US Inflation Data Came Below Expectations
US Inflation Data was announced as -0.1% and 3.0% on a monthly and annual basis, below expectations. Looking at the sub-items of inflation, gasoline prices fell by 3.8% in June, contributing to the 2.0% decline in the energy index, but the food index increased by 0.2%. All items index excluding food and energy increased by 0.1% in June. Indices such as housing, motor vehicle insurance and healthcare increased, while airline fares and second-hand car prices fell. Over the last 12 months, the all items index excluding food and energy increased by 3.3%, recording the smallest annual increase since April 2021.
Couldn’t Gather Enough Votes in Parliament SAB-121 Voting
Although the proposal to repeal the SAB-121 law, implemented by the SEC and negatively affecting the crypto asset moves of corporates, especially banks, received a majority vote in the parliament and the senate, it was vetoed by President Biden. Following Biden’s veto in the procedures, the proposal must be voted on again in the House and Senate, where it must collect 66% of the votes. Although the proposal received a majority vote in the vote held in the US House yesterday, the president’s veto decision was valid because the ⅔ ratio could not be achieved.
Germany Almost Ended Selling Bitcoin
Germany is rapidly depleting its Bitcoin reserves after transferring 10,567 BTC (over $600 million) to crypto exchanges and brokers on Thursday. This move reduced the amount of BTC held by the authorities to 4,925 BTC ($285 million). Three weeks ago they had 50,000 BTC worth $3 billion. Wallets linked to the authorities sold approximately 35,000 BTC this week. If it continues at this rate, Germany’s Bitcoin selling spree could end on Friday or early next week.
MicroStrategy Announces 10-for-1 Stock Split
MicroStrategy announced a 10-for-1 stock split, effective August 1, to make its shares more accessible to investors and employees. Each class A and class B common shareholder will be issued nine additional shares for each share they own and will begin trading on a split basis on August 8. The stock split will not affect the voting and other rights of shareholders. Additionally, while MicroStrategy’s share price rose 6.4% in premarket trading, the company purchased an additional 11,931 BTC last month for approximately $786 million, bringing its total Bitcoin holdings to 226,331 BTC, valued at approximately $13.4 billion.
SEC Quietly Closes Investigation into Paxos
The U.S. Securities and Exchange Commission SEC has concluded its investigation into BUSD issuer Paxos without recommending any enforcement action, Jorge Tenreiro, Deputy Chief of the SEC’s Crypto Asset and Cyber Unit, told Fortune. This is considered a significant development in the ongoing debate about whether stablecoins should be classified as securities. In February 2023, Paxos received a Wells notice from the SEC regarding allegations that BUSD was an unregistered security, which it denied. The SEC’s decision to close the investigation follows a recent court decision in favor of Binance, which could impact future regulatory approaches to similar crypto assets in the United States.
Alchemy Pay Partners with Mastercard
By partnering with Mastercard, Alchemy Pay strengthens user authentication and prevents fraud. By integrating Mastercard’s account opening solution using advanced machine learning, Alchemy Pay has increased security and risk control across its various services, including On and Off-ramp solutions, NFT Payment and Crypto Card Solution. Alchemy Pay’s network supports more than 300 payment channels and more than 50 fiat currencies in 173 countries, making it easy to access crypto and Web3 services. With a strong track record of obtaining Accredited Payments Institution licenses globally, Alchemy Pay has recently secured a license in the UK, cementing its leadership in the crypto payments industry.
Compound Finance’s Website Was Hacked
Crypto researcher ZachXBT has warned users to avoid Compound Finance’s website due to a security breach that redirects visitors to a phishing site. Michael Lewellen, security consultant at Compound Finance DAO, confirmed that the URL was compromised but stated that the protocol and smart contract funds are safe. This is not the first attack on Compound Finance. The company’s official X account was hacked in 2023 to promote a phishing scam. In 2024, phishing attacks in the crypto space caused significant losses and highlighted the need for better security practices.
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BITCOIN (BTC)
As of the morning hours, BTC is priced at $ 57,000 with a 0.55% loss of value. After the retest to $54,200, the upward movement seems to have started. The first support is $56,000. In case of an upward reaction from this region, $ 58,800 must be broken upwards and persistence must be achieved. As resistance, $60,000 seems strong.
ETHEREUM (ETH)
ETH is priced at $3081.71 with a 0.58% 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)
As of the morning hours, XRP is priced at $0.4554 with a 1.54% gain in value. It seems to have received a reaction at $0.38. $0.45 is working as resistance. If the rise continues, $0.48 may act as resistance. 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 $25.24 with a 0.08% gain in value as of the morning hours. It seems to have received support at $22. The upside correction may continue towards $28.00. 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 $135.68 with a 0.10% depreciation as of the morning hours. When we examine the daily chart, we see that there is a pricing below the $ 140 level, which we follow as the support zone after yesterday’s sale. If this movement continues, the $ 125 level can be followed. On the rise, the $140 and $145 levels appear as resistance.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $ 12.45 with a 0.81% gain in value. When we examine the four-hour chart, we see that there is an upward movement and it is trying to maintain permanence above the $13 level. Above this area, the $13,500 level appears as a resistance zone. In case of withdrawals, the $ 12,500 level can be followed as support.
BCH
BCH is priced at $348 with a 0.32% gain in value as of the morning hours. When we examine the hourly chart, we see that the falling trend line has been broken upwards. If there is persistence above the $350 level, the $360 region can be targeted. In downward movements, the $ 340 level can be followed as support.
OUNCE OF GOLD
As of the morning hours, ounce gold is priced at $2407.60 with a 0.34% loss in value. 2425 is currently working as resistance. $2350 appears as the new support. For an upward movement, it needs to get support at $2395 and pricing above $2405. If the pullback intensifies, $2350 is a major support.
OUNCE OF SILVER
As of the morning hours, silver is priced at $ 30.99 with a 1.48% loss in value. When we examine the four-hour chart, we see that there is a pricing below the $31 level, which we follow as the support zone. If this movement continues, a downward move towards the $30.20 region may be possible. In upward movements, it is important to maintain permanence above the $ 31.50 level.
