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Binance CEO Changpeng Zhao Optimistic of Crypto Sector

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Binance Ceo Said The Metaverse Will Be Mainstream In 5 To 10 Years
  • CZ relied on a shared knowledge of the market and its dynamics.
  • It was Changpeng Zhao’s initiative to advocate for the mining industry.

The CEO of Binance, Changpeng Zhao (CZ), was recently interviewed by Squawk on the Street, where he discussed the future of bitcoin and the crypto industry. CZ shed light on the market’s overall bearishness and demonstrated his faith in the crypto market’s bright future. In order to make his statements, CZ relied on a shared knowledge of the market and its dynamics.

CZ stated:

“Crypto market should only attract the believers. It should only attract the people who are in it for the technology, who understand how to use it. I think a correction is actually healthier.”

Excessive Inflation and Recession Will Drive Market Value

When asked about the most important aspects that might lead bitcoin and the crypto sector into a new chapter, CZ had some interesting things to say. DeFi, NFTs, etc., were one of the possible explanations for the Bull Run in 2017, according to CZ’s response. Many nations will embrace bitcoin due to excessive inflation and a recession, which would significantly enhance the market’s value.

While bitcoin was at its pinnacle in November of last year, the market is now much more stable. CZ further noted that Bitcoin has found some respite in the middle of all of this, after its recent increase.

The CEO further added:

“Any trillion dollar asset requires much more energy than Bitcoin’s mining power just to sustain it. I strongly believe that Bitcoin mining is far more efficient than any of the other modes used to manage any other asset type.”

It was Changpeng Zhao’s initiative to advocate for the mining industry and highlight the flaws of centralized systems. A trillion-dollar asset such as Bitcoin is said to be the only one in the whole crypto industry to be as effective according to CZ. In addition, he wondered about how BTC’s energy use was becoming more transparent. There’s no need to keep track of how much power is consumed to mine a single Bitcoin, claims the CEO.

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SOL Fails To Notch New 60-Day Peak, Despite Recent Advances

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Sol

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
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Crypto Investigator ZachXBT Exposes French NFT Theft

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Nft Portals Becoming Easy Prey For Crypto Scams
  • 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.

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.

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Iran Confirms Its First Cryptocurrency-Based Import Order

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Iran Confirms Its First Cryptocurrency-Based Import Order
  • 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.

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Tesla CEO Elon Musk Sells $6.9B Worth Shares Amid Twitter Storm

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Tesla Ceo Elon Musk Sells $6.9B Worth Shares Amid Twitter Storm