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Bitcoin bull run ‘getting interesting’ as BTC price hits 6-week high

Bitcoin (BTC) delivered a swift six-week high into July 29 as the aftermath of the latest macro developments boosted risk assets. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewMonthly close could seal 20% gainsData from Cointelegraph Markets Pro and TradingView captured local highs of $24,445 for BTC/USD on Bitstamp, its best since the week beginning June 13. After consolidating around $23,000, bulls got a second wind to propel the market higher on the back of the United States Federal Reserve’s latest rake hikes and GDP data confirming that the U.S. was now in a recession. Risk assets outperformed across the board, with Bitcoin and altcoins joining gold in giving traders and analysts cause for positivity on the outlook. “This is getting interesting,” on-chain monitoring resource Material Indicators tweeted in an update on its short and long signal thread for the daily BTC/USD chart on June 28. It eyed the potential for Bitcoin to make a higher high (HH) next: “All Tren..

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Pat Toomey blames the SEC for crypto lending platform crisis

According to Senator Pat Tomey, famous for his vocal support for the crypto industry, the United States Securities and Exchange Commission (SEC) could have prevented the loss of $12 billion in assets by investors who trusted Celsius, a crypto lending platform, that froze their deposits in June. An official letter from Toomey to SEC Chairman Gary Gensler, dated by July 26, suggested that the Commission’s inability to clarify how it would apply existing securities laws to digital assets and services drew undesirable repercussions. As Toomey writes: “Companies could have adjusted product offerings accordingly, preventing investor losses today, and the SEC would have been free to focus enforcement efforts on the worst actors.”According to Toomey, the SEC didn’t properly explain how the Howey and Reves tests applied to crypto lending platform products that paid interest to customers making crypto deposits. Instead, he emphasized, the SEC is choosing to regulate by selective enforcement. T..

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Marriages and court cases can be held in the Metaverse

Legal marriage proceedings, court case disputes and government services may one day be offered on the Metaverse, according to a Singaporean government minister. Speaking at the TechLaw Fest 2022 on July 20, Singapore’s Second Minister for Law Edwin Tong argued even highly personalized, intimate events such as the solemnization of marriages have taken place online in the Metaverse: “It would not be unthinkable that, besides registration of marriages, other government services can soon be accessed online via the Metaverse.”On the subject of legal services in the Metaverse, the Minister added that there is “no reason why the same cannot be done for legal services.” “The pandemic has already shown us that even dispute resolution — once seen to be a physical, high-touch process [...] can also be held almost entirely online.” Tong gave the example that a legal dispute involving an accident on a construction site for example could be viewed in three dimensions via a “single virtual platform”..

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Professional soccer club Crawley Town FC signs midfielder after NFT vote

Professional English soccer team Crawley Town F.C. have followed through on a community vote by fans and nonfungible token (NFT) holders who were recently given a voice on what type of player the team should recruit next. The vote, which took place on June 15 and was the first team decision opened up to fans, took place for verified NFTs hodlers via a temporary Discord channel. Votes were also taken from nearly 1,000 season ticket holders. Speaking with the Daily Mail on Thursday, Crawley Town co-owner and former ESPN gambling analyst Preston Johnson emphasized the significance of being able to offer fans a stake in the club via NFTs: “A lot of NFT projects are just speculation with no real tangible spine, no real true story. Having a football club to root for every week? That’s a spine that people attach themselves to.”“If we can bring that to this crypto audience, especially if we’re able to actually achieve promotion and move up the ranks of the English football league, then it’s..

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Fed demands Voyager remove ‘false’ claims deposits are FDIC insured

Crypto lender Voyager Digital has been directed to remove “false and misleading” statements that its user’s deposit accounts are FDIC insured. In a joint letter written on Thursday by Seth Rosebrock and Jason Gonzalez, assistant general counsel at the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) to Voyager Digital, the authors said the representations “likely misled and were relied upon” by customers who placed funds with Voyager who now no longer have access to it: “These representations are false and misleading and, based on the information we have to date, it appears that the representations likely misled and were relied upon by customers who placed their funds with Voyager and do not have immediate access to their funds.”The Fed and FDIC allege that Voyager “made various representations online, including its website, mobile app, and social media accounts” which suggested it was: “(1) Voyager itself is FDIC-insured; (2) customers who invested with the Voyage..

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Phishing risks escalate as Celsius confirms client emails leaked

Celsius depositors should be on the lookout for phishing scams after the company revealed some of its customer data had been leaked in a third-party data breach. On Tuesday, Celsius sent an email to its customers informing them that a list of their emails had been leaked by an employee of one of its business data management and messaging vendors. According to Celsius, the breach came from an engineer at the Customer.io messaging platform, who leaked the data to a third-party bad actor. “We were recently informed by our vendor Customer.io that one of their employees accessed a list of Celsius client email addresses,” said Celsius in its email to customers. The data breach is part of the same incursion that leaked OpenSea customer email addresses in June. Celsius has, however, played down the incident stating that it did not “present any high risks to our clients,” adding that they just wanted users to “be aware.” On July 7, Customer.io wrote in a blog post that “We know this was a re..

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TA: Ethereum Rockets Towards $1,800 as Bulls Take Over Crypto Market

Ethereum started a strong increase above the $1,700 level against the US Dollar. ETH is showing positive signs and might rise again towards $1,800. Ethereum started a major increase above the $1,650 and $1,700 levels. The price is now trading above $1,700 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,700 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if there is a clear move above the $1,750 level. Ethereum Price Rallies Above $1,700 Ethereum formed a base above the $1,600 level and started a major increase. ETH was able to clear a few key hurdles near the $1,650 and $1,675 levels. The price jumped over 10% and even surpassed the $1,740 level. The bulls pumped the price towards the $1,800 level. A new multi-week high was formed near $1,784 and the price is now correcting gains. There was a minor decline below the $1,750 level. Ether price dropped below the 23.6% Fib retracement level of the recent increase from the $1,602 swing low to $1,784 high. However, it is still well above $1,700 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,700 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,740 level. The first major resistance is near the $1,750 zone. Source: ETHUSD on TradingView.com The main resistance is now forming near the $1,780 zone. A clear move above the $1,780 level could push the price further higher. In the stated case, the price may perhaps rise towards the $1,880 resistance zone. Dips Supported in ETH? If ethereum fails to rise above the $1,750 resistance, it could start a downside correction. An initial support on the downside is near the $1,700 zone. A clear move below the $1,700 support might spark a move towards the $1,670 level. It is near the 50% Fib retracement level of the recent increase from the $1,602 swing low to $1,784 high. Any more losses might even push the price to the $1,620 support or even the 100 hourly simple moving average in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is still above the 50 level. Major Support Level – $1,700 Major Resistance Level – $1,750

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Solana Spaces store to bring 100K people to Solana per month, says CEO

Solana Spaces CEO Vibhu Norby said the new physical Solana stores will introduce up to 100,000 people per month to the Solana ecosystem while also signaling plans to open a virtual storefront in the near future. Utilizing a grant from the Solana Foundation, the first Solana Spaces shop opened in the swanky Hudson Yards New York shopping center on Thursday. Addressing the community in an impromptu Twitter AMA on launch day, Norby explained the store is meant to teach new users about how to use decentralized applications (DApps) and noted that it would be introducing thousands of people into the Solana blockchain: “I don’t think people realize this but we’re going to bring 50 to 100,000 people into Solana every month through these stores — and that’s just this year.”Speaking to Cointelegraph in a phone interview following the AMA, Norby said the shop had 400 visitors, hinting also that new United States-based physical stores were in the works, and that “the store was designed for people..

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Solana-based stablecoin NIRV drops 85% following $3.5M exploit

Solana-based algorithmic stablecoin NIRV has become the latest stablecoin to fail after dropping 85% from its United States dollar peg following a hack on adaptive yield protocol Nirvana Finance on Wednesday. The flash loan attack, which also saw Nirvana Finance’s native token ANA drop by 85%, resulted in the loss of $3.49 million worth of Tether (USDT), with the SolanaFM team being the first to confirm that the funds were siphoned via a flash loan attack on Wednesday: “Utilizing Solend Protocol’s Flash Loans, the hacker borrowed $10M USDC from the Solend Main Pool Vault which was used to exploit $3.49M USDT from the Nirvana Finance Treasury.”At the time of writing, both NIRV and ANA are down roughly 85% to $0.14 and $1.33, respectively, at the time of writing. On Nirvana’s website, it confirms that the protocol was “maliciously hacked and reserve funds are stolen. NIRV and ANA have lost their collateral, and do not have secured market value.” The Nirvana team is now offering the hac..

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TA: Bitcoin Price Gains Momentum, Why The Bulls Could Aim $25K

Bitcoin started a fresh increase above the $23,000 resistance zone against the US Dollar. BTC might continue to rise towards the $25,000 resistance zone. Bitcoin started a fresh increase and climbed above the $23,000 resistance. The price is now trading above the $23,000 level and the 100 hourly simple moving average. There is a short-term contracting triangle forming with resistance near $24,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $24,000 resistance to continue higher in the near term. Bitcoin Price Rises Steadily Bitcoin price remained well bid above the $22,000 support zone. It formed a base above the $22,500 level and started a fresh increase. The price was able to gain pace for a move above the $23,000 resistance zone. The bulls pumped the price above the $23,500 resistance. It even spiked above the $24,000 level and traded as high as $24,198. It is now trading above the $23,000 level and the 100 hourly simple moving average. There is also a short-term contracting triangle forming with resistance near $24,000 on the hourly chart of the BTC/USD pair. It is also trading well above the 23.6% Fib retracement level of the upward move from the $20,696 swing low to $24,198 high. Bitcoin price is facing resistance near the $24,000 level. Source: BTCUSD on TradingView.com The next key resistance is near the $24,200 zone. A close above the $24,200 resistance zone could set the pace for more gains. In the stated case, the price may perhaps rise towards the $24,500 level. The next major resistance sits near the $25,000 level. Dips Limited in BTC? If bitcoin fails to clear the $24,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $23,740 level. The next major support now sits near the $23,370 and $23,350 levels. Any more losses might send the price towards the 50% Fib retracement level of the upward move from the $20,696 swing low to $24,198 high at $22,450. A close below the $22,450 support zone might restart downtrend. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now correcting towards 60. Major Support Levels – $23,740, followed by $23,350. Major Resistance Levels – $24,000, $24,200 and $25,000.

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