Spot Ethereum ETFs Open for Trading
In their first trading days, spot Ethereum ETFs in the US generated trading volume in excess of $1 billion. The SEC approved registrations for eight issuers, allowing those ETFs to begin trading on Tuesday. Six funds use Coinbase as a custodian. Analysts expect Ethereum ETFs to generate monthly net inflows of $750 million to $1 billion. This figure is lower than Bitcoin ETFs.
Toyota Considers Adopting Ethereum
According to a recent blog post by Toyota Blockchain Lab, Japanese auto giant Toyota plans to incorporate Ethereum blockchain technology into its vehicles. The auto giant is conducting research on how to incorporate mobility into public blockchains. Toyota Blockchain Lab added that it is also excited about the EIP-7702 update, which will increase the interoperability and efficiency of smart contracts.
Kamala Harris May Be a Speaker at the Bitcoin 2024 Conference
David Bailey, CEO of Bitcoin Magazine, stated in his post on X that they met with Kamala Harris to be a speaker at the Bitcoin 2024 conference. Bailey stated that the official decision will be announced today and explained that this opportunity is very important for the democrats.
Solana Regarded as the Best Blockchain for the RWA Industry
Solana emerged as the first non-EVM blockchain to be adopted by real-world asset (RWA) tokenization firms. Libre, backed by top financial giants such as Nomura and Brevan Howard, has adopted the Solana blockchain for its RWA program. Libre CEO Avtar Sehra said Solana has all the infrastructure needed for RWA assets. The CEO also praised Solana’s ability to scale.
US Government Transferred Seized Bitcoin Worth Approximately 4 Million Dollars to Coinbase
The US government transferred 58,742 BTC, worth approximately $4 million, to Coinbase on Monday. These funds, owned by Ryan Farace and his father Joseph Farace, who sold Alprazolam on the black market, were seized in 2018. The Department of Justice plans to liquidate these assets. The impact of this sell-off on the BTC spot price is expected to be minimal, unlike the German state of Saxony’s massive sell-off of around 50,000 BTC, which briefly pushed the Bitcoin price below $55,000.
DeFi Giant dYdX Says Its v3 Platform Is In Danger
In a statement on Tuesday, dYdX said one of its on-chain trading services had been compromised and warned users not to visit the dydx.exchange website until further notice. While the attack targeted only the web domain, the underlying smart contracts remain unaffected and therefore investors’ funds are safe, according to comments on dYdX’s Discord server. A member of the dYdX community team said that the attacker hijacked the v3 domain and created a fake website to steal users’ most valuable tokens via a PERMIT2 transaction when they connect their wallets. V4, which is a larger platform of dYdX than V3 and saw a transaction volume of $ 6 billion last week, was not affected by this attack.
India Maintains High Crypto Tax Rate Despite Industry Pressure
India’s 2024/25 fiscal year budget has retained a 1% tax (TDS) rate for crypto transactions, rejecting calls from industry leaders to reduce the rate to 0.01% and progressive taxation on profits. Finance Minister Nirmala Sitharaman confirmed this decision during the budget presentation, raising concerns that trading volumes will remain low in the Indian crypto industry. Besides the unchanged 1% TDS and 30% flat income tax on crypto gains, long-term and short-term capital gains taxes have also been increased.
Donald Trump Leads According to Polymarket Forecasts
Former President Donald Trump maintains his lead over Vice President Kamala Harris at Polymarket. Polymarket is the world’s largest prediction market, and according to July 23 data, Donald Trump’s probability of winning is 64% and Kamala Harris’s probability of winning is 34%. Additionally, Trump’s probability of winning has been above the 50% level since March and has been moving with a steady upward trend.
Strong Performance from Bitcoin Mining Stocks
The past two weeks have seen significant increases in the market value of major Bitcoin mining stocks, with most companies achieving double-digit growth. While Marathon Digital’s market value increased from $5.51 billion to $6.99 billion, Riot Platforms’ market value increased from $2.78 billion to $3.16 billion. The most important reasons behind this rise are thought to be the attack on Trump and Trump’s support for mining.
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BITCOIN (BTC)
As of the morning hours, BTC is priced at $66,658 with a 0.43% loss in value. With the upward break of the horizontal band, the middle band level of $ 65,000 was also broken upward. In the continuation of the upward movement, $ 72,000 appears as the first resistance. When this level breaks up, a new ATH level can be seen. If $65,000 does not act as support, a decline to $59,000 may be seen.
ETHEREUM (ETH)
ETH is priced at $3432.67 with a 1.43% loss of value as of the morning hours. We see a horizontal movement between the $2860 and $4030 levels. These two levels can be followed as main support and resistance zones. The intermediate resistance zone is the $3700 level. If the resistance zones are crossed in upward movements, the $ 4000 level can be followed. $3400 serves as an important support. Below $3400, the $2860 level may be retested.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.5983 with a 0.10% gain in value. When we examined the daily chart, we saw that there was a strong downward selling pressure at the $ 0.64 level, which we followed as a resistance zone after the strong movement in the past few days. With this move, XRP broke the $0.56 level, which we followed as the support zone, and gained this zone again. In upward movements, the $0.60 – $0.65 region appears as an important resistance zone.
AVALANCHE (AVAX)
AVAX is priced at $28.47 with a 4.56% loss in value as of the morning hours. When we examine the four-hour chart, we see a break below $ 30 again. The rise may continue at prices above $30. If the price continues below $30, $27 appears to be the next strong support.
SOLANA (SOL)
SOL is priced at $172.24 with a 0.37% loss of value as of the morning hours. When we examine the hourly chart, we see that after the strong upward movement, the descending triangle formation was broken downwards and the $ 170 level, which we follow as the support zone, was tested. If it persists above this region and receives a strong reaction, the $176 region can be tested. If the support zone breaks downwards, the $166 zone can be followed.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $ 13.70, with a 1.51% loss in value. When we examine the four-hour chart, we see that the $14 level, which we follow as the resistance zone, has been broken upwards and the $15 level is being tested. There is some selling pressure from this region. If the retreat continues, the $13.50 and $13 levels can be followed as support.
ATOM
ATOM is priced at $6,211 with a 0.62% gain in value as of the morning hours. When we examine the four-hour chart, we see that there is a downward movement. The support zone of this descending movement appears as $6.14. If it persists above this region, the $6.40 level can be followed as resistance, and in case of a breakout, the $6.80 region can be targeted.
OUNCE OF GOLD
As of the morning hours, ounce gold is priced at $2414.50 with a 0.18% gain in value. When we examine the daily chart, we see that after the horizontal movement broke upwards, it returned to the horizontal region with a retreat movement and the breakout movement was invalid. $2417.50 is acting as resistance.
OUNCE OF SILVER
As of the morning hours, silver is priced at $29.25 with a 0.05% gain in value. When we examine the daily chart, we see that there was some reaction movement from the $ 28.65 area, which we follow as the support zone, and the $ 29 level was passed. If stability is achieved above this region, the $30 level can be targeted.
