Highest Daily Entry from Spot Bitcoin ETFs in a Month
Although the Bitcoin price has fallen to $54,000 in recent days, a decline of approximately 25% from the peak in March, there was an inflow of $143 million in spot Bitcoin ETFs on July 5. This amount is also the highest daily entry in July. On the Grayscale side, an outflow of 29 million dollars occurred.
Web3 Users Increased by 40% and Reached Historical High in Q2
DappRadar reported that the number of daily unique active wallets (dUAW) increased by 40% to 10 million in the second quarter of 2024. While this growth is driven by social dApps and NFTs, DappRadar warned that this increase may not be sustainable due to ‘airdrop farming’. Despite increased user activity on decentralized exchanges and NFT marketplaces, total value locked in DeFi applications fell by $7 billion, and Tron and Arbitrum experienced significant declines. In contrast, Ethereum Layer-2 solutions Linea and Base saw significant increases in their TVL. Security is still a major concern, with $430 million lost due to security breaches in the second quarter, particularly affecting Ethereum and BNB Chain.
Partnership Between Chiliz and PUML
Chiliz has partnered with PUML Better Health to bring the first Move-to-Earn (M2E) experience to sports fans worldwide. Chiliz announced in a joint press release on Friday that it will integrate PUML into its platform to enable users to stay fit and earn rewards for every step taken. PUML, a health and wellness platform, will enable Chiliz users to enjoy an engaging fitness experience. Additionally, users will be able to earn rewards of up to 100 CHZ thanks to this integration.
North Carolina Governor Vetoes Bill Banning Federal Reserve Digital Currency
North Carolina Governor Roy Cooper vetoed Bill 690, which sought to ban the state from implementing the central bank digital currency (CBDC) issued by the Fed. The bill was accepted with a large majority of 109-4 votes in the House of Representatives and 39-5 votes in the Senate. However; Governor Cooper called the legislation “premature and reactionary” in his statement on June 5. Cooper emphasized the need for caution in his statement, saying: “Efforts are being made to ensure that standards and safeguards are in place to protect consumers, investors, and businesses that use digital assets. North Carolina should wait to see how these play out before taking action.”
Justin Sun Says Gas-Free Stablecoin Will Come to Tron by the End of the Year
Justin Sun announced plans to develop a stablecoin that can be transferred without gas fees. The fees for this stablecoin will be covered by the stablecoins. The service will first launch on the Tron blockchain, and will later expand to Ethereum and other EVM-compatible blockchains, aiming to launch in Q4. This move aims to make it easier for large companies to deploy stablecoin services on the blockchain and increase blockchain adoption. Sun’s stablecoin could compete with similar offerings like PayPal’s PYUSD and free USDC transfers on Coinbase’s Ethereum Layer 2 blockchain Base. Circle and Binance ending USDC support on Tron underscores the importance of a native stablecoin for the network.
Bitcoin Miners Struggle as Production Costs Rise
Bitcoin miners are experiencing profitability problems due to rising production costs, and many miners are being forced to shut down unprofitable machines or exit the industry. The average cost of mining one Bitcoin as of early July was around $72,000, making it difficult to make a profit since Bitcoin prices are close to production costs. Only ASIC machines with high efficiency can remain profitable, and lower mining difficulty can increase profitability. However, many miners have disabled their machines or sold Bitcoin and are facing serious difficulties due to high costs and market fluctuations. The future profitability of the industry will depend on market conditions and miners’ decisions.
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BITCOIN (BTC)
BTC is priced at $55,290 with a 1.02% loss of value as of the morning hours. There was an increase up to $58,500 over the weekend, but it could not be sustained. If the decline continues, $52,000 appears to be the first strong support. For an increase to occur, persistence above $58,500 is required. Afterwards, there may be a rise up to $62,000.
ETHEREUM (ETH)
ETH is priced at $2906 with a 0.88% loss of value as of the morning hours. It seems to have received a reaction after falling to $2816. If there is no persistence above $3100, the decline may continue. If it is sustained above $3100, there may be an increase up to $3500.
RIPPLE (XRP)
XRP is priced at $0.4194 with a 0.01% loss of value as of the morning hours. It seems to have received a reaction at $0.38. $0.45 is working as resistance. If the decline continues, $0.30 may act as support. If $0.30 acts as support, $0.50 may reappear. For the rise, a break above $0.45 and persistence is required.
AVALANCHE (AVAX)
AVAX is priced at $25.63 with a 0.47% loss in value as of the morning hours. It seems to have received support at $22. The upward correction continued up to $27.50, but the decline continues due to selling pressure. If the decline continues, $20 can be determined as major support. Permanence above $27 is required for the rise.
SOLANA (SOL)
SOL is priced at $132.35 with a 0.50% gain in value as of the morning hours. When we examine the daily chart, we see that the $120 level, which we follow as the support zone, was tested over the weekend and the $130 level was passed with the upward reaction from this region. If upward movements persist above the $130 level, the $140 level can be tested. In case of withdrawals, the 120 – 125 dollar region can be followed as support.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $ 12,450 with a 0.71% gain in value. When we examine the daily chart, we see that there is some upward reaction movement from the $ 12 level, which we follow as the support zone. If this movement continues, the $13 level is an important resistance zone, and if it persists above this zone, the $14 – $15 levels may be tested again. In case of withdrawals, the $12 level appears as an important support zone.
LPT
LPT is priced at $13.39 with a 3.64% gain in value as of the morning hours. When we examine the hourly chart, we see that it looks like an ascending triangle formation. The resistance zone of this formation appears as the $ 13.70 level. If the resistance area is broken upwards, the $14.50 level can be followed. The $13 level can be followed as a short-term support zone.
APT
APT is priced at $5.55 with a 0.54% depreciation as of the morning hours. When we examine the hourly chart, we see a horizontal movement between the $5.20 and $6 levels. These two levels can be followed as main support and resistance zones. If the $6 level is exceeded in upward movements, the rise may continue. In case of withdrawals, if the $ 5.20 level is lost, the $ 5 level can be followed.
OUNCE OF GOLD
As of the morning hours, ounce gold is priced at 2384 dollars with a 0.34% loss in value. 2392 is currently working as resistance. $2365 appears as a new support. For an upward movement, support must be obtained from $ 2365 and pricing above $ 2400 must occur. If the pullback intensifies, 2330 is at major support.
OUNCE OF SILVER
Silver is priced at $31.06 with a 0.53% loss of value as of the morning hours. When we examine the four-hour chart, we see that the downward movement has broken upward. There was some selling pressure at the $31.50 level, which we follow as a short-term resistance zone. If it persists above this region, the $32 level can be tested. We see that the $31 level is an important support zone in retreats.
