Category: Crypto

Following a significant downtrend, Bitcoin found strong support near the $50K threshold and experienced a notable rebound. However, the price has now approached a substantial resistance region around the 200-day moving average at $61K, potentially completing a pullback. Technical Analysis By Shayan The Daily Chart A detailed examination of Bitcoin’s daily chart reveals a significant increase in buying pressure and demand near the critical $50K support region, resulting in a substantial bullish rebound. Subsequently, BTC surged back toward a key resistance region, encompassing the 200-day moving average at $61K and…

The legal battle surrounding Tornado Cash developer Alexey Pertsev has reached a critical juncture as he seeks additional funding to continue his fight for privacy rights and the freedom to publish code.  According to the support account for Alexey Pertsev and Roman Storm, Pertsev, embroiled in a high-stakes legal dispute following his arrest two years ago, is now facing an uphill battle against government forces equipped with vast resources dedicated to his prosecution. The support account highlighted the dire financial situation on X, noting that Pertsev has exhausted his funds.…

Leading European investment company CoinShares has revealed strong financial results for the second quarter of 2024. The company’s revenue more than doubled from the same period in 2023. According to the earnings report, CoinShares recorded revenue of £22.5 million ($28.5 million) in Q2 2024, representing 110% year-over-year growth from the £10.7 million ($13.5 million) seen in Q2 2023. CoinShares Sees $513M Profit for Q2 After paying taxes, CoinShares’ operations netted profits of £403.9 million (over $510 million). Within the same period last year, the firm’s revenue after tax stood at…

Top Stories of The Week XRP rockets 26% as Ripple execs hail $125M penalty as ‘victory’ The price of XRP surged 26% as a New York federal judge moved closer to ending a three-year securities lawsuit against Ripple Labs, which executives are calling a “victory” for the industry. On Aug. 7, a judge ordered Ripple Labs to pay a $125 million civil penalty and said the firm was “permanently restrained and enjoined” from violating United States securities laws as part of a case brought by the Securities and Exchange Commission.…

[PRESS RELEASE – Willemstad, Curacao, August 10th, 2024] Online poker site CoinPoker has released a proof of reserves (PoR) report showing that user deposits are covered 1:1 in cold wallets, visible on the blockchain, alongside additional reserves in hot wallets to process instant withdrawals. Praising the move by the crypto-based poker site to increase transparency, former Austrian footballer and poker professional Mario Mosböck has partnered with the site as a new official ambassador, alongside British pro Patrick Leonard. In an X post, Mario Mosböck stated the pair’s ‘mission is to…

Nigerian crypto activist and politician James Otudor has received support from the local cryptocurrency community in his legal battle to secure the right to own, use and trade Bitcoin, Tether and other cryptocurrencies in Nigeria.  Speaking to Cointelegraph, Otudor shared that while moral support has been overwhelming, his team is not ready to accept financial contributions until systems ensuring transparency are in place. This precaution aims to prevent any potential propaganda from adversaries that could undermine the cause. Court introduction and government confusion A court session on Aug. 9 was…

Bitcoin’s price was stopped ahead of $63,000 but has managed to defend the $60,000 level after an immediate retracement. The altcoins are quite sluggish on a daily scale, with XRP, ETH, and SOL in the red, while TON has risen by more than 4%. BTC Dominance on the Rise Last weekend was quite painful for the primary cryptocurrency. It continued the massive correction that started on Friday and slumped from $66,000 to just under $60,000 by Sunday morning. The landscape worsened later on Sunday with a drop to $57,000. However,…

The cryptocurrency industry is rare in that the strong returns from Bitcoin and Ethereum allow venture capitalists to avoid the early-stage risks they must make in other industries, according to a venture capitalist. “VCs have slowed investing in crypto by a lot, and it’s a bit of a nuanced reason,” Adam Cochran, partner at venture capital firm Cinneamhain Ventures wrote in a thread of X posts on Aug. 9. Cochran explained that most venture capital firms have Limited Partners (LPs) who are primarily interested in outperforming index fund returns. He…

Former President Donald Trump, now a presidential candidate, has made Bitcoin a central focus of his campaign, promising to make the US a global crypto leader. Building on his father’s recent pivot toward crypto, Donald Trump Jr. is developing a new decentralized finance (DeFi) platform to address banking access inequality. Trump Jr Targets the Debanked On August 8, in a Q&A session hosted on Locals, Trump Jr., the eldest son of presidential candidate and former President Donald Trump, revealed that he’s working on a crypto platform to challenge the banks…

On Aug. 9, Ripple Labs announced the first tests of its dollar-pegged stablecoin, Ripple Labs-US Dollar (RLUSD), on the XRP ledger (XRPL) and Ethereum mainnets, with plans to deploy the fiat token on additional blockchain networks in the future. According to Ripple Labs, the upcoming stablecoin will be overcollateralized, meaning that each unit of RLUSD is backed by US dollar reserves or short-term cash equivalents in a bank, at a ratio of 1:1 with the US dollar. To guarantee transparency and accountability, Ripple also promised third-party audits of the underlying cash…