In April 2023, Arkansas made history by becoming the first state to pass the Right to Mine Bitcoin bill in both the House and Senate. However, the Right to Mine law in Arkansas is encountering increasing opposition as it relaxes regulations on commercial crypto mining.

Reports have suggested that loosening restrictions on commercial cryptocurrency mining has raised concerns. This is because after enacting the new law, large electricity-intensive crypto mines entered Arkansas.

The legislation has sparked controversy by limiting the authority of city governments to regulate crypto mines. This has effectively stripped them of their ability to enforce local ordinances concerning such operations.

During the 2023 legislative session, Arkansas Senator Bryan King (R) from District 28 expressed criticism of the bills introduction. And Senator King is reportedly planning to introduce another bill aimed at repealing the controversial Right to Mine law.

Related Reading: Solana (SOL) Continues To Shine With Over 20% Surge Whats Next?

Reports indicate that residents have raised numerous concerns, including excessive noise, substantial power grid usage, and the fact that Green Digital LLC., the company behind the proposed crypto mines in their cities, is a subsidiary partially owned by the Chinese Communist Party.

Some Towns Have Rejected Proposed Crypto-Mining Facilities

Arkansas Senator Bryan King has taken proactive steps by drafting a bill aimed at repealing the controversial law related to crypto-mining. One of the major worries is the strain on the local power grid caused by the electricity-intensive nature of crypto-mining operations.

Reports have surfaced that some areas are already facing warnings of potential brownouts or blackouts. This is because of the increased energy consumption from these facilities.

As of the current moment, local reports indicate that Arkansas is home to approximately 10 crypto mines. Vilonia and Harrison, two towns in Arkansas, have prevented attempts to establish proposed crypto-mining facilities within their respective city limits.

Senator Bryan King has further contended that crypto mines do not serve as economic boons to the communities where they establish their operations.

He specifically highlighted that facili...

On-chain data shows a Bitcoin indicator is near a crucial retest currently that may decide where the cryptocurrency will go next from here.

Which Pattern Will Bitcoin Follow Next: 2016 Or 2019?

As pointed out by an analyst in a CryptoQuant post, the BTC SOPR for short-term holders is approaching the baseline. The Spent Output Profit Ratio (SOPR) is an indicator that tells us whether Bitcoin investors are selling/moving their coins at a profit or at a loss right now.

When the value of this metric is greater than 1, it means that the average holder in the market is realizing some amount of profit with their selling currently. On the other hand, values below this threshold suggest loss taking is the dominant force in the market at the moment.

Naturally, the SOPR being exactly equal to the 1 baseline implies the total amount of profits being realized are exactly canceling out the amount of losses as the market as a whole is neutral.

This SOPR is for the entire Bitcoin market, but in the context the one for just a single segment of the market: the short-term holders (STHs).

The STH group includes all the investors who purchased their coins less than 155 days ago. This cohort generally includes the weak hands of the market, who may easily react to fluctuations in the market.

Now, here is a chart that shows the trend in the 90-day and 365-day moving averages (MAs) of the Bitcoin STH SOPR over the last few years:

As displayed in the above graph, the 90-day MA of the Bitcoin STH SOPR (colored in yellow) broke out above the 1 baseline back when this rally first started around the beginning of the year.

This breakout suggested a shift towards profit selling for these investors, something that has historically been observed in all previous major rallies in the cryptocurrency.

With the latest leg in the Bitcoin rally above the $30,000 mark, the 365-day MA of the indicator (highlighted in blue) has also managed to climb up above this mark.

While this has been happening, though,...

Stellar (XLM) has registered a surprise surge, catapulting itself into the forefront of the crypto market frenzy. Beginning July 18, this surge has taken the digital asset on a solid price rally, propelling its value to new heights.

Currently, XLM is trading at $0.1617, representing a 22.1% increase over the past 24 hours. Even more remarkable is its exceptional performance over the previous week, which has soared by 68.8%, and dominating the top 100 roster of cryptocurrencies.

Now, the question on everyones mind is: What is driving this surge?

XLM Makes Waves: Catalysts For Price Surge

XLMs remarkable ascent is primarily attributed to a significant development in the crypto space Ripple Labss legal victory against the US Securities and Exchange Commission (SEC) and the solid performance of XRP, which has likewise registered an impressive 72.3% climb at the time of writing.

A judge ruled that Ripple did not violate securities regulations when it sold its XRP token on public exchanges. This verdict sent XRP prices soaring and created a ripple effect (no pun intended), propelling other altcoins, including XLM and even Bitcoin (BTC), to surge in value.

Meanwhile, crypto exchange Coinbase has fully embraced the Stellar network, enabling seamless deposits and withdrawals of USD Coin (USDC). This integration bolstered Stellars status and expanded its reach, attracting more interest and investment to the platform.

...

Chainlink (LINK) is currently on an uptrend, with the bulls showing much dominance in todays market. According to data from CoinMarketCap, LINK is up by 16.94% in the last 24 hours, emerging as one of the biggest daily gainers in the crypto market.

Whats Driving LINKs Price Today?

According to the on-chain analytics platform Lookonchain, LINKs price gain appears to have been triggered by some recent whale activity. 

Lookonchain reports that two whale addresses, 0xc212 and 0x86bd, which they suspect belong to the same person, purchased $6 million worth of LINK in the early hours of Thursday.

2 whales (probably the same person) bought a total of 788,877 $LINK ($6 million) for $7.62 just now.

The whale swapped all 3,074 $stETH ($5.87M) and 71 $ETH ($136K) for 788,877 $LINK.

This purchase increased the price of $LINK by 6.5%. pic.twitter.com/ajLBP8Vesz

Lookonchain (@lookonchain) July 20, 2023

The transaction was made by both whale addresses swapping a total of 3,074 stETH, valued at $5.87 million, and 71 ETH, valued at $136,000, for 788,877 LINK tokens.

Lookonchain noted that this whale movement immediately boosted LINKs price by 6.5%, and the token appears to have been on an uptrend since then.

Interestingly, Lookonchain has also reported two more whale transactions on the Chainlink network in the last hour.  The analytics platform notes that the whales with the wallet address 0x0fAC and 0x67c8 have just purchased a total of 227,281 LINK tokens valued at $1.82 million.

2 more whales also bought a total of 227,281 $LINK ($1.82M) in the past hour.

Whale0x0fAC swapped 500 $rETH ($1.03M) and 151.6...

Earlier today, a massive trove of SHIB tokens was relocated from Binance.US, the American subsidiary of the worlds largest crypto exchange, Binance. These tokens, amounting to roughly 2.4 trillion according to WhaleAlert, have been transferred to an unknown wallet.

2,416,836,656,676 #SHIB (18,771,570 USD) transferred from #BinanceUS to unknown wallethttps://t.co/8ujqIZ5C5i

Whale Alert (@whale_alert) July 19, 2023

This movement of SHIB tokens is particularly noteworthy as this comes amid the anticipation which is running high as Shytoshi Kusama, the lead developer of Shiba Inu, hinted at the upcoming release of Shibarium mainnet and Worldpaper in August.

Whale Alert Triggers Market Speculation

According to Whale Alert, the blockchain tracking and analytics provider, the wallet transfer from Binance.US to an unknown wallet comprised approximately 2,416,836,656,676 SHIB tokens, which, at the time of transfer, were worth around $18.77 million.

Though this transaction could be interpreted as a positive sign, suggesting that whales, or large-scale investors, are acquiring and hoarding SHIB tokens by moving their SHIB asset to an unknown, privately-held wallet, signaling their intent to hold for an extended period.

However, a deep dive into Etherscan data also shows that Binance.US has since been shuffling tokens to a fresh wallet address identified as 0x058A over the past couple of days. This wallet, interestingly, now holds a mix of 69 different tokens collectively valu...

Solana (SOL) offered an attractive chance for buyers to seize a favorable risk-reward ratio as it retraced to test a previous resistance area. At the same time, the market remained under the bulls control.

Furthermore, the on-chain metrics displayed promising performance. Notably, the number of active users experienced a gradual uptick, and an extraordinary surge in smart contract deployment on the platform was also observed.

Could this impressive on-chain performance indicate even more significant potential for Solana in the future?

Analyzing SOLs Performance

According to data from Coingecko, the current trading price of SOL has reached $26.58, marking a 1.0% increase in the past 24 hours. Even more striking is the remarkable seven-day rally, where SOL has surged by an impressive 21.7%.

These metrics indicate a positive sentiment surrounding the cryptocurrency and suggest potential opportunities for investors and traders.

While a slight loss of bullish momentum may have been observed in the lower timeframes, the 1-day chart revealed substantial bullish potential for SOL. A SOL price report suggests that despite minor fluctuations in shorter periods, the overall outlook for SOL remains optimistic, especially considering the strong performance of the bulls throughout July.

Strength In Bullish Momentum And Demand

Two critical indicators, the Relative Strength Index (RSI) and the On-Balance Volume (OBV), further support the bullish outlook for SOL. The RSI showcased robust bullish momentum, indicating that the buying pressure has been significant during the recent price surge.

Additionally, the uptrend in the OBV signaled a considerable increase in demand for SOL, fueling the impressive rally in its price.

With SOLs price showing strength and resilience, investors may consider this a positive sign for the cryptocurren...

In a recent tweet, Ben BitBoy Armstrong, a controversial figure in the crypto community, stirred discussions with a noteworthy projection for the future price of XRP. The excitement began when Evan Luthra, an angel investor and Forbes 30 under 30 award winner, tweeted, XRP just surpassed BTC trading volume. Its now the highest trading crypto asset. Whats your price target for Ripple?

Will XRP Rise to $35?

BitBoys response can be classified as very bold when he said $15 is reasonable, I think over 18 months or so. If they IPO and time it right, could be up to $35 imo. At the heart of Armstrongs projection is his belief in the long-term growth potential of XRP, with the projected price of $15 signifying a whopping 1,720% increase from its current price.

This optimism may be bolstered by the recent legal victory by Ripple which has provided some clarity for XRP. Remarkably, BitBoys enthusiasm didnt stop at $15, as he suggested that XRPs price could potentially reach $35 if Ripple proceeds with an Initial Public Offering (IPO) and times it strategically. Achieving this target would necessitate a staggering surge of 4,200%.

The rumors about an upcoming IPO of Ripple are not new. CEO Brad Garlinghouse hinted at the possibility already before the SEC lawsuit. Its likely the agency threw a wrench in the companys plans.

Nevertheless, it is crucial to approach such forecasts with caution, as BitBoy himself acknowledged the inherent unpredictability of the crypto market. Cryptocurrencies are renowned for their price volatility and susceptibility to various external factors, making accurate predictions a challenging task. BityBoy added:

Make no mistake it may not go that high but XRP IS breaking an all time high this cycle save some sort of pointless, vindictive SEC appeal. (Low chance)

Also, the influencers optimistic outlook on XRPs potential is not entirely new. In April, he had already identified XRP as his top altcoin pick for the next bull run, contingent on a favorable outcome in the SEC lawsuit. A positive resolution would provide the asset with much-needed legal and regulatory clarity, potentially acting as a further catalyst for growth.

In another tweet the influencer reacted to a Twitter user who stated Everything is breaking ATH this cycle. Armstrong answered that he doesnt think so, revealing his picks for such altcoins, Solana, Dogecoin, Shiba all potentially on that list. Previous top 10 coins that didnt make new aths last cycle: NEM, NEO, Dash, BCH, XRP (for good reason) etc. Dont fall into the same trap I did last cycle. Everything doesnt perform.

Armstrong Is Not Without Controversy...

Cardano (ADA) is recently showing signs of a potential trend reversal. But after staging an impressive 48% rally from its low in June, the ADA price faces crucial hurdles to solidify its bullish stance.

Cardano (ADA) Price Analysis

Cardano enthusiasts have had their patience tested as the ADA price navigated through a series of ups and downs. Following a dip to $0.221 in June, Cardano embarked on an impressive 48% rally, fueled in part by positive sentiment stemming from the Ripple legal dispute with the SEC. During this period, the price surged to the 61.8% Fibonacci retracement level, sparking excitement among the bulls.

However, enthusiasm soon waned as the buy side struggled to stabilize above the 200-day EMA (blue). ADA subsequently corrected back to the crucial breakout level at $0.30, where the bulls regained their footing and lifted the price above the EMA50 (orange).

Bullish ADA Price Targets

For the short-term outlook to brighten further, ADA needs to overcome some important hurdles. The first key resistance is at the 38.2% Fibonacci retracement level, sitting at $0.328. A successful push beyond this level could open the path for an attack towards the $0.355 mark, where the 200-day EMA poses its most significant challenge.

However, an impulse from the broader crypto market, Bitcoin or also more positive news from the Ripple legal battle with the SEC is probably required for this. Only when the buy side can recapture the 200-day EMA on the daily closing price, the probability for a near-term trend reversal increases significantly.

A sustained break of the 61.8% Fibonacci retracement level at $0.38 is essential for a true bullish trend reversal. This milestone would increase the probability of revisiting the previous weeks high. For this, a breakout above the critical zone between $0.361 and $0.38 would be a trend reversal for the bulls.

If successful, the ADA...

XRP has undergone a remarkable price upsurge, surging to more than $0.80 and witnessing an impressive 77% increase over the past seven days in trading activity. This surge was predominantly triggered by Ripples partial victory against the United States Securities and Exchange Commission.

In the court ruling, a judge acknowledged that Ripples institutional sales could be considered securities. However, its important to note that not all other sales were classified similarly. This ruling is widely perceived as a significant victory for Ripple Labs and its digital token.

Currently, XRP is edging closer to a crucial resistance level at $0.85, signaling a solid buying pressure prevailing in the market. This optimistic trend bodes well for Ripples medium-term prospects, suggesting favorable times for the digital token.

XRP Price Surge And Market Cap Inflow Post-Ripple Vs. SEC

Data from crypto market tracker CoinMarketCap shows that XRP is trading at $0.8368, with an impressive 5% increase observed within the last 24 hours. Over the past seven days, the crypto has experienced a substantial surge of a little over 77%. 

This remarkable growth has coincided with an inflow of more than $16 billion to XRPs market capitalization. Notably, the market cap has risen from $25 billion on July 12 to its current value of $44 billion, with a significant portion of this increase occurring shortly after the outcome of the Ripple-SEC court case.

Despite the remarkable surge, XRP faces a formidable resistance zone at $0.85. This region is characterized by high selling pressure and increased supply, making it challenging for the digital currency to breach this level.

Nevertheless, the market sentiment among traders remains bullish, which enhances the probability of XRP breaking through the resistance region.

...

Cardanos price is holding the key support at $0.30. ADA could start a steady increase if there is a clear move above the $0.340 resistance.

• ADA price is showing positive signs above the $0.30 level against the US dollar.
• The price is trading above $0.300 and the 100 simple moving average (4 hours).
• There is a major bullish trend line forming with support near $0.295 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
• The pair could gain bullish momentum if there is a close above the $0.340 resistance.

Cardanos ADA Price Signals Fresh Increase

This past week, Cardanos price started a downside correction from the $0.379 high. The price traded below the $0.365 and $0.340 support levels to move into a short-term bearish zone, similar to Bitcoin and Ethereum.

However, the bulls were active above the $0.30 level. A low is formed near $0.3001 and the price is now rising. There was a break above the $0.320 resistance. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.379 swing high to the $0.300 low.

ADA price is now trading above $0.300 and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.295 on the 4-hour chart of the ADA/USD pair.

On the upside, immediate resistance is near the $0.340 zone. It is close to the 50% Fib retracement level of the downward move from the $0.379 swing high to the $0.300 low.

Source: ADAUSD on TradingView.com

The first major resistance is forming near the $0.350 zone. The next key resistance might be $0.365. If there is a close above the $0.365 resistance, the price could start a decent increase. In the stated case, the price could ris...

While Bitcoin price recedes from the $30,000 support, payment solutions Stellar (XLM) and XRP continue riding the bullish wave, with Stellar (XLM) outranking top gainers today amid impressive ecosystem developments.

Determined to break all barriers to the $0.2 target, XLM painted all charts green, with a whopping 43.29% gain in value on the week. The cross-border payment facilitator has added over 8.79% to its valuation over the past 24-hour trading session.

XLM Rides On Bullish Momentum From Impressive Ecosystem Developments

Following ecosystem developments, XLM continues to soar as interest in its innovative payment and remittance solution increase. In a recent development, Stellar partnered with MoneyGram and HoneyCoin app to support global digital assets cash out with USDC across Nigeria, Ghana, Tanzania, Kenya, Uganda, and the UK.

Related Reading: Pre-Mined Ethereum Worth $116M Moves After 8 Years: Is A Major Price Dip Imminent?

In another announcement, Stellar partnered with Fonbnk to provide payment solutions to the unbanked in Africa. Considering that millions of Africans lack access to banking services, Stellars partnership with MoneyGram and Fonbnk could bring more users to the digital finance landscape, further expanding the crypto industry.

Moreover, Stellar is now available on multiple chains, including Ethereum, Solana, Celo, and Polygon, through Allbridges interoperability and bridge solution. Announced on July 11, the integration marks a significant milestone for Stellar, demonstrating its utility for innovative opportunities in decentralized finance.

This feat could be among the factors pushing XLMs price over the past seven days. Again, the token still enjoys the bullish wave of its close relative, XRPs victory in the SEC/Ripple lawsuit. 

Stellar (XLM) Price Movement In The Last Seven Days

Over the past seven days, XLM witnessed a significant shoot-up. On July 13, when news of Ripple (XRP)s victory broke out, XLMs price went from $0.096 to $0.153, a 60% boost within 24 hours. Though it experienced a minute correction as the buzz subsided, XLM remains bullish, fighting for more gains to surpass $0....

In the latest development today, Litecoin whales appear to be accumulating huge amounts of LTC, which could be quite positive for the network, especially as its halving event approaches.

In a tweet shared yesterday, July 18, by a crypto analyst with the Twitter handle @ali_charts, he confirmed this trend using data from on-chain analytics firm Santiment. 

According to @ali_charts, Litecoin whales holding 100,000-1,000,000 LTC  have acquired over 590,000 LTC, worth $59 million, in the last two days. 

#Litecoin whales have bought over 590,000 $LTC in the last 48 hours, worth around $59 million! pic.twitter.com/RtHpuzSkFt

Ali (@ali_charts) July 18, 2023

LTC Price Shows No Reaction To Whale Movement

As earlier stated, these recent whale transactions spell a positive undertone for the Litecoin network, as it indicates growing confidence in the LTC asset. However, it is worth noting that LTCs market price has shown minimal reaction to this massive buying spree.

Related Reading: Litecoin Whales Deposit Big To Exchanges, Bearish Sign?

For context, LTC is up by only 1.44% in the last day, according to data from CoinMarketCap. Meanwhile, the token is down by 4.37% on the weekly chart and is marked as one of the top weekly losers. 

LTCs price movement has been quite bearish since the start of July. The Digital Silver as it is called ended last month on a high note, gaining over 26% on June 30 to trade above $100 for the first time since April. This positive price movement was followed by some little extra gains before LTCs value started falling, declining by over 17% between July 3 and now.

At the time of writing, LTC is exchanging hands at $92.98, with a 0.27% gain in the last hour.  Meanwhile, the tokens trading volume is down 17.08% and is now valued at $482 million. With a market cap of $6.82 billion, LTC ranks as the 12th biggest cryptocurrency in the market.

...

A pre-mined stash of Ethereum, dormant for nearly eight years and now valued at roughly $116 million, has been moved abruptly. This transaction raises questions about potential market implications and whether it could trigger a notable price dip for Ethereum.

Eight years ago, during Ethereums pre-mine period, the wallet accumulated a total of 61,216 ETH. Back then, the value of the tokens was around $18,976, but due to Ethereums exponential growth, the value has now escalated over a thousandfold.

Stirring From Dormancy

The ETH in question, stashed in a single wallet address, has remained untouched since it was pre-mined. But in an unexpected move, all 61,216 ETH were transferred to an address associated with the Kraken crypto exchange. This transfer marks the end of an eight-year-long dormancy.

A dormant pre-mine address containing 61,216 #ETH (116,396,127 USD) has just been activated after 8.0 years!https://t.co/f79T0fYa7b

Whale Alert (@whale_alert) July 18, 2023

Rewinding to June 2014, the...

Ripples token price is moving higher from $0.6650 against the US Dollar. XRP price might gain bullish momentum if it clears the $0.8065 resistance zone.

• Ripples token price is moving higher toward the $0.8065 resistance against the US dollar.
• The price is now trading above $0.75 and the 100 simple moving average (4 hours).
• There is a key bullish trend line forming with support near $0.760 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
• The pair might continue to rise if it clears the $0.8065 resistance in the near term.

Ripples Token Price Starts Fresh Rally

After a strong rally, Ripples XRP saw a downside correction from the $0.9500 resistance against the US Dollar. It dipped below the $0.820 support zone. The price even spiked below the $0.70 support.

A low is formed near $0.6655 and the price is now rising, unlike Bitcoin and Ethereum. There was a move above the $0.70 and $0.72 resistance levels. XRP surpassed the 23.6% Fib retracement level of the downward move from the $0.9479 swing high to the $0.6655 low.

XRP price is now trading above $0.70 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.760 on the 4-hour chart of the XRP/USD pair.

Initial resistance on the upside is near the $0.8065 zone. It is close to the 50% Fib retracement level of the downward move from the $0.9479 swing high to the $0.6655 low. The next major resistance is near the $0.840 level.

Source: XRPUSD on TradingView.com

A successful break above the $0.84 resistance level might send the price toward the $0.90 resistance. Any more gains might call for a test of the $1 resistance.

Fresh Decline in XRP?

If ripple fails to cle...

The Shiba Inu price has established a promising uptrend in the 1-day chart since June 10, which could catapult the price 24% higher. However, SHIB investors should remain cautious, as NewsBTC reported a few days ago.

A downward break of the said uptrend could push the SHIB price back into the longer-term downtrend, which has been in place since early February. A decision is likely to be forthcoming by the end of the month!

Shiba Inu Price Prediction

From a technical perspective, Shiba Inu has established a new uptrend over the last month which has pushed the price up 29% from the local low at $0.00000597. As can be seen in the 1-day chart, SHIB has so far defended this trend with flying colors. The expectations for the launch of Shibarium at the ETHToronto conference in mid-August could certainly play a role in this.

In the meantime, however, SHIB is currently struggling with support at the 20-day EMA line. Over the last two days, SHIB has always managed to close above the support at the end of the trading session. In case the altcoin closes above the technical indicator today as well, the uptrend (black line) would be defended once again.

A new bounce towards the 23.6% Fibonacci retracement level could be possible. So far, SHIB has failed to close above the $0.00000832 resistance on a daily basis in three attempts. But, as explained at the beginning, a decision could be forthcoming by the end of the month.

At that time, the resistance line of the 23.6% Fibonacci level and the rising trend line meet. Both lines form an ascending triangle formation, which signals a weakening resistance and an imminent breakout to the upside. The higher lows...

BNB Chain, a distributed blockchain network upon which developers can build decentralized applications (DApps), has taken a remarkable stride forward by introducing updates for its Beacon Chain and the latest layer-2 opBNB. 

This announcement has sent waves of anticipation throughout the crypto community, igniting curiosity about the response of the BNB token to this highly positive development. 

With the impending launch of the BNB Beacon Chain Mainnet ZhangHeng Upgrade scheduled today (July 19), all eyes are eagerly fixed on the cryptocurrencys performance as investors and enthusiasts brace themselves for what lies ahead.

BNB Chain Set For Hard Fork Upgrade 

BNB Chain is gearing up for an eagerly anticipated hard fork upgrade at block height 328,088,888. This upgrade holds significant potential for the networks future growth and development. BNB Chain has partnered strategically with NodeReal, a leading provider of scalable, reliable, and efficient blockchain solutions. 

BNB CHAIN NEWS: Hackvolution Edition!

Time to catch-up on everything that happened on our blockchain this past week. Read ahead for the latest updates about:

New projects on BNB Chain Our brand-new hackathon Tech and security updateshttps://t.co/yPry7rusXc

BNB Chain (@BNBCHAIN) July 16, 2023

As part of this collaboration, NodeReals platform now grants users access to opBNBs explorer, offering enhanced visibility and transparency into the thriving opBNB ecosystem.

According to Coingecko, BNB is priced at $241.15. However, recent market fluctuations have resulted in a slight 0.7% decline within the last 24 hours and a modest 2.4% decline over the past seven days. 

Analyzing BNB Chains on-chain metrics indicates a potential...

In a recent newsletter by renowned analyst CryptoCon, a groundbreaking indicator known as the Bitcoin DXY correlation coefficient has captured the attention of the community. This indicator, which measures the correlation between Bitcoin and the U.S. Dollar Index (DXY), has shown remarkable accuracy in predicting Bitcoins price movements and signaling the beginning of bull market parabolas.

According to CryptoCon, the Bitcoin DXY correlation coefficient is one of the most interesting finds he has come across in quite some time. In his newsletter, he explains the significance of this indicator and its implications for the future of Bitcoins price trajectory.

Bitcoin At Onset Of A Bull Market Parabola?

The analyst highlights the three distinct phases that the correlation coefficient enters during a market cycle. He states, During a given market cycle, the correlation coefficient enters this zone in 3 phases. These phases are represented by different colors:

• PURPLE: The first move into the low correlation zone, which occurs slightly before the bear market bottom.
• RED: The second move into the low correlation zone, marking the end of the bear market or the bottom of the cycle.
• GREEN: After some time, the metric returns to the low correlation zone, signaling the start of the true bull market parabola.

CryptoCon emphasizes the significance of these findings, stating, Andthere are no false signals when viewed in this way, extremely interesting! I have reviewed some other observations that allude to this, but not to this level of preciseness and caliber.

Furthermore, the analyst brings attention to the influence of the U.S. dollar on Bitcoins parabola. He explains, And this is from an outside factor, the Dollar. Meaning that the strength of the US dollar has great influence on when Bitcoin parabola takes place. This correlatio...

A U.S. district judge decided that XRP was not a security after Ripples victory over the United States Securities and Exchange Commission; the tokens price has since surged sharply.

Among the top 25 cryptocurrencies, the token native to the Ripple payment system had the best 24-hour performance. XRP has regained the number four spot by market capitalization, moving past Binances problematic BNB coin.

Importantly, XRP held its ground, unaffected by the turmoil gripping the broader crypto market as the leading cryptocurrency Bitcoin threatens to lose its grip on the crucial $30,000 handle, and many altcoins begin the day in a sea of red.

XRP is a cryptocurrency that Ripple employs to transfer funds internationally. With a market capitalization of $37.8 billion, it is the fifth-largest cryptocurrency in circulation.

XRP Dominates The Weekly Timeframe

According to crypto market tracker Coingecko data, XRP was trading at $0.814, an increase of nearly 10% over the previous 24 hours. At the time of writing, however, it was in the weekly timeframe that the token proved its worth, skyrocketing by nearly 68%.

Bitcoin (BTC) and ether (ETH), the two largest cryptocurrencies by market capitalization, are currently trading below their psychologically significant price levels of $30,000 and $1,500, respectively.

Although Bitcoins price has been fluctuating around the $30,000 mark recently, Jake Boyle, Chief Commercial Officer of Australian crypto exchange Caleb & Brown, has stated that significant price changes are unlikely unless certain crucial events transpire.

For the past three years, Ripple has fought the SEC on claims that the company and two of its executives made an illicit $1.3 billion in sales of XRP. Ripple has refuted these allegations, maintaining that XRP is more akin to a commodity than a security.

...

Ethereum price is finding bids above the $1,875 support zone against the US Dollar. ETH could gain bullish momentum above the $1,940 resistance.

• Ethereum is holding the key support near $1,875.
• The price is trading below $1,920 and the 100-hourly Simple Moving Average.
• There was a break above a key bearish trend line with resistance near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could gain pace if it clears the $1,920 and $1,940 resistance levels.

Ethereum Price Could Start Fresh Increase

Ethereums price declined again below the $1,900 support. However, ETH bulls were active near the $1,875 level. It seems like a double bottom pattern is forming near the $1,875 level.

A low is formed near $1,875 and the price is now attempting a fresh increase. It broke the $1,900 resistance level. There was also a break above a key bearish trend line with resistance near $1,900 on the hourly chart of ETH/USD. The pair cleared the 50% Fib retracement level recent drop from the $1,944 swing high to the $1,874 low.

Ether is now trading below $1,920 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $1,920 level. It is close to the 61.8% Fib retracement level recent drop from the $1,944 swing high to the $1,874 low.

Source: ETHUSD on TradingView.com

The first major resistance is near the $1,940 zone, above which the price could rise toward the $1,985 resistance zone. The next major resistance is near the $2,000 level. Any more gains could send Ether toward the $2,050 resistance or even $2,080.

Fresh Decline in ETH?

If Ethereum fails to clear the $1,920 resistance, it could start a fresh decline. Initial support on the downside is near the $1...

Bitcoin price is attempting a fresh increase from $29,500. BTC could gain bullish momentum if it clears the $30,200 resistance zone in the near term.

• Bitcoin is slowly moving higher from the $29,500 level.
• The price is trading below $30,200 and the 100 hourly Simple moving average.
• There is a major bearish trend line forming with resistance near $30,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a decent increase if there is a close above the $30,200 resistance.

Bitcoin Price Aims Higher

Bitcoin price followed a bearish path below the $30,200 pivot level. BTC even broke the $29,850 level and tested the $29,500 level. A low is formed near $29,500 and the price is now attempting a fresh increase.

The price climbed above the $29,850 and $30,000 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $30,448 swing high to the $29,500 low. The price is now consolidating near $30,000.

Bitcoin price is still trading below $30,200 and the 100 hourly Simple moving average. Immediate resistance is near the $30,080 level. There is also a major bearish trend line forming with resistance near $30,100 on the hourly chart of the BTC/USD pair.

The trend line is near the 61.8% Fib retracement level of the downward move from the $30,448 swing high to the $29,500 low. The first major resistance is near $30,200. A close above the $30,200 level might start a fresh increase.

Source: BTCUSD on TradingView.com

The next major resistance is near the $30,500 level. Any more gains could open the doors for a move toward the $31,000 resistance zone.

More Losses in BTC?

If Bitcoin fails to clear the $30,200 resistance, it could contin...

XRP, the native token of the Ripple network, has reportedly surpassed Bitcoin in trading volume on the weekly average. The digital asset, following a significant legal win last week, now claims 21% of all cryptocurrency trade volume over the last week. This achievement is just one of many in Ripples recent journey in the spotlight.

Ripples presence in the news lately owes to a landmark court decision in its favor. The United States Securities and Exchange Commission (SEC) had initially taken legal action against the firm, accusing it of selling unregistered securities.

However, a federal judge in New York has recently declared that XRP is only security when sold directly to institutional investors under specific written contracts. And when the token was sold to retail investors on crypto exchanges, it is not deemed a security.

This verdict led to major cryptocurrency exchanges relisting XRP, causing a subsequent surge in demand and trading volume.

Ripple Through The Market

Last weeks court decision catalyzed a rally for XRP, as its price experienced an approximate 65% increase. The relisting on various platforms, following the victory in court, ignited significant interest in the token and pushed trading volumes to new heights.

#XRP has surpassed #BTC as the highest volume asset

Since last weeks court ruling, 21% of all crypto trade volume has been for XRP. pic.twitter.com/OLdTQrk1kO

Kaiko (@KaikoData) July 17, 2023

However, it is worth noting that XRP has experienced a 20% drop in value after reaching its recent peak. Yet, this has not seemed...

Despite Bitcoins current struggle to surpass the $30,000 mark, data analytics firm Glassnode earlier today reported that the assets realized capitalization has since been on an upward trajectory, nearing the $400 billion mark.

Bitcoin Realized Cap Nears $400 Billion

According to Data analytics firm Glassnode, Bitcoins Realized Cap is now inching closer to $400 billion, showing that new capital is continuously entering the market despite the years ups and downs. 

Related Reading: Standard Chartered Raises Bitcoin Forecast To $120,000, Citing Miners Reduced Selling

Bitcoins Realized Cap represents the total value of all BTC at the price they were last moved or transacted, indicating the cost basis of holders. When this metric rises, it reveals that BTC is being traded at progressively higher prices, which suggests an increase in demand.

Glassnode reported that the increase in BTCs realized cap signals the consistent influx of capital into the asset throughout the year 2023. This steady inflow represents a stable investment climate surrounding Bitcoin, despite its recent price fluctuations.

Furthermore, Glassnodes assessment of the ascending realized cap is indicative of a broader trend in the cryptocurrency market. The data analytics firms said, It signals that coins are changing hands at higher prices on net, a phenomenon that underlines a rising demand for Bitcoin.

It is worth noting that this recorded increasing demand for Bitcoin comes at a time the asset might have flashed a hope of bul...

After the launch of the mainnet on May 3, the SUI token fell into a deep downtrend, which has caused the price to drop by more than 87%. Low user numbers and poor on-chain data have severely clouded the outlook. However, a few days ago, there was a surprise that gave a big boost to the SUI price.

The SUI network made waves in the crypto space by surpassing its competitor Solana in daily transactions. However, with a sudden record of 29 million transactions in 24 hours, SUI has left many crypto enthusiasts questioning the validity and sustainability of this sudden surge.

Renowned analyst and crypto whale Andrew Kang, known for his insightful commentary, has raised concerns about the authenticity of these transactions, suggesting that SUI may be artificially inflating its numbers. Kang writes today:

Sui pumping their numbers up. Chart looks good, market does not seem to be discerning about validity of transactions. Fake it til you make it.

Is SUI Still Worth Buying?

As Kang argues, the question is: Are the numbers legitimate and can drive a sustainable upward trend, or will the hype quickly die down because of fake numbers?

The recent surge in transactions can be primarily attributed to the introduction of the on-chain game, Sui 8192. Developed by the team behind the wallet provider, Ethos Wallet, this casual game has captured the attention of users with its gameplay reminiscent of the classic puzzle game 2048.

Each move within the game triggers a transaction, resulting in the state of the game being recorded on the blockchain. With the integration of a pre-approval mechanism in Ethos Wallet, players can optimize their gameplay experience by setting a token amount before each game.

Its Important to know that the SUI Foundation has allocated $5 million to further stimulate activity within the game, offering players the opportunity to earn rewards in the form of SUI tokens by competing against others or completing tasks. However, this could call into question the sustainability of this increase in transaction activity.

Perhaps the game is only experiencing a short hype at the moment because players want to grab the free tokens. Once the marketing budget is exhausted, the hype could quickly be over. SUI traders and investors should therefore be cautious.

Prior to this transaction surge, the project had been marred by negative headlines, including allegations of suspicious token movements, concerns about venture capital influence, and opaque tokenomics. These controversies have left some investors wary of the projects long-term prospects....

The Cross-Chain Interoperability Protocol (CCIP), designed for building cross-chain applications and services, has now launched for early access users on the Avalanche, Ethereum, Optimism, and Polygon blockchains.

On July 20, the Chainlink protocol will become available to developers across the four blockchains testnets and also Arbitrums Goerli. As a result of this, the price of Chainlinks native token, LINK, rallied nearly 10% to touch $7.30 following this announcement on Monday.

Chainlinks CCIP The Future Of Interoperability?

In a blog post dated July 17, Chainlink announced the launch of the Cross-Chain Interoperability Protocol to early access users on Avalanche, Ethereum, Optimism, and Polygon blockchains. While DeFi lending protocol Aave is set to integrate the protocol, it has already been adopted on the derivatives platform Synthetix.

Related Reading: Bitcoin Price Needs To Clear $30,500 For Hopes of a Fresh Rally

According to the post, CCIP is an interoperability protocol that allows developers to design their own cross-chain solutions. It also offers Simplified Token Transfers, which allows protocols to swiftly send tokens across chains through audited token pool contracts.  

Chainlink claims that CCIP is a blockchain layer designed to foster a connection between enterprises and any public or private blockchain ecosystem.

The cross-chain protocol is a collaborative effort with Swift, the renowned global financial messaging network. It leverages Swifts messaging infrastructure to facilitate token transfers across various public and private blockchains.

According to Chainlinks co-founder Sergey Nazarov, CCIP is a solution that aims to connect the fragmented public blockchain landscape and the growing bank ecosystem into a single Internet of Contracts.

He also stated that such technology will be crucial to developing and maintaining a blockchain-powered society.

Just like key standards such as TCP/IP remade a fragmented early internet into the single global internet we all know and use today, we are making CCIP to connect the fragmented public blockchain landscape and the growing bank chain ecosystem into a single Internet of Contracts. https://t.co/BDMFMfknY2 pic.twitter.com/DDscglD2An

Sergey Nazarov (@SergeyNazarov)...

Over the last week, the XRP token has dominated the headlines following Ripples partial court victory over the United States Securities and Exchange Commission (SEC). 

On July 13, Judge Analisa Torres of the US District Court of the Southern District of New York ruled that XRP doesnt qualify as a security leading to a massive price surge in which the token gained by almost 90%.

However, while it may appear that XRPs positive effect on the market is waning, with most assets slipping into a bearish state, there is still a high level of interest surrounding this altcoin, proven by a recent report from prominent crypto exchange Bitrue.

Bitrue Users Accumulate $800M Worth Of XRP In Futures Market. 

In the late hours of yesterday, a crypto analyst with the Twitter handle @cowboycrypto313 revealed that Bitrue had shared a report via email with its users, noting a massive increase in the notional value of the open interest of the XRP token.

Related Reading: XRP Price Retreats After Massive 80% Rally, Buy The Dips?

The notional value of open interest refers to the total value of outstanding contracts in a futures or optional market. In this context, it represents the total value of XRP on the Bitrue exchange based on what its traders have pledged to buy or sell in the future. 

In this report, Bitrue states that XRP holdings in its Futures service spiked from less than $200 million to over $800 million during the weekend. Interestingly, the exchange further revealed that 88% of its users are holding a long position on this asset.

According to a chart shared by Bitrue, the notional value of open interest for XRP on its platform had been below $200 million for the majority of the last two weeks. However, following the court ruling on July 13, this index started rising, with the XRP Futures market recording a notable spike on July 16. 

...

Cryptocurrencies and the gaming industry have a new contender in Rollbit, and it has been making headlines over the past few days thanks to a slew of improvements to its blockchain technology.

In a recent development, Rollbit disclosed its most current changes to the platforms blockchain technology, propelling it to the forefront of the market.

Notably, the company has started offering strong support for its own native cryptocurrency, Rollbit Coin (RLB), giving customers access to better ecosystem functionality and advantages.

Based on crypto market tracker Coingecko figures, this lesser-known RLB coin has skyrocketed by more than 120% in the last seven days. At the time of writing, RLB was trading at $0.1224, up 24% over the previous 24 hours.

RLB is a crucial part of the Rollbit lottery system, which decided to airdrop RLB tokens to their current Rollbit.com gaming and trading platform customers rather than holding an initial coin offering (ICO).

Despite being a relatively new platform, Rollbit has quickly become one of the top competitors in crypto casinos. Rollbit has established itself as a dominant and significant power in the business, with an average monthly wagering volume above $1 billion.

RLB has a market valuation of $357,728,046 with a 24-hour trading volume of $15,311,290. There are 3.3 billion coins in circulation.

The highest transaction for RLB today was $0.1248. Its current price is over 14% less than its previous peak.

The Unstop...

The Bitcoin price has fallen to the lower end of its almost one-month trading range between $29,800 and $31,300. Already yesterday, BTC briefly fell to as low as $29,704, only to recover to $30,306 within a few hours. At press time, BTC was again moving towards the $30,000 mark, and another fall and liquidity grab seems likely.

While this week the macro data releases are pretty quiet, its worth taking a look at whats happening in the Bitcoin market itself.

Why Is Bitcoin Down Today?

Swissblock Insights observed a peculiar calm in the market when Bitcoin reached a new yearly high of $31.840 last week. However, the momentum quickly faded, and selling pressure increased, causing BTC to drop to the low $30ks. They highlight the narrow Bollinger Bands, stating, The Bollinger Bands are very narrow, with only a 4.2% value difference separating the upper and lower bands. A move is brewing.

Moreover, the analysts emphasize the need for a significant catalyst to inject life into the current lackluster scenario:

Volatility is expected to appear on the scene, although, in the short term, we are in no mans land; liquidity remains low, open interest is still flat and shorts are nowhere to be seen. Theres no command in the direction we are going, and only a significant catalyst can spice things up in this dull scenario we are in.

According to the analysts, a breakdown of the $29.650 support level would invalidate a long setup. On the other hand, a bullish leg up $31.500 could reignite momentum and surge the price to $33,000. But for this to happen, spot demand needs to reignite strongly and longs need to enter the market, otherwise momentum will continue to fading.

Glassnode, an on-chain data provider, further illuminates the current state of the Bitcoin market. Despite the temporary yearly high, they describe the market as extremely quiet, also pointing to the Bollinger Bands. This compression in volatility signals a market reminiscent of the calm observed in early January, as NewsBTC reported yesterday.

Furthermore, Glassnodes analysis reveals a slow but steady inflow of capital into Bitcoin. The Realized Cap currently sits just shy at $396 billion. After hitting a cycle low at $380 billion, the metric indicates that a slow but steady stream of capital is entering the market throughout 2023.

Elon Musk has consistently proven to be a pivotal figure in cryptocurrencies, particularly Dogecoin (DOGE), his crypto of choice. His influence on DOGE has been nothing short of remarkable, with any mention or action from him causing significant fluctuations in its price.

In the digital currency landscape, where DOGE has struggled to keep pace with its counterparts despite the recent positive sentiment surrounding cryptocurrencies, any movement on the meme coin carries a heightened significance.

Enthusiasts eagerly await every word uttered by Musk, recognizing the potential impact his statements can have on the price and overall market sentiment.

Given this context, what did Elon Musk, the Tesla and SpaceX top honcho and Twitter owner, say this time, and how did it reverberate within the DOGE community?

Elon Musk Doges Preference Boosts Dogecoin Price

Musk recently responded to a question on a popular social media platform. The question was about his preference between cats and dogs, and the enigmatic billionaire, promptly answered, Doges. This seemingly innocuous response had an immediate impact on the price of the meme coin.

Doges

Elon Musk (@elonmusk) July 17, 2023

Following Musks endorsement, Dogecoin experienced a surge in its price on Monday, with a notable 3% gain. Its trading value climbed from $0.07 to $0.073, reflecting the enthusiastic market response to Musks statement.

The sudden price increase further solidified the significance of Musks influence on Dogecoin and the broader cryptocurrency market.

However, as of the time of writing, the initial excitement has subsided, and DOGEs price on Coingecko has adjusted to $0.070024. Despite the slight dip from the peak, the meme coin still managed to record a modest increase of 0.5% within the last 24 hours.

Over seven days, Dogecoin showcased a more promising rally, with a substantial gain of 8.2%.

...

Chainlinks LINK price is gaining pace above $7.00. The price could rise further if it clears the $7.35 and $7.50 resistance levels.

• Chainlink token price is showing positive signs and rising from $6.50 against the US dollar.
• The price is trading above the $7.00 level and the 100 simple moving average (4 hours).
• There is a major bullish trend line forming with support near $6.65 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
• The price could gain bullish momentum above the $7.35 resistance zone.

Chainlink (LINK) Price Eyes More Gains

After a short-term downside correction, LINK price found support near the $6.45 level against the US Dollar. A low was formed near $6.458 and the price started a fresh increase, unlike Bitcoin and Ethereum.

There was a clear move above the $6.65 and $6.90 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $7.36 swing high to the $6.458 low. LINK price is now trading above the $7.00 level and the 100 simple moving average (4 hours).

There is also a major bullish trend line forming with support near $6.65 on the 4-hour chart of the LINK/USD pair. The pair is now facing resistance near the 76.4% Fib retracement level of the downward move from the $7.36 swing high to the $6.458 low.

Source: LINKUSD on TradingView.com

The first major resistance is near the $7.35 zone. A clear break above $7.35 may possibly start a fresh increase toward the $7.50 and $7.85 levels. The next major resistance is near the $8.00 level, above which the price could revisit $8.80.

Dips Supported?

If Chainlinks price fails to climb above the $7.35 resistance level, there could be a...

Ethereum price corrected further lower below the $1,900 level against the US Dollar. ETH is showing bearish signs and might decline further toward $1,825.

• Ethereum extended its decline and tested the $1,875 level.
• The price is trading below $1,930 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could decline further if it stays below the $1,910 and $1,940 resistance levels.

Ethereum Price Could Extend Losses

Ethereums price made a fresh attempt to start a decent increase above the $1,950 resistance. However, ETH struggled to gain strength for a move above $1,950.

A high was formed near $1,943 and the price reacted to the downside. There was a break below the $1,900 support zone. A new weekly low is formed near $1,875 and the price is now attempting a fresh increase. It broke the $1,890 and $1,900 levels.

There was a move above the 50% Fib retracement level recent decline from the $1,943 swing high to the $1,875 low. Ether is now trading below $1,930 and the 100-hourly Simple Moving Average.

On the upside, immediate resistance is near the $1,910 level. There is also a connecting bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD. The trend line is near the 61.8% Fib retracement level recent decline from the $1,943 swing high to the $1,875 low.

Source: ETHUSD on TradingView.com

The first major resistance is near the $1,950 zone, above which the price could rise toward the $1,985 resistance zone. The next major resistance is near the $2,030 level. Any more gains could send Ether toward the $2,120 resistance or even $2,200.

More...