/OFTTkcDxDU

— Tony "The Bull" Severino, CMT (@tonythebullBTC) July 30, 2024

According to on-chain analytics firm CoinGlass, key price levels to watch are $0.591 and $0.615. If XRP’s price rises above $0.615, it could trigger the liquidation of $12.9 million in short positions, potentially driving the price even higher. Conversely, if the price falls below $0.591, $6.1 million in long positions could be liquidated, adding downward pressure.

As of now, XRP is trading near $0.60, having dropped 1.7% in the last 24 hours. However, trading volume is up by 9%, indicating higher participation from investors and traders. Increased trading volume during a price drop suggests that many are buying the dip, further supporting the bullish outlook.

Despite the overall market downturn, XRP shows promising signs of a potential breakout, supported by both technical analysis and significant whale activity. Investors will be closely watching key levels and market sentiment in the coming days to gauge XRP’s next move.

On Monday, July 29, 2024, the U.S. government executed a notable move involving $2 billion worth of seized Bitcoin (BTC), promptly influencing declining prices and raising concerns among investors. This action came just days after former President Donald Trump promised to start accumulating BTC if re-elected.

US moves $2 billion worth of BTC

According to blockchain analysis by Arkham Intelligence, a wallet linked to the “U.S. Government Silk Road DOJ” transferred 29,800 BTC from assets related to the Silk Road website to an address without prior transaction history.

This address split 19,800 BTC and 10,000 BTC into two separate addresses. Arkham analysts speculated that the 10,000 BTC transfer, valued at $670 million, could be reserved for institutional custody or a related service. These types of transfers often precede asset sales, stirring market speculation.

Following this transfer, BTC prices dipped below $67,000, continuing a decline from earlier highs of $70,000. At the time of reporting, Bitcoin was trading at $66,700, marking a 1.6% decrease over 24 hours. Meanwhile, the broader crypto market showed minimal change during the same period.

Although not directly linked, the government’s transaction coincided with Trump’s remarks at the Bitcoin 2024 conference in Nashville, where he proposed establishing a “strategic national bitcoin stockpile” if elected. Prior to this recent transfer, the U.S. government reportedly held approximately $12 billion in seized Bitcoin. 

Trump’s Bitcoin’s evolution speech 

Trump’s speech highlighted Bitcoin’s evolution from a fringe digital currency associated with illicit markets to a central topic in American politics. In his address to over 3,000 attendees, Trump highlighted the strategic importance of Bitcoin, stating, “If we fail to act, China will seize this opportunity.” 

He advocated for a comprehensive crypto policy that includes stablecoin regulation and the right for individuals to self-custody their bitcoin. “I want it to be mined, minted, and made in the U.S.,” Trump highlighted, outlining a vision for American leadership in digital asset innovation.

Trump’s remarks also hinted at Bitcoin’s potential to surpass gold in value, likening the current state of the cryptocurrency industry to the steel industry a century ago. 

“Crypto is the steel industry of 100 years ago, you’re just in your infancy,” he said. “One day it probably will overtake gold. There’s never been anything like it.”

The intersection of governmental actions and political endorsements continues to shape Bitcoin’s role on the global stage. As the U.S. government maneuvers its significant holdings and political figures like Trump vocalize support for digital assets, the future of Bitcoin remains a critical topic for investors and policymakers alike.

This recent transfer and the ensuing market reaction highlight the delicate balance between regulatory actions and market stability in the evolving landscape of cryptocurrency.

Bitcoin futures have recently reached a record-breaking open interest of $39.46 billion, surpassing the previous high of $39.03 billion set on March 29, 2024. This significant milestone indicates a surge in investor demand for Bitcoin, the world’s largest cryptocurrency.

Significance of high Open Interest (OI)

Open interest tracks the total number of outstanding futures contracts that have not been settled, providing insight into market activity and liquidity. The new record in open interest suggests that more investors are betting on Bitcoin, which could signal a forthcoming price breakout. Such high open interest often precedes major price movements, and the current spike could be a precursor to Bitcoin reaching new highs.

In addition to this record of open interest, Bitcoin’s short-term holders are seeing substantial profits. As of July 24, more than 75% of these holders are in the green, a positive sign that often correlates with increased retail interest and potential upward momentum in Bitcoin’s price.

Bitcoin’s dominance in the overall cryptocurrency market is also on the rise. Benjamin Cowen, the CEO and Founder of Into The CryptoVerse pointed out in a July 29 X post that Bitcoin’s dominance recently had its highest weekly close of the current cycle. Cowen forecasts that Bitcoin will continue to gain market share in the months ahead, further strengthening its position in the market.

Next target for Bitcoin

Crypto analyst Rekt Capital has identified $71,500 as the next major target for Bitcoin. In a July 27 X post, Rekt Capital noted that Bitcoin’s price is currently clustering between $65,000 and $71,500. This range indicates that Bitcoin could potentially revisit the $71,500 level and even rally to new all-time highs. Currently, Bitcoin’s price is about 5.8% below its peak of over $73,750, which was reached on March 14.

#BTC The clustering continues between $65000 and ~$71500 As a result, there is scope for Bitcoin revisiting the Range High at ~$71500 at some point in the future$BTC #Crypto #Bitcoin https://t.co/mIuMJajbNs pic.twitter.com/l7eruRJ1oy

— Rekt Capital (@rektcapital) July 27, 2024

The future movement of Bitcoin’s price will also be influenced by the activity in US-based spot Bitcoin exchange-traded funds (ETFs). Recent data from Dune shows that these ETFs experienced $795 million in net inflows last week, marking the fourth consecutive week of positive inflows. This ongoing interest from institutional investors could provide additional support for Bitcoin’s price and contribute to its potential breakout.

With record open interest, significant short-term holder profits, increasing market dominance, and strong ETF inflows, Bitcoin is showing several bullish signs that could lead to a major price breakout in the near future.

The launch of spot Ether exchange-traded funds (ETFs) in the United States has brought a significant boost to the digital asset market. According to a recent report from CoinShares, these new Ether ETFs have attracted an impressive $2.2 billion in inflows, marking a 542% increase in Ether exchange-traded products (ETPs).

Mixed results for Grayscale’s Ethereum Trust

While the launch of the spot Ether ETFs has been a success, Grayscale’s Ethereum Trust has experienced mixed results. The trust saw net outflows of $285 million, despite its substantial $1.5 billion in total assets. This shows that while new products are gaining traction, some existing products are seeing a decline in investor interest.

Bitcoin has also enjoyed strong inflows, with $3.6 billion entering over the past month. This brings Bitcoin’s year-to-date total to a historic $19 billion. CoinShares analysts believe this surge is driven by speculation about the upcoming U.S. elections and the potential for Bitcoin to be used as a strategic reserve asset. Additionally, expectations of a Federal Reserve interest rate cut in September have renewed investor confidence in Bitcoin.

The overall digital asset market continues to expand, with total assets under management reaching $99.1 billion. In 2024, total inflows have hit a record-breaking $20.5 billion year-to-date. Trading volumes across all digital assets reached an all-time high in May, spurred by anticipation of the new Ether ETFs. The week of July 22 saw trading volumes peak at $14.8 billion, largely driven by the launch of the Ether ETFs, despite the broader digital asset investment products seeing only $245 million in inflows.

Significant outflows from Ethereum Trust ETF

On July 26, Grayscale’s Ethereum Trust ETF saw significant outflows, with investors withdrawing over $1.5 billion, and net outflows reaching $356 million in a single day. Since the spot Ether ETFs launched on July 23, the newly converted Ethereum Trust ETF has seen over $1.5 billion in withdrawals. In contrast, Grayscale’s Ethereum Mini Trust recorded a positive net inflow of $44.9 million on the same day.

The launch of spot Ether ETFs has marked a major milestone in the digital asset market, drawing significant investor interest and inflows. While some existing products like Grayscale’s Ethereum Trust have seen outflows, the overall momentum in the market remains strong. This indicates a growing interest and confidence in digital assets as investors seek new opportunities in this evolving landscape.

In this ongoing bullish market sentiment, Solana (SOL) is rapidly gaining attention in the cryptocurrency world. Recently, the SOL gave a breakout of the $190 level, prompting speculation that it could soon reach the $200 mark. This upward trajectory has drawn significant interest from both seasoned investors and newcomers.

SOL could hit the $1000 mark

Following the breakout, Chris Burniske, a former crypto analyst for Ark Invest has made a headline by suggesting that Solana could eventually hit the $1000 mark. While his prediction is undoubtedly ambitious, it highlights the growing confidence in Solana’s future potential. Burniske’s optimistic stance aligns with the cryptocurrency’s current performance, which suggests that further gains could be on the horizon.

$SOL to $1,000 could be conservative.

— Chris Burniske (@cburniske) July 28, 2024

However, not everyone shares Burniske’s enthusiasm. Some investors and analysts remain skeptical, arguing that the current market cycle may not support such a substantial price surge. They point to the inherent volatility of the cryptocurrency market as a major factor that could impede dramatic price increases. These concerns reflect the broader uncertainty that often accompanies the crypto space, where rapid gains can quickly be reversed.

SOL price performance 

Despite these differing opinions, Solana’s recent performance is promising. As of writing, SOL is trading near $192 and has experienced a 4.5% upside move in the last 24 hours. Despite an impressive price surge, trading volume has dropped by 18% over the same period. If we look at the performance of SOL over a longer period, in the last 7 days it has experienced a price surge of over 8%. Whereas, in the last 30 days SOL has experienced a price jump of a notable 35%.

Additionally, Solana’s open interest (OI) also jumped by 10% indicating strong investors and traders interest, according to data from an on-chain analytic firm Coinglass. 

Solana technical analysis and key levels

According to expert technical analysis, SOL looks bullish following the breakout of a crucial resistance level and is now heading toward the $204 level. If this sentiment remains unchanged then in the coming days we may see a new high. 

However, technical indicators like the 200 Exponential Moving Average (EMA) signal SOL is in a bull run. Whereas, other technical indicators including the Relative Strength Index (RSI) and Stochastic are in an over-bought zone signaling a potential price reversal.

As Solana approaches the $200 mark, investors must exercise caution. The cryptocurrency market is known for its volatility, and significant price swings are common. While Solana’s current momentum is encouraging, maintaining a cautious approach and avoiding high-risk trades is advisable. Keeping a close watch on market trends and being prepared for potential fluctuations will help navigate the unpredictable landscape of cryptocurrency investing.

In August 2024, the cryptocurrency market is set to unlock nearly $1.5 billion worth of tokens from major crypto projects. Among the most notable is Ripple’s XRP, with a staggering 1 billion XRP tokens worth nearly $609 million, according to a recent report, this unlock is scheduled for August 1, 2024. 

Ripple set to unlock 1 billion XRP token 

Ripple, the company behind the XRP Ledger and its native token XRP, has maintained a consistent pattern of unlocking up to 1 billion tokens on the first day of every month since 2017. The firm uses several main escrow wallets, including Ripple (24) and Ripple (25), to manage and evenly distribute these unlocks each month.

Despite this large monthly token unlock, Ripple often re-locks a massive portion of the newly unlocked tokens. For example, in June 2024, Ripple re-locked 800 million out of the 1 billion tokens unlocked but still sold approximately 300 million XRP, worth $182 million at the time. 

This practice aims to control the supply and stabilize the token’s market value.

In addition to Ripple’s XRP unlock, other major tokens that are scheduled for release this August 2024, include Wormhole (W) a prominent cross-chain bridging platform. According to data, Wormhole will unlock 600 million W tokens worth $180.5 million. This release constitutes 33.3% of its circulating supply. 

Whereas, Avalanche, a well-known layer-1 network, will unlock 9.4 million AVAX tokens on August 20, 2024, amounting to $268 million. This release represents 2.4% of AVAX’s circulating supply. 

Crypto project tokens unlock in August 2024

Besides Ripple’s XRP, Wormhole (W), and Avalanche (AVAX) several other projects are also set to unlock substantial portions of their token supplies on August 1, 2024. 

Sui, another layer-1 network, will release 64 million tokens, currently valued at $50 million, which makes up 2.56% of its circulating supply. Decentralized exchange dYdX will unlock 8.33 million tokens worth nearly $11 million, representing 3.65% of its supply. These tokens will be distributed among investors, founders and staff, and future employees.

Beyond the significant releases at the start of the month, other notable unlocks are scheduled. ImmutableX (IMX), a crypto gaming network, will unlock 32.5 million IMX tokens on August 9, 2024, valued at $49 million. Aptos, a rival to Sui in the layer-1 space, will unlock $80 million worth of its native token APT on August 12, 2024. Following closely, Web3 gaming platform The Sandbox will unlock $69 million worth of SAND tokens on August 14, 2024.

The trend continues with two Ethereum layer-2 networks. Starknet will unlock 64 million tokens on August 15, 2024, representing 4.4% of its circulating supply, with a current market value of $35 million. The following day, August 16, 2024, Arbitrum (ARB) will release 92.6 million tokens, constituting 2.8% of its circulating supply, worth $67 million.

Bitcoin is currently trading at approximately $67,908, showing a 2.61% increase since July 26, 2024. This upward movement has heightened interest among traders and analysts, who are now closely watching Bitcoin’s price action as it hovers near its 2021 all-time highs. The cryptocurrency is approaching a critical juncture that could see it move significantly higher.

Bitcoin Bullish price action pattern 

Crypto analyst Jelle has pointed out a crucial technical pattern forming in Bitcoin’s chart: the “descending broadening wedge.” This pattern is characterized by a sequence of lower highs and lower lows with an expanding gap, which typically signals a potential reversal from a downtrend to an uptrend.

According to Jelle, Bitcoin’s price appears poised for a breakout from this pattern, with an initial target set at $85,000. This target represents a 15% increase from Bitcoin’s current all-time high of $73,679, reached in March.

Recent price action has been particularly noteworthy. On July 21, 2024, Bitcoin experienced a significant rebound from below crucial support levels. The price recovered from $55,854 to $68,181, demonstrating resilience. The next critical level for Bitcoin traders is reaching $69,000, which aligns with the cryptocurrency’s previous all-time high from November 2021. 

If Bitcoin achieves this level, it could trigger the liquidation of approximately $929.65 million in short positions, as per CoinGlass data. This potential liquidation could amplify the upward momentum, adding to the bullish sentiment.

Upcoming resistance level in BTC

Despite the positive outlook, some analysts, including the pseudonymous trader Emperor, urge caution. Emperor notes that Bitcoin might face resistance as it approaches the $72,000 level, suggesting that the path to higher targets may encounter obstacles. This insight highlights the complexities of navigating Bitcoin’s price movements in the current market environment.

Adding to the market’s intrigue is the upcoming Bitcoin 2024 conference in Nashville, Tennessee, where former U.S. President Donald Trump is scheduled to speak. There is speculation that Trump might announce a strategic Bitcoin reserve plan if re-elected.

This potential development has traders on edge, with many hesitant to take short positions due to the possibility of a significant price surge if Trump’s announcement is favorable to Bitcoin. Markus Thielen, CEO of 10x Research, pointed out that traders are waiting for this event, as such an announcement could lead to a substantial upward price gap.

As Bitcoin continues to trade within a larger range, traders and investors are closely monitoring these key levels and upcoming events to navigate the next potential moves in the cryptocurrency market. With both technical indicators and high-profile events influencing the market, Bitcoin’s future trajectory remains a topic of intense speculation and interest.

In this bullish market sentiment, a top digital asset Solana (SOL) once again outperforms BNB (BNB) and becomes 4th biggest crypto asset by market capitalization. Following SOL’s impressive performance, a YouTube video of Raoul Pal, CEO of Real Vision and a well-known financial analyst has made an unexpected and bold move in the cryptocurrency market capturing the massive attention of investors and traders 

Raoul Pal’s Crypto portfolio

In a recent podcast, Pal said that he has shifted 90% of his liquid assets into Solana (SOL), departing from his previous focus on Bitcoin (BTC) and other altcoins. However, Pal in his podcast also added, that, “90% of my liquid network is basically allocated right now to Solana. I don’t have much Bitcoin right now. It doesn’t mean that I don’t like Bitcoin; I think the others will go up more, simple as that.”

Pal’s confidence in Solana is backed by its strong market performance. Year-to-date, Solana has surged approximately 75%, significantly outpacing Bitcoin and Ethereum, which posted gains of 58% and 42%, respectively. Pal sees Solana’s trajectory as reminiscent of Ethereum’s explosive growth in 2018, suggesting that Solana could experience similar significant increases in value.

A major factor contributing to Pal’s strategic shift is Solana’s user experience, which he compares favorably to Apple’s ecosystem. “The comparison is like Android versus Apple. Solana feels like Apple; it’s a closed system, but it is very slick, very good, and will create great loyalty.

Ethereum is much broader, much more open in terms of other things that can be built on top of it,” Pal explained. This analogy highlights Pal’s belief in Solana’s potential to attract and retain users through its efficient and well-designed platform.

Pal’s move comes at a pivotal moment for the cryptocurrency markets, which are gearing up for a new phase of growth and adoption. He refers to this anticipated surge as the “Banana Zone,” predicting it will trigger widespread excitement and investment mania.

Investors’ interest in Solana 

Adding to the excitement around Solana, Franklin Templeton, a global asset management giant with over $1.64 trillion under management, has recently shown interest in Solana. This favor has fueled speculation about a potential Solana exchange-traded fund (ETF), which could provide a regulated pathway for institutional investors to gain exposure to the cryptocurrency.

However, the path to a Solana ETF is not without obstacles. One significant challenge is the absence of a CME futures market for Solana, a factor typically considered by the US Securities and Exchange Commission (SEC) when evaluating ETF applications.

Despite these regulatory challenges, Pal’s strategic shift highlights a broader trend in the crypto market. Investors are increasingly seeking assets with high growth potential and excellent user experiences, positioning Solana as a promising contender alongside established cryptocurrencies like Bitcoin and Ethereum. Pal’s move signals a significant development, highlighting Solana’s growing importance in the evolving cryptocurrency landscape.

The overall cryptocurrency market looks bullish following the approval of the spot Ethereum Exchange Traded Fund (ETF) in the United States. Today, at the BTC 2024 conference in Nashville, independent presidential candidate Robert F. Kennedy Jr. reaffirmed his strong support for Bitcoin. He said, 

“I am a huge supporter of Bitcoin. I have most of my wealth in Bitcoin,” Kennedy declared. “I am fully committed.”

RFK JR: "I am a huge supporter of Bitcoin. I have most of my wealth in Bitcoin. I am fully committed." pic.twitter.com/GrDB8nSirI

— Autism Capital (@AutismCapital) July 26, 2024

Bitcoin and its supporters

Bitcoin has become a major talking point in the current election cycle. Republican nominee Donald Trump’s campaign announced in May 2024, that it would accept cryptocurrency donations. 

This move has also gained significant backing from the crypto community. Notably, Kraken co-founder Jesse Powell donated $1 million in crypto to Trump, and the Winklevoss Twins contributed to a Trump-aligned political action committee (PAC).

Kennedy, known for his libertarian views, criticized the Federal Reserve, claiming it serves bankers rather than the general public. During the panel hosted by TheStreet, he stated that “The relationship between Congress and the Fed is parasitical to our country. The Fed is not a public institution. The decision-makers are appointed by the banking industry.”

Besides this, Kennedy also argued that COVID-19 lockdowns disproportionately favored billionaires over small businesses. “Lockdowns shut down all the small businesses in this country, which we should be nurturing, and kept open the Walmarts, Amazons, Facebook, the oil industry, processed food industries, and Big Agriculture. They all flourished during that period,” he remarked.

Importance of Bitcoin shares by presidential candidate

Earlier this year, in Austin, Texas, Kennedy highlighted the importance of cryptocurrency for financial independence. “We need sovereignty over our own wallets, transactional freedom, and a currency that is transparent. We need to ensure America remains the hub of blockchain technology,” he said.

Kennedy’s remarks at both conferences highlight his belief in Bitcoin as a tool for economic freedom and his criticism of current financial systems. As Bitcoin continues to be a pivotal issue in the 2024 election, Kennedy’s stance sets him apart as a staunch advocate for the cryptocurrency.

This move by Kennedy gained massive attention and may impact the overall crypto market in the coming days. Apart from Kennedy’s recent statement, on July 25, 2024, Jersey City Mayor Steven Fulop shared his plans to invest part of the city’s pension fund in Bitcoin ETFs, similar to the Wisconsin Pension Fund’s 2% allocation, as reported by Todayq News.

As of now, the fund is updating its SEC paperwork to include Bitcoin ETFs. Fulop, a crypto supporter, believes in blockchain’s significance. Wisconsin’s pension fund recently reported $164 million in Bitcoin ETFs. 

Following the approval of spot Ethereum Exchange Traded funds (ETFs) in the United States, the crypto adoption has massively surged. On July 25, 2024, Steven Fulop, the mayor of Jersey City since 2013, announced plans to allocate a portion of the city’s pension fund to cryptocurrency exchange-traded funds (ETFs).

Jersey City Mayor’s pension plan with crypto 

In a post on the X (Previously Twitter), Mayor Fulop revealed that the Jersey City pension fund is updating its paperwork with the United States Securities and Exchange Commission (SEC) to include an investment in Bitcoin ETFs.

Although Mayor Fulop did not specify the exact percentage of the fund to be invested in crypto, he indicated it would be similar to the 2% allocated by the Wisconsin Pension Fund. Fulop said,

“I’ve been a long-time believer (through ups and downs) in crypto, but broadly, beyond crypto, I believe blockchain is one of the most important new technology innovations since the internet.” 

The move comes amid growing interest in cryptocurrency investments among institutional investors. In May 2024, the State of Wisconsin Investment Board disclosed its exposure to spot Bitcoin ETFs issued by Grayscale and BlackRock, amounting to $164 million out of its $156 billion in assets.

The SEC approved the listing and trading of spot Bitcoin ETFs on U.S. exchanges in January 2024. So far, only the pension funds from Wisconsin and Jersey City are considering investments in these crypto ETFs.

While Mayor Fulop’s announcement has generated excitement among crypto enthusiasts, it is also noteworthy that major financial institutions like Wells Fargo and JPMorgan Chase have reported less than $1 million combined in spot Bitcoin ETF investments. This amount represents a tiny fraction of their trillions of dollars in assets, highlighting the cautious approach many large firms are taking toward cryptocurrency.

When does Jersey City invest in Crypto ETFs?

Mayor Fulop did not mention any plans to invest in spot Ether ETFs, which began trading in the U.S. on July 23. The potential inclusion of Ether ETFs could further diversify the city’s pension fund portfolio, aligning with the growing trend of incorporating various cryptocurrencies into institutional investment strategies. As Jersey City moves forward with its plans, the impact of this investment on the city’s pension fund and its beneficiaries will be closely watched.

Following all these developments in the crypto industry, the overall market looks bullish. Whereas, top crypto assets Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB) experienced decent price surges after a market fall for the last two days. According to coinmarketcap, in the last 24 hours, BTC, ETH, SOL, and BNB have experienced a price surge of over 4.5%, 3.2%, 3.5%, and 3% respectively.

In this ongoing struggling cryptocurrency market, Marathon Digital Holdings (MARA) the largest Bitcoin miner in the industry, has purchased a notable $100 million worth of Bitcoin (BTC). This move marks a return to its previous strategy of holding all mined Bitcoin on its balance sheet, a shift from its recent practice of selling mined Bitcoin to cover operational costs.

Marathon Digital recent Bitcoin purchase

As of the latest update, Marathon Digital holds over 20,000 BTC, which is valued at approximately $1.3 billion based on current market prices. The company has also expressed its intention to acquire more Bitcoin from the open market, reflecting a renewed confidence in the long-term value of the digital asset.

The decision to revert to a HODLing strategy comes after nearly a year of selling Bitcoin to manage expenses. This strategy change aligns with a broader trend among Bitcoin miners. During the bullish phases of the crypto market, miners typically held onto their Bitcoin, benefiting from price increases. However, the prolonged bear market that began last year led many miners, including Marathon, to liquidate their holdings to remain financially viable.

Marathon’s Chief Financial Officer, Salman Khan, highlighted that the current market conditions, including Bitcoin’s recent price decline and the company’s robust balance sheet, created a prime opportunity to expand its Bitcoin holdings. Khan highlighted that the move is part of a broader strategy to leverage Marathon’s technological expertise and contribute to the growth of Bitcoin and the digital asset ecosystem.

Marathon Digital CEO’s words after BTC purchase 

Whereas, Fred Thiel, Chairman and CEO of Marathon Digital, highlighted the company’s renewed commitment to Bitcoin. “Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin,” Thiel stated. He further endorsed Bitcoin as a superior reserve asset and urged governments and corporations to consider it as part of their financial reserves.

The decision to HODL comes as Bitcoin experiences a partial recovery from its earlier market decline. The cryptocurrency has seen a resurgence this year, bolstered by institutional support and the introduction of spot Bitcoin exchange-traded funds (ETFs) in the U.S., such as those approved for BlackRock.

Despite reaching an all-time high above $70,000, Bitcoin is currently trading around $64,000, which represents a 51% increase for the year. As of June 30, 2024, Marathon Digital reported holding $268 million in cash. The company is scheduled to release its second-quarter earnings report on August 1, 2024.

Following the announcement, Marathon’s shares have seen a slight decline of about 2.5% in pre-market trading, mirroring a similar drop in Bitcoin’s price over the past 24 hours. Marathon’s strategic shift highlights its confidence in Bitcoin’s future potential, signaling a bullish stance on the cryptocurrency’s long-term value despite recent market fluctuations.

The cryptocurrency market experienced significant turbulence during Asian trading hours today, with Bitcoin (BTC) dropping below the $64,000 mark. This decline is part of a broader trend of selling pressure that has affected the entire market. A notable development in this scenario is the heavy leverage being used by traders to buy Bitcoin during this dip.

Is this a good level to buy Bitcoin? 

A crypto analyst Ali on X (formerly Twitter) highlighted that these traders have created a notable $30 million liquidation pool near the $63,800 mark. If Bitcoin’s price falls below this level, the pool will be liquidated, leading to further market volatility.

Amid this leveraged trading, Bitcoin whales are also making substantial moves. According to an on-chain analytics firm, Lookonchain reported that a prominent whale recently purchased 244 BTC, valued at $16 million. In total, this whale has added 921 BTC to their holdings, worth $60.6 million, at an average price of $65,821. This buying activity by whales indicates that some major investors remain confident in Bitcoin’s long-term prospects, despite its recent decline of more than 3.4% over the past 24 hours.

Ki Young Ju, the CEO and Founder of CryptoQuant, offered insights into the factors behind the market’s recent movements. He stated that the current downturn is likely driven by market sentiment rather than any external events.

Specifically, he noted that the repayments to Mt. Gox creditors have been completed and that trading volumes on the Kraken exchange are normal. Ju highlighted that any further price drops are likely due to negative market sentiment and continuous sell-offs of BTC and Ethereum (ETH) by large holders and institutions following the approval of a spot Ethereum ETF.

Technical analysis for Bitcoin

Amidst the market’s volatility, some analysts remain optimistic about Bitcoin’s potential for recovery. One analyst pointed out that technical indicators are showing a buy signal on the BTC hourly chart. Bitcoin is currently holding a support level at $63,350 and remains above the 200 Exponential Moving Average (EMA) on the 4-hour chart, a bullish indicator. Additionally, the Relative Strength Index (RSI) is in the oversold region, which also suggests a potential price recovery.

However, the market remains precarious. If Bitcoin fails to stay above the 200 EMA and the $63,350 support level, there could be a significant sell-off, potentially driving the price down to the next support level at $60,300.

As of now, Bitcoin is trading around $64,200, reflecting a 3.4% drop in the last 24 hours, with an intraday low of $63,770. Trading volume has increased by 10%, indicating heightened activity among investors and traders.

India is poised to disclose a crucial discussion paper on its cryptocurrency policy before September, according to Economic Affairs Secretary Ajay Seth in an interview with local media. This initiative marks a significant step in shaping the country’s regulatory stance on digital assets.

India’s policy position on cryptocurrencies

The discussion paper, which is expected to outline India’s policy position on cryptocurrencies, will serve as a foundation for stakeholder consultation rather than immediately proposing new legislation. Ajay Seth highlighted that the purpose of the paper is to present key issues and invite feedback from relevant parties.

“The policy stance is about consulting relevant stakeholders. We will release a discussion paper highlighting key issues and then gather feedback from interested parties,” Seth said.

The development of this policy is being overseen by an inter-ministerial group, which includes the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). The RBI has traditionally been skeptical of cryptocurrencies, arguing that they pose risks to macroeconomic stability and favoring a ban on their use. On the other hand, SEBI supports the idea of regulating digital assets and has proposed that oversight should be distributed among several authorities.

India’s current crypto framework 

Currently, India lacks a comprehensive legislative framework for cryptocurrencies. However, the government has implemented strict taxes on the sector. Additionally, cryptocurrency entities must register with the Financial Intelligence Unit (FIU-IND) to comply with anti-money laundering (AML) and anti-terrorism financing standards set by global organizations such as the Financial Action Task Force (FATF). This requirement reflects a move towards legitimizing the industry and enhancing its credibility.

At present, India’s regulation of cryptocurrencies focuses primarily on AML and electronic funds transfer (EFT) regulations. “In India, cryptocurrencies are regulated from the perspective of AML and EFT alone. The discussion paper will explore whether the regulatory scope should be expanded and what the policy stance should be,” Seth noted.

In September 2023, Seth indicated that India would assess and determine its position on cryptocurrencies in the “coming months” after considering global perspectives on acceptable crypto regulatory frameworks. This statement came amid India’s presidency of the Group of 20 (G20), during which the country has prioritized achieving a consensus-based approach to global cryptocurrency regulation.

The upcoming discussion paper is expected to be a key document in guiding India’s future regulatory framework for digital assets, balancing economic stability with the need for effective oversight.

After the successful launch of spot Ethereum ETF (Exchange Traded Fund) in the United States the overall cryptocurrency market is massively falling. Amid this price drop the world’s biggest crypto asset Bitcoin (BTC) tanked below $64,000 for the first time in six days, likely due to the speculation that Mt. Gox creditors selling their Bitcoin. 

Mt. Gox repayment plan

This significant drop has raised concerns among traders and investors who had anticipated Bitcoin forming solid support around the $65,000 mark. However, Bitstamp has confirmed receiving assets related to the Mt. Gox repayment plan. Details on the transfer will be announced later as the exchange begins repaying Bitcoin and Bitcoin Cash to Mt. Gox creditors.

CryptoQuant founder Ki Young Ju reassured investors on July 24, 2024, stating, “The instant dump you worried about didn’t occur. Any price drop would be likely due to market sentiment, not Mt. Gox selling.” Ju added that all global time zones have passed since the Mt. Gox creditors’ repayment, suggesting that the market impact from these repayments has already been absorbed.

After the Mt. Gox creditors' repayment, all global time zones have passed.Kraken's spot #Bitcoin trading volumes and exchange flows are normal.The instant dump you worried about didn't occur. Any price drop would be likely due to market sentiment, not Mt. Gox selling. https://t.co/BKRCIMALsz pic.twitter.com/iZRejMgj83

— Ki Young Ju (@ki_young_ju) July 24, 2024

The recent decline follows a 2.5% decrease in Bitcoin’s price over the past 24 hours, wiping out $24.68 million in long positions, according to CoinGlass data. Currently trading at $64,280, Bitcoin is at risk of dropping below another critical level, according to CoinMarketCap data.

Factors that influence market sentiment 

Several analysts believe that the price drop might be influenced by seasonal factors, the launch of a spot Ether ETF, and even political events. Timothy Peterson, founder of Cane Island Alternative Advisors, linked Bitcoin’s underperformance to this time of year, which typically sees weak performance. 

“Our research indicates a consistent trend of underperformance from July 22 to Sept. 22,” Peterson added. He also added that this seasonal pattern sets up the frequently occurring “Uptober” that follows, where Bitcoin typically sees a rise in prices.

Charles Edwards, founder of Capriole Investments, suggested that the launch of spot Ether exchange-traded funds (ETFs) on July 23 might also be affecting market sentiment. Edwards remarked, “The ETH ETF launch has been bad for BTC and bad for ETH. ETH has been languishing this entire cycle, and now it’s muddied the waters at the institutional level with the ETF launch.”

Additionally, some traders attribute the decline to a correction after Bitcoin’s recent spike following news related to former US President Donald Trump. Pseudonymous crypto trader Roman said, “This pump was artificial, coming straight from the news that Trump’s assassination attempt failed + soon after swing states had him winning by several points.” Roman added that news-based moves often retrace significantly after the initial spike.

Despite these concerns, overall sentiment remains relatively positive. According to the Crypto Fear & Greed Index, which tracks market sentiment toward Bitcoin and crypto, the score reads “Greed” at 68, up seven points in the past week. This indicates that while there is some fear and uncertainty in the market, many investors remain optimistic about Bitcoin’s long-term prospects.

The overall cryptocurrency landscape is continuously evolving. After the approval of spot Ethereum ETF (Exchange Traded Fund) in the United States, today on July 24, 2024, Ferrari, the renowned Italian luxury sports car manufacturer, is set to roll out its cryptocurrency payment system across Europe by the end of July 2024. 

Source: Ferrari Europeans can now buy Ferrari with crypto

This development follows the successful introduction of the payment option in the United States in October 2023. As part of this expansion, Ferrari’s European dealers will begin accepting cryptocurrencies, enhancing the purchasing experience for clients. The company’s announcement underscores a significant shift towards integrating digital currency in high-end transactions, reflecting the growing acceptance of cryptocurrencies in traditional markets.

Ferrari’s move into the European market builds on its initial success in North America, where it collaborated with BitPay, a prominent crypto payment processor. BitPay is a well-known player in the cryptocurrency space, serving global brands like AMC Theaters and Newegg.

In the US and Canada, approximately 50% of Ferrari’s dealers have adopted the crypto payment system. In Europe, around 60% of dealers have either integrated or are in the process of integrating this new payment option. However, some dealers are excluded due to regulatory constraints and market readiness in certain countries.

Users can buy Ferrari with BTC, ETH, and USDC

The new payment system allows Ferrari customers to purchase vehicles using Bitcoin, Ether, and USDC. A key feature of Ferrari’s crypto payment infrastructure is its automatic conversion of cryptocurrencies into fiat currency. This means that when a customer makes a payment using digital currency, it is instantly converted into the local currency and deposited into the dealer’s bank account. This process mitigates the impact of cryptocurrency price volatility and ensures smooth transactions for dealers.

Additionally, the payment solution includes mechanisms to verify the source of funds, enhancing transaction security and compliance with regulatory standards. This innovation simplifies the payment process for both customers and dealers, aligning with Ferrari’s commitment to providing a seamless and modern purchasing experience.

Looking ahead, Ferrari plans to extend its cryptocurrency payment option to additional countries within its international dealer network by the end of 2024, wherever cryptocurrencies are legally accepted. This strategic move reflects Ferrari’s forward-thinking approach and its adaptation to evolving financial technologies.

In a market struggling with bearish sentiment, Pepe (PEPE) has emerged as a standout among Ethereum-based altcoins. On July 24, 2024, PEPE’s price surged by over 6%, and its trading volume skyrocketed by 40%. This impressive performance comes in the wake of a significant $107 million inflow into Ethereum Exchange-Traded Funds (ETFs), which has shifted investor focus towards PEPE.

Investors bullish on PEPE

This recent price and volume increase signals a strong shift in market confidence. CoinMarketCap’s data indicates that despite the overall bearish trend, investors are showing renewed interest in PEPE. The surge is particularly noteworthy given the broader market conditions and highlights a growing optimism about the token’s potential.

Research analysts have weighed in with optimistic predictions for PEPE. Historical patterns suggest that after a period of consolidation—currently observed in a 60-candle pattern—PEPE often experiences a significant rally. Analysts believe that this pattern is likely to repeat, which could lead to further gains in the near future.

PEPE open interest soars

The rise in PEPE’s open interest (OI) further supports the bullish outlook. According to Coinglass, OI for PEPE has increased by 10% in just the past four hours. This sharp rise in OI indicates that more traders are taking long positions in PEPE, reinforcing the positive market sentiment. Additionally, the launch of the spot Ether ETF on May 23, 2024, led to a substantial accumulation of Ether-based tokens, including PEPE. As the ETF gains traction, similar accumulation trends could further drive PEPE’s price upwards.

CoinGlass data also highlights that long positions in PEPE currently outnumber short positions, suggesting a shift from bearish to bullish sentiment. This shift is a strong indicator that market participants are increasingly confident in PEPE’s future performance.

In contrast to PEPE’s positive movement, other top meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI) are struggling. Over the past 24 hours, DOGE, SHIB, and FLOKI have experienced price drops of 1.2%, 0.8%, and 1.1%, respectively. Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have also faced declines, with losses of 0.8% and 1.9%, respectively.

As the market continues to navigate through these fluctuations, PEPE’s impressive performance offers a glimmer of hope and could potentially set the stage for a broader recovery in the altcoin sector. Investors will be keenly watching to see if PEPE can sustain its upward momentum and capitalize on the shifting market dynamics.

Shibarium, the Ethereum layer-2 network that supports the Shiba Inu (SHIB) ecosystem, is nearing a significant achievement as it approaches its 6,000,000th block. With only a few blocks left to hit this milestone, the network’s progress is a testament to its ongoing development and resilience.

Overcoming early challenges 

Launched in August of the previous year, Shibarium initially faced several challenges, including a major technical glitch that temporarily halted transactions. However, the team behind Shibarium has worked tirelessly to address these issues, and the network has since stabilized. Currently, it handles an average of seven million transactions per day without experiencing major outages.

One of the critical developments for Shibarium has been the successful integration of ShibaSwap. This decentralized exchange platform, now operational on Shibarium, has enhanced the network’s functionality and provided users with a more efficient way to transact. The integration has been well-received within the community and is seen as a major step forward for the network.

SHIB price-performance analysis

Despite these advancements, the price of Shiba Inu (SHIB) has recently faced a downturn. As of the latest update, SHIB is trading at $0.00001726, representing a decline of over 2% from its previous levels. Historically, significant milestones for Shibarium have been expected to boost the value of SHIB, but this has not yet been the case.

The Shiba Inu community remains optimistic that reaching the 6,000,000 block milestone will eventually lead to a positive shift in SHIB’s price. As Shibarium continues to grow and enhance its offerings, stakeholders are hopeful that these achievements will eventually translate into increased value for the Shiba Inu token.

For now, the focus is on celebrating Shibarium’s progress and monitoring the network’s ongoing developments. The community is eager to see how these milestones will influence the future of both Shibarium and SHIB.

Besides all these, the overall cryptocurrency market is down by 0.56%, and top assets experienced a massive price drop. The reason behind this price drop is the massive Bitcoin (BTC) transfer by Mt. Gox. 

In the last 24 hours, top assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB) have experienced a price drop of over 1%, 2.2%, 1.5%, AND 1.05% respectively.

The cryptocurrency market saw a notable drop on July 24, 2024, as Kraken began distributing assets to creditors of the now-defunct Mt. Gox exchange. Recently, an on-chain analytic firm spotonchain made several posts on X stating where they have highlighted that Gt. Gox just moved a massive 34,608 Bitcoin (BTC). However, this action has led to concerns about increased selling pressure in the market. 

Mt. Gox transfers 34,608 BTC

According to a post on X, during the Asian trading hour, Mt. Gox transferred a notable 32,371 BTC worth $2.13 billion to a new wallet and later they just moved a massive 2,237 BTC worth $147 million to a cryptocurrency exchange Bitstamp. 

Mt. Gox just moved another 2,237 $BTC ($147M) to #Bitstamp 5 minutes ago.To repay creditors, Mt. Gox has transferred out 54,662 $BTC ($3.44B), including: Deposited 1,545 $BTC ($83.5M) to #Bitbank on Jul 5; Moved 48,641 $BTC ($3.06B) to wallet “3JQie”, possibly a… https://t.co/jugEHC8oUE pic.twitter.com/CGtOXkhUSP

— Spot On Chain (@spotonchain) July 24, 2024

This notable BTC transfer has gained massive attention from investors and traders as a result the overall market is down by 0.56%. Whereas, top cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and many others experienced a price drop.

According to coinmarketcap, BTC fell to $65,500, marking a nearly 4% decrease over the past 24 hours. Bitcoin Cash (BCH) experienced a more significant drop, losing over 7% in the same period. Whereas, the Index that tracks the performance of major cryptocurrencies, declined by 3%. Leading altcoins like Solana (SOL), Ripple’s XRP (XRP), and Cardano (ADA) also saw declines between 4% and 5%.

Ether remains steady 

On the other hand, Ether (ETH) managed to outperform most other cryptocurrencies, remaining relatively stable at just below $3,500. This stability was supported by strong trading volumes for U.S.-listed spot exchange-traded funds (ETFs) on their first day of trading.

The price action comes as multiple creditors of Mt. Gox reported receiving their cryptocurrencies after a decade of waiting. Mt. Gox, once a major crypto exchange, collapsed in 2014 following a significant hack. This month, the Mt. Gox estate started transferring assets to several crypto exchanges, allowing users to reclaim their funds over the coming weeks.

Mt. Gox tokens distribution 

The distribution of nearly $9 billion worth of BTC and BCH has raised concerns among digital asset investors. Many are worried about how much of these assets creditors might sell in the open market, given the significant price increase over the past ten years.

Crypto prices have often reacted negatively to news related to Mt. Gox asset movements. Earlier today, Bitcoin fell to around $66,000 after Mt. Gox wallets moved $2.8 billion worth of assets, including $130 million in BTC, to the exchange Bitstamp, indicating the start of asset distribution to creditors.

Investors are closely watching the market to see how this distribution will impact cryptocurrency prices in the coming weeks.