Vice President Harris Promises Crypto
Vice President Kamala Harris, the Democratic candidate in the US presidential election, addressed the crypto industry during a fundraiser on Wall Street, emphasizing that artificial intelligence and digital assets will be included in her vision of an ‘opportunity economy’ and that consumer protection will be provided. The event, seen as the last opportunity to see Harris in New York before the November elections, was attended by celebrities and aimed to increase her financial superiority over former President Donald Trump. Harris’s chances of winning the presidential election increased in prediction markets after her debate with Trump. Meanwhile, Trump has been making various attempts to appeal to the crypto community, but his efforts have received mixed reactions.
Aptos Foundation Partners with Ignition
The Aptos Foundation has partnered with The Ignition AI Accelerator, a collaboration between NVIDIA, Tribe, and Digital Industry Singapore (DISG), to foster the development of AI startups in Asia. The foundation will provide expertise and funding to support high-potential AI innovators, leveraging Microsoft’s OpenAI Service and connections to leading AI companies like Overlai and Adot. The partnership aims to equip AI startups with the resources to build groundbreaking applications and enter global markets. The partnership expands the Aptos Foundation’s mission to include AI technologies in its work on blockchain accessibility and decentralization.
Jupiter Acquires SolanaFM to Expand Solana’s Data and Infrastructure Capabilities
Jupiter Exchange, Solana’s largest decentralized trading platform, has acquired SolanaFM, the leading Solana blockchain explorer. The move will reportedly improve data and infrastructure capabilities for the Solana community. Jupiter introduced its next-generation perpetuals trading platform with enhanced features and a new Metropolis API, Jupiter RFQ feature that will provide more liquidity. It also announced the Jupiter Mobile app, which will allow users to swap tokens with Apple Pay, Google Pay, or credit cards with zero fees. These developments come on the heels of Jupiter warning Solana users about a malicious Chrome extension.
Tether’s USDT Dominates Stablecoin Market with Near $120 Billion
The market cap of Tether’s USDT stablecoin is approaching $120 billion, cementing its position as the crypto market leader. However, it faces ongoing criticism over reserves and potential risks to users. Tether recently minted $1 billion worth of USDT on the Ethereum blockchain, taking its market share to $119 billion and surpassing rivals like Circle’s USDC. The company holds more than $97 billion in U.S. Treasury bonds, making it the 18th largest holder of U.S. government bonds globally. While rising adoption and profits have fueled Tether’s growth, criticism over the risks of its business model and the transparency of its reserves has persisted.
Statements from Silvergate Admin
Silvergate Bank’s collapse as the first bank to collapse in the 2023 US banking crisis was attributed to “sudden regulatory changes” by agencies such as the Federal Reserve, FDIC, and OCC, according to a recent bankruptcy filing. Despite challenges from the cryptocurrency industry’s downturn and rising interest rates, the bank had stabilized and met regulatory capital requirements. However, increased regulatory scrutiny of banks with digital asset clients eventually made it impossible for Silvergate to continue its crypto-focused business model. The bank’s management deemed it too costly to continue or sell the business, and decided to cease operations in March 2023. Silvergate’s parent company currently has $163.1 million in cash reserves and plans to pay bondholders in full, but does not expect to pay common stockholders.
Bank of Canada Halts Digital Dollar Project Amid Global Surge in CBDC Development
The Bank of Canada has halted its Central Bank Digital Currency (CBDC) project, which it launched in 2017, and decided to focus on research and analysis. A 2023 report found that while Canadians are familiar with this digital currency, they have difficulty understanding the reasons for using a virtual Canadian dollar. A survey showed that 87% of respondents said they would never use a digital Canadian dollar. Meanwhile, interest in CBDCs continues to grow around the world, with China’s digital yuan pilot standing out as the largest CBDC project.
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BITCOIN (BTC)
BTC is priced at $63,870 with a 0.43% increase in value as of the morning hours. An increase occurred again to the middle of the horizontal band. For the continuation of the increase, $64,000 needs to be broken upwards. In case of a breakout, an increase of up to $72,000 can occur. In case of a pullback, the $62,200 region is the first support.
ETHEREUM (ETH)
ETH is priced at $2630 with a 1.86% increase in value as of the morning hours. The rise continues after breaking $2466. The 2600 breakout also occurred. In the continuation of the upward movement, a rise to $2730 may occur. In pullbacks, $2500 is a major support.
RIPPLE (XRP)
XRP is priced at $0.59 with a 0.48% gain as of the morning hours. On the 4-hour chart, the price failed to break the 0.60 resistance level and was rejected at this level. The 0.5900 – 0.6100 resistance zone has shown its effect. In the current situation, there is a possibility that the price may pull back towards the 0.5150 support level. If the 0.5850 level is broken, the price may continue to fall to the 0.5150 – 0.5350 support zone.
AVALANCHE (AVAX)
AVAX is priced at $27.55 with a 0.92% gain as of the morning hours. On the 4-hour chart, the price has broken through the 26 resistance level. The 24:00 – 25:00 range is now in support. In the current outlook, the price can be expected to fall to the 27 support level. If this level is broken, a deeper decline towards the 25 level and then the 20:00 – 21:00 support zone can be seen. In the continuation of the rise, $30 will be the first target.
SOLANA (SOL)
SOL is priced at $146.89 with a 1.60% increase in value as of the morning hours. Permanence above $142 has been achieved. There is a resistance level between $148 – $150. In case of a close above this area, a movement up to $163 may occur. In the pullback, $140 is the first support area.
OUNCE GOLD
The ounce of gold is priced at $2625.70 with a 0.14% increase in value as of the morning hours. ATH was refreshed on the 4-hour chart and the level of 2626 was seen. $2600 works as a major support. $2648 can be seen in the continuation of the rise. In pullbacks, $2615 – $2605 seem to be strong support.
OUNCE SILVER
Silver is priced at $31.10 as of the morning hours, down 0.23%. On the 4-hour chart, the price is trading just below the 31.19 resistance level. There is a high probability that it will encounter resistance at this level and pullback. In a possible pullback, the price is expected to fall towards the 30,300 support levels first, then 28,700. If the rising band is broken upwards, the rise will likely continue.
