Despite having a boom week, Bitcoin, the most valuable cryptocurrency, sank to its seven days low. Several other altcoins that had also been rallying dropped, including the second-largest coin, Ethereum, which fell over 5%, XRP fell by 4%, and ADA took the lead with 6%.
Over the last nine days, Bitcoin has seen positive momentum. From a low of $19,230 to a high of $24,280, the leading cryptocurrency has increased in value by more than 26% since July 12.
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Nonetheless, BTC’s most recent rise failed to surpass the biggest barrier standing in the way of Bitcoin reaching the $30K price level. Instead, the price of bitcoin began a new downward trend after failing to stabilize above the $23,000 level.
BTC reversed its gains and fell below the $22,000 mark. The price is currently at $21,917.87, down more than 3% from the day before but up 5.2% from the previous week. Its current market capitalization is $418.68 billion, with a 24-hour low of 2.62%.
Furthermore, Ethereum lost ground along with BTC and other cryptocurrencies as it could not maintain the $1600 level it had reached earlier in the week. CoinMarketCap data show that its price fell to $1,547.89 over the last day, a decrease of 2.5%.
Bitcoin is currently trading at $21,975 on the daily chart | Source: BTCUSDT From Tradingview
With Ethereum, ADA and XRP Also Experience A Decline
During the past 14 days, ETH has outperformed. From the low of $1,008 on July 12 to the month’s high of $1,664 on July 23, it rose gradually. In addition, since the Merge’s announcement date, ETH has increased by over 15.0% during the past seven days, and over the preceding 14 days, the currency has seen a notable increase of 32.3%.
Moreover, the eighth-largest cryptocurrency, Ripple (XRP), dropped by 4.9% during the course of the last day, reaching $0.346754, as per data from CoinMarketcap. Additionally, with a drop of 4.70% over the last 24 hours, it also lowers its market worth to around $16.735 billion.
The cryptocurrency markets maintained above their respective support levels throughout the last weekend. So, from July 18, there was a bullish surge in the price of XRP, giving the impression that it would overcome any obstacles. But unfortunately, XRP saw a sharp decline at the start of the new trading week. Since it could not reach $0.4 levels, the current market movement had little effect on the price of XRP.
Related Reading | TA: Bitcoin Price At Clear Risk of Sharp Drop, Indicators Turn Red
On the other side, Cardano’s price had dramatically increased to reach $0.55 and had long since overtaken XRP. However, the bears rapidly pulled both assets, demonstrating their strength over the bulls.
However, ADA couldn’t maintain its position at over $0.55. It is trading at $0.493943 right now with a loss of 6.4%, and still, it is heading downward.
Featured image from Flickr, chart from Tradingview.com
Users of the Bitcoin.com Wallet, a non-custodial wallet program built by Bitcoin.com, may now keep, manage, and trade a huge number of ERC-20 tokens from a single app. Because the Bitcoin.com Wallet is completely non-custodial, the risk associated with third-party custodians is eliminated. Most people will use it to make payments since it has an easy-to-use user interface for managing and spending crypto assets.
Support For 100+ ERC-20 Tokens Added by Bitcoin.com Wallet
As a result of the wallet’s straightforward in-wallet interface, it is simple to switch between more than 100 different assets. The assets included in this fresh round include tokens from the DeFi and Metaverse worlds (such as LAND, DYDX, FXS and MANA) as well as tokens such as BAT and OCEAN, among others. DAI, USDC, USDT, FRAX, USDP, and GUSD are all featured in the stablecoin list.
More than a million people use Bitcoin.com Wallet every day, and the expansion will help them better service their needs. The official Bitcoin.com Wallet blog has a complete list of the currencies that are currently available via the wallet.
Bitcoin.com is developing solutions that provide a wide range of possibilities for individuals to produce their own wealth without boundaries. Newcomers are introduced to bitcoin via Bitcoin.com’s accessible educational resources, current and factual news, and self-custodial solutions that make it simple for anyone to spend, trade, invest and profit with cryptocurrency.
Acala, the leading DeFi network, and Polkadot’s innovation hub Astar Network are collaborating to boost DeFi on Polkadot. Effect of this collaboration, the top two parachains introduced The “Astar x Acala DeFi Rising” program to give developers access to new chances and rewards.
The DeFi Rising program is the first step toward the development of a flourishing DeFi ecosystem that uses the Cross-Consensus Messaging Format (XCM) from Astar to carry out decentralized and trustless cross-chain transfers.
Acala co-founder, Bette Chen, said;
Our deep integration with the Astar team is very exciting for us as we look to help accelerate the growth of Astar’s strong DApp ecosystem with aUSD liquidity and cross-chain use cases.
The Benefits From The Collaboration
The Polkadot network’s Acala suite of flexible financial products is essential to the strong dApp ecosystem on Astar. By working together, developers will be able to expand on Astar’s robust DeFi environment while gaining extra ACA and rewards from various Astar ecosystem teams, these assets include aUSD, LDOT, and ACA.
Astar needs to have significant liquidity of institutional-grade assets, like aUSD and LDOT, for builders to become the future of multichain smart contracts. On top of the reliable assets of Acala, developers of Astar can create new dApps.
Applications are invited for Acala’s $250 million aUSD Ecosystem Fund and Astar’s SpaceLabs initiative for projects that will benefit the aUSD on the Astar Network. Early-stage entrepreneurs developing applications on any Polkadot or Kusama parachain with solid stablecoin use cases are supported by the $250 million aUSD Ecosystem Fund. It is looking for use cases such as money markets, DEXs, derivatives, asset management, DAOs, payments, and other use cases that drive yield or utility for the aUSD.
Price movement for Solana (SOL) looks outright bullish but at the same time sluggish as it’s unable to keep up with buyer demands.
Solana is currently trading sideways forming an ascending triangle pattern. The 50-day EMA serves as its support level. Buyers were on a shopping spree last night which kickstarted the volume pumping it up at 140%.
The bulls are in control of SOL price moving it higher, while the bears are trying to take over. Bitcoin’s massive sell-off has impacted other altcoins including SOL. If the current momentum doesn’t swerve in a specific direction, SOL could be stuck in between.
Massive Buying Activity Pushes Trading Volume Up
The price action is currently exhibiting higher-highs specifically for SOL, but the bears were able to market it at the $46 zone. With that in mind, SOL is currently swinging within the ascending triangle pattern.
According to CoinMarketCap, while stuck within the triangle pattern, SOL has nosedived by 4.68% or trades at $39.76 as of this writing.
The uncertainty lingering with altcoin prices as it moves up inching near the trendline for the past couple of days has propelled buyers to buy aggressively pumping up the coin’s total volume at 140% or $1 billion overnight.
Recently, SOL’s RSI breached the downsloping trending after it has touched the oversold mark. With that in mind, the bulls have the propensity to push the token’s price hovering above the resistance line.
SOL is currently wading through unidirectional waters and buyers should wait for a cue towards the directional move.
SOL Price Squeezed In Between Bears And Bulls
SOL price has seen both higher lows and lower highs which reveal a tremendous squeeze for the coin. But, Solana’s most recent attempt on August 8 to push higher has set a new lower high spotted at $43.77.
Although the token is fighting relentlessly to recover its loss, the market is now dominated by the bears. In this light, investors should anticipate a consolidation for SOL price and followed by a breach of the support level found at $38.22.
Doing so might potentially trigger a crash of 17% in SOL which may ensure a revisit at $31.66. Even though this level may function as a support line, it might be corroded because of the liquidity found below it.
Once this level is breached, the coin might return to the weekly support level of $24.52 and then collect the liquidity that rests below it which was formed from June 13 to 19.
However, if SOL price can successfully jump above the support line of $38.22 support level and manage to break the hurdle set at $47.43 hurdle, then this will definitely challenge the bullish thesis.
SOL total market cap at $14.5 billion on the daily chart | Source: TradingView.com
Featured image from Gettotext, Chart from TradingView.com
The two crooks that the crypto spy has identified and named as Mathys and Camile.
Among other hints, ZachXBT was able to use the Twitter accounts @Rxktv and @mtsgtb
The culprits of an NFT hacking scam that offered to animate NFTs including Bored Apes, Azuki, Sudoswap, and Doodles have been identified by cryptocurrency investigator ZachXBT. The two ruthless crooks are thought to have repeated their scam multiple times since December 2021, earning over $2.5M in profits.
Since late last year, ZachXBT has been leading an investigation into the theft of numerous NFTs, which has allowed him to identify two young guys who reside in Paris. The crypto spy identified the two as Mathys and Camile but did not give their surnames.
The end of the ZachXBT inquiry represents the culmination of extensive investigative work, which also involved studying photographic evidence and doing on-chain analysis. While the two thieves seem to have been skilled at gaining their victims’ faith, they were much less effective in hiding their locations.
Update: One of them deactivated their Twitter and deleted incriminating Tweets. The other went private.
ZachXBT was able to use their Twitter accounts @Rxktv and @mtsgtb among the various hints. Both accounts were removed from public view shortly after ZachXBT’s findings were publicly disclosed.
ZachXBT continued, “Hopefully shortly we will see some type of legal action done against Mathys and Camille for the financial harm they have caused to so many people,” after wrapping up his inquiry. A response on social media indicates that some type of action is possible.
Iran Imports goods worth $10 Million in Cryptocurrency.
Smart contracts and digital assets will be widely utilized in international trade.
According to recent reports, the Middle East country, Iran placed its first import order using cryptocurrencies, which includes products worth $10 million. Iran’s Ministry of Industry, Mine, and Trade granted the first formal order for importing goods into the nation by utilizing digital assets transactions.
Deputy Minister, Alireza Peymanpak tweeted:
This week, the first official import order registration worth 10 million dollars was completed using cryptocurrency. By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries.
Iran Welcomes Crypto
For more than a year, Iran has been debating whether to allow the use of cryptocurrency to pay for imports. In the previous year, the Central Bank of Iran (CBI) stated that banks and authorized currency exchangers could use cryptocurrencies extracted in Iran by authorized crypto miners to pay for imports.
Additionally, In 2019, the Iranian government authorized cryptocurrency mining as an industry. The government also granted nearly a thousand licenses for Bitcoin mining operations in January 2020.
There were 7,924,107 TSLA shares sold, according to Tesla CEO Elon Musk.
In the previous 10 months alone, Musk has sold $32 billion worth of shares.
Tesla CEO Elon Musk has been in the spotlight a lot lately. Musk has been the talk of the town in every aspect of his life, personal and professional. It was a blow to many who had hoped for greater freedom on social media because of his dispute with Twitter. Tesla shares were sold for $6.9 billion by Musk, amidst a storm of criticism and legal action.
The Securities and Exchange Commission (SEC) was said to have received a total of six Form 4 applications from Musk. There were 7,924,107 TSLA shares sold, according to Tesla CEO Elon Musk. The sales took place on the 5th, 8th, and 9th of August, respectively.
After the sales were announced, Musk tweeted.
“In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock.”
Lawsuit Slated For October
In the previous 10 months alone, Musk has sold $32 billion worth of shares. Notably, this was not Musk’s first foray into the Tesla stock market. Musk sold $8.5 billion worth of shares only four months ago when his plans to buy Twitter were at their height. Once again, he was compelled to sell his stock on Twitter because of the acquisition.
This year was a rough one for Tesla’s stock. Despite a 35% gain since May, the stock is still 20% behind its year-to-date high. At the time of this writing, TSLA has lost 2.44 percent of its value. In addition, some believe that the anticipated Twitter v. Musk lawsuit might propel Tesla’s shares even farther up the market. In October, the trial is slated to begin.
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