Circle’s USDC and EURC stablecoins become the first fully compliant digital fiat tokens under the Markets in Crypto-Assets rules.
The U.S. Marshals Service has selected Coinbase Prime to take custody of and transact its crypto assets, following a request for proposals.
According to this metric, the on-chain analytics firm Santiment has revealed Shiba Inu has been underbought recently, while Bitcoin is overbought. MVRV Z-Score Suggests Shiba Inu Has Been Undervalued Recently In a new post on X, Santiment has discussed how some of the top cryptocurrencies are looking like right now on their MVRV Z-Score. The “Market Value to Realized Value” (MVRV) refers to a popular on-chain indicator that keeps track of the ratio between the market cap and realized cap for any given asset. The realized cap here is a capitalization model that calculates the total valuation of the cryptocurrency by assuming that the ‘real’ value of any token in circulation is equal to the price at which said coin was last transacted on the blockchain. Related Reading: Solana (SOL) Surges 18%, But Watch Out For Crowd FOMO As the previous transaction of any coin was the last time it changed hands, the price at its time would denote its cost basis. Thus, the realized cap is a sum of the cost basis of all tokens in the circulating supply. Put another way, this model measures the total capital the investors used to purchase the asset’s supply. The market cap, in contrast, keeps track of the value these investors hold. As such, the MVRV, which compares these two metrics, tells us about the profit/loss situation of the investors as a whole. In the context of the current topic, the actual metric of interest is the “MVRV Z-score.” This indicator takes the difference between the market cap and the realized cap and divides it by the standard deviation of the market cap over the asset’s entire history. Now, here is the chart shared by Santiment that shows the trend in this indicator for various coins in the sector: Based on the MVRV Z-Score, Santiment has defined three zones that relate to how far from its fair value the asset is. The chart shows that Shiba Inu (SHIB) and Uniswap (UNI) have had the indicator at -1.55 and -1.96 recently, putting these assets inside the ‘underbought’ territory. At these MVRV Z-Score values, the market cap is significantly lesser than the realized cap, meaning investors are widely lost. Generally, profit holders are a more likely source of selling pressure in the market, so when there are few of them left, price corrections can become less probable. Related Reading: Retail Losing Interest In Bitcoin? Volume Plunges 30% This is why assets are considered undervalued when the indicator drops below the -1 level for them. Due to a similar reasoning, values above 1 correlate to the coin being overvalued. Bitcoin (BTC), Ethereum (ETH), and Toncoin (TON) have recently been inside this latter territory, suggesting that their prices could be in danger of seeing bearish action. Shiba Inu and Uniswap, on the other hand, could be better set up for a price surge. SHIB Price At the time of writing, Shiba Inu is trading around $0.0000171, up 2% over the past week. Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com
The Aptos Foundation has proposed the first deployment of Aave Protocol v3 on a non-EVM blockchain.
Circle announced on July 1 that it has received an e-money license from France, positioning it as the first global stablecoin issuer to comply with the EU’s Markets in Crypto-Assets (MiCA) regulations. The license, issued by France’s financial regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), allows Circle to issue its stablecoins USDC […]
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Kronos Advanced Technologies Inc. (OTC: KNOS), a leader in air purification technology, has announced its adoption of Shiba Inu (SHIB) as a viable payment method for its products. This strategic decision marks Kronos as the first publicly traded company in the United States to embrace SHIB, a cryptocurrency that has garnered significant attention and adoption […]
The Polkadot Treasury holds assets equivalent to 38 million DOT, worth approximately $245 million. Head Ambassador Tommi Enenkel, popularly known as Alice and Bob, shared a new report providing the latest update on the network’s treasury. This balance equates to about two years of the runway at its current spending rate. The report stated: “At […]
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As Europe's MiCA crypto framework comes into play, USDC issuer Circle has secured the EU's first stablecoin license.
The crypto exchange said the federal agency had selected its institutional investing arm “to provide custody and advanced trading services” for large-cap digital assets.
DePIN stands for Decentralized Physical Infrastructure Networks, or in simple terms, real-world applications that are actually useful, says Max Thake, cofounder of Peaq, a layer-1 for DePIN.
Bitcoin looks like it’s starting to kick off the week on the right foot, suggesting the end of the correction that lingered throughout June. While investors continue to ponder on Bitcoin’s price trajectory in July, on-chain data, price history, and strategic transactions point to a bullish July. Despite the short-term volatility, many investors remain bullish on Bitcoin’s long-term prospects. Notably, data shows an interesting $500 million increase in bids below the spot price and a rise in open interest, as pointed out by popular crypto analyst Daan Crypto Trades. Bitcoin Investors Place $500 Million Bids Below Price Bitcoin traded for the majority of the weekend just above $61,000 as the bulls fought to prevent another drop below $60,000. According to a BTCUSDT chart shared on social media over the weekend by Daan Crypto Trades, many strategic investors have positioned themselves below the price level to jump on Bitcoin in case of a break below $50,000. Related Reading: XRP Dominance: Pundit Says Missing This Altcoin Could Be A Big Mistake This exciting strategy amounted to over $500 million in buy prices over the weekend across price points stretching from above $60,500 to below $58,500. The bids create a solid foundation of buying pressure that prevents the price from falling much further. This creates intense support levels, making it extremely unlikely we’ll see a capitulation-style price collapse below $60,000 anytime soon. Furthermore, Daan Crypto Trades pointed out a corresponding increase in the Bitcoin open interest. The latest data from CoinGlass supports this claim, with a 3.11% increase in open interest across various crypto exchanges in the past 24 hours. This increase in open interest represents new money coming into the market, which suggests a bullish, optimistic sentiment among traders. #Bitcoin $500M+ in bids were placed below price (but mostly pulled) and open interest going up. Doubt we’ll get our usual weekend price action as mentioned. Quite a lot of action relatively speaking. End of the quarter usually causes some interesting moves. https://t.co/4rRSjZMGhz pic.twitter.com/7SJh6EYs7J — Daan Crypto Trades (@DaanCrypto) June 29, 2024 What To Expect In July Bitcoin’s price action in June definitely surprised many investors. Particularly, the digital asset declined by 9.85% in June to reverse an 11.07% increase in May. This shows the volatile nature of cryptocurrencies and reflects Bitcoin’s ups and downs over the years. Naturally, this has led to more cautious strategies by traders on how they approach their Bitcoin positions in the new month. Related Reading: XRP Price On The Verge Of Breaking Falling Wedge That Could Lead To 4% Increase At the time of writing, Bitcoin is trading at $63,200 and is up by 3% in the past 24 hours. If history were to repeat itself, Bitcoin would likely see a rise in July. As noted by crypto analyst Ali Martinez, when Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, negative price actions in June have preceded an average return of 7.98% and a median return of 9.60% in July. A similar price action could see Bitcoin end the month between $68,000 and $69,500. Historically, when #Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, $BTC has shown an average return of 7.98% and a median return of 9.60% during this month. pic.twitter.com/fJaIwc7Eob — Ali (@ali_charts) June 30, 2024
The post What’s Next For Ethereum Now That Bitcoin Has Made A Bullish Statement? appeared first on Coinpedia Fintech News
Bitcoin surged from its lows of $60k, surprising everyone with nearly a 4 percent gain on July 1st. Other altcoins, including Ethereum, also saw gains, bringing renewed hopes to investors and analysts alike. Analyst Josh of Crypto World said that the price of ETH is currently holding above the 50% retracement level, which is acting …
The regulator’s refusal to listen to dissenting opinion on its new Dealer Rule left us no option but to sue for clarity and accountability, says Marisa Coppel, head of legal at the Blockchain Association.
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The ESA used 3D printers to make Lego bricks from meteorite dust to test the material for potential Moon bases.
Aptos is working with Aave to complete what is potentially the first non-EVM deployment expansion for Aave.
The post Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion appeared first on Crypto Briefing.
On-chain data recently showed that the Ethereum staking has experienced significant growth over the last month. This undoubtedly presents a bullish outlook for the Ethereum ecosystem, which is already oozing with a lot of bullish sentiment heading into July. Almost 60,000 Unique Depositors Join Ethereum Network Data from the on-chain analytics platform CryptoQuant shows that […]
This episode of Decentralize with Cointelegraph explores how Worldcoin is pioneering the future of digital identity through its innovative use of biometric orbs and the revolutionary proof of personhood concept.
US Marshals selects Coinbase Prime for custody and trading of large-cap digital assets, citing security and institutional-grade services.
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SingularityNET, Fetch.ai, and Ocean Protocol officially started their ASI token merger, starting with AGIX and OCEAN being merged into FET.
The post Token merger of SingularityNET, Fetch.ai, and Ocean Protocol goes live appeared first on Crypto Briefing.
Circle Mint France will issue the euro-denominated EURC stablecoin and USDC in the European Union in compliance with MiCA.
The US Securities and Exchange Commission’s continued delay in approving spot Ethereum exchange-traded funds (ETFs) for trading resulted in Ethereum ETFs recording their most significant outflows in two years. According to CoinShares‘ latest digital asset fund report, these outflows resulted in a third consecutive week of negative flows of $30 million for global crypto-related investment […]
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In a technical analysis, noted crypto analyst Big Mike (@Michael_EWpro), has revealed a bullish forecast for Dogecoin (DOGE) that suggests the meme coin could surpass the $1 threshold in this bull cycle. The Dogecoin price prediction is rooted in the Elliott Wave theory, and is further reinforced by a robust set of technical indicators that underscore the coin’s strong upward potential. Dogecoin Could Peak Above $1 In 2025 The weekly chart (DOGE/USDT) highlights Dogecoin’s previous market performance, where it completed a 5-wave Elliott Wave pattern during the last significant bull run. This pattern saw the price of Dogecoin escalate to just above $0.70. Following this surge, the market entered a corrective phase characterized by a WXY pattern—a complex Elliott Wave correction structure that typically consists of three distinct price movements. This corrective phase marked a period of consolidation and retraction in Dogecoin’s price trajectory following its peak. Related Reading: Dogecoin To The Moon? Crypto Analyst Predicts 440% Price Increase Since late 2023, according to Big Mike’s analysis, Dogecoin has embarked on a new 5-wave pattern. This nascent formation is anticipated to drive the Dogecoin price significantly higher than its previous highs. The first wave propelled the DOGE price to a peak just shy of $0.23. Following this, the second wave commenced, resulting in a retracement that pulled the price down to as low as $0.1140. The analysis indicates that Dogecoin is currently in the initial stages of the third wave of this Elliott Wave pattern. Traditionally, the third wave is the most dynamic and typically extends the furthest, especially within a strong bullish context. Notably, Big Mike highlights the existence of an ascending channel starting from the onset of wave 1 further corroborates the bullish sentiment maintained in this analysis. This channel maps out the potential pathway that Dogecoin might follow as it aims for new highs. The wave 3 could peak at the upper trendline of the channel, at around $0.60. Related Reading: Dogecoin Profitability Rises To 75% As Shiba Inu Plunges To 52% Wave 4 could potentially pull the Dogecoin price back to the lower boundary of the ascending channel, approximately around $0.25. This retracement would set the stage for Wave 5, the climactic phase of the Dogecoin bull run, which is projected to propel DOGE above the $1 mark, coinciding with the upper resistance line of the channel. The chart carefully marks critical Fibonacci extension levels which are drawn from the beginning to the peak of the last bull run. that are expected to play pivotal roles in determining future price points during this bull run. The first notable Fibonacci extension at 2.618 is positioned at approximately $0.14591, serving as an intermediate station within the bull cycle. The 3.618 extension at $0.68835 serves as an intermediary target for the final fifth wave. The Volume Profile Visible Range (VPVR) on the chart reveals that the current price zone has a high concentration of traded volume, suggesting it acts as a robust foundation for the current price level. The absence of significant volume above this area hints at minimal resistance, which could allow for an accelerated price climb once Dogecoin breaks above existing resistance levels. Technical indicators such as the weekly Stochastic RSI and the weekly Relative Strength Index (RSI) support an imminent bullish phase. The Stochastic RSI is in the oversold region, indicating potential for a price recovery. Meanwhile, the RSI’s upward trend with higher lows suggests growing bullish momentum. At press time, DOGE traded at $0.1247. Featured image created with DALL·E, chart from TradingView.com
This week’s news in cybersecurity from around the crypto space covers bug fixes, phishing scams, crypto exchange hacks and more.
Solana's recent 35% increase and ETF filings hint at its potential rise to become the third-largest crypto by market cap.
The post July could propel Solana to third-largest crypto by market cap, says Zeta Markets Founder appeared first on Crypto Briefing.
Odds that the president will drop out of the race surged as high as 50% after the debate before leveling off at 40% on the crypto-based prediction market.
Ethereum co-founder Vitalik Buterin proposed moving away from Ethereum’s epoch-and-slot mechanism to a single-slot finality system, pointing out key potential challenges.
As Shiba Inu continues to demonstrate its significant presence in the cryptocurrency industry, the project’s team member and marketing head Lucie in a recent commentary has shed light on the fundamental qualities that provide SHIB its unique power and durability in the constantly changing crypto market. The True Source Of Shiba Inu’s Strength In the […]
Over the weekend, NEAR and AVAX lead the CoinDesk 20 with only one asset posting a loss.
Ethereum co-founder Vitalik Buterin has suggested ways to help the blockchain improve its transaction confirmation times. Buterin, in a June 30 blog post, explained that Ethereum’s Gasper consensus mechanism uses a slot-and-epoch architecture that contains certain complexities, like bug interactions and a 12.8-minute confirmation time, that makes it “more and more uncomfortable” for user experiences. […]
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