Former President Donald Trump has announced plans to unveil his fourth collection of NFTs, given the strong demand from his supporters. In a recent interview with Bloomberg Businessweek, Trump expressed satisfaction with the success of his previous NFT releases. 

Fortunately, they all sold out within a day, totaling 45,000 cards. He described the buyers’ enthusiasm as an “unbelievable spirit.”

Trump’s Shifting Crypto Stance and NFT Plans 

Trump initially hinted at the possibility of a new NFT collection during an event at Mar-a-Lago in May, where he interacted with holders of his mugshot NFTs.

At the time, he remained cautious, emphasizing the importance of supply and demand dynamics in his decision-making process.

However, as momentum grows within the crypto community supporting his reelection campaign, Trump appears increasingly open to embracing NFTs and virtual currencies.

This shift is evident in his campaign’s recent acceptance of crypto asset donations, which marks a significant change from his earlier skepticism toward these tokens.

According to reports, Trump’s campaign raised approximately $3 million in crypto out of $331 million last quarter. This report was initially seen in data from the Federal Election Commission (FEC).

Meanwhile, Trump’s move to release a new NFT collection aligns with broader support from influential figures in the crypto industry. These include substantial donations to his campaign from figures like Gemini’s Tyler and Cameron Winklevoss and Kraken’s Jesse Powell.

These contributions have strengthened Trump-focused political action committees (PACs) and initiatives advocating crypto-friendly policies.

Moreover, in his interview, Trump acknowledged his evolving perspective on crypto, highlighting meetings with industry leaders at fundraising events and praising them as “top-flight people.”

He emphasized the strategic importance of the United States maintaining a leadership position in the crypto sector and expressed concerns over potential dominance by countries like China if the U.S. does not act decisively.

The NFT Landscape

Meanwhile, the NFT market sustained an upward trend in the second quarter of 2024, as reported by DappRadar. The data revealed a good performance with $4 billion in NFT trading volume, marking a 3.7% rise compared to the previous quarter.

Moreover, NFT sales saw a substantial 28% increase during this period, reflecting good investor and collector interest in digital assets.

In the evolving landscape of the NFT marketplace, Blur maintains its position as a significant player. However, its dominance has decreased to 31%, down from 50% in the previous quarter. This shift shows a broader diversification within the market as other platforms gain traction.

Magic Eden has emerged as a strong contender, particularly with its success in BTC Ordinals. Its market dominance has now shifted from 17% to 22%.

OpenSea, while ranking third in overall market dominance and trading volume, leads as the top NFT marketplace by sales. It currently holds a market share of 12%.

Notably, OpenSea’s position among top-selling NFTs is due to its effectiveness in facilitating high-value transactions. This key benefit positions OpenSea as a preferred platform for buyers and sellers in the NFT ecosystem.

The post Trump Plans to Release Fourth NFT Collection Following The Previous Success appeared first on The Tech Report.

The court found a New Jersey senator, Bob Menendez, an extreme Bitcoin critic, guilty of all bribery scheme charges in a trial. 

The event has sparked several reactions within the crypto community due to Menendez’s negative crypto stance. Many termed his corruption conviction as ironic after labeling Bitcoin as an “Ideal choice for criminals.”

Court Jury Convicts Senator Menendez of 16 Counts Bribery Scheme

On Tuesday, July 16, a jury convicted Senator Bob Menendez, a Democrat from New Jersey, over a bribery scheme. The senator was found guilty of 16 counts of charges, including bribery, honest services fraud, extortion, conspiracy, obstruction of justice, etc.

New Jersey Sen. Bob Menendez (D) was found guilty of bribery, acting as a foreign agent and a slew of other charges in his federal corruption case. https://t.co/Gbykao2n9i pic.twitter.com/vAM4rsUGsY

— The Hill (@thehill) July 16, 2024

Moreover, the court jury held some deliberation sessions on the case over three days before convicting Senator Menendez. Some charges alleged that the senator accepted bribes in gold bars, cash, and a Mercedes-Benz to aid foreign governments. 

The prosecutor further stated that the senator abused his authority to protect some allies from criminal investigations. Menendez also used his position to enrich his wife, Nadine Menendez, and associates.

Moreover, the senator allegedly assisted Egypt to gain millions of dollars via US military aid dubiously. He met with Egyptian intelligence officials and compromised his position due to bribery while acting as a foreign agent. 

Menendez displayed no emotion as the court read the verdict. He just placed his elbow on the table and rested his chin on his closed hands during the reading.

H promised to appeal the verdict while exiting the courtroom. Menendez stated;

“I have never violated my public oath. I have never been anything but a patriot of my country and for my country. I have never, ever been a foreign agent.” 

Meanwhile, Senator Menendez didn’t testify during the nine-week trial. He claimed the gold bars that the FBI discovered in his house in New Jersey were his wife’s assets.  

The US authorities have charged Nadine Menendez, although she pleaded not guilty. Currently, they postponed her trial to enable her recovery from breast cancer surgery. 

This criminal conviction may not prevent Senator Menendez from running for re-election. However, several Democrats have demanded his resignation. The court has slated the final judgment on October 29, which could sentence Menendez to decades in prison.

Bitcoin Community Criticizes Menendez’s Ironic Stance on Corruption

The crypto community has reacted to Senator Menendez’s conviction, describing it as ironic given his anti-crypto stance. Menendez once called Bitcoin an “ideal choice for criminals.”

So, many people pointed out the irony surrounding the crypto opponent who used corrupt practices to gather wealth. A prominent crypto user, Coach K Crypto, took to X to post about the senator’s conviction.

Senator Menendez said Bitcoin is ideal for criminals.

He was just convicted for taking bribes in gold and cash.

Can anyone spell 'irony'?

— Coach K Crypto (@Coachkcrypto) July 17, 2024

He said, “He was just convicted for taking bribes in gold and cash. Can anyone spell ‘irony’?”

Also, Stacy Herbert, a member of El Salvador’s National Bitcoin Office (ONBTC), mentioned that Bob Menendez is a malign actor. She said that the senator owes President Bukele and the entire country an apology for criticizing their BTC engagement.

While Senator Bob Menendez was hiding bars of ill-gotten gold he had received as bribes, President Bukele was establishing the most transparent government in the world by posting El Salvador’s public bitcoin address for all the world to audit. pic.twitter.com/XKyw1FzfIT

— Stacy Herbert (@stacyherbert) July 16, 2024

Meanwhile, Senate Majority Leader and Democrat Chuck Schumer demanded Menendez’s resignation following the jury’s decision. Schumer stated that Menendez should do the right thing for his constituents, the Senate, and the country by resigning.

In light of this guilty verdict, Senator Menendez must now do what is right for his constituents, the Senate, and our country, and resign.

— Chuck Schumer (@SenSchumer) July 16, 2024

The post Court Finds US Senator Who Said Bitcoin is An “Ideal Choice for Criminals” Guilty in Corruption Trial appeared first on The Tech Report.

A Degen Chain user lost 90% of funds during a bridge transfer to Base an Ethereum L-2 protocol, sparking criticism against the layer-3 blockchain.

The user, identified as Tempe.degen, reported the loss of DEGEN tokens valued at approximately $5,000 during the bridge transfer. According to the protocol’s report, this loss resulted from an internal system bug on July 16.

Degen Chain Reacts to Lost Funds 

In a thread on X, Degen Chain acknowledged that a user lost 90% of funds during a transfer from their blockchain to Base. The protocol blames the loss on a system bug.

1/3 One of our users lost almost 90% of their funds during a bridge transfer from Degen Chain to Base. Bugs like this should never happen, especially when user funds are involved. If you’ve faced a similar problem, we’ll create a form to ensure everyone gets refunded. pic.twitter.com/dcW52FqJS3

— Degen (@degentokenbase) July 16, 2024

Degen Chain says bugs like this should never happen, especially when it involves users’ funds. Degen’s team says it will create a form to ensure that all users who faced similar problems receive refunds for their lost tokens.

Also, Degen Chain blamed its security issues on the terrible service it received from its providers. The developers believe apologies are insufficient for outages and users suffering losses, especially when the providers claim to be specialists.

2/3 Degen L3 is in a tough spot. We’ve received terrible service from our providers, and apologies aren’t cutting it. Outages and lost user funds are unacceptable, especially from companies claiming to specialize in this.

— Degen (@degentokenbase) July 16, 2024

According to the post, a service provider performed an upgrade that Degen Chain never requested. This upgrade caused significant issues for users on the Layer-3 blockchain. 

There’s a good deep dive here: https://t.co/FF3O43KgSc. But yeah, there’s more to the story. Another service provider did an upgrade we never asked for, causing major issues for our users. We had to find out from our users, not the providers. It’s time to make some changes.

— Degen (@degentokenbase) July 16, 2024

Degen Chain still shared the blame for not addressing the security issues sooner but promised to make changes. However, the developers believe that the process will not be quick and will likely take weeks, but it will produce positive results.

3/3 We take part of the blame for not addressing these issues sooner, but enough is enough. We’re doing a major shake-up in the coming weeks to ensure we get the best service possible. This won’t be a quick fix, but we will turn things around. Apologies to everyone affected.

— Degen (@degentokenbase) July 16, 2024

Investors Trust Likely Affected by Losses as User Offers Solutions

Meanwhile, some investors were displeased with the events despite Degen Chain’s best efforts at damage control and possible solutions. According to Kevang30.degen.eth, it hurts to suffer such a loss. He advised users not to trust routine processes since they might sometimes have errors.

Also, the affected user Tempe.degen urged users to be careful when using the Degen Chain Bridge. 

The user attempted to increase the locked DEGEN in the vault and bridged 900,000 DEGEN tokens in two transactions. He only received about 115,000 DEGEN back on Base. He noted that the transaction, which was supposed to take seven days, concluded in a few minutes.

Also, the user admitted that he didn’t conduct proper research before the bridging and expected to receive the same amount.

Tempe.degen provided possible solutions to fix this error. He suggested three major changes to the User Interface (UI) for better results.

First, the seven-day waiting period alert must be removed since it is incorrect and misleading to users. Secondly, the maximum slippage value for the bridging is incorrect since it misleads users to think it is 1%.

Finally, Tempe.degen suggested that the swap button be disabled if the slippage exceeds 5%. To protect their funds, users will have to manually select a higher slippage percentage.

Similarly, in May, Degen Chain refunded 3.6 million DEGEN tokens to users of the Reservoir0x relay bridge. These users lost their funds due to an outage on the Degen Chain, which created concerns about its transfer reliability.  

We've refunded 3.6M $DEGEN to users of the @reservoir0x Relay bridge who lost funds due to the Degen chain outage. We're committed to continuing our support for everyone affected by the outage!

— Degen (@degentokenbase) May 23, 2024

The post Degen Chain User Losses 90% of Funds During a Bridge Transfer appeared first on The Tech Report.

After days of bearish pressure amid Mt.Gox-related sell-off concerns, Bitcoin’s (BTC) price is back above $65,000. Buyers are now in control of the market, but some analysts remain skeptical about whether the bull run has started. 

Bitcoin trades at $65,440, indicating a 3.44% increase in the last 24 hours and an 11.55% price gain in the past week. But the big question is: Can Bitcoin sustain the growing momentum and reach $70,000 soon? Let’s explore the possibilities.

Bitcoin Price Action

Bitcoin started a downward trend on June 5, dropping from a high of $71,000 to $53,660 on July 5. This drop represents a significant decrease of about 24.4%.

This decline sparked concerns among market participants, with some speculating whether the bull run is over. But Bitcoin didn’t stay down for long; it has started recovering after a prolonged period of consolidation.

Bitcoin now eyes the $70,000 threshold, and if the bulls hold steady, it could breach and surpass this level soon. A strong close today could seal investors’ confidence. However, while the current trend is positive, crypto prices can change quickly, so caution is advised. 

Bitcoin’s NVT Golden Cross Signals Potential Price Surge

A crypto analyst recently highlighted an interesting trend in Bitcoin’s NVT Golden Cross, an indicator that compares Bitcoin’s market value to its transaction volume. 

According to the report, the NVT Golden Cross has dipped below -1.6, entering the “oversold region.” Historically, this has often led to price increases for Bitcoin. The last time this happened was just before Bitcoin rallied to a new all-time high.

Despite Bitcoin’s recent recovery to over $64,000, the NVT Golden Cross still suggests it’s undervalued, meaning there might be room for further price growth. 

The analyst believes this could signal the start of a new rally. If this indicator proves accurate, Bitcoin’s price might reach new highs in the coming days.

Samson Mow Predicts Bitcoin’s Next Bull Run Trigger

Samson Mow, a well-known figure in the crypto world, has shared his thoughts on Bitcoin’s future. He believes the next big bull run will start when Bitcoin hits $100,000.

Mow sees the recent decline differently. He thinks it’s a trick to make everyday investors believe Bitcoin has crumbled. According to Mow, reaching $100,000 could be a turning point, signaling the start of a new, powerful upward trend for Bitcoin. 

The bull run starts at $0.1M.

This is just the unwinding of the fakery to make retail think #Bitcoin is over.

— Samson Mow (@Excellion) July 17, 2024

This idea gives hope to those waiting for Bitcoin’s next big move. If Mow is correct, investors might want to watch the $100,000 level closely. It could be a sign of significant changes coming to the Bitcoin market.

Bitcoin Technical Analysis: Indicators Point to Bullish Momentum

Bitcoin’s price is showing strong bullish signals across multiple technical indicators. Currently, it’s trading above both its 50-day and 200-day Simple Moving Averages (SMA). 

This bullish sign suggests that BTC is in an uptrend over short- and long-term timeframes. Also, the Relative Strength Index (RSI) is 63, suggesting there’s room for growth before the market becomes overextended.

Further, Bitcoin’s price is approaching the upper Bollinger Band, indicating a strong bullish momentum. If the price breaks above this upper band, it could signal an even more decisive upward move. 

In addition, the Moving Average Convergence Divergence (MACD) is above its signal line, with green histogram bars. Typically, this suggests that buying pressure is outpacing selling pressure currently in the market.

Can Bitcoin Reach $70,000?

Based on the above technical indicators, BTC appears well-positioned for further gains. Together, the indicators point toward a strong upward momentum. If these bullish signals continue, a move towards $70,000 seems possible. 

However, while the technical indicators are promising, reaching $70,000 would still require significant buying pressure. It’s a notable milestone that could face resistance. So, traders should be prepared for potential volatility along the way.

Bitcoin Alternative: Pepe Unchained ($PEPU) Gains Momentum in Presale

Pepe Unchained is gaining significant attention in the crypto world. This new meme coin aims to revitalize the Pepe brand. It offers unique features that set it apart from its predecessors. 

Pepe Unchained (PEPU) has already raised over $3.9 million in its presale, showing strong investor interest.

Features That Make Pepe Unchained Stand Out

Pepe Unchained operates on Layer-2 blockchain, allowing quick bridging with Ethereum. It also promises to enable users to enjoy lower fees and faster transactions, increasing its allure to investors.

Moreover, the project allows $PEPU holders to stake their coins, offering high staking rewards. Current rates are over 482% APY, attractive to investors looking for good returns.

About 331.94 million more tokens have already been staked in the platform. Furthermore, the coin’s smart contract has been audited twice, showing its security and reliability. This has boosted investor confidence in the project. 

Some experts think Pepe Unchained could be one of this year’s most giant meme coins. YouTuber Jacob Crypto Bury called it a potential “100x gem.”

Pepe Unchained offers an enticing opportunity for those looking to invest early in a promising project. So, visit its website and purchase the token at $0.0084598 using ETH or USDT.

The post Bitcoin (BTC) Rose Above $65,000 Amid Mt. Gox Related Concerns; Can it Hit $70,000? appeared first on The Tech Report.

As the year progresses, anticipation has heightened for the conclusion of the long-running Ripple VS. SEC lawsuit. Many speculate that both parties will reach a settlement following the upcoming Sunshine Act meeting scheduled for July 18. 

However, former securities lawyer and ex-SEC regional director Marc Fagel has dismissed these speculations. Fagel believes the SEC will not discuss any settlement with Ripple during the meeting. 

Will SEC Settle with Ripple Soon?

The US Securities and Exchange will hold a Sunshine Act meeting at its headquarters in Washington, DC. According to the notice, this closed-door meeting is only accessible to SEC officials.

The meeting will focus on subjects concerning litigation claims resolutions, matters involving enforcement proceedings, and settlement of administrative proceedings. 

Crypto community members speculate the regulator might discuss possible settlement terms with Ripple, given the lawsuit is in its final stages. 

Yassin Mobarak, the founder of Dizer Capital and a top figure in the XRP community, recently commented on the matter. Mobarak suggested that the commission may not agree to settle with Ripple.

OK folks, time for some speculation fun (based on known facts).

This Thursday July 18th, the SEC is having a closed door meeting to discuss the items underlined below.

hmmm….Dare I say Ripple Settlement?

Probably not, but speculating is fun. pic.twitter.com/MMTJaXSymE

— Yassin Mobarak (@Dizer_YM) July 16, 2024

“hmmm…Dare I say Ripple Settlement? Probably not, but speculating is fun,” Mobarak said.

SEC’s former regional director Marc Fagel also weighed in on the matter. He highlighted the previous anticipation and disappointment surrounding such closed-door meetings. 

I mean, they've had about 150 of these nearly-weekly meetings since the case was filed, and Crypto Twitter was convinced a settlement was being discussed at every one of those meetings, but this is DEFINITELY the one!

[Narrator: It's not the one.]

— Marc Fagel (@Marc_Fagel) July 16, 2024

According to the former securities lawyer, the SEC has held up to 150 nearly weekly closed-door meetings since it filed the Ripple lawsuit. However, to the crypto community’s disappointment, a settlement never came up in any of those meetings. 

While settlement rumors regarding the upcoming meeting have circulated Crypto Twitter, the SEC never hinted that it plans to settle with Ripple. The regulator’s stance remained unwavering despite Ripple’s partial win following Judge Torres’ summary judgment last year. 

Legal experts think the watchdog is intent on using Ripple as a scapegoat to warn other crypto firms against securities law violations. Given this position, the SEC might not agree to settle with the fintech company. 

Meanwhile, the final judgment in the multi-year legal battle is anticipated before the end of the year. It’s still unclear whether the SEC or Ripple will accept the court’s verdict. 

Latest Developments in the Ripple Vs. SEC lawsuit

The securities litigation between the US SEC and blockchain payment company Ripple is nearing its end. The case is now in the remedies stage. Both parties have filed their remedies briefs, and the SEC has also turned in its final response. 

In the SEC’s response filing, the regulator argues that Ripple’s assertions do not nullify the need for penalties to prevent future violations. 

Despite the court’s previous dismissal of Ripple’s fair notice defense, the company argues that its actions were not reckless, and there’s no uncertainty regarding XRP’s legal status.

Ripple says it has complied with rules and cooperated with the SEC since its XRP initial coin offering in 2013.

The SEC has opposed this assertion in its recent response. The SEC argues that even though Ripple has not violated securities law since the lawsuit started in 2020, it doesn’t mean it won’t in the future.

Therefore, the commission seeks court injunctions against Ripple to ensure such actions don’t occur in the future.

The post Former SEC Lawyer Dismisses Speculations of SEC Settling with Ripple in Upcoming Meeting appeared first on The Tech Report.

Enzyme’s ($MLN) price has always been volatile, which earned it a monitoring tag on Binance and put it at risk of delisting.

Now that the token has stepped out onto the recovery path and the monitoring tag has been removed, you can trade $MLN without passing Binance’s risk assessment quiz. Let’s explore $MLN price prediction for 2024 and beyond. 

What Is Enzyme ($MLN)?

Historically, asset management has been the domain of professionals, but Enzyme lowers entry barriers and allows anyone to create, manage, and invest in custom financial vehicles like liquidity pools and funds. $MLN gives users access to the platform’s services and governance rights. 

$MLN Historical Price 

After soaring to $246 in 2018 and bringing its early supporters an over 500% gain, $MLN fell below its listing price of $40. It recovered briefly in 2020, only to dip again, reaching its all-time low of $1.80. 

Luckily for $MLN’s long-term holders, the token has been on an upward trend this year, with a 13.89% year-to-date increase. 

While $MLN is still a long way from its all-time high, technical analysis suggests the token has begun a cautious recovery. 

$MLN Price Prediction 2024

Currently, $MLN is trending bullish, with the 50-day moving average sloping up but below $MLN’s current price. This suggests that the buying pressure is stronger than the selling pressure and could provide support if the price were to pull back. 

Meanwhile, a Relative Strength Index of 46.6 (neutral) indicates that $MLN’s price will unlikely experience drastic swings in the near future. 

If $MLN continues its growth trajectory at the current monthly rate of 4.3%, it may reach $25 by the end of the year. 

This scenario is plausible given that Enzyme is preparing to deploy on Arbitrum. This will allow integration with projects within the ecosystem and potentially increase $MLN adoption. 

However, if $MLN breaks below its support level of $13.40, investor sentiment could turn bearish and lead to further decline. A brief rebound and a failure to regain its former level would confirm the bearish trend and $MLN could find a new support level at $10. 

$MLN Price Prediction 2025

Repeated failed attempts at recovery may indicate a loss of momentum and cause a bearish sentiment, causing it to fall below $16, a 20% dip from the current price. 

The potential US recession, tightening government regulations, or lack of project updates could force $MLN to drop below $4, repeating the 2019 scenario.

This would translate into an 80% loss for investors who bought it at $20.

On the other hand, favorable macroeconomic conditions and significant project advancements could support $MLN’s upward trajectory, helping it reach $47 by the end of the year. This translates into a 132% increase from the current price. 

$MLN Price Prediction 2030

In a negative outcome, $MLN could find a new support level at $11, a 45% drop from the current price. Given $MLN’s history of extreme volatility and lasting bearish phases, a rebound from this slip would be unlikely. 

It’s worth noting that technical analysis has less power for predicting Enzyme’s price in the long term.

This is because the crypto market is susceptible to external forces like the regulatory landscape, macroeconomic conditions, and technological innovations. All these factors can impact $MLN’s price.

Can $MLN Regain Its Glory?

$MLN’s price history is erratic, which makes its future uncertain. Ultimately, $MLN’s value hinges on the adoption and development of the underlying project, Enzyme Finance. 

Whether $MLN is a good investment depends on your trust in the project’s long-term vision, its ability to execute its roadmap, and the overall growth of the DeFi industry.

References 

The post Enzyme ($MLN) Price Prediction 2024–2030: Can It Overcome Past Dips and Rebound? appeared first on The Tech Report.

$MGMES presale kicked off yesterday and raised over $122K in hours, indicating explosive early momentum. Launched just in time for the 2024 Paris Olympic Games this summer, $MGMES is considered the ‘official’ Olympic meme coin by the crypto community.

What attracts investors to $MGMES, and will the presale hype translate into long-term value? Let’s unpack the appeal of $MGMES. 

Get Lucky, Get Rich – Meme Mania Meets Betting 

Participants can choose from five iconic characters: $PEPE, $DOGE, $WIF, $BRETT, or $TURBO. If the chosen champion crosses the finish line first, the investor receives a 25% token multiplier.

This means anyone can turn 10K $MGMES into 12.5K with pure luck. The race outcome is random, so every character has an equal chance of winning.

And, since there’s no minimum purchase amount or limit on betting frequency, early birds can maximize their odds by entering multiple times while the presale lasts.

The gamification layer is one of $MGMES’ key attractions and should help it build a loyal, engaged community.

Another factor contributing to the hype is staking, with up to 4,073% APY. By locking up 10K $MGMES now, investors can get over 16K tokens in two months, nearly doubling their holdings. 

This unique blend of competition, chance, and rewards, strengthened by meme appeal, is what helped $MGMES gain immediate traction. 

Discounted Price and 4,073% Staking APY

The $MGMES presale will run concurrently with the 2024 Olympics and wrap up on September 8 alongside the Paralympics closing ceremony. On September 10, we may see $MGMES first listings on DEXs. 

Analysts predict $MGMES to surge 100x post-listing, bringing nearly 10,000% gains for early supporters. 

To buy $MGMES, visit the official presale website, connect your wallet, select the network (Ethereum or BNB Chain), enter the number of tokens you wish to buy, and confirm the transaction. Don’t forget to place a bet on your favorite meme! 

Follow The Meme Games on X and Telegram for the latest updates. 

Final Thoughts

$MGMES strategically combines the meme coin trend, Olympics fever, gamification, and dual revenue to attract both degen and risk-averse investors seeking long-term value. 

Will $MGMES become a champion in the crypto arena like its ‘memethletes’? Only time will tell, but the starting pistol has fired. 

References

The post Meme Games ($MGMES) Raises $122K in Hours – Gamification and High APY Fuel FOMO appeared first on The Tech Report.

Mt. Gox has transferred 91,755.68 $BTC ($6B) to two wallets (presumably exchanges) in the last 24 hours.

According to an official Mt. Gox payment tracker, the creditors haven’t received payments on Kraken or BitGo yet. However, all indicators seem to suggest it’s only a matter of time before they do.

Bitcoin has dropped by 0.91% in the last four hours, with Ethereum following a similar pattern. This shows the crypto market’s acute sensitivity to the Mt. Gox situation.

With the US national debt allegedly rising by $1T every 100 days and Larry Fink embracing Bitcoin as a ‘legitimate financial instrument,’ where are Bitcoin and the crypto market headed?

Let’s unpack this news and see whether we should celebrate or worry.

Mt. Gox Creditors Aren’t Selling Their Bitcoins and Crypto Thrives

After Mt. Gox announced its $BTC repayments at the end of June, crypto predictions became near-apocalyptic, with Eric Balchunas, a senior ETF analyst at Bloomberg, saying ‘that’s like over half of all the ETF inflows being negated in one shot.’

While the crypto market did sink temporarily, the past few days have been kind to Bitcoin. The crypto is up by 10.77% in the last week, especially after Donald Trump’s failed assassination attempt.

Bitcoin is currently above $65K, with a market cap of $1.28T (+3.56%) and a $39.18B trading volume in the last 24 hours (+2.81%).

The meme coin market is also benefiting from the current context, with significant weekly gains:

Despite the recent hourly slump (with losses between 1% and 8%), the crypto market is mostly green, with CoinMarketCap’s Fear & Greed Index almost in the ‘greed’ area.

‘Mt. Gox FUD is overestimated,’ Says CryptoQuant CEO

Ki Young Ju, CEO of CryptoQuant, continues his crypto bullish stance on X, saying that the Mt. Gox repayments won’t significantly impact Bitcoin, even with Germany’s large Bitcoin sell-off.

He also hinted that the previous Bitcoin crashes were opportunities in disguise. During the market-wide panic sell-offs, some investors played it smart and bought the Bitcoin dips, which paid off considering Bitcoin’s current price.

He further says that speculative FUD is Bitcoin’s only weakness. This seems to be true, as the king of crypto has always recouped its losses, even after severe market crashes (like the FTX fiasco).

Conclusion – Another Bitcoin Crash or Just a Market Fizzle?

We haven’t seen any significant indication of a crash. Quite the opposite – Bitcoin has increased by 3.74% in the last day and 0.28% in the last hour.

While the 24-hour crypto market volume is down 1.06%, the market cap has increased by 3.58% in the last day, showing strong bullish potential.

References

The post Mt. Gox Moved Another $6B to Exchanges, and the Crypto Market Is Reeling appeared first on The Tech Report.

Following yesterday’s impressive performance, Bitcoin’s investor sentiment has shifted from extreme fear to greed. The fear of missing out (FOMO) has increased, with buying pressure surging as Bitcoin soared over 12% in the past week. Moreover, the selling pressure on Bitcoin has reduced while whale accumulations increased.

BTC’s price resurgence positively affected the broader crypto market, with several altcoins recording price gains. However, the analytical platform Santiment calls for caution despite the sudden bullish outlook.

Santiment Calls for Caution Amid Ongoing Rally

Santiment noted that FOMO has returned to the market, with Bitcoin breaking above $63,300.

FOMO has made a return with Bitcoin back at $63.3K. Crypto began rebounding almost precisely after Trump's near assassination Saturday, and it hasn't slowed down since. Cautiousness is recommended when the crowd has collectively become so bullish without many signs of fear. pic.twitter.com/B0AuAqTO1v

— Santiment (@santimentfeed) July 15, 2024

According to Santiment, the crypto market entered a recovery phase after the failed Donald Trump assassination attempt on Saturday. 

Trump’s running mate, JD Vance, has a crypto-friendly stance, which Trump has also adopted. Santiment notes that the market’s bullish outlook comes from investors’ belief that Donald Trump could win the US Elections.

Some believe the assassination attempt increases the odds of Trump winning the election. However, Santiment advises investors to stay cautious when the crowd is collectively bullish.

Meanwhile, the popular Bitcoin sentiment indicator, the Crypto Fear and Greed Index, moved from extreme fear to greed between July 13 and 16. This implies that investors have entered an accumulation phase likely supporting the market recovery. 

Bitcoin ETF Inflows Crosses $300 Million Benchmark on Monday

Bitcoin’s recovery resulted in massive Spot BTC ETF inflows this week. The eleven Spot Bitcoin ETFs recorded net inflows of $300.9 million on July 15.

According to Farside Investors data, BlackRock and Ark21 Shares funds led the inflows, recording $117.2 million each. These inflows confirm positive investor sentiment for Bitcoin and other cryptocurrencies market.

Crypto portfolio strategist Ben Simpson believes Bitcoin has recorded its bottom this cycle and is well positioned for a significant rally. 

I think the local bottom is in.

Things are changing in the market:

Germany has stopped selling
Fear sentiment has bottomed, in my opinion
Powell signalling lower rates
S&P ripping to new highs
ETH ETF launch in the coming weeks
BTC ETF seeing biggest inflows in weeks
Alts…

— Ben Simpson (@bensimpsonau) July 14, 2024

Simpson noted that the market’s fear diminished as Germany paused its Bitcoin sales. The US Feds’ push for lower rates has also contributed to improved market sentiment.

Also, the S&P 500 has hit new all-time highs, and Spot ETFs recorded its biggest inflow in weeks. Simpson believes altcoins’ gradual rebound and investors’ aggressive buy-the-dip activity are bullish signs of a market recovery ahead. 

What Next for Bitcoin?

Bitcoin formed four consecutive green candles between July 12 and 15, confirming massive interest from buyers. Yesterday’s large green candle flipped the $62,400 resistance level to support, showing intense buying pressure.

The red candle formed today, July 16, shows short-term holders taking profit after the recent four-day rally. Nevertheless, the market is still bullish, with Bitcoin trades approaching the upper band of the Donchian Channel (DC). 

Also, the RSI indicator is above the neutral zone and heading to the buy zone with a value of 55.79. If the RSI moves to 60, Bitcoin will likely rally above the $65,000 resistance level in the coming days.

However, a slight pullback might occur today due to some traders taking profit before the rally continues. 

The post Bitcoin Indicators Signal Greed and FOMO as ETF Inflows Surge Above $300 Million appeared first on The Tech Report.

Following the recently filed S-1 amendments by the assets managers vying to list spot Ethereum ETFs in the US, the SEC has no further objections to endorsing the products. 

Consequently, the US SEC has indicated that spot Ethereum ETFs can begin trading as early as next Tuesday, July 23. This revelation hails from sources who reported the SEC’s recent communications with the ETF issuers on July 15.

Spot Ethereum ETFs Ready for Trading

According to these sources, the SEC officials told one of the issuers that there are no additional comments regarding the S-1 filings submitted for these ETFs.

Meanwhile, the issuers have been instructed to submit their final documents by Wednesday, paving the way for these funds to be listed on exchanges as soon as July 23.

Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, was the first to break this news through a social media post. In his post on X, he highlighted the SEC’s approval as a major development.

Update: Nate's instincts were right, hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course! https://t.co/D21FD9Qf94

— Eric Balchunas (@EricBalchunas) July 15, 2024

Another source added that trading could commence next Tuesday. However, this depends on the SEC formally declaring the ETFs effective on Monday.

Over the past week, several issuers have submitted updated S-1 filings, yet many have not disclosed specific details. One such detail is the management fees the issuers will charge investors for managing the funds.

Few issuers, including well-known firms like Invesco Galaxy and VanEck, have publicly revealed their fee structures.

In the meantime, market analysts are optimistic about the potential impact of these spot-ether ETFs. For example, crypto exchange Gemini forecasts that these ETFs could attract up to $5 billion in investments within the first six months of trading.

Steno Research offers an even more positive projection, estimating inflows to reach $20 billion within the first year of trading. The anticipation of these ETFs hitting the market has already influenced the prices of many digital assets. On Monday, the price of Ether surged by 7.3%, outpacing Bitcoin’s 6% gain.

ETH Outperforming BTC Post Spot ETF Launch

A recent report by Kaiko suggests that introducing Ethereum ETFs in the United States could position Ether to outperform Bitcoin. The analysis points to several key metrics and market dynamics that could drive this shift.

One crucial indicator is the Ether to Bitcoin Price Ratio, which measures how much BTC is needed to buy one ETH. This ratio climbed to 0.05 from 0.045 before the spot Ether ETF approval. A rising ratio indicates a stronger performance for Ether than Bitcoin.

Another factor highlighted in the report is Ether’s 1% market depth, which refers to the liquidity in the ETH market. This depth is significant because lower liquidity can lead to higher volatility, while greater liquidity helps stabilize prices.

The report notes that ETH’s market depth is relatively low, suggesting that large orders could significantly impact its price.

The Ethereum Exchange Reserve supports this, tracking the amount of ETH available for purchase on exchanges. Currently, this reserve is at a multi-year low, indicating a potential supply shortage.

This low reserve could be worsened by institutional demand as investors look to fill their newly launched Ethereum ETFs, potentially driving up prices.

The post SEC to Grant Ethereum ETF Issuers Permission to Trade Funds appeared first on The Tech Report.

Chainlink price has significantly increased amid the shaky trend within the broader crypto market. LINK’s latest spike comes amid massive accumulations from Binance by some anonymous whales. Moreover, the market has shown signs of recovery after BTC’s slump, which impacted other assets. 

The German government has notably stopped its massive Bitcoin sell-off, contributing to the improved sentiment.

Unknown Whales Accumulate Chainlink

Recently, on-chain data provider Lookonchain revealed that unknown Chainlink whales have withdrawn chunks of LINK coins from Binance since June 24. According to the platform, about 93 new wallet addresses have amassed 12.75 million LINK tokens worth over $167 million.

It seems that a mysterious whale/institution is accumulating $LINK!

We noticed 93 fresh wallets withdrawing 12.75M $LINK($167M) from #Binance since June 24!https://t.co/SkqA1r0F1N pic.twitter.com/AJR4fT36VG

— Lookonchain (@lookonchain) July 14, 2024

Moreover, the huge accumulation reflects a strategic repositioning for the buyers. It could also highlight a growing bullish sentiment for Chainlink with potential gains for LINK holders.

Similarly, a prominent crypto analyst, Ali Martinez, disclosed his observation about the growing whales’ engagement with Chainlink. 

#Chainlink whales have bought up over 10 million $LINK in the last two weeks, totaling approximately $120 million! pic.twitter.com/9sFtpvn2Ri

— Ali (@ali_charts) July 15, 2024

According to Martinez, crypto whales bought over 10 million worth approximately $120 million over the past two weeks. 

Additionally, data from IntoTheBlock showed that LINK exchange netflows were negative within the past two weeks, with almost $110 million worth of LINK withdrawn from exchanges. 

Exchange netflows for $LINK have been negative for the past two weeks, with roughly $110 million worth of $LINK being withdrawn from exchanges during this period.

Such activity is typically associated with an accumulation phase, indicating that investors are moving $LINK off… pic.twitter.com/jSvKAkUQ5F

— IntoTheBlock (@intotheblock) July 12, 2024

This withdrawal pattern shows a correlation with an accumulation stage. So, it suggested that investors aimed at LINK’s long-term holdings as they moved the coins from exchanges.

It’s worth noting that investors only move tokens from exchanges to personal wallets for long-term holding. So, the trend with Chainlink highlights investors’ unwavering and growing confidence in LINK’s potential.

Moreover, the accumulation stage reflects LINK’s possible bullish sentiment and innovative development within the broader market.

LINK’s Price Action And Potential Trend In The Future

Chainlink has reclaimed its value as the broader crypto market highlights recovery signals. LINK has crossed the $14.00 threshold and trades around $14.10. The token has surged 1.65% over the past 24 hours.

Moreover, Chainlink saw a 7.35% spike in its 7-day price action. Its market cap currently sits at $8.57 billion as it ranks as the fifteenth-largest crypto asset. Its trade volume recorded a whopping 30.84% increase to $381.44 million.

LINK’s price trajectory analysis indicates a potentially massive rally if the coin breaks the $14.50 critical level. Chainlink is famous in decentralized finance due to its decentralized Oracle Network, which supports its smart contracts.

Some experts expect LINK to move into a new bullish cycle by indicating a robust multi-year uptrend. Also, some analysts provided optimistic predictions for LINK. They believed the coin price could soon hit between $19 and $22.

The post Anonymous Whales Withdraw $167 Million Worth of LINK Tokens From Binance appeared first on The Tech Report.

Bitcoin investment firm Metaplanet has acquired 21.88 BTC coins worth over $1.2 million (200 million yen). The firm confirmed this purchase in a July 16 statement, adding that it currently holds a total of 226.6 BTC, valued at $14.6 million.

*Metaplanet purchases additional 21.88 $BTC* pic.twitter.com/zCXzKFudog

— Metaplanet Inc. (@Metaplanet_JP) July 16, 2024

Interestingly, Metaplanet’s purchase comes amid rising Bitcoin prices and a broader crypto market recovery. BTC trades at $63,130, up 4.4% in the last 24 hours. 

Metaplanet Acquires More Bitcoin Amid Market Revival

Following Bitcoin’s recent price increase, Metaplanet’s shares gained 25.8% to trade at $0.74 (117 yen) in the Tokyo Stock Exchange’s opening hours. Metaplanet leveraged Bitcoin’s price slump early this month, purchasing an additional 42.47 BTC worth $2.5 million (400 million yen) on July 7. 

Metaplanet’s stock price has rallied six times above its original value after unveiling its BTC investment strategy. According to CoinGecko data, Metaplanet ranks 21 among the world’s largest corporate Bitcoin holders. 

MicroStrategy retains the top spot on this list as CEO Michael Saylor promotes a Bitcoin-friendly investment approach. Metaplanet is often referred to as Asia’s MicroStrategy since it follows a similar pattern to the top-ranked BTC holding organization.

Meanwhile, Metaplanet recently disclosed that it will adopt a full range of capital market instruments to boost its Bitcoin reserves. The Japanese firm adopted this strategy to overcome the effects of the depreciating Japanese yen due to Japan’s worsening debt.

Companies Adding BTC to Holdings Based on Long-Term Potential

Metaplanet is not the only company embracing BTC; many public and privately traded companies have also adopted the asset.

MicroStrategy has led this charge with its massive 226,331 BTC holdings. The US-based automobile company Tesla also holds a sizable amount of BTC, about 11,509 BTC, valued at $730.62 million.

According to data from BitcoinTreasuries, public and private companies hold a total of 812,929 BTC.

The extensive institutional holdings give the companies more exposure to the crypto space and positively impact the price of Bitcoin. While the US and other countries battle economic instability, many see Bitcoin as an alternate store of value and hedge against inflation.

Moreover, many corporations are embracing Bitcoin as a hedge against inflation following the steady decline of the US dollar.

In a recent X post, MicroStrategy’s CEO Michael Saylor said Bitcoin bridges chaos and hope. Saylor believes Bitcoin should back the American dollar to gain true value.

#Bitcoin is the bridge from chaos to hope.pic.twitter.com/tTXPU4iXZT

— Michael Saylor (@saylor) July 13, 2024

According to the crypto exchange CEX.io, since Bitcoin’s launch in 2019, retail participants who held BTC as a store of value have benefitted. CEX.io noted that some businesses are adding Bitcoin to their treasury holdings, taking advantage of a decentralized portfolio.

Since Bitcoin’s launch in 2009, retail participants who maintained the asset’s potential as a store of value have been righteously vindicated by its overall performance. 

Now, as more businesses are including BTC among their treasury holdings, it seems corporate entities…

— CEX.IO (@cex_io) July 5, 2024

Bitcoin has shown resilience despite increased selling pressure in early July to bounce back from the recent downtrend. Its rising adoption will likely lead to further price gains in the coming weeks, moving it closer to its all-time high.

The post Metaplanet Acquires Additional $1.2 Million Worth of Bitcoin as Price Approaches $65,000 appeared first on The Tech Report.

In tune with the broader market recovery over the past weekend, Ethereum’s price has slightly rebounded, climbing above $3,300. Ethereum’s market cap has also surpassed $400 billion, currently valued at $407.52 billion.

Moreover, its 24-hour trading volume is above $19.2 billion, representing a 45% increase. ETH is hovering around $3,389, up slightly 2%.

With this present optimism in the market, can Ethereum’s price reach $4,000 this Week? The following analysis will provide hints.

Ethereum Price Action

Ethereum’s price has shown significant strength in recent weeks, consolidating between $3,600 and $3,400 from June 11 to July 2. However, the broader crypto market took a sharp downturn on July 3, pushing ETH below $2,800 and triggering massive liquidations.

Despite this setback, the market began showing signs of recovery on July 8. As a result, ETH started an upward trend, hitting $3,400 earlier today before slightly retracing to $3,390.

Several technical indicators and chart patterns now suggest a bullish market sentiment. If ETH maintains its momentum, it could test higher resistance levels in the coming days.

Ethereum Price Analysis: Bullish Signals Point to Potential Breakout

The daily chart shows that Ethereum (ETH) is close to breaking the resistance line of a descending channel pattern. A successful breakout could signal the start of an upward trend.

Also, the SuperTrend indicator is flashing a buy signal, indicating growing buying pressure and a potential increase in Ethereum’s price.

Additionally, the MACD sits above its signal line, with green histogram bars, typically indicating bullish momentum in the market.

Further, Ethereum’s price has recently broken above its 200-day Simple Moving Average (SMA), which often signals a long-term trend reversal. 

It briefly touched the 50-day SMA before dropping back. A sustained break above both SMAs would further confirm bullish sentiment.

Moreover, the Relative Strength Index (RSI) has formed an ascending channel at 56, confirming the growing buying pressure. But there’s still room for further growth before Ether reaches overbought conditions.

Together, these indicators paint a bullish picture for Ethereum, suggesting a continued uptrend in the coming days. Based on the chart above, Ether is on the verge of reaching new heights. 

However, a slight dip might happen first to shake out weak sellers. After that, the path to $4,000 might open up this month.

Countdown to Ethereum ETFs: Will Institutional Money Fuel ETH Boom?

In an X post, Eric Balchunnas, a Bloomberg analyst, said Ether ETFs would launch on July 23. This could significantly boost ETH prices. 

Update: Nate's instincts were right, hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course! https://t.co/D21FD9Qf94

— Eric Balchunas (@EricBalchunas) July 15, 2024

These ETFs will provide managed exposure to Ethereum for traditional investors, potentially bringing substantial capital into the market. 

Such a feat could drive up demand and prices.

Moreover, the launch is happening before the Bitcoin conference in Nashville, scheduled for July 25-27. The event might draw extra attention to ETH, highlighting ETH’s importance over Bitcoin.

According to Coinalzy data, there’s already more interest in ETH trading. 

Futures traders heavily bet on Ethereum’s future price, which often happens before a significant price move. This heightened excitement could further bolster the bullish trend, with more people buying ETH hoping for price increases.

Analysts Predict ETH New All-Time Highs

Analysts have forecasted a potential breakout for Ethereum. Peter Brandt, a well-known analyst, has a bold prediction. He thinks Ethereum could hit a new all-time high of $5,100 after the ETF launch.

A perspective on $ETH
Support was found at lower boundary of 4+ month rectangle, which was a retest of the Feb completion of a horn bottom
Target, pending upside completion, is 5600+ pic.twitter.com/EThcM61KpW

— Peter Brandt (@PeterLBrandt) July 15, 2024

Further, the analyst points to strong support levels forming what he calls a “4+ month rectangle.” This pattern suggests more growth is coming.

Moreover, Ethereum’s recent retest of its February bottom adds to Brandt’s confidence. Brandt believes the current rally isn’t over yet, and Ethereum could soar as high as $5,600 and above.

While all eyes are on Ethereum, a newcomer in the space is worth considering.

Ethereum Alternative: Pepe Unchained Raises $3.7 Million in Presale

Pepe Unchained is making waves in the crypto world by introducing a fresh perspective in the meme coin sector. With its own layer 2 protocol, Pepe Unchained aims to solve common crypto problems.

Pepe Unchained promises lightning-fast transactions, allowing users to enjoy much lower fees and transactions 100 times faster than ETH. 

The project’s presale is already a hit, with over $3.7 million raised, demonstrating strong investor interest. 

Pepe Unchained; The Next Big Meme Coin? 

Experts are excited about PEPU’s potential and believe it will mirror the success of other popular meme coins, such as PEPE and Shiba Inu.

Moreover, PEPU’s tokenomics look promising. A large portion of tokens is set aside for presale buyers, and another portion goes to staking, which promises high annual returns for holders who stake PEPU coins. 

PEPU trades at $0.0084261 per coin in the current presale phase but will increase in 24 hours. As a result, crypto enthusiasts are rushing to get in before the increase.

Pepe Unchained isn’t just a meme. Its unique features and growing popularity position it for massive success. Given its proposed blockchain functionalities, PEPU could be the next big meme coin.

Interested investors should visit the Pepe Unchained presale website to join the new meme coin revolution.

The post Ethereum Price Prediction: ETH Climbs to $3.3K, Will it Reach $4,000 this Week? appeared first on The Tech Report.

As part of its defense efforts in the ongoing SEC lawsuit, Coinbase subpoenaed SEC chairman Gary Gensler. In its subpoena, Coinbase sought access to Gensler’s private communications before and during his tenure as SEC Chairman.

However, in a new development, the crypto exchange has changed its approach and now demands only Gensler’s emails while serving as SEC chair. 

Coinbase’s Change in Subpoena Approach

In a previous letter addressed to Judge Katherine Polk Fialla, Coinbase argued that Gensler’s communication before and after becoming the SEC chair.  

However, the judge was reluctant to accept the crypto exchange’s request, prompting the recent change in tactics. According to a new letter filed on July 15, Coinbase now demands access to only communications during Gensler’s tenure as SEC chair. 

Part of the filing reads: “With respect to the subpoena to Mr. Gensler, Coinbase has determined to seek the production of Mr. Gensler’s documents only for the period of his tenure as Chair of the SEC and not before that time.”

Gensler assumed office as SEC chairman in April 2021. Before that, he started teaching Blockchain and Money at the Massachusetts Institute of Technology in 2018.  

In Coinbase’s initial subpoena, the exchange requested access to the SEC chairman’s private communications from 2017, before he started working at MIT. 

The crypto exchange mentioned that Gensler has a background in blockchain and digital assets and has made several public and private communications about crypto regulation.

Coinbase further argued that accessing these chats will aid in understanding Gensler’s views on crypto regulation and how they’ve changed over time.

In her response, Judge Failla expressed her apprehension about allowing Coinbase access to Gensler’s private emails before he became SEC chair. She described it as a “disproportionate burden of inquiry into Gensler’s statements.”

Moreover, the SEC opposed Coinbase’s previous request, asserting that it was irrelevant. The regulator described the move as one that “imposes an undue burden on the SEC and strongly disincentivizes public service.”

Per the latest filing, Coinbase’s opening brief in the case will be due by July 23. On the other hand, the SEC has until August 5 to file its opposition brief. Upon the SEC’s counter brief, Coinbase will have until August 12 to respond. 

Coinbase’s Battle with the SEC

In June last year, the US Securities and Exchanges Commission sued crypto exchange Coinbase for offering unregistered securities. The regulator argued that 13 tokens listed on Coinbase are securities. 

Also, the SEC accused the crypto exchange of operating as a securities broker since 2019, even before its IPO in April 2021, without due registration. 

Meanwhile, Coinbase asserts that tokens listed on its platform do not fall under securities law. Coinbase’s defense team accuses the SEC of overstepping its jurisdiction and cracking down on the crypto industry without providing clear regulatory guidelines.

The post Coinbase Changes Subpeona Tactics, Demands Gensler’s Private Emails During His Tenure as SEC Chair appeared first on The Tech Report.

Ethereum ETFs are said to start trading on July 23, marking a breakthrough in cryptocurrency acceptance within traditional finance. 

An X post by Eric Balchanuas (a Bloomberg senior ETF analyst) announced that the US Securities and Exchange Commission (SEC) has asked issuers to submit their final S-1 forms by Wednesday in preparation for an ETH ETF next Tuesday. 

Grayscale, Bitwise, ARK 21 Shares, and Invesco Galaxy are among the other financial institutions awaiting approval. 

$BTC’s 36% Rise Since ETF Approval – Will $ETH Follow Suit? 

As the crypto market awaits the ETH ETF approval, $ETH’s value has surged by over 2% since yesterday. It is currently trading at around $3.4K

When the SEC approved the first round of ETH applications (Form 19b-4), its value surged by 8.33%, from roughly $3.6K to $3.9K.

Following $BTC’s ETF approval on January 10, the crypto’s value rose from $46K to its ATH of $75K+ on March 21.

Bitcoin’s current price is approximately $64K – a 32% increase since the SEC’s authorization. This success suggests that $ETH’s price could further increase. 

Binance has announced that the current sentiment toward $ETH is bullish and predicts its price could reach $4,200+ by 2030. 

Additionally, Bitwise CIO Matt Hougon speculates that ETH ETFs could attract up to $15B in inflows in the first month of trading.

Spot Ethereum ETPs Will Attract $15 Billion in Their First 18 Months
An excerpt from Bitwise CIO @Matt_Hougan‘s weekly memo to investors.

A good starting point for estimating inflows is to look at the relative size of BTC and ETH. I’d expect investors to allocate to Bitcoin and…

— Bitwise (@BitwiseInvest) June 26, 2024

There are various other reasons analysts predict an upswing in Ethereum’s price: 

Ethereum ETF Approval May Coincide with Bitcoin Conference

Next week’s rumored launch of Ethereum ETFs coincides with one of the biggest Bitcoin conferences of the year, with Bloomberg’s SEC research analysts James Seyffart and Donald Trump claimed to be attending. 

Ironic and kinda funny 7/23 is right in the middle of the biggest bitcoin conf of the year, which @JSeyff will be at btw

— Eric Balchunas (@EricBalchunas) July 15, 2024

Donald Trump appears to have impacted Bitcoin’s price by advocating for the cryptocurrency. Following a recent failed assassination attempt, $BTC’s market cap rose by 5.33%. 

The Former US President’s scheduled speech at Bitcoin 2024 on July 27 may further boost the bullish prospect, possibly bringing $BTC beyond the $71K resistance level.

Though Ethereum is anticipated to surge, its price (around $3.4K) would have to rise around 180% to overpower $BTC. $BTC’s price is currently hovering around the $64K mark, and it’s anticipated to increase further following the event. 

Conclusion 

The arrival of Ethereum ETFs could be a significant turning point for not just the Ethereum ecosystem but the entire crypto market. 

The SEC’s ETH ETF approval will likely spur more innovation, mainstream adoption, and institutional investments. 

It may also open the doors for ETFs indexed to other cryptocurrencies (such as Solana), but only time will tell. 

References

The post Can $ETH Replicate $BTC’s Performance After SEC’s ETH ETFs Approval Next Week? appeared first on The Tech Report.

Following Donald Trump’s assassination attempt, Bitcoin ($BTC) hit $64.8K for the first time since mid-June. The entire crypto industry followed suit, including the meme coin sector, which saw an 8.6% market cap increase. 

Pepe ($PEPE) and Floki ($FLOKI), previously hanging below their listing price, soared 39% and 40% within three days, respectively.

Another Base meme coin that benefited from the news was $DAWGZ, passing the $2.5M milestone on presale. Early momentum and strong incentives could make $DAWGZ the next top Base token, outshining $BRETT. 

Base Overtakes Solana as Meme Coin Hotspot  

Base saw the largest weekly increase in TVL among the top 10 chains (21.3%) compared to Ethereum’s 12.2%, Solana’s 10.1%, and BNB Chain’s 7.7%. 

Solana used to be the go-to platform for meme coin launches, but Base is now drawing in developers and degen investors with several advantages:

In fact, Solana hasn’t reached its peak TVL since 2021. Meanwhile, Base is far from reaching its full potential.

Beyond its security, EVM interoperability, and Coinbase backing, Base offers fast transactions and low gas fees for handling the vast volume of meme coin trades.  

$DAWGZ Chases $BRETT’s Success, Raises $2.5M  

$BRETT has no intrinsic value but became the top Base meme coin with a $1.5B market cap due to its community-driven approach and viral mascot based on the Boy’s Club comic series character. There’s no minting function, so $BRETT’s creator can’t issue more tokens or alter the smart contract.  

Like $BRETT, $DAWGZ relies on the hype factor, using a base-jumping Shiba Inu as its mascot and doubling down on community incentives:

Minted on Base, $DAWGZ supports seamless trading on Ethereum, BNB Chain, Arbitrum, and Solana through the Portal and Wormhole Bridge technologies. 

This, coupled with the explosive adoption of the Base chain, helped $DAWGZ raise over $2.5M in a month. 

After listing, $DAWGZ has the potential to reach $0.03, generating over 500% gains for early supporters. 

To buy $DAWGZ, visit the official presale website, connect your crypto wallet, specify how many tokens you want to purchase, and confirm the transaction. 

The Perfect Storm of Memes and Utility? 

$DAWGZ’s presale success extends beyond meme appeal and favorable market dynamics. Strategic choice of network and solid utility earned the project positive community sentiment.

This combination of factors potentially positions $DAWGZ as the next top Base meme coin. 

References 

• Solana TVL (DeFi Lama)
• Base TVL (DeFi Lama)
• Top Base Meme Coins by Market Cap (CoinGecko)
• Top Blockchains by Total Value Locked (TVL) (CoinGecko) 
• Base Dawgz Whitepaper 

The post $DAWGZ Passes $2.5M Milestone; Will Base Dawgz Be The Next 100x Meme Coin On Base? appeared first on The Tech Report.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) recently released its 2024 Money Laundering National Risk Assessment. Per the report, Australia recorded increased use of crypto assets in crimes and money laundering activities.

Following this observation, AUSTRAC called for tighter crypto regulations to curb the growing criminal threats.

Criminals Leverage Crypto Anonymity And Fast Speed For Money Laundering

In its latest money laundering assessment report, AUSTRAC revealed that criminals prefer to use digital assets for crimes since they offer anonymity. As a result, Australia has witnessed an increased use of cryptocurrencies in money laundering.

Moreover, crypto transactions have very fast execution rates, giving the bad actors speedy completion of their illegal activities. The report also indicated a potential rise in crimes via digital assets in the future.

It mentioned: “The use of digital currency as a value transfer mechanism will pose an increasing money laundering vulnerability over the next three years. As the use of digital currency expands for legitimate use, opportunities for criminal use will also increase.”

Following its discoveries, AUSTRAC urged for tighter crypto regulations in Australia. The agency noted the relevance of constant readjustment of regulatory measures to control the use of crypto assets in money laundering. 

It also highlighted the need for international cooperation in the fight against the growing menace of crypto use in crimes. Moreover, the agency debated the importance of registering all crypto exchanges in Australia with AUSTRAC under the AML/CTF Act.

Recall that the Australian government recently banned the use of credit cards and crypto assets for online gambling. The authorities imposed a penalty of AU$234,750 ($155,000) on firms that fail to comply with the rules. 

Cash And Other Traditional Channels Top Money Laundering Methods

Amid the growth in innovation and digitalization worldwide, most illicit activities still use traditional approaches in their deals. Most money launderers move funds using cash, luxury goods, and real estate. 

Domestic banks, remitters, and casinos are other sources of money laundering channels in Australia.

According to AUSTRAC’s report, the agency labeled these traditional channels as having a “very high” risk factor. Conversely, digital currencies received a lower “high” risk factor label than traditional channels. 

Despite the difference in risk assessments, AUSTRAC still noted a potential increase in the use of crypto assets in criminal activities. The report pointed out that criminals use digital currencies due to their greater anonymity and faster rates of transaction execution.

Further, the report noted that reporting entities in the country face more difficulties in identifying and freezing suspicious financial transactions. This is due to increased execution speeds of financial transactions within the past few years. 

Also, some individuals conceal their transactions using several financial products across multiple platforms and institutions. Moreover, some key findings also revealed the growth of unregistered remitters and bullion dealers in Australia.

The report stated: “Criminal use of digital currency, digital currency exchanges, unregistered remitters and bullion dealers is increasing.”

The post Australian Agency AUSTRAC Urges For Tighter Regulations Following Increased Crypto Crimes appeared first on The Tech Report.

The United States Securities and Exchanges Commission (SEC) has reiterated its stance on cryptocurrencies. In a recent suit against Consensys, the regulator clarified why it deemed Polygon (MATIC), Terra Luna Classic (LUNA), and three others as securities.

The suit filing noted that crypto exchanges offered and sold these cryptocurrencies as investment contracts, subjecting them to securities laws.

Crypto Assets That Fall Under Securities

As part of its efforts to oversee the crypto industry, the US SEC has sued Blockchain company Consensys. The securities regulator alleged that Consensys facilitated the trading of unregistered securities through its subsidiary platform, MetaMask Swaps. 

The digital assets mentioned in SEC’s complaints include Polygon (MATIC), Terra Luna Classic (LUNA), The Sandbox (SAND), Decentraland (MANA), and Chiliz (CHZ). 

According to the SEC, these tokens were marketed by promising investors gains from the efforts of Consensys, issuing entities, and associated third parties.

The token issuers promoted these profit expectations via several means, including marketing materials, public statements, and outlined operational strategies.

Among the alleged securities is MATIC, the native token of the Ethereum-based layer-2 scaling solution Polygon. MATIC is essential for powering Polygon network transactions and governance. It incentivizes holders via staking rewards and other economic activities on the Polygon ecosystem.

Therefore, the SEC argues that MATIC’s issuers promoted and sold it as an investment vehicle from inception. The filing also noted that investors expect Polygon’s expansion efforts and ongoing ecosystem development to drive the value of MATIC. The SEC also cited details from MATIC’s whitepaper as proof. 

Furthermore, Polygon disclosed that it raised funding from renowned investors. The SEC also cited a November 2022 statement by Sandeep Nailwal, Polygon’s co-founder. In the tweet, Nailwal said he wouldn’t rest until Polygon became one of the top three cryptocurrencies. 

The regulator argues that such a statement and marketing strategies influenced its decision to categorize MATIC as a security. 

The same goes for MANA, the utility token of Decentraland, an Ethereum-based 3D virtual reality and social networking platform. MANA is the cryptocurrency that powers all transactions and activities within the Decentraland ecosystem. MANA holders can participate in governance and create content on the platform. 

The regulator cited MANA’s ICO sales and subsequent trading on platforms like MetaMask Swaps. The watchdog contends that investors conduct these activities expecting to profit from the growth and increased adoption of Decentraland. 

The Sandbox, Terra Luna Classic, and Chiliz as Securities

The SEC also highlighted why it considers Sandbox (SAND), Chiliz (CHZ), and Terra Luna Classic (LUNA) securities. 

CHZ is the utility token that powers activities on the blockchain sports and entertainment provider Chiliz. CHZ enables fans to purchase voting rights, allowing them to influence decisions during matches and in their favorite teams. Users also earn rewards in CHZ tokens. 

In its filing against Consensys, the SEC alleges that Chiliz promoted CHZ as an investment opportunity. During its ICO, Chiliz sold CHZ tokens to raise funds for the development of its platform.

The regulator also cited various marketing efforts and the mode of user acquisition as contributing to a potential increase in the price of CHZ. 

Similarly, the SEC’s latest litigation also listed SAND, the utility token of The Sandbox, an online gaming platform, as a security. The commission argues that SAND’s ICO marketed the token as an investment vehicle.

Therefore, since investors expect returns from The Sandbox platform’s expansion and growth, SAND falls under securities regulation.

Finally, the SEC says LUNA, the native token of the Terra ecosystem, is a security. The SEC argues that LUNA’s issuance and trading tout it as an investment opportunity with investors expecting a profit. 

The regulator also noted that Terra’s head of business development touted LUNA as equity in the company. Terra’s co-founder and CEO, Do Kwon, said LUNA has long-term value and grows alongside the ecosystem. These, among other reasons, are why the SEC asserts that Terra Luna Classic is a security. 

The post SEC Explains Why Polygon, Terra Luna Classic, and Three Other Cryptocurrencies Are Securities appeared first on The Tech Report.

A long-dormant Bitcoin wallet containing 1,000 BTC worth over $60 million became active again on July 14 after 12 years of silence. 

According to on-chain data, the wallet received the coins in September 2012 and has remained dormant without making any outgoing transactions until now.

The transfer was first broadcast on January 19, 2024, but the actual transaction was completed more recently. The on-chain data monitoring platform whale alert transaction was the first to spot the wallet. However, the wallet’s identity remains unknown.

Bitcoin Wallet Activity Rises

The transfer benefited from Bitcoin’s rising value, which has added nearly $20 million to its worth since the initial broadcast in January. In 2012, when the wallet first received Bitcoin, the value of its holdings was merely $12,100.

Considering the current BTC prices, this reflects an astonishing increase of around 500,000%. The reasons behind this sudden transfer and the identity of the wallet’s owner remain mysterious, which continues to raise curiosity and speculation within the crypto community.

Interestingly, the event is part of a recent trend of long-dormant Bitcoin wallets springing to life. Just ten days before, another wallet that had been inactive for over 12 years transferred nearly $7 million.

A dormant address containing 119 #BTC (6,992,389 USD) has just been activated after 12.4 years (worth 599 USD in 2012)!https://t.co/yk2qe3UUQ0

— Whale Alert (@whale_alert) July 4, 2024

In May, there were two other significant transactions from long-dormant wallets. One transferred 687.33 BTC worth over $44 million, and the other moved 1,000 BTC valued at over $60 million.

Additionally, in early March, one of the Bitcoin blockchain’s most affluent addresses, dormant since 2019, moved an astounding $6 billion. During the same month, an entity consolidated $140 million worth of BTC mined in 2010 into a single wallet.

Somebody just consolidated 2000 BTC from a bunch of coinbase rewards dating back to 2010.

Imagine hodling for 14 years as the value rockets from a few hundred dollars to $140 million https://t.co/YsgcxUQHVO

— mononaut (tx/acc) (@mononautical) March 26, 2024

Notably, in January, almost 50,000 dormant bitcoins became active following the approval of spot BTC exchange-traded funds in the United States.

BTC Price Takes Bullish Turn

Amid the reactivation of long-dormant wallets, the Bitcoin market appears to be recovering from the bearish pressure over the past month. Bitcoin’s price fluctuations peaked over the weekend, reflecting diverse trends and a generally bearish sentiment among traders.

However, a recent price surge of over 8% has shifted the momentum in the bulls’ favor, anticipating the $70,000 mark. Despite this optimism, there is a tendency for significant resistance, which could slow their progress toward reaching new monthly highs.

Currently, long positions in Bitcoin are performing well, suggesting that the worst price volatility may be behind traders.

In addition, large investors, known as whales, seized the opportunity to accumulate Bitcoin at lower prices. They purchased over $4 billion in digital assets between July 4 and 10 as short-term traders sold off their holdings.

Despite last week’s price decline, Bitcoin appears poised to re-enter the post-halving reaccumulation range, positioning itself for a potential upward trend.

Undoubtedly, the market’s recent behavior highlights the ongoing battle between bullish and bearish forces. These events will likely affect Bitcoin’s price, dictating its trajectory in the coming days.

The post Dormant Bitcoin Wallet Containing 1,000 BTC Reactivates After 12 Years appeared first on The Tech Report.

Bitcoin has reclaimed the $60,000 threshold, now sitting above $62,000 as the crypto market enters the recovery phase this week. Some analysts believe the German BTC sales are possibly over, and the Mt. Gox repayments are not overly bearish.

Crypto portfolio specialist Ben Simpson believes the crypto market is rallying again, signaling the cycle bottom has already started.

Crypto market is pumping again.

Signalling the local bottom might be in.

Here’s what’s going on and where we’re headed next pic.twitter.com/496z6LRhqp

— Ben Simpson (@bensimpsonau) July 15, 2024

Crypto Analyst Highlights Bitcoin’s Next Possible Moves

According to Ben Simpson, Bitcoin has hit its lowest price point during the downtrend and is ready to rally again.

He noted that Bitcoin has been under the bearish influence of forced selling from German government sales of $3 billion BTC tokens. The $8.5 billion Mt. Gox creditor repayments also contributed to the bearish sentiment. 

On July 12, when Bitcoin dipped to $59,000, the Crypto Fear and Greed Index showed extreme fear. However, the Index is neutral today at 52. Furthermore, Simpson noted that US Federal Reserve Chairman Jerome Powell hinted at possible lower inflation rates soon.

Meanwhile, the S&P 500 stock is soaring to new all-time highs as Bitcoin ETF inflows increase. Simpson believes the speculation surrounding Spot Ether ETFs boosted positivity in the crypto market. Based on these factors, Simpson predicts a bullish outlook for Bitcoin and the altcoins. 

Again, Apollo Sats founder Thomas Fahrer revealed on X that over $360 million in leveraged short BTC positions suffered liquidation, confirming the ongoing rally.

360M in #Bitcoin Shorts LIQUIDATED

Thanks for playing! https://t.co/IzBY9rWheU pic.twitter.com/LF098lOV0V

— Thomas | heyapollo.com (@thomas_fahrer) July 15, 2024

Trump’s Assassination Attempt Forces Crypto Market Rally 

Amid the heightened market volatility, crypto enthusiasts are optimistic that a change in the US administration will benefit the digital assets industry.

In a recent tweet, investor Nic Carter hoped the Republican Party would clinch the US presidential office through Donald Trump. According to Carter, the Republican Party promised to end the crypto crackdown and give users the right to mine and self-custody.

Official Republican party platform on crypto. Couldn't really ask for anything more:

End crypto crackdown
No CBDC
Right to mine
Right to self-custody
Right to transact freely pic.twitter.com/6Q1KREFxnF

— nic carter (@nic__carter) July 8, 2024

A Reuters report reveals that Bitcoin rose to a two-week high earlier today after the attempted assassination of Donald Trump during a rally in Pennsylvania on Saturday. Some investors believe the attack on Trump boosted his chances of reclaiming the Presidential seat.

Donald Trump likely positively influences the crypto market due to his recent support for cryptocurrencies. Consequently, several meme coins were launched based on the assassination attempt, and Bitcoin soared.

lol, just checked on dexscreener.
Never disappoints. pic.twitter.com/XBFALqxeoo

— Krakovia (@krakovia_evm) July 14, 2024

Bitcoin Whales Accumulated BTC worth $4.3 Billion During Downtrend

Bitcoin whales took advantage of the crypto market decline early in July to accumulate 71,000 BTC, the largest recorded since April 2023. Analytical firm IntotheBlock reveals that these whales purchased the tokens when Bitcoin dipped to $54,2000 on July 5.

#Bitcoin whales are accumulating at their fastest rate since April 2023: CryptoQuant
Dheet hodlers have accumulated 85K #Btc in the last 30 days. pic.twitter.com/UxewR8omHZ

— Crypto India (@CryptooIndia) July 10, 2024

Also, Santiment reveals that Bitcoin whale and shark wallets increased while small traders sold their assets during the dip. According to Santiment data, July recorded a net increase of over 261 wallets holding a minimum of 10 BTC. 

Bitcoin’s majority holders accumulating more tokens is a bullish signal since it exerts upward pressure on the asset’s price. Moreover, CryptoQuant analyst Woo Minkyu says the whale accumulation suggests that Bitcoin’s downtrend is likely over. 

The post Bitcoin Rallies to $62,000, Analysts Believe Bearish Phase is Over appeared first on The Tech Report.

Lately, the crypto market has shown signs of recovery, which have been reflected in the price of most cryptocurrencies. Polkadot (DOT) price momentum is in tune with this trend, posting mild gains after a bearish pressure that pushed it to $4.9 in early July.

DOT trades around $6.36, with a 2% price increase in the past 24 hours. Its trading volume is also up more than 53%g at $189.9 million. This slight uptick suggests the bulls might be back, but can they sustain momentum to see DOT hit $8 soon? Let’s explore DOT’s next possible moves below. 

Polkadot (DOT) Price Movement

DOT experienced a significant decline from May 27 to June 23, dropping from $7.90 to $5.30, representing a 32.9% decrease. However, $5.30 proved to be a strong support level for DOT as it soon found its footing and began to recover.

On July 3, Polkadot (DOT) climbed back up to $6.50, but the market remained volatile, with DOT plummeting to $4.9 the following day. 

However, DOT is rising again and printing green candles on the charts, indicating buyers’ return. Market participants are hopeful that DOT could reclaim previous highs if the ongoing uptrend sustains. Moreover, several indicators paint a bullish picture today. 

Will DOT Reach the $8 Price Level?

The MACD has crossed above its signal line, with green histogram bars emerging. This setup typically indicates growing bullish momentum. The RSI above 50 suggests that buying pressure outweighs selling pressure, often preceding further price increases.

DOT’s price is also pushing above the Bollinger Bands, hinting at a potential breakout. When prices move beyond these bands, it often signals the start of a strong trend.

In addition, DOT’s Positive Volume Index (PVT) is 95 million, indicating significant buying on up-volume days and supporting the observed bullish sentiment. DOT is currently trading at $6.48, but based on the technical indicators, it could reach $8.

If DOT maintains its current momentum and market conditions remain favorable, the $8 target seems achievable. However, investors should remain cautious as the market is highly volatile.

Analyst Predicts 700% Surge for DOT: Can Polkadot Reach$48?

Many analysts are optimistic about DOT’s future price movement. In a July 11 Tradingview insight, an analyst predicted that DOT could reach $48. This target represents a staggering 700% increase from its current price of $6.

According to the analyst’s chart, DOT has broken out of a fallen wedge pattern, signally a potential trend reversal. Polkadot might climb toward the ambitious $48 target if the current momentum continues.

Interestingly, this isn’t the first optimistic prediction from this analyst. On June 9, the same analysts shared another DOT chart, noting a “Flag backtest now confirmed.” The expert projected a possible surge to $50.59.

Analysts Bullish on DOT: Potential Surge to $12 on the Horizon

One expert, Cryptorphi, shared a detailed analysis on June 28, identifying a descending triangle pattern in DOT’s price chart.

#DOTUSDT is currently trading within a well-defined descending triangle pattern with strong support around the $5.5-$6 range.

~ Support Zone: A strong support zone exists between $5.5 and $6, highlighted in green. This area has historically acted as a significant support level,… pic.twitter.com/jUSXMqJ9FW

— Cryptorphic (@Cryptorphic1) June 28, 2024

The analysis highlights strong support between $5.5 and $6, a zone that has repeatedly prevented further price drops. Also, Cryptorphic marks some key resistance levels set at $7.6 and $11.58.

According to the analyst, the Relative Strength Index (RSI) shows a bullish divergence, often signaling a potential price reversal. 

If DOT breaks above the triangle and resistance levels, it could rally to around $12. The analyst advised that a close below $5.5 would invalidate this bullish scenario. 

Given the many optimistic outlooks,  DOT appears well-positioned for a significant price increase soon. However, it’s important to remember that cryptocurrency markets are highly volatile. 

Coinbase’s Potential DOT ETF Filing Could Boost Polkadot’s Price

Recent reports suggest that Coinbase might consider filing for a Polkadot (DOT) ETF. The exchange may have started the DOT futures contracts and ETF application process. The first stage approval could happen as soon as today, July 15.

Coinbase is secretly applying for $DOT ETF

The first stage of approval is already scheduled for July 15!

Polkadot ETF will be incredibly bullish for the entire ecosystem pic.twitter.com/OF8CrJxp2m

— 0xNobler (@CryptoNobler) July 4, 2024

If approved, a DOT ETF would make investing in Polkadot easier for traditional investors. ETFs typically bring more attention to a cryptocurrency. 

This increased accessibility often leads to higher demand and possible price growth. Also, a successful ETF launch could boost Polkadot’s network adoption, drawing in more users and developers.

While this news is exciting, remember that ETF approvals are not guaranteed. However, if successful, it could be a game-changer for DOT’s price and popularity.

Pepe Unchained: The Meme Coin Challenging DOT’s Dominance

Pepe Unchained, a new meme coin, is gearing up to enter crypto as a viable investment option for those looking for low-cap alternatives with significant growth potential.

Pepe Unchained (PEPU) has raised over $3.6 million in its presale. This layer-2 project combines Pepe-inspired branding with advanced blockchain technology, offering faster transactions and lower fees than traditional layer-1 chains.

Its unique features position PEPU for unmatched growth in the meme coin sector, setting it apart as one of the top meme coin presales in 2024.

Why Pepe Unchained Stands Out?

Pepe Unchained boasts several features that make it an attractive DOT alternative. Its layer-2 technology promises 100 times faster transactions than Ethereum, enabling quick trades. 

Moreover, early adopters can earn rewards by staking their tokens in the liquidity pool. Also, the project has a clear, realistic roadmap for long-term growth.

Unlike DOT, Pepe Unchained focuses on the meme coin niche while offering valuable blockchain utility. The project’s unique blend of humor and technology sets it apart in the crypto market.

The presale structure benefits early investors, with token prices increasing weekly. This approach has attracted significant interest from the investment community. As of today, July 15, you can buy this token at $0.0084261.

Pepe Unchained could soon challenge established coins like DOT with its strong presale performance and innovative features. Visit the presale website for more information.

The post Polkadot (DOT) Turns Green as Crypto Market Bounces Back; Will it Hit $8 Mark? appeared first on The Tech Report.

US Senators have struck a bipartisan agreement to ban all members of Congress from stock trading while in office. Reached by 20 senators, the bipartisan deal also prohibits lawmakers’ spouses and dependent children from stock trading.

Moreover, the ban forbids the president and vice presidents from buying and selling stocks while in office. The deal is part of a broader measure to prevent serving lawmakers from manipulating the stock market.

Senators Push for Ban on Congress Members from Stock Trading

A bipartisan group of 20 senators sent a letter to Mike Johnson, the House Speaker, and Hakeem Jeffries, the Democratic Leader, urging them to ban lawmakers from stock trading.

According to the letter, the bipartisan group proposed to amend the 2012 Stop Trading on Congressional Knowledge Act. Notably, the move is to halt all lawmakers from stock trading while in office.

The letter pushed for a vote on the legislation, highlighting the need for the ban to ensure that the lawmakers remain true to their service. 

Further, the letter mentioned that the prohibition would allow the senators to concentrate on “serving the country and the constituents, not their bank accounts.” In a press conference on Wednesday, July 10, US Senator Josh Hawley spoke on the need to effect the ban. 

He stated: “Congress should not be here to make a buck. There is no reason why members of Congress ought to be profiting off of the information that only they get, and the rest of the American people don’t get.“

Senators Outperform Major Stock by Violating the STOCK Act

Additionally, the bipartisan group noted that most senators used their positions to trade stocks and accumulate money. It discovered that up to 97 Congress members had traded stocks using a direct impact of the committees they oversaw. On average, some Congress members outperformed the S&P 500 by almost 17.5%. 

Also, the group highlighted a recent investigation that showed the intense involvement of senators in stock trading. The probe noted one out of seven serving senators had violated the STOCK Act between 2021 and 2023. 

One of the prominent cases that attracted public attention involved Senator Nancy Pelosi, who had multiple copy-trading and stock-picking services.

While the Congresswoman’s annual salary hovers around $193,000, her trading activities amassed more than $255 million, according to QuiverQuant. 

The proposed amendment of the STOCK Act would prohibit Congress members from trading stock after 90 days of implementation. 

The ban also applies to the president, vice president, spouses, and dependent children of Congress members while in office.

Further, the bipartisan group proposed an amendment to the penalty for new laws. The new penalty demands 10% of the total value of traded assets, compared to the current penalty of $250 per violation.

The senators agreed that the penalty is necessary to stop unethical behavior that undermines the public trust in the country’s democratic institutions.

The post US Senators Reach Bipartisan Deal to Ban Lawmakers from Stock Trading appeared first on The Tech Report.

As $BTC’s 24-hour trading volume spikes by over 30%, some meme coins are witnessing big gains. 

Bitcoin’s historically erratic price movements due to certain recent events have influenced the whole crypto market.

For example, $BTC fell below $61K following the news of Mt.Gox repayments and rose above $63K after Donald Trump’s assassination, likely because of the former president’s stance on the cryptocurrency.  

Now, $BTC is rising again, as are some meme coins, including $WIF and $MOG, whose 24-hour trading volumes have spiked by over 37% and 10%, respectively. 

Crypto investors are possibly turning to meme coin presales to avoid market volatility and take advantage of early growth potential. One such coin attracting growing interest is $PEPU, raising $3.6M since going on presale on June 16. 

Meme Coins Making Moves – Who’s Next? 

Meme coins have been gaining in popularity since the original meme coins $DOGE, $SHIB, and $FLOKI entered the market. 

Their popularity brought a wave of new meme coins, and the industry has seen a huge surge in value in the past year. In April 2023, CoinMarketCap listed just 18 meme coins. In April 2024, it listed 138. Now, there’s a total of 2,521.

According to Crypto Coryo on X, CoinMarketCap captures less than 10% of all tokens. So, the number of meme coins on the market may be even higher. 

Nonetheless, $DOGE, $SHIB, and $FLOKI continue to remain popular on CoinMarketCap, with $MOG, $WIF, $BRETT, $DOG, $BONK, $BOME, and $PEPE also rising as top performers. 

Among those listed, these meme coins currently have the largest 24-hour trading volumes: 

Vitalik Buterin (Ethereum’s founder) believes meme coins have grown in popularity for several reasons, including their zero-knowledge reputation, identity, and credentials. 

i understand why memecoins can have a moment.

but how is it *still* the dominant narrative?

every cycle has expanded the functionality and reach of crypto:

+ decentralized, tamper-proof money
+ p2p, cross-border payments
+ programmable money
+ permissionless financial…

— 0xDesigner (@0xDesigner) June 11, 2024

A new meme coin on presale that could capitalize on this significant growth in meme coin interest and Ethereum’s 5% market cap increase is $PEPU. 

$PEPU is an upgraded version of $PEPE, but it has utility, unlike the original meme coin.

Why $PEPU May Spike 459% Like $PEPE

$PEPU sets itself apart from other meme coins because it has built its own blockchain and offers instant bridging between ETH and Pepe Chain. 

It is one of the most promising crypto presales of 2024 because it offers a faster and more affordable alternative to the original $PEPE, which has spiked by over 459% over the past year. 

Currently priced at $0.0084261 on presale, Pepe Unchained’s Ethereum Layer-2 (L2) proprietary network could help bring its price to $0.5572 after being listed, resulting in approximately 6,512% gains for early adopters. 

The L2 blockchain offers many perks: 

Additionally, $PEPU’s tokenomics and roadmap highlight long-term growth opportunities. 30% of its total token supply goes toward staking, with over 307M already being staked. 

To buy $PEPE, visit the official Pepe Unchained website, connect your wallet to the widget, choose your preferred purchase method, and click the amount you want to buy.

To Summarize

$PEPU’s presale performance shows strong investor confidence. Its success doesn’t just come on the heels of favorable market dynamics.

The growing interest is likely because it brings something new to the crypto space – its own blockchain network with instant bridging and attractive staking incentives. 

As meme coins continue to attract investors, $PEPU shows the potential these digital assets have in fostering a new era of financial solutions. 

References

The post Pepe Unchained’s Presale Hits $3.6M Amidst $WIF and $MOG’s Meme Coin Rise appeared first on The Tech Report.

Donald Trump’s failed assassination attempt at a Pennsylvania rally on July 13 fueled the largest Bitcoin 30-day accumulation since April 2023.

Bitcoin is up 12.58% in the last week and 9.29% since July 13, while the global crypto market has increased by 8.45%.

The meme coin market has also benefited, with the market cap pumping by 5.33% in the last 24 hours, while the 24-hour trading volume increased by 17.26%.

Could this mark the end of Bitcoin’s bottoming phase, and are we finally in bullish territory? Multiple analysts, including CryptoQuant, seem to think so.

Let’s discuss how the past few days have influenced crypto and what this could mean for its future.

Whales Accumulate 85K $BTC, the Fastest Yearly Recorded Rate

According to CryptoQuant, whales have accumulated over 85K $BTC in the last 30 days, the fastest rate recorded since April 2013.

#Bitcoin whales are accumulating at their fastest rate since April 2023: CryptoQuant
Dheet hodlers have accumulated 85K #Btc in the last 30 days. pic.twitter.com/UxewR8omHZ

— Crypto India (@CryptooIndia) July 10, 2024

Donald Trump’s promise of becoming ‘crypto president’ and his staunch support for the crypto industry have further fueled the bullish market move following his assassination attempt.

Bitcoin is currently $63K, with a market cap of $1.24T (+4.53%) and a $26.32B (+22.98%) trading volume in the last 24 hours.

Ethereum has also followed suit, with a 5.05% daily increase to $3,364 and a 28.63% increase in its 24-hour trading volume.

While the Mt. Gox repayment and Germany’s Bitcoin sale painted a bleak picture for crypto, recent events have tipped the scales in favor of the bulls.

Trump’s scheduled speech at the Bitcoin 2024 conference on July 27 might solidify the bullish prospect, possibly bringing Bitcoin beyond the $71K resistance level.

Analytics Firm Santiment Noticed Significant Increase in Bitcoin Wallets

According to Santiment, there was an increase of 261 wallets with at least 10 $BTC in July, which could be a bullish indicator for traders.

Meanwhile, small traders have been selling their crypto during the recent dip, which gave whales the opportunity to buy cheaper and HODL for larger profits.

Closing Remarks – Are We in Bullish Territory?

We’ve seen several reasonable arguments for a bullish crypto scenario, like the Bitcoin whale accumulation and Trump’s speech at the Bitcoin 2024 conference.

The lack of significant downward action caused by the Mt. Gox repayment should have also strengthened investor confidence, pushing toward a bullish scenario.

The post Donald Trump’s Assassination Attempt Fuels Bitcoin Recovery Above $63K appeared first on The Tech Report.

The latest US Consumer Price Index (CPI) data shows yearly inflation cooling to 3%, spurring optimism in the financial market. Amid this improvement, Gold prices surged above $2,400 in hopes of potential interest rate cuts. 

Crypto assets, including Bitcoin, and stock prices are expected to benefit from the positive economic outlook.

CPI Data Boosts Financial Markets

The US CPI data shows inflation cooled to 0.1% from the previous month, bringing the yearly rate down to 3%, the lowest since the pandemic. This drop marks the first significant decrease in three years, sparking positive sentiment across traditional and digital markets. 

The overall index rate fell from 3.3% in May, with consumer prices declining. As a result, gas prices dropped by 3.8%, while shelter and food prices increased by 0.2%.

The report has shifted financial market sentiments. Gold prices surged above $2,400, hitting $2,414, marking an increase of 1.8% in intra-day trading. Stocks also experienced mixed reactions, with some assets showing gains. This rise is due to growing anticipation for Federal Reserve interest rate cuts. 

Chris Larkin, E-Trade MD of Trading and Investing at Morgan Stanley, noted that the CPI data brings the market closer to the expected interest rate slash. 

He mentioned that unless future data turns “hot,” the Fed’s justification for not cutting rates may weaken.

He said, “A lot can happen between now and September 18, but unless most of the numbers pivot back into ‘hot’ territory, the Fed’s reasoning for not cutting rates may no longer be justified.”

Meanwhile, this CPI data aligns with the Federal Reserve’s target of 2% yearly inflation. The Fed has maintained its benchmark interest rate amidst declining inflation. The current data supports the idea of potential easing of pressure on financial markets.

Positive Impact of Crypto Markets

The favorable CPI data has also benefited the crypto markets. Moreover, good macroeconomic news often leads to more investment in risky assets like cryptocurrencies. 

As the Fed Reserve reduces market pressure, investors will likely invest more in assets like Bitcoin. Meanwhile, Bitcoin has recorded a 5.21% increase over the past week.

Australian Dollar Rises as Lower US CPI Data Suggests Softer Fed Rate Hikes

The Australian dollar (AUD) shows a positive trend, rising to 0.6798 against the USD on Thursday before dropping slightly to 0.6770. The daily chart shows that the trading pair AUD/USD is bullish.

Despite no significant Australian financial events this week, the AUD remains strong. Based on this, traders are adjusting their bets after the release of US inflation data.

Recall that the Reserve Bank of Australia (RBA) is still delaying rate cuts due to high domestic inflation. This decision could further support the AUD’s recent gains.

Overall, the potential for interest rate cuts has created a strong indication of growth in the crypto markets. With the expected market jump, meme coins may also see a resurgence.

The post Gold and Crypto Markets Eye US CPI Data for Potential Upswing appeared first on The Tech Report.