Why Shiba Inu (SHIB) will not grow in 2024

The altcoin segment is still in a slump, which has not bypassed the popular memcoin Shiba Inu (SHIB). This year, we may not see the cryptocurrency grow anymore

Let's find out what exactly is preventing Shiba Inu (SHIB) from starting a rally and whether the memcoin has a chance to rise to $0.000025.

Shiba Inu vs FUD

In a fresh report, Santiment Chief Analyst Brian Quinlivan noted that Shiba Inu is unlikely to grow significantly while the rest of the altcoins are in decline. He also emphasized that bitcoin (BTC) has the potential to affect memcoin's future performance.

“Average 30-day trading profits are down just -1.1%, while long-term returns have fallen by as much as -31.7%. This puts the 13th-ranked memcoin in a potentially very favorable position once bitcoin stabilizes and altcoins start to thrive again,” the analyst said.

Meanwhile, onchain data has signaled that SHIB's level of social dominance has been falling since as early as May. This metric measures how much a particular cryptocurrency is talked about on social media. A decline in social dominance means that fear, uncertainty and doubt (FUD) is beginning to dominate sentiment on the asset.

Another sign of FUD is the distribution of tokens between retail and large investors. According to Santiment, SHIB owners who hold between 100 million and 1 million tokens in their accounts are hoarding coins.

At the same time, those who hold between 100 million and 1 billion tokens have recently reduced their positions significantly. This distinction between large and retail investors underscores the uncertain mood in the market.

Unless whales start accumulating Shiba Inu, memcoin's upside potential will be significantly limited this year.

SHIB outlook: repeat past success

At the time of writing this analysis, SHIB is trading at $0.000013, up 2% over the past 24 hours. That said, the weekly chart shows that memcoin seems to be repeating the pattern of April 2022. Back then, the cryptocurrency struggled to rise to $0.000027 after a sharp drop.

Now, the Shiba Inu Relative Strength Index (RSI) indicates that the momentum is weakening. This may suggest that the bulls' strength is not enough to support the cryptocurrency.

In addition, at levels near $0.000018, SHIB risks meeting serious resistance. Such an obstacle may prevent the token from growing to $0.000025 during the current year.

In the near term, SHIB's price could fall below $0.000010. Although it may meet the end of 2024 at higher levels, reaching $0.000025 still looks very unlikely in the current market conditions.

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Bitcoin rate approached $60,000

At about 18:00 (Kiev/IOC), the first cryptocurrency showed rapid growth, approaching $60,000. Over the day, the asset went up by 3.2%.

At the time of writing bitcoin is trading around $59,600 with a capitalization of $1.17 trillion. The indicators have returned to the marks of late August.

Other assets from the top 10 by capitalization have also entered the green zone. Ethereum grew by 3.3%, breaking $2400.

According to Coinglass, over the past 24 hours, the volume of liquidations reached $109.5 million. Most of them ($87 million) came from short positions.

TON added 6.2% and returned to the top 10 largest crypto assets. DOGE grew by 6.4%.

The positive dynamics of bitcoin coincided with the growth in the stock market. Since the opening of today's session, the S&P 500 index has increased by 0.47%.

Recall, economist Steve Hanke allowed “selling on the news” after the meeting of the US Federal Reserve. In his opinion, a potential rate cut of 25 bps has already been taken into account by the market.

In Standard Chartered concluded that bitcoin is able to renew the record by the end of the year, regardless of the results of the American presidential election.

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Kim Byung-hwan: “South Korea doesn't need cryptocurrency ETFs”

Kim Byung-hwan, a candidate for chairman of South Korea's Financial Services Commission (FSC), urged the government to be cautious about launching spot exchange-traded funds (ETFs) tied to cryptocurrencies.

At his confirmation hearing before the Political Affairs Committee of South Korea's National Assembly, Kim Byung-hwan noted that many local lawmakers are pushing for cryptocurrency ETFs to appear in the state.

In May, the country's Democratic Party had already demanded that the ban on spot bitcoin ETFs be lifted. Byung-hwan, however, advocated a more cautious approach. He suggested first looking at the results of the U.S., which has already approved these investment products.

“I am cautious about launching cryptocurrency accounts for corporations and institutions. Given the confusion we have previously seen in the crypto market, our current policy should focus specifically on investor protection rather than the development of the digital asset market. We need to maintain order in the market and financial stability, so it is worth reviewing the rules for virtual asset operators,” Kim Byung-hwan said.

He added that virtual assets cannot be considered currencies or financial products. Digital assets that are arbitrarily issued by the private sector will not be able to fully replace money issued by the central bank, the policymaker said.

Recently, Bo-mi Lee, a researcher at the Korea Institute of Finance, also spoke out against the launch of cryptocurrency ETFs in South Korea. He fears that bitcoin ETFs will lead to inefficient allocation of resources and worsen the liquidity of the financial market.

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Trading volume on the spot Ethereum-ETF exceeded $1 billion on its first day

-- Ethereum-ETF spot shares began trading on July 23.
-- The sector recorded a net capital inflow of $106.78 million.
-- Trading volume exceeded $1 billion.
-- Grayscale Investments fund saw outflows of $484.11 million.
-- An expert expressed concern that other products would not be able to make up for such a loss.

On July 23, 2024, spot Ethereum-ETFs entered the US stock market. Trading volume in the sector totaled $1.11 billion by the end of the day, with net capital inflows of $106.78 million, according to SoSo Value.

As predicted by experts, Grayscale Ethereum Trust (ETHE) recorded an outflow of $484.11 million. The other products are in the green zone

Judging by the platform's data, at least part of ETHE investors transferred funds to a new product from Grayscale Investments - Grayscale Ethereum Mini Trust ETF (ETH). It leads in terms of assets under management (AUM) among other funds.

Bloomberg Intelligence analyst Eric Balchunas commented on the situation with a significant outflow of funds from ETHE. According to him, this value is higher than predicted. The expert is not sure that other funds will be able to compensate for it.

At the same time, he noted that the launch of the funds was successful in general. He compared spot Ethereum-ETFs with products based on other assets in terms of trading volume on the first day.

Three Ethereum-based ETFs - from BlackRock, Fidelity Investments and Bitwise - made it into the top 5.

Ethereum (ETH) reacted to the situation insignificantly. On the daily price chart there are several jumps, but the asset failed to overcome the level of $3500.

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Pavel Durov reported on the rescue of cats by Catizen developers

Catizen mini-game for Telegram earned $16 million on in-game purchases and donated 1% of them to save homeless cats. This was reported by Pavel Durov, the founder of the messenger.

According to him, the game attracted more than 26 million users. Through the use of TON-based smart contracts for in-game rewards, Catizen introduced them to blockchain.

Durov also mentioned that the project team created tools for other developers to easily run games on Telegram and TON.

The Catizen game won the App Battle competition in the third season of The Open League program. In it, you need to breed cats and perform tasks to farm points.

Earlier it became known that the company The Open Platform and the venture capital division of the cryptocurrency exchange Binance invested unnamed amounts in Pluto Studio - the publisher of Catizen.

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BlackRock's $500 million tokenized fund offers Ethena RWA investment plan

Ethena has shared plans to allocate a portion of its $235 million USDT stablecoin security and $45 million excess reserve into real-world revenue-generating asset (RWA) offerings.

BlackRock's BUIDL fund has applied for a $34 million allocation, while Steakhouse Financial has applied for the Morpho Blue credit vault.

Ethena, the protocol behind the $3.4 billion USDe “synthetic dollar” token, plans to invest some of its reserves in real-world tokenized assets (RWAs), and BlackRock's BUIDL fund is one of the first applicants to throw its hat in the ring.

In a management post published on July 16, it outlined plans to distribute a portion of its $235 million USDT assets, roughly 7% of its collateral assets, and a $45 million excess reserve. The Ethena token provides returns to investors by buying spot bitcoin {{BTC}} and ether {{ETH}} and parallel selling or shorting perpetual asset swaps on cryptocurrency exchanges, generating funding returns.

BlackRock's BUIDL, a money market fund represented by an Ethereum-based token, is requesting a $34 million allocation from Ethena's $45 million reserve, according to a Monday announcement from Jonathan Espinoza of tokenization platform Securitize, BUIDL's distribution partner.

Steakhouse Financial Morpho also filed Monday for a USDC credit vault on the DeFi Morpho Blue platform, which is super-secured in wrapped bitcoin (wBTC), wrapped staked ether (wstETH) and the Backpacked tokenized Treasury Bills (bIB01) product.

Mountain Protocol, the issuer of stablecoin yielding USDM, has also expressed interest in submitting a bid, with founder Michael Carricka responding to management last week that the protocol will “submit a proposal in the coming days.”

All potential applicants will need to publicly post their proposal on the management forum, Guy Young, founder of Ethena Labs, the protocol's developer, said in an email.

Ethena's open competition is the latest example of how tokenized RWAs are increasingly being used in the world of cryptocurrency-based decentralized finance (DeFi). Most recently, DeFi lender MakerDAO announced plans to invest $1 billion of the stablecoin DAI's reserve assets in tokenized treasury products, while ArbitrumDAO, Arbitrum's layer-2 Ethereum ecosystem development organization, has completed a similar competition to allocate the equivalent of 35 million ARB tokens to tokenized offerings.

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BlackRock Bitcoin ETF recorded record inflows since March - $523 million for the day

The BlackRock bitcoin spot exchange-traded fund (ETF) saw its biggest inflow day in four months, with more than $523 million flowing into the fund on Monday.

On July 22, the iShares Bitcoin Trust ETF (IBIT) raised 7,759 BTC - worth just over $523 million at the time of writing - according to Hey Apollo data cited by its co-founder in a July 23 post X.

The influx of funds on July 22 brought IBIT's total assets under management to 333,000 BTC, which is about $22 billion at current prices.

This is the seventh largest day of recorded inflows into IBIT in US dollars.

IBIT witnessed its largest inflow on March 18, when $849 million worth of BTC was added to the fund.

According to FarSide Investors, the second largest day on record occurred on March 5, when $788 million flowed into the fund.

A large inflow into the BlackRock fund occurred on the same day that several spot Ethereum ETFs were approved for trading in the United States.

Industry analysts expect the spot Ethereum ETFs to generate 10% to 20% of the flows that spot bitcoin ETFs have generated since their launch in January.

Meanwhile, several analysts were optimistic about Bitcoin in the short to medium term. They cited U.S. President Joe Biden's last-minute dropout from the presidential race and Trump's increased chances of winning the election as strong catalysts for Bitcoin's price rise.

Marcus Thielen, founder of 10x Research, suggested that there is a strong possibility that Republican candidate Donald Trump could make a surprise announcement that he will make Bitcoin a strategic reserve asset at the upcoming Bitcoin 2024 conference in Nashville, Tennessee, on July 25.

Thielen said this could trigger a “parabolic” movement in Bitcoin's price in the coming weeks.

Brian Courchene, founder of crypto-asset management company DAIM, echoed this prediction on July 22, saying that there is a good possibility that Trump will cement BTC as a strategic reserve asset at the conference.

Thielen also suggested that SEC head Gary Gensler will likely step down in 2025 after Biden leaves.

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Kamala Harris' campaign is in talks to speak at Bitcoin Conference

Bitcoin Magazine CEO David Bailey reported that talks are underway with Kamala Harris' campaign about a possible appearance at the Bitcoin Conference, signaling a possible shift in the Democratic Party's stance on cryptocurrency policy.

Bailey characterized Harris' potential appearance as an opportunity to “regain ground for Democrats in the fastest-growing voting bloc in the country.” The campaign is reportedly deciding whether to participate today.

This development comes as Harris seeks to differentiate herself from President Biden on technology and innovation issues. Billionaire investor Mark Cuban told Politico that Harris “will be much more open to business, [artificial intelligence], cryptocurrencies and government as a service” compared to Biden.

In addition to Cuban's confirmation, Harris' team has reportedly been reaching out to other cryptocurrency executives for political input ahead of the Democratic National Convention. Tech leaders see an opportunity for Harris to garner Silicon Valley support by taking a more pro-innovation stance. Box CEO Aaron Levy suggested that Harris could quickly garner the support of “more than a dozen tech executives” with a robust tech policy structure.

A potential appearance at the Bitcoin Conference and attracting the attention of crypto leaders indicates that Harris may be positioning himself to be more receptive to the cryptocurrency and blockchain industry than the current administration.

By raising $100 million in 48 hours after Biden's endorsement, the innovative platform could further boost Harris' fundraising and support from the crypto industry and the tech sector as a whole.

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Vanar launches NFT Marketplace

Vanar continues to expand by launching the first NFT marketplace on the Vanar network ahead of its sponsorship of the Google Cloud launch event in Pakistan. This underscores Vanar's commitment to innovation and community growth.

Vanar introduced Bazaa, the first NFT marketplace built on the Vanar blockchain. This platform allows users to buy, sell and exchange NFTs using the $ VANRY token. The launch of Bazaa_io marks an important milestone for Vanar, providing a dedicated space for digital artists, collectors and traders to participate in the growing NFT marketplace. This trading platform aims to utilize the robust features of the Vanar blockchain to offer its users a seamless and secure trading experience.

Google Cloud Startup Event Sponsorship

In addition to the marketplace launch, Vanar announced its sponsorship of the Google Cloud startup event in Pakistan. This event is part of Vanar's massive growth strategy to foster innovative businesses in the region. By sponsoring this event, Vanar allows startups to present their innovative ideas to a panel of industry experts, investors and seasoned entrepreneurs. The sponsorship aligns with Vanar's goal to develop a thriving app ecosystem, ensuring that projects have the necessary resources, support and platform to scale and succeed.

Vanar's plan for global massive growth continues!

Vanar is sponsoring a Google Cloud launch event as part of our grassroots growth strategy! This dynamic event is dedicated to identifying, showcasing and catalyzing innovative businesses in Pakistan.

Vanar is committed to creating a secure environment for its users and developers. In a recent tweet, Vanar emphasized the importance of vigilance against potential scammers, advising users to check sources to ensure their safety. This commitment to security is a critical aspect of Vanar's broader strategy to build trust and reliability in its community.

With the launch of the Bazaa_io NFT marketplace and strategic sponsorship of the Google Cloud Startup event, Vanar is poised to make significant strides in the blockchain and startup ecosystems. These initiatives reflect Vanar's commitment to innovation, community support and security, further strengthening its position as a key player in the blockchain space.

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Avail has launched mainnet and native tokenization

The Avail modular blockchain team announced the launch of the Avail AD mainnet and native token AVAIL.

The protocol is positioned as a data availability layer for Optimism, Validium and other zero-disclosure proof-of-concept solutions that will run on top of it. The technology will enable data availability (DA) to be hosted and validated outside the network, acting as a key component of the modular networking framework concept.

According to the project statement, Avail DA is a solution designed to optimize data availability and help developers create more scalable, cost-effective and componentized chains.

This is just the first of three parts of the modular blockchain stack. The team is now working on the Nexus interoperability layer and the Fusion security layer.

“Data availability is a critical component of blockchain infrastructure. Without guaranteed DA, network participants cannot easily and independently verify blocks, which can lead to fraud or censorship, as well as theft or freezing of funds,” the blog said.

Traditionally, L2 networks in Ethereum have relied on the base layer to provide DA. However, the rapid growth of Layer 2 solutions has led to congestion, reduced bandwidth and higher gas prices, the Avail team noted.

Rollups spend “millions every month” on data availability alone, the project said. Those costs are directly passed on to users.

“Avail DA is the only data availability tier that combines KZG's commitment with data availability sampling. This is an important milestone for the community as it allows rollups to enjoy features and benefits similar to Danksharding in Ethereum today,” the developers emphasized.

The AVAIL token is used to pay for commissions and staking. Avail uses a Nominated Proof-of-Stake (NPoS) consensus mechanism that evenly distributes blocked tokens among validators to reduce centralization.

In April, the blockchain team announced airdrop among users of the project. For this purpose will allocate 600 million AVAIL.

Recall, in 2023, Polygon's product director Anurag Arjun left his post, buying out the Avail project.

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Crypto exchange Bybit is preparing a large-scale event on trends of 2024

A live broadcast of the event “Grypto Games 2024: What's Hot, What's Not in Crypto” will be held on July 23 on Bybit's special platform. According to representatives of the cryptocurrency exchange, the conference participants will receive information about the most “hot” trends that affect the development of the crypto market.

The event will be moderated by Bybit brand manager Ejiro Owiri. Among the speakers will be such experts in the field of digital assets as Stella Yuan, Dirk Pennings, Nathan Thompson. They will discuss the successes and failures that have accompanied the industry this year.

We are witnessing an incredible evolution in the crypto industry. This event is an opportunity for investors to realize the changes that have happened and learn what it takes to succeed in the dynamic world of cryptocurrencies,” said Bybit's Director of Sales and Marketing Joanne Han.

According to the crypto exchange representatives, participants of “Grypto Games 2024” will be able to get prizes that will be raffled off during the online event.

It is known that “Grypto Games 2024” will be part of an even bigger Bybit project, which will include a trading competition with a prize pool of more than 3 million USDT.

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MicroStrategy stock performance surges amid bitcoin rally

MicroStrategy, a company led by Michael Saylor, has recently attracted significant attention for its aggressive bitcoin investment strategy leading to remarkable financial returns. As of July 17, 2024, MicroStrategy's stock has outperformed major tech giants such as Tesla, Nvidia, and Microsoft, primarily due to its significant bitcoin holdings.

As such, its share price has mimicked the movement of bitcoin and has risen from recent lows of $1,207 to close at $1,794 as of COB today. Its most recent rise occurred at the same time as bitcoin went from $53,500 around the same period to $67,605 at the time of writing.

MicroStrategy's strategic accumulation of bitcoin as its primary reserve asset has proven to be extremely profitable. The company owns 226,331 bitcoins, valued at approximately $7.54 billion. This significant stake has led to a 1,203% increase in MicroStrategy's share price since August 10, 2020, outpacing Nvidia's 1,050% growth and Tesla's 167% growth over the same period. The company's impressive growth trajectory has continued into 2024, with its share price up 135% YTD compared to bitcoin's 44% rise.

A key aspect of MicroStrategy's success is its ability to raise funds through debt offerings to buy more bitcoins. In June 2024, the company expanded its debt offering from $500 million to $700 million to incentivize additional bitcoin purchases. This strategy has paid off, as evidenced by the company's stock performance and the growing value of its bitcoin holdings.

Michael Saylor has repeatedly stated the benefits of switching to the bitcoin standard. He recently tweeted a chart showing MicroStrategy's stock price rising 1,203% since switching to bitcoin, urging other companies to consider a similar approach. Saylor's firm belief in Bitcoin's potential is evident in his constant defense of the cryptocurrency as a superior asset.

MicroStrategy's recent 10-to-1 stock split scheduled for August 1 is another strategic move to broaden its investor base. This action aims to make MSTR stock more affordable, potentially attracting more investors to benefit from the company's bitcoin-focused strategy. The company's performance and Michael Saylor's firm stance on Bitcoin underscore the transformative potential of integrating cryptocurrency into corporate strategies. Companies like MicroStrategy continue to set the precedent for utilizing digital assets to drive growth and shareholder value as the market evolves.

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HAVAH DeFi expands with DEX cross-chain from Balanced

HAVAH users can now enjoy their own cross-chain asset exchanges and tokenized borrowing on Balanced thanks to the ICON cross-chain framework. This development marks a significant step in the integration of HAVAH with other blockchains, expanding the horizons for seamless value transfer across integrated chains.

According to the firm's report, Balanced officially launched on HAVAH on July 22, 2024, providing new options for proprietary cross-chain swaps and stable currency loans. HAVAH, the first blockchain built on the ICON SDK to integrate with Balanced, integrates multiple blockchains across the EVM and IBC ecosystems. This integration enables seamless value transfer from the HAVAH blockchain, improving the DeFi experience for its users.

Initial liquidity and usability

To ensure a positive user experience, the ICON Foundation has provided initial liquidity for the new HVH / sICX pair on Balanced. This support is critical to maintaining the cross-chain functionality of the platform. HAVAH users can exchange their own assets between integrated networks, transfer HVH to the ICON chain for liquidity, or borrow BNUSD against their assets.

In line with ICON's vision to promote cross-chain development, Balanced plans to extend its services to additional blockchains as they become available through the ICON GMP. Users can expect updates to these new features as they are rolled out, further enhancing the cross-chain integration capabilities of HAVAH and Balanced.

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Telegram counts 950 million users amid cryptocurrency gaming boom

The messaging platform has reached 950 million monthly active users.

This milestone has undoubtedly been reached faster thanks to the huge interest in crypto-gaming spreading across Telegram and the growth of the Open Network (TON), which was originally founded by Telegram itself before abandoning the project in 2020 due to regulatory concerns. Instead, a community of outside developers brought the chain to life.

The recent gaming craze was sparked by Notcoin, a simple “click to earn” game that gave players huge amounts of in-game coins with the promise of online rewards on the horizon. Millions of players joined in, collecting virtual currency in hopes of one day converting it into a real cryptocurrency token.

That happened in May, when Notcoin players were able to convert their earnings into NOT tokens on TON. Backed by major exchanges Binance and OKX, the airdrop of NOT tokens immediately became the biggest gaming token launch of the year. TON now has a market capitalization of $17 billion, making it the 10th largest cryptocurrency by that measure.

But while Notcoin opened the door, Hamster Kombat paved the way. With similar “click to earn” mechanics combined with cute hamsters and multiple ways to earn more and faster, the game has become a global phenomenon. In June, it hit 100 million users and even caught the attention of Iran's government, which feared its popularity among citizens would distract them from the presidential election.

Earlier this month, Durov said Hamster Kombat had attracted 239 million users, describing the game as “the fastest growing digital service in the world.” Since then, Hamster Kombat claims to have surpassed the 250 million player mark.

Many more games have followed, including Yescoin, TapSwap, Catizen, PixelTap, W-Coin, and Musk Empire. Some of these games have even started to partner with each other, with both PixelTap and Musk Empire offering benefits to Notcoin holders.

Like Notcoin, Hamster Kombat has announced that it will launch its own token on TON, and PixelTap's token is already available on Ethereum ahead of a planned expansion to TON.

And while Telegram effectively handed over TON to the community in 2020 as the company faced intense scrutiny from government regulators, the popular messaging app has since reintegrated the network in various ways, including to share ad revenue with Telegram channel owners.

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Crypto market volatility rose by 74.5% over the week

All key crypto indices from Crypto.com rose last week. The price and volume indices increased by 11.67% and 13.67%, respectively. The same volatility index jumped much more significantly - by 74.45%. The experts of the analytical department of the company also told about the key events of the past week.

They recalled that the Chicago Board Options Exchange (CBOE) confirmed that 5 U.S. spot Ethereum ETFs will enter the market on July 23 this year. These include products from 21Shares, Fidelity, Invesco and Galaxy, VanEck, and Franklin Templeton. Another 4 funds are expected to go public on Nasdaq or NYSE Arca, but no official statements from platform representatives have been made yet. In addition, the SEC approved applications 19b-4 Grayscale Ethereum Mini Trust and ProShares Ethereum ETF.

Grayscale executives also announced plans to spin off a portion of Grayscale Bitcoin Trust (GBTC) into a new ETF. The company will contribute 10% of the BTC held by GBTC to the new Grayscale Bitcoin Mini Trust (BTC). It is set to go live on the NYSE Arca exchange. Grayscale also announced the launch of the Grayscale Decentralized AI Fund. This fund is designed to help develop crypto protocols related to AI technology.

In South Korea, the Virtual Asset User Protection Act came into effect. These regulations aim to strengthen the protection of users purchasing and storing cryptoassets from service providers. EU regulators introduced new classification principles for cryptocurrencies and digital assets under the Markets in Cryptoassets Regulation (MiCA). The Hong Kong Financial Services and Treasury Bureau (FSTB) as well as the Hong Kong Monetary Authority (HKMA) have unveiled plans for a new regulatory framework for issuers of stablecoins.

According to CryptoQuant, more than 36% of the BTC put to Mt. Gox creditors had been distributed by July 17. According to Bloomberg, US-based State Street, is considering launching its own steblecoin and tokenized deposits to make transfers on the blockchain. Finally, IBM and Panasonic are partnering with Constellation Network to support the development of new metagraph technologies based on Hypergraph's distributed ledger technology.

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3 AI tokens that distinguished themselves this week

he beginning of September turned out to be difficult for a number of AI tokens. However, the second week of the month markedly changed the situation

The current resurgence in the AI token segment can be attributed to prominent OpenAI-related events. Here are the 3 AI segment coins that performed the best in the outgoing week.

NodeAI (GPU)

NodeAI is a decentralized platform that provides access to AI and GPU resources. It uses blockchain technology to allow users to connect to AI nodes and rent nodes to access AI servers. The project also supports GPU token steaking.

Between September 8 and September 12, the price of GPUs rose 26%. The increase coincided with news of OpenAI's intentions to raise $6.5 billion in investment, which would increase its valuation to $150 billion. The price of the AI token reached $0.74, but then fell to $0.71 at the time of writing.

However, according to the moving average convergence-divergence indicator (MACD), the asset could be poised for a rebound. The daily chart shows that the MACD remains in positive territory. If this momentum continues, GPU could move up to $0.85. However, if profit taking begins, this prediction could prove wrong, causing the price to drop to $0.62.

Bittensor (TAO)

TAO, the token of decentralized machine learning protocol Bittensor, is up 26%. On September 6, TAO was trading around the key support level of $231.24. According to the daily chart, a rebound from that support helped the coin take the next barrier at $255.46. It is now trading around $288.97. Meanwhile, the Relative Strength Index (RSI) is above the signal line, indicating a rising bullish momentum.

If this trend continues, the TAO price could rise to $312.17. However, if the bulls cannot sustain the momentum, the uptrend could stall. This would potentially lead to a price drop back to the underlying support level.

Aleph.im (ALEPH).

Aleph.im is a decentralized blockchain project focused on file identification and storage. Recently, its native currency ALEPH grew 28%, making it one of the leaders in the AI token segment

ALEPH is now worth $0.16. The Bull Bear Power (BBP) indicator is showing a strong positive value, saying that buyers are controlling the market. A positive BBP, coupled with news about the new ChatGPT model, could help drive the price up.

If the trend continues, ALEPH could rise to $0.23. However, a decrease in buyer interest may turn the price around and send it to $0.13.

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Ripple CEO Brad Garlinghouse defends Kamala Harris and calls for clear regulation of cryptocurrencies

An insightful discussion on how Ripple CEO Brad Garlinghouse defends Kamala Harris amid criticism of cryptocurrencies, emphasizing the need for clear and supportive regulation of cryptocurrency to increase U.S. competitiveness.

Ripple CEO Garlinghouse calls for a clear stance from regulators

Brad Garlinghouse, CEO of Ripple, emphasized the need for a clear stance from Vice President Kamala Harris on cryptocurrency regulation. His comments came in the wake of the ongoing debate surrounding the current administration's digital currency policy and Harris' alleged decision not to attend the upcoming 2024 Bitcoin Conference. Garlinghouse's comments underscore the industry's desire for a favorable and transparent regulatory framework.

An unbiased approach advocated by Garlinghouse

In a recent social media post, Garlinghouse emphasized the importance of evaluating politicians based on their politics rather than affiliation. He urged the crypto community to be open-minded about Vice President Harris' stance on digital currencies.

Garlinghouse further noted that Harris' experience in Silicon Valley gives her a unique perspective on critical issues such as cryptocurrency regulation. However, he cautioned that aligning her views with those of Senator Elizabeth Warren could lead to a political misstep, especially with regard to SEC Chairman Gary Gensler's actions.

Political context and crypto market reaction

Garlinghouse's comments are made against the backdrop of the Biden administration's perceived hostile stance towards cryptocurrencies. This approach contrasts with former President Donald Trump's recent statements in favor of cryptocurrencies as part of his presidential campaign.

Vice President Kamala Harris faced increased scrutiny after it was reported that she would not be attending the upcoming Bitcoin Conference 2024. The decision sparked renewed criticism, with some in the industry interpreting it as an unwillingness to engage in discussions about cryptocurrency regulation.

Industry reaction and market sentiment in general

The crypto community has reacted strongly to Garlinghouse's statements. Bitcoin Magazine CEO David Bailey confirmed Harris' absence from the upcoming conference, criticizing her for contributing to policies that have negatively impacted the crypto industry. Influencer Tony Edward echoed this sentiment, calling Harris' decision a serious mistake.

Despite the negative reaction, Harlinghouse's call for a measured and clear approach to cryptocurrency regulation has brought some optimism to the market. His insistence on policy clarity and open-mindedness stands in stark contrast to the broader discontent within the crypto community, which views the current regulatory environment as hindering innovation and growth.

Conclusion

In summary, Brad Garlinghouse's defense of Kamala Harris and his demand for transparent and supportive regulation of cryptocurrency comes at a crucial moment for the industry. Despite the prevailing regulatory skepticism, Garlinghouse advocates for clarity, highlighting the potential for well-defined policies to increase competitiveness and innovation in the United States. As the debate intensifies, the crypto sector must navigate these policy nuances, hoping for a future in which a clear regulatory framework promotes growth and stability.

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The bitcoin-ETF sector in the US recorded capital outflow for the first time in 12 days

-- On July 23, the U.S. sector of spot bitcoin-ETFs recorded a net capital outflow of $77.97 million.
-- More than $70 million was withdrawn from Bitwise's BITB fund.
-- The outflow is the first time in 12 trading days.

On July 23, 2024, the U.S. spot bitcoin-ETF sector recorded a capital outflow of $77.97 million, according to SoSo Value.

Note that outflows in the U.S. bitcoin fund sector are being seen for the first time in 12 trading days. Before that, $2.91 billion flowed into ETFs.

According to the platform's data, only crypto fund IBIT from BlackRock received an inflow of funds on July 23. It added $71.94 million to its balance sheet. Three products recorded capital outflow:

BITB - $70.32 million;
ARKB - $52.29 mln;
GBTC - $27.31 million.

Seven more funds recorded neither inflow nor outflow of capital. A similar trend is observed in the bitcoin and Ethereum-ETF sector in Hong Kong.

Recall that on July 23, 2024 at 09:30 EST, trading in Ethereum-ETF began. On the first day, the trading volume in the sector amounted to $1.11 billion, net capital inflow - $106.78 million.

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Tesla's bitcoin reserves remain intact in Q2 2024

-- Tesla has released its Q2 2024 earnings report.
-- The automaker's holdings of the first cryptocurrency on its balance sheet remained unchanged.
-- The company's total revenue totaled $25.5 billion.

Tesla presented a financial report for the second quarter of 2024. According to the document, the electric car manufacturer did not sell or buy the first cryptocurrency during this period. At the same time, the total revenue of the company reached $25.5 billion.

On the account of the technological giant Ilon Musk according to official data is stored 9720 BTC. At the time of writing, the bitcoin rate is holding at $65,854, according to TradingView. Thus, the reserves of the first Tesla cryptocurrency are estimated at $640 million.

It is worth noting that the mentioned volume of bitcoin is stored on the company's crypto wallet for a long period of time. The asset reserves on the account of the automaker have remained unchanged since the second quarter of 2022. This volume remained on Tesla's wallet after the sale of 30,000 BTC for $64 million.

In March 2024, the Arkham Intelligence platform discovered addresses with the first cryptocurrency owned by Ilon Musk's companies. We are talking about Tesla and SpaceX, on the balance sheet of which revealed assets worth $1.3 billion.

According to Arkham, the account of the automaker has 11,509 BTC for $757 million. For what reason the information on the platform diverges from the official statements of the company is unknown. Representatives of Tesla do not comment on the situation with the bitcoin reserves of the firm.

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Paraguay's president dismisses complaints about electricity fee hikes by miners

Paraguayan President Santiago Peña recently dismissed complaints from bitcoin farm operators about the electricity fee increase imposed by ANDE for this activity. Peña stated that operators did not need to be consulted about this price increase and that more companies in the industry were waiting for the opportunity to enter the country.

Santiago Peña's interest in Paraguay as an area for bitcoin mining is high even with the recent increase in electricity fees

The Paraguayan government is in favor of raising electricity fees to 14%, which affects bitcoin mining operations. Paraguayan President Santiago Peña recently ignored complaints from several bitcoin mining operators about the impact of the increase on the viability of their operations in the country.

Peña stated that while the increase would reduce the profitability of the business, it would not prevent bitcoin mining operators from continuing to operate in Paraguay. He also emphasized that the industry does not provide a significant number of jobs.

Peña also said that the contracts signed with these companies did not contain any clause requiring the government to consult with them before imposing the fee increase. “The contract states that it can increase if the cost of energy increases,” he emphasized.

Finally, he clarified that even with this price increase, there are still many bitcoin companies interested in setting up in Paraguay. Peña stated:

We are preparing for the arrival of companies that we believe will give dynamism and be part of the technological ecosystem in which we are working to make Paraguay a technological center.

Capamad, the bitcoin mining association that brings together mining heavyweights such as Bitfarms in the country, refuted Peña's remarks, emphasizing that the contracts signed with the National Energy Association (ANDE) do stipulate that any changes must be applied with mutual consent.

The organization rejected the government's action plan, assessing that these were measures that “further damage the country's image and jeopardize the long-awaited investment level, violating legal certainty.”

Capamad's Penguin Group has already acquired a 400MW site in Brazil, and other companies will be eyeing the neighboring country to relocate their mining operations.

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Dogwifhat promises growth and an increase in market capitalization to $6 billion

Dogwifhat memcoin (WIF) has seen a significant increase in price and market capitalization over the past two weeks, recording a 68% increase in value over the period. On July 22, 2024, WIF's price reached $2.81, marking its highest monthly valuation.

The token's market capitalization has also grown significantly, nearly doubling in just one month from $1.5 billion to a current market capitalization of $2.8 billion.

According to an analyst under the nickname CryptoSmith, we should expect a new rally for the asset in the market soon. According to him, if the current bullish trend continues, then the market capitalization of the coin will be at least $6 billion, and then it will be destined for a place in Valhalla (from the Scandinavian word for “the halls of the slain”).

As the expert suggests, thanks to the stability of growth, increased liquidity due to listing on some exchanges, active community, Dogwifhat (WIF) has a chance to show a 20-fold increase in value over the next few months.

In this case, the price of WIF will reach $56, and this is not the limit yet, the expert suggests, and the coin's rate can rise even more. In general, the memcoin market will continue to show growth, the analyst believes, at least until the end of 2024.

It should be noted that memcoins do show positive dynamics since the beginning of 2024 and some of them have surpassed bitcoin and other leading cryptocurrencies in terms of growth.

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Alluvial CEO: Ethereum ETF inflows could exceed $20 bln

Investor attention is turning to Ethereum spot ETFs and how the products could perform in the first few months after bitcoin funds became hugely successful.

On Tuesday, the first nine spot Ethereum ETFs (ETH) in the U.S. opened for trading on national exchanges following final approval from the Securities and Exchange Commission (SEC). Wall Street players and retail investors can now access the second largest decentralized crypto token, ETH, through a regulated institutional shell.

According to Bloomberg's James Seyffarth, the funds debuted with nearly $10.3 billion (AUM) in assets under management. Most of that money is invested in two Grayscale products, one of which is the long-standing Grayscale Ethereum Trust (ETHE).

Here are the initial asset levels for the Ethereum ETFs launching today. The entire complex starts trading at just $10.3 billion (almost all from ETHE assets).

As titans like BlackRock, Fidelity and VanEck fight to dominate the spot ETH ETF market, Alluvial CEO and co-founder Mara Schmidt told crypto.news that she expects more than “$20 billion in the first few months after launch.”

You may also like: Ethereum price may drop after ETF approval

The influx of capital into Ethereum spot products is also likely to push the price of ETH well above its previous peak of $4,878. At the time of writing, Ether changed hands for $3,400, about 28% below its all-time high (ATH).

Schmidt said, “With approximately 38% of the current ETH supply concentrated in staking, bridges and DeFi, and another 10% on retail exchanges, ETF-based ETH inflows could have a significant impact on price appreciation.”

Alluvial's CEO predicted that the upcoming supply shock from Ethereum ETF buying, combined with the spot success of the Bitcoin (BTC) ETF and the growing demand for cryptocurrencies, reinforces the bullish bias for the remainder of this cycle.

Ethereum spot ETFs have been notably absent from the bets, but Schmidt believes the development could create opportunities rather than problems.

“An interesting and important difference between BTC and ETH is that a bet on Ethereum provides a natural rate of return, currently around 3.3%, which could prove attractive to investors looking for fixed income alternatives to equities, allowing for portfolio diversification and inflation hedging,” Schmidt explained to crypto.news in a private note.

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Cosmos (ATOM) Prepared to grow by 50%

The cryptocurrency market is full of hope because Bitcoin's recent rise and the launch of the Ethereum ETF today are believed to be creating a positive wave. In this tumultuous environment, Cosmos (ATOM) is one cryptocurrency that is showing great potential for a breakout.

While ATOM remains somewhat stable, with a slight 1.23% increase from the previous week and a 4% drop over the past 30 days, experts believe that it is almost poised for significant growth.

ATOM's market position is remarkable at its current value of $6.23 with a market value of $2.50 billion and a 24-hour trading volume of $235 million. Despite being down 0.54% over the past 24 hours, the market seems to be in a good mood right now, making ATOM a good time to make money.

Technical patterns are signaling a breakout

Renowned bitcoin guru Jonathan Carter has highlighted an intriguing Cosmos tech configuration. On the daily chart, he notes that ATOM exhibits a declining wedge pattern that is sometimes interpreted as positive.

This trend indicates that ATOM is gaining momentum and breaking through the declining resistance line, a crucial place where selling pressure has traditionally been strong.

If ATOM can break this barrier, a significant uptrend could begin. Carter has set four important price targets for ATOM: $7.25 as an initial target, followed by $8.85 and possibly as high as $12.15 if the optimistic trend continues. For those positioned in anticipation of a breakout, these targets reflect substantial gains.

Forecasts and indicators are encouraging

Several technical signs point to this positive outlook. Rising trading volumes and optimistic deviations in the divergent momentum indicator (relative strength index) are indicative of a possible breakout. Traders closely monitor these signs, and as soon as a resistance level is broken, they tend to start frantic buying.

Coincheckup data shows that ATOM is projected to show gains over the next seven days, implying good momentum in the near future. ATOM's recent performance shows a slight undervaluation, suggesting a possible buying opportunity for investors as it is now trading about 1.50% below its expected value next month.

Looking ahead, we note that ATOM's six-month growth estimate is a strong 58%; the full-year forecast shows an astounding 108% growth. This long-term outlook underscores the belief in ATOM's stability in the market and the potential for significant growth.

The focus on Cosmos

Cosmos (ATOM) has been performing outstandingly well as the bitcoin community is riding a wave of growth and excitedly awaiting the effects of the Ethereum ETF.

Cosmos is looking to gain traction in the altcoin market as it has the opportunity to outperform its current price levels and deliver notable growth.

ATOM is one to watch out for as traders and investors look for interesting prospects in the market. For Cosmos, the next few weeks could be crucial as they will allow for a breakout that will take it to unprecedented heights.

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Arbitrum attracts more than 48% of its assets from Ethereum

ARB, the proprietary token of Arbitrum's Ethereum layer-2 solution, is down 68% from its January 2024 highs.

However, there is good news: while ARB holders are being “hurt” by ruthless bears, positive developments in the network show that the platform is not only the largest by total blocked value (TVL), but is also full of potential.

More than 48% of Ethereum-related assets fall into Arbitrum

To summarize, one analyst notes a surge in user activity on Arbitrum and that the platform is leading the way in several key performance indicators (KPIs).

Importantly, the analyst noted that while there are other Tier 2 Ethereum solutions to choose from, including Base, which is backed by one of the world's largest exchanges Coinbase and Optimism, more than 48% of all assets connected from the main network end up in Arbitrum

The fact that users choose Arbitrum's over Base or other competitors is a huge confidence booster. It also points to its technical ability to address the scaling challenges faced by the core network.

In addition to this dominance, the analyst, citing token terminal data, also notes that Arbitrum's, as mentioned, has undivided dominance over TVL. According to the asset flow in the blockchain from blockchain analytics platform, Aave, a lending and borrowing platform, is a major contributor.

At the same time, Arbitrumus is the most active network, judging by the number of daily active addresses. When evaluating activity levels, the analyst notes that Arbitrumus is even busier than the main network.

Interestingly, while activity may be a factor to consider, Arbitrum's, according to the analyst, also leads other layer 2 companies in the number of unique token holders. This indicates that layer 2 is also leading in depth and breadth, indicating high engagement.

Will ARB grow after falling 68% in 7 months

Given these impressive statistics on the network, it remains to be seen when ARB will recover. The token has fallen 68% in seven months. The token remains under immense selling pressure and is a shadow of its former self.

As Ethereum ARB recovers, it may follow suit. Platform-based initiatives will also support the token. For example, the team recently launched the Gaming Catalyst Program (GCP) to accelerate the creation and deployment of GameFi platforms in its ecosystem.

Voting is ongoing and ends on August 1, when three candidates will be elected to form the GCP Council. The Council will be a decentralized autonomous organization (DAO) overseeing GCP functions.

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Bitwise will donate 10% of Ethereum-ETF profits to programmers

Bitwise will donate a portion of the profits generated from managing the Ethereum-based ETF (ETH) to developers.

On July 23, Bitwise will launch trading of units of the Bitwise Ethereum ETF fund (ETHW) on the New York Stock Exchange because the U.S. Securities and Exchange Commission has given the go-ahead to list shares of the derivative. The issuer will keep a low 0.2% management fee on ETHW units and will not charge a turnover control fee for the first six months on the $500 million worth of shares issued.

10% of the profits Bitwise earns on ETHW will be donated to two organizations: Protocol Guild and the PBS Foundation. The former institution provides financial support to Ethereum blockchain developers and researchers, while the latter helps to study and improve blockchain relays (relays).

Bitcoin-based exchange-traded investment products have kicked off a new cryptocurrency ballgame. The launch of Ethereum-based spot exchange-traded products will mark the start of the second inning. Opening up access to bitcoin investments in an exchange-traded format has sparked over $17 billion in capital inflows in a matter of months.

We think the launch of trading in these derivatives [Ethereum-ETFs] will raise several billion more and take the ETH exchange rate to new heights in 2024,” said Bitwise IT director Matt Hogan.

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BlackRock's spot bitcoin-ETF received inflows of more than $526 million in funds

-- BlackRock's spot bitcoin-ETF raised $526.7 million on July 22.
-- This is the largest capital inflow since March 2024.
-- The overall positive trend in the U.S. spot bitcoin-ETF sector has continued for the 11th consecutive day.

On July 22, 2024, BlackRock's spot bitcoin-ETF, IBIT, saw $526.7 million in capital inflows, according to SoSo Value. This is the largest fundraising for the fund since March 2024.

Overall, the U.S. spot bitcoin-ETF sector recorded a net daily capital inflow of $533.57 million on July 22. Positive dynamics in the segment can be traced for 11 consecutive trading days.

Three other crypto funds also recorded capital inflow

-- FBTC - $23.72 mln;
-- BTCO - $13.65 mln;
-- EZBC - $7.87 million.

VanEck's HODL investment product from VanEck saw an outflow of $38.37 million.

In the Hong Kong sector, bitcoin-ETFs recorded an outflow of 24.98 BTC, Ethereum-ETFs received neither inflows nor outflows of funds.

Earlier, the U.S. Securities and Exchange Commission officially approved the launch of seven spot Ethereum-ETFs.

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CryptoQuant founder studied the behavior of BTC holders

Recent data presented by CryptoQuant CEO Ki Yong-ju shows a significant difference in bitcoin (BTC) holders' behavior depending on the holding period. UTXO Age Bands chart analytics reveal interesting trends among different categories of investors. This can provide insights into the current market sentiment.

Notably, investors who purchased BTC within a period of 6 months to 2 years have already sold most of their assets. This happened when bitcoin reached previous all-time highs (ATH). This behavior is typical of a bull market when participants lock in profits at high price levels.

On the other hand, holders who have owned bitcoin for more than 2 years realized about 67% of their assets. This may indicate a more conservative strategy to protect capital during periods of market uncertainty and volatility. Nevertheless, even after significant sell-offs, these investors still hold a significant amount of digital coins, which may indicate their confidence in the long-term outlook of the BTC cryptocurrency.

Experienced investors who have held bitcoins for more than 3 years are showing record levels of UTXO (Unspent Transaction Output) for all groups. This means that these holders, who have experienced several market cycles, are in no hurry to sell off their digital assets despite price fluctuations. Their actions may indicate a positive expectation in the long term. This confirms that experienced holders are maintaining their positions, waiting for more favorable selling conditions and are in no hurry to lock in profits.

Current sentiment in the BTC market shows that inexperienced investors may be more susceptible to panic selling in volatile conditions. More experienced participants are based on historical data and long-term expectations.

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ZKL token rate collapsed by 45% after listing

ZKL token was listed on popular centralized crypto exchanges (CEX) such as Bybit, Hashkey, BitGet, KuCoin and Gate.io. However, something didn't go according to plan, and a short time later, the cryptocurrency quotes sagged by more than 35%

zkLink, a layer 3 (L3) project based on the Ethereum blockchain, which launched its native token ZKL on such some major CEX. Meanwhile, segment leaders Binance, Coinbase and Kraken did not list the new asset.

ZKL collapsed after listing

Just a few minutes after the release on popular cryptocurrency exchanges, the ZKL token's rate dropped significantly. At the moment, it lost almost half of its value - about 45%. Then the cryptocurrency managed to correct a little.

The token played a cruel joke with the token significantly sales pressure. The market in general reacted weakly to the launch of zKL, although this asset plays a key role in the zkLink ecosystem and has several real-world use cases.

Intent of zkLink

zkLink is an L3 protocol in the Ethereum ecosystem. Among its goals: implementing aggregated rollups and Layer 3 solutions. These initiatives aim to increase the functionality of the blockchain and facilitate the use of Web3 applications.

The launch of its own token was supposed to be a key stage in the development of the project. Thus, according to the idea, the ZKL token is designed to fulfill the following functions:

-- Subsidize gas costs on the zkLink Nova network.
-- Fund zkLink X's App Rollup infrastructure service.
-- Empower hodlers with governance rights -- that is, allow them to influence the future development of the project.

Vince Young, CEO of zkLink, told BeInCrypto's editorial team a little more about the new token:

“Operationally, ZKL tokens are the lifeblood of the zkLink ecosystem. They are also given out as grants to DApp teams accepted into our ecosystem developer program.”

Unlike ZKL, listing was not a problem for another token Banana Gun (BANANA). After going public on Binance, the asset's price jumped more than 50%.

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Bloomberg: If Donald Trump wins, Binance, OKX and Deribit exchanges will lose market share

Analysts at Bloomberg believe that US cryptocurrency companies can count on the support of the new administration if Donald Trump wins. However, exchanges such as Binance, OKX and Deribit could lose market share.

Bloomberg reported that cryptocurrency companies intending to conduct a public offering (IPO) can benefit from the victory of Donald Trump (Donald Trump). The analysts included USDC Circle, a steiblcoin issuer, and Northern Data, a bitcoin mining company.

At the same time, the possible victory of the Republican Party candidate in the upcoming U.S. elections will create problems for foreign platforms competing with U.S. companies, experts said.

Analysts paid special attention to the Chinese company Bitmain, engaged in supplying equipment for mining cryptocurrencies in the United States. The company may suffer from a possible trade war, which could be unleashed by Trump against China, according to Bloomberg.

In general, analysts said, the U.S. segment of the crypto market expects the new White House administration to pursue a more harmonious and liberal policy and allow the industry to accelerate development.

Earlier, the authorities of the states of Iowa, Arkansas, Indiana, Kansas, Montana, Nebraska and Oklahoma opposed the U.S. Securities and Exchange Commission (SEC), calling its approach to regulating cryptocurrencies “stifling” for the industry.

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This week will be marked by 4 important events in the crypto industry

The cryptocurrency market is gearing up for a very significant week, during which four major events are expected.

On Tuesday, July 23, the first reading of the bill on legalization of mining is expected in Russia, which may introduce a ban on the circulation and advertising of cryptocurrencies in the country. Noting the unpredictability of the decision, Andrey Tugarin, founder of GMT Legal, admits that the bans listed in the document may be softened.

On July 23, spot exchange-traded funds based on Ethereum should also start trading, as the U.S. regulator gave its in-principle approval in May this year.

Last week, the Chicago Board Options Exchange (CBOE) confirmed the listing of five Ethereum-ETFs for Tuesday, July 23. This is quite a significant event for Ethereum, as institutional investors will have access to the second largest cryptocurrency by market capitalization.

Additionally, the bitcoin community is very excited about former and possibly future US President Donald Trump's speech at the Bitcoin Conference 2024 in Nashville. This will be the first time that a prominent and high-profile politician will publicly address the global bitcoin community.

Rumor has it that Trump may declare bitcoin a strategic reserve in the United States, which would dramatically strengthen the cryptocurrency's position both in the U.S. and around the world.

XRP supporters have grown weary of watching the sluggish course of the legal standoff between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). Recently, Ripple CEO Brad Garlinghouse expressed optimism that the years-long legal battle will be resolved very soon.

This statement was echoed by Fred Rispoli's attorney, who suggested that a final decision could be heard on July 31, just eight days from now.

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