The German state of Saxony is rapidly depleting its Bitcoin reserves, transferring another batch of consolidated assets to crypto exchanges on Thursday. 📉

Earlier this year, the government seized Bitcoins from movie piracy site Movie2K and auctioned off BTC worth approximately $3 billion.

On Thursday, Bitcoin wallets affiliated with German authorities transferred 10,567 BTC (about $600 million) to various organizations, including Bitstamp, Coinbase, Kraken, Flow Traders, and Cumberland DRW.

According to Arkham Intelligence's blockchain data, these transactions occurred in multiple batches throughout the day. The wallets now hold just 6,894 BTC ($394 million), which is a drop from almost 50,000 BTC when they started selling three weeks ago.

At this pace, it may be possible for Germany to complete the sell-off on Friday or early next week, considering they've offloaded around 35,000 BTC this week alone.

The German government's Bitcoin sale has made headlines over the past few weeks, leaving crypto investors worried about its impact on the market. Many attributed the recent decline in asset prices to fears of an oversupply.

Bitcoin is trading at $57,281, down 6% in the last week and 15% in the last month. Meanwhile, a series of bear events has pushed the Crypto Fear and Greed Index, an indicator that tracks market sentiment, into "Extreme Fear" territory for the first time since January last year. 🐻

Bitcoin price has fallen recently and broke many support levels. This comes after positive reports about US inflation have left some investors wondering why the market is falling. 🔍

According to technical analysis, the price started to decline after being rejected at $70K and settled below the 200-day moving average. Currently the market is hovering around $57K. However, the 200-day moving average has prevented the price from recovering, so a drop to $52K seems likely in the coming weeks. 📉

Analyzing the behavior of BTC miners can be useful to find the underlying reasons for the recent decline. The Miner Reserve metric measures the amount BTC miners hold in their wallets. Decreases in this metric indicate that miners are selling more Bitcoin than they are producing, which could be a bearish signal. In recent months, the Miner's Reserve metric has plummeted. This suggests that miners may not be expecting further bullishness in Bitcoin. This selling pressure could cause the price to drop further.

This week we take a closer look at Ethereum, Ripple, Cardano, Dogecoin and Polkadot.

After a rough start to July, Ethereum rebounded 7% this week and recouped some of the recent losses. During this period, the price rose above $ 3000. 📈

Ripple (XRP) has bounced 15% from the 38 cent support this week. At this rate, it might even be possible for the price to test the major resistance at 54 cents in the near future.

Cardano (ADA) made a strong bounce from the 31 cent support and closed the week with an impressive 22% jump. This bounce is encouraging and has erased some of the recent losses.

This week DOGE finally showed signs of life with a 10% bounce from its 9 cent support. But buyers are still hesitant after dominating for just a few days this week. 🐕

Polkadot (DOT) made an impressive bounce from the $5.3 support, but buyers haven't really followed through lately. Still, this cryptocurrency closed the week with a 9% price increase, which is a welcome change compared to the past.

These analyzes can be a guide to predict the future movements of cryptocurrencies. However, as always, manage your investments carefully and make sure you understand the risks.

On July 12, Ripple (XRP) rose 6% to $0.47 despite the overall market decline. This price increase coincided with optimism about a possible resolution of Ripple's litigation with the SEC. 📈👀

The cryptocurrency industry is in the red today, with global market cap down 1.5% to $2.22 trillion. Major digital assets such as Bitcoin (BTC) and Ethereum (ETH) fell approximately 2% on the day, while Solana (SOL), Dogecoin (DOGE), and Shiba Inu (SHIB) performed worse.

However, a leading cryptocurrency called Ripple (XRP) has defied the negative trends. Its price rose to $0.47, representing a 6% increase on a 24-hour scale and an 18% weekly increase. This is a significant reversal from the one-year low of $0.39 recorded during last week's heavy market correction.

XRP's price revival comes at a time when expectations are rising for the long litigation between Ripple and the U.S. Securities and Exchange Commission (SEC) to end. Claiming that the outcome of the case could occur as early as this month, American lawyer Fred Rispoli argued that it would include a maximum penalty of $ 25 million and an unfair gain of $ 0 for the company.

Another person who believes the case could officially end this summer is attorney Jeremy Hogan. He predicted a settlement of $100 million and ill-gotten gains of $0. However, due to the complexity of the legal process and possible objections from both sides, the case is likely to be extended indefinitely.

Popular crypto privacy protocol Railgun successfully thwarted Inferno Drainer's attempt to launder the stolen funds, and the funds were returned to the original wallet. In a July 10 post by SlowMist's anti-money laundering tracking system, MistTrack on X, an attempt to launder 174 ETH worth approximately $533,000 was stopped by Railgun. This forced the thieves to send the stolen ETH back to the Inferno Drainer's original wallet.

Notorious multichain crypto drainer Inferno Drainer operates in scam service mode. He used sophisticated phishing sites to trick victims into connecting their crypto wallets to the attackers' network.

Railgun has been labeled as an alternative by experts following US government sanctions against the crypto mixer. Railgun has denied allegations that it is being used to launder digital assets stolen by North Korea and other US-sanctioned entities.

Former US president and current Republican presidential candidate Donald Trump will speak at one of the biggest crypto events this month. After Trump changed his stance on Bitcoin and cryptocurrencies, his chances of winning the upcoming US presidential election have increased. Trump said he would block the creation of a central bank digital currency in the United States if elected. He also promised to protect Bitcoin from regulatory overreach and crypto critics like Senator Elizabeth Warren. Trump also backtracked on his reluctance to accept crypto donations. In May, the Trump campaign team began accepting donations in any cryptocurrency. Trump has won the support of industry leaders for his promise of a better future for cryptocurrencies in the US. Trump said he plans to create an environment that can mine all remaining bitcoins in the United States. He believes that this move will strengthen the country's energy dominance. 🇺🇸💰

Shares of Bitcoin development firm MicroStrategy rose 3% on Thursday after the company's executive chairman, Michael Saylor, announced an upcoming 1-for-10 stock split. This move will make the shares much more affordable for smaller investors to provide minimal exposure to MSTR. This action will be applied to MicroStrategy's class A and B common shareholders, they will receive 9 additional shares for each share. While a stock split does not affect each investor's stake in MicroStrategy, it does severely reduce the value of a single share. Therefore, when the stock split begins on August 8, the value of MSTR shares will likely drop to a small fraction of its current price. 📉📈

In 2024, the US Securities and Exchange Commission (SEC) approved Bitcoin (BTC) and Ethereum (ETH) spot exchange-traded funds (ETFs). This has created excitement for future crypto ETFs, including Shiba Inu (SHIB). 🎉📈

A SHIB ETF can facilitate investment and increase demand, but it is also focused on centralized control and additional fees. LUCIE, Marketing Strategist at Shibarium, explained why a SHIB ETF would be a “great” option. The first plus mentioned was "accessibility".

On the other hand, LUCIE cited several reasons why a SHIB ETF “might not be great for DeFi.” ETF investors may miss out on activities such as staking and management because they do not directly own cryptocurrencies. Additionally, exchange-traded products involve management fees and regulatory oversight and can potentially lead to “market manipulation.”

"ETFs can centralize control of SHIB, potentially leading to market manipulation, going against the transparency of DeFi but offering stability to volatile markets. In essence, the impact of a SHIB ETF on DeFi varies depending on perspective, balancing advantages with potential disadvantages. So, "It's a situation where we have to decide what's better for ourselves." concluded LUCIE.

The market value of Argentina's fan token, ARG, almost doubled as they advanced to the Copa America finals. 🚀 The price of the token increased by more than 65% in the last 24 hours, making it the second largest football token on the market. According to CoinGecko data, the price of the ARG token increased by 98.8% last week, reaching $2.34, the highest level since May 30. 📈

This increase in value has made ARG the most heavily traded fan token on the market. Daily trading volume increased by 578.50%, reaching 23.8 million dollars. This figure is more than four times that of the Paris Saint-Germain fan token, which is the largest football token in terms of market value.

However, it is still below the record of $32.4 million reached ahead of the 2022 Qatar World Cup, which Argentina also won. This tournament allowed the token to reach its all-time high of $9.1.

Meanwhile, the Spain National Football Team fan token (SNFT) also saw a 10% increase in value after Spain beat France in the European Championship. On Tuesday, Spain's 2-1 win caused the price of SNFT to rise from $0.023 to $0.026.

The ARG token was issued in 2021 by the Argentine Football Federation through Socios.com, a fan activity platform powered by the Chiliz blockchain. Chiliz.net serves as the primary trading platform for sports and entertainment tokens and has partnered with Chiliz ($CHZ) and Socios.com.

ARG token holders gain access to a variety of exclusive team activities, experiences and VIP services. These include the opportunity to meet the team's players and access to the Estadio Monumental, a historic football stadium in Buenos Aires, Argentina.

Paxos, the blockchain infrastructure platform behind the Binance USD (BUSD) stablecoin, announced on Thursday that regulators have dropped an investigation into the firm regarding its dollar-pegged tokens. This result represents a major legal victory for the crypto world, where a thick fog reigns over the legal classification and regulatory treatment of stablecoins. 🎉

After Paxos began its investigation of BUSD in February 2023, the Securities and Exchange Commission (SEC) sent Paxos a formal termination notice on July 9, indicating that it would not take further enforcement action. “Paxos Trust Company has always maintained that its USD-backed stablecoins are not securities under the federal securities laws and that the Wells Notice is unfair and unfair,” Paxos said in a press release on Thursday. 📜

BUSD was the third-largest stablecoin alongside Tether (USDT) and Circle USD (USDC) and was rapidly gaining market share thanks to Binance's efforts to build liquidity around it. However, Binance was forced to abandon the asset, and since 2023, Tether's stablecoin dominance has exploded to 69.19% of the entire market.

The outcome of the SEC's investigation into Paxos and BUSD has great significance for the crypto industry. USDT and USDC operate in a very similar way to how BUSD operates, which means a court ruling that BUSD is an unregistered security could leave Tether and Circle facing a similar fate.

Binance is being charged by the SEC for allegedly issuing and trading multiple unregistered securities on its platform – one of which was allegedly BUSD.

For the last 8 months, Ripple price has been exhibiting a rather annoying consolidation behavior. However, the situation may soon change, but not necessarily for the better. 📉

On the XRP/USDT chart, the price has slowly declined recently and traded below the $0.5 level and traded as low as $0.37. However, the $0.4 support zone prevented a daily candle close below the zone and is currently holding the market. In this case, a recovery towards $0.5 is expected in the short term. However, if the level drops, the price will likely drop further. 📈

The situation is slightly better on the XRP/BTC pair chart. Ripple has shown more resilience compared to Bitcoin during the recent crypto decline. The price recovered from the 700 SAT support level and is currently moving towards the 900 SAT resistance zone.

The 200-day moving average is also approaching the price, around the 1000 SAT mark.

If the market can break both the 900 SAT level and the 200-day moving average, Ripple could finally start a new uptrend in the BTC pair and potentially the USDT pair.

Ripple has achieved significant partial legal victories throughout 2023 in its ongoing legal battle with the US Securities and Exchange Commission (SEC). 🏛️ The potential penalty is still controversial, with the SEC recommending a penalty of $102.6 million while the company appears to be seeking a maximum penalty of $10 million.

The legal conflict between Ripple and the SEC remains one of the most intriguing topics in the crypto space. Ripple was accused of illegally raising more than $1.3 billion through an unregistered securities offering through the sale of XRP.

Ripple has the upper hand after scoring three significant (but partial) court victories. 🏆 The price of XRP increased by over 70% within 24 hours after this decision.

Ripple's potential fine has become another sticking point in the case. While the SEC initially sought a penalty of $2 billion, the company appeared to seek no more than $10 million.

Although the case is in its final stages, a conclusion may be delayed indefinitely due to the complexity of the legal process and possible objections from both sides. But some optimists believe a deal could happen in the coming weeks.

Famous Canadian musician Drake lost a big Bitcoin bet after Canada beat Argentina in the Copa America semi-finals. 🎵⚽️

Drake often bets large amounts on popular sporting events. Earlier this week, he placed a $300,000 Bitcoin (BTC) bet on Canada beating Argentina. However, Argentina won the match with a 2-0 victory.

This isn't the first time Drake has lost large sums of money betting on similar events. Last month, he placed a $500,000 BTC bet on the Dallas Mavericks beating the Boston Celtics in the NBA finals. However, the Massachusetts club achieved its league record 18th with a final score of 106-88.

Drake's multiple losses in betting led to the creation of the phrase "Drake curse." This statement refers to a superstition that any team or athlete that Drake openly supports generally tends to perform poorly.

Binance, the world's largest cryptocurrency exchange, announced on July 17 that it would halt deposits and withdrawals for all networks for approximately an hour. The reason is a planned wallet maintenance that will take an hour. The company stated that cryptocurrency trading will not be affected during this process, and deposits and withdrawals will be reopened if the network is deemed "stable".😮💰

Binance announced that it has removed several altcoins from its services, including BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastarter (POLS). This caused the prices of these altcoins to drop at double-digit rates. DOCK in particular is down more than 50% on a 24-hour scale.

Removal of a cryptocurrency from a major platform like Binance can lead to a significant price drop due to reputational damage, reduced liquidity, decreased investor confidence, and other setbacks. This was also seen when the exchange terminated Monero (XMR) services this year. This move caused the price of the popular privacy coin to drop 35%.

Rostin Benham, Chairman of the CFTC (Commodity and Futures Trading Commission), stated that an Illinois court has officially ruled that Bitcoin (BTC) and Ethereum (ETH) are commodities. “In its decision, the court confirmed that Bitcoin and Ether are commodities within the meaning of the Commodity Exchange Act,” Benham said at a US Senate committee hearing. 🏛️

This decision clarified Ether's regulatory classification, which was previously filled with uncertainty. The SEC (Securities and Exchange Commission) had refused to provide a clear statement about Ether. However, developments in recent months have led the crypto industry to assume that Ether is de facto considered a commodity. 📜

Benham requested legislative authority from Congress to make clear that the CFTC is required to provide information about the structure of commodity-based tokens. He also said, "The Committee should consider a disciplined, balanced framework for designating tokens as commodities or securities under existing laws."

Wallets linked to CoinStats recently moved nearly $1 million worth of Ether to controversial crypto mixing protocol Tornado Cash. Blockchain security firm CertiK noted that the two wallets associated with CoinStats' June security breach held a total of 311 ETH (worth approximately $959,000). CoinStats reported on June 22 that it received a security breach and a notification offering a misleading reward offer to its users.

Despite legal challenges and significant pressure, Tornado Cash is still widely used to launder stolen funds. In August 2022, the US Treasury Department banned the use of the service by US citizens, residents and companies. Tornado Cash developer Alexey Pertsev was arrested in Amsterdam on suspicion of involvement in money laundering through an Ethereum mixing service and was sentenced to 5 years and 4 months in prison last May. 🚨💰

Investment bank Zodia Markets Ltd. is discussing buying part of Elwood Capital Management Ltd. The firm is backed by billionaire hedge fund manager Alan Howard, and the deal is expected to close later this month. Elwood Capital offers over-the-counter (OTC) crypto trading and settlement services. 🏦💰

For Zodia Markets, the move will be strategic as it will provide it with licenses as a virtual asset service provider and investment business in Jersey and support a shift towards OTC settlement services. Zodia's crypto exchange launched in mid-2022 when the industry entered a bear market and discontinued its services in early 2024.

The company's main goal is now to "deliver fast, wholesale, cross-border settlement services between fiat currencies and stablecoins, leveraging its relationship with Standard Chartered," he said. OTC settlement operations now handle $50 to $60 million in daily trading volume.

Standard Chartered stated in a blog post earlier this year that cryptocurrencies, particularly stablecoins, are a permanent part of the future of finance. However, the asset has been in a downward trend since its all-time high in March.

Ethereum (ETH) became the top trending token after major financial firms filed updated S-1 forms for spot ETH ETFs. Trading is expected to begin on July 18 at the earliest.📈

While Ripple's XRP gained popularity during the Ripple v SEC case, other notable cryptocurrencies such as Celestia (TIA) and Bonk Inu (BONK) are also showing significant price increases.🚀

The price of ETH has increased slightly in the last 24 hours and is currently trading around $3,100. Some analysts predict that it is time for a new bull run.

Ripple (XRP) found a place on an important list: Report.

Paxful co-founder and former CTO Artur Schaback was convicted on charges of willfully failing to establish, develop, implement and maintain a compliant AML program required by the Bank Secrecy Act. 🚨

The US Department of Justice announced that Schaback did not collect required KYC information from customers who opened accounts on Paxful between 2015 and 2019. It was also alleged to have misleadingly marketed its AML policies to third parties and failed to file any suspicious activity reports.

By neglecting to implement AML and KYC programs, Schaback turned Paxful into a "tool" for money laundering, sanctions violations, and a variety of other criminal activities. 🚔

Schaback's sentencing is scheduled for Nov. 4. The maximum penalty is five years' imprisonment. This will be determined by a federal court judge who will consider the U.S. Sentencing Guidelines and other legal factors. During this time, Schaback will also leave Paxful Inc.'s Board of Directors.

According to analysts, the final decision period for Solana ETFs is expected to be around mid-March 2025. This comes after the Chicago Board Options Exchange (CBOE) filed applications to list VanEck and 21Shares' proposed ETFs on Monday. CBOE filed two Form 19b-4 filings for the 21Shares Core Solana ETF and the VanEck Solana Trust. These potential funds are likened to previously approved spot Bitcoin and spot Ether ETFs, which received SEC approval in January and May, respectively. The SEC has 240 calendar days to approve or deny CBOE's 19b-4 filing to list products from VanEck and digital asset manager 21Shares. This is the first recommended ETF products based on Solana's price. Solana is the fifth largest cryptocurrency. 📈🗓️