Low Outflow from Digital Asset Funds
When we examine the digital asset funds report, we see that there was an outflow of $ 30 million last week. Thus, money outflows have occurred for the last three weeks in a row. The highest outflow occurred in Ethereum with $60 million, making it the largest outflow since August 2022. On the other hand, there were small inflows into Bitcoin totaling $10 million. A total outflow of $4.2 million was also seen in Short-Bitcoin last week.
Circle Receives First Stablecoin License Under EU’s New MiCA Crypto Rules
Circle has become the first global stablecoin issuer to receive an Electronic Money Institution (EMI) license under the European Union’s MiCA regulatory framework, allowing it to offer dollar and euro-pegged crypto tokens across the EU. This license puts Circle’s USDC in a strong position to gain market share in the EU’s 450 million-strong trading bloc behind Tether’s USDT. Circle Mint France will issue euro-pegged EURC and USDC stablecoins within the EU, resolving some crypto exchanges’ previous delisting of euro-pegged stablecoins. MiCA’s stringent regulations were developed due to the potential impact of large tech startups (e.g. Meta’s Diem) entering financial markets, highlighting the end of regulatory flexibility in the EU, highlighting the importance of harmonization for market access.
Silvergate Bank Accepts SEC Settlement
The SEC filed a lawsuit against Silvergate Capital Corporation and its CEO Alan Lane, former COO Kathleen Fraher, and former CFO Antonio Martino, accusing them of making misrepresentations about their anti-money laundering (AML) procedures. The SEC alleges that Silvergate’s Bank Secrecy Act and AML compliance programs were inadequate and failed to monitor nearly $1 trillion in banking transactions and detect almost $9 billion in suspicious FTX-related transfers. Silvergate, Lane and Fraher reached a settlement with the SEC, agreeing to pay fines and permanent bans. Martino did not make a deal. This case follows the collapse of Silvergate after the collapse of FTX and the cutting of ties with the bank by major companies such as Coinbase and Gemini.
Bitfarms Issued 189 Bitcoins in June, Up 21%
Bitfarms continues to revamp its mining operations following the Bitcoin halving in April, while resisting a takeover attempt by Riot Platforms. In June, Bitfarms increased its Bitcoin production from 156 in May to 189, sold 134 of these 189 Bitcoins for $8.8 million and kept 905 Bitcoins in its treasury. The company upgraded its facilities by installing more than 39,000 new miners and increased its operational hashrate by 96% annually and 39% monthly. Although there was a 21% monthly increase in the amount of Bitcoin earned, the total decreased by 51% compared to last year due to the halving event.
Bitcoin Hashrate Drop Reaches December 2022 Levels
Bitcoin hashrate decline has fallen to levels not seen since December 2022, indicating a potential price decline for Bitcoin. Metrics such as Bitcoin Exchange Reserve, Miners Position Index and Bitcoin Miner Reserve show low selling pressure, indicating possible buying opportunities. Market analyst Will Woo and Capriole founder Charles Edwards noted that the capitulation of weak miners could indicate a market decline, and the post-halving drop in miner withdrawals of up to 90% supports this. Financial services firm Cantor Fitzgerald emphasized the challenges miners will face after the April 2024 halving, stating that if the Bitcoin price falls to $40,000, several companies are at risk of becoming unprofitable.
First Open Banking Solution Launched for Bitcoin
Mesh, the United States-based web3 company that enables users to integrate with more than 300 crypto exchanges and wallets, announced a strategic partnership with Italian web3 company Conio to launch the first Europe-based open banking solution for Bitcoin. The new solution launched on Conio’s platform will enable thousands of users to seamlessly adopt Bitcoin. The use of Open Banking in the European market is cited as the next big catalyst for digital asset adoption.
VanEck’s Matthew Sigel Confirms Solana ETF Is a Bet on Trump Victory
VanEck Head of Digital Assets Research Matthew Sigel said yesterday that he confirmed speculation that the company’s spot Solana ETF filing was betting on Donald Trump winning the US presidency. The deadline for VanEck’s application is set for March 2025, which coincides with the aftermath of the US Presidential elections in November. Analysts said ETF approval rates would be higher, but not guaranteed, if Trump wins the election.
Crypto Transfers Over $100 Million from German and US Governments
On July 1, the German and US governments transferred over $100 million in cryptocurrencies. According to data, the German government has transferred 1500 Bitcoins worth approximately $95 million to some major cryptocurrency exchanges in the last 24 hours. Likewise, the US government transferred 3375 Ethereum worth approximately $12 million to an unknown wallet. In the last two weeks, the German government transferred a total of 2700 Bitcoins to the exchanges.
Partnership Between Uniswap Labs and Transak
Uniswap Labs has partnered with web3 payment infrastructure provider Transak to improve user experience by offering a seamless introduction to decentralized finance. According to the announcement, users will be able to purchase crypto directly through the Uniswap wallet using Transak’s comprehensive payment options, including Apple Pay, Google Pay, credit/debit cards, and more than 20 methods.
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BITCOIN (BTC)
BTC is priced at $63,000 with a 0.27% gain in value as of the morning hours. There was a drop to $ 58,500, but it could not be sustained. The horizontal band has been re-entered. $62,500 appeared to be the first resistance level and it was broken to the upside. Closings above $64,000 are required for the continuation of the rise. In case of a pullback, $62,200 appears as the first support.
ETHEREUM (ETH)
ETH is priced at $3460 with a 0.52% gain in value as of the morning hours. $3148 appears as major support. After a drop to $3241, permanence could not be achieved and the upward movement partially started. For the rise to continue, permanence above $3500 must be maintained. If stability above $3500 is achieved, an increase may occur up to $3750. In the continuation of the retreat, $ 3000 seems to be the strongest support.
RIPPLE (XRP)
XRP is priced at $0.4798 with a 0.61% gain in value as of the morning hours. There is a horizontal channel between $0.46 and $0.57. There was a wick movement to the $0.45 level, but it could not be permanent. $0.50 is a critical level and this level must be regained. Initial support again appears to be the range between $0.48 and $0.45. Areas where there may be resistance include the $0.50 and $0.52 levels.
AVALANCHE (AVAX)
AVAX is priced at $28.47 with a 1.25% loss in value as of the morning hours. The rise continues after gaining support at $23.50. In case of withdrawals, the 28 and 27 dollar areas can be followed as support. $25.30 seems to hold the price for now. For the rise to continue, the $30 zone must be broken and persistence must be achieved. If $ 30 is exceeded, there may be a rise again up to $ 40. If the retreat continues, $25 is a likely area to act as major support.
SOLANA (SOL)
SOL is priced at $149.19 with a 1.72% gain in value as of the morning hours. When we examine the daily chart, we see that there is an upward reaction movement from the $ 140 level, which we follow as the support zone. If this movement continues, the previous peak level of $150 appears as resistance. If the resistance zone is crossed, the $155 level can be followed. In case of withdrawals, the $ 145 level can be followed as short-term support.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $ 14,280, with a 1.02% loss in value. When we examine the four-hour chart, we see that there is a pricing level of $ 14,500, which we follow as a resistance zone. If there is persistence above this region and also the $14,600 region, a movement towards the $15 level may be possible. In case of withdrawals, the $14 level can be followed as support.
DOT
DOT is priced at $6,520 with a 3.05% gain in value as of the morning hours. When we examine the four-hour chart, we see that there is an upward breakout movement. If this movement continues and persists above the $6,480 level, a move towards the $6.80 region may be possible. In downward movements, the $6.40 region appears as support.
RNDR
RNDR is priced at $7.7178 with a 2.29% gain in value as of the morning hours. When we examine the four-hour chart, we see that the $7.85 level, which we follow as the resistance zone, is very important. If there is a breakout movement above this region, a movement towards the $8 region may be possible. In case of withdrawals, the $ 7.50 level can be followed as support.
OUNCE OF GOLD
As of the morning hours, ounce gold is priced at 2329 dollars with a 0.13% loss in value. There was a decline from $2390 to $2290. The $2290 level is acting as support. In case of a retracement to $2308, this could be the beginning of an upward movement. A break above $2340 is required for the continuation of the rise.
OUNCE OF SILVER
As of the morning hours, silver is priced at $29.34 with a 0.36% loss in value. When we examine the four-hour chart, we see that the $29 level, which we follow as the support zone, was tested and there was some reaction movement from this zone. If this movement continues upwards, the $29.40 level is followed as an important resistance. If the resistance zone is crossed, the $ 29.80 level can be tested.
