Cryptocurrency

Two new addresses received about 29,800 BTC, or roughly $2 billion, from a U.S. government-labeled address linked to the Silk Road seizure. Investors are worried about this significant fund movement, which has sparked rumors of a possible sell-off. The mere possibility of these funds being sold has caused fear and uncertainty in the market, even though it is unlikely that they will be. The mood of the market was beginning to improve prior to this abrupt turnabout. At $68,000, Bitcoin had been consolidating, indicating a possible breakout to higher levels. Positive signs were seen across a range of cryptocurrencies as the market as a whole began to steadily recover. Still, this recovery is now somewhat uncertain given the recent price action. In its current state, Bitcoin is unstable, trading at roughly $66,770. Bearish sentiment has emerged as a result of the inability to break through $70,000. The 50 EMA and 100 EMA, which are presently at $64,000 and $63,000, respectively, are important support levels to keep an eye on. Upward pressure might be redirected if these levels are held. Bitcoin’s near future is still unknown. Despite the concerns raised by the Silk Road money transfer, it is important to take the larger market environment into account. If Bitcoin is able to hold its support levels and the positive sentiment returns, a market recovery may still be imminent. To determine the next course of action, investors should monitor trading volumes and general market trends.Although the breakout from the descending channel first suggested a potential reversal, the subsequent price decline highlights a crucial problem: insufficient trading volume. Any upward momentum must be sustained by trading volume, and Shiba Inu is currently severely undersupplied. It is also challenging to sustain the breakout due to unfavorable general market conditions. Significant withdrawal by whales is another important factor impacting SHIB’s performance. The departure of these big players has led to a substantial drop in volatility. Usually, whales bring trading activity and liquidity to the market; however their departure has created a hole that is difficult to fill. A major setback to SHIB’s chances of building on its breakthrough has been this abandonment. Technically speaking, the price movements of Shiba Inu are still unstable.While breaking out of the downtrend was a good thing, the fact that the breakout was not sustained because of low volume and unfavorable market conditions suggests that problems persist. Specifically, the recent lows within the descending channel are important support levels to keep an eye on. Everyone is thinking the same thing: can DOGE get enough support from buyers to go against the trend and overcome the resistance? Based on the given chart, DOGE is currently trading at approximately $0.13. It has been difficult for the price to rise above the descending triangle’s upper boundary.If the current trend persists, DOGE may experience a substantial price decline, as this pattern typically signifies that selling pressure outweighs buying interest. That being said, there is still hope. If buyers reenter the market and generate enough volume, Dogecoin could break through the triangle’s upper resistance. A spike in volatility due to this discovery would probably raise the price. Depending on the state of the market, a successful breakout from this pattern might lead to DOGE testing higher resistance levels – possibly as high as $0.15.This article was originally published on U.Today More

Hybrid cryptocurrency exchange GRVT, ZKsync’s first official Validium ZK Chain, will launch its Open Beta testnet on August 5. The public test aims to assess key account management and trading features, as well as users’ native biometric-enable self-custodial GRVT Wallet. During the test, participants will have the opportunity to earn $ZK tokens, points for future GRVT airdrops, and other rewards by completing a series of quests. The first challenge is to be among the first 30,000 people to successfully verify their account on GRVT to earn exclusive ZKsync rewards. Additional incentives are provided for sharing feedback on the testnet and participating in a future Bug Bounty program.The GRVT team will enhance existing features and introduce new ones along with the Open Beta, including cross-chain bridging and Paymaster integration to reduce gas fees. Users can stay tuned for more future updates. For more information and to sign up for GRVT’s waitlist, users can visit https://grvt.io/. About GRVTGRVT (pronounced “gravity”) is a hybrid derivatives exchange enabling off-chain order matching and on-chain settlements at 600,000 TPS. Founded in 2022 and backed by Matter Labs, GRVT is ZKsync’s first official Validium ZK Chain. Our mission is to democratize the financial market with secure, self-custodial solutions, providing a safe, efficient and simple trading environment for everyone.GRVT official website: https://grvt.io/ Social and Community: X | LinkedIn | Telegram | DiscordContactReed LiGRVTreed@grvt.ioThis article was originally published on Chainwire More

While Bitcoin (BTC) has dipped by over 5% in the last 24 hours, XRP has surged by nearly 5%, highlighting its independence from the broader cryptocurrency market trend.At the time of writing, XRP was up 3.78% in the last 24 hours to $0.6327, as nearly the entire crypto market traded in red. The token was likewise up 6.21% in the last 24 hours.The crypto market extended Monday’s sell-off as traders looked ahead to central bank meetings this week. XRP, on the other hand, reversed Monday’s losses to trade in green.XRP subsequently rose from a low of $0.597 to reach an intraday high of $0.635 before settling at its current price.XRP is likewise gaining strength against Bitcoin, with the XRP/BTC pair rising by as much as 5% on the Binance exchange. Notably, XRP has been gaining ground against Bitcoin and is set to mark the third consecutive day of gains.On July 30, the SEC responded to the court’s minute order dated July 9, 2024. In the filing, the SEC stated that it wishes to amend its complaint addressing “Third Party Crypto Asset Securities,” as specified in its opposition to Binance’s petition to dismiss.According to the SEC, this eliminates the need to “issue a ruling as to the sufficiency of the allegations concerning those tokens at this time.”As reported, the ruling judge in the Binance lawsuit cited Judge Analisa Torres’ 2023 ruling in the Ripple lawsuit in granting the motion to dismiss the secondary BNB sales claim.As a result, the latest update in the Binance case could be significant for XRP in the Ripple lawsuit, which is now awaiting a final verdict, contributing to the current optimism surrounding XRP.This article was originally published on U.Today More

According to the expert, with global investable assets of around $900 trillion, BTC currently represents just 0.15% of that amount at a price of $67,000. If Bitcoin made up 1% of the global investment market, its value could soar to $428,000 per coin. Thus, Lavish’s forecast implies a staggering 548% increase from the current price. Well, in the meantime, the Bitcoin price recently encountered resistance around the $70,000 mark before falling to around $66,000. This recent drop resulted in a 5.6% decline in less than 48 hours. The ambitious target proposed by the expert may seem far-fetched, but it is gaining some credibility thanks to the growing participation of large financial institutions, such as BlackRock (NYSE:BLK) and Franklin Templeton, in Bitcoin ETFs.The increased participation of the largest of the financial institutions is indicative of growing interest from both retail and whale investors, potentially pushing the value of BTC higher.Such significant growth, however, will definitely not happen in a flash and will require no small amount of time and patience. In any case, this is exactly what the historical trends on the crypto market testify to.This article was originally published on U.Today More

According to CoinGlass data, $160.67 million accounted for crypto liquidations, with a larger chunk of this, $136 million, representing bullish bets.Traders had leveraged long positions over the weekend, with Bitcoin reaching nearly $70,000 in Monday’s trading session — a trend that is now “selling off” on recent concerns of selling by the U.S. government and the Fed meeting outcome.Bitcoin and the entire crypto market fell as traders took note of signals that the U.S. government may sell portions of its sizable crypto holdings. According to blockchain research firm Arkham Intelligence, a U.S. government-linked wallet transferred $2 billion in Bitcoin to a new address on Monday.Bitcoin dropped to a low of $65,875 on Tuesday before rising somewhat to trade around $66,330 at press time. On Monday, the world’s largest cryptocurrency approached $70,000 for the first time since mid-June.The majority of cryptocurrencies were also sustaining losses at press time.The Federal Reserve’s July meeting begins Tuesday and ends Wednesday, with a monetary policy decision and press conference by Fed Chairman Jerome Powell.Markets broadly expect the central bank to leave interest rates steady this week, but many investors are hopeful that policymakers will provide new signals about the outlook for rates.This Tuesday is expected to see the release of key economic data. Later this week, ADP’s private payrolls report is due, as well as the July jobs report, which includes nonfarm payrolls and unemployment statistics.This article was originally published on U.Today More

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, will host Web3 experts to discuss “Blinks, AI, Ignition: Bridging Web3 and Web2.” This livestream will take place on Jul. 31, 2024, at 10AM UTC, and will focus on new crypto innovations that embed blockchain apps in traditional digital environments like Facebook (NASDAQ:META), Twitter, et al with new crypto payment rails, unlocking productivity and ownership gains for content creators and small businesses globally.The hour-long session streamed via Bybit’s platform, will explore developments within social ecosystems, artificial intelligence, and how to unlock liquidity by using BTC as collateral via innovative FBTC’s Ignition system.Gain insights from key movers in crypto such as Soju from Jupiter the biggest aggregator on Solana, FP Lee from new Solana liquid staking protocol Sanctum, and Emily Bao, a Web3 Evangelist at Bybit. Alongside these guests, Bybit will host speakers from top memecoin Mongy, and the second-largest Etheruem L2 Mantle. Finally, up-and-coming stars of the TON ecosystem, GM Network and Revox will talk about Telegram’s goal to bring blockchain payments to over 900 million users, and guests from Ignition will explain how they created an omnichain Bitcoin asset pegged aimed at elevating Bitcoin’s accessibility and utility.The free session will show how anyone can leverage crypto communities, AI, and innovations that bridge blockchains to find opportunities others miss. Participants can win prizes worth up to $500 in crypto by engaging in activities such as asking questions and sharing the live stream.Participants can earn further rewards by sharing the Mongy campaign Blink on X. If the Blink is revealed to have a rare cover, that user will be eligible for a cut of an extra 2,000,000 MEME2O points. The points will be distributed to winners’ Bybit Web3 Wallets after the event ends.About BybitBybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 37 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, users can visit Bybit Press. For media inquiries, users can contact: media@bybit.comFor more information, users can visit: https://www.bybit.comFor updates, users can follow: Bybit’s Communities and Social MediaContactHead of PRTony auBybittony.au@bybit.comThis article was originally published on Chainwire More

Using a political analogy, Vitalik Buterin noted that two distinct groups exist. These include those with power and those trying to wrestle it away. While the parties with power are often considered authoritarian amid possible incompetence, those in opposition are considered too feeble to implement actual changes.To Vitalik Buterin, this applies to the Bitcoin blockchain where, mostly, no innovation is taking place – as many hoped for. Buterin pointed out that the attempt to create alternatives through other chains like Bitcoin Cash (BCH) has proven almost ineffective.To mitigate this one-sided competence war, Vitalik Buterin suggested that the opposition needs to realize that this fundamental problem exists. Then, they need to create solutions to the problem intentionally. Vitalik Buterin said identifying the problem is not nearly enough, as a concerted effort is needed to restore the core operational tenets for a blockchain that will truly compete with traditional payment giants.For example, layer-2 scaling solutions are doing a great job in fees, while alternative layer-1 networks like Solana, Cardano and XRP Ledger are also advancing the usability features of what a functional blockchain should be like.This article was originally published on U.Today More

Among other things, Ardoino described Bitcoin as an option against human finance. No one can change it and no one can tame it, says the prominent cryptocurrency figure. Bitcoin will always be available when needed, Ardoino continues, positioning the cryptocurrency as a financial resource that will remain unchanged in the developing world despite volatility.The comments from the head of the largest stablecoin reflect the common belief among cryptocurrency fans and investors that Bitcoin is a safe store of funds and a hedge against the overly volatile intrinsic value of traditional currencies. He is convinced that crypto is here to stay, regardless of the economy or market fluctuations.The words of Ardoino, in particular, align with statements made by Robert Kiyosaki, Elon Musk, Ripple CTO David Schwartz, Peter Brandt, Michael Saylor and many more. All of these people, experts in their own field, made the choice that BTC is the “people’s money.”This article was originally published on U.Today More