From comments that Bitcoin is flashing signs of reversal to Hong Kong police launching an anti-money laundering campaign related to crypto. Here are some outstanding news in the crypto market.
Bitcoin News
Bitcoin is flashing reversal signals
A prominent analyst is issuing a warning to Bitcoin bears that the cryptocurrency king is showing signs of strength on the daily and weekly charts.
According to anonymous analyst Credible Crypto, Bitcoin's relative strength index (RSI) is flashing a classic bullish divergence on the daily chart while showing a hidden bullish divergence on the weekly chart.
In technical analysis, classic bullish divergences are often considered a reversal signal while hidden bullish divergences are a sign of trend continuation.
“Biggest liquidation event since December 2021 (yes, almost two years ago), double the FTX disaster.
Classic bullish divergence on the daily BTC chart and hidden bullish divergence on the weekly chart.
BTC dominance reflects a bullish breakout within a two-year long-term range.
$20,000, $12,000 and $10,000 predictions are rushing in despite no real break in the bull market structure to signal a change in momentum (the first break was at $24,800).
Bears will be completely wiped out here."
Source: Credible Crypto/X
Source: Credible Crypto/X
Credible Crypto also said that so far this year, Bitcoin has been consolidating at low levels for a long time before starting to skyrocket.
“It may not seem like much now, but in a momentum/trend environment, things can escalate quickly.”
Source: Credible Crypto/X
At the time of writing, Bitcoin is trading at $26,064.
Hashdex joins the Bitcoin ETF spot race with a unique strategy
Cryptocurrency management firm Hashdex has joined the fray to launch a spot Bitcoin exchange-traded fund (ETF) in the United States. The company has filed an application with the U.S. Securities and Exchange Commission (SEC) for a Bitcoin ETF futures contract that will now target the spot fund.
Hashdex's approach differs from recent filings as it will not rely on a custodial sharing agreement with Coinbase, opting to buy spot Bitcoin from physical exchanges in the CME market. According to NYSE Arca's 19b-4 filing with the US SEC, Hashdex intends to include spot Bitcoin in its Bitcoin futures ETF and amend the name and ticker to Hashdex Bitcoin ETF.
Several experts have responded to Hashdex's unique Bitcoin ETF profile. James Seyffart, an analyst at Bloomberg, sees this strategy simply involves conducting exclusive exchanges of related position trades. Specifically, futures contracts must be swapped for equivalent spot exposure instead of buying cash directly from exchanges.
Other experts, including The ETF Store president Nate Geraci, investor Alistair Milne and financial lawyer Scott Johnsson, responded to Hashdex's special Bitcoin ETF submission. They believe it could alleviate certain SEC concerns about manipulation and liquidity in the Bitcoin market.
Ripple News
According to XRP Advocate John Deaton, the US Securities and Exchange Commission (SEC) erred in filing aiding and abetting charges against Ripple CEO Brad Garlinghouse.
Deaton emphasized that testimony from former SEC officials, Bill Hinman and Jay Clayton, in the lawsuit between the SEC and Ripple Labs would have classified XRP as a security sooner, but the agency intentionally omitted the information this for a long time.
On between the SEC and Ripple, along with former SEC officials Clayton and Hinman.
Deaton agreed Hinman needed to provide testimony but did not have the opportunity to legally subpoena the former SEC chairman for trial. However, Deaton said the SEC erred in its decision to charge Garlinghouse, especially considering Clayton's tendency to file individual complaints against executives despite not committing fraud.
He asserted that Clayton was of significant importance as a witness, providing testimony in the courtroom. Notably, Clayton worked with Ripple's CEO and chief technology officer, during which time Garlinghouse conveyed that "Ripple is living in purgatory" following Hinman's speech. However, neither Clayton nor Hinman explicitly stated that XRP is classified as a security.
Receiving confirmation from Clayton and Hinman could help avoid legal costs and time consumption, potentially boosting cryptocurrency adoption. The SEC wants to reverse the decision even after Judge Analisa Torres ruled XRP is not a security under certain circumstances.
Recently, a major XRP whale transferred over $20 million worth of tokens to exchanges while the price continued to breach support levels.
XRP's golden cross remains intact
On the weekly chart, the Golden Cross remains intact, indicating potential upside momentum for XRP. However, on the daily chart, this indicator was invalidated quite a while ago, raising questions about its reliability in predicting price movements.
According to the most recent data, XRP is trading at $0.528. On the weekly chart, it recently touched the 50 EMA (exponential moving average). This could be an important point, as a bounce from this level could signal a bullish trend in the coming days.
Source: TradingView
However, what should be noted is that the Golden Cross, although often considered a bullish indicator, has shown many limitations. This crossover is not always the most reliable predictor of price movements, especially in the volatile cryptocurrency market.
The Golden Cross' inability to be a standalone indicator becomes clear when we look at its performance on different timeframes. While the weekly chart shows the Golden Cross, the daily chart has long invalidated this indicator. Such a difference shows that traders and investors should not rely solely on this technical signal to analyze the market.
Furthermore, XRP's current price is consolidating around the 50 EMA on the weekly chart. This may be the decisive level. If we break out of this level, we could see a bullish trend emerge. However, if it breaks to the downside, it could signal pessimism, rendering the Golden Cross on the weekly chart meaningless. Although the Golden Cross on XRP's weekly chart looks promising, it is important to approach the indicator with caution. It has proven to be an unreliable predictor of price movements when considered individually.
Cardano News
Cardano's ADA price has not been able to increase recently, in part possibly due to bearish market conditions. It doesn't seem to be limited to that, however, as the ADA is repeating the behavior it demonstrated a few years ago.
Benjamin Cowen, founder of Into The Cryptoverse, pointed out an interesting development that resembles ADA's price action in 2019, before Bitcoin's most recent halving.
Over the past few months, like most cryptocurrencies, ADA has seen multiple price corrections. According to CoinMarketCap, the price has dropped more than 14% in the past 30 days. At the time of writing, it is trading at $0.263 with a market capitalization of over $9 billion.
Interestingly, Benjamin Cowen has pointed out that the likelihood of ADA entering a depressive phase is very high.
Source: Benjamin Cowen
This seems possible as there are similarities in ADA's price action as it bottomed just two months before Bitcoin's most recent halving. ADA prices stayed low in the second half of 2019.
Interestingly, right after the BTC halving on May 11, 2020, Cardano's altcoin skyrocketed. Now, as we approach BTC's next halving scheduled for 2024, history could repeat itself.
Source: Santiment
If so, then certain developments have also occurred in the Cardano ecosystem over the past few months, which could support the next price increase.
For example, blockchain development activity remains high due to the release of the Mithril mainnet upgrade a few weeks ago. Not only that, Input Output Global also recently posted a weekly development report, highlighting the efforts of developers over the past 7 days.
Observing Santiment's chart shows very high whale activity. Daily active addresses also remain relatively high, implying good network health. However, the recent price correction has pushed ADA's MVRV Ratio down and now looks pessimistic.
Source: Santiment
ADA's daily chart shows that investors should not expect much volatility in the near term. ADA's Relative Strength Index (RSI) and Money Flow Index (MFI) are both flat below the neutral mark, suggesting sluggish price action.
However, the MACD shows the possibility of a bullish crossover, which could change the scenario. Additionally, Cardano's open interest also decreased, increasing the possibility of a trend reversal.
Source: TradingView
Shiba Inu News
The Shibarium is now officially operational, albeit in private mode. As reported, the new blockchain attracts new users, as shown by the growth in new addresses for both Shiba Inu and BONE.
Accordingly, Lucie - a member of the Shiba Inu team - shared a screenshot of the explanation from SHIB developer Kaal Dhairya. Dhairya gives a general understanding of the Shibarium blockchain: BONE withdrawals take up to 7 days to process, while transactions for ETH, SHIB and LEASH take a few hours. He added that this, like NFTs, is all by design.
Developer SHIB points out that the next queue suggests BONE withdrawals may not take place before September 1 according to the contract.
BONE serves as the main token to pay gas fees for Shibarium transactions as well as staking purposes. According to Shibarium documentation, funds cannot be transferred directly from Shibarium layer 2 to Ethereum layer 1 addresses. Users must first withdraw funds from their Shibarium layer 2 wallet before transferring them to Ethereum layer 1. Depends On this withdrawal method, processing time can take a few hours or up to 7 days.
Toncoin News
In the rapidly evolving world of cryptocurrency, Toncoin (TON) has recently emerged as a talking point due to its notable price increase of over 8% over the past week. This upward move has sparked renewed interest and raised questions regarding the potential for sustained growth in the near future.
At the time of writing, Toncoin (TON) boasts a price of $1.48, securing its position as the 14th largest cryptocurrency by market capitalization (about $5 billion).
From a technical perspective, the price chart shows some interesting developments worth noting. The relative strength index (RSI) is currently at 58.29, implying a balanced interaction between buying and selling pressure. Thus, the market is in a relatively neutral state. However, the increasing trend of the RSI indicator over the past week shows that traders' optimism is strengthening.
Source: Tradingview
MACD Level (12, 26) at 0.0287 continues to support bullish sentiment with buy signs. Additionally, Momentum (10) at 0.0417 reinforces the positive momentum, suggesting opportunities for further upward movement.
From a short-term perspective, moving averages (MAs) paint an encouraging picture. The 50-day MA crossed above the 200-day MA indicating a change in momentum from bearish to bullish. This crossover is generally considered a positive signal, adding to Toncoin's optimistic outlook.
Examining Toncoin's performance over the past months reveals a nuanced story. Despite showing resilience, recording an increase of 8.83% last week and 8% over the past month, it is important to acknowledge the previous downward trend. Toncoin is down a significant 25.9% over the past 3 months and an even more pronounced drop of 40.74% over the past 6 months. These figures highlight Toncoin's inherent volatility.
Based on prevailing market sentiment and recent price action, investors are presented with many potential scenarios. The short-term bullish momentum could continue, especially if the MACD bullish cross gains strength. However, a cautious approach is required, given the cryptocurrency's history of significant downturns.
Based on current technical analysis, Toncoin (TON) is experiencing a positive phase, with indicators such as RSI, Stochastic, CCI and moving averages reflecting a neutral to bullish stance. Market momentum and MACD also point towards a potential uptrend. However, like any financial asset, there is inherent risk and market conditions can change rapidly.
Other news
Starknet becomes the first Ethereum layer 2 with 100 TPS
According to the announcement, Starknet, a layer 2 (L2) network on Ethereum, reached its peak bandwidth of 126 transactions per second (TPS) on August 25, 2023.
This is the first time in the history of the Ethereum L2 segment that a scaling solution reported triple-digit TPS. Uri Kolodny, CEO and co-founder of StarkWare Ltd., the development team behind Starknet, added that his product will conquer the 1,000 TPS milestone:
“Starknet is the first L2 to break the 100 TPS mark. I bet this will also be the first product to break the 1000 TPS mark.”
Starknet recently enabled a major upgrade called Quantum Leap. With this upgrade, Ethereum transactions can be completed in just 15 seconds.
Hong Kong Police Launches Crypto-related Money Laundering Campaign
According to local news, Hong Kong police launched an anti-money laundering campaign this month and arrested 458 people suspected of money laundering and related crimes, for a total of HK$470 million. .
Some money laundering syndicates lured locals and foreigners to sell their bank accounts for between $300 and $1,500 to launder the proceeds of crime in various scams, police said. different islands.
These corporations allegedly laundered criminal proceeds amounting to $110 million through cash withdrawals and crypto transactions from October last year to June this year.
Central African Republic approved a natural resources tokenization project this week
Despite the enthusiastic response to Sango Coin – the country's native digital currency, the Central African Republic (CAR) has already laid the groundwork for tokenizing its natural resources.
The initiative was announced by the Sango project team earlier this week, ushering in what they herald as “a new era of financial empowerment through blockchain technology.” CAR's legislature has authorized the tokenization of land and natural resources, hoping to make the country a preferred business destination in Africa.
The law also sets the stage for simplifying online business licenses and electronic visa applications for both domestic and international companies. According to the Sango team, once the license is secured, businesses can “operate seamlessly on the Sango platform, leveraging blockchain capabilities.”
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