McHenry Urges Senate for FIT21
Patrick McHenry calls the Senate for FIT21 before November’s presidential election. The law aims to classify cryptocurrencies as commodities regulated by the CFTC. McHenry emphasized the need for serious policy on digital assets in the United States and stated that the Senate should prioritize this legislation under the leadership of Democratic Majority Leader Chuck Schumer. McHenry said Republicans plan to pressure the Senate to take action on crypto legislation.
Biden Vetoes Repeal of SAB 121
Joe Biden vetoed a resolution that would have invalidated SAB 121. Biden argued that it was wrong to oppose these guidelines on the grounds that they would weaken the SEC’s authority. Biden emphasized that he would not support measures that would jeopardize the welfare of consumers and investors.
American Bankers Association May Have Played a Role in Biden’s Veto Decision
The American Bankers Association (ABA) may have played a role in vetoing SAB 121, the controversial bill that continues President Joe Biden’s anti-crypto crusade. It was discovered that the ABA wrote a letter of objection to President Biden on this issue. SAB 121’s controversial position includes requiring banks to include customers’ crypto assets on their balance sheets.
Franklin Templeton, VanEck and Invesco Amend S-1 for Galaxy Spot Ethereum ETFs
Franklin Templeton, VanEck and Invesco filed amended S-1 forms on Friday for Galaxy spot Ethereum ETF applications. Franklin Templeton plans to charge 0.19% for its spot Ethereum ETF, the lowest fee among its competitors. The SEC has requested that amended S-1 forms be submitted by Friday, but it could take several weeks for approval. VanEck and BlackRock also submitted updated forms. BlackRock’s ETF will be launched with $10 million in capital.
Bitcoin Balances of Exchanges Reduced to the Lowest Level in 5 Years
There were significant outflows from Binance and Coinbase. The amount of Bitcoin on exchanges has decreased significantly, and according to the latest data, the total balance has fallen below 2.3 million BTC. This level has not been seen since March 2018. This decrease may indicate that whales are moving their assets to private wallets, a signal of investors shifting towards long-term holding strategies.
Uniswap Foundation Postpones Voting for Staking and Delegation Rewards
Uniswap Foundation rejected the voting for staking and delegation rewards planned for Friday. Following this announcement, there was a downward movement in the UNI price. The decision to postpone was made after a ‘stakeholder’ discussed his concerns with the Uniswap Foundation.
Significant Increase in XRP Ledger Network Activity
According to the latest report from Messari, network activity on the XRP Ledger (XRPL) is up in almost all metrics. When looking at the details, active addresses and transactions increased by 37% and 113%, respectively, from quarter to quarter. A significant part of this increase stemmed from a group of approximately 45 thousand accounts.
ARK Invest Ends Partnership with 21Shares for Spot Ethereum ETF
ARK Invest announced it will no longer partner with 21Shares for its spot Ethereum ETF, according to a filing published late Friday. With the newly updated S-1 Form, the fund name, which was previously Ark 21Shares Ethereum ETF, was changed to 21Shares Core Ethereum ETF.
Japanese Crypto Exchange DMM Suspends Withdrawals Following Hack Incident
Japan-based crypto exchange DMM confirmed the hack that resulted in the theft of 4,502.9 BTC worth approximately $305 million. Following the hack, DMM immediately suspended cryptocurrency withdrawals and restricted all spot buying activities to prevent further losses. The firm also warned that Japanese yen withdrawals may face delays.
Elon Musk Denies Crypto Talks with Trump
Elon Musk denied rumors that he met with Donald Trump about cryptocurrencies via the X platform. Additionally, Musk revealed that he does not remember ever talking about crypto with Trump. Musk also stated that he will not financially support either presidential campaign.
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BITCOIN (BTC)
As of the morning hours, BTC is priced at $68,650 with a 1.32% gain in value. The horizontal channel between $75,760 and $60,800 is still maintained. Yesterday, there was an increase up to $68,800, but it could not be sustained. If the pullback continues, $67,000 appears as the first major support. As resistance, $69,500 is currently working. Closings above $69,500 are required for the continuation of the rise.
ETHEREUM (ETH)
ETH is priced at $3820 with a 1.02% gain in value as of the morning hours. The rise continues after the $3730 level worked as support. For the continuation of the rise, it is important to maintain permanence above $ 3930. If persistence is achieved, an increase up to $4000 may be seen. If a pullback occurs, the first support is likely to be $3700.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.5181 with a 0.88% gain in value. There is a horizontal channel between $0.46 and $0.57. There was a wick movement to the $0.48 level, but it could not be permanent. $0.50 is a critical level and this level has been regained. Initial support again appears to be the range between $0.52 and $0.51. Areas where there may be resistance include the $0.55 and $0.58 levels.
AVALANCHE (AVAX)
AVAX is priced at $35.45 with a 1.55% gain in value as of the morning hours. After the horizontal area broke up, we saw a movement up to the $42 level, but it could not be sustained above this area. In case of withdrawals, the 35 and 33 dollar areas can be followed as support. The middle region of the horizontal band was lost. Withdrawals may occur. In upward movements, if there is persistence above the $40 level, the $45 region can be targeted. There is a downward trend in the short term.
SOLANA (SOL)
SOL is priced at $164.70 with a 0.96% gain in value as of the morning hours. When we examine the daily chart, we see that the $160 level, which we follow as the support zone, was tested with the withdrawal movement. If the reaction from this region continues, the $ 170 level can be followed as short-term resistance. If the support zone is broken, a move up to $155 may be possible.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $18,143 with a 0.01% loss in value. When we examine the daily chart, we see that the $ 17,500 level, which we follow as the support zone, was tested with the price movement on Friday and there was an upward reaction from this area. If the reaction movement continues, the $ 18,500 level appears as a resistance zone.
AXS
AXS is priced at $8,400 with an 8.38% gain in value as of the morning hours. When we examine the daily chart, we see that the horizontal price movement has broken upward. If there is persistence above the $8 level, which we follow as a resistance zone, the $9 zone can be tested. In case of withdrawals, the $ 8,200 region can be followed as support.
MANA
MANA is priced at $0.4734 with a 7.23% gain in value as of the morning hours. When we examine the daily chart, we see that the falling trend line has been broken upwards. If this movement continues, the $0.50 region appears as resistance. In case of withdrawals, the $0.46 region can be followed as support.
OUNCE OF GOLD
As of the morning hours, ounce gold is priced at 2322 dollars with a 0.22% loss in value. When we examine the four-hour chart, we see that the $2400 level has been broken strongly downwards. The $2320 level, which we currently follow as a support zone, still seems strong. If the decline continues, the $2308 level may be seen again. If it gets support from this region and an upward movement begins, a movement up to $2360 can be seen.
OUNCE OF SILVER
As of the morning hours, silver is priced at $ 30.19 with a 0.70% loss in value. When we examine the four-hour chart, we see that the horizontal movement is a movement towards the bottom area. If the downward movement continues, the $30 level appears as an important support zone. In upward movements, the $ 30.50 level can be followed as resistance.
