Key Points
Cryptocurrency news has been buzzing with updates on various exchanges and tokens. Binance, a popular cryptocurrency exchange, announced that it will temporarily suspend its digital debit card service in Latin America and the Middle East from August 25th.
Meanwhile, Coinbase, another major exchange, recently announced that it will delist 6 tokens due to not meeting the exchange’s standards. These tokens include BarnBridge ($BOND), DerivaDAO ($DDX), Jupiter ($JUP), Multichain ($MULTI), Ooki ($OOKI), and Voyager ($VGX).
SEC has also made headlines by filing a lawsuit against John DeSalvo, an individual who developed Blazar Token. The SEC has accused DeSalvo of making false statements about the legality of Blazar Token and of creating fake profits to deceive investors. DeSalvo allegedly transferred investors’ money into his personal cryptocurrency wallet and used the funds to pay for bathroom renovations.
In other news, Solana Pay has integrated its plugin with Shopify, allowing millions of businesses on its platform to use it for payments. The protocol will test $USDC first and may add other cryptocurrencies such as $SOL and $BONK in the future.
Binance Labs has also announced an investment in Pendle Finance, which will be used to expand the blockchain ecosystem, providing users with access to DeFi profit opportunities.
The memecoin PEPE team is accused of insider trading and deceiving the community. Pauly0x, a Twitter user, recently revealed that the pepecoineth team owns about $16-17 million PEPE in at least 9 separate wallets. There are suspicions that if this is an internal theft, why don’t they use those wallets to sell and quickly cover their tracks? Instead, they take the opportunity to deposit PEPE directly onto the exchange despite the risk of being accused of fraud and having their accounts locked.
Friend Tech, a new social platform, has attracted 100,000 users in just a few days. The platform has earned over $1.04 million, reaching 5% of the value of each transaction in the past 24 hours. Data from DefiLlama shows that this has brought the platform ether revenue of $709,000. Since its launch, at least 113 MEV Bots have been operating strongly and collecting more than 20,000 keys (formerly known as shares) on this platform with profits exceeding $2 million.
The recent update from the Federal Reserve highlights their concern about high inflation rates. Fed Chairman Jerome Powell has warned that they are prepared to raise interest rates further, acknowledging that raising rates too much can harm the economy, while raising them too little risks inflation rising again.
The Fed plans to tighten monetary policy if the labor market does not slow down. They will continue to monitor economic data that falls short of expectations and determine future monetary policies based on data. Despite recent positive data, reducing inflation is a long journey. The Fed has reaffirmed its 2% interest rate target.
The Fed’s announcement indicates that there may be another rate hike in September, with the Fed being cautious in its approach to monetary policy. Investors should keep a close eye on the economy and be prepared for potential changes in the future.
As the uptrend season approaches, there is growing interest in the potential market size for cryptocurrency, especially Bitcoin. There are several factors that suggest the market for Bitcoin and other cryptocurrencies is poised for growth.
With all these factors in mind, it is clear that the potential market size for cryptocurrency is huge. While there is always some risk involved in investing, the current climate suggests that the upside potential is significant. Those interested in cryptocurrency should stay up-to-date with the latest developments and potential opportunities in the market.
Bitcoin is currently following the Wyckoff Price Cycle, which is a well-known price pattern in the cryptocurrency market. The cycle is composed of several distribution periods, followed by a tick down, and ends with an accumulation phase. Currently, Bitcoin is in the accumulation phase, which is characterized by a bear trap.
During the accumulation phase, the price of Bitcoin is usually low, and investors start to buy back their holdings. The bear trap is a sign that the market is about to turn bullish, and investors should start accumulating Bitcoin. It is important to note that the Wyckoff Price Cycle is not a foolproof method of predicting the market trend, and investors should always do their research and analysis before making any investment decisions.
In summary, Bitcoin is currently in the accumulation phase of the Wyckoff Price Cycle, and investors should be aware of the bear trap.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to DYOR before investing.
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