21 Jul: ETHs Ascent

"The more sand that has escaped from the hourglass of our life, the clearer we should see through it."
 –Jean Paul

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It's Friidayyyy (really) Folks! Yesterday, we found out that Tesla is still HODLing Bitcoin and Congress issued a new bill titled Financial Innovation and Technology for the 21st Century Act to help clarify the role of the CFTC and the SEC. The price of Bitcoin is currently at $29,853.41. The fear and greed index dropped to 50 and the best performing asset for the past 24 hours continues to be $DOGE up 5.11%; in position #9. It's a slow news cycle so let's dive in...

BTC price should put in a “strong” reaction now that Bitcoin Bollinger Bands are at their most compact since the start of 2023. Galaxy Digital CEO Mike Novogratz says that his bullish outlook on Bitcoin (BTC) has only strengthened in the last six months. Next week’s U.S. central bank interest rate decision and the bitcoin options expiry are unlikely to move markets, which have been stuck for weeks.

As investors await the outcome of multiple spot Bitcoin ETFs, Chris Bendiksen at CoinShares said approval of BlackRock’s filing “is a long shot.” However, Capriole Investments founder Charles Edwards says Bitcoin's future is overwhelmingly bright, and short-term price pressures should not distract investors from a future global asset class. Bitcoin mining firms have been forced to sell newly minted Bitcoin to cover operational costs during one of the toughest bear markets for miners on record; but remain bullish.

In a new report on central bank digital currencies (CBDCs), the French central bank examined how to integrate a CBDC from technological and policy perspectives.

A decline in Bitcoin dominance after the Ripple ruling — and a rising Nasdaq — may indicate the onset of an altseason in Q3. According to a recent analysis by blockchain analytics firm Santiment, Ethereum has been quietly gaining traction since its correction from the $2,132 peak it reached on April 16, 2023, a little over three months ago. XRP price rallied in excess of 100% after Ripple’s victory last week, but do fundamentals support a move to $1 and beyond? The number of $XRP token holders with at least one million tokens on the cryptocurrency’s ledger has now surpass the 1,900 mark as an accumulation trend set off earlier this month was triggered by an uptick in investor sentiment.

A multiyear review of Litecoin futures open interest reveals a unique trend that has significantly impacted the LTC price in the past.

It was a busy week for crypto on the Hill — one new bill drew bipartisan support but the other was teed up with the right committees. House Republicans face an uphill battle to getting Democratic support on newly-introduced crypto market structure bill. SEC lawyers previewed a likely appeal to overturn portions of last week’s Ripple Labs in a separate enforcement case against TerraUSD and Luna creators Do Kwon and Terraform Labs.

Bankrupt crypto lender Celsius Network reached settlements that could clear the path to obtain court approval to return customer assets, the Wall Street Journal reported. Former FTX and Alameda Research executives Sam Bankman-Fried, Caroline Ellison, Gary Wang and Nishad Singh were named in the suit from FTX. Could Do Kwon return to Terra? The new interim CEO seems more than open to it, no matter when that might be. A couple accused of laundering funds drained from crypto exchange Bitfinex in a 2016 hack have entered a plea agreement with U.S. authorities, court filings show. Craig Wright, who claims to be Bitcoin inventor Satoshi Nakamoto, will be able to argue his case that the Bitcoin file format should receive copyright protection under UK law after a bench of three UK judges accepted his appeal to a previous court denial, according to a court filing.

Hackers have hit decentralized finance (DeFi) protocol Conic Finance with an attack and drained 1,700 Ethereum—worth over $3.2 million at current prices. 



Podcast of the Day: Why the SEC Doesn’t Want the Ripple Case to Go to the Supreme Court | Unchained


Bitcoin Bollinger Bands (Cointelegraph)
Novogratz is Bullish (TDH)
Bitcoin Price (Coindesk)
Bitcoin ETF (TB | Cointelegraph)
Bitcoin Miners (Cointelegraph)
CBDCs (Blockworks)
Altseason (TB)
ETH Ascent (Cryptoglobe | UToday)
XRP Price (Cointelegraph | Cryptoglobe)
Litecoin in trouble? (Cointelegraph)
Financial Innovation and Technology for the 21st Century Act (BlockworksBlockworks)
SEC enforcement (TB)
Celsius Settlement (TB | Cointelegraph)
FTX Sues (Cointelegraph)
Do Kwon Returns? (Blockworks | Blockworks)
Bitfinex Plea Deal (Coindesk | Cointelegraph | TB | TDH)
Craig Wright (Coindesk | Cointelegraph)
Hackers (Decrypt)

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The Crypto Curator
The Crypto Curator

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