Authorities in the United Kingdom and France have also reportedly cited concerns over Worldcoin's data collection methods, which involve collecting iris scans from users.
The Bavarian State Office for Data Protection Supervision, or BayLDA, reportedly began an investigation into human identity verification project Worldcoin based on concerns over biometric data.
According to a July 31 Reuters report, the German data watchdog launched a probe into Worldcoin’s activities starting in November 2022. Worldcoin, a project started with the intention of distinguishing real people from bots by providing retinal scans for identity verification, had more than 2 million sign-ups prior to the launch of its token in July.
This retinal scan data reportedly drew the attention of BayLDA. President Michael Will reportedly said the technologies were neither “established nor well analysed” for use in transferring financial information, leading to a potential risk for Worldcoin users.
Authentication vs verification
Authenticating ownership (e.g. FaceID) uses biometrics as a password, where a 1:1 comparison is performed against a saved ID template.
Verifying uniqueness compares biometrics against (up to) billions of registered users in a 1:N comparison. pic.twitter.com/u2cfHkKFI9
In addition to reported inquiries from the BayLDA, the French National Commission on Informatics and Liberty has reportedly called Worldcoin’s data collection methods “questionable”. The Information Commissioner’s Office in the United Kingdom has cited similar concerns over the project. Tools For Humanity, the company behind Worldcoin, has a subsidiary in Germany, but the project has been attracting interest from users in many countries.
Since launching the token in July, Worldcoin co-founder Sam Altman reported a new person was “getting verified every 8 seconds” through iris scans around the world. Major players including Ethereum co-founder Vitalik Buterin and Block CEO Jack Dorsey have already weighed in on the project, as many crypto users have pointed to potential benefits including repaying those affected by the collapses of Three Arrows Capital and FTX.
Bitcoin’s record low volatility is also a sign that the next price breakout will be volatile, but everyone is guessing which direction the price will go and how it will impact altcoins.
The S&P 500 Index continued its march toward its all-time high with a 3% gain in July. Signs of receding inflationary pressures and expectations of an end to the Federal Reserve’s tightening cycle are the factors that boosted risk-on sentiment.
However, this bullish mood did not benefit Bitcoin (BTC) as it largely remained range-bound in July and is on track to end the month with a loss of more than 3%. The biggest question troubling traders is when will Bitcoin’s range break and in which direction.
Typically, the longer the time spent inside the range, the greater the force needed for the breakout. Once the price escapes the range, the next trending move is likely to be strong. The only problem is that it is difficult to predict the direction of the breakout with certainty. Hence, it is better to wait for the price to sustain above or below the range before taking large bets.
With Bitcoin trading inside a range, could the action shift to altcoins? Let’s analyze the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) has been in an uptrend. The bears tried to pull the price back below the breakout level of 4,513 on July 27, but the bulls held their ground. This suggests that buyers are trying to flip the 4,513 level into support.
SPX daily chart. Source:TradingView
The upsloping moving averages indicate that bulls are in control, but the negative divergence on the relative strength index (RSI) suggests that the bullish momentum could be slowing down.
The up move is likely to face strong selling at 4,650. If the price turns down from this level but rebounds off the 20-day exponential moving average (EMA) of 4,509, it will suggest that the uptrend remains intact.
The first sign of weakness will be a break and close below the 20-day EMA. That could open the gates for a potential drop to the 50-day simple moving average (SMA) of 4,371.
U.S. Dollar Index price analysis
The bears tried to yank the U.S. Dollar Index (DXY) below the 100.82 support on July 27, but the bulls fiercely defended the level. That started strong buying, which pushed the price above the 20-day EMA (101.46).
DXY daily chart. Source:TradingView
The bulls will next try to extend the recovery to the 50-day SMA (102.51) and later to the downtrend line. This remains the key level to keep an eye on because a break above it could indicate that the bears are losing their grip. The index may then rise to the stiff overhead resistance at 106.
On the downside, the bears will have to sink and sustain the price below 100.82 to establish their supremacy. The index could then slide to 99.57. A break below this support could signal the resumption of the downtrend.
Bitcoin price analysis
Bitcoin dropped below the 50-day SMA ($29,442) on July 30, indicating that the bears are trying to take control. However, the long tail on the day’s candlestick shows buying near the horizontal support at $28,861.
BTC/USDT daily chart. Source:TradingView
The downsloping 20-day EMA ($29,624) and the RSI below 44 suggest that bears have a slight edge. Any attempt to start a relief rally could face selling at the 20-day EMA. If the price turns down from this resistance and breaks below $28,861, it could start a decline to $27,500 and then to $26,000.
If bulls want to prevent the fall, they will have to thrust the price above the 20-day EMA. The BTC/USDT pair could first rise to $29,500 and then to the $31,500 to $32,400 resistance zone.
Ether price analysis
Ether (ETH) has been trading between the moving averages for the past few days, indicating indecision among the bulls and the bears about the next directional move.
ETH/USDT daily chart. Source:TradingView
Generally, tight ranges are followed by a range breakout that starts the next leg of the trending move. If the price plunges below the 50-day SMA ($1,859), it will indicate that bears have overpowered the bulls. That may start a downward move toward $1,700.
Instead, if the price turns up and closes above the 20-day EMA, it will signal the start of a short-term up move. The ETH/USDT pair could first rise to $1,929 and thereafter attempt a rally to the psychological resistance at $2,000.
XRP price analysis
XRP (XRP) has been consolidating inside a large range between $0.67 and $0.85. Although the bulls successfully defended the support, they have failed to start a strong recovery.
XRP/USDT daily chart. Source:TradingView
The gradually rising 20-day EMA ($0.69) and the RSI in the positive territory indicate that the bulls have a slight edge. If buyers overcome the barrier at $0.75, the XRP/USDT pair may start a relief rally to the resistance at $0.85.
Contrarily, if the price turns down and dives below the 20-day EMA, it will suggest that every minor rise is being sold. The pair could then retest the support at $0.69. If this support crumbles, the pair may extend the decline to the breakout level of $0.56.
BNB price analysis
BNB (BNB) continues to trade inside the symmetrical triangle pattern, indicating indecision among the bulls and the bears.
BNB/USDT daily chart. Source:TradingView
The flattish moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price sustains above the moving averages, the BNB/USDT pair could rise to the resistance line. A break and close above the triangle could propel the price to $265.
On the other hand, if the price breaks below the moving averages, it will suggest that bears are trying to pull the pair to the support line. If this support cracks, the pair may plunge to $220.
Cardano price analysis
Cardano (ADA) rose above the 20-day EMA ($0.31) on July 28, but the recovery lacks momentum. This suggests that demand dries up at higher levels.
ADA/USDT daily chart. Source:TradingView
If the price skids back below the 20-day EMA, the ADA/USDT pair could consolidate inside a tight range between $0.30 and $0.32 for some time. Buyers will have to kick the price above $0.32 to start an up move to $0.34 and subsequently to $0.38.
Contrarily, if the price continues lower and plummets below the 50-day SMA ($0.29), it may trap several aggressive bulls. That may start a rush to the exit, resulting in a deeper correction to $0.28 and then to $0.26.
Dogecoin (DOGE) is facing selling just above the $0.08 level, but a minor positive is that the bulls have not ceded ground to the bears. This suggests that the buyers expect another leg higher.
DOGE/USDT daily chart. Source:TradingView
The upsloping 20-day EMA ($0.07) and the RSI in the positive territory indicate that the bulls have the upper hand. If the price turns up from the 20-day EMA, the bulls will again attempt to drive the DOGE/USDT pair above the overhead resistance. If they succeed, the pair may start its northward march to $0.10 and eventually to $0.11.
Alternatively, if the price turns down and breaks below the 20-day EMA, it will suggest that the bulls are losing their grip. The pair may then slide to the breakout level at $0.07.
Solana price analysis
Solana (SOL) is trying to find support at the 20-day EMA ($24.14), but the bulls are struggling to sustain the rebound. This suggests that the bears have not given up.
SOL/USDT daily chart. Source:TradingView
If the price cracks and maintains below the 20-day EMA, the SOL/USDT pair may slide to $22.30. This remains the key short-term support to watch out for. If the price rebounds off this level, the pair may consolidate between $22.30 and $27.12 for some time. The flattening 20-day EMA and the RSI near the midpoint also suggest a range formation in the near term.
A break and close above $27.12 will signal that bulls are back in the driver’s seat. The pair may then rally to $32.13. On the downside, a break below $22.30 could pull the pair to the 50-day SMA ($20.71).
Litecoin price analysis
Buyers pushed Litecoin (LTC) above the 20-day EMA ($92) on July 29, but they could not clear the hurdle at $97.
LTC/USDT daily chart. Source:TradingView
The flattish 20-day EMA and the RSI just below the midpoint indicate the possibility of a range formation. Buyers purchased the dip on July 30, as seen from the long tail on the candlestick, but they failed to build upon the strength on July 31. This suggests that bears are aggressively defending the $97 level.
If the price tumbles below the 50-day SMA ($91), the LTC/USDT pair could descend to $87. A strong bounce off this level may keep the pair range-bound for a few days. Buyers will have to propel the price above $97 to open the doors for a rally to $106.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Human or an AI bot? Get your eyeballs scanned by OpenAI CEO Sam Altman’s Worldcoin Orbs to prove digital identity and earn cryptocurrency.
Is it worth investing in Worldcoin?
Worldcoin has sparked interest globally, with some expressing bullish forecasts, while others fearing privacy risks. One must educate themself on all aspects before making any investments.
Worldcoin has received mixed reviews — from criticism and controversy to futuristic and cool. When news of the retina scanners became public in late 2021, renowned whistleblower Edward Snowden expressed resistance to the concept of scanning human eyes as a requirement for receiving cryptocurrency. The project has drawn severe criticism globally over perceived privacy risks.
On the other hand, Silicon Valley investors have shown massive interest in the project and confidence in the founding team. In the era of generative AI and human-like interaction by bots, Worldcoin is a unique project poised to serve as a differentiator source between humans and AI bots in the digital world. The company’s own AI-based prediction models have estimated that over 1 billion people will have gazed into the Orb by 2023.
How to buy Worldcoin tokens
WLD token is listed and available via various avenues allowing people to choose the option of purchasing that best suits their needs. Prices are subject to market trends.
WLD is available for purchase on all major centralized exchanges (CEXs), such as Binance, KuCoin, OKX, Bybit and Huobi. CEXs, such as Binance, offer multiple purchase options via credit card or bank deposit, or buying a stablecoin like Tether (USDT) or Binance USD (BUSD), and then using that coin to buy WLD.
It is also available for swaps on decentralized finance (DeFi) platforms like Uniswap and PancakeSwap. The levels of security, dependability and liquidity vary among platforms. Sam Altman and co-founder Alex Blania expressed in an open letter that the WLD token would only be accessible in regions of the world where legal compliance is more feasible.
At the time of launch on July 24, 2023, WLD was unavailable in United States, with the company clearly stating that the use, purchase or access of WLD tokens is not intended for U.S. persons, including U.S. citizens, residents, individuals located within the U.S., as well as companies incorporated, located or registered in the United States. Moreover, anyone who completes an Orb scan in the U.S. would not be eligible for the token drop.
What is a Worldcoin token, and how can I get token incentives?
The Worldcoin Orb gives WLD tokens to those who get their eyes scanned. Token incentives will be on the Optimism mainnet.
Worldcoin (WLD) is an ERC-20 token on Ethereum mainnet. Prior to its official launch, Worldcoin Protocol successfully migrated to the OP mainnet, which was formerly referred to as the Ethereum layer-2 blockchain Optimism. The transition means the Worldcoin protocol is now on Ethereum with bridges for Optimism and Polygon PoS.
During the beta phase, WLD was only available to early adopters as incentives for their participation in getting their eyes scanned. WLD was allocated to as many as 200 million unique new users during the beta. Worldcoin will continue these incentives post-launch, with the amount diminishing as more people are onboarded. Apart from this, Orb Operators are also rewarded with WLD issuance.
WLD’s supply will be capped to 10 billion tokens for a duration of 15 years. However, after the 15-year period, the governance committee of the Worldcoin Protocol will have the authority to decide whether or not to increase the token supply, set at a maximum rate of 1.5% per year (the default rate is set at 0%). Additionally, the governance team will also determine how these newly minted tokens will be allocated or distributed within the network.
As per the tokenomics, 75% of the tokens have been earmarked for the community, 9.8% to the initial development team, 13.5% to the investors of Tools for Humanity and 1.7% in reserve. The combination of World ID and the WLD token will hold a significant role in protocol governance. Users will actively engage in shaping the future of the Worldcoin ecosystem, establishing it as a true community-driven initiative.
Scan your retina in exchange for cryptocurrencies and generate a unique digital identity establishing one’s proof-of-personhood among the growing sea of AI robots.
At the heart of the Worldcoin project is the concept of proof-of-personhood established by an eye-scanning device called the Orb. With the rise of artificial intelligence (AI), proving identity in the future will be more important than ever and the question — human or machine? — will definitely take center stage.
Worldcoin’s white paper highlights that specialized biometric gear might be the only long-term practical way to provide AI-safe proof-of-personhood verifications, which led to the creation of the Orb. The Orb is of high importance in Worldcoin’s ecosystem:
Every individual will need to get their retina scanned via the Orb for biometric verification.
Anyone across the globe can sign up regardless of their location or background.
Worldcoin is expanding its “orbing” of people by setting up centers across 35 countries and growing.
The “Orb,” a special silver ball about the size of a bowling ball, is used to conduct in-person iris scans on individuals. The Orb scans the person’s iris to confirm their human identification before generating their unique World ID.
Worldcoin collected 200 million users in its beta and is ramping up its operations to onboard more users. Early adopters are being awarded Worldcoin (WLD), the native token of the Worldcoin protocol.
Individuals need to download the World app, scan their retinas at Orb centers, and generate a unique World ID, which will give them access to the decentralized Worldcoin ecosystem. As the network grows, so will various decentralized applications (DApps) and utilities on it. Developers can create online and mobile applications on the Worldcoin protocol using the World ID Software Development Kit (SDK).
What is Worldcoin?
An ambitious project with a confluence of cryptocurrencies, blockchain and artificial intelligence technologies to build a biometric global identity and financial system.
Worldcoin is a cryptocurrency and digital identity project co-founded by OpenAI CEO Sam Altman, Alex Blania and Max Novendstern. It aims to address income inequality through its unique World ID feature, which will serve as “proof-of-personhood,” as described by Sam Altman. After two years in development and amid high anticipation, the project was launched on July 24, 2023.
Tools for Humanity (TFH) is the company building Worldcoin and raised $115 million in a Series C round led by Blockchain Capital in May 2023. Prior rounds included investments from a16z, Khosla ventures and others.
Worldcoin is an open-source, decentralized protocol embraced by a worldwide community of developers and technologists and aims to be self-sufficient, fostering a true decentralized vision.
The BALD memecoin collapsed in price as collectors alleged an exit scam, but the developer claims not to have sold any coins.
A new memecoin on Coinbase’s Base network fell 85% after its developer allegedly pulled 1,034 Ether in liquidity, worth approximately $1.9 million, from the market, according to social media reports and blockchain data. The developer for Bald (BALD) denied making any market sales of the coin, stating, “[I] just added/removed 2 sided liquidity and bought.”
Coinbase’s Base network was launched for builders on July 13. However, its development team has urged ordinary users not to use the network, as it lacks a functioning user interface (UI) for its bridge. The team plans to officially release the network to users in August, at which point a bridge UI will be made available.
Despite these warnings, some investors have sought early returns by buying up assets on the network before it is officially launched. They’ve done so by using development tools to bridge Ether (ETH) from Ethereum to Base without a UI.
On July 29, a pseudonymous developer with the Twitter handle “Bald” announced the launch of the BALD token on Base at address 0x27D2DECb4bFC9C76F0309b8E88dec3a601Fe25a8.
The token gained 289,000% within the first 14 hours of trading. But on July 31, Twitter users began reporting that the token’s deployer account had removed 1,034 ETH in liquidity, causing its price to fall to nearly zero.
$BALD deployer just removed 1034 ETH from Liquidity
In a social media post, the BALD developer denied selling tokens through a market order, stating, “I didn’t sell a single token at any point since deployment. Just added/removed 2 sided liquidity and bought.” In response, one coin collector argued that adding two-sided liquidity is, in fact, selling tokens, to which the BALD developer replied, “correct.”
Blockchain data reveals that the BALD token was deployed by account 0xccfa0530b9d52f970d1a2daea670ce58e4176389, which removed 1,009.41 Wrapped Ether (WETH) in liquidity at 12:13 pm UTC on July 31.
Investors have lost significant sums from failed memecoin launches recently. On July 26, over $2 million was lost following the launch of Pond0x, which allegedly contained a faulty transfer function that allowed any user to transfer another user’s tokens without consent.
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BTC price retracing deeper than $25,000 is "possible," analysis warns, with $28,300 the line in the sand for Bitcoin bulls.
Bitcoin (BTC) stayed static at the July 31 Wall Street open as analysis warned that the net was closing in for bulls.
BTC/USD 1-hour chart. Source: TradingView
$28,300 "last line of defence" for BTC price
Data from Cointelegraph Markets Pro and TradingView followed the BTC price as it greeted the last trading day of July with more sideways behavior.
Much like the weekend and the week prior, nothing seemed able to effect a major trend change, while a brief spurt above $29,500 after the weekly close provided the most interesting intraday event.
“BTC took out $29.5k last night, but so far bulls haven't been able to muster enough momentum to advance. All eyes are on the monthly close which could open the door to some volatility,” monitoring resource Material Indicators wrote in part of its latest analysis.
Uploading a snapshot of the BTC/USD order book on Binance, Material Indicators warned that $29,500 was becoming an increasingly popular trigger for sellers, and that bulls needed to overcome it next.
Nearby, the 50-day and 100-day moving averages (MAs) — at $29,450 and $28,460, respectively — formed key trend lines to the upside and downside.
BTC/USD 1-day chart with 50, 100MA. Source: TradingView
“I've been saying for months that the market needs to print candles above the 100-Week MA for us to even consider a bull market breakout. We've yet to even test it, but bulls have managed to maintain the range for an extended period of time,” Material Indicators continued.
“Today is actually the 8th consecutive day of testing support at the 50-Day MA, and even though the 50-Day has held, resistance at $29.5k is replenishing. If bulls can't clear it, I expect a run at the lows with $28.3k as the last line of defense. The question for me is whether bitcoin will bounce from the $28s or extend to $25k and beyond. All of these moves are possible, the mystery is in what order and in what timeline they play out.”
BTC/USD order book data on Binance. Source: Material Indicators/Twitter
Elsewhere, popular trader and analyst Rekt Capital noted that on weekly timeframes, Bitcoin was channeling its behavior from early 2021, before its current cycle’s all-time highs.
For the first time since January 2021, #BTC is in the process of turning the black ~$29300 level into support in a new uptrend
“BTC is still at the ~$29250 level and acting as support going into the July Monthly Close,” additional analysis read.
“Last month, $BTC broke ~$29250 after months of this level acting as resistance. And this month BTC is in the process of retesting it into new support.”
As revealed by fellow trader Mikybull Crypto, volumes are at their lowest in over two years — something which for him suggests only one outcome will result.
The 7-day average of #Bitcoin spot trading volume has sunk to levels not seen since the start of 2021.#Bitcoin IV is also at its yearly lowest level.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Advocates of the crypto industry in Japan demand the revision of the national tax regime for digital assets.
Advocates of the crypto industry in Japan demand the revision of the national tax regime for digital assets. Japan Blockchain Association (JBA), a non-governmental lobbying group, filed an official request to the country’s government, highlighting three major steps to ease up the fiscal burden on crypto holders.
The request was published on the Association’s website on July 28. It calls the taxation of crypto-assets the biggest barrier for web3 businesses in Japan, and a factor that prevents citizens from actively owning and using crypto-assets. Thus, the group names three major changes, that could be done to ease the pressure on the digital economy.
The first one is the elimination of year-end unrealized gains taxation on corporations holding crypto assets. Unrealized profit refer to profits that have occurred on paper, but the relevant transactions have not been completed. The JBA seeks to abolish the taxes on unrealized gains in third-party issued tokens. In June, Japan’s National Tax Agency (NTA) has already relieved local firms from taxation of year-end unrealized gains from cryptocurrencies they have issued.
The second request deals with the taxation method for personal crypto asset trading profits. It suggests changing this method from current comprehensive taxation to self-assessment separate taxation, with a uniform tax rate of 20%. Additionally it proposes the three years term for deducting the losses from the digital assets value depreciation.
Thirdly, the JBA seeks the elimination of income tax on the profits generated each time an individual exchanges crypto assets. As the request goes:
“In the borderless web3 era, there is a high possibility that the exchange of crypto-assets will become the mainstream of the economic zone, and due to the wide variety of transactions that occur and the types of crypto-assets that are exchanged, tax calculation will be extremely difficult.”
At the end of July, Japanese Prime Minister Fumio Kishida reaffirmed the country’s commitment to fostering the Web3 industry, highlighting its potential to transform the internet and kindle social change. On the same day, Binance CEO Changpeng Zhao announced the cryptocurrency exchange would launch its services on a new Japanese platform in August 2023.
JBA has not yet responded to Cointelegraph's request for comment.
According to the SEC, Richard Heart allegedly used more than $12 million of investor funds to buy "a 555-carat diamond, expensive watches, and high-end automobiles.”
The United States Securities and Exchange (SEC) has filed a lawsuit against Richard Schueler, better known in the crypto space as Richard Heart, for alleged unregistered offerings of three tokens.
In a July 31 filing in U.S. District Court for the Eastern District of New York, the SEC claimed Heart had raised more than $1 billion through “the unregistered offer and sale of crypto asset securities”, which included HEX, PulseChain (PLS), and PulseX (PSLX). According to the complaint, Heart touted the tokens “as a pathway to grandiose wealth for investors”, hiring developers to maintain the framework behind the crypto assets.
The SEC alleged Heart violated federal securities laws and defrauded retail investors both in the U.S. and abroad. Many of the allegations focused on the HEX founder promising large returns for investors in exchange for hundreds of millions of dollars in deposits. For example, he allegedly accepted more than 2.3 million Ether (ETH) — worth roughly $678 million at the time — in exchange for HEX tokens, $354 million in exchange for the promise of future delivery of PLS tokens, and $676 million in exchange for the promise of future delivery of PLSX tokens.
“Heart and PulseChain defrauded investors by misappropriating at least $12.1 million of PulseChain investor funds,” said the complaint. “Instead of using these investor funds to develop and market the PulseChain network, or even to fulfill Heart’s explicit statement that invested funds supported ‘freedom of speech’ Heart and PulseChain used at least $12.1 million of investor funds for Heart’s personal luxury purchases, including a 555-carat diamond, expensive watches, and high-end automobiles.”
This is a developing story, and further information will be added as it becomes available.
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A number of pools using Vyper have been exploited due to a malfunctioning reentrancy lock that potentially exposes all pools with wrapped Ether (WETH).
Decentralized finance (DeFi) protocols are undergoing a stress test following a critical vulnerability was found on versions of Vyper programming language, resulting in the theft of millions of dollars' worth of cryptocurrencies on July 30.
A number of pools using Vyper 0.2.15, 0.2.16 and 0.3.0 have been exploited due to a malfunctioning reentrancy lock, targeting at least four liquidity pools on Curve Finance protocol. "The short answer is that everything that could be drained was drained. The targeted pools are aETH/ETH, msETH/ETH, pETH/ETH and CRV/ETH. All remaining pools are safe and unaffected by the bug," Curve Finance said on Discord.
BlockSec, an auditing firm for smart contracts, noted that the reentrancy could potentially place all pools with wrapped Ether (WETH) at risk of attack.
Vyper is a contract programming language designed for Ethereum Virtual Machine (EVM). It is considered one of the most widely used Web3 programming languages, which means the bug in three of its versions could have an impact on several other protocols.
The attack affects a number of decentralized finance projects, with Alchemix's alETH-ETH reporting outflows of $13.6 million, PEGd’s pETH-ETH pool drained by $11.4 million, Metronome’s sETH-ETH pool hacked by $1.6 million and over 32 million in Curve DAO (CRV) tokens worth over $22 million drained over the past few hours. Decentralized exchange Ellipsis also reported that a small number of stable pools with BNB were exploited using an old Vyper compiler.
The incident also negatively affected CRV's price, which was down over 12% at the time of writing at $0.64. Community members also noted a potential ripple effect on Aave's protocol, as the falling price of CRV could force Curve's founder Michael Egorov to liquidate a $70 million borrowing position on Aave.
Bitcoin’s price consolidation is giving altcoin traders confidence that DOGE, MKR, OP and XDC could break out.
Bitcoin (BTC) has been stuck in a narrow range for the past several days. A minor positive is that the range has formed near the recent local high. This suggests that the bulls are not rushing to the exit as they anticipate another leg higher.
Bitcoin’s consolidation has pulled its market dominance to 48% from over 50% on June 30. This shows that market participants have been gradually shifting their focus to select altcoins, which are starting to move up.
However, an altcoin recovery is likely to remain in place only till Bitcoin shows strength. If Bitcoin turns down sharply, the possibility of a sell-off in altcoins remains high. While select altcoins provide trading opportunities, cryptocurrency traders should be careful and keep a close watch on Bitcoin’s price action.
What are the important support and resistance levels to watch out for on Bitcoin? Let’s study the charts of top-5 cryptocurrencies that may try to move in the near term.
Bitcoin price analysis
The bulls managed to sustain Bitcoin above the 50-day simple moving average ($29,377) for the past few days but a negative sign is that they haven’t been able to propel the price above the 20-day exponential moving average ($29,670).
The bears will try to strengthen their position by pulling the price below the immediate support at $28,861. If they manage to do that, it will suggest that the BTC/USDT pair could stay range-bound between $31,000 and $24,800 for some time. The gradually downsloping 20-day EMA and the relative strength index (RSI) in the negative territory indicate advantage to bears.
This bearish view will invalidate if the bulls drive the price above the 20-day EMA. The pair could then rise to the overhead resistance zone between $31,000 and $32,400. The bulls will have to overcome this barrier to signal the start of a new uptrend to $40,000.
BTC/USDT 4-hour chart. Source: TradingView
The 20-EMA has flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. The pair is stuck inside a narrow range between $28,861 and $29,690.
A break and close above the overhead resistance will indicate that the advantage has tilted in favor of the bulls. The pair could then rise to $30,500 and later to $31,500.
Alternatively, if the price turns down and breaks below $28,861, it will suggest that bears are in control. The pair could then slump to $27,500.
Dogecoin price analysis
Dogecoin (DOGE) is facing resistance just above the $0.08 level but a positive sign is that the bulls have not given up much ground.
The bulls purchased the dip on July 28, indicating that the sentiment remains positive and traders are buying the dips. If bulls propel the price above the intraday high made on July 25, the DOGE/USDT pair could pick up momentum. The pair could then soar to $0.10 and subsequently to $0.11.
Contrarily, if the price turns down from the current level and plummets below the 20-day EMA, it will suggest that bears are selling on rallies. The pair could then slide to the breakout level of $0.07.
DOGE/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the pair is in an uptrend. The price dipped below the 20-EMA but the bulls bought the dip and again pushed the price above $0.08. If bulls clear the overhead hurdle, the pair may resume its up-move.
The important support to watch on the downside is the 20-EMA and then the 50-SMA. Sellers will have to sink the price below the 50-SMA to gain the upper hand. The pair could then slump to the breakout level at $0.07.
Maker price analysis
Maker (MKR) had been stuck below $1,200 for the past several months. The bulls finally cleared this overhead obstacle on July 29.
Usually, after the price breaks above a stiff overhead resistance, the price turns down and retests the breakout level. In this case, the price may drop to the breakout level of $1,200. If the price turns up sharply from this level, it will suggest that the bulls have flipped $1,200 into support. The MKR/USDT pair may then start a new uptrend toward $1,600 and then $1,900.
Conversely, if bears sink and sustain the price below $1,200, it will suggest that the recent breakout may have been a bull trap. The pair could then skid to the 20-day EMA ($1,079). A break and close below this level will suggest that the bears are back in the game.
MKR/USDT 4-hour chart. Source: TradingView
The upsloping moving averages and the RSI above 66 on the 4-hour chart indicate that the pair is in an uptrend. The price turned down from $1,361 but the bulls are likely to buy the dip to the 20-EMA.
If they do that, the pair will again try to rise above the overhead resistance of $1,361. If that happens, the pair may soar to $1,600. On the contrary, a decline below the moving averages will indicate that bears have seized control. The pair may then dump to $1,000.
The 20-day EMA ($1.46) has started to turn up and the RSI is in the positive territory, indicating that the bulls have the upper hand. There is a minor resistance at $1.66 but if this level is crossed, the OP/USDT pair could rise to $1.88 and then to $2.
Contrary to this assumption if the price turns down from $1.66, it will suggest that bears are selling on rallies. The pair could then drop to the 20-day EMA, which is an important level to keep an eye on. If this support cracks, the pair may descend to the 50-day SMA ($1.33).
OP/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the price is stuck between $1.66 and $1.40 for some time. The 20-EMA has started to turn up and the RSI is just below the overbought region, indicating that the bulls have a slight edge.
If bulls thrust the price above $1.66, the pair could resume the up-move. The first target objective on the upside is $1.92.
If the price turns down from $1.66, it will signal that the pair may extend its range-bound action for some more time. The bears will have to sink and sustain the price below $1.40 to come out on top. That could clear the path for a potential fall to $1.15.
XDC Network price analysis
The XDC Network (XDC) surged from $0.03 on July 11 to $0.06 on July 25, indicating a strong uptrend.
The price could first correct to the 38.2% Fibonacci retracement level of $0.05 and then to the 20-day EMA ($0.05). This is an important zone to watch out for because a strong bounce off it will suggest that the sentiment remains bullish.
If the price turns up from this zone, the bulls will attempt to resume the uptrend. A rally above the intraday high of July 27 could open the gates for an up-move to $0.10. This positive view will be negated on a break and close below the 20-day EMA.
XDC/USDT 4-hour chart. Source: TradingView
The bulls are attempting to arrest the pullback at the 50-SMA on the 4-hour chart. This is a positive sign but the flattening 20-EMA and the RSI near the midpoint suggest that the positive momentum may be weakening.
If the price turns down from the current level or the overhead resistance at $0.06 and breaks below the 50-SMA, it will signal the start of a deeper correction. The XDC/USDT pair may then slide to the 50% Fibonacci retracement level near $0.05.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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During a recent interview with Bloomberg Wealth, Novogratz touched on topics ranging from investing to Ripple's case and Larry Fink.
Galaxy Digital's founder Mike Novogratz shared what an ideal investment portfolio would look like for a young and high-risk tolerance investor during an interview with Bloomberg Wealth, saying that he'd invest in the Chinese giant Alibaba, silver, gold, Bitcoin (BTC), and Ethereum (ETH).
“If they were young and had a high-risk tolerance, I’d be buying Alibaba stock. I’d be buying silver, gold, Bitcoin and Ethereum. That’d be my portfolio,” he said in allusion to someone investing $100,000. For those with lower risk tolerance, he recommended allocating only 30% of a portfolio in the example, with the remaining 70% in bonds and perhaps index funds.
Novogratz's bullish stance on Bitcoin received a boost from BlackRock's application for a spot Bitcoin exchange-traded fund (ETF) in June. In his opinion, the application was the biggest Bitcoin development of 2023.
“The most important thing that happened this year in Bitcoin is Larry Fink.”
“Larry was a nonbeliever. Now he says, ‘Hey, this is going to be a global currency.’ People around the world all trust it,” he commented, adding that Fink got orange-pilled. “He got ‘orange-pilled,’ as we say. “Orange pill is when you take a nonbeliever, and you make them a believer in Bitcoin.”
BlackRock's push into Bitcoin is part of an adoption cycle, according to Novogratz, which could lead the price of Bitcoin to reach new highs, especially if the Federal Reserve starts cutting interest rates.
Also commenting on the recent decision in the Ripple's case vs. the Securities and Exchange Commission (SEC), in which Ripple's token XRP (XRP) has been partially classified as a security, Novogratz stated that the decision was a victory for the crypto industry as it proves that "the rules are nothing close to clear."
Michael Saylor, Layah Heilpern and Steven Lubkha were among those in the crypto community that took an interest in what Australian actress Margot Robbie had to say about Bitcoin.
Australian actress Margot Robbie, who is playing the lead in the new Barbie movie, has caused quite a stir within the crypto community after stating that simply talking about Bitcoin (BTC) gives off Ken vibes.
In the last 24 hours, the crypto community on Twitter, including Microstrategy's Michael Saylor and prominent Youtuber Layah Heilpern, showed a mixed response to Robbie’s statement about Bitcoin that she made in an interview with Fandango on June 22.
Robbie revealed that every time she overheard her husband Tom Ackerley and television producer David Heymen discussing Bitcoin on set, it brought to mind the traits of Ken, the fictional co-star character in Barbie, portrayed by Ryan Gosling.
“When David and Tom would start talking about Bitcoin or something, Gretta and I would be like you’re being such Kens!”
Along with Saylor declaring that Bitcoin is in fact “Big Ken Energy,” several other prominent figures in the crypto industry shared their thoughts on Robbie's comment.
Crypto influencer Lea Thompson, better known to her 225,000 Twitter Followers as Girl Gone Crypto, stated that she is “so bullish” after hearing Robbie’s comments on Bitcoin.
Bitcoiners last week: yah haven't seen the Barbie movie, whatever, looks dumb
Bitcoiners today: MARGOT ROBBIE SAID THAT BITCOIN IS BIG KEN ENERGY, SO BULLISH
Robbie stated in the interview that it is hard to define what makes a Ken, or what gives off Ken energy, as it can be subjective.
“It is not something you can define; it is just something you can sense” Robbie stated.
However, a United States psychologist indicates that having “Ken energy” could be a sign of someone who is selfless and has the ability to adapt to different situations.
Dr Mark Travers, lead psychologist at Awake Therapy, stated in a July 13 Forbes report, that the character of Ken challenges traditional gender stereotypes.
“In a universe which revolves around Barbie, Ken has only a supportive role to play, and he plays it gladly” Travers stated, adding:
“Barbie is and comes before everything, we see male counterpart Ken relegated to the uni-dimensional and purely aesthetic role that women have often been confined to in the past, in a flippant and parody-like manner.”
Steven Lubka, a managing director at Swan Bitcoin, shared the video and suggested it could be positive for the Bitcoin community, declaring “we are so back.”
Bitcoin’s price action remains lackluster, but select altcoins are showing signs of breaking out of their respective resistance levels.
The 25 basis point rate hike by the Federal Reserve on July 26 and the subsequent commentary by Fed Chair Jerome Powell failed to catapult Bitcoin (BTC) out of its range. This suggests that the event did not have any surprises and the outcome was already priced in by the markets.
The crypto markets continued their lackluster performance on July 28 after the United States Personal Consumption Expenditures (PCE) Index print came in lower than analysts’ expectations. The PCE is the Fed’s preferred inflation metric hence it is watched closely by market observers.
Although the near-term price action has kept the traders guessing, it is important to keep an eye on the long-term crypto story. Standard Chartered head of crypto research Geoff Kendrick said while speaking with CNBC that he expects Bitcoin to end 2024 in the range of $100,000 to $120,000. He believes that Bitcoin is likely to witness price patterns seen during previous halving cycles.
Even as Bitcoin consolidates, could select altcoins break out of their slumber?
Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin’s bounce off the 50-day simple moving average ($29,250) is fizzling out near the 20-day exponential moving average ($29,743), indicating that higher levels are attracting sellers.
The 20-day EMA has started to turn down and the relative strength index (RSI) is in the negative territory indicating that bears have a slight edge.
If bears sink the price below the immediate support at $28,861, the BTC/USDT pair may start a downward move to $27,500 and then to $26,000. Such a move will suggest that the pair may extend its stay inside the $24,800 to $31,000 zone for some time.
The important level to watch on the upside is the 20-day EMA. If this resistance is scaled, the pair may rise toward $31,000. The bears are likely to face an acid test in the $31,000 to $32,400 region.
Ether price analysis
Ether (ETH) has been stuck between the moving averages for the past few days. This shows that the bulls are buying the dips to the 50-day SMA ($1,854) but they haven’t been able to kick the price above the 20-day EMA ($1,881).
This narrow-range trading is unlikely to continue for long and it may soon resolve with a strong breakout. If the bulls shove the price above the 20-day EMA, the ETH/USDT pair may rise to $1,930 and eventually to $2,000.
Conversely, if the price turns down and plunges below the 50-day SMA, it will suggest that the bears have the upper hand. The pair may then oscillate inside the large range between $1,626 and $2,000 for a while longer.
XRP price analysis
After the sharp rally on July 13, XRP (XRP) may enter a period of consolidation. The boundaries of this range could be $0.67 and $0.85.
The 20-day EMA ($0.68) is sloping up gradually and the RSI is in the positive territory, indicating that the bulls have a slight edge. The XRP/USDT pair could rise to $0.75 and if this level is surmounted, the rally could continue to $0.85.
On the contrary, if the price turns down and plunges below $0.67, it will suggest that bears have seized control. The pair could then nosedive to the breakout level of $0.56. This level is likely to attract buyers.
BNB price analysis
BNB’s (BNB) price action has been random and volatile inside the triangle as both the bulls and the bears battle it out for supremacy.
If buyers push the price above the moving averages, the BNB/USDT pair could rise to the resistance line of the triangle. This is an important level for the bears to defend because a break above it could propel the price to $265 and then to the pattern target of $290.
Instead, if the price turns down from the current level, it will suggest that bears are maintaining their selling pressure. The pair could then drop to the support line. This level may attract buyers but if they fail to achieve a meaningful bounce, the pair may decline further and retest the vital support at $220.
Cardano price analysis
Cardano (ADA) rebounded off the breakout level of $0.30 on July 26, indicating that the bulls are trying to defend the support with vigor.
The flattish 20-day EMA ($0.30) and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If bulls sustain the price above the 20-day EMA, the ADA/USDT pair could rise to the overhead resistance at $0.34. This level may act as a strong barrier but if crossed, the ADA/USDT pair could reach $0.38.
If bears want to prevent the up-move, they will have to quickly pull the price below the uptrend line. If they manage to do that, the pair may skid to $0.27 and then to $0.26.
Solana price analysis
Solana (SOL) bounced off the support at $22.30 on July 25 and climbed above the 20-day EMA ($24.07) on July 26, indicating that the range-bound action remains intact.
The rising 20-day EMA and the RSI in the positive territory indicate advantage to the buyers. If the price turns up from the current level, the bulls will try to push the SOL/USDT pair to the overhead resistance at $27.12. A break and close above this obstacle may indicate the start of a new uptrend.
On the other contrary, a break below the 20-day EMA could pull the price to the important support at $22.30. This is an important level to watch out for because if it cracks, the pair could slump to the 50-day SMA ($20.22).
Dogecoin price analysis
Dogecoin (DOGE) rose above the overhead resistance of $0.80 on July 25 but the bulls could not sustain the momentum. This shows selling at higher levels.
The bears pulled the price back below the breakout level of $0.08 on July 26. The DOGE/USDT pair could slide to the 20-day EMA ($0.07), which is an important level to watch for in the near term.
If the price rebounds off the 20-day EMA, it will suggest that the sentiment has turned positive and traders are buying on dips. That will increase the likelihood of a break above $0.08. If that happens, the pair may soar toward $0.10. This positive view will be negated if the price continues lower and tumbles below $0.07.
Polygon (MATIC) has been trading between the moving averages for the past three days, suggesting a state of indecision between the bulls and the bears.
If the price cracks below the 50-day SMA ($0.69), it will suggest that the bears are back in the driver’s seat. The MATIC/USDT pair could then descend to $0.65 and later to the strong support at $0.60.
Contrarily, if the price turns up and breaks above the 20-day EMA, it will suggest that the bulls have overpowered the bears. That could start a recovery to $0.80 and subsequently to $0.90.
Litecoin price analysis
Litecoin (LTC) is attempting a recovery but the bulls are facing stiff resistance at the 20-day EMA ($92). This suggests that the bears are active at higher levels.
If the price turns down from the 20-day EMA and drops below $87, it will indicate the resumption of the down move. The LTC/USDT pair could then fall to $81 where the bulls may try to arrest the decline.
Alternatively, if bulls drive the price above the 20-day EMA, it will suggest that the selling pressure could be reducing. There is a minor resistance at $96 but if bulls overcome it, the pair may rally toward $106.
Polkadot price analysis
The bulls repeatedly failed to propel Polkadot (DOT) above the 20-day EMA ($5.24) in the past three days, indicating that the bears are selling on minor rallies.
The bears will try to strengthen their position further by pulling the price below the 50-day SMA ($5.05). If they manage to do that, the DOT/USDT pair could dump to the next support at $4.74 and then to $4.65.
Contrary to this assumption, if the price rises and breaks above the 20-day EMA, it will suggest solid buying at lower levels. That could keep the pair range-bound between the 50-day SMA and $5.64 for a few more days.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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