At the time of writing, SOL is trading at $148.92, down 3.86% in the last 24 hours.

If the price goes below $143 level, then it will likely test $137 support level.

According to blockchain data tracker Whale Alert, Binance, a prominent cryptocurrency exchange, received a large transfer of Solana. A tweet from Whale Alert states that Binance received 154,912 SOL, with a value of $23,928,285. However, the wallet’s identity remains unidentified.

When they plan to sell or trade their assets, whales—large cryptocurrency holders—often transfer them to exchanges. Because it occurs at the same time as a decrease in the price of Solana, this large transfer has garnered notice.

Whale investors may be getting ready to cash out after Solana’s recent price increase, because the cryptocurrency has been doing very well recently. Despite the lack of clarity around the transfer’s reasons, investors will be keeping a careful eye on Solana’s price and any other substantial fund transfers.

Bears Making a Comeback

The price of bitcoin was halted just below $63,000, but despite a quick pullback, it has successfully defended the $60,000 mark. Following eight consecutive days of declines, Solana recovered sharply from its August 5 low of $112. 

The price of Solana surged on August 6 and 8, respectively, in response to the comeback, as buyers flooded the market. However, the bulls were forced to withdraw somewhat as the bounce encountered resistance near $163.

At the time of writing, SOL is trading at $148.92, down 3.86% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 20.25%. The price recently broke below short-term support level at $151.

If the price continues to fall and goes below $143 level, then it will likely decline further to test $137 support level. However, if the bulls make a comeback and drive the price above $157 level, then it will likely retest $163 resistance level.

At the time of writing, XRP is trading at $0.5684, down 5.12% in the last 24 hours.

The price recently broke below the support level of $157.

David Schwartz, chief technology officer of Ripple, has tweeted more details on XRP Ledger’s (XRPL) clawback feature. The significance and utility of this feature have been clouded by Schwartz’s recent insights, which have contributed to the ongoing debate within the XRP community.

Schwartz claims that fixing errors in the ledger is the main goal of the clawback feature. He went on to remark that the ledger is inherently flawed if a digital asset stands in for a legal duty and the token suggests that the obligation exists despite the legal system stating otherwise.

As it gets ready for what may be an unprecedented price spike, XRP, one of the leading altcoins, is garnering a lot of market interest. Following a positive legal development that bolstered the asset, XRP’s 20% spike has piqued the curiosity of investors once again.

On its monthly chart, a bullish triangle formation is beginning to form, adding to the optimism around XRP. Technically, this pattern indicates that there will likely be large price fluctuations. It is characterized by trendlines that are merging inside a continuing uptrend.

Key Support Level Broken

More and more buyers are seen in the pattern, and XRP has a decent shot of breaking out above the upper trend line, which would cause a significant price spike. However, the price has been facing a brief decline. 

At the time of writing, XRP is trading at $0.5684, down 5.12% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 11.31%. The price recently broke below the key support level of $0.57. The price will now likely test $0.50 support level. However, if the price climbs above $0.60, then it will likely retest $0.64 resistance level.

As the dust settles after the recent crypto market crash, investors and holders are filled with hopes for the swift revival of coins that were once the top bullish cryptos. Toncoin’s price recovery offers a glimmer of hope, but it will take time for TON to rebound to previous highs fully. Dogecoin is also stepping up with an upcoming update to boost its network’s capability and security. But investors are particularly intrigued by BlockDAG’s new 8% bonus rewards. In an exciting development, BlockDAG has introduced bonuses for investors who move up the investment ranking, making its $65.2 million presale the hottest in the crypto town.

Toncoin Price Recovery: Bouncing Back 

Toncoin (TON) price has rebounded, regaining a vital support level after recently seeing a recent drop. In the latest crypto market crash, Toncoin nosedived to its three-month low due to overall market pressures. However, the recent Ton price recovery is reviving investor optimism for potential profits.

Toncoin’s price is currently trading at $6.18 after reclaiming the support, following a 12% crash in the last seven days. Toncoin is now experiencing a turnaround, with renewed capital inflows indicating a resurgence in investor interest. This shift points to a positive trend and change in the market dynamics for the altcoin.

New Dogecoin Update to Boost Network

In a bid to enhance security and stability for the network, Dogecoin is preparing to roll out a new update called the Dogecoin Core 1.14.8. This update also focuses on protecting users and maintaining trust in the network’s integrity, by focusing on mitigating risks from harmful codes and external actors.

The new Dogecoin update will also address potential vulnerabilities that could allow for network clogging, destruction of network structures, and unauthorized access to user identities and private keys. Moreover, the update will also maintain reliable transactions and interactions within the ecosystem, strengthening the security framework to support the complexities of current and future projects.

Climb the Ranks, Reap the Rewards: BlockDAG’s Bonus Rush!

BlockDAG is putting the interests of its investors first and this is evident from its new, exciting bonus rewards. Investors will now be getting bonuses as they move up the leaderboard on BlockDAG’s dashboard. The leaderboard features five ranks: Crab, Turtle, Fish, Shark and Whale. The more an investor invests, the higher their rank moves on the leaderboard. Now, when investors make BDAG purchases, they’ll triggering automatic bonuses each time according to their level. This new bonus system rewards consistent investment and loyalty of the investors.

Each rank will get different bonuses, starting with a 2% bonus for Turtle, 4% for Fish, 6% for Shark and 8% for Whale. Take this for an example: when an investor buys BDAG coins and advances from Fish to Shark rank, they will automatically get an 8% bonus on all of their investment! The best part is that users don’t need to fret about any tedious process of applying for the bonus, as they are automatically granted the specified bonus percentages upon reaching a new rank.

The leaderboard feature, part of the newly revamped BlockDAG dashboard, has transformed the presale experience for investors. The leaderboard creates a sense of competition among the investors by displaying live updates and highlighting the top investors, known as ‘whales’. As investors race to increase their investments, they climb the ranks and also gain automatic bonus rewards for each new level achieved.

BlockDAG’s presale has attracted significant attention from investors, as it has been named the biggest one in the last five years and as a top bullish crypto. The presale has reached $65.2 million in 21 batches. The current batch is priced at $0.017, seeing a massive 1600% surge in value since the presale was launched. The final batch of the presale is all set to hit $0.5, which means the earlier investors buy BDAG, the more returns they stand to gain when BlockDAG hits the market in the coming months.

Invest in Top Bullish Crypto

As the market starts showing signs of rebound post the recent crash, Toncoin’s bounce back and Dogecoin’s upcoming network enhancements are rekindling investor confidence and BlockDAG’s new innovative bonus system. Although Toncoin and Dogecoin struggle to regain their strength back in the market, BlockDAG presale continues to stand its ground while also rewarding its investors with new bonuses for each new rank they climb. With significant presale success of $65.2 million and an enticing new bonus structure, BlockDAG is captivating the market, showing strong potential as the top bullish crypto.

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 recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

This investing season, everyone is asking the same question: “What’s the best crypto to buy now?” Finding the answer requires some research and a bit of math magic. How much yield has the coin offered investors so far? What does the future outlook look like? How has market volatility affected the coin one is analyzing? How easy is it to invest?

This article aims to decode these crypto investing conundrums by examining three major market developments: GRT’s bullish trend, Solana’s ecosystem growth, and BlockDAG’s innovative investment gamification with automatic bonuses for investors.

Among these options, BlockDAG stands out as an especially attractive opportunity, given its potential to reach $1 per coin, which could bring current investors nearly 5800% ROI in the coming months.

GRT’s Bullish Trend Persists

The Graph (GRT) is making significant strides in the crypto market, riding the wave of Bitcoin’s bullish momentum. As an essential tool for indexing and querying blockchain data, GRT is becoming increasingly vital as the digital landscape grows. Its capabilities are capturing the interest of developers and investors alike, positioning it as a key player in the decentralized ecosystem.

Despite its promising trajectory, potential investors should remain cautious. The crypto market is notoriously volatile, and while GRT’s upward trend seems enticing, it is essential to consider the long-term utility and the team driving the project. Regulatory shifts can also impact GRT’s value, so staying informed is crucial.

Solana Ecosystem Flourishes But Price Remains Uncertain

The Solana ecosystem has recently experienced a notable upswing in on-chain activities, highlighted by a surge in daily active addresses, reaching over 2 million based on a 7-day moving average. This growth has been fueled by popular DApps like Raydium, Pump.Fun, and Jito, each contributing to the ecosystem’s expansion.

Raydium, for instance, achieved a trading volume of $30 billion in July, becoming the second-largest DEX after Uniswap. However, SOL’s price remains unimpressed, dropping 4.62% in 24 hours to $162.88, hinting at an uncertain future.

Here’s How BlockDAG’s Automatic Bonuses Work

BlockDAG has smashed record after record, raising $65.2 million across 20 presale batches. Currently priced at $0.017 per coin in presale batch 21, BlockDAG’s value has soared by a staggering 1600% from its initial price of $0.001.

Investors are captivated by its potential of hitting $1 per coin soon which could unlock an ROI of nearly 5800% for batch 21 investors. Such impressive numbers have triggered massive demand, with whale purchases reaching as high as $2.5 million.

What sets BlockDAG apart is its innovative approach to investment, making the process not only profitable but also engaging and entertaining. Its cutting-edge dashboard is a game-changer, transforming the investment journey into an interactive experience.

The Leaderboard page, a highlight of the dashboard, adds a layer of gamification that fosters community engagement. Investors can see the top 30 participants in the presale, ranked according to the number of coins purchased in USD. These rankings are categorized into tiers like crab, tortoise, fish, shark, and whale, each representing different investment levels.

This structure not only motivates investors to climb the ranks but also offers enticing bonuses as they progress. For instance, a tortoise rank earns a 2% bonus, while advancing to the fish rank boosts the bonus to 4%, and so on, culminating in an 8% bonus for whale rank investors.

The automatic application of these bonuses ensures investors are rewarded promptly and accurately, enhancing the thrill of investment. Furthermore, BlockDAG’s Profile page allows users to track their ranks and compare their standings with peers, adding a competitive edge.

With over 100k investors already on board and batch 21 nearing sellout, BlockDAG’s upcoming batch is poised for a significant price surge, promising even greater excitement and potential profits.

Final Verdict: The Best Crypto To Buy Now

To conclude, GRT continues to maintain a bullish trend due to its robust indexing capabilities. Solana, meanwhile, is experiencing significant ecosystem growth driven by popular DApps like Raydium and Pump.Fun.

However, for those seeking a promising investment with the potential for consistent returns despite market turbulence, BlockDAG stands out as a top choice. With a thriving community of over 100,000 backers and a 1600% price surge, this Layer 1 blockchain is poised for greatness.

BlockDAG’s gamified investment approach and innovative automatic bonuses add a unique twist to traditional investing. With predictions of reaching $1 per coin, BlockDAG has attracted significant whale interest, and its presale batch 21 is nearly sold out, highlighting its strong market demand and potential for impressive returns.

Invest in the BlockDAG Presale Now:

Presale: https://purchase.blockdag.network

Website: https://blockdag.network

Telegram: https://t.me/blockDAGnetwork

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 recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

The crisis was triggered by the rising prices of loans denominated in yen.

Investors borrowed heavily from Japan to fund their international deals at a discount.

Aug. 5 was one of the worst days for cryptocurrency in recent memory. Traders’ dependence on leverage has been subtly increasing market-wide dangers for months, and few anticipated this. Leveraged trading may have been the spark, but the sudden surge of the Japanese yen was the fuel. Hopefully, the effect will go out just as fast as it came.

The crisis was triggered by the rising prices of loans denominated in yen. Institutional traders that focus on short-term gains from crypto’s volatility are the primary drivers of price movements. Traders often use enormous sums of borrowed money, or leverage, to increase their profits on investment. Open interest, a proxy for net borrowing, was about $40 billion just before the catastrophe.

Someone needs to pay back all that borrowed money. Japan has been that spot as of late. For the first time in years, interest rates on US Treasury notes climbed over zero in 2022 and continued to grow. Rates in Japan remained very low. Profiteering trading businesses borrowed heavily from Japan to fund their international deals at a discount. The funding for dealers, denominated in yen, was almost free.

Although not exclusive to cryptocurrency, this was the crux of the so-called yen carry trade. A research from ING Bank states that by 2024, the amount of loans denominated in yen to foreign borrowers had increased by more than 50% compared to the previous two years, reaching almost $2 trillion.

Robust Comeback Anticipated

Rate hikes on short-term government bonds by the Bank of Japan from zero to 0.25 percent on July 31 turned the tide. After that apparently harmless action kicked off a chain reaction, the values of Ethereum and Bitcoin fell by around 18% and 26%, respectively. The S&P 500, an indicator of US equities, fell more than 5% on the day, indicating that even established markets were severely jolted.

Indeed, according to CoinGlass, hundreds of thousands of deals totaling over $1 billion were liquidated between Aug. 4-5. Recent US data suggests the Fed will be decreasing rates more aggressively than first anticipated. Crypto may be in for a late-summer bounce if that scenario comes to fruition.

The markets are poised for a positive recovery now that traders are reducing their exposure to the yen and leverage. Crypto may soon stage a robust return if wider markets stabilise, which they will likely do. Bitcoin has made a strong comeback with the price climbing back over $60,000 after falling below $50,000 during the crash.

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After falling 0.1% last month, market analysts predict inflation will climb 0.2% this time around.

The US Federal Reserve’s policy rate plans might be influenced by the statistics.

On Wednesday, August 14, the US Labor Department is slated to announce the Consumer Price Index (CPI) for July, which is anticipated to show a significant increase in inflation. Because of this, many are wondering whether the US Federal Reserve will be able to implement its plans to decrease interest rates at their next meeting. After falling 0.1% last month, market analysts predict inflation will climb 0.2% this time around.

The cryptocurrency industry and the rest of the global financial market are waiting with bated breath for next week’s US consumer price index inflation statistics. The US Federal Reserve’s policy rate plans might be influenced by the statistics. Which will provide clues about the present inflationary pressures.

High Volatility Anticipated

Moreover, Wall Street forecasts that inflation will come in at 0.2% in July, after a 0.1% decline in June. This month’s inflation rate of 3% is anticipated to be maintained on a year-over-year (YoY) basis.

At the same time, economists are projecting that Core CPI inflation, which does not include energy and food costs, would rise to 0.2% from 0.1% in June. Core inflation is expected to show a cooling rate of 3.2% in July. From 3.3% in June, but, when looking at it on a year-on-year basis.

Market players are feeling pessimistic due to the expected increase in the monthly US CPI inflation number. Even a little increase in the amount is unlikely to affect the central bank’s decision. This is according to a slew of market analysts who have dismissed the worries. High volatility in the crypto sector is expected this week as investors brace for the upcoming data.

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Gemini emphasized the negative effects that this regulation would have on prediction markets.

Another entity that voiced its disapproval of the regulation was crypto exchange Coinbase.

Gemini, a cryptocurrency exchange, has asked US authorities to shelve a proposal that would outlaw event contracts on decentralized prediction markets if it were to pass.

In a letter sent to Christopher Kirkpatrick, secretary of the US Commodity Futures Trading Commission (CFTC), on August 8, Gemini emphasized the negative effects that this regulation would have on prediction markets, particularly those that predict elections.

Move to Outlaw All Event Contracts

Cameron Winklevoss, co-founder of Gemini, expanded on his social media remarks on the significance of crypto prediction platforms like Polymarket, highlighting the transparency they provide to users.

Winklevoss said in an August 9th X post that the CFTC ought to rescind its Proposed Rule on event contracts. This rule would effectively outlaw all event contracts in the United States, including those traded on Polymarket, the biggest prediction market in the world.

Participants are required to have “skin in the game,” or put their money where their mouth is, in contrast to surveys, pundits, or expert judgments, according to Winklevoss. Platforms like Polymarket, he said, provide an extra layer of security because of their proof-of-stake requirement.

Another entity that voiced its disapproval of the regulation was crypto exchange Coinbase. The proposal, according to Coinbase’s chief legal officer Paul Grewal, ignores the public advantages of prediction markets.

In a letter to the CFTC, Grewal urged the organization to shelve the plan and instead collaborate with those in academia, business, and government to find a middle ground that would allow innovation to flourish while safeguarding the public interest.

Following the reiteration of demands by five senators and three representatives to prohibit betting on the 2024 presidential election, this comes as no surprise. They wrote to the chair of the CFTC, Rostin Behnam, on August 5, claiming that these markets might affect and disrupt elections and further damage public faith in democracy.

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The Internal Revenue Service (IRS) published a revised Form 1099-DA.

According to the IRS Commissioner, the revised form will provide taxpayers more clarity.

Starting in 2026, taxpayers will be able to report digital asset transactions using an updated draft form provided by the United States Internal Revenue Service (IRS).

The Internal Revenue Service (IRS) published a revised Form 1099-DA, “Digital Asset Proceeds From Broker Transactions,” on August 8th. The form would enable US taxpayers to disclose cryptocurrency transactions beginning in 2025 before the April 2026 reporting date, if the tax authority approves it.

More Clarity and Streamlined

The most recent proposed 1099-DA omits a question on taxpayers’ “broker type” when it comes to digital asset transactions. This is in contrast to the April draft. It did away with the need that filers include not only the date but also the exact time of day when the transaction took place. Taxpayers were also asked not to provide their wallet addresses and transaction IDs in the document.

According to IRS Commissioner Danny Werfel, the revised form will provide taxpayers more guidance and clarity. In order to more precisely record their transactions involving digital assets. According to K&L Gates attorney Drew Hinkes, who spoke on X, the most recent Form 1099-DA was “massively improved.” Also is “less burdensome,” and required “considerably less” data filing.

Moreover, according to an Aug. 9 X post by Ji Kim, chief legal and policy officer at the Crypto Council for Innovation, these seem to be positive reforms that the sector and CCI pushed for.

Users were given 30 days by the IRS to provide feedback on the preliminary form. A lot of people in the sector thought the April version was too stringent since it required reporting of a lot of different things, including the timestamps of transactions.

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Celsius Network is attempting to recover these funds. 

Paolo Ardoino, provided a clear account of what happened between them.

In response to Celsius Network’s Bitcoin (BTC) fraud accusation, stablecoin issuer Tether has declined to assume responsibility. The chief executive officer of the company, Paolo Ardoino, provided a clear account of what happened between them.

Celsius Network has sued the USDT issuer and its related organizations, claiming that they were complicit in the company’s insolvency. Based on today’s market value, the stablecoin corporation allegedly transferred Bitcoin worth around $2.4 billion using “fraudulent” and “preferential” means, according to the lawsuit.

Tether Refutes Allegations

Since the stablecoin issuer’s conduct at a crucial time leading up to the firm’s bankruptcy caused the collapsed estate to lose BTC, Celsius Network is attempting to recover those funds. But Ardoino reminisced to paint a picture of what happened in reality. He brought out the fact that Celsius was one of the clients provided USDT by the company.

Its agreement with these clients included overcollateralization in Bitcoin in exchange for USDT, a stablecoin tied to the US dollar, issued by Tether. The borrower is required to provide more collateral in the event that the value of bitcoin, which serves as collateral, drops below the margin call price. Tether may sell off the customer’s investment if more collateral is not delivered as per Ardoino.

The corporation seems to be implementing its policy of unprecedented risk management by accepting overcollateralization in assets such as Bitcoin. In 2022, when the price of Bitcoin took a nosedive, Celsius Network contacted the issuer of USDT and asked that they liquidate the Bitcoin held as collateral. 

Moreover, in response, the stablecoin provider sold the Bitcoin and sent the remaining funds back to the lender. Therefore, according to Ardoino, the accusation of fraud is without merit. As the Bitcoin in issue was used to cover the exchange’s position during that period. 

Highlighted Crypto News Today:

Ethereum Price Consolidates at $2.6K Amid Increasing Selling Pressure

Ark Invest dumped 400 units each of two ETFs that track Ethereum futures.

A net outflow of $15.8 million was seen in the spot Ethereum ETF flows on August 9.

Notable crypto market activity occurred on August 9 when Ark Invest, run by Cathie Wood, sold off a large chunk of its Ethereum futures exchange-traded funds. The outcome of this judgment can be bad news for Ether ETPs on the market. Also, in light of the increasing withdrawals from spot Ethereum ETFs, it signals a larger change in investor sentiment.

Ark Invest dumped 400 units each of two ETFs that track Ethereum futures. These are the ProShares Ethereum Strategy ETF (EETH) and the Ark Active Ethereum Futures Strategy ETF (ARKZ). There was a $21,112 EETH trade and an ARKZ sell of $12,056.

Strategic Move

Despite the tiny size of the divestiture, these numbers indicate that Ark Invest is orienting itself strategically. It may be a sign that people are losing faith in Ethereum ETPs and the short-term promise of the cryptocurrency. But Cathie Wood’s business has taken a more positive attitude toward cryptocurrency equities as of late.

Moreover, the company bought 145,420 Robinhood Markets Inc. (HOOD) shares on August 7. As the market began to show indications of improvement, it spent $2.4 million. In addition, the HOOD stock buy was made on the same day as Robinhood’s earnings announcement, when the stock price was $17.12.

Also, Coinbase Global Inc. (COIN) saw 13,833 shares purchased by Ark Invest. In the wake of Cathie Wood’s dump of Ethereum futures ETFs, the wider ETH market has been sending contradictory signals. A net outflow of $15.8 million was seen in the spot Ethereum ETF flows on August 9. The mixed sentiment was shown by the positive sum of $104.8 million for the week, however.

Highlighted Crypto News Today:

Ethereum Price Consolidates at $2.6K Amid Increasing Selling Pressure

Ethereum price dipped 0.35% in the last 24 hours according to CMC data. 

The altcoin has shown increased volatility in the past day, before surpassing $2.6K.

The beginning of August witnessed a spur of activity within the crypto sector. While most of the market attention was focused on the first-week market crash, regulatory activities, and notable partnerships took place. Meanwhile, this following week exhibits price revivals from key cryptocurrencies as Bitcoin retracted to $60K. Leading altcoin Ethereum also surpassed $2.5K after inching closer to a dip below $2,000. 

Notably, Ethereum’s price over the past week despite several bearish candles managed to break resistance at the $2,500 level. In the past 24 hours, fueled by bull-bear combats, the altcoin showed a 0.35% decline in price. Additionally, the token’s daily trading volume dipped 36.71%. 

In the Asian evening hours of August 9, ETH struggled to surpass $2.5K and traded at a low of $2,552. Following this, ETH made several attempts to sustain prices above $2,600 until the early hours of Saturday. At the time of writing, Ethereum was trading at $2,633 as per CMC data. 

Meanwhile, despite the ETH bulls marking a brief victory, the token shows signs of entering a consolidation phase at the $2.6K level. Additionally, the token exhibited strong bull-bear combats as prices showed intra-day fluctuations. This is indicated by the token’s RVI showing a sharp increase in the past day and currently standing at 46.43. 

Is Ethereum Showing Increased Sell-Offs After Recent Price Dip? 

Zooming out, in the past week ETH price shows 11.89% decline owing to the aforementioned price dips. While the token’s year-to-date performance stands at a 15.43% increase, its monthly performance shows price declines. Relatedly, the token’s short-term 9-day MA lies below the long-term 21-day MA indicating this bearish trend. 

ETH/USDT Daily Price Chart (Source: TradingView )

Moreover, Ethereum’s RSI stands at a low of 37.55 as per TradingView reports. This indicates a persisting selling pressure among investors. Additionally, according to coinglass data, ETH witnessed $23.29 million in liquidations over the last 24 hours. These inferences suggest that the altcoin might be facing sell-off surges after the recent dip. 

Furthermore, the US spot ETH ETFs also recorded outflows as of August 9 as per Sosovalue data. It marks the third consecutive day of outflows in the digital assets. 

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Ripple CLO Calls on Kamala Harris to Intervene Against SEC Actions

Ripple’s CLO asked Kamala Harris to act against the SEC’s war with the crypto sector. 

XRP price recorded modest hikes in the past day after its notable surge on Thursday.

The crypto market saw several key actions in the Ripple vs. SEC lawsuit this week. Ripple’s chief legal officer, Stuart Alderoty, recently asked Kamala Harris to end the SEC’s war against cryptocurrency. Meanwhile, the XRP token exhibits a price increase of 0.80% after showing notable surges on August 8.  

Notably, Alderoty delved into details of the ongoing lawsuit in a recent interview with CNBC. Additionally, the CLO stated in his X account that the current ‘admin’, must validate her crypto ‘reset’ by acting in the present. He noted that the SEC’s misguided war with crypto must be ended. 

Recently, on August 8, Ripple was asked to pay a $125 million fine by the US Securities and Exchange Commission (SEC) after which it expects the issuance of the final judgment. This announcement caused a positive price rally in the XRP token instigating a 22% daily increase on Thursday. 

Ripple’s CEO, Brad Garlinghouse stated in his X account:

“This is a victory for Ripple, the industry and the rule of law. The SEC’s headwinds against the whole of the XRP community are gone.” 

Furthermore, the SEC initially appealed for $2 billion in penalty fines which has been reduced by 94% approximately as the CEO stated. The Ripple vs. SEC lawsuit persisting since 2020 and the community expects it to draw to a close this year. 

How Did the Ripple vs. SEC Lawsuit Affect XRP Price? 

In the past 24 hours, XRP showed modest price hikes, while its daily trading volume plunged by 44.73%. As aforementioned, the token price shot up during the August 8 announcement. Zooming out, over the past month, with Ripple’s battle drawing to a close, the token has shown a notable surge of 33.33% increase. At the time of writing, XRP was trading at $0.5894, according to CMC data. 

Meanwhile, the firm also made several advancements in the global expansion sector. Recently, Ripple announced a partnership with Dubai’s DIFC Innovation Hub. Additionally, in the last 24 hours, the firm began private beta testing its stablecoin, RLUSD on the XRP ledger and Ethereum mainnet. 

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Is Bitcoin Price Struggling to Break $60K Resistance After Recent Dip?

Bitcoin price showed several attempts to surpass $60K in the last 24 hours. 

The cryptocurrency’s daily trading volume declined by 29.88% according to CMC data.

The cryptocurrency market is on a revival trend as prices have begun to once again reach their previous highs. However, the trend has not been linear as leading cryptocurrencies have exhibited struggles to surpass their previous resistance levels. Bitcoin, in the last 24 hours, made several unsuccessful attempts to surpass $60K. 

Parallely, Ethereum also slid back to the $2.5K level after reaching trading prices above $2,600. Notably, the largest cryptocurrency, Bitcoin in the last 24 hours showed a slight price decline of 0.76%. On August 9, BTC traded at a high of $61,794 after visiting $62K momentarily, only the previous day. However, towards the Asian evening hours, the cryptocurrency slid down to a low of $59,587. 

Following this, BTC showed fluctuations on Saturday as prices corrected at the $60K range. At the time of writing, the token was trading at $60,524 as per CMC data. Meanwhile, the daily trading volume showed a 29.88% decline after notable surges on August 9. On the other hand, Bitcoin’s market sentiment still shows existing selling pressures despite price recovery. This is indicated by the RSI standing at 46.73 as per TradingView reports. 

BTC/USD Daily Price Chart (Source: TradingView )

Moreover, Bitcoin’s short-term 9-day MA stands above the long-term 21-day MA reporting a bearish trend caused by the recent price dip. Additionally, the US spot Bitcoin ETFs also recorded outflows in the past day according to Sosovalue data. 

Will Bitcoin Experience Further Dips Before Price Breakouts? 

In the past month, Bitcoin initiated several price cycles which saw the token slide down to the $50K levels. According to market analyst Ali’s recent X post, he discussed the probability of a market ‘downswing’ before prices of cryptocurrencies reach new highs. In the case of such an occurrence, Bitcoin might trade at the $50K level before retesting new highs. 

Moreover, despite the recent dips Bitcoin has seen leading community members such as Micheal Saylor advocating for price breakouts in the coming months. Other market analysts have also advised traders to HODL BTC. 

Finally, if the token manages to break out of its current consolidation phase, it can be expected to test new levels in the coming months. 

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Success stories often highlight the transformative power of seizing the right opportunity. Take, for example, a college student who, in 2016, invested $500 in Ethereum when it was valued at just $10 per coin. By 2021, Ethereum’s price had increased over $4,000, turning his investment into a substantial sum.

Today, BlockDAG emerges as a compelling new opportunity, potentially offering similar returns. With its innovative approach and impressive presale success of raising over $65 million, BlockDAG positions itself as a top crypto investment for its community.

The Story of a Student’s Life-Changing Ethereum Investment

In 2016, a college student with a keen interest in technology and finance made a life-changing decision. He invested his savings of $500 into Ethereum, betting on its potential to revolutionize the digital landscape. Over the next few years, Ethereum’s innovative smart contract capabilities and growing adoption led to a dramatic surge in its value.

By 2021, Ethereum had transformed from a niche digital asset into a major cryptocurrency, with its price soaring above $4,000. This extraordinary rise multiplied the student’s investment, allowing him to graduate debt-free and invest in further education. His success story didn’t end there; it also enabled him to start his own tech startup. Ethereum’s remarkable growth illustrates the potential for early investments to yield life-changing returns, setting a precedent for the next wave of groundbreaking projects.

BlockDAG: A New Era of Decentralization

BlockDAG is more than just another entry in the crowded crypto market; it’s emerging as a top crypto with revolutionary potential. Unlike traditional blockchains, BlockDAG utilizes a Directed Acyclic Graph (DAG) structure, offering enhanced scalability, faster transactions, and a more decentralized approach. This cutting-edge technology solves many of the limitations faced by older blockchain systems, making BlockDAG a promising platform for both developers and investors.

The BlockDAG ecosystem supports a vibrant array of decentralized applications (dApps), from finance and logistics to digital identity management. The network’s use of BDAG as its utility coin will improve its long term prospects. With BDAG coins, users gain access to a diverse range of services, promoting an active and engaged community. This innovative approach to decentralized digital services sets BlockDAG apart from its competitors and positions it as a leading player in the crypto space.

BlockDAG’s Presale Success and Future Prospects

BlockDAG’s presale has already demonstrated impressive success. With over $65 million raised from the sale of more than 12.5 billion BDAG coins and $4.2 million from the sale of over 10,440 miners, the momentum is clear. The price of BDAG coins has surged from $0.001 in initial batches to $0.017 in Batch 21, reflecting a 1600% increase. Such rapid growth highlights the strong market confidence in BlockDAG’s future.

Experts predict that BlockDAG could achieve a presale milestone of $600 million, further boosting its attractiveness as an investment. This trajectory suggests that early investors could see substantial returns, making now an opportune moment to get involved.

Embrace the Future with BlockDAG

The success story of Ethereum demonstrates the potential rewards of investing early in groundbreaking technologies. BlockDAG, with its innovative technology and robust ecosystem, offers a similar opportunity for those looking to capitalize on the future of cryptocurrency.

As BlockDAG continues to progress, early investors and developers stand to benefit from its transformative potential. Investing in BlockDAG now could position you for significant financial success, mirroring the journey of those who first embraced Ethereum.

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 recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

Crypto projects utilize blockchain technology to enhance security, transparency and efficiency in their operations. Memereum and EarthMeta emphasize community involvement, either through staking or governance. Whereas, Tokero and Artemis focus on making their platforms accessible to a broad audience by simplifying user interfaces.

That’s where BlockDAG rules with a better game by incentivizing mining and referrals for revenue generation through the X1 Miner App. Unlike many platforms that require technical expertise, BlockDAG simplifies the mining process, making it accessible to both novice and experienced users. This has triggered potential miners to join the network, leading to over 10.5K miner sales.

1. BlockDAG’s $65M Success and Mainnet Launch

BlockDAG has recently launched the X1 Miner App within the ecosystem, transforming cryptocurrency mining. It offers an intuitive interface that simplifies the process for all users. With the ability to mine up to 20 BDAG coins daily, users can boost their earnings by inviting new miners to join. This community-focused approach enhances mining productivity and rewards, creating a thriving network of miners. The app is currently operational on the BlockDAG Development Network (Devnet), allowing users to start mining immediately. It provides a robust environment to optimize the software before transitioning mined coins to the Testnet and finally to the Mainnet.

Excitement is building for the upcoming Mainnet launch in just two months, which promises users a secure platform for managing and trading BDAG assets. BlockDAG has pushed the boundaries of blockchain technology, elevating the mining experience and resulting in over 10.5K miner sales. The ongoing presale has also been positively impacted as Batch 21 progresses with a coin value of $0.017. It has generated over $65 million, further fueling interest and investment in the BlockDAG ecosystem.

2. Memereum: Secure Crypto Platform with Potential

Memereum is a cryptocurrency platform that offers high returns and innovative security features. It provides blockchain-based insurance for various assets, protecting against potential losses. The platform allows users to stake tokens and benefit from new features like NFT distribution and MemeCard. Led by experienced professionals, Memereum aims to ensure security and reliability for both new and experienced investors.

3. EarthMeta: Metaverse and AI in Crypto 2024

EarthMeta is a promising crypto project in 2024, merging Metaverse and AI concepts to create a decentralized virtual world. Users can own and manage NFT-based virtual cities, influencing their value through governance. The $EMT token facilitates staking, trading and digital real estate activities. EarthMeta’s comprehensive ecosystem and presale strategy aim to position it as a leading platform, offering immersive experiences and investment opportunities in the Metaverse sector.

4. Tokero: Accessible Crypto for All Users

Tokero is a cryptocurrency platform offering individuals and businesses easy access to digital currencies. It enables the buying, selling and trading of cryptocurrencies, with support for major credit cards. Tokero provides educational resources, corporate accounts and an affiliate program. Its PRO service offers premium features for advanced users, ensuring a comprehensive experience in the crypto space.

5. Artemis: Redefining Digital Commerce Globally

Artemis is a blockchain-based platform revolutionizing digital commerce by facilitating direct, transparent transactions between vendors, buyers, service providers and seekers. By eliminating intermediaries, it reduces transaction costs and fraud risk, while smart contracts ensure secure, reliable trades. Integrating DeFi services like lending and yield farming, Artemis fosters global accessibility and economic freedom, supporting multiple languages and currencies for inclusivity.

How BlockDAG Wins the Game?

BlockDAG makes maximum use of blockchain technology, integrating a seamless mining process with the X1 Miner app. BlockDAG’s strategic phased transition from Devnet to Testnet and finally to Mainnet demonstrates a commitment to software optimization and user security.

This careful planning ensures that users can securely manage and trade their BDAG assets after the Mainnet launch and offers reliability that no other projects can match. Its impact by the 10.5K miner sale places BlockDAG to lead the top 5 cryptos for 2024, followed by Memereum, EarthMeta, Tokero and Artemis.

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

Binance, the global blockchain ecosystem behind the world’s biggest cryptocurrency exchange, revealed today that it now has a remarkable 1 million subscribers on its official YouTube channel, making it the first crypto brand to achieve this milestone.

The rapid growth of Binance’s YouTube channel is attributed to the success of its educational content, which includes explainer videos and product tutorials. Of particular note is its content surrounding its pioneering partnership with Cristiano Ronaldo, which aims to bring new users and fan engagement in the blockchain ecosystem through Web3.

Over the last five years, “finance” has been one of the top three worldwide YouTube searches, according to Google. Chief Marketing Officer (CMO) of Binance, Rachel Conlan, discusses this trend and how Binance’s educational YouTube videos help it achieve its mission of promoting sustainable financial innovation and adoption.

Conlan said:

“Our goal is to build the industry responsibly by educating people about Web3 and crypto. YouTube is a key part of this strategy, reaching a global audience that is more financially curious and literate than ever. The fast adoption of crypto shows that digital assets are becoming a significant part of the global economy.”

Binance doubled its user base in under two years, reaching 200 million users in June 2024. This quick expansion points to a wider change in the cryptocurrency market from early adopters to the early majority.

Conlan added:

“Reaching 200 million users reflects the growing financial curiosity and awareness among the broader public. To celebrate achieving this milestone, we’ll enhance our YouTube content, focusing on edutainment and new content series to position Binance as the go-to platform for the next one billion users, furthering financial freedom worldwide.”

Ethereum (ETH) surges 10% to $2,670 after hitting $2,116 support.

ETH struggles against Bitcoin’s dominance, trading at 0.0437 ETH/BTC.

Analyst Ali Martinez predicts potential breakout to $2,820 despite bearish indicators.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has demonstrated remarkable resilience in the face of recent market turbulence.

After touching a critical support level of $2,116 earlier this week, ETH staged a powerful comeback, surging 10% in a 24-hour period to reach approximately $2,670 during the mid-London trading session on Friday.

With a substantial market valuation of $321 billion and a daily trading volume of $23 billion, Ethereum continues to assert its significance in the cryptocurrency landscape.

Ethereum in challenging position relative to Bitcoin

Despite this impressive rebound, Ethereum finds itself in a challenging position relative to Bitcoin. The ETH/BTC trading pair currently hovers around 0.0437, reflecting a prolonged period of underperformance against Bitcoin dating back to December 2021.

This struggle coincides with Bitcoin’s dominance reaching levels not seen since April 2021, highlighting the shifting dynamics within the crypto market.

The recent approval of spot Ether ETFs in the United States, rather than providing a bullish catalyst, has paradoxically led to a “sell-the-news” reaction. This sentiment has been further exacerbated by significant cash outflows from Grayscale’s ETHE, adding downward pressure on Ethereum’s price.

Looking ahead, Ethereum bulls face a potentially challenging landscape as the crypto industry braces for what historically have been bearish months in August and September.

However, a glimmer of hope emerges from the weekly chart, where the potential formation of a dragonfly candlestick pattern could signal a robust bullish move following a successful reversal.

Market moves were recently explained by global head equities strategist at Goldman Sachs.

Jobs numbers that were lower than anticipated also played a role.

This past week’s financial market selloff is proof that market participants are worried about a US recession. Even if some experts have eased worries about the economy, helping the market as a whole recover. Others are still waiting for further signs before jumping into the investing field. Put another way, there are investors who are trying to get a feel for the stock. And the crypto market selloff isn’t going away anytime soon.

Market moves were recently explained by Peter Oppenheimer, global head equities strategist at Goldman Sachs. To help put the current market changes in perspective, he provided some historical background.

Substantial Impact

At the same time, the unwind of the carry trade was the main driver of the recent sell-off in the global financial markets, adding to the fears about a US recession. To put it in perspective, the investors here take out loans denominated in a lower-yielding currency (the yen) in order to invest in a higher-yielding currency (the dollar).

The yen hit a four-month high against the dollar last week as the Bank of Japan launched its biggest rate hike since 2007. The dollar lost value at the same time as US Federal Reserve officials hinted at possible interest rate reduction. The popular carry trade unwind as a result of this situation, which added to the market sell-off.

Jobs numbers that were lower than anticipated also played a role. Unemployment rose beyond 4.3% and initial jobless claims unemployment benefits were lower than expected, setting off the Sahm Rule, a leading indication of a recession.

As fears of a US recession intensified, these factors combined to provide the worst trading day for the S&P 500 in over two years, with a substantial impact on the crypto market. However, Bitcoin has shown resilience and reached $60,000 mark at the time of writing.

Highlighted Crypto News Today:

Ethereum Price Struggles to Break $2.5K Resistance Amid ETF Outflows

Solana (SOL) price jumps in 24 hours, trading at $157 range.

Technical indicators suggest bullish momentum, with potential to test $181.50 and $200 levels.

SOL’s market cap is near Binance Coin’s, requiring just over $1 billion to surpass it.

Solana (SOL) has demonstrated remarkable resilience, successfully breaking through key resistance levels and positioning itself for potential further gains. As the fifth-largest cryptocurrency by market capitalization, SOL’s recent performance has sparked discussions about its prospects in the ongoing crypto bull run.

Solana’s price action has been nothing short of impressive, with the token recording a surge in the past 24 hours alone. This upward movement has propelled SOL to a trading price of $157.24, accompanied by a robust trading volume of $4.781 billion.

The token’s ability to retest and hold above the critical support level of $127 has set the stage for its current bullish trajectory.

Solana technical indicators show potential trajectory

Technical indicators offer further insight into SOL’s potential trajectory. The Simple Moving Average (SMA) has exhibited a bullish convergence on the daily timeframe, signaling an uptick in buying pressure for the SOL token.

Complementing this, the Moving Average Convergence Divergence (MACD) indicator displays a consistent decline in its red histogram, with its averages hinting at an impending bullish crossover. These technical signals collectively paint an optimistic picture for Solana’s short to medium-term prospects.

Looking ahead, Solana’s ability to maintain its position above the crucial $155 support level will be pivotal in determining its near-term price action. Should the bulls successfully defend this threshold, SOL could set its sights on the $181.50 resistance level.  

Initial coin offerings are essential for blockchain projects looking to raise capital and enter new markets. The most appealing investments are shown by closely examining elements like project viability, market demand, fundraising performance, and community involvement.

This overview unveils the top five ICOs poised to dominate in 2024. Featuring leading names such as Pawfury and the XRP ETF, BlockDAG‘s initial offering shines brightly, swiftly securing $65 million. Armed with innovative DAG technology and strong growth prospects, BlockDAG aims for a market price of $1 following its introduction.

1. BlockDAG: Unleashing Blockchain’s New Era

BlockDAG emerges as the elite layer 1 blockchain, fueled by principles from Bitcoin and Kaspa, and stretches the limits of tech ingenuity. Fully EVM-ready, it equips developers to smoothly integrate Ethereum-based smart contracts, reshaping the blockchain universe. With pioneering tools like the Explorer Platform and an intuitive Low Code/No Code Platform, BlockDAG opens up smart contract crafting to all, from experienced tech gurus to beginners. This tech giant not only accelerates deployment but also enhances efficiency and scalability, laying the groundwork for extraordinary expansion and redefining the digital world’s mechanics.

BlockDAG’s presale narrative speaks volumes of its tech allure, with a staggering 12.5 billion coins claimed and $65 million gathered by the 21st batch. The BDAG price is eyed to reach $1 following its public debut, hinting at a growth trajectory that could overshadow many well-known projects. This rapid rise marks BlockDAG as a transformative powerhouse in the crypto arena, spotlighting it as a top-tier investment avenue.

2. Pawfury: Charging Ahead into 2024

Pawfury has surged to the forefront, racking up over $4 million in presale tokens. This DeFi gem dazzles with its high APY and incentives for long-term stakers. With tokenomics crafted for enduring growth and a 10% early bird bonus, Pawfury is on track to dominate in 2024.

3. Solciety: The Meme Culture Phenomenon

Solciety stitches meme magic into the Solana blockchain fabric, with token sales hitting $0.002289 and fundraising topping $1 million. This platform, steeped in political zest and driven by community, is becoming a hotspot for engagement. Merging wit with technology, Solciety is setting the stage for a thriving community keen on mixing laughter with impactful dialogue, redefining the scope of digital interaction.

4. 5th Scape: Venturing into Virtual Realms

5th Scape is capturing the spotlight, amassing nearly $7 million with tokens priced at $0.00376. It aims to redefine digital engagement through a groundbreaking virtual reality experience. Marrying avant-garde technology with a focus on user interaction, 5th Scape is carving out a new era in virtual engagement, offering a gateway to uncharted digital territories.

5. XRP ETF Token: Merging Finance Frontiers

XRP ETF Token is making waves by linking the robust world of traditional finance with the agile sphere of cryptocurrency, with tokens valued at $0.08 and a funding pool of over $340,000. This initiative seeks to fuse Wall Street with crypto innovations, blending trusted financial mechanisms with blockchain’s cutting-edge approaches, thereby unlocking novel avenues for investors.

Bottom Line

2024 is shaping up to be a year of significant transformations in the crypto world, with ICOs paving the way for both novel investment avenues and growth trajectories.

Amidst competitors like Solciety and 5th Scape, BlockDAG claims a leading position due to its superior technology and impressive potential for expansion. This positions BlockDAG as a prime choice for investors, promising robust returns and sustained progress. With its price expected to surge to $1, BlockDAG represents an enticing option for those scouting for high-stake opportunities.

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